The Japanese stock market is sharply higher on Tuesday, extending the gains in the previous session, with the Nikkei 225 moving to just below the 27,000 mark, following the mixed cues from Wall Street on Monday, as traders are relived amid the completion of first round of talks to diffuse the ongoing Russia-Ukraine crisis, with more negotiations expected ahead.
Meanwhile, traders remain concerned about the domestic coronavirus cases, though the daily new cases are off record highs.
The benchmark Nikkei 225 Index is up 424.87 points or 1.60 percent at 26,961.69, after touching a high of 27,013.26 earlier. Japanese shares ended modestly higher on Monday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding almost 3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding almost 1 percent.
In the tech space, Advantest is gaining almost 2 percent, Tokyo Electron is adding more than 2 percent and Screen Holdings is edging up 0.2 percent. In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are edging up 0.5 percent each, while Mitsubishi UFJ Financial is edging down 0.4 percent.
The major exporters are higher, with Panasonic and Canon gaining more than 1 percent each, while Mitsubishi Electric is adding more than 2 percent and Sony is edging up 0.1 percent.
Among the other major losers, Mitsui O.S.K. Lines is soaring more than 8 percent, while Tokyo Electric Power and NEC are surging more than 6 percent each. Mitsubishi Heavy Industries and BANDAI NAMCO are gaining more than 5 percent each, while JGC Holdings, IHI, M3, Odakyu Electric Railway and Kawasaki Kisen Kaisha are adding almost 5 percent each. OKUMA and Konami Holdings are advancing more than 4 percent each, while Inpex and Fijitsu are up almost 4 percent each.
Conversely, there are no major losers.
In economic news, the manufacturing sector in Japan continued to expand in February, albeit at a slower pace, the latest survey from Jibun Bank showed on Tuesday with a manufacturing PMI score of 52.7. That’s down from 55.4 in January, although it remains 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 115 yen-range on Tuesday.
On Wall Street, stocks regained some lost ground Monday morning after a sharp plunge, but faltered again and eventually ended the day’s session on a mixed note amid high volatility.
The major averages closed mixed. The Dow ended with a loss of 166.15 points or 0.49 percent at 33,892.60, after swinging between 33,469.31 and 33,963.62. The S&P 500, which briefly emerged into positive territory around later morning, ended the session with a loss of 10.71 points or 0.24 percent at 4,373.94, while the Nasdaq settled with a gain of 56.77 points or 0.41 percent at 13,751.40.
Meanwhile, the major European markets closed weak. The U.K.’s FTSE 100 ended 0.42 percent down. Germany’s DAX slid 0.73 percent and France’s CAC 40 declined 1.39 percent.
Crude oil futures settled sharply higher Monday amid rising concerns about supply disruptions in Russia. As Russia accounts for about 10 percent of the global oil supply, the sanctions by the West are likely to significantly hurt supplies. West Texas Intermediate Crude oil futures for April ended higher by 4.13 or 4.5 percent at $95.72 a barrel.
Market Analysis
Japanese Market Sharply Higher
2022-03-01 02:26:22
