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Nikkei slips on commerce worries, Apple suppliers in demand – jj

Nikkei slips on commerce worries, Apple suppliers in demand


TOKYO, Oct 7 (Reuters) – Japanese shares slipped on Monday, pressured by concerns Sino-U.S. trade talks may face new hurdles this week although moderate U.S. jobs growth in September offered some support.

The benchmark Nikkei average dropped 0.3% to 21,346.63 by the midday break, while the broader Topix eased 0.2% to 1,569.98.

U.S.-China trade talks are scheduled to resume Thursday and Friday, when Chinese Vice Premier Liu He meets U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington.

Hours before the Tokyo market open, Bloomberg reported that Chinese officials were signalling they were increasingly reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.

Apple-related Japanese electronic parts makers continued to be sought boosted by expectations of strong demand for the iPhone.

The Nikkei business daily reported that Apple Inc had told suppliers to increase their production of its latest iPhone 11 range by up to 10%, citing sources.

Murata Manufacturing climbed 1.7% to become the second-most traded stock on the main board by turnover, while TDK Corp gained 0.8% and Taiyo Yuden advanced 0.7%.

Wall Street stocks surged on Friday after moderate U.S. jobs growth in September offered some relief from a spate of dismal economic data that week, with technology stocks led by Apple lifting the benchmark indexes.

Rubber products and mining were among the worst performers in the Tokyo bourse’s 33 sector subindexes, down 1.6% and 1.4%, respectively. (Reporting by Tomo Uetake Editing by Jacqueline Wong)

Our Standards:The Thomson Reuters Trust Principles.
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