Japanese Market Significantly Lower

(RTTNews) - The Japanese stock market is trading significantly lower on Monday, adding to the losses in the previous three sessions. The benchmark S&P/ASX 200 is falling below the 39,700 level, following the broadly negative cues from global markets on Friday, with weakness across most sectors led by exporters and technology stocks.

The benchmark Nikkei 225 Index is down 370.69 or 0.93 percent at 39,693.10, after hitting a low of 39,555.05 earlier. Japanese shares ended modestly lower on Friday.

Market heavyweight SoftBank Group is edging up 0.2 percent and Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Honda is edging down 0.4 percent, while Toyota is declining almost 1 percent.

In the tech space, Screen Holdings is losing 1.5 percent, Advantest is declining more than 2 percent and Tokyo Electron is down more than 1 percent.

In the banking sector, Sumitomo Mitsui Financial and are losing almost 1 percent, Mitsubishi UFJ Financial is declining more than 1 percent and Mizuho Financial is edging down 0.1 percent.

The major exporters are lower. Canon, Panasonic and Sony are losing more than 1 percent each, while Mitsubishi Electric is declining almost 2 percent.

Among other major losers, Taiyo Yuden is declining more than 4 percent, while Hitachi, Socionext, TDK and Ebara are losing almost 4 percent each. M3, IHI, Fuji Electric, Hoya and Kawasaki Heavy Industries are slipping more than 3 percent each, while SMC Corp. and Mitsubishi Heavy Industries are down almost 3 percent each.

Conversely, Teijin is gaining almost 4 percent and East Japan Railway is adding more than 3 percent.

In the currency market, the U.S. dollar is trading in the mid-157 yen-range on Monday.

On Wall Street, stock moved mostly lower during trading on Friday, with the Nasdaq and the S&P 500 extending the steep drop seen over the two previous sessions. The narrower Dow also moved to the downside, pulling back further off the record closing high set on Wednesday.

The major averages all finished the day firmly in negative territory. The Dow slumped 377.49 points or 0.9 percent to 40,287.53, the Nasdaq slid 144.28 points or 0.8 percent to 17,726.94 and the S&P 500 fell 39.59 points or 0.7 percent to 5,505.00.

The major European markets also moved to the downside on the day. While the German DAX Index slumped by 1.0 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index slid by 0.7 percent and 0.6 percent, respectively.

Crude oil prices fell to a four-week low on Friday amid concerns about the outlook for demand from China and on renewed hopes of a ceasefire in Gaza, while a firm dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for August sank $2.69 or 3.25 percent at $80.13 a barrel, the lowest settlement since June 17.