Snapping a four-session losing streak, the Japanese stock market is modestly higher on Tuesday, with the Nikkei 225 moving to near the 39,700 level, following the broadly positive cues from global markets overnight, with gains in technology and financial stocks.
The benchmark Nikkei 225 Index is up 77.68 points or 0.20 percent at 39,676.68, after touching a high of 39,927.89 earlier. Japanese shares ended sharply lower on Monday.
Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is edging down 0.3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 1 percent.
In the tech space, Advantest is adding 1.5 percent and Tokyo Electron is gaining almost 1 percent, while Screen Holdings is losing more than 1 percent.
In the banking sector, Mitsubishi UFJ Financial is adding 1.5 percent, while Mizuho Financial and Sumitomo Mitsui Financial are gaining almost 2 percent each.
The major exporters are mixed. Panasonic is edging down 0.5 percent and Sony is losing more than 1 percent, while Mitsubishi Electric is edging up 0.1 percent and Canon is gaining almost 1 percent.
Among the other major gainers, Nippon Yusen K.K. and Kawasaki Kisen Kaisha are surging almost 8 percent each, while Yokohama Rubber and Mitsui O.S.K. Lines are gaining almost 6 percent each. Rakuten Group is adding almost 4 percent, while Credit Saison and Sumitomo Pharma are advancing more than 3 percent each, while Resonac Holdings is up almost 3 percent.
Conversely, there are no other major losers
In the currency market, the U.S. dollar is trading in the higher 156 yen-range on Tuesday.
On Wall Street, stocks moved sharply higher over the course of the trading session on Monday, with technology stocks seeing a significant rebound following last week’s sell-off. The tech-heavy Nasdaq posted a standout gain, although all three major averages moved to the upside on the day.
The major averages moved roughly sideways going into the close, hovering near their best levels of the day. The Nasdaq surged 280.63 points or 1.6 percent to 18,007.57, the S&P 500 jumped 59.41 points or 1.1 percent to 5,564.41 and the Dow rose 127.91 points or 0.3 percent to 40,415.44.
The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index jumped by 1.2 percent and 1.3 percent, respectively.
Crude oil prices eased on Monday, declining for the third consecutive session on concerns about the outlook for oil demand and renewed hopes of a ceasefire in Gaza. West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.
Market Analysis
Japanese Market Notably Higher
2024-07-23 02:40:32
