The Japanese stock market is modestly lower on Tuesday, giving up the gains in the previous two sessions, with the benchmark Nikkei index below the 29,600 level, ignoring the positive cues from Wall Street overnight, as traders are anxious about Prime Minister Fumio Kishida’s approach in addressing economic recovery from the pandemic and further fiscal stimulus measures.
The benchmark Nikkei 225 Index is losing 78.20 points or 0.26 percent to 29,568.88, after hitting a low of 29,458.27 earlier. Japanese shares closed sharply higher on Monday.
Market heavyweight SoftBank Group is adding almost 1 percent and Uniqlo operator Fast Retailing is edging up 0.2 percent. Among automakers, Honda and Toyota are losing almost 1 percent each.
In the tech space, Advantest and Screen Holdings are edging down 0.5 percent each, while Tokyo Electron is edging up 0.4 percent. In the banking sector, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial are edging down 0.3 percent each.
The major exporters are mixed. Mitsubishi Electric and Sony are edging down 0.3 percent each, while Panasonic is losing more than 1 percent. Canon is gaining more than 1 percent.
Among the other major losers, Kyowa Kirin is plunging almost 7 percent and Hitachi Zosen is losing almost 6 percent, while Japan Exchange Group, Daiwa House Industry and Nippon Sheet Glass are down more than 4 percent each. NEC is slipping more than 3 percent, while NH Foods, Toho Zinc, Toyota Tsusho, JTEKT, KDDI and Tokyu Fudosan Holdings are declining almost 3 percent each.
Conversely, TDK is surging almost 9 percent, Nexon is gaining almost 7 percent, Kyocera is adding more than 5 percent and Fujitsu is rising more than 3 percent.
In the currency market, the U.S. dollar is trading in the higher 113 yen-range on Tuesday.
On Wall Street, stocks turned in a relatively lackluster performance during trading on Monday but managed to end the session modestly higher. With the uptick on the day, the major averages all reached new record closing highs.
The major averages all finished the day in positive territory. The Dow rose 94.28 points or 0.3 percent to 35,913.84, the Nasdaq climbed 97.52 points or 0.6 percent to 15,595.92 and the S&P 500 edged up 8.29 points or 0.2 percent to 4,613.67.
The major European markets all also moved to the upside on the day. While the French CAC 40 Index advanced by 0.9 percent, the German DAX Index and the U.K.’s FTSE 100 Index climbed by 0.8 percent and 0.7 percent, respectively.
Crude oil prices moved higher on Monday with traders weighing energy demand and supply levels and looking ahead to the upcoming OPEC meeting. West Texas Intermediate Crude oil futures for December ended higher by $0.48 or 0.6 percent at $84.05 a barrel.
Market Analysis
Japanese Market Modestly Lower
2021-11-02 02:10:07
