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Tokyo: Stocks open 0.22% lower

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Tokyo stocks opened lower on Monday after US shares were dragged down by weakness in oil-linked equities.

[TOKYO] Tokyo stocks opened lower on Monday after US shares were dragged down by weakness in oil-linked equities.

The Nikkei 225 index at the Tokyo Stock Exchange lost 45.03 points, or 0.22 per cent, to 20,540.21 at the start.

On Wall Street, stocks closed lower Friday following poor earnings from ExxonMobil and Chevron and a fall in oil prices.

The Dow Jones Industrial Average slipped 0.31 per cent, while the broad-based S&P 500 dropped 0.22 per cent. The tech-rich Nasdaq Composite Index edged down 0.01 per cent.

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ExxonMobil shed 4.6 per cent after reporting net income fell by 52.3 per cent year-on-year to US$4.2 billion in the second quarter. Chevron lost 4.9 per cent as it reported about a 90 per cent drop in profits to just US$571 million.

Analysts also said US shares slipped on a surprisingly weak report on US worker pay.

In Tokyo forex trade, the dollar was at 124.06 yen early Monday compared with 123.91 yen in New York late Friday.

The euro bought US$1.0976 and 136.06 yen against US$1.0984 and 136.10 yen in US trade.

AFP

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