Nikkei halts 7-day rally and falls at close

Japan’s Nikkei snapped a seven-day winning streak on Monday, dragged down by a decline in Wall Street in the previous session. Investors awaited US gross domestic product data and this week’s Federal Reserve meeting.

The Nikkei index fell at the close 0.77 percent to close at 27,699.25 points, retreating from a six-week high hit on Friday.

The broader Topix index fell 0.65 percent to 1,943.21 points.

This week, investors are now focused on the Fed meeting and US Q2 GDP data. While the US central bank is expected to raise interest rates by 75 basis points, the GDP data will likely be negative again.

Business activity in the United States, the world’s largest economy, contracted for the first time in nearly two years this month, activity in the eurozone fell for the first time in more than a year, and growth in Britain was at its lowest level in 17 months, surveys of purchasing managers showed. last week.