The Japanese stock market is modestly higher in choppy trading on Tuesday, extending the gains in the previous three sessions, with the benchmark Nikkei index above the 29,900 level, despite the negative cues from Wall Street overnight, as traders are upbeat about the stimulus package and spending plan to revive the economy from the coronavirus pandemic.
The benchmark Nikkei 225 Index is gaining 152.77 points or 0.51 percent to 29,929.57, after touching a high of 29,960.93 and a low of 29,681.25 earlier. Japanese shares closed modestly higher on Monday.
Market heavyweight SoftBank Group is edging up 0.3 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is flat and Toyota is gaining almost 2 percent.
In the tech space, Advantest is edging up 0.5 percent, Tokyo Electron is gaining almost 1 percent and Screen Holdings is adding almost 1 percent. In the banking sector, Mitsubishi UFJ Financial is gaining almost 1 percent, while Sumitomo Mitsui Financial is edging down 0.4 percent and Mizuho Financial is losing almost 1 percent.
The major exporters are mixed. Mitsubishi Electric is edging down 0.5 percent and Panasonic is losing almost 2 percent, while Canon and Sony are gaining almost 1 percent each.
Among the other major losers, Kawasaki Kisen Kaisha is losing 4.5 percent, while Nippon Yusen K.K., Mitsui O.S.K. Lines and Japan Steel Works are declining more than 3 percent each.
Conversely, Subaru is surging more than 6 percent, GS Yuasa is adding almost 6 percent and JTEKT is up almost 4 percent, while Isuzu Motors, Dai-ichi Life Holdings and T&D Holdings are gaining more than 3 percent each. Marui Group, Murata Manufacturing and JGC Holdings are rising almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 114 yen-range on Tuesday.
On Wall Street, stocks showed a lack of direction over the course of the trading session on Monday after failing to sustain an early move to the upside. The major averages bounced back and forth across the unchanged line before ending the day roughly flat.
The major averages finished the day slightly lower, edging down by less than a tenth of a percent each. The Dow slipped 12.86 points to 36,087.45, the Nasdaq dipped 7.11 points to 15,853.85 and the S&P 500 edged down 0.05 points to 4,682.80.
Meanwhile, the major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index inched up 0.1 percent, the German DAX Index rose 0.3 percent and the French CAC 40 Index climbed 0.5 percent.
Crude oil futures settled marginally higher Monday after plunging earlier in the session on expectations of higher supplies and weakening demand. The dollar’s climb to a 16-month high also weighed on oil prices early on in the session. West Texas Intermediate Crude oil futures for December ended higher by $0.09 or 0.1 percent at $80.88 a barrel.
Market Analysis
Japanese Market Modestly Higher
2021-11-16 02:27:20
