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Japans Nikkei index decline to mid October levels

2018-03-05 07:22 am | Resource: NEWS | No Views : 341

The Nikkei average fell to an unwelcome level since mid-October as it fell for a fourth day on fears of a global trade war that hit car makers and shipping companies.

The Nikkei fell 0.7 percent to 21,042.09 after the yen gained safe haven flows as risk sentiment fell on expectations that trading partners would take revenge if US President Donald Trump pressed the proposed tariffs on imported steel and aluminum.

Small stocks were also sold as traders pointed to speculators selling on the assumption that the weakness of the market would last for a while, and the index fell 2.9 percent to a 2-1 / 2-week low of 3471.02.

Steel shares fell again as Nippon Steel and Sumitomo Metal fell 1.8 percent, GBI Holding fell 2.5 percent and Kobe Steel fell 1.5 percent.

Automobile manufacturers, major consumers of steel and aluminum also lost, Honda Motor dropped 2.1 percent, Toyota Motor fell 1.5 percent, Mitsui Osaka fell 1.9 percent and Kawasaki Kissin lost 2.0 percent.

As the dollar fell for a fourth straight session, investors began to worry that Japanese exporters would have to lower their US dollar assumptions for the next fiscal year, which would affect their earnings forecasts.

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