The Japanese stock market is modestly lower on Tuesday after opening in the green, snapping the six session winning streak, with the Nikkei 225 falling below the 32,900 level, following the broadly negative cues from European markets overnight, with weakness across most sectors, led by market heavyweights and financial stocks.
The losses were limited after domestic data showed August business activity expanded at the fastest pace in three months.
The benchmark Nikkei 225 Index is down 95.73 points or 0.29 percent at 32,843.45, after hitting a low of 32,784.32 earlier. Japanese shares ended notably higher on Monday.
Market heavyweight SoftBank Group is edging up 0.3 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is edging down 0.4 percent and Toyota is declining almost 1 percent.
In the tech space, Advantest is losing almost 1 percent and Screen Holdings is edging down 0.2 percent, while Tokyo Electron is flat.
In the banking sector, Sumitomo Mitsui Financial is losing almost 1 percent, Mizuho Financial is declining more than 1 percent and Mitsubishi UFJ Financial is edging down 0.5 percent.
The major exporters are weak. Canon and Mitsubishi Electric are edging down 0.1 to 0.5 percent each, while Sony and Panasonic are losing almost 1 percent each.
Among the other major losers, JFE Holdings is plunging 8.5 percent.
Conversely, Sharp and Mitsui E&S are gaining more than 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 146 yen-range on Tuesday.
The Wall Street was closed on account of Labor Day holiday on Monday. The shares closed mixed on Friday.
The major European markets moved to the downside on the day. The U.K.’s FTSE 100 ended down 0.16 percent, Germany’s DAX slipped 0.1 percent and France’s CAC 40 lost 0.24 percent.
Crude oil prices were subdued on Monday after ending last week at their highest in more than half a year on ongoing concerns about tight supplies. West Texas Intermediate Crude oil futures for October ended little changed at 85.48 a barrel.
Market Analysis
Japanese Market Modestly Lower
2023-09-05 02:19:16
