The Japanese stock market is sharply higher on Wednesday, recouping the losses in the previous two sessions, with the benchmark Nikkei index gaining more than 500 points to staying just below the 27,400 level, following the broadly positive cues overnight from Wall Street, amid easing geopolitical concerns following news Russia is pulling back some troops from the Ukrainian border.
The benchmark Nikkei 225 Index is up 529.36 points or 1.97 percent at 27,394.55, after touching a high of 27,450.28 earlier. Japanese stocks closed significantly lower on Tuesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is adding more than 2 percent. Among automakers, Honda is adding almost 3 percent and Toyota is gaining more than 1 percent.
In the tech space, Screen Holdings, Tokyo Electron and Advantest are gaining more than 4 percent each.
In the banking sector, Mizuho Financial is gaining almost 1 percent, while Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are advancing more than 2 percent each.
Among the major exporters, Canon and Sony are gaining almost 1 percent each, while Mitsubishi Electric is edging up 0.5 percent. Panasonic is edging down 0.2 percent.
Among the other major gainers, Bridgestone is soaring more than 8 percent, while Kawasaki Kisen Kaisha and TDK are surging almost 6 percent each. Asahi Group Holdings is gaining more than 5 percent, while Japan steel Works, Daiichi Sankyo and Ebara are adding almost 5 percent each. Yokohama Rubber, ANA Holdings and Dentsu Group are up more than 4 percent each, while GS Yuasa and Mitsui Chemicals are adding almost 4 percent each.
Conversely, Inpex is is losing more than 5 percent.
In the currency market, the U.S. dollar is trading in the higher 115 yen-range on Wednesday.
On Wall Street, stocks showed a strong move to the upside during trading on Tuesday, regaining ground following the sell-off seen over the three previous sessions. The major averages all moved sharply higher, with the tech-heavy Nasdaq leading the advance.
The major averages finished the session near their best levels of the day. The Dow jumped 422.67 points or 1.2 percent to 34,988.84, the Nasdaq spiked 348.84 points or 2.5 percent to 14,139.76 and the S&P 500 surged 69.40 points or 1.6 percent to 4,471.07.
The major European markets also showed strong moves back to the upside on the day. While the U.K.’s FTSE 100 Index jumped by 1 percent, the French CAC 40 Index and the German DAX Index surged up by 1.9 percent and 2.0 percent, respectively.
Crude oil prices tumbled on Tuesday as worries about supply disruptions eased amid the de-escalation of tensions between Russia and Ukraine. West Texas Intermediate Crude oil futures for March ended down by $3.39 or 3.6 percent at $92.07 a barrel.
Market Analysis
Japanese Market Sharply Higher
2022-02-16 02:25:09
