TOKYO, June 16 (Reuters) - Japan's Nikkei stock average is likely to fall on Tuesday after U.S. shares slid on weak regional manufacturing data, with resource-linked shares seen under pressure after a fall in commodity prices.
U.S. stocks tumbled on Monday, marking their worst slide in a month, after the New York Fed's Empire State general business conditions index showed the factory sector shrank at a much more severe rate in June than the previous month.
The Standard & Poor's 500 Index fell 2.38 percent, and the Dow Jones industrial average dropped 2.13 percent.
"Profit-taking is likely to be more prominent," said Yumi Nishimura, deputy general manager at Daiwa Securities SMBC, adding that the Nikkei could fall to as low as around 9,800 on Tuesday.
But market players said a steeper sell-off was unlikely, because the New York Fed's Empire State survey by itself was unlikely to change investors' views that the pace of deterioration in the U.S. and global economies was moderating.
The benchmark Nikkei closed at 10,039.67 on Monday, down nearly 1 percent from an eight-month closing high of 10,135.82 on Friday.
In a sign the market may start lower, Nikkei futures traded in Chicago fell 1.4 percent from their Osaka close of 10,040.
Oil fell nearly 2 percent a barrel on Monday, extending its retreat from a near eight-month high.
The Bank of Japan is widely expected to keep interest rates unchanged at 0.1 percent after a two-day policy meeting that ends later on Tuesday.
But the BOJ may use less pessimistic wording to describe the economy than it did last month, when it said things were worsening.
Nishimura at Daiwa Securities SMBC said the equities market has likely factored in the possibility of the BOJ shifting towards a less pessimistic view of the economy, and that any impact from such a possible change was likely to be limited. STOCKS TO WATCH
-- Japan Tobacco
Japan Tobacco Inc, the world's third-largest tobacco firm, said on Monday it is likely to hike its domestic cigarette prices within the next three years to secure a profit amid a steadily shrinking market.
There has been growing speculation that Japan Tobacco would hike its cigarette prices for the first time since July 2006 after it set a target of keeping its core profit from its domestic tobacco business steady for the three years through to March 2012.
-- Sumitomo Mitsui Financial Group
Sumitomo Mitsui Financial Group, Japan's third-largest bank, set its planned share sale at $9.4 billion on Monday, a record for a Japanese financial firm and driven by the recent rebound in global financial stocks.
Sumitomo Mitsui said it will raise 923.1 billion yen ($9.4 billion) by issuing new common shares, a record for a Japanese financial firm, according to Thomson Reuters data.
-- Mitsubishi Materials Corp
Mitsubishi Materials is on track to complete repair work at its Onahama copper smelter in early July, and resume operating the facility at a higher rate, a company spokesman said on Monday.
-- Aiful Corp and Takefuji Corp
Ratings agency Standard and Poor's on Monday cut its ratings on the long-term debt of Japanese consumer lenders Aiful Corp and Takefuji Corp to speculative, or junk status, citing concern about financing and credit costs.
Standard and Poor's said it cut its long-term senior unsecured debt rating on Aiful by two notches to BB from BBB-, and on Takefuji by one notch to BB+ from BBB-. (Reporting by Masayuki Kitano; Editing by Chris Gallagher)