Nikkei falls to 1-week low on Trump's impeachment inquiry, trade worries

  • Reuters
  • Stock Market News
Nikkei falls to 1-week low on Trump's impeachment inquiry, trade worries
Credit: © Reuters.

TOKYO, Sept 25 (Reuters) - Japan's Nikkei share average fell to a one-week low on Wednesday after the U.S. lawmakers called for an impeachment inquiry into President Donald Trump, while weak U.S. consumer confidence data heightened worries over the Sino-U.S. trade row.

The benchmark Nikkei average .N225 dropped 0.5% to 21,988.28 by the midday break, its lowest level since Sept. 18.

The broader Topix .TOPX dipped 0.4% to 1,616.03, one day after hitting a five-month high, tracking a dismal Wall Street session.

On Tuesday, both indexes closed at five-month highs.

U.S. shares slipped in volatile trade overnight, giving the S&P 500 .SPX its biggest one-day drop in a month, as a push for impeaching Trump gained momentum among Democrats in the Congress. Wall Street indexes earlier lost their footing when Trump took a harsh tone about China's trade practices at the United Nations General Assembly, saying he would not accept a "bad deal" in U.S.-China negotiations. pressuring Wall Street was the disappointing consumer confidence data. Tokyo's bourse, oil and coal product .IPETE.T , machinery .IMCHN.T and transport equipment .ITEQP.T were among the worst performing of the 33 subsector indexes, down 1.4%, 1.4% and 1.0%, respectively. Toyota Motor 7203.T fell 1.6%.

One of the few bright spots was the air transport .IAIRL.T sector, up 0.8%, with Japan Airlines 9201.T ANA Holdings 9202.T rising 1.0% and 0.6%, respectively.

Oil prices fell for a second day on Wednesday on worries about falling fuel demand after Trump's comments doused optimism over China-U.S. trade talks and reignited concerns on global economic growth. O/R

Other notable movers include Nintendo Co 7974.T , shedding 4.0% after Bloomberg reported initial domestic shipments of the gaming firm's "Switch Lite" were softer than expected.

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