Japanese stocks slipped after trading resumed after a holiday, with investors weighing slumping commodity prices with expectations for economic stimulus. Airlines led losses and paper makers gained.
The Topix index lost 0.2 percent to 1,600.28 as of 9:04 a.m. in Tokyo, paring last week’s gain of 1.1 percent. The Nikkei 225 Stock Average dropped 0.1 percent to 19,857.34, after closing on Friday closing at the highest level since Aug. 20. U.S. stocks retreated on Monday amid a slump in commodity prices after capping the best week of the year on Friday. The world’s biggest economy reports on third-quarter growth on Tuesday.
Prime Minister Shinzo Abe announced a plan in September to grow the Japan’s GDP to 600 trillion yen, without specifying a timeline. The government will outline new steps to stimulate the economy by the end of November, the Asahi newspaper reported, including plans to support pensioners, lower the cost to buy energy-efficient homes and increase the minimum wage.
Copper futures held losses near a more than six-year low after the metal slid last session with nickel, which touched its lowest price in more than a decade concern over a glut in supply and as the greenback extended gains.
E-mini futures on the Standard & Poor’s 500 Index were little changed. The underlying gauge slipped 0.1 percent Monday as expectations the Federal Reserve will soon raise U.S. interest rates boosted the dollar, sending commodity producers and energy shares lower.