Nikkei edges lower as index-heavy stocks weaken; financials gain on U.S. yields

  • Reuters
  • Stock Market News
Nikkei edges lower as index-heavy stocks weaken; financials gain on U.S. yields

TOKYO, April 23 (Reuters) - Japan's Nikkei share average edged lower on Monday morning after index-heavy stocks such as SoftBank and Terumo lost ground, offsetting gains in financial stocks, which rallied after U.S. yields rose.

The Nikkei .N225 fell 0.2 percent to 22,114.03 in midmorning trade.

Medical equipment maker Terumo Corp 4543.T stumbled 3.4 percent and SoftBank 9984.T shed 1.0 percent, collectively knocking 25 points off the Nikkei.

Apple-suppliers were sold after Morgan Stanley (NYSE: MS ) forecast weak demand for the tech giant's latest iPhones, a day after Taiwan Semiconductor 2330.TW raised fears of softer smartphone sales.

Murata Manufacturing 6981.T and TDK Corp 6762.T both dropped 1.3 percent.

Financial stocks, which invest in foreign bonds, outperformed following a rise in U.S. yields with insurers T&D Holdings 8795.T up 6 percent, Dai-ichi Life 8750.T surging 4.3 percent and Mitsubishi UFJ Financial Group 8306.T 2.1 percent higher.

The broader Topix .TOPX rose 0.1 percent to 1,753.44.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles