The Japanese stock market is trading significantly lower on Wednesday, adding to the slight losses in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 35,900 level, with weakness across all sectors led by index heavyweights and financial stocks.
The benchmark Nikkei 225 Index is down 268.33 or 0.74 percent at 35,890.83, after hitting a low of 35,730.52 earlier. Japanese stocks ended slightly lower on Tuesday.
Market heavyweight SoftBank Group is edging up 0.2 percent, while Uniqlo operator Fast Retailing is down 1.5 percent. Among automakers, Honda is losing more than 1 percent and Toyota is declining almost 2 percent.
In the tech space, Advantest and Screen Holdings are losing almost 1 percent each, while Tokyo Electron is gaining more than 1 percent.
In the banking sector, Mizuho Financial is losing more than 1 percent and Sumitomo Mitsui Financial is declining almost 1 percent, while Mitsubishi UFJ Financial is flat.
Among the major exporters, Sony is edging up 0.2 percent, while Panasonic is down more than 1 percent and Mitsubishi Electric is declining almost 1 percent. Canon is flat.
Among other major losers, Tokyo Gas is slipping more than 5 percent and Osaka Gas is declining almost 5 percent, while Tokyu Fudosan and Sapporo Holdings are declining almost 4 percent each. Nippon Steel, Mitsubishi Motors and Amada are sliding more than 3 percent each, while Subaru, Nomura Holdings, Inpex, JTEKT, Terumo, Keisei Electric Railway, Idemitsu Kosan and Nissui are losing almost 3 percent each.
Conversely, Fujitsu is gaining almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 141 yen-range on Wednesday.
On the Wall Street, stocks fluctuated over the course of the trading session on Tuesday but managed to end the day mostly higher. The Nasdaq and the S&P 500 added to the strong gains posted during Monday’s session, although the narrower Dow bucked the uptrend.
The Nasdaq and the S&P 500 saw further upside going into the close, reaching new highs for the session. The Nasdaq climbed 141.28 points or 0.8 percent to 17,025.88 and the S&P 500 rose 24.47 points or 0.5 percent to 5,495.52, but the Dow dipped 92.63 points or 0.2 percent to 40,736.96.
Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index slumped 1.0 percent, the U.K.’s FTSE 100 Index slid by 0.8 percent and the French CAC 40 Index slipped by 0.2 percent.
Crude oil prices slumped on Tuesday, ahead of the inflation data and on concerns over the health of the global economy. West Texas Intermediate crude for October delivery stumbled $2.43 or 3.54 percent to finish at $66.28 per barrel.
Market Analysis
Japanese Market Significantly Lower
2024-09-11 02:20:11
