Japanese Stocks May Drop on Concerns Over U.S. Growth (Correct)
By Makiko Suzuki
(Corrects typographical error in second paragraph.)
Aug. 24 (Bloomberg) -- Japanese stocks may fall after weaker- than-expected housing data in the U.S. raised concerns over an economic slowdown in Japan's largest overseas market. Exporters such as Sony Corp. may pace losses.
``The U.S. home sales figure will have a negative impact on stocks in Japan, pushing exporter stocks lower today,'' said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities Co. in Tokyo. ``Investors want neither a slowdown in the U.S. economy nor inflation, and waver between optimism and despair on each piece of economic data or comment from a Fed official.''
Inpex Holdings Inc. may decline after crude prices slid on an unexpected increase in U.S. inventories.
Nikkei 225 Stock Average futures expiring in September last traded in Chicago at 16,105, down from the close of 16,170 in Osaka and 16,180 in Singapore. The Bank of New York Japan ADR Index, which tracks the nation's American depositary receipts, fell 0.4 percent.
Yesterday, the Nikkei slipped 0.1 percent to 16,163.03 and the broader Topix index lost 0.1 percent to 1640.28.
Nippon Steel Corp. may advance after the Nihon Keizai newspaper reported the world's No. 3 steelmaker and Mittal Steel Co. will build a 30 billion yen ($257.7 million) automotive steel plant for their joint venture in the U.S.
To contact the reporter for this story: Makiko Suzuki in Tokyo at msuzuki13@bloomberg.net .
Last Updated: August 23, 2006 19:23 EDT
(Corrects typographical error in second paragraph.)
Aug. 24 (Bloomberg) -- Japanese stocks may fall after weaker- than-expected housing data in the U.S. raised concerns over an economic slowdown in Japan's largest overseas market. Exporters such as Sony Corp. may pace losses.
``The U.S. home sales figure will have a negative impact on stocks in Japan, pushing exporter stocks lower today,'' said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities Co. in Tokyo. ``Investors want neither a slowdown in the U.S. economy nor inflation, and waver between optimism and despair on each piece of economic data or comment from a Fed official.''
Inpex Holdings Inc. may decline after crude prices slid on an unexpected increase in U.S. inventories.
Nikkei 225 Stock Average futures expiring in September last traded in Chicago at 16,105, down from the close of 16,170 in Osaka and 16,180 in Singapore. The Bank of New York Japan ADR Index, which tracks the nation's American depositary receipts, fell 0.4 percent.
Yesterday, the Nikkei slipped 0.1 percent to 16,163.03 and the broader Topix index lost 0.1 percent to 1640.28.
Nippon Steel Corp. may advance after the Nihon Keizai newspaper reported the world's No. 3 steelmaker and Mittal Steel Co. will build a 30 billion yen ($257.7 million) automotive steel plant for their joint venture in the U.S.
To contact the reporter for this story: Makiko Suzuki in Tokyo at msuzuki13@bloomberg.net .
Last Updated: August 23, 2006 19:23 EDT
posted by SmartYInvestor at 7:48 AM
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