Wednesday, August 29, 2012

Tokyo stocks Nikkei down 8/30/2012

Tokyo stocks Nikkei down 8/30/2012 : Tokyo stocks were 0.74 percent lower by the break Thursday, hit by profit-taking and after a weak session on Wall Street.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange lost 67.08 points to 9,002.73 while the broader Topix index of all first-section issues was down 0.72 percent, or 5.38 points, at 744.65. Trading volume was light as investors waited for a speech by US Federal Reserve chief Ben Bernanke at Jackson Hole, Wyoming, on Friday as markets looked for clues about whether the central bank would launch further stimulus.

"Investors are awaiting Jackson Hole and until then, market sentiment is unlikely to improve, Bernanke has previously used the annual speech to signal the Fed's view of what it can and cannot do to help the economy grow faster, and many speculate that he could use the occasion this year to signal more stimulus.

In Tokyo trade, shares in the world's biggest air-conditioner company Daikin Industries rose 2.55 percent to 2,126 yen after the company announced Thursday its $3.7-billion acquisition of US rival Goodman Global.

Steelmakers fell on concerns about the global economy, with Nippon Steel down 4.21 percent to 159 yen and JFE Holdings off 3.74 percent at 1,029 yen.

On currency markets, the euro bought $1.2537 and 98.57 yen in Tokyo midday trade, compared with $1.2526 and 98.61 yen in New York late Wednesday.

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