2018-11-05
TOKYO - The Nikkei average fell on Monday as fresh hopes of a US-China trade row dissipated while Fast Retail fell after disappointing monthly sales data.
 
The Nikkei fell 1.6 percent to 2,898.99 points, down from a two-week high on Friday, as investors speculated that Beijing and Washington were seeking to resolve their trade dispute.
 
The hopes were dashed after White House economic adviser Larry Kudlow said in an interview with CNBC that it contradicted earlier reports that the White House was taking steps to reach an agreement.
 
Analysts said the weakness of Chinese equities is also weakening morale as investors are generally cautious ahead of the midterm congressional elections on Tuesday.
 
Fast lost 4.8 percent and caused the Nikkei to shed more than 105 points after the company said October sales were down 10 percent year-on-year on a comparable store as a result of weaker winter clothing sales.
 
The broader Topix index was down 1.1 percent at 1,640.39 points