The Japanese stock market is notably lower on Wednesday, giving up some of the gains in the previous session, with the Nikkei 225 falling below the 29,200 level, following the broadly negative cues from Wall Street overnight, as traders indulge in cautious trades ahead of the release of key US inflation data later in the day that will provide cues on the outlook for interest rate.
The benchmark Nikkei 225 Index is down 116.76 or 0.40 percent at 29,126.06, after hitting a low of 29,097.61 earlier. Japanese stocks ended significantly higher on Tuesday.
Market heavyweight SoftBank Group is edging down 0.3 percent, while Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda and Toyota are losing almost 1 percent each.
In the tech space, Screen Holdings is gaining more than 1 percent and Advantest is edging up 0.2 percent, while Tokyo Electron is losing almost 2 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.4 percent each.
Among the major exporters, Sony is losing almost 1 percent, Mitsubishi Electric is declining almost 3 percent, Panasonic is down almost 2 percent and Canon is edging down 0.2 percent.
Among other major losers, Mitsubishi Motors is plummeting more than 9 percent, while NTN and Pacific Metals are plunging almost 9 percent. Taiyo Yuden is losing more than 3 percent and Mitsubishi Electric is down almost 3 percent.
Conversely, Marui Group is skyrocketing almost 16 percent, Yokogawa Electric is soaring more than 9 percent, Nichirei is surging more than 6 percent and Mitsubishi Corp. is losing almost 4 percent, while JFE Holdings and Nippon Yusen K.K. are down almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 135 yen-range on Wednesday.
On Wall Street, stocks remained mostly lower throughout the trading day on Tuesday after coming under pressure early in the session. The major averages all moved to the downside on the day after ending Monday’s trading narrowly mixed.
The tech-heavy Nasdaq slid 77.36 points or 0.6 percent to 12,179.55 and the S&P 500 fell 18.95 points or 0.5 percent to 4,119.17. The narrower Dow flirted with positive territory late in the session but closed down 56.88 points or 0.2 percent at 33,561.81.
The major European markets also moved to the downside on the day. While the French CAC 40 Index slid by 0.6 percent, the U.K.’s FTSE 100 Index edged down by 0.2 and the German DAX Index closed nearly unchanged.
Crude oil prices shook off early weakness to finish higher amid expectations of higher seasonal demand and on the U.S. government’s plans to refill the emergency oil reserve. West Texas Intermediate Crude oil futures for June settled at $73.71 a barrel, gaining $0.55 or 0.8 percent.
Market Analysis
Japanese Market Notably Lower
2023-05-10 02:17:23
