Japan's Nikkei slips as election, US tariffs weigh; Disco gains
The Nikkei 225 Index lost 0.6% to 39,584.11 after two days of gains.
The broader Topix shed 0.8%.
Retailer Aeon plunged 3.5% after postponing its earnings announcement due to the discovery of inappropriate accounting practices at a Vietnamese subsidiary.
Chip-maker supplier Disco led gains with a 4.3% surge after it raised its first-quarter earnings forecast, citing strong demand related to artificial intelligence.
Earlier this week, US President Donald Trump announced 25% tariffs on Japan and other trade partners starting August 1, a date he said was final.
Export-dependent Japan remains an outlier among the US's key trading partners, with multiple rounds of trade talks failing to produce a breakthrough.
Meanwhile, Japanese policymakers are increasingly focused on a critical upcoming election on July 20.
'The Nikkei has been struggling to move higher ahead of the 40,000 mark,' said Wataru Akiyama, a strategist at Nomura Securities.
'The stock market may be taking a wait-and-see attitude given the lack of progress in the Japan-US tariff negotiations and the upper house election.'
Japan is seeking talks between its tariff negotiator, Ryosei Akazawa, and US Treasury Secretary Scott Bessent during the latter's visit to Japan for the World Expo next week, the Yomiuri newspaper reported, citing Japanese government sources.
There were 40 advancers on the Nikkei against 180 decliners.
The biggest losers by percentage were Nikon, down 4.68%, followed by Tokyo Electric, which slid 3.9%.
The biggest percentage gainers were Disco, followed by Rakuten Group, which rose 4%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
43 minutes ago
- Business Recorder
Rupee records slight gain against US dollar
Rupee's Performance Against US Dollar Since 04 March 2025 Pakistani rupee registered slight gain against the US dollar, appreciating 0.02% in the inter-bank market on Tuesday. At close, the currency settled at 284.67, a gain of Re0.05. On Monday, the currency settled at 284.72. Globally, the US dollar hovered near a three-week high versus major peers on Tuesday as traders awaited the release of US inflation data later in the day that could provide clues on the path for monetary policy. The US currency was also buoyed by elevated Treasury yields, with investors weighing a potential exit of Jerome Powell from the Federal Reserve as President Donald Trump continued his criticism of the central bank chairman. Currencies showed little reaction to data showing China's economy grew 5.2% last quarter, slightly topping analysts' forecasts. Bitcoin drifted further from Monday's all-time peak of $123,153.22 following a seven-day, 14% surge as investors bet on long-sought legislative policy wins for the cryptocurrency industry this week. It was changed hands at around $118,215 as of 0240 GMT. The US dollar was little changed at 147.68 yen, after earlier rising to the highest since June 23 at 147.89 yen. The dollar index, which tracks the currency against the yen and five other major rivals, stood at 98.050, not far below the overnight peak of 98.136, the highest since June 25. Oil prices, a key indicator of currency parity, fell on Tuesday after US President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns. Brent crude futures fell 29 cents, or 0.4%, to $68.92 a barrel by 0342 GMT, while US West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $66.63. Both contracts settled more than $1 lower in the previous session.
Business Recorder
2 hours ago
- Business Recorder
Most Gulf markets gain ahead of key US data, trade talks
Most major stock markets in the Gulf rose in early trade on Tuesday ahead of U.S. inflation data due later in the day, signalling investors' relatively upbeat outlook on talks Washington and major trading partners. U.S. President Donald Trump signalled he was open to discussions on tariffs after his weekend threat to impose 30% duties on imports from the European Union and Mexico from August 1. Japanese Prime Minister Shigeru Ishiba, meanwhile, is arranging to meet U.S. Treasury Secretary Scott Bessent on Friday, the Yomiuri newspaper reported on Tuesday. Investors are also awaiting U.S. consumer price data for June, due on Tuesday, and will monitor for any upward pressure on prices from tariffs that might influence U.S. Federal Reserve interest rate decisions. The Fed's actions have a significant impact on the Gulf region's monetary policy, as most regional currencies are pegged to the U.S. dollar. Dubai's main share index gained 0.7%, led by a 2.7% rise in top lender Emirates NBD and a 1.4% increase in blue-chip developer Emaar Properties. In Abu Dhabi, the index climbed 0.7%, with Abu Dhabi Commercial Bank jumping 6%. Most Gulf stocks subdued as Trump steps up tariff threats The lender, which is the Gulf country's third-largest by asset volume, posted second-quarter net profit of 2.32 billion dirham ($631.65 million), also exceeding analysts' consensus estimates, according to data compiled by LSEG. The Qatari index added 0.1%, helped by a 0.4% rise in petrochemical maker Industries Qatar. However, Doha Bank fell 0.7%, despite reporting an increase in first-half profit. Saudi Arabia's benchmark index eased 0.3%, hit by a 0.6% fall in oil giant Saudi Aramco. Oil prices - a catalyst for the Gulf's financial markets - fell after Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.
Business Recorder
4 hours ago
- Business Recorder
Australian shares rise to record close as investors shrug off US tariff fears
Australian shares settled at a record high closing level on Tuesday, driven by gains in banks, healthcare and technology stocks, as investors shrugged off tariff worries. The S&P/ASX 200 index ended 0.7% higher at 8,630.30 points. The benchmark traded flat on Monday. Investors were unfazed by tariff concerns, having grown accustomed to U.S. President Donald Trump's unpredictable trade announcements and last-minute reversals. 'Traders now view the tariff threats as a bargaining tool and perhaps believe they'll settle at something digestible,' said Philip Pepe, senior analyst with Shaw and Partners. In Sydney, heavyweight financials led the surge with a 0.8% rise with the 'Big Four' banks rising between 0.2% and 0.7%. Citi analysts said the improving earnings outlook was boosting banks' shares, as the near-term prospects appeared more promising. 'We expect earnings to hold up this year as the impact from lower rates takes time to manifest in bank earnings,' Citi analysts wrote in a note. IT stocks rose 2.3%, having gained 2.5% earlier in the session. The sub-index mirrored its U.S. peers, with tech-heavy Nasdaq ending at a record high. Australia shares drift in tight range as tariff jitters drive safe-haven demand On the Sydney bourse, tech giant WiseTech rose 2.1%. Healthcare stocks added 2.1%, led by biotech giant CSL, which rose 3.6% to hit the highest since May 29 after it confirmed that it will trim its research and development division. Among other sectors trading in green, energy stocks rose 0.6% while consumer staples advanced 0.5%. The mining sub-index, however, fell 0.5% on profit-taking, snapping three sessions of consecutive gains. Mining giant BHP Group fell 1% while iron ore miner Rio Tinto lost 1.5%, a day ahead of its quarterly production results. New Zealand's benchmark S&P/NZX 50 index ended the day flat at 12,689.63 points.
