The Japanese stock market is sharply higher on Tuesday, recouping the losses in the previous session, with the benchmark Nikkei index breaking back above the 29,000 level, following the broadly positive cues from Wall Street overnight amid upbeat earnings news from several big-name U.S. companies, even as investors remain cautious ahead of the looming general elections.
The benchmark Nikkei 225 Index is gaining 490.17 points or 1.71 percent to 29,090.58, after touching a high of 29,145.93 earlier. Japanese shares closed notably lower on Monday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 4 percent. Among automakers, Honda is gaining almost 2 percent and Toyota is adding more than 2 percent.
In the tech space, Advantest is gaining more than 1 percent, Tokyo Electron is adding almost 2 percent and Screen Holdings is up almost 4 percent. In the banking sector, Mitsubishi UFJ Financial is edging up 0.3 percent and Mizuho Financial is edging up 0.5 percent, while Sumitomo Mitsui Financial is flat.
The major exporters are mixed. Mitsubishi Electric is gaining 1.5 percent, Panasonic is adding almost 5 percent and Sony is up more than 2 percent, while Canon is losing more than 3 percent.
Among the other major gainers, Nippon Telegraph & Telephone and Yokogawa Electric are gaining almost 6 percent each, while Nexon is adding almost 5 percent. JGC Holdings, Z Holdings, Japan Steel Works, Okuma and TDK are up almost 4 percent each, while Toho Zinc, Mitsui E&S Holdings and Japan Post Holdings are higher by more than 3 percent each.
Conversely, Nikon is losing more than 5 percent and Seiko Epson is down more than 3 percent.
In the currency market, the U.S. dollar is trading in the higher 113 yen-range on Tuesday.
On Wall Street, stocks moved mostly higher during trading on Monday, extending the notable advance seen last week. With the continued upward move, the Dow and the S&P 500 reached new record closing highs.
The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq jumped 136.51 points or 0.9 percent to 15,226.71, the S&P 500 rose 21.58 points or 0.5 percent to 4,566.48 and the Dow edged up 64.13 points or 0.2 percent to 35,741.15.
Meanwhile, the major European markets ended the day mixed. While the French CAC 40 Index fell 0.3 percent, the U.K.’s FTSE 100 Index rose 0.3 percent and the German DAX Index climbed 0.4 percent.
Crude oil futures settled flat on Monday as prices fell sharply from the day’s high towards the end of the session, with traders weighing supply and demand. West Texas Intermediate Crude for December ended unchanged at $83.76 a barrel after peaking at $85.41 a barrel, a seven-year high earlier in the day.
Market Analysis
Japanese Market Sharply Higher
2021-10-26 02:08:29
