TOKYO (Reuters) – Japan’s Nikkei share average slumped 5% in early trade on Friday, tracking Wall Street’s sharp losses amid worries over uncertainty about the trade war’s potential economic fallout.
As of 0012 GMT, the Nikkei was down 5.1% at 32,855.56. The broader Topix slipped 4.7% to 2,419.32.
All three major U.S. stock indexes suffered steep losses overnight, forfeiting much of the previous session’s gains as growing concerns over the escalating Washington-Beijing trade face-off dampened optimism over upbeat economic data and U.S.-Europe trade negotiations. [.N]
The Nikkei jumped 9% on Thursday after U.S. President Donald Trump declared an immediate 90-day tariff pause for many countries.
On Friday, Uniqlo-brand owner Fast Retailing lost 3.87%. Chip-related stocks Tokyo Electron and Advantest slipped 5% and 7.5%, respectively.
All of the Tokyo Stock Exchange’s 33 industry sub-indexes fell, with refiners falling 6.6% to become the worst performer.
(Reporting by Junko Fujita; Editing by Alan Barona)
Comments