Tokyo shares open lower

Tokyo shares open lower

Tokyo, July 6 (IANS) Tokyo shares opened lower on Wednesday, with the Nikkei index down over two per cent for a moment on weak US stocks overnight and a stronger yen weighing on export-related shares.

The 225-issue Nikkei Stock Average fell 306.64 points, or 1.96 per cent, from Tuesday to 15,362.69, Xinhua news agency reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 23.37 points, or 1.86 per cent, to 1, 233.27.

Decliners were led by rubber product and transportation equipment as well as iron and steel issues.

US dollar up amid global growth concerns

New York, July 6 (IANS) The US dollar climbed against most other major currencies as worries about a slowdown in global growth weighed on market.

In late New York trading on Tuesday, the euro fell to $1.1072 from $1.1121 in the previous session, and the British pound declined to $1.3024 from $1.3258 in the previous session, Xinhua news agency reported.

The Australian dollar decreased to $0.7460 from $0.7485.

The US dollar bought 101.54 Japanese yen, lower than 102.53 yen of the previous session.

The US dollar rose to 0.9769 Swiss franc from 0.9751 Swiss franc, and it gained to 1.2990 Canadian dollars from 1.2902 Canadian dollars.

The dollar index, which measures the greenback against six major peers, was up 0.55 pe rcent at 96.175 in late trading.

Chinese yuan weakens

Beijing, July 6 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 263 basis points to 6.6857 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, Xinhua news agency reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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