Nikkei set to test one-month low on company earnings fears
TOKYO, Oct 10 (Reuters) - Japan's Nikkei share average is expected to open down on Wednesday and test a one-month low on concerns over companies' latest quarterly earnings results as global growth slows.
was likely to trade between 8,600 and 8,750, strategists said, after dropping 1.1 percent to 8,769.59. The broader Topix
index shed 1.3 percent to 727.68/
Nikkei futures in Chicago closed at 8,675 on Tuesday, down 1.1 percent from the Osaka
close of 8,770.
"The Alcoa results were above market forecast but they were still in the red," said Takashi Hiroki, chief strategist at Monex Inc.
posted a net loss of $143 million, or 13 cents per share, compared with a profit of $172 million, or 15 cents per share, in the same quarter last year.
"The market sentiment was very weak (in the United States), so in today's market the selling pressure will be stronger," Hiroki said.
U.S. stocks fell on Tuesday, led by losses in technology after brokerage downgrades of Intel
and other major companies as worries increased about third-quarter U.S. earnings.
According to Thomson Reuters I/B/E/S, Japanese companies are forecast to post an average 57 percent year-on-year rise in earnings in 2012, down from 73 percent four months ago, after a 23 percent year-on-year decline last year, when the country was hit a massive earthquake and tsunami as well as a nuclear fallout.
The benchmark Nikkei is up 3.7 percent so far this year, trailing a 14.6 percent rise in the S&P 500
and a 10.5 percent gain in the pan-European STOXX Europe 600
> Wall St falls in tech-led sell-off, Alcoa up late
> Dollar, yen rise on Greece, 3rd quarter earnings FRX/] > Treasuries gain as global growth fears come to fore
> Gold drops for third day on worries of global slowdown
> Oil rises 2 pct on Mideast tension, Saudi comments eyed
STOCKS TO WATCH --HONDA MOTOR CO
American Honda and natural gas fueling station operator Clean Energy Fuels Corp
are offering $3,000 worth of fuel to customers buying a 2012 Honda Civic Natural Gas car, the companies said on Tuesday.
(Reporting by Dominic Lau; Editing by Eric Meijer)
Keywords: MARKETS JAPAN STOCKS/