Japanese shares fall as weak U.S. data reinforce fear of economic slowdown

  • Reuters
  • Stock Market News
Japanese shares fall as weak U.S. data reinforce fear of economic slowdown
Credit: © Reuters.

By Stanley White

TOKYO, Oct 2 (Reuters) - Japanese shares fell on Wednesday after manufacturing activity in the United States shrank to its lowest in more than a decade, offering further evidence that the ongoing U.S.-China trade war is slowing global growth.

At 0150 GMT the Nikkei average share price index was down 0.55% on the day at 21,765.89.

A survey from the U.S. Institute for Supply Management (ISM) on Tuesday showed manufacturing activity in the United States tumbled to a more than 10-year low in September as the trade war weighed on exports. week separate data showed U.S. consumer spending slowed and capital goods orders fell in August as a year-long standoff over China's trade policy starts to hobble the world's largest economy. Japan, there were 149 decliners on the Nikkei index against 70 advancers on Wednesday.

Heavy equipment makers and exporters led declines as weak manufacturing data in the United States - a major market for Japanese capital goods - and a slightly stronger yen threaten corporate profit.

The largest percentage losses were Yaskawa Electric Corp 6506.T down 4.46%, followed by Rakuten Inc 4755.T losing 4.03% and Nissan Chemical Corp 4021.T down by 3.91%.

The biggest percentage gainers were Kansai Electric Power Co Inc 9503.T up 3.63%, followed by Casio Computer Co Ltd 6952.T gaining 2.99% and Sumco Corp 3436.T up by 2.80%.

The broader Topix index .TOPX fell 0.48% to 1,595.25.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.46 billion, compared to an average of 1.18 billion yen in the past 30 days.

Cooling U.S. consumer spending underscores risks to economy

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