Nikkei falls on U.S. Europe econ worries Sony Mazda weak

Reuters Thursday 21st February, 2013

* Sony, Mazda fall on weak euro

* Tosoh rises on a report about its Li-ion batteries

* Cautious mood over Japan-U.S. summit

* Financials retreat after recent gains

By Ayai Tomisawa

TOKYO, Feb 22 (Reuters) - Japan's Nikkei share average fell for a second day on Friday on worries about the U.S. and euro-zone economies, dragging down euro-sensitive shares such as Sony Corp and Mazda Motor Corp.

The Nikkei fell 0.5 percent to 11,252.41 by the midday-break, retreating from a 52-month high of 11,510.52 hit on Wednesday.

Investors were cautiously watching to see if the United States backs Japan's plans to revive its economy, while uncertainty around this weekend's Italian elections also capped demand.

"Investors are watching how the long-term interest rates, CDS spreads and the euro will move after the election. Now that the Nikkei has hit a new high and tested the 11,500-line (earlier this week), the market is vulnerable to profit-taking triggered by negative overseas factors," said Nobuhiko Kuramochi, a strategist at Mizuho Securities.

Exporters with high exposures to the euro zone economy tumbled, with Mazda Motor Corp falling 1.9 percent and Sony Corp shedding 2.7 percent after business activity indexes dealt a blow to hopes the euro zone might emerge from recession soon, showing the downturn across the region's businesses unexpectedly grew worse this month.

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Source: http://www.indiagazette.com/index.php/sid/212746596/scat/ce9cf98a4a863704

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