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Nikkei slips on global virus woes, caution ahead of U.S. elections

Reuters

2020-10-28 14:22:58

TOKYO, Oct 28 (Reuters) - Japanese shares fell on Wednesday for the third consecutive session, pulled down by worries that surging coronavirus cases in Europe and the United States could further damage an already-battered global economy.

Also, trading was subdued as the upcoming U.S. presidential elections kept many investors on the sidelines, analysts said.

The benchmark Nikkei share average fell 0.29% to close at 23,418.51, while the broader Topix lost 0.31% to 1,612.55.

All but six of the 33 sector sub-indexes on the Tokyo exchange traded lower, with miners, iron and steel and insurers leading declines.

The local market tracked the overnight weakness in U.S. stocks on rising coronavirus infections and as U.S. lawmakers struggle to reach an agreement on a stimulus package, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management in Tokyo.

U.S. President Donald Trump acknowledged on Tuesday a coronavirus economic relief deal would likely come after the Nov. 3 election.

A near 0.4%

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