Extending the losses in the previous two sessions, the Japanese stock market is modestly lower on Monday, following the broadly negative cues from global markets on Friday. The Nikkei 225 is falling below the 31,200 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.
The benchmark Nikkei 225 Index is down 116.07 or 0.37 percent at 31,143.29, after hitting a low of 31,036.39 earlier. Japanese shares ended notably lower on Friday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is down almost 1 percent. Among automakers, Honda is losing almost 1 percent and Toyota is edging down 0.3 percent.
In the tech space, Screen Holdings is edging up 0.2 percent, while Advantest is losing almost 3 percent and Tokyo Electron is edging down 0.1 percent.
In the banking sector, Sumitomo Mitsui Financial is edging down 0.5 percent, while Mitsubishi UFJ Financial and Mizuho Financial are losing almost 1 percent each.
The major exporters are higher. Canon, Panasonic and Sony are edging down 0.3 to 0.5 percent each, while Mitsubishi Electric is losing more than 1 percent.
Among other major losers, Keisei Electric Railway and Pacific Metals are losing more than 3 percent each, while ENEOS Holdings is declining almost 3 percent.
Conversely, Daiichi Sankyo is surging almost 5 percent, Shiseido is gaining almost 4 percent and Astellas Pharma is adding almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Monday.
On Wall Street, stocks moved sharply lower over the course of the trading day on Friday, extending the downward move seen over the two previous sessions. With the extended decline, the Nasdaq and the S&P 500 fell to their lowest closing levels in well over four months.
The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plunged 202.37 points or 1.5 percent to 12,983.81, the S&P 500 tumbled 53.84 points or 1.3 percent to 4,224.16 and the Dow slid 286.89 points or 0.9 percent to 33,127.28.
The major European markets also moved to the downside on the day. While the German DAX Index plunged by 1.6 percent, the French CAC 40 Index tumbled by 1.5 percent and the U.K.’s FTSE 100 Index slumped by 1.3 percent.
Crude oil prices couldn’t hold on to early gains, slumping on demand concerns amid fears the Israel-Hamas war may escalate into a broader regional crisis. West Texas Intermediate for November delivery, which expired Friday, fell $0.62 or 0.7 percent at $88.75 a barrel. The more active December futures slipped $0.29 or 0.3 percent to $88.08 a barrel.
Market Analysis
Japanese Market Modestly Lower
2023-10-23 02:38:36
