Japanese Stocks Retreat, Paring First Weekly Advance This Month

Japanese stocks slipped, with the Topix index paring its first weekly gain this month, as investors await a breakthrough in Greece debt negotiations.

The Topix retreated 0.3 percent to 1,665.80 as of 9 a.m. in Tokyo, headed for a 2.1 percent advance this week. The Nikkei 225 Stock Average lost 0.2 percent to 20,737.84, on course for an 2.8 percent weekly increase after closing Wednesday at its highest level since December 1996.

Japan’s consumer prices excluding fresh food rose 0.1 percent in May from a year earlier, a report showed Friday. The median forecast by economists surveyed by Bloomberg was for prices to be unchanged.

E-mini futures on the Standard & Poor’s 500 Index were little changed. The underlying gauge fell 0.3 percent in New York on Thursday amid the Greek talks and as energy shares slid.

Consumer spending in the U.S. increased in May by the most since August 2009, buoyed by gains in incomes as the job market strengthened, data showed Thursday. Filings for unemployment benefits held below 300,000 for a 16th straight week, a level economists say is consistent with progress in the labor market.

Source: Bloomberg

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