Thursday, Aug 24 2017 | Time 08:27 Hrs(IST)
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  • Civilians under greater threat as Raqqa fight intensifies: Amnesty
  • China c.bank to skip open market operations on Thursday - statement
  • EU worker exodus threatens UK food industry, some leaving already - survey
  • Australia shares set to edge higher, NZ down
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  • Trump, McConnell 'united on many shared priorities' -White House
  • Rotterdam incident not connected to attacks in Catalonia last week - source
  • Dyche concerned about player safety after Blackburn fan invades pitch
  • Russian ambassador to Sudan found dead in swimming pool
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World Share

Nikkei falls to 1-1/2-week low as financials weaken; Softbank down

TOKYO, March 21 (Reuters) Japan's Nikkei share average fell to a 1-1/2-week low on Tuesday morning as financial stocks were battered after U.S. yields fell, while index-heavyweight SoftBank tumbled and weighed on the index.
The Nikkei dropped 0.5 percent to 19,432.71 in midmorning trade after a public holiday on Monday. Earlier, it hit as low as 19,337.22, the lowest level since March 9.
Financial stocks lost ground after U.S. yields rose as Chicago Federal Reserve President Charles Evans reinforced the perception that the U.S. central bank won't accelerate the pace of its interest rate hikes.
Evans' public comments were among the first since the U.S. central bank lifted its policy rate a notch last week, as expected.
"Participants in the Japanese market have become cautious again and their wait-and-see stances will likely last until the next U.S. rate hike," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities.
That said, he also said that markets may find short-term catalysts from Japan Inc.'s earnings forecasts for the next fiscal year, which will be out in early May when companies report their full-year earnings for the year ended March 2017.
SoftBank Group Corp dropped 2.2 percent and contributed a hefty negative 21 points to the Nikkei index after the Wall Street Journal reported that the company scrapped a planned $100 million investment in a smartphone startup founded by the creator of Google's Android software, citing people familiar with the matter.
"SoftBank's aggressive investment stance in the U.S. has nothing to do with its earnings growth or stock fundamentals, but it affects sentiment," said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management. "Since SoftBank is one of the 'Trump beneficiary stocks' which had risen earlier, people seem to be taking profits on this report."
Led by founder Masayashi Son, SoftBank has made a string of surprising acquisitions and investments over the past months, which include an all-cash deal to buy asset manager Fortress Investment Group.
Son also promised a $50 billion investment and 50,000 new jobs in the United States after meeting U.S. President Donald Trump in early December. SoftBank shares have jumped 36 percent since Trump won the U.S. presidential election in November.
Insurers Dai-ichi Life Holdings stumbled 1.9 percent and Sompo Holdings fell 1.4 percent. Mitsubishi UFJ Financial Group slipped 1.8 percent.
Exporters were mixed, trimming earlier declines after the dollar rose against the yen during Asian trade. Toyota Motor Corp was down 0.1 percent, Nissan Motor Co gained 0.5 percent and Panasonic Corp shed 0.3 percent.
The broader Topix dropped 0.2 percent to 1,563.28 and the JPX-Nikkei Index 400 shed 0.2 percent to 13,986.79.
REUTERS RSD 0821
Top News
Second accident in 4 days: Prabhu offers to resign, asked to wait by PM, Railway Board chief axed

Second accident in 4 days: Prabhu offers to resign, asked to wait by PM, Railway Board chief axed

Auriyya/New Delhi, Aug 23 (UNI) An estimated 74 people were injured when the Capital-bound Kaifiyat express derailed after hitting a loader between Pata and Achalada stations on the Kanpur-Delhi grand trunk route in the pre-dawn hours today, four days after the Kalinga Utkal Express ran off the tracks, killing 24 people and more than a 100 injured.

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23 Aug 2017 | 7:32 PM
Indian, Pakistan troops hold flag meeting over ceasefire violations

Indian, Pakistan troops hold flag meeting over ceasefire violations

New Delhi, Aug 23 (UNI) Indian and Pakistan Army today held a Battalion Commander Level Flag Meeting at Chakan – Da – Bagh in Poonch Sector, in the backof numerous cease fire violations and casualties to civilian population in the past several months.

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23 Aug 2017 | 9:20 PM
No phasing out of Rs 2000 notes: Jaitley

No phasing out of Rs 2000 notes: Jaitley

New Delhi, Aug 23 (UNI) Dismissing the reports of phasing out of Rs 2000 notes, Finance Minister Arun Jaitley today said that the government wasn’t considering to put a ban on the higher value notes.

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23 Aug 2017 | 9:43 PM
NITI Aayog calls for applications for ‘Mentor India’

NITI Aayog calls for applications for ‘Mentor India’

New Delhi, Aug 23 (UNI) Aimed at promotion of innovation and entrepreneurship, NITI Aayog’s Atal Innovation Mission (AIM) today invited application for ‘Mentor India’, a strategic nation building initiative to engage leaders who can guide and mentor schools students.

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23 Aug 2017 | 8:29 PM
Blue Whale: Six children risked life in two weeks span

Blue Whale: Six children risked life in two weeks span

Shimla, Aug 23(UNI) Himachal Pradesh police today issued an advisory caution to the parent to keep vigil on their ward as six children of age group of 12 to 19 yrs have been lost their lives after commuting suicide in span of two weeks in country.

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23 Aug 2017 | 10:11 PM
Delhi High Court sets aside LG order revoking bungalow allotment to Aam Aadmi Party

Delhi High Court sets aside LG order revoking bungalow allotment to Aam Aadmi Party

New Delhi, Aug 23 (UNI) The single-bench of Justice Vibhu Bakhru of Delhi High Court today set aside the order of the Lieutenant Governor (LG), who cancelled the allotment of a bungalow to the Aam Aadmi Party (AAP) in central Delhi.

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23 Aug 2017 | 9:55 PM
RBI to issue new currency notes of Rs 200

RBI to issue new currency notes of Rs 200

New Delhi, Aug 23 (UNI) The Reserve Bank of India (RBI) will soon issue new currency notes of Rs 200 as the Fianance ministry has issued a notification in this regard.

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23 Aug 2017 | 9:44 PM
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