Tokyo ends the week in decline

The flagship Nikkei index lost 0.41% to 23,410.63 points on the session. Over the past week as a whole, it fell 0.9%.

The Tokyo Stock Exchange ended in decline on Friday, penalized by a further decline in Wall Street the day before, linked to the trampling of discussions on the US stimulus plan and growing health concerns, but also pending corporate results .

The flagship Nikkei index lost 0.41% to 23,410.63 points on the session. Over the past week as a whole, it fell 0.9%. The broad Topix index lost 0.86% to 1,617.69 points on Friday.

Although it limited the damage, the New York Stock Exchange also ended Thursday down slightly, worried about the sharp resurgence of the coronavirus in Europe and without much hope of an American stimulus plan before the presidential election of November 3.

Investors in Tokyo have also been cautious “before the quarterly earnings season for Japanese companies is in full swing,” Mizuho Securities commented in a note.

On the side of values

FULL OF CONFIDENCE FOR FAST RETAILING

Fast Retailing stock jumped 4.27% to 73,430 yen. The Japanese ready-to-wear giant, with its flagship brand Uniqlo, had been optimistic the day before about its 2020/21 results outlook, aiming for a virtual return to its record profits signed in 2018/19, before the crisis of Covid-19.

The group, which benefits from its strong presence in Japan and China, two countries where the scale of the pandemic is currently limited compared to Europe or the United States, notably forecasts a surge of 82.6% of its annual net profit, for a rebound of 64% of its operating profit.

FUJIFILM ADVANCES ON AVIGAN

Fujifilm stock gained 2.51% to 5,466 yen. The group announced Friday that it had filed an application for authorization in Japan for its antiviral drug Avigan in an indication against Covid-19.

Last month Fujifilm announced positive results from a clinical study measuring the effectiveness of Avigan in patients with non-severe pneumonia linked to Covid-19. Taking this drug reduced the median recovery time by nearly three days compared to patients in a placebo group.

On the currency and oil side

The yen appreciated slightly against the dollar around 6:45 a.m. GMT, at a rate of one dollar to 105.27 yen against 105.45 yen Thursday at 9:00 p.m. GMT.

The Japanese currency also rose against the euro, which was worth 123.14 yen against 123.45 yen the day before.

A euro was also traded for 1.1696 dollars, against 1.1708 dollars Thursday at 9:00 p.m. GMT.

The oil market was down: around 06:35 GMT the price of a barrel of US crude fell 1.22% to 40.46 dollars and that of a barrel of Brent from the North Sea fell 1.23% to 42.63 dollars .

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