Nov 26, 2024 at 7:08 am GMT
Updates for market close
By Brigid Riley
TOKYO (Reuters)-Japan's Nikkei share average declined on Tuesday as the marketweighed U.S. President-elect Donald Trump's pledge to imposetariffson all imports from Canada and Mexico, along with additional tariffs onChina.
TheNikkei index.N225closed0.9% lower at 38,442, after sliding nearly 2% during morning trade. The broader Topix. TOPX finished about 1% at 2,689.55.
Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China, citing concerns over illegal immigration and trade of illicit drugs.
Of the Nikkei's 225 constituents, 147 declined while 75 advanced, with losses narrowing in afternoon trade as investors digested the news. Three shares were untraded.
"Ten percent across the board (for China) is not as big as the one that he was talking about, 60%. But it still came in a more concrete way, so I think the initial reaction was rather negative," Nomura's chief macro strategist Naka Matsuzawa said.
The 25% tariff plans on imports from Canada and Mexico were probably bigger than the market expected, headded.
Chip-related stocks led losses, withAdvantest6857.Tdown 4.3%to become the biggest drag on the Nikkei. Tokyo Electron8035.Ttumbled 2.1%.
Microchip equipment maker Lasertec Corp6920.Twas one of the biggestpercentage loserswith a 5.5% drop, behind electronics component maker Fujikura5803.T, down 6.8%.
Majorautomakersalso slid, with ToyotaMotor7203.Tand Honda Motor7267.Tslipping 1% and 1.9%,respectively.
The machinery sector lost 1.4%. Mitsubishi Heavy Industries7011.Tstumbled 3.3%,while Kawasaki Heavy Industries7012.Tshed 5.4%.
Shares of IHI7013.Twere down 4.9%,with news that Japan's space agency hashaltedan engine combustion test of its Epsilon S rocket after a fire broke out at the test site also weighing on sentiment.
Reporting by Brigid Riley; Editing by Sumana Nandy, Sherry Jacob-Phillips and Janane Venkatraman
Sumber : Reuters
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