Japan’s Nikkei index halted a seven-day winning streak on Monday, dragged down by a decline in Wall Street in the previous session, as investors awaited US gross domestic product data and this week’s Federal Reserve meeting.
The Nikkei index fell at the close 0.77% to close at 27,699.25 points, retreating from a six-week high hit on Friday.
The broader Topix index fell 0.65 percent to 1,943.21 points.
Investors are now focused on the Fed meeting and US Q2 GDP data this week. While the US central bank is expected to raise interest rates by 75 basis points, the GDP data is likely to be negative once more.
“Investors want to gauge the direction of the stock markets following learning regarding the results of the US Federal Open Market Committee and the GDP,” said Ikko Mitsui, director at Aizawa Securities.
“Looking at the PMI data released last week, it is clear that the economy is slowing,” he added.
Business activity in the United States, the world’s largest economy, contracted for the first time in nearly two years this month, activity in the euro zone fell for the first time in more than a year, and growth in Britain was at its lowest level in 17 months, surveys of purchasing managers showed. last week.
In Japan, shares of Yaskawa, the electrical component maker, fell 4.06 percent, followed by the pharmaceutical company Eisai, which lost 3.74 percent. Nikon Corp shares fell 3.08 percent.
The railway sector rose by 1.72 percent to be the biggest gainer among the 33 sub-indices on the Tokyo Stock Exchange.
Railroad companies, including Tokyo Corp and Tobu Railway, posted gains and were among the best performers on the Nikkei.
The utilities sector was the strongest sector in general, increasing by 0.61 percent.
(Archyde.com)
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