BCN-05 Tokyo stocks open lower on worries over trade war

ZCZC

BCN-05

STOCKS-MARKETS-JAPAN-OPEN

Tokyo stocks open lower on worries over trade war

TOKYO, June 18, 2018 (BSS/AFP) – Tokyo stocks opened lower on Monday amid
lingering worries over a US-China trade war and after a strong earthquake
shook western Japan with no immediate reports of major damage.

The benchmark Nikkei 225 index slipped 0.39 percent or 88.97 points to
22,762.78 in early trade, while the broader Topix index was down 0.53 percent
or 9.51 points at 1,779.53.

“Concerns over a US-China trade war are weighing on the market, prompting
profit-taking sales,” Yoshihiro Ito, chief strategist at Okasan Online
Securities, said in a commentary.

The fall came after US stocks retreated over tit-for-tat tariff
announcements by Washington and Beijing ignited a trade war that could
spread, with the Dow closing down 0.3 percent at 25,090.48.

About an hour before the opening bell in Tokyo, a 5.3-magnitude quake
struck near Osaka in western Japan, but there were no immediate reports of
major damage or risk of a tsunami, officials said.

The dollar fetched 110.60 yen in early Asian trade, against 110.68 yen in
New York late Friday.

Sony was down 1.28 percent at 5,376 yen and Panasonic slipped 1.34 percent
to 5,372 yen.

Mitsubishi UFJ Financial was down 0.75 percent at 6,537 yen.

BSS/AFP/HR/0923