The Asian bags are clearly decreasing, with Tokyo that I travel around -4%, after another collapse hit Wall Street on Friday. Concerns are growing for a potentially toxic mix of worsening the inflation and slowdown in the American economy. Futures and American oil prices are falling.
Dated duties and Tech titles Affossano Tokyo
The Tokyo Stock Exchange begins the first session of the week in clear downward, thus following the correction phase to Wall Street and the collapse of technological titles. The price lists anticipate the entry into force of the US duties – which in Japan will mainly concern car manufacturers, already under pressure. Nikkei gives 3.83%, with a loss of over 1,100 points. On the currency front, the Yen returns to appreciate on the dollar at 149.10 and on the euro at 161.50.
Car market is preparing for the impact with US duties
In Japan, the car sector is particularly under pressure, with the titles of the main Japanese manufacturers, from Toyota, Honda and Nissan, who lose almost 3%, contributing to the abrupt in the negative of the Nikkei reference index, in view of the entry into force of the American duties of 25% on imports of cars in the United States.
Japan: industrial production returns to grow, +2.5% in February
Meanwhile, in February industrial production in Japan increased by 2.5% compared to January, marking the first increase in four months. This was reported by the preliminary data of the Ministry of Economy, Commerce and Industry, according to which growth is driven by the strong production of the machinery and electronic components sectors: the first sector has in fact recorded a leap of 8.2% thanks to the increase in exports of equipment for the production of semiconductor and machinery for the production of flat screens, the second has marked an increase of 10.1%.
On the other hand, the means of transport (excluding vehicles), inorganic and organic chemicals and iron, steel and non -ferrous metals excluded. Based on the production plans of the main companies, the Japanese Ministry of Economy provides for an increase of 0.6% month on month in March and 0.1% in April.
