The Japanese stock market is trading sharply higher on Monday, adding to the gains in the previous two sessions. The benchmark S&P/ASX 200 is moving well above the 39,400 level, following the broadly positive cues from Wall Street on Friday, with losses across all sectors led by index heavyweights, financial and technology stocks.
The benchmark Nikkei 225 Index is up 733.78 or 1.90 percent at 39,369.40, after touching a high of 39,514.57 earlier. Japanese shares ended modestly higher on Friday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding more than 2 percent. Among automakers, Honda is gaining more than 2 percent, while Toyota is also adding more than 2 percent.
In the tech space, Screen Holdings is gaining almost 4 percent, Advantest is adding 3.5 percent and Tokyo Electron is up almost 1 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 4 percent, Mitsubishi UFJ Financial is adding more than 4 percent and Mizuho Financial is advancing almost 5 percent.
The major exporters are mostly lower. Canon and Mitsubishi Electric are gaining almost 2 percent each, while Panasonic is up more than 1 percent and Sony is adding more than 4 percent.
Among other major gainers, Isetan Mitsukoshi is soaring more than 8 percent, Resona Holdings is surging almost 8 percent, Konami Group is gaining more than 6 percent and Recruit Holdings is adding more than 5 percent, while Nomura Holdings, J. Front Retailin, Chiba Bank, Nitto Denko, Hitachi, Sumitomo Electric Industries and MS&AD Insurance Group are rising more than 4 percent each.
Conversely, Disco is plunging more than 7 percent.
In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Monday.
On Wall Street, stocks rallied on Friday, lifting the major averages to a firm close, as upbeat non-farm payroll data helped offset concerns about Middle East tensions and prompted investors to indulge in some brisk buying at several counters from across various sectors.
The Dow settled at a fresh record high at 42,352.75, gaining 341.16 points or 0.81 percent, the S&P 500 closed up 51.13 points or 0.9 percent at 5,751.07, and the Nasdaq climbed 219.37 points or 1.22 percent to settle at 18,137.85.
Meanwhile, the major European markets were mixed on the day. Germany’s DAX and France’s CAC 40 gained 0.55 percent and 0.85 percent, respectively, while the U.K.’s FTSE 100 edged down slightly.
Crude oil prices settled higher on Friday on concerns about a possible attack on Iran’s oil facilities by Israel, while upbeat U.S. jobs data also supported oil prices. West Texas Intermediate Crude oil futures for November added $0.67 or 0.91 percent at $74.38 a barrel, a five-week high. WTI crude futures gained more than 9 percent in the week.
Market Analysis
Japanese Market Sharply Higher
2024-10-07 02:38:57
