Japanese Market Modestly Lower

(RTTNews) - The Japanese stock market is modestly lower in choppy trading on Wednesday after opening in the green, extending the losses in the previous three sessions, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling below the 40,600 level, with weakness in automaker stocks and a mixed performance in most other sectors.

The benchmark Nikkei 225 Index is down 81.88 or 0.20 percent at 40,592.67, after hitting a low of 40,556.61 earlier. Japanese stocks ended significantly lower on Tuesday.

Market heavyweight SoftBank Group is gaining more than 1 percent, while Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda is declining more than 1 percent and Toyota is losing almost 1 percent.

In the tech space, Advantest is declining 1.5 percent, while Tokyo Electron is gaining almost 1 percent and Screen Holdings is advancing almost 4 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent and Mitsubishi UFJ Financial is edging up 0.3 percent, while Mizuho Financial is edging down 0.3 percent.

Among the major exporters, Canon is gaining almost 3 percent and Mitsubishi Electric is edging up 0.2 percent, while Panasonic and Sony are flat.

Among other major losers, Keyence, Oji Holdings and ANA Holdings are declining almost 4 percent each, while Shimizu is losing more than 3 percent and Komatsu is down almost 3 percent.

Conversely, Sumitomo Pharma is skyrocketing almost 13 percent, Furukawa Electric is soaring more than 9 percent, Fujikura is rising more than 8 percent and NEC is surging more than 6 percent, while Sumitomo Electric Industries and Tokuyama are gaining almost 4 percent each. Tokyu Fudosan and Toray Industries are advancing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Wednesday.

On the Wall Street, stocks gave back ground over the course of the trading session on Tuesday after failing to sustain an early move to the upside. The major averages pulled back well off their early highs before ending the day in negative territory.

The Dow fell 204.57 points or 0.5 percent to 44,632.99, the Nasdaq declined 80.29 points or 0.4 percent to 21,098.29 and the S&P 500 dipped 18.91 points or 0.3 percent to 6,370.86.

Meanwhile, the major European markets have all moved to the upside on the day. The German DAX Index jumped by 1.0 percent, the French CAC 40 Index advanced by 0.7 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.

Crude oil prices moved higher on Tuesday as the U.S. deadline for Russia to finalize an agreement with Ukraine or face sanctions draws nearer. West Texas Intermediate crude for September delivery was up $2.81 or 4.21 percent to $69.52 per barrel.