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Japan Stocks mixed on trade deal uncertainty

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Headline indices of the Japan share market closed mixed on Monday, 11 November 2019, amid uncertainties on whether the two sides were really getting close to signing a partial deal after U. S. President Donald Trump said he has not agreed to roll back tariffs on China. At closing bell, the 225-issue Nikkei Stock Average declined 60.03 points, or 0.26%, to 23,331.84, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 1.26 points, or 0.07%, at 1,704.03.

Total 18 issues of the 33 industry category of Topix index inclined into positive territory, with Warehousing & Harbor Transportation Services, Other Financial Business, Textiles & Apparels, Pulp & Paper, and Services issues being notable gainers, while Construction, Oil & Coal Products, Nonferrous Metals, Mining, and Marine Transportation issues were notable losers.

The U. S. President Donald Trump said there had been incorrect reporting about U. S. willingness to lift tariffs, which he said had brought in tens of billions of dollars for the United States and soon "literally hundreds of billions of dollars." The U. S.

President Donald Trump comments worsened sentiment already hit by a similar statement from White House trade adviser Peter Navarro that the tariff rollback plan faced fierce internal opposition at the White House. That ended days of optimism as officials said tariffs would be rolled back and the deal would be signed soon.

Both sides are working to sign what the White House has described as a phase one trade deal. Officials from both countries said on Thursday that China and the United States had agreed to roll back tariffs already in place on each others' goods in a "phase one" trade deal to end a damaging trade war, but the idea has been met with stiff opposition within some quarters of the Trump administration.

ECONOMIC NEWS: Japan Core Machinery Orders Fall 2.9% On Month In September -- Japan core machinery orders, a leading indicator of private capital investment, declined 2.9% month-on-month in September, following a 2.4% drop in August, data from the Cabinet Office showed Monday. This was the third consecutive fall in orders. Orders were forecast to expand 0.9%. By sector, orders in manufacturing declined 5.2%, while that in non-manufacturing grew 2.6%. In the fourth quarter, core orders are forecast to grow 3.5%.

Japan Eco Watchers Survey Falls Significantly In October -- The current conditions index of the Japanese Economy Watchers Survey, which measures current situation, fell to 36.7 in October from 46.7 in September, survey data from the Cabinet Office showed on Monday. Meanwhile, the outlook index that signals future activity improved to 43.7 in October from 36.9 in the previous month.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, appreciated against greenback. The Japanese yen traded at 109.02 per dollar, strengthening from an earlier low of 109.25.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 11 2019. 14:44 IST
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