Japanese Traders Follow Sumitomo Lower as Writedowns Loom

  • Sumitomo warns of further impairments; stock dives 8.7%
  • Nickel prices hit 12-year lows due to slowing growth in China

Japan’s trading companies fell after Sumitomo Corp. withdrew its full-year earnings forecasts because of a 77 billion yen ($654 million) charge on its Ambatovy nickel project in Madagascar, following a collapse in the price of the metal.

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