Japan's Nikkei pulled lower by U.S. stock weakness; Uniqlo owner tumbles [Financial Post (Toronto, Ontario, Canada)]
FAST RETAILING UNSP/ADR (FRCOY)
NASDAQ:AMEX Investor Relations:
fastretailing.com/eng/ir
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Source: Financial Post
Uniqlo store operator Fast Retailing was among the biggest losers as China tightened COVID-19 lockdowns, worsening the outlook for sales in the country. The Nikkei ended the day near its intraday low, falling 2.53% to 26,319.34. The broader Topix retreated 1.96%, also extending declines after the midday break. U.S. futures pointed to declines for Wall Street on Monday, with the tech-focused Nasdaq and S&P 500 indicated about 1% lower amid worries that rampant inflation will force even more aggressive Federal Reserve monetary tightening. The anniversary of the Soviet victory over Nazi Germany in World War Two on Monday added to the cautious tone. “There are concerns that tensions in the Ukraine conflict will ramp up a notch, so traders tend to want to exit positions,” said a market participant at a domestic securities firm. Among heavyweight losers, Fast Retailing tumbled 6.26%, while SoftBank Group, which is heavily invested in Chinese startups, slid 3.5%. Chipmakers retreated,
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