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Pattaya Daily News

11 July 2011 :: 10:07:46 am 55956

Tokyo shares down 0.48% by noon

TOKYO, July 11, 2011 (AFP) - Tokyo shares lost 0.48 percent on Monday morning, hit by disappointing data on US unemployment late last week and concerns over Chinese inflation, brokers said.
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The headline Nikkei-225 index at the Tokyo Stock Exchange fell 48.17 points to 10,089.56. The Topix index of all first-section issues slipped 2.89 points or 0.33 percent to 871.45.

US stocks fell sharply on Friday after the Labor Department said that the American economy created a paltry 18,000 jobs in June, dashing hopes that the economic recovery might be gathering speed.

The following day China said its politically sensitive inflation rate accelerated to 6.4 percent in June to hit the highest level in three years, as the government struggles to rein in soaring food costs.

China has hiked interest rates five times since October — most recently on Wednesday last week.

Despite the news from the US and China, many investors stayed positive Monday, with the market expecting a recovery in US employment in July as auto production recovers on the easing of parts supply problems, said Okasan Securities strategist Hideyuki Ishiguro.

He added that a dominant view that China’s consumer prices index may have peaked in June would also calm worries of another imminent rate hike, Dow Jones Newswires reported.

“A few bad macroeconomic data won’t change sentiment. The Nikkei will likely stay above 10,000 this week,” he said.

Yutaka Miura, senior technical analyst at Mizuho Securities, said: “the Nikkei at its current level (the highest since the March 11 earthquake) is ripe for profit-taking.”

“But losses are likely to be limited as the market’s expectations for upcoming US and Japanese earnings seasons are quite high,” he said.

Honda Motor was off 0.30 percent at 3,250 yen on a firm yen and a weekend Nikkei report that its automobile business will likely suffer a 70 billion yen ($868 million) operating loss in the year to March 2012.

Toyota lost 0.72 percent to 3,420 yen.

The dollar bought 80.69 yen in Tokyo morning trade, up from 80.55 yen in New York late Friday but down from 81.26 yen in Tokyo on Friday.

Reporter : AFP   Photo : AFP   Category : Business News

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