Reuters logo
Nikkei ends 4-day losing run; Canon, Nidec suffer
2012年10月4日 / 早上6点53分 / 5 年前

Nikkei ends 4-day losing run; Canon, Nidec suffer

* Weaker yen drives shares in Toyota, Honda, Nissan higher
    * Canon, Nidec sag after Hewlett-Packard warns on outlook

    By Dominic Lau
    TOKYO, Oct 4 (Reuters) - Japan's Nikkei share average
snapped a four-session losing streak on Thursday as sentiment
was boosted by a strong showing by the pro-business U.S.
Republican candidate, Mitt Romney, in his first debate with
President Barack Obama, dealers said.
    "There is a certain school of people that have particular
views on which candidate is better for the markets, specifically
for the dollar ... It's probably an initial gut reaction to the
presidential debate," a dealer at a European brokerage said.
    A CNN/ORC snap poll said 67 percent of registered voters
surveyed thought Romney won the debate at the University of
Denver, compared with 25 percent for Obama. 
    The Nikkei advanced 0.9 percent to 8,824.59, but
faced resistance at its 75-day moving average at 8,871.78, while
U.S. S&P futures rose 0.4 percent.
    "It is really about the currency. Our currency guys are
saying that some macro funds started buying risky currencies
post the debate ... so who knows," said a senior trader at a
U.S. bank. "I think the market is just looking for an excuse to
go higher."
    A weaker yen, which was quoted at 78.60 yen to the dollar
after hitting a two-week low of 78.72, improved the appeal of
Japanese exporters. Toyota Motor Corp gained 3 percent,
Nissan Motor Co surged 5.1 percent and Honda Motor Co
 climbed 3.1 percent.
    The automakers have been battered lately on concerns over
sputtering global growth and sluggish demand from China amid
rising anti-Japanese sentiment over a territorial dispute.
    "Although the Big Three all strike us as undervalued from a
medium-term perspective, our preference over the next three
months is for Honda Motor, followed by Toyota Motor, followed by
Nissan Motor," Nomura said in a note.
    The benchmark Nikkei is up 4.4 percent so far this year,
trailing a 15.4 percent rise in the S&P 500 and a 11
percent gain in the pan-European STOXX Europe 600 
    Another trader at a European bank said there was a buy
programme going into the morning session, which also helped push
the index higher. 
    But Canon Inc dropped 2.2 percent on Thursday after
its client Hewlett-Packard warned of an unexpectedly
steep earnings slide in 2013, with revenue set to fall in every
business division except software. 
    Nidec Corp sagged 4.4 percent after J.P. Morgan
cut its rating on the maker of precision motors to 'neutral'
from 'overweight' and on the back of Hewlett-Packard's outlook
    Other noticeable losers included Nikon Corp, which
shed 3.6 percent after the Nikkei business daily said its
interim operating profit would drop 43 percent on the year to 35
billion yen ($445.69 million), signalling a slowdown in sales.
    "Investors are backing out of tech shares, where profits are
looking weaker and weaker," said Yasuo Sakuma, portfolio manager
at Bayview Asset Management. "After companies went ex-dividend
at the end of September there are precious few reasons to buy."
    The latest quarterly earnings season will move into high
gear in the next two to three weeks. Investors were disappointed
with the previous quarterly earnings, when 54 percent of Nikkei
companies reported results below analysts' expectations.
    For this quarter's results, SmartEstimates from Thomson
Reuters StarMine expects an average negative earnings surprise
of 1.2 percent.
    The broader Topix rose 1.1 percent to 735,38, with
nearly 1.64 billion shares changing hands, up from Wednesday's
1.4 billion and last week's average of 1.6 billion.
    Market consensus is mixed over whether the Bank of Japan
will ease monetary policy further after it concludes a two-day
meeting on Friday, as it may be reluctant to expand its balance
sheet after swelling it by 10 trillion yen last month, although
its latest survey showed increasing pessimism about the domestic
    However, in the latest sign that the U.S. economy is getting
back on its feet, data showed growth in the country's service
sector in September, contrary to economists' expectations of a
slight decrease. The private sector also added more jobs than
anticipated last month, which bodes well, ahead of Friday's
nonfarm payrolls data.

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