Nikkei retreats to 1-week low as trade deal doubts emerge; Nintendo jumps

  • Reuters
  • Stock Market News
Nikkei retreats to 1-week low as trade deal doubts emerge; Nintendo jumps
Credit: © Reuters.

TOKYO, Nov 1 (Reuters) - Japan's benchmark Nikkei share average fell to a one-week low as fresh concerns over the prospects for a U.S.-China trade deal lifted the safe-haven yen against the dollar, hitting exporters and other cyclical stocks.

The Nikkei average .N225 were down 0.4% to 22,833.23 at the midday break, after falling to as low as 22,705.60, its lowest level since Oct. 24. For the week, the average was on track to eke out a 0.1% gain, to mark its fourth consecutive weekly rise. The broader Topix .TOPX shed 0.2% to 1,664.47.

Chinese officials doubt a comprehensive long-term trade deal with Washington and U.S. President Donald Trump is possible, Bloomberg reported on Thursday, citing unnamed sources. latest blow to hopes the world's two largest economies will reach a deal to end their trade war comes despite comments from Trump that the countries would soon announce a new site for the signing of a "Phase One" deal, after Chile cancelled a planned APEC summit set for mid-November. dollar hit a three-week low of 107.92 yen JPY= overnight after the emergence of the renewed doubts on a resolution of the trade war rattled the greenback and pushed global stock markets lower. USD/ MKTS/GLOB

As a strong yen cuts Japanese manufacturers' profits made abroad when repatriated, export-oriented companies and cyclical sectors came under pressure on Friday.

Automaker Subaru 7270.T dropped 1.0%, while electronic device maker Kyocera 6971.T and optical equipment maker Olympus 7733.T shed 3.0% and 2.9%, respectively.

As midyear earnings season enters full swing, Nintendo 7974.T jumped 5.9% after the gaming company's operating profit for the July-September quarter more than doubled, blowing past analyst estimates, on strong demand for its Switch console. 6861.T soared 8.5% after the factory automation equipment maker announced a stock split plan and an annual dividend forecast along with its April-September results.

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