Topix Slides After Quake Rattles Osaka and Trade Tension Lingers

Japanese stocks slid as the yen rose after a strong earthquake struck Osaka and woes lingered over a trade spat between the U.S. and China.

Topix index -1% to 1,771.43 at the close in Tokyo after falling by as much as 1.3%. Nikkei 225 -0.8% to 22,680.33. Yen +0.2% at 110.50 versus dollar.

Electronics makers and machinery companies weighed most heavily on the benchmark Topix gauge. Several companies including Kubota Corp. reported a temporary operations halt at their Osaka facilities after the temblor with a 6.1 magnitude hit the city at 7:58 a.m. local time. JXTG Holdings, which said it stopped its Osaka refinery, fell more than 4 percent. Sumitomo Osaka Cement Co. rose more than 3 percent.

Oil explorers also fell following a dip in global crude prices. U.S. President Donald Trump said on Friday new tariffs on Chinese imports would take effect from July 6. In response, China said it would charge tariffs of the “same scale and intensity” on goods from the U.S.

Source: Bloomberg

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Europe Finishes Sharply Lower After Tillerson Ousting Rattles Markets

The pan-European STOXX 600 extended losses, provisionally closing down some 1.07 percent, with almost all sectors ending the day in negative territory.

In markets, all major bourses posted solid losses, with the U.K.’s FTSE 100 slipping 1.05 percent, France’s CAC 40 falling 0.64 percent and Germany’s DAX dropping 1.59 percent.

Source: CNBC

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Asian Shares Snap Gains as Rally in Yen Rattles Japanese Market

Asian stocks declined following four consecutive days of gains, as Japanese equities slumped after the yen surged on comments by U.S. administration officials at the Davos World Economic Forum.

The MSCI Asia Pacific Index declined 0.4 percent to 186.04 as of 4:49 p.m. in Hong Kong, with Tencent Holdings Ltd and Sony Corp. among the biggest drags. Japan stocks fell the most in seven weeks as the yen strengthened amid continuing protectionist rhetoric from the Trump administration on trade. Hang Seng China Enterprises Index ended a record stretch of gains, closing lower for the first time this year. South Korea’s benchmark set another record, helped by earnings of SK Hynix Inc.

Source : Bloomberg

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