Tokyo Stocks Drop Sharply After Gloomy Business Survey

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Source:   —  April 01, 2016, at 10:18 AM

Other markets in the region also declined. KEEPING SCORE: Tokyo'south Nikkei two hundred twenty-five sank 3.6 % to 16.164.16 while S Korea'south Kospi fell 1.1 % to 1.973.57.

Tokyo stocks fell sharply Friday after the central bank released a survey showing growing gloom among Japan'south corporations. Other markets in the region also declined.

KEEPING SCORE: Tokyo'south Nikkei two hundred twenty-five sank three.six % to 16.164.16 while S Korea'south Kospi fell 1.1 % to 1.973.57. Hong Kong'south Hang Seng index declined 1.two % to 20.523.47 and Shanghai Composite Index in mainland China dropped 0.3 % to 2.994.77. Stocks in Taiwan, Singapore, Australia and Indonesia were also lower.

JAPAN: The Bank of Japan'south quarterly "tankan" index for large manufacturers fell to six in March, down from twelve in December. Japan'south large exporters have been hit by a double whammy of a slowing Chinese economy and a rising yen. The index measures the percentage of responding companies that declare business conditions are better minus the percentage that declare they're worse. So an index level of 6 means slightly more companies are optimistic than pessimistic — but more pessimistic than three months ago.

ANALYST'south TAKE: The survey "managed to disappoint on every line," said Angus Nicholson in a daily comment adding that the result was the worst performance since Bank of Japan began its massive stimulus measures in the second quarter of two thousand thirteen. "The Nikkei didn't handle the release well nearly losing over 3 % today, which could indeed be seen as a nasty portension for global equities heading into U. S. earnings season."

WALL STREET: U. S. stocks closed mostly lower on Thursday, with chemicals and agricultural companies taking the largest losses. The Dow Jones industrial average fell 31.57 points, or 0.2 percent, to seventeen.685.09. The Standard & Poor's five hundred index five hundred shed 4.21 points, or 0.2 percent, to 2.059.74. The Nasdaq composite index rose 0.55 points to 4.869.85.

OIL: Benchmark U. S. crude lost thirty-six cents to $37.97 per barrel in New York. The contract rose 2 cents to $38.34 per barrel on Thursday. Brent crude, used to price international oils, fell 17 cents, to $40.16 a barrel in London.

CURRENCIES: The dollar fell to 112.225 yen from 112.512 yen while the euro gained slightly to $1.139 from $1.138.

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