Nikkei hits 1-week low on COVID-19 concerns, corporate earnings

  • Reuters
Nikkei hits 1-week low on COVID-19 concerns, corporate earnings

TOKYO, July 10 (Reuters) - Japanese shares closed at a one-week low on Friday as a spike in fresh COVID-19 cases at home and abroad fuelled concerns that the path to economic recovery could be hindered, while the market braced for further corporate earnings pain.

The benchmark Nikkei share average .N225 slipped 1.06% to 22,290.81, its lowest close since July 2, with only 21 advancers on the index against 202 decliners.

The broader Topix .TOPX dropped 1.42% to 1,535.20, also marking its lowest close since June 15.

All 33 sector sub-indexes on the Tokyo exchange traded in the red.

More than 60,500 new COVID-19 infections were reported across the United States on Thursday, the largest single-day tally record, stoking fears that new lockdowns could take a toll on the economic recovery. capital Tokyo also continued to see a record daily number of fresh COVID-19 cases, marking 243 new infections on Friday, cyclical mining .IMING.T , securities brokerages .ISECU.T and real estate .IRLTY.T were the top three worst performers on the main bourse.

Fast Retailing Co 9983.T slipped 3.34% after Uniqlo owner lowered its annual outlook as coronavirus-led store closures and weak consumer spending restrained the company's growth. Ishiguro, senior strategist at Daiwa Securities in Tokyo, said investors also awaited earnings report from Yaskawa Electric Corp 6506.T due later in the day.

The motion control equipment maker has high exposure to China, and its earnings announcement will be a touchstone to help determine the impact the pandemic has had on manufacturing industry.

Other notable movers included Ryohin Keikaku 7453.T , shedding 5.38% after the company said its U.S. subsidiary filed for bankruptcy protection due to coronavirus. the overall losses, Sony Corp 6758.T gained 2.7% following media reports about the company making a $250 million strategic investment in Epic Games, the creator of "Fortnite".

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