Japanese
stocks fell, with the Topix index retreating from near the highest
level since August, as investors weighed earnings and awaited Chinese
economic reports.
The
Topix lost 0.3 percent to 1,585.17 as of 9:02 a.m. in Tokyo, after
posting a 4.1 percent rally in the past five trading days. Sumitomo
Metal Mining Co. and Mitsubishi Materials Corp. cut profit outlooks
Tuesday, underscoring the challenges from waning Chinese demand. Data on
industrial production and retail sales Wednesday will provide new clues
on the economic slowdown in Japan’s largest trading partner.
Some
54 percent of Topix firms that have reported quarterly results this
earnings season topped projections, according to data compiled by
Bloomberg on companies for which estimates were available.
Source : Bloomberg
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