Nikkei falls on weak U.S. data, 11-day winning streak could end

domingo 31 de mayo de 2015 22:45 GYT
 

* Nikkei still not too far from 15-year highs
    * Toshiba up after govt approves late annual report
submission
    * China surveys have little impact - analysts

    By Ayai Tomisawa
    TOKYO, June 1 (Reuters) - Japan's Nikkei share average fell
on Monday morning, imperilling an 11-day winning streak, after
U.S. stocks languished as weak economic data dented investor
sentiment, triggering profit-taking on exporters. 
    But losses were limited after strong Japanese corporate
spending data supported the mood, with the Nikkei benchmark not
moving away much from its 15-year highs.
    The Nikkei fell 0.3 percent to 20,495.73 in
mid-morning trade. During its win streak that reached 11 days on
Friday, it gained 5.1 percent. 
    "After rising for so many days, it's natural to see a
correction," Hikaru Sato, a senior technical analyst at Daiwa
Securities.
    "But after such a correction, the Japanese market will
likely rise further because upbeat domestic data is likely to
continue supporting risk appetite."
    Japanese corporate capital expenditures grew in
January-March at the fastest pace in a year. The 7.3 percent
year-on-year increase in capital spending followed a 2.8 percent
annual gain in October-December, Ministry of Finance data showed
on Monday. 
    In the U.S., data showed the U.S. economy contracted at a
0.7 percent annual rate in the first quarter, a sharp turnaround
from the earlier estimate of 0.2 percent growth. 
    Exporters lost ground, with Toyota Motor Corp 
falling 1.0 percent, Honda Motor Co <7267.T. dropping 0.3
percent and Panasonic Corp 1.0 percent.
    Toshiba Corp rose as much as 5.5 percent after
saying it will file its annual report up to two months later
than usual as an independent investigation into accounting
irregularities will likely last until mid-July.
    The company said the government had approved its request to
submit its annual report later than usual, which means that the
company's shares will not automatically be placed under
supervision for potential delisting due to the delayed filing.
 
    China factory surveys released in the morning had little
impact on the Japanese market. Growth in China's giant factory
sector edged up to a six-month high in May, according to the
official survey, but export demand continued to shrink.
 
    The broader Topix shed 0.3 percent to 1,669.02 and
the JPX-Nikkei Index 400 also declined 0.3 percent,
to 15,071.16.

 (Editing by Richard Borsuk)