Nikkei tumbles on Deutsche fears, financials down

jueves 29 de septiembre de 2016 23:12 GYT
 

* Nikkei on track for weekly, monthly loss, though up for quarter

* Bank, financial shares slip on concerns about Deutsche stability

TOKYO, Sept 30 (Reuters) - Japan's Nikkei slipped on Friday after fears about the stability Deutsche Bank shook Wall Street and took a toll on financial shares, with the Japanese stock index on track for weekly and monthly losses.

By the end of morning trade, the Nikkei was off 1.6 percent, or 258.10 points, at 16,435.61, down 1.9 percent for the week and 2.6 percent for September. It was still up 5.5 percent for the July-September quarter.

Wall Street indexes posted sharp declines on Thursday, with Deutsche Bank's U.S.-listed stock skidding 6.7 percent as deepening concerns over the stability of the lender cast a cloud over markets around the world.

"Financial and bank stocks are down today, which is dragging down the overall market, as well as sentiment," said Ayako Sera, market economist at Sumitomo Mitsui Trust Bank.

"The latest fears remind investors of the Lehman shock," she said, referring to the 2008 bankruptcy of the U.S. financial firm Lehman Brothers that sent shockwaves around the world.

"This time, there is supposed to be a safety net in place to prevent a major impact on global markets, but there are still many unknowns about this current situation, and a shortage of information," she said.

The banking subindex slipped 1.9 percent and the securities subindex lost 1.8 percent, while the subindex of other financials was down 2.6 percent and the insurance subindex shed 2.3 percent.   Continuación...