CORRECTED-Nikkei recoups losses but stalled vaccine trials, stimulus talks weigh

  • Reuters
  • Stock Market News
CORRECTED-Nikkei recoups losses but stalled vaccine trials, stimulus talks weigh
Credit: © Reuters.

(Corrects Eli Lilly (NYSE: LLY ) trial in paragraph 4 to antibody treatment, not vaccine)

TOKYO, Oct 14 (Reuters) - Japan's stock benchmark Nikkei recouped early losses on Wednesday to close marginally higher, but sentiment remained subdued over stalled COVID-19 vaccine trials and lack of agreement on additional U.S. fiscal stimulus.

The benchmark Nikkei share average .N225 rose 0.11% to 23,626.73, while the broader Topix .TOPX lost 0.32% to 1,643.90.

Tokyo shares followed Wall Street lower in early trade before reversing course in the afternoon, which analysts suspected was due to the Bank of Japan's exchange-traded fund buying.

On Tuesday, major indexes on Wall Street ended lower as Johnson & Johnson JNJ.N and Eli Lilly and Co LLY.N halted coronavirus vaccine and antibody treatment trials, respectively, over safety concerns, dampening investor sentiment. hopes for a new U.S. coronavirus relief package also weighed on the market, as U.S. House Speaker Nancy Pelosi rejected a $1.8 trillion coronavirus relief proposal from the White House. home, Apple-related issues underperformed on profit-taking and dented by a 2.7% fall in Apple Inc AAPL.O shares following an event where the company unveiled its latest iPhone. Corp 6762.T edged 0.08% lower, while Taiyo Yuden 6976.T fell 0.27%.

Financial shares also took a hit from a weak performance in their U.S. peers, with Sumitomo Mitsui Financial Group 8316.T dropping 1.71% and Mitsubishi UFJ Financial Group 8306.T down 1.01%.

Meanwhile, semiconductors performed strongly, with Tokyo Electron Ltd 8035.T rising about 2.6% and Lasertec Corp 6920.T up 0.1%.

"The moves are quite subtle when only looking at the Nikkei share average. But the Mothers Index is renewing highs and semiconductor stocks are still strongly sought after," said Takashi Hiroki, chief strategist at Monex Securities.

The Mothers Index .MTHR of start-up firms gained 1.37%, posting its highest close since January 2018.

Elsewhere, ANA Holdings 9202.T dipped 4.59% after reports that the company was going to cut monthly wages for all workers by 5%. Steel 5401.T lost 3.82% on news that the company would sell two U.S. plants as it speeds up a reorganisation in overseas operations.

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