Nikkei falls on lower US futures and Asian stocks

Japan’s Nikkei fell at the close on Tuesday, dragged down by declines in US futures and Asian stocks, as investors looked for fresh stimulus after the corporate earnings season ended, which in turn weighed on sentiment.

The Nikkei gave up the gains recorded earlier in the session and closed down 0.94 percent at 26,748.18 points.

The broader Topix index fell 0.86 percent to 1,878.26 points.

A strategist at a local brokerage said investor sentiment was also affected by concerns about China’s economic outlook, persistently high inflation around the world, aggressive US central bank attempts to curb price pressures, as well as rising energy costs.

The services sector led the decline among the sub-indices in the Tokyo Stock Exchange. Employment company Recruit Holdings Inc. fell 6.56 percent and was the most declining in the sector index.

And medical services platform M3 fell 3.36 percent.

The banking sector index fell 0.11 percent, giving up gains recorded earlier in the session.

Mitsubishi UFG Financial Group rose 0.69 percent.

Trade firms were strong, with Itochu gaining 0.77 percent, while Mitsubishi shares rose 0.64 percent.