RTTNews - Japan stocks are poised for a lower open on Wednesday, following Wall Street's plunge overnight. U.S. markets fell sharply in advance of what traders fear will be a series of negative earnings reports.
Japan's market was lower for a fifth straight session on Tuesday, with resources stocks.
The benchmark Nikkei 225 Average closed down 33.08 points or 0.34 percent at 9,647.79.
Among the Nikkei component stocks, 73 closed higher, 143 were lower and 9 finished unchanged.
The broader Topix index declined was down 3.29 points or 0.4 percent at 909.13.
The market finished at its lowest level in nearly nine months.
Among the resources stocks, Sumitomo Metals and Mining dropped 58 yen or 4.32 percent, Inpex was down 1,000 yen or 0.14 percent, Nippon Oil fell 11 yen or 2.14 percent, Toho Zinc was down 11 yen or 3.01 percent and Nippon Mining was down 5 yen or 1.08 percent .
Shipping companies continued to fall as the decline in the Baltic Dry Index cargo rate moved lower. Among the shippers, Nippon Yusen was down 6 yen or 1.52 percent, Mitsui OSK Lines was down 15 yen or 2.65 percent and Kawasaki Kisen Kaisha was down 7 yen or 1.9 percent.
Among the major banks, Mitsubishi UFJ was down 6 yen or 1.01 percent, Mizuho Financial was down 11 yen or 4.85 percent in very heavy trading of 151.9 million shares, Sumitomo Mitsui was down 110 yen or 2.81 percent and Resona Holdings was down 8 yen or 0.58 percent.
In overseas trading, U.S. traders sent Wall Street into a tail spin on Tuesday, with earnings reports from the nation's top companies due for release starting the following day. At the closing bell, the Dow Jones Industrial Average was down 161.27 points or 1.94 percent at 8,163.60, the Nasdaq Composite index was down 41.23 points or 2.31 percent at 1,746.17 and the Standard & Poor's 500 index was down 17.69 points or 1.97 percent at 881.03.
The major markets in the Asia/Pacific region finished mixed in Tuesday's trading.
Hong Kong's Hang Seng index was down 117.14 points or 0.65 percent at 17,862.27.
The Shanghai Composite index in China fell 35.22 points or 1.13 percent to 3,089.45.
In India, the BSE 30 index was up 127.05 points or 0.90 percent at 14,170.45.
Indonesia's Jakarta Composite index was up 48.24 points or 2.37 percent at 2,083.25.
The KOSPI/Seoul Composite index in South Korea advanced 5.26 points or 0.37 percent to 1,434.20.
The Taiwan Weighted Index was up 65.31 points or 0.98 percent at 6,715.22.
On Wednesday's economic data calendar, Japan is scheduled to release May figures for trade balance among a raft of other data on Wednesday. Also on tap are M2 and M3 money stock, machine orders, trade balance and bank lending.
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