The Japanese stock market is modestly lower on Monday after being in the green at start, extending the modest losses in the previous session, with the Nikkei 225 just below the 29,600 level, despite the positive cues from Wall Street on Friday, with traders somewhat upbeat after the new government unveiled a spending plan to revive the economy from the coronavirus pandemic. However, they are expecting a stimulus package in the form of cash handouts.
The benchmark Nikkei 225 Index is down 60.81 points or 0.21 percent at 29,550.76, after hitting a low of 29,518.20 earlier. Japanese shares ended modestly lower on Friday.
Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is down almost 2 percent. Among automakers, Honda is declining almost 3 percent, while Toyota is edging up 0.4 percent.
In the tech space, Advantest is edging up 0.5 percent, Screen Holdings is gaining almost 1 percent and Tokyo Electron is up 1.5 percent. In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, while Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.4 percent each.
The major exporters are mostly lower, with Panasonic edging down 0.4 percent and Sony losing more than 1 percent, while Mitsubishi Electric and Canon are edging up 0.3 percent each.
Among the other major losers, JFE Holdings is plunging more than 11 percent, GS Yuasa is declining almost 10 percent, Kubota is losing more than 7 percent, Shionogi & Co. is down 5.5 percent and Mitsui E&S Holdings is sliding almost 5 percent, while Chugai Pharmaceutical and Nippon Suisan Kaisha are slipping almost 4 percent each.
Conversely, Olympus and IHI are gaining more than 6 percent each, while Itochu is adding 5.5 percent. ANA Holding is up more than 4 percent, while Kawasaki Kisen Kaisha and Mitsui O.S.K. Lines are rising almost 4 percent each. Nippon Yusen K.K., NSK and Nikon are advancing more than 3 percent each, while Takashimaya, J. Front Retailing, Toto, Ricoh and Central Japan Railway are up almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 113 yen-range on Monday.
On Wall Street, stocks fluctuated after an early move to the upside during trading on Friday but managed to remain mostly positive throughout the session. The major averages extended a recent upward trend, reaching new record closing highs.
The major averages all finished the day in positive territory. The Dow climbed 203.72 points or 0.6 percent to 36,327.95, the Nasdaq edged up 31.28 points or 0.2 percent to 15,971.59 and the S&P 500 rose 17.47 points or 0.4 percent to 4,697.53.
The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.’s FTSE 100 Index rose by 0.3 percent and the German DAX Index edged up by 0.2 percent.
Crude oil prices showed a strong move to the upside Friday as traders continued to digest news that OPEC and its allies decided to stick with a plan to raise oil output modestly and gradually. West Texas Intermediate Crude for December delivery jumped $2.46 or 3.1 percent to $81.27 a barrel.
Market Analysis
Japanese Market Modestly Lower
2021-11-08 02:28:46
