Japan's Nikkei set to snap 3-day gain as strong yen, US recession …

By Kevin Buckland TOKYO, April 5 (Reuters) – Japan’s Nikkei share average fell sharply on Wednesday, threatening to end a three-day winning streak, as a stronger yen and fears of a U.S. recession hit auto and energy stocks. The Nikkei fell 1.3% to 27,917.89 as of the midday break, slipping below the psychological 28,000 mark for the first time this month.

The broader Topix tumbled 1.5% to 1,991.67. Shares that had rallied in recent days were sold by investors looking to lock in profits, with energy stocks among the worst-hit. The strengthening yen also weighed on sentiment broadly, and slapped down automakers in particular, as it cut the value of overseas sales.

Toyota Motor Corp, Nissan Motor Co Ltd and Honda Motor Co Ltd all sank around 2%. Overnight, all three major U.S. stock indexes declined, as evidence of a cooling economy exacerbated worries that the Federal Reserve’s rate tightening campaign may trigger a deep downturn. New data showed job openings dropped to the lowest in two years, and factory orders fell for a second month.

“Rising concern over the U.S. economy and the decline in U.S. stocks are having a big impact,” said Maki Sawada, a strategist at Nomura Securities, noting that economically-sensitive sectors such as energy and steel were being particularly hard hit. “Given the Nikkei’s rise in recent sessions, some profit taking is natural,” she said. “Around the psychological 28,000 level though, bargain hunting is likely to emerge, limiting downside.” Fast Retailing was the worst-performing stock on the Nikkei, dropping 1.8% and erasing 55 index points from the index.

Oil and coal producers, and iron and steel each lost 3.1%, making them the worst-performing industry sectors on the Tokyo Stock Exchange.

Shipping alone rose, climbing 1.7% and continuing its strong rebound from the two-month low hit on Monday.

Panasonic Holdings Corp added 2.67%, and was at one point up as much as 4.24%, following a media report that it was in talks with Stellantis and BMW over new electric-vehicle battery plants. (Reporting by Kevin Buckland; Editing by Varun H K)

Tags:

africa-alive listed on couponmatrix.uklight-in-the-box listed on couponmatrix.uklottoland listed on couponmatrix.ukskechers-uk listed on couponmatrix.ukstradivarius listed on couponmatrix.ukswitched-on-insurance listed on couponmatrix.uk
africa-alive listed on couponmatrix.ukA world of wonders awaits amongst the many animal enclosures at Africa Alive, the East Anglia-based reserve with an eye toward conservation. Think everything from adorable meerkats to imposing rhinos, each of which you can view for less by making the most of an Africa ALive discount from Groupon. So next time you’re on the east coast and fancy meeting the many weird and wonderful denizens of the continent, take a trip to Africa Alive.
light-in-the-box listed on couponmatrix.ukPersonalise your home and wardrobe with the varied catalogue available at Light in the Box. Showcasing an ever-growing selection of fashion, homeware, beauty products and more from the convenience of a single marketplace, a Light in the Box discount code is all you need to fill the gaps in your home on a budget. Whether you want a seasonal duvet cover, a spare pair of yoga pants or bento boxes for your lunch break, Light in the Box has it all at a price you can’t turn down.
lottoland listed on couponmatrix.ukHit the jackpot with the help of Lottoland. You may think the odds are against you, but in one click you could luck out on a scratchcard or even become a millionaire by predicting the outcome of the official Lottery draw. Earn a free Powerball or Mega Millions bet for less with a Lottoland promo code added on to your order and start increasing your odds to win from lotteries all across the world!
skechers-uk listed on couponmatrix.ukWhen it comes to comfort, choice and performance, Skechers know how to keep their customers happy. The lifestyle and performance shoe experts offer over 3,000 styles and with a presence in more than 160 countries they are one of the most globally recognised shoe brands in the world. With a whopping range to choose, why not give your feet a treat, activate your Skechers discount code and ease yourself into a more comfortable footwear experience.
stradivarius listed on couponmatrix.ukWith roots in Spain, Stradivarius certainly has its own unique style and authenticity. Upholding a passion for fresh trends, there's an energy and vibrancy throughout the whole Stradivarius catalogue. Check our Stradivarius discount codes to save money on clothing, shoes and accessories and nurture your own unique sense of style. When fashion is your lifestyle, you need a brand that will keep up with your personality too so rest assured that with Stradivarius, you've met your match.
switched-on-insurance listed on couponmatrix.ukExperts in supplying gadget and travel insurance to suit a wide array of devices and destinations, Switched On Insurance has a long history of supplying flexible policies for all kinds of customers. All you need is the latest Switched On Insurance promo code to cut the cost of some comprehensive cover. Whether you want your phone and laptop protected from damage or yourself secured from possible travel disruptions while backpacking, Switched On Insurance will ensure you need not worry about any unexpected outcomes.