The Japanese stock market is modestly lower on Wednesday, extending the losses in the previous three sessions, with the benchmark Nikkei index just above the 29,200 level, following the negative cues overnight from Wall Street, as a stronger yen is denting investor sentiment.
The benchmark Nikkei 225 Index is down 84.81 points or 0.29 percent at 29,200.65, after hitting a low of 29,155.80 earlier. Japanese stocks closed notably lower on Tuesday.
Market heavyweight SoftBank Group is losing 4.5 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is losing more than 1 percent, while Toyota is gaining almost 1 percent.
In the tech space, Screen Holdings is edging down 0.2 percent, Tokyo Electron is losing almost 1 percent and Advantest is declining almost 2 percent.
In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are edging up between 0.2 and 0.4 percent each.
Among the major exporters, Panasonic is gaining more than 1 percent, Mitsubishi Electric is adding almost 2 percent and Canon is edging up 0.3 percent. Sony is flat.
Among the other major losers, Toho Zinc is plunging almost 17 percent, DeNA is sliding more than 12 percent, Credit Saison is slipping almost 10 percent and Yokohama Rubber is losing more than 6 percent, while Mitsubishi Materials and Mitsui Mining & Smelting are declining almost 6 percent each. Kirin Holdings is down more than 5 percent, IHI is down almost 5 percent and Pacific Metals is falling more than 4 percent, while Keisei Electric Railway, Nippon Sheet Glass and Takara Holdings are losing almost 4 percent each.
Conversely, Nexon is soaring more than 14 percent, Nissan motor is surging almost 8 percent, NTT Data is gaining 6 percent and Tokyu is gaining almost 4 percent, while Resona Holdings and Kawasaki Kisen Kaisha are almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 112 yen-range on Wednesday.
On Wall Street, stocks gave back some ground during trading on Tuesday after trending higher over the past several sessions. The major averages pulled back off yesterday’s record closing highs, although selling pressure remained relatively subdued.
The major averages climbed well off their worst levels of the day but still closed in negative territory. The Dow fell 112.24 points or 0.3 percent to 36,319.98, the Nasdaq slid 95.81 points or 0.6 percent to 15,886.54 and the S&P 500 dropped 16.45 points or 0.4 percent to 4,685.25.
The major European markets all also moved lower over the course of the session. While the U.K.’s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index edged down by 0.1 percent and the German DAX Index closed just below the unchanged line.
Crude oil futures settled sharply higher on Tuesday amid rising hopes about the outlook for energy demand after the United States lifted travel restrictions to several countries. West Texas Intermediate Crude oil futures for December ended up by $2.22 or 2.7 percent at $84.15 a barrel.
Market Analysis
Japanese Market Modestly Lower
2021-11-10 02:20:45
