Japanese
shares fell for a second day, following U.S. equities lower, as
commodity shares led declines after crude oil dropped by the most in six
weeks and speculation mounted that the Federal Reserve is moving closer
to raising interest rates.
The
Topix index slipped 0.3 percent to 1,360.42 as of 9:01 a.m. in Tokyo,
with three shares falling for every two that rose. The Nikkei 225 Stock
Average retreated 0.2 percent to 16,964.18. U.S. oil fell 4 percent on
Tuesday to below $40 a barrel after a government report showed American
crude supplies climbed to the highest level in more than eight decades.
The
Topix has recovered about half its losses since a global equity rout at
the start of the year sent the gauge into a bear market. The measure is
still down about 12 percent in 2016, and is trading about 14.3 times
estimated earnings. That compares with 17.2 for the Standard &
Poor’s 500 Index and 15.4 for the Stoxx Europe 600 Index.
Source : Bloomberg
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