Japanese stocks fell,
tracking declines in U.S. and Chinese equities, as a selloff in
commodities pushed down shares of airlines and iron producers.
The Topix lost 0.4
percent to 1,666.24 at 9:02 a.m. in Tokyo, with all but eight of its 33
industry groups retreating. The Nikkei 225 Stock Average declined 0.4
percent to 20,479.60. Copper, zinc, nickel and oil fell in a renewed
drop in commodities after Chinese stocks slumped amid speculation the
world’s second-biggest economy will face further headwinds. The outlook
for higher interest rates from the Federal Reserve also curbed demand
for riskier assets.
The Bloomberg
Commodity Index fell on Tuesday to the lowest level since February 2002.
The gauge of 22 raw materials declined for a sixth day in the longest
run of losses in more than a year.
With China the world’s
biggest consumer of industrial metals, last session’s 6.2 percent slump
in the Shanghai Composite Index rattled raw-material investors, coming a
week after the country’s surprise devaluation of the yuan. U.S. oil
fell for the second time in three days as investors awaited an update
Wednesday on American crude stockpiles amid resurgent concern over a
global glut.
Source: Bloomberg
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