The Japanese stock market is notably lower after paring early gains in choppy trading on Tuesday, extending the losses of the previous session, with the benchmark Nikkei index above the 28,700 level, following the absence of fresh cues from Wall Street. Traders remain concerned and cautious after the Japanese government on Friday extended the COVID-19 state of emergency in Tokyo, Osaka and seven other prefectures by three weeks to June 20.
The benchmark Nikkei 225 Index is losing 149.37 points or 0.52 percent to 28,710.71, after touching a high of 29,075.47 and a low of 28,611.25 earlier. Japanese shares closed notably lower on Monday.
Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Honda is losing 0.5 percent, while Toyota is gaining almost 2 percent.
In the tech space, Advantest is losing more than 1 percent and Tokyo Electron is edging down 0.3 percent, while Screen Holdings is up almost 2 percent. In the banking sector, Mizuho Financial is edging up 0.4 percent, while Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging down 0.2 percent.
The major exporters are mixed, with Sony and Canon edging down 0.2 percent, while Panasonic and Mitsubishi Electric are losing almost 1 percent.
Among the other major losers, JFE Holdings, Tokai Carbon and Casio Computer are losing more than 2 percent each, while NSK, Kajima, Pacific Metals, Kirin Holdings, Citizen Watch, GS Yuasa, Nippon Steel and Nikon are all down almost 2 percent. M3, recruit Holdings and Toppan printing are declining more than 1 percent each.
Conversely, IHI is gaining more than 4 percent and Toray Industries are up almost 3 percent, while Mitsubishi Heavy Industries, Sumco and Sumitomo Electric Industries are adding more than 2 percent each.
In economic news, the manufacturing sector in Japan continued to improve in May, the latest survey from Jibun Bank revealed on Tuesday with a revised manufacturing PMI score of 53.0. That’s up from 52.5 in April and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the lower 109 yen-range on Tuesday.
Overnight, the U.S. markets were closed for Memorial Day holiday.
European stocks closed weak on Monday with markets in the U.K. closed for Bank Holiday. However, Germany’s DAX slid 0.64 percent and France’s CAC 40 ended lower by 0.57 percent.
Crude oil futures climbed higher on Monday amid expectations that demand will outstrip supply. The West Texas Intermediate Crude oil futures for July climbed $0.39 or 0.9% to $66.91 a barrel.
Market Analysis
Japanese Market Notably Lower
2021-06-01 03:01:33
