Japanese Market Notably Higher
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(RTTNews) - The Japanese stock market is trading notably higher on Tuesday, reversing the losses in the previous session, with the Nikkei 225 moving above the 38,400 level, following the mixed cues from Wall Street overnight, with gains across most sectors led by automakers, exporters and financial stocks.
The benchmark Nikkei 225 Index is up 198.52 points or 0.52 percent at 38,419.37, after touching a high of 38,511.99 earlier. Japanese shares ended significantly lower on Monday.
Market heavyweight SoftBank Group is edging down 0.2 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is gaining almost 2 percent and Toyota is also adding almost 2 percent.
In the tech space, Advantest is gaining almost 4 percent and Tokyo Electron is edging up 0.3 percent, while Screen Holdings is edging down 0.2 percent.
In the banking sector, Mitsubishi UFJ Financial is gaining almost 1 percent, Sumitomo Mitsui Financial is adding more than 2 percent and Mizuho Financial is advancing almost 2 percent.
The major exporters are mostly higher. Panasonic is gaining almost 3 percent, Sony is adding almost 1 percent and Canon is up more than 1 percent, while Mitsubishi Electric is losing more than 1 percent.
Among the other major gainers, Japan Steel Works is surging more than 7 percent and Nidec is advancing more than 5 percent and DeNA is gaining almost 4 percent, while Fujikura, Hino Motors, Suzuki Motor and Ebara are gaining more than 3 percent each. Olympus and NTT Data are adding almost 3 percent each.
Conversely, Recruit Holdings is declining 3.5 percent.
In the currency market, the U.S. dollar is trading in the lower 154 yen-range on Tuesday.
On Wall Street, stocks moved back to the upside during trading on Monday following the sell-off seen during last Friday's session. The Nasdaq and the S&P 500 regained ground, although the narrower Dow ended the day modestly lower.
While the Nasdaq climbed 111.69 points or 0.6 percent to 18,791.81 and the S&P 500 rose 23.00 points or 0.4 percent to 5,893.62, the Dow edged down 55.39 points or 0.1 percent to 43,389.60.
The major European markets also turned mixed over the course of the session. While the German DAX Index edged down by 0.1 percent, the French CAC 40 Index inched up by 0.1 percent and the U.K.'s FTSE 100 Index climbed by 0.6 percent.
Crude oil prices climbed higher on Monday on concerns about likely shortage in supplies due to an escalation in Russia - Ukraine war, while a weaker dollar also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures for December closed higher by $2.14 or 3.2 percent at 69.16 a barrel.
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