Nissan shares slip after profits fall 70%, forecasts cut – Asian market latest

Shares in Japan's second-largest car maker slipped as much as 4.3% in early Tokyo trading. It recovered some of its losses by mid-morning and was down by about 1.4%.

So far this year, Nissan shares have fallen 20%.

Japan's benchmark index Nikkei 225 ( N225 ) drops 0.8% on Wednesday morning. [19659005] After Tuesday's market close, Nissan said operating profit fell 70% to 30 billion yen ($ 275 million) in the three months ended September, well below an estimated 47.5 billion yen from a refinancing survey by analysts.

The carmaker cut its sales forecast, expecting to sell 5.2 million cars for the fiscal year ending March 2020 ̵[ads1]1; 5.4% less than originally anticipated. It also reduced the forecast of operating profit for the whole year by 35%.

Elsewhere in the region, Hong Kong's Hang Seng Index ( HSI ) fell almost 2%. The index has fallen 4% since the beginning of this week, weighed down by the escalating violence in the city during protests.
South Korea's Kospi Index ( KOSPI ) lost 0.9%. China's Shanghai Composite Index ( SHCOMP ) falls 0.5%.
US stock futures also declined. The Dow ( INDU ) S&P 500 ( SPX ) and Nasdaq ( COMP ) all edges more than 0.2% lower.

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