RTTNews - The stock market in Japan ended in the negative territory on Friday mirroring Wall Street losses after weak employment report dented recovery hopes. Weak trading in Asian markets, thin volumes as the U.S markets are closed for holiday and last day of week kept traders mostly on the sidelines.
In the U.S, disappointing employment data for June dragged the indices sharply lower amid fresh concerns about growth prospects. A Labor Department report showed that non-farm payroll employment fell by 467,000 jobs in June following a revised decrease of 322,000 jobs in May. Economists had expected a decrease of about 365,000 jobs compared to the loss of 345,000 jobs originally reported for the previous month. Amid the weak employment report, traders shrugged off a report from the Commerce Department showing that orders for manufactured goods rose 1.2% in May following a downwardly revised 0.5% increase in April. Economists had expected orders to rise 0.9% compared to the 0.7% increase originally reported for the previous month.
The Dow closed down by 223.32 points or 2.6% at 8,281, the Nasdaq fell by 49.20 points or 2.7% to 1,797, and the S&P 500 closed down 26.91 points or 2.9% at 896.ended in negative territory on Thursday as traders preferred to lock in gains ahead of key job report in the U.S.
The Nikkei 225 Average opened sharply lower at 9,751 compared to its previous close of 9,876, mirroring the losses on Wall Street, following weak jobs report. Thin volume trading as the U.S markets are closed for a holiday, lack of trading cues and concerns about recovery kept the index in the negative territory throughout the session. The index ended at 9,816, representing a loss of 60.08 points, or 0.61%. The broader Topix Index of all first section issues down 3.40 points, or 0.37% percent, to 921.
Light sweet crude for August delivery ended at $66.79, up 6 cents in the Asian session after ending Thursday's volatile session in New York at $66.73, representing a loss of $2.58 a barrel amid concerns about the recovery after weak jobs report.
Retailer Seven & I dropped 5% following 28% drop in earnings for the latest quarter. Clothing retailer, Fast Retailing Co., lost 2.9% after recording lower customer spending during June. Department store operator Isetan Mitsukoshi Holdings Ltd. Plunged 4.9%.
Banks declined on concerns about recovery. Mitsubishi UFJ Financial edged down 0.50%, Mizuho Financial slipped 0.87%, Chiba Bank decreased 0.97%. However, Sumitomo Mitsui Financial remained unchanged from previous close.
Among metals, Sumitomo Metal Mining edged down 0.49%, Pacific Metals fell 0.92% and Nippon Steel lost 1.10%.
Shipping companies ended weaker following drop in Baltic Dry Index, which measures the costs for commodities. Mitsui O.S.K declined about 3%, Nippon Yuesen fell 0.91% and Kawasaki Kisen fell 1.30%.
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