Nikkei Opens DOWN 1.5% (3 minutes of trading) on Concerns of U.S. Economic Weakness

Discussion in 'Trading' started by ByLoSellHi, Mar 4, 2007.


    Japan's Stocks Fall, Led by Sony, on U.S. Economic Concerns

    By Makiko Suzuki

    March 5 (Bloomberg) --
    Japanese stocks dropped for a fifth day after U.S. consumer confidence declined and the yen rose against the dollar and euro. Exporters such as Sony Corp. led losses.

    ``Investors are really worried about the U.S. economic outlook after some weaker-than-expected data,'' said Norihiro Fujito, a senior strategist at Mitsubishi UFJ Securities Co. in Tokyo. ``The market may have a very difficult week.''

    The Nikkei 225 Stock Average dropped 321.82, or 1.9 percent, to 16,896.11 as of 9:08 a.m. in Tokyo. The broader Topix index declined 32.35, or 1.8 percent, to 1690.24. Both benchmarks headed for the lowest since Jan. 12.

    Nikkei futures expiring in March declined 1.6 percent to 16,890 in Osaka and dropped 1.6 percent to 16,885 in Singapore.

    Last week, the Nikkei tumbled 5.3 percent and the Topix index slid 5.1 percent after a plunge by Chinese stocks sparked the worldwide selloff in equity markets.

    In the U.S. the Standard & Poor's 500 Index lost 4.4 percent to 1387.17 last week. The Dow Jones Industrial Average fell 4.2 percent to 12,114.10 and the Nasdaq Composite Index plunged 5.9 percent to 2368.