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The Nikkei average fell on Wednesday after Gary Cohens resignation

2018-03-07 07:35 am | Resource: NEWS | No Views : 141



The Nikkei average fell on Wednesday after Gary Cohn, the free trade lawyer, resigned as economic adviser to US President Donald Trump, raising concerns that Washington will push ahead with tariffs, pushing the steel industry index to its lowest level in eight months.

The Nikkei N225 was down 0.8 percent at 21,252.72, not far from a 4-month low of 21.042.09.

The steel index was the worst performer with the Topix Iron & Steel index shed 2.1 percent to an eight-month low after losing 7.8 percent since US President Donald Trump announced his tariff plan more than double the market.

About two-thirds of stocks fell in the main index, but about 30 percent managed to make gains as small stocks fell only 0.5 percent, outperforming larger stocks

On the economic front, Japan's main index fell more-than-expected in January to the weakest level in eight months, according to preliminary figures released by the Cabinet Office on Wednesday.

The main index, which measures future economic activity, fell to 104.8 in January from 106.6 in December, revised from 107.4, and economists had expected the index to fall to 106.1.

The simultaneous index, which reflects current economic activity, fell to 114.0 in January from 119.7 in December. The index was expected to fall to 115.3, and the lagging index at 119.5 in January, compared with 119.0 in the previous month


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