Japanese stocks fell, with the Topix index dropping for the first time in eight days, as a stronger yen dragged exporters lower and suppliers to Apple Inc. declined after the smartphone maker posted weaker-than-expected results.
The Topix index lost 0.7 percent to 1,661.89 as of 9:01 a.m. in Tokyo, after rising almost 6 percent since July 9. The Nikkei 225 Stock Average slipped 0.8 percent to 20,674.45. The yen traded at 123.88 per dollar after strengthening 0.3 percent Tuesday. Apple shares slumped 6.7 percent in extended U.S. trading after its revenue forecast missed estimates.
Apple forecast revenue of $49 billion to $51 billion in the quarter through September, below analyst estimates for $51.1 billion. The company said it sold 47.5 million iPhones in the period through June, while analyst had anticipated 48.8 million shipments.
Any indication of slowing demand for iPhones could spark concern that Apple is going to have a hard time selling more smartphones in the final months of the year, after the September debut of the latest version fueled record profits. That concern could ripple through Japanese suppliers, from Sharp Corp. to Japan Display Inc. and Minebea Co.
Futures on the Standard & Poor’s 500 Index dropped 0.4 percent after the underlying measure slipped 0.4 percent Tuesday. Contracts on the Nasdaq 100 Index, which counts Apple as its heaviest-weighted member, lost 1.1 percent.
Source : Bloomberg