Nikkei slips on weak economic data, posts big monthly gain

Tue Sep 30, 2014 2:24am EDT

TOKYO, Sept 30 (Reuters) - Japanese stocks fell to a
one-week low on Tuesday as a one-two punch of weak economic data
and a profit warning from Sumitomo Corp knocked out
sentiment - but for the month the Nikkei posted its biggest gain
since last November.
    The Nikkei share average fell 0.8 percent to
16,173.52, the lowest closing level since Sept. 24.
    For the month, the benchmark rose 4.9 percent helped by the
weakening yen and building momentum in the U.S. economy. It was
the biggest monthly rise since last November.
    Sumitomo Corp nosedived 12 percent after it slashed its
annual profit forecast by 96 percent due to losses on a U.S.
shale project and sharp declines in iron ore and coal prices.
Sumitomo's woes weighed on other trading houses and steelmakers.
 
    The broader Topix fell 0.8 percent to 1,326.29, and
the JPX-Nikkei Index 400 slid 0.9 percent to
12,055.67, with pro-democracy protests in Hong Kong also denting
risk appetite. 

 (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam and
Eric Meijer)
 
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