The Japanese stock market is significantly lower on Monday, extending the losses in the previous four sessions, with the Nikkei 225 staying above the 28,400 level, ignoring the firmly positive cues from Wall Street on Friday, as traders reacted to rising inflation worries and the grim domestic coronavirus infections situation, even as the nation readies to open up after is completely lifted COVID-19 state of emergencies.
The benchmark Nikkei 225 Index is down 349.28 points or 1.21 percent at 28,421.79, after hitting a low of 28,373.26 earlier. Japanese shares ended sharply lower on Friday.
Market heavyweight SoftBank Group is losing almost 3 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is gaining almost 2 percent, while Toyota is edging down 0.3 percent.
In the tech space, Advantest is losing almost 3 percent, while Tokyo Electron and Screen Holdings are down more than 2 percent each. In the banking sector, Sumitomo Mitsui Financial is edging down 0.3 percent and Mitsubishi UFJ Financial is losing almost 1 percent, while Mizuho Financial is edging up 0.2 percent.
The major exporters are lower, with Panasonic losing more than 3 percent, Sony edging down 0.5 percent, Mitsubishi Electric declining 1.5 percent and Canon down almost 1 percent.
Among the other major losers, Kawasaki Kisen Kaisha and Nippon Yusen are losing almost 8 percent each, while Mitsui O.S.K. Lines is down almost 6 percent. TDK, Taiyo Yuden and Murata Manufacturing are down almost 4 percent each. FUJIFILM Holdings and Fanuc are lower by more than 3 percent each, while Konami Holdings, Toto, Nippon Electric Glass and M3 are declining almost 3 percent each.
Conversely, Isetan Mitsukoshi Holdings and J. Front Retailing are gaining almost 5 percent each, while Inpex and Takashimaya are adding more than 4 percent each. Mitsubishi Motors, Keisei Electric Railway and Sojitz are higher by almost 4 percent each, while Tokyu Fudosan, ANA Holdings, Sumitomo Realty & Development, Tokyo Electric Power, NSK, IHI, Marui Group and Mitsui Fudosan are up more than 3 percent each.
In the currency market, the U.S. dollar is trading in the 111 yen-range on Monday.
On Wall Street, stocks moved sharply higher over the course of the trading day on Friday, after seeing substantial volatility early in the session. With the rally, the major averages regained ground following the steep drop seen in the previous session.
The major averages pulled back off their highs going into the close but remained firmly positive. The Dow surged 482.54 points or 1.4 percent to 34,326.46, the Nasdaq advanced 118.12 points or 0.8 percent to 14,566.70 and the S&P 500 jumped 49.50 points or 1.2 percent to 4,357.04.
Meanwhile, the major European markets moved to the downside on the day. While the French CAC 40 Index closed just below the unchanged line, the German DAX Index and the U.K.’s FTSE 100 Index slid 0.7 percent and 0.8 percent, respectively.
Crude oil prices recovered after a weak start and settled higher Friday ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC). West Texas Intermediate Crude oil futures for November rose $0.85 or 1.1 percent at $75.88 a barrel. WTI crude futures gained 2.6 percent in the week.
Market Analysis
Japanese Market Significantly Lower
2021-10-04 02:23:26
