The Japanese stock market is significantly lower on Wednesday, giving up the slight gains in the previous session, with the Nikkei 225 falling below the 32,000 mark, despite the broadly positive cues from global markets overnight, with losses in exporters and technology stocks.
The benchmark Nikkei 225 Index is down 296.38 or 0.92 percent at 31,907.19, after hitting a low of 31,791.71 earlier. Japanese stocks ended slightly higher on Tuesday.
Market heavyweight SoftBank Group is edging down 0.2 percent, while Uniqlo operator Fast Retailing is edging up 0.2 percent. Among automakers, Honda is edging down 0.2 percent and Toyota is edging down 0.5 percent.
In the tech space, Screen Holdings is losing almost 4 percent, Advantest is down more than 2 percent each and Tokyo Electron is declining almost 3 percent.
In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.2 to 0.3 percent each.
Among the major exporters, Canon is edging down 0.5 percent, Sony is declining more than 2 percent and Panasonic is losing almost 1 percent. Mitsubishi Electric is flat.
Among the other major losers, Renesas Electronics is losing almost 4 percent, while Yaskawa Electric, Sumco, Eisai and Aeon are declining more than 3 percent. Trend Micro, Dai-ichi Life Holdings and Taiyo Yuden are down almost 3 percent each.
Conversely, there are no other major gainers.
In the currency market, the U.S. dollar is trading in the higher 139 yen-range on Wednesday.
On the Wall Street, stocks moved mostly higher over the course of the trading day on Tuesday, adding to the modest gains posted in the previous session. The major averages all moved to the upside, further offsetting the pullback seen last week.
The major averages reached new highs for the session going into the close. The Dow jumped 317.02 points or 0.9 percent to 34,261.42, the Nasdaq rose 75.22 points or 0.6 percent to 13,760.70 and the S&P 500 climbed 29.73 points or 0.7 percent to 4,439.26.
The major European markets also moved to the upside on the day. While the French CAC 40 Index jumped by 1.1 percent, the German DAX Index advanced by 0.8 percent and the U.K.’s FTSE 100 Index inched up by 0.1 percent.
Crude oil futures settled higher on Tuesday, lifted by the Energy Information Administration’s forecast of a drop in oil production and the International Energy Agency’s forecast about increased demand from China. West Texas Intermediate Crude oil futures for August ended higher by $1.84 or about 2.52% at $74.83 a barrel.
Market Analysis
Japanese Market Significantly Lower
2023-07-12 02:17:27