September 25, 2019 / 3:06 AM / 25 days ago

Nikkei falls to 1-week low on Trump's impeachment inquiry, trade worries

TOKYO, Sept 25 (Reuters) - Japan’s Nikkei share average fell to a one-week low on Wednesday after the U.S. lawmakers called for an impeachment inquiry into President Donald Trump, while weak U.S. consumer confidence data heightened worries over the Sino-U.S. trade row.

The benchmark Nikkei average dropped 0.5% to 21,988.28 by the midday break, its lowest level since Sept. 18.

The broader Topix dipped 0.4% to 1,616.03, one day after hitting a five-month high, tracking a dismal Wall Street session.

On Tuesday, both indexes closed at five-month highs.

U.S. shares slipped in volatile trade overnight, giving the S&P 500 its biggest one-day drop in a month, as a push for impeaching Trump gained momentum among Democrats in the Congress.

Major Wall Street indexes earlier lost their footing when Trump took a harsh tone about China’s trade practices at the United Nations General Assembly, saying he would not accept a “bad deal” in U.S.-China negotiations.

Further pressuring Wall Street was the disappointing consumer confidence data.

On Tokyo’s bourse, oil and coal product, machinery and transport equipment were among the worst performing of the 33 subsector indexes, down 1.4%, 1.4% and 1.0%, respectively. Toyota Motor fell 1.6%.

One of the few bright spots was the air transport sector, up 0.8%, with Japan Airlines ANA Holdings rising 1.0% and 0.6%, respectively.

Oil prices fell for a second day on Wednesday on worries about falling fuel demand after Trump’s comments doused optimism over China-U.S. trade talks and reignited concerns on global economic growth.

Other notable movers include Nintendo Co, shedding 4.0% after Bloomberg reported initial domestic shipments of the gaming firm’s “Switch Lite” were softer than expected. (Reporting by Tomo Uetake; Editing by Richard Borsuk)

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