TOKYO, June 4 (Reuters) - Japan's Nikkei stock average is
likely to fall on Thursday following a six-day winning streak,
after less upbeat U.S. data tempered optimism about an economic
recovery.
"The Nikkei has risen close to 5 percent after gaining
successively over the past six days. It would be natural for the
market to take a breather and for profit-taking to emerge," said
Hiroichi Nishi, a manager at Nikko Cordial Securities.
"But expectations for a global economic recovery remain firm,
and this should invite bargain hunting on dips," he said.
U.S. stocks dropped on Wednesday, halting a four-day rising
streak, as falling oil prices hit energy shares, while investors
were sobered by data showing the U.S. service sector contracted
for the eighth straight month in May and from a report showing
U.S. employers axed 532,000 private sector jobs last month. [.N]
The benchmark Nikkei .N225 is expected to move between
9,550 and 9,800. It closed at 9,741.67 on Wednesday.
In a sign the Nikkei may start lower, futures traded in
Chicago 2NKc1 closed at 9,625, down 1.4 percent from the Osaka
close JNIc1.
Nippon Steel Corp (5401.T) may attract investor attention
after the Nikkei business daily reported that it may see its
earnings bottom out in the April-June quarter and nearly break
even in July-September, on concessions from major buyers in the
latest round of price negotiations. [ID:nBNG298542]
----------------------MARKET SNAPSHOT @ 2225 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 931.76 -1.37% -12.980
USD/JPY JPY= 95.92 0.02% 0.020
10-YR US TSY YLD US10YT=RR 3.5359 -- 0.000
SPOT GOLD XAU= 962.4 0.03% 0.250
US CRUDE CLc1 66.16 0.06% 0.050
DOW JONES .DJI 8675.28 -0.75% -65.59
-------------------------------------------------------------
Wall St dives on falling oil, recovery worry [.N]
Dollar rallies vs euro as data prompts profit-taking [USD/]
Bonds gain as weaker stocks, data boost bids [US/]
Gold drops as dollar rallies; outlook weak [GOL/]
Oil drops 3 pct on US inventory rise, dollar gains [O/R]
STOCKS TO WATCH
--Toyota Motor Corp (7203.T)
Toyota said on Wednesday it would begin leasing 500 plug-in
hybrids based on the Prius model globally by the end of the year,
primarily for government and corporate use. [ID:nT258252]
Toyota's plug-in cars, which can be charged to run purely on
electricity, would be the brand's first to employ lithium-ion
batteries, which are costly but can store more energy than
nickel-metal hybride batteries used in most gasoline-electric
hybrid vehicles. [ID:nT6192]
--Nikon (7731.T)
Belgian measuring equipment maker Metris METR.BR said on
Wednesday it was set to accept a takeover offer from precision
equipment maker Nikon. [ID:nL31038592]
-- Daiichi Sankyo Co Ltd (4568.T)
U.S. regulators should halt their review of bloodthinner drug
candidate prasugrel being developed by Eli Lilly and Co (LLY.N)
and Daiichi Sankyo, a consumer advocacy group and one of the
drug's early researchers said on Wednesday, citing concerns over
the dose tested in a major study. [ID:nN035015]
-- ABC Mart (2670.T), United Arrows (7606.T)
Shoe retailer ABC Mart said on Wednesday that it had spent
about $69 million to buy a 23 percent stake in clothing retailer
United Arrows, which said it knew nothing about the purchase
beforehand. [ID:nT264341]
(Reporting by Shinichi Saoshiro; Editing by Chris Gallagher)
