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Japans Nikkei closed at a weekly loss of 8 percent

2018-02-09 08:22 am | Resource: NEWS | No Views : 66



Japan's Nikkei average fell on Friday after another day of Wall Street collapse as oil-related stocks fell sharply as crude oil prices fell, and the Nikkei <.N225> was down 2.3 percent at 21,382.62, bringing its weekly loss to 8.1 percent.

The broader TOPIX index fell 1.9 percent to 1,731.97 points, down 7.1 percent on the week. On Tuesday, Japanese stocks saw their biggest fall since June 2016, with the Nikkei down 4.7 percent.

Losers outnumbered gainers 524 to 117, while 33 remained unchanged. All sectors were red, oil and coal fell 4.9 percent while mining fell 5.4 percent.

Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and US crude oil production hit record highs, raising concerns about a sharp rise in global supplies.

Shares in Nissan Motor Co. fell 3.1 percent after the automaker said on Thursday its third-quarter operating profit had fallen by half, and Nikon Corp saw marginal gains, up 3 percent a day after the company posted upbeat profit.

On the economic data level, consumer and producer inflation slowed in January in China, according to data from the National Bureau of Statistics on Friday, and consumer prices rose 1.5 percent year on year in January, the weakest in four months, after rising 1.8 percent In December. The rate was in line with expectations.

Food prices fell 0.5% YoY versus 0.4% last month. Meanwhile, non-food prices rose by 2 percent after the December rise of 2.4 percent. Meanwhile, monthly inflation doubled to 0.6 percent from 0.3 percent in December.

Conversely, the decline in non-food inflation and producer price inflation will open the door to monetary policy easing this year. The statistical bureau said producer prices rose 4.3 percent year-on-year, weaker than 4.9 percent in December, but exceeded Expectations of 4.2 percent.


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