Nikkei erases gains and dips on strong yen, jitters before US jobs data

miércoles 3 de agosto de 2016 22:56 GYT
 

* Nikkei initially lifted by higher Wall St but erases gains

* Broader Topix loses 0.2 pct

By Shinichi Saoshiro

TOKYO, Aug 4 (Reuters) - Japan's Nikkei share average erased earlier gains and edged lower on Thursday, pulled down by a bullish yen and caution before Friday's U.S. non-farm payrolls.

The Nikkei declined 0.4 percent to 16,020.15 after rising to 16,208.05 earlier in the morning session.

"The Nikkei initially took cues from overnight gains by U.S. shares and a rise in crude oil prices. But the market eventually ran out of factors to sustain the rise, with participants not inclined to build positions ahead of a key event like the U.S. jobs data release," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

The yen remained on the front foot against the dollar, with verbal warnings from Japan's top currency diplomat having little impact.

The dollar, on the defensive this week as the prospects for a near-term U.S. rate hike faded, was down 0.4 percent at 100.89 yen.

Banking and securities sub-indexes rose on Thursday on relief over the relatively upbeat financial results of large European banks such as HSBC, ING and Societe Generale.   Continuación...