Nikkei holds steady on caution ahead of earnings

  • Reuters
  • Stock Market News
Nikkei holds steady on caution ahead of earnings
Credit: © Reuters.

TOKYO, Oct 26 (Reuters) - Japanese shares steadied on Monday, as investors were on guard ahead of a slew of earnings reports, while a surge in global coronavirus cases also weighed on sentiment.

The benchmark Nikkei share average .N225 was nearly flat at 23,514.41 by the midday break, while the broader Topix .TOPX fell 0.17% to 1,622.53.

Nearly two-thirds of the 33 sector sub-indexes on the Tokyo exchange traded lower, with iron and steel .ISTEL.T , services .ISVCS.T and securities .ISECU.T leading the declines on the main bourse.

Corporate earnings due later in the day include Canon Inc 7751.T , Nidec Corp 6594.T and Nitto Denko Corp 6988.T .

Mounting worries about coronavirus cases also prevented investors from taking huge positions.

The United States has seen its highest ever number of new coronavirus cases in the past two days, while in Europe, France registered record increase in infections over the weekend and Spain announced a state of emergency. futures for the S&P 500 EScv1 dipped more than 0.5% amid U.S. coronavirus stimulus and presidential election uncertainty, creating an extra headwind to Japanese shares.

Electronic parts maker Murata Manufacturing 6981.T climbed 2.77% after the company made upward revisions to its net profit forecast for the six months ended Sept. 30. electrical component stocks followed suit, with Taiyo Yuden 6976.T and TDK Corp 6762.T up around 1.9% each.

Among decliners, ANA Holdings 9202.T lost nearly 1.3% after media reports the airline operator plans to cut about 3,500 jobs in three years as it braced for its biggest-ever annual loss. the Mothers Index .MTHR of start-up firm shares lost 1.23% and was poised to mark four consecutive sessions of losses.

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