Recouping some of the sharp losses in the previous two sessions, the Japanese stock market is modestly higher in choppy trading on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 37,900 level, with gains in financial stocks partially offset by weakness in technology stocks.
The yen also rose to its strongest level in recent months against the US dollar on Bank of Japan’s rate hike bets.
The benchmark Nikkei 225 Index is gaining 60.82 points or 0.16 percent to 37,930.33, after hitting a low of 37,668.93 and a high of 38,045.58 earlier. Japanese stocks closed sharply lower on Thursday.
Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining almost 2 percent. Among automakers, Honda is adding almost 2 percent, while Toyota is losing 1.5 percent.
In the tech space, Advantest is losing almost 3 percent, Tokyo Electron is declining more than 4 percent and Screen Holdings is down almost 1 percent.
In the banking sector, Mitsubishi UFJ Financial is gaining more than 2 percent and Mizuho Financial is adding more than 1 percent, while Sumitomo Mitsui Financial is advancing almost 2 percent.
Among major exporters, Mitsubishi Electric is losing almost 1 percent, while Sony and Panasonic are edging down 0.1 to 0.2 percent each. Canon is soaring almost 8 percent after reporting upbeat results and boosting full-year outlook.
Among other major gainers, Hino Motors is skyrocketing 14 percent, Fujitsu is soaring more than 10 percent, Tokuyama is surging more than 6 percent and Chugai Pharmaceutical is gaining almost 5 percent, while Fuji Electric and Taiyo Yuden are adding almost 4 percent each. IHI and Sumco are advancing more than 3 percent each, while Fanuc, Hitachi and Mitsubishi Heavy Industries are up almost 3 percent each.
Conversely, Renesas Electronics is plunging more than 6 percent, Lasertec is losing more than 4 percent and Nissan Motor is declining algmost 4 percent.
In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Friday.
On Wall Street, stocks saw some heavy selling in the final hour of the session on Thursday as the mood turned a bit cautious amid concerns about mega-cap firms’ earnings.
Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.20 percent at 39,935.07, while the S&P 500 ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.51 percent and the Nasdaq ended with a loss of 160.69 points or 0.93 percent at 17,181.72, coming off a high of 17,544.46.
Meanwhile, the major European markets also ended the day mixed. The U.K.’s FTSE 100 gained 0.4 percent, while Germany’s DAX and France’s CAC 40 ended down 0.48 percent and 1.15 percent, respectively.
Crude oil prices climbed higher on Thursday, extending recent gains after data showed a sharper than expected acceleration in U.S. GDP growth in Q2. West Texas Intermediate Crude oil futures for September rose $0.69 at $78.28 a barrel.
Market Analysis
Japanese Market Modestly Higher
2024-07-26 02:28:47
