Market Updates
Nikkei and Topix Extended Weekly Losses After Factory Activity Unexpectedly Shrank
Akira Ito
24 Jul, 2024
Tokyo
Benchmark indexes in Tokyo dropped more than 1% after business activity indexes declined in July.
Market sentiment was weak after the Au Jibun Bank Japan Manufacturing Purchasing Managers' Index eased to 49.2 in July from 50.0 in June, indicating the first decline in factory activities since April.
The manufacturing sector growth has been volatile this year, and growth eased for the fifth time, data from S&P Global showed.
On the other hand, service sector PMI rebounded to 53.9 in July from 49.4 in June, increasing to a 3-month high.
Any reading above 50 shows growth, and below 50 shows a decline in activities.
The yen rebounded to 154.56 against the U.S. dollar in the hopes that the Bank of Japan may signal rate increases as early as next week at the policy meeting on July 31.
Japan Stock Movers
The Nikkei 225 stock average decreased 1.1% to 39,154.85, and the Topix index fell 1.4% to 2,793.12.
Tech stocks advanced ahead of the start of the earnings season later in the week.
Advantest, Tokyo Electron, and Lasertec declined around 1%, and Screen Holdings gained 1.9%.
Asics Corp. declined 2% to ¥2,468.0, and the sportswear company priced its secondary offering of 75 million shares at 2,442.50 per share, raising about 180.5 billion yen.
Honda Motor declined 2.6% to ¥1,630.0 after the vehicle maker recalled prologue SUVs for defective control links.
A week ago, Honda Motor priced its secondary stock offering at 1,664 yen per share and raised 497 billion yen, or $3.2 billion.
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