Tokyo shares track Wall Street lower as COVID-19 cases spike

  • Reuters
Tokyo shares track Wall Street lower as COVID-19 cases spike

TOKYO, July 8 (Reuters) - Japanese shares slipped on Wednesday, tracking overnight Wall Street losses, as investors monitored surging coronavirus cases across the world that could derail a nascent global economic recovery.

The benchmark Nikkei share average .N225 ended down 0.78% at 22,438.65 after moving in and out of positive territory in early session, with 40 advancers against 177 decliners.

New coronavirus cases continue to climb globally, with the United States surpassing over 3 million confirmed cases across states and Australia's second-biggest city Melbourne re-imposing lockdown measures on Tuesday. the domestic front, capital Tokyo has also seen a rise in cases, but Economy Minister Yasutoshi Nishimura said a new state of emergency for the coronavirus is not needed. broader Topix .TOPX erased early gains and dipped 0.92% to 1,557.23, with all 33 sector sub-indexes on the Tokyo exchange trading in the red.

Highly cyclical mining .IMING.T and insurance .IINSU.T were among the worst performers on the main bourse, down 2.9% and 1.43%, respectively.

OLED manufacturer Hodogaya Chemical Co Ltd 4112.T performed strongly, soaring 15.56%, after a media report that Apple Inc AAPL.O will shift to OLED screens for its fifth-generation iPhones this year. on the market, mall operator Aeon Mall Co Ltd 8905.T , which had temporarily closed its facilities following the coronavirus outbreak, dropped 6.26%.

The company posted a group net loss of 13.48 billion yen ($125.35 million) for the March-May quarter and projected a 4 billion yen loss for the fiscal year ending February. the overall weakness, start-up market index Mothers .MTHR inched up 0.14%. ($1 = 107.5400 yen)

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