July 26, 2019 / 2:21 AM / 4 months ago

Japan stocks slip as momentum sputters on soft corporate earnings

TOKYO, July 26 (Reuters) - Japan’s stocks lost momentum on Friday on downbeat earnings both at home and on Wall Street, erasing some of the previous day’s rally, which took the benchmark to a 2-1/2-month high.

The Nikkei share average fell 0.51% to 21,645.42 at 0156 GMT. The index had risen to 21,823.07 the previous day, its highest since May 7.

Omron Corp was down 6.2% after the maker of digital medical equipment reported that its June quarter consolidated operating profit declined 41.2% to 10 billion yen ($92 million), with business hit by the U.S.-China trade conflict.

Nissan Motor Co shed 2.5% after the automaker unveiled its biggest restructuring plan in a decade in the wake of a collapse in its quarterly profit.

Nisshin Seifun Group slumped 10.9% as the food company reported that its June quarter net profit fell 27.2% to 4.43 billion yen with its milling operations in the United States facing increasing competition.

The broader Topix shed 0.55% to 1,569.25.

Of Tokyo’s 33 sub-indexes, 32 were in negative territory, led by the machinery sector.

All of Wall Street’s three main indexes fell from record highs on Thursday following a flurry of downbeat quarterly results from Ford Motor and other companies and after European Central Bank chief Mario Draghi’s comments disappointed investors hoping for a more dovish stance on monetary policy.

$1 = 108.6300 yen Editing by Sam Holmes

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