Japan's Nikkei falls on geopolitical concerns after Israel attacks Iran
As of 0106 GMT, the Nikkei was down 1.5 per centat 37,584.47.
The broader Topix fell 1.28 per cent to 2,7473.9.
"The market was selling stocks on caution for geopolitical risks, but the news was not driving a fire sale because investors still wanted to monitor the development of the attacks," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.
Israel has begun carrying out strikes on Iran, two US officials said on Thursday, adding that there was no US assistance or involvement in the operation.
Chip-making equipment maker Tokyo Electron fell 5.5 per cent to drag the Nikkei the most. Uniqlo-brand owner Fast Retailing lost 2.1 per cent.
Exporters fell as the yen strengthened, with Toyota Motor and Nissan Motor falling 2.75 per cent and 1.5 per cent, respectively.
All but three of the Tokyo Stock Exchange's 33 industry sub-indexes fell.
Energy sectors rose as oil prices jumped, with oil explorers and refiners gaining 3.6 per cent and 2.2 per cent, respectively.
The utility sector rose 0.7 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
a day ago
- The Star
Japan heads to polls in key test for PM Ishiba
Japan's Prime Minister Shigeru Ishiba, leader of the Liberal Democratic Party (LDP), raises his fist from atop the campaigning bus on the last day of campaigning for the July 20 upper house election, in Tokyo, Japan July 19, 2025. REUTERS/Manami Yamada TOKYO (Reuters) - Japanese voters could unleash political turmoil as they head to the polls on Sunday in a tightly contested upper house election, with rising prices and immigration concerns threatening to weaken Prime Minister Shigeru Ishiba's grip on power. Opinion polls suggest Ishiba's Liberal Democratic Party and coalition partner Komeito may fall short of the 50 seats needed to retain control of the 248-seat upper house of parliament in an election where half the seats are up for grabs. The polls show smaller opposition parties pushing for tax cuts and increased public spending are set to gain, among them the right-wing Sanseito, which vows to curb immigration, oppose foreign capital inflows and reverse gender equality moves. A poor showing by the coalition could shake investor confidence in the world's fourth-largest economy and disrupt critical trade talks with the United States, analysts said. Ishiba may have to choose between making way for a new LDP leader or scrambling to secure the backing of some opposition parties with policy compromises, said Rintaro Nishimura, an associate at the Asia Group in Japan. "Each scenario requires the LDP and Komeito to make certain concessions, and will be challenging, as any potential partner has leverage in the negotiations." After the election Japan faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. Such import levies could squeeze the economy and further pressure the government to give financial relief to households already reeling from inflation, such as a doubling of rice prices since last year. With an eye on a jittery government bond market, the LDP has called for fiscal restraint, rejecting opposition calls for major tax cuts and welfare spending to soften the blow. Ishiba's administration lost its majority in the more powerful lower house in October. As the LDP's worst showing in 15 years, the outcome roiled financial markets and left the prime minister vulnerable to no-confidence motions that could topple his administration and trigger a fresh general election. Ruled by the LDP for most of the post-war period, Japan has so far largely avoided the social division and fracturing of politics seen in other industrialised democracies. Voting ends at 8 p.m. (1100 GMT), when media are expected to project results based on exit polls. (Reporting by Tim Kelly; Editing by Clarence Fernandez)
The Sun
3 days ago
- The Sun
GSK shares drop as US FDA panel rejects blood cancer drug Blenrep
LONDON: GSK shares plunged more than 6% on Friday, hitting the lowest point in Britain's blue-chip FTSE 100 index after a US FDA advisory panel voted against approving its blood cancer drug Blenrep. The panel raised concerns over side effects, dealing a blow to the British drugmaker's efforts to revive the treatment, which was withdrawn from US markets in 2022. At 0807 GMT, GSK shares dropped as much as 7% to 1,315 pence, while the broader FTSE 100 index rose 0.2%. The company had submitted a renewed application based on two late-stage trials showing that Blenrep combination therapies reduced the risk of death and delayed cancer progression. The setback comes as GSK seeks to offset declining sales from its top drugs and vaccines with newer approvals. The company is also preparing for patent expirations in its HIV portfolio starting in 2028. Analysts from Berenberg, JPMorgan, and Barclays predict the FDA is unlikely to approve Blenrep, with a final decision expected next week. While the FDA usually follows advisory panel recommendations, it is not obligated to do so. GSK had previously projected peak annual sales of over 3 billion pounds for Blenrep, with the US expected to be its largest market. However, JPMorgan analysts now suggest the company may need to revise its sales targets and long-term revenue goals. 'GSK remains confident in the benefit/risk profile of Blenrep and will continue to work closely with the FDA as they complete their review,' the company said in a statement. The FDA panel highlighted side effects such as blurred vision, photophobia, and dry eyes, along with concerns over dosing and lack of US patient representation in trials. GSK is set to release its second-quarter earnings report on July 30. - Reuters
The Star
3 days ago
- The Star
Oil extends gain on Iraq outages, tight market supports
SINGAPORE: Oil prices extended gains on Friday, underpinned by supply concerns following drone attacks on northern Iraqi oilfields and tight market fundamentals amid healthy summer demand. Brent crude futures climbed 29 cents, or 0.40%, to $69.81 a barrel as of 0451 GMT, U.S. West Texas Intermediate crude futures advanced 27 cents, or 0.42%, to $67.81 a barrel. Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up $1 on Thursday. Additionally, seasonal travel demand has propped up the market. In the first two weeks of July, global oil demand has averaged 105.2 million barrels per day (bpd), up by 600,000 bpd from a year earlier and largely in line with forecast, JPMorgan analysts said in a research note. "Crude prices have been broadly stable this week, with no significant moves as the impact of OPEC+ supply increases has been offset by strong seasonal demand in the U.S.," said LSEG's analyst Anh Pham. U.S. crude inventories fell a larger-than-expected last week as exports rose, government data on Wednesday showed. Demand in Asia also firmed as refineries came back from maintenance amid peak seasonal demand. Near-term oil fundamentals are likely to remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year, ING analysts said in a note on Friday. Still, the uncertainty around U.S. tariff policy, which appears unlikely to be settled until after August 1, is weighing on the market. Plans by major oil producers to remove output cuts will also add to supply as the seasonal Northern Hemisphere summer demand ends. For this week, both Brent and WTI were down more than 1%. Oil output in the semi-autonomous Kurdistan region has been slashed from about 280,000 bpd to between 140,000 bpd and 150,000 bpd, two energy officials said. Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt. - Reuters
