Not pretty at all, as the Nikkei 225 Stock Average lost nearly 300 yen (-295.36, -1.67%) to 17,371.97, for one of its biggest single day losses this year — intra-day it traded as low as 17,219.73 and at high of 17,530.00 at the open, compared to yesterday’s close of 17,667.33. Heavy trading of Nikkei 225 futures in Osaka, which lost 1.5% to 17,390 (range: 17,230 – 17,540). TOPIX 1st Section fell 1.37% to 1,706.93 (range: 1,693.43 – 1,719.41). Decliners outnumbered advancers: 1,470 x 206 (54 unchanged) and 32 of 33 TOPIX sectors traded lower with only Other Non-bank stocks posting a gain. TOPIX 2nd Section lost for a sixth straight session, its longest losing streak since it lost seven days straight last November, and it has registered new calendar year lows in each of the last five trading days. No surprise here, as JASDAQ also closed lower, 0.25% to 80.27 (range: 79.84 – 80.42). The yen meanwhile, strengthened about 0.6% to just under 118 to the U.S. dollar.
Nikkei 225 Futures Selling and Yen Strength Bring N225 Down 1.7%
About Steven Towns
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Should we be blaming the drop in Shanghai too? Nobody wants to hear more about a China induced global stock sell-off. By the way, the Shanghai Composite fell 4.5%, the Hang Seng lost 2.3%, Singapore’s benchmark dropped 3.2% and every index in Asia appears to have closed lower, for that matter. Europe is also trading lower and U.S. futures are pointing lower: Dow -73, NASDAQ -13.5, and S&P -9.6.