Japanese stocks plunged after China's PMI data

Source: Dukascopy Bank SA

Nikkei 225 halted its rally on Wednesday, plunging 0.61% to 8,641.85 on weak China's manufacturing data. Disappointing earnings reports also weighed on Japanese equities. Telecommunications sector posted the largest gain, with KDDI and Softbank rising 0.55% and 5.82%. Softbank climbed after announcing a mid-year dividend plan. Energy companies were the weakest, with Inpex and Showa Shell Sekiyu KK sliding 1.25% and 5.39% amid low oil and gas prices. Meanwhile, industrials sent Nikkei 225 lower. Komatsu and Sumito Heavy Industries were the top-losers after reducing earnings forecasts amid weak overseas and domestic demand. At the same time, Olympus sank 6.76% on news that the company may have broken US regulation that prohibits offering bribes to win business deals.

 

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