Japanese shares slip on coronavirus worries

  • Reuters
Japanese shares slip on coronavirus worries

TOKYO, Oct 28 (Reuters) - Japanese shares fell on Wednesday, pulled down by worries that surging coronavirus cases in Europe and the United States could further damage an already-battered global economy.

The benchmark Nikkei share average .N225 fell 0.32% to 23,410.75, while the broader Topix .TOPX lost 0.61% to 1,607.61.

All but four of the 33 sector sub-indexes on the Tokyo exchange traded lower, with insurers .IINSU.T , iron and steel .ISTEL.T and miners .IMING.T declining the most.

The local market is tracking the overnight weakness in U.S. stocks as coronavirus infections are rising and U.S. lawmakers have been struggling to reach agreement on a stimulus package, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management in Tokyo.

U.S. President Donald Trump acknowledged on Tuesday a coronavirus economic relief deal would likely come after the Nov. 3 election. near 0.6% decline in U.S. stock futures in early Asian trade also weighed on Japanese stocks.

However, the market got some support from upbeat earnings reports, with Shimano Inc 7309.T soaring more than 15% after the bicycle parts maker upgraded its forecast for annual operating profit.

Japan's index of insurers .IINSU.T , which rely on foreign bonds for income, dipped more than 3.2% after U.S. Treasury yields declined overnight on dwindling hopes for a U.S. stimulus deal.

T&D Holdings 8795.T dipped 2.9%, while Dai-ichi Life Holdings 8750.T and Tokio Marine Holdings 8766.T slipped around 3.5% each.

Shares of ANA Holdings 9202.T were trading flat, having risen as much as 4%, after the airline operator on Tuesday unveiled its restructuring plans and forecast a record operating loss of 505 billion yen for the year to March.

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