Cisco result makes Nikkei nervous
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(CNN) -- A fall in profit for global bellwether stock, Cisco Systems, dampened the Nikkei early Wednesday with Japanese stocks moving quickly lower.
Several Japanese technology leaders came under pressure, including Advantest Corp, which has now fallen in four straight sessions.
The prevailing mood sent the Nikkei 225 average below the five-week low on which it finished Tuesday.
It tumbled 0.75 percent in early trade to stand at 10,562.06, adding to the previous day's 1.25 percent fall.
The broader Topix index nudged down 0.02 percent to 1,043.10.
Advantest quickly lost 1.07 percent to stand at 8,290 yen as it became snared in the disappointment of Cisco's numbers.
Cisco, the world's largest maker of equipment that directs Internet traffic, sent futures on the tech-dominated Nasdaq 100 lower and may weigh on Wall Street Wednesday.
Some technology bellwethers were holding their own in Japan.
Sony edged 0.48 percent higher and NTT DoCoMo was 0.44 percent up on its Tuesday close.
However, the fragility of the dollar is expected to again trouble Japanese investors worried about the negative impact of export earnings.
The dollar slid 1 percent against the euro, Swiss franc and pound overnight, hurt by ebbing expectations of a G7 agreement to stem its losses and by a flight to safety after poison was found in a U.S. Senate building.
In South Korea, the Kospi opened 0.2 percent higher at 841.52 with no big movers.
New Zealand Top 50 index was at 2439.3 points, edging down 0.38 percent, by early afternoon.
Meanwhile, the remote possibility of Australia enforcing another interest rate hike faded into the distance Wednesday.
The Reserve Bank of Australia maintained its 5.25 percent cash rate, citing a weakening demand in housing as reason to maintain the status quo.
The market was unfazed. The benchmark S&P/ASX 200 index was up 0.08 percent to 3266.8.
Banks continued their winning run, with Commonwealth, ANZ and Westpac all higher. National Australia Bank continued its mildly bullish run since the resignation of its CEO, standing at $31.00.
Australian Associated Press reports the Sydney Futures Exchange's March share price index contract put on five points to 3261.0 -- a 7.3 point discount to the underlying index -- on a volume of 2,146 contracts.
Earlier, U.S. stocks climbed higher, closing before the Cisco result was announced.
The Dow Jones industrial average closed at 10505.18, the S&P 500 Index was steady at 1136.03 while the tech-heavy Nasdaq jumped to 2066.21.
