March 7, 2018 / 6:43 AM / 10 months ago

Nikkei slips, steelmakers hit 8-month low on U.S. protectionism fears

TOKYO, March 7 (Reuters) - Japan's Nikkei share average dropped on Wednesday after free-trade advocate Gary Cohn resigned as U.S. President Donald Trump's top economic adviser, fanning fears Washington will proceed with tariffs, pushing the steelmaker index to an eight-month low.

Nikkei average dropped 0.8 percent to 21,252.72, not far from 4-1/2-month low of 21,042.09.

Steelmakers became the worst-performing sector again, with Topix Iron & Steel index shedding 2.1 percent to hit an eight-month low, having lost 7.8 percent since U.S. President Donald Trump announced his tariff plan, more than twice as much as fall in the broader market.

About two-thirds of the stocks on the main board declined but about 30 percent managed to make gains, with small-cap shares dipping just 0.5 percent, outperforming larger shares. (reporting by Tokyo Markets Team, Editing by Sherry Jacob-Phillips)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below