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Fast Retailing drags down Japan markets | |
(about 5 hours later) | |
Markets in Japan, South Korea, Hong Kong and Shanghai were all trading lower, following the weak performance on Wall Street overnight. | |
In Japan, the benchmark Nikkei 225 had fallen 88 points or 0.56% to 15,661.63 by midday. | |
The biggest loser was Fast Retailing, which saw its shares decline by 12%. | |
The firm, which owns the Uniqlo clothing brand, is forecasting a 45.5% drop in net profit for the business year to August. | |
The company cited warmer than expected weather, which has hit demand for Uniqlo's popular thermal wear. | |
Its earnings announcement for the six months to February showed poor sales for Uniqlo in Japan, as well as greater China, South Korea and the US. | |
Shares of companies reliant on exports were also lower, including Sony and Bridgestone, because of the recent surge of the Japanese yen. | |
The yen rose to an 18-month high against the US dollar overnight, at about the 108 level. The dip in the US currency follows the release of Federal Reserve minutes. | |
The minutes published earlier this week pointed to concerns about the US central bank's limited ability to tackle a global economic slowdown. | The minutes published earlier this week pointed to concerns about the US central bank's limited ability to tackle a global economic slowdown. |
US stocks closed lower overnight on renewed concerns about the state of the global economy. | US stocks closed lower overnight on renewed concerns about the state of the global economy. |
In South Korea, the benchmark Kospi index has retreated by 0.8% to 1,959.48. | |
In Hong Kong the Hang Seng was lower by 0.9% to 20,092.67. Meanwhile, China's Shanghai composite index lost 1.1% and was trading at about 2,974 at midday local time. | |
In Australia, the benchmark S&P/ASX 200 fell by 20 points or 0.4% at midday to 4,943.60. |