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Tokyo: Stocks open down 0.86%


[TOKYO] Tokyo stocks opened 0.86 per cent down on Wednesday after Wall Street finished sharply lower following a disappointing stream of corporate earnings and mixed US economic data.

The Nikkei 225 index at the Tokyo Stock Exchange fell 152.37 points to 17,615.93 at the start.

In New York the Dow Jones Industrial Average slumped 1.65 per cent on Tuesday as heavy equipment maker Caterpillar sank 7.2 per cent on weak sales for the oil sector.

Other big companies also dropped following poor results.

Investors were also troubled by a 3.4 per cent drop in US durable goods orders in December, which offset a Conference Board report that said US consumer confidence jumped in January to its highest level in more than seven years.

The euro bought US$1.1360 and 133.87 yen early Wednesday, down from US$1.1380 and 134.19 yen in New York Tuesday afternoon.

The dollar was at 117.86 yen against 117.90 yen in US trade.