The Japanese stock market is notably higher on Tuesday, extending the gains in the previous session, with the Nikkei 225 moving above the 31,700 level, following the mixed cues from global markets overnight, with gains across most sectors, led by technology and financial stocks.
The benchmark Nikkei 225 Index is up 161.72 points or 0.51 percent at 31,727.36, after touching a high of 31,906.10 earlier. Japanese shares ended modestly higher on Monday.
Market heavyweight SoftBank Group is gaining more than 2 percent after its chip unit Arm filed for a Nasdaq listing, while Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Honda is adding almost 1 percent and Toyota is gaining almost 2 percent.
In the tech space, Advantest is surging almost 5 percent, Tokyo Electron is gaining almost 2 percent and Screen Holdings is edging up 0.2 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 3 percent, Mitsubishi UFJ Financial is adding more than 2 percent and Mizuho Financial is advancing almost 2 percent.
The major exporters are mixed. Canon is gaining almost 1 percent and Panasonic is edging up 0.1 percent, while Mitsubishi Electric is edging down 0.1 percent. Sony is flat.
Among the other major gainers, Rakuten Group and Konami Group are gaining more than 3 percent each, while Resona Holdings, Toyota Tsusho, Renesas Electronics and Sumitomo Mitsui Financial are advancing almost 3 percent each.
Conversely, IHI is losing almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 146 yen-range on Tuesday.
On the Wall Street, stocks moved mostly higher over the course of the trading session on Monday, regaining ground following recent weakness. Technology stocks helped lead the rebound, resulting in a substantial gain by the Nasdaq.
The Nasdaq surged 206.81 points or 1.6 percent to 13,497.59 and the S&P 500 climbed 30.06 points or 0.7 percent to 4,399.77, while the narrower Dow staged a recovery attempt from early weakness but still closed down 36.97 points or 0.1 percent at 34,463.69.
The major European markets also finished the day mixed. While the U.K.’s FTSE 100 Index edged down 0.1 percent, the German DAX Index crept up 0.2 percent and the French CAC 40 Index climbed 0.5 percent.
Crude oil prices fell on Monday, weighed down by concerns about the outlook for energy demand, although the extension of production cuts by OPEC helped limit the downside. West Texas Intermediate Crude oil futures for September fell $0.53 or 0.7 percent at $80.72 a barrel. WTI Crude futures for October settled at $80.12 a barrel, down $0.54 or 0.7 percent.
Market Analysis
Japanese Market Notably Higher
2023-08-22 02:14:18
