Japanese stocks fell,
with the Topix index heading for its first loss in nine days, as
weaker-than-expected Chinese economic data weighed on investor demand
for firms that rely on China for sales.
The Topix index
slipped 0.3 percent to 1,673.44 as of 9:01 a.m. in Tokyo, falling for
the first time since July 28, as all but five of its 33 industry groups
declined. The Nikkei 225 Stock Average dropped 0.5 percent to 20,624.01.
China at the weekend reported a bigger-than-expected slide in exports
and the steepest slump in producer prices since 2009.
Shipments from China
shrank 8.3 percent in July, more than five times the drop projected by
analysts, stoking concern about growth in Asia’s largest economy.
Imports declined 8.1 percent, compared with expectations for a 8 percent
retreat. The producer-price index fell 5.4 percent, the biggest slide
since October 2009.
Futures on the
Standard & Poor’s 500 Index added less than 0.1 percent after the
underlying measure fell 0.3 percent on Friday.
U.S. employers added
215,000 workers last month, slightly below economist estimates for a
gain of 225,000, a government report showed on Friday. Average hourly
earnings climbed a less-than-forecast 2.1 percent from a year earlier,
indicating sluggish momentum in wage growth and weaker outlook for
inflation.
Japanese data Monday
showed the nation’s current account surplus in June was 558.6 billion
yen compared with a 363.9 billion yen deficit last year. Economists had
been expecting a surplus of 785.9 billion yen.
Source: Bloomberg
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