Topix Swings as Drugmakers Fall and Electricity Generators Gain

Japanese stocks swung between gains and losses as drugmakers declined while utilities advanced.

The Topix was little changed at 1,587.48 at the break in Tokyo after rising as much as 0.4 percent and falling 0.2 percent. The Nikkei 225 Stock Average slipped 0.1 percent to 19,690.70.

The Topix’s relative strength index was at 75 on Tuesday, above the 70 level some traders say indicates shares have risen too fast and are poised to drop. The Japanese government on Monday raised its outlook on the economy for the first time in eight months, citing improving corporate profits.

E-mini futures on the Standard & Poor’s 500 Index were little changed after the underlying equity measure lost 0.6 percent on Tuesday in New York as a report on consumer prices showed signs inflation is picking up.

The cost of living in the U.S., excluding food and fuel, rose 0.2 percent in February, the first gain in four months, as fuel costs stabilized. Federal Reserve Chair Janet Yellen signaled last week that the central bank is in no hurry to raise interest rates after policy makers dropped a pledge to be patient on tightening monetary policy.

Source : Bloomberg

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