Japan's Nikkei gives up gains on caution for Micron earnings
EWJ•Japan's Nikkei fell 0.05% to 66,333.53 in Monday's morning session after rising as much as 1%, as weaker Nasdaq futures ahead of Micron's quarterly results weighed on sentiment. The broader Topix gained 0.16% to 4,135.38.
1. Nikkei slips
The Nikkei surrendered early gains and was down 0.05% at 66,333.53 at the end of the morning session, after reaching 67,034.74, its highest level since mid-August. If the decline holds, the index would end a five-session winning streak.
2. Chip earnings in focus
Investors sold stocks as Nasdaq futures weakened in Asian trading ahead of Micron Technology's quarterly results, due Wednesday, portfolio manager Takamasa Ikeda said. He also cited position rebalancing at the end of the first half of the year.
3. Stocks diverge
SoftBank Group rose 2.28% and Advantest gained 0.26%, while Tokyo Electron slipped 0.19%, Kioxia Holdings fell 2.33% and Ibiden lost 4.8%. Bank shares supported the Topix, with Mitsubishi UFJ Financial Group up 0.24% and Sumitomo Mitsui Financial Group up 1.27%.
