Nikkei falls as weak U.S. data sours sentiment

lunes 2 de febrero de 2015 22:05 GYT
 

* Oil beneficiary stocks underperform as oil prices extend
gains
    * Q3 results have shown 14 pct rises in pre-tax profits on
year - analyst

    By Ayai Tomisawa
    TOKYO, Feb 3 (Reuters) - Japanese stocks fell on Tuesday
after disappointing U.S. economic data weighted on sentiment,
while airlines and rubber makers continued to drop on a rebound
in oil prices.
    The Nikkei share average dropped 0.4 percent to
17,493.16 points by mid-morning after opening higher.
    "The Japanese market would have been strong if currency
investors were taking risks and the strong dollar/yen trend
continued, but the current currency levels show that investors
are still not confident about U.S. economic fundamentals,"  said
Kazuhiro Miyake, chief strategist at Daiwa Securities. 
    The pace of growth in the U.S. manufacturing sector slowed
more than expected in January, and U.S. consumer spending
recorded its biggest decline since late 2009 in December, with
cheaper gasoline not translating into higher activity.
 
    But Miyake said stronger-than-expected Japanese corporate
earnings for Oct-Dec were supporting sentiment.
    As of Friday, about 40 percent of the companies listed on
the mainboard had reported their third-quarter results. Their
pre-tax profits rose 14 percent on the year, compared to a
previously expected 2 percent drop, Miyake said.
    On Tuesday, airline companies and rubber product makers,
which are beneficiaries from weak oil prices in the past few
months, continued to drop after oil prices rose strongly again
on Monday. Oil prices have rebounded 11 percent over the last
two straight sessions. 
    Japan Airlines dropped 3.4 percent, and ANA
Holdings fell 1.4 percent.
    Bridgestone Corp dipped 2.4 percent and Yokohama
Rubber shed 1.4 percent.
    Exporters were mixed, with Toyota Motor Corp 
falling 1.1 percent, Nissan Motor Co adding 0.1 percent
and Panasonic Corp rising 1.9 percent.
    The broader Topix shed 0.4 percent to 1,403.54 and
the JPX-Nikkei Index 400 declined 0.3 percent to
12,743.65.

 (Editing by Kim Coghill)