BUSINESS Tokyo stocks open lower extending US falls on weak data


Tokyo stocks open lower extending US falls on weak data


09:09, June 29, 2022

Tokyo stocks opened lower on Wednesday, extending falls on Wall Street as a gloomy US consumer confidence report offset positive news about China's move to scale back Covid-19 restrictions.

The benchmark Nikkei 225 index was down 0.67 percent, or 235.88 points, at 26,813.59 in early trade, while the broader Topix index slipped 0.79 percent, or 14.98 points, to 1,892.40.

"Japanese shares are seen starting with losses... after weak US consumer confidence data that prompted a sense of uncertainty over the prospects for the US economy," Okasan Online Securities said in a note.

Bargain-hunting purchases will likely support the Tokyo market later, the brokerage added.

The dollar fetched 136.11 yen in early Asian trade, against 136.20 yen in New York on Tuesday.

On Wall Street, all three key indices ended down following a consumer confidence reading at its lowest level in more than a year on surging inflation.

The downbeat report was due in part to the feeling higher prices would persist, suggesting US consumers aren't sure the Federal Reserve's aggressive efforts to tame inflation will work.

Among major shares in Tokyo, Toyota was down 0.69 percent at 2,152.5 yen, Sony Group was off 1.55 percent at 11,420 yen, and SoftBank Group was down 1.15 percent at 5,352 yen.

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