Ways2Capital Reviews : Japan’s Topix Index Fluctuates As Tech Gains, Automakers Fall

Japan’s Topix index swung between gains and losses as investors were seen consolidating positions while awaiting fresh geopolitical and economic cues.

Automakers were the biggest drag on the benchmark gauge, while electronics makers rose. The yen held recent losses against the dollar. U.S. equities advanced and US 10-year Treasury yields gained for a fourth day on Monday as strong American economic data and easing fears of a euro-zone crisis helped spark a global rally.

President Donald Trump is headed for a showdown with U.S. allies at a Group of Seven summit this week, with the European Union and Canada threatening retaliatory measures unless he reverses course on new steel and aluminium levies.

“Some investors are taking profits after stocks rose a lot over the past few days,” said Mitsuo Shimizu, an equity strategist at Japan Asia Securities Co. in Tokyo. “It’s difficult for investors to take new positions ahead of a slew of key events.”

In addition to the G7 meeting, market watchers are anticipating the June 12 summit between Trump and North Korea’s Kim Jong Un. The next Federal Reserve decision is due June 14.
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About Bhoomi Desai