Japanese
stocks fell, extending two weeks of losses, after the yen rallied for
six days and as a report showed machine orders dropped in February for
the first time in three months.
The
Topix index lost 0.7 percent to 1,278.84 at 9:02 a.m. in Tokyo, with
all but four of its 33 industry groups retreating. The Nikkei 225 Stock
Average fell 0.6 percent to 15,732.32. The yen traded at 108.30 per
dollar. Core machine orders slipped 9.2 percent in February from the
previous month. Analysts had expected a 12 percent drop.
The
Topix was down 17 percent in 2016 through Friday, the world’s steepest
decline behind Italy. BlackRock Inc., the world’s largest money manager,
is among firms ending bullish calls on Japan equities.
Futures
on the Standard & Poor’s 500 Index were little changed after the
underlying U.S. equity gauge added 0.2 percent on Friday, trimming the
worst weekly slide in two months, as a surge in crude oil that boosted
energy shares offset a slump in biotechnology shares.
U.S.
oil topped $40 a barrel for the first time this month, extending
Friday’s surge amid easing concern over a global glut ahead of a meeting
of major producers.
Source: Bloomberg
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