TOKYO: Stocks opened here lower today tracking falls on Wall Street last week amid lingering worries over global economic growth.
The Nikkei 225 index was down 0.55 percent, or 121.75 points, at 22,128.50 in early trade, while the broader Topix index was down 0.50 percent, or 8.30 points, at 1,664.68. “Flagging growth in China revived global growth concerns,” Stephen Innes, head of trading for Asia-Pacific at OANDA, said in a commentary.
“Specifically, it was Friday’s China factory gate inflation wobble that is weighing on global equities and commodities alike.” “With manufacturing activity in China expected to recede further, it should dampen price pressure on commodity markets and will continue to weigh on global growth prospects,” Innes wrote, adding that a recent slide in oil prices was also impacting a range of assets.
In Tokyo, investors were weighing corporate earnings reports that will continue through this week, while watching for July-September GDP figures due on Wednesday, analysts said. The dollar was trading at 113.86 yen in early Asian trade, against 113.79 yen in New York late Friday. Automakers were among losers, with Honda trading down 1.00 percent at 3,247 yen and Toyota off 0.44 percent at 6,666 yen.
China-related shares were also lower, with construction machinery giant Komatsu off 0.64 percent at 3,083 yen and industrial robot maker Fanuc down 0.48 percent at 19,485 yen. Electronic parts maker Rohm was down 1.57 percent at 8,110 yen. On Wall Street, the Dow ended 0.8 percent lower on Friday at 25,989.30.