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Nikkei sags, retailers battered by Seven & I

Fri Jul 3, 2009 12:12pm IST
 
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* Nikkei ends at 25-day moving average in thin trade

* Loses 0.6 percent on week as U.S. jobs data bites

* Seven & I tumbles on poor earnings

By Elaine Lies

TOKYO, July 3 (Reuters) - Japan's Nikkei stock average lost 0.6 percent on Friday to end the week down, bruised by U.S. jobs data that dented hopes of economic recovery and dragged down by retailers after Seven & I (3382.T: Quote, Profile, Research) tumbled on poor results. Oil-linked shares fared badly after oil extended losses towards $66, while drugmaker Eisai Co Ltd (4523.T: Quote, Profile, Research) fell after a brokerage downgrade. The benchmark Nikkei .N225 lost 60.08 points to 9,816.07 points in thin trade and fell 0.6 percent on the week, as investor energy waned late in the day with Wall Street closed for a holiday.

U.S. shares fell on Thursday after the U.S. Labor Department reported that U.S. employers cut 467,000 jobs in June, 100,000 more than Wall Street economists had expected. The unemployment rate hit 9.5 percent, the highest in nearly 26 years. [ID:nN02549309]

Tokyo analysts said the Nikkei's retreat was more muted than that of U.S. shares because the vacation-shortened trading week on Wall St had thinned trade and exaggerated moves, with some suggesting that perhaps the market there had expected too much.

"Up until now most of the indicators appeared to be mostly on a rising trend, but this jobs data shows the recovery seems to be dragging its feet," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.

"I don't think the long-term recovery trend has changed but these figures do seem to suggest it will take time."  Continued...

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