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TOKYO, July 29 (Reuters) – Stocks in Tokyo on Monday gave way to a recovery in profit-taking, but caution is needed before announcing more information on Japan Inc's profits and key decisions. the central bank on monetary policy this week.
Despite positive Wall Street indices, Japan's Japanese benchmark, Nikkei, fell 0.6% to 21,538.20 points in the midday break, further away from the record highs of 2 month and a half Thursday.
On Friday, robust earnings from Alphabet Inc. and Starbucks Corp pushed the S & P 500 and Nasdaq indexes to record levels, with figures showing that US economic growth slowed less than expected in the second quarter.
Profit-taking hit Huawei's Chinese electronics suppliers, bought late last week as US-China trade talks resumed. Murata Manufacturing sold 2.7%, TDK Corp fell 2.4% and Taiyo Yuden Co declined 2.3%.
Tokyo Electron dropped 1.5% after the chipmaking equipment vendor announced that its operating profit for the quarter from April to June had dropped 41% from the previous year. previous year, a much larger fall than the consensual badysts, after the market close on Friday.
Despite its general weakness, heavyweight Nikkei SoftBank Group Corp climbed 2.3% after the US Department of Justice said T-Mobile had obtained antitrust approval from the merger of its rival, Sprint Corp., worth $ 26 billion.
The broader Topix slipped 0.5% to 1.564.50.
The earnings season for Japanese companies in the April-June quarter is in full swing this week.
The Bank of Japan is expected to maintain its mbadive stimulus package unchanged at the end of a two-day meeting Tuesday, a few days before the widely-discounted interest rate cut by the US Federal Reserve. (Report by Tomo Uetake, edited by Kim Coghill)
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