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Company News

Japan shares edge lower as U.S. futures fall

TOKYO, Oct 13 (Reuters) - Japanese shares reversed course on Tuesday to trade slightly lower as U.S. futures fell during Asian trade, while investors looked past an overnight tech rally on Wall Street and waited for corporate earnings results for further direction.

The benchmark Nikkei share average slipped 0.14% to 23,525.95 by the midday break, with 84 advancers on the index against 131 decliners. The broader Topix lost 0.13% to 1,641.15.

Nearly two-thirds of the 33 sector sub-indexes on the Tokyo exchange traded lower, with miners, oil and coal products and nonferrous metals leading the decline on the main bourse.

Earlier in the session, both indexes tracked Wall Street higher as a renewed tech rally and expectations of a coronavirus relief package in the United States helped lift sentiment.

But a near 0.5% drop in U.S. stock futures and a slightly stronger yen against the U.S. dollar saw both indexes reversing their course.

Analysts said some investors were also in a wait-and-see mode ahead of key earnings reports, including those of J.Front Retailing Co and Takashimaya Co due later in the day.

SoftBank Group Corp fell 0.88% on profit-taking, erasing early gains on news that the conglomerate’s Vision Fund was preparing to launch a blank-cheque acquisition company.

Elsewhere, machinery stocks were supported by upbeat data showing Japan’s core machinery orders unexpectedly rose in August.

Meanwhile, overseas orders, which are not included in core orders, rose at the fastest pace since April 2014.

Fanuc Corp climbed about 3%, while SMC Corp rose 2.57%.

The Mothers Index of start-up firms fell 0.59% and was set to snap six consecutive sessions of gains. (Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu)

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