MoneyNews

Nikkei retreated for the first time in 3 days and superior performance to Softbank

JAPAN (OBSERVATORY) –  Japan’s shares fell for the first time in three sessions on Wednesday after a strong rally on Tuesday, but Softbank’s heavyweight index climbed after sources said Sprint was in new talks to merge with T-Mobile.

The benchmark Nikkei <.N225> was down 0.5 percent at 21,687.10 points after climbing the previous two days. The market and a number of assets highly vulnerable to global risk saw a strong session on Tuesday after Chinese President Xi Jinping helped ease concerns about a US-China trade war.

Investors are watching anxiously with US President Donald Trump and his Western allies over possible military action in connection with an alleged toxic gas attack in Syria on Saturday and allegations that President Bashar al-Assad has ordered him.

Retail stocks fell on Friday after JPFont fell 9.3 percent after the company’s earnings forecast for the current fiscal year fell without market speculation. Its rival Takashimaya lost 3.3 percent.

Food stocks fell, with Kikuman shedding 3.6 percent and Asahi 2.2 percent.

Softbank, the majority shareholder in Sprint, rose 3.5 percent after sources said Sprint had resumed merger talks with T-Mobile USA.

Softbank contributed 29 points to Nikkei.

The broader Topix index <.TOPX> was down 0.4 percent at 1,725.30.