Japanese Market Notably Higher

RTTNews | 827 days ago
Japanese Market Notably Higher

(RTTNews) - The Japanese stock market is notably higher on Thursday, extending the gains in the previous four sessions, with the Nikkei 225 just a tad below the 28,600 level, following the mostly positive cues from Wall Street overnight, aided by gains across most sectors, led by technology and financial stocks. Traders cautiously await the Bank of Japan's policy decision on Friday.

The benchmark Nikkei 225 Index is up 154.64 points or 0.54 percent to 28,598.83, after touching a high of 28,734.79 earlier. Japanese stocks closed notably higher on Wednesday.

Market heavyweight SoftBank Group is edging down 0.1 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota and Honda are gaining more than 1 percent each.

In the tech space, Screen Holdings, Advantest and Tokyo Electron are gaining more than 1 percent each.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining almost 1 percent each, while Sumitomo Mitsui Financial is adding more than 1 percent. Among the major exporters, Mitsubishi Electric is gaining almost 1 percent and Panasonic is adding almost 2 percent, while Canon and Sony are edging up 0.1 to 0.5 percent each.

Among the other major gainers, Seven & I Holdings is gaining almost 4 percent, while MS&AD Insurance Group, Tokio Marine and Sompo Holdings are adding more than 3 percent. Resona Holdings, Ajinomoto, Yamato Holdings, Nippon Paper Industries and Hoya are up almost 3 percent each.

Conversely, there are no other major losers.

In economic news, Japan's gross domestic product was flat on a seasonally adjusted quarterly basis in the fourth quarter of 2022, the Cabinet Office said on Thursday. That was shy of expectations for an increase of 0.2 percent following the 0.3 percent contraction in the third quarter. On an annualized basis, GDP rose 0.1 percent - also missing forecasts for a gain of 0.8 percent following the 1.0 percent decline in the three months prior.

The M2 money stock in Japan was up 2.6 percent on year in February, the Bank of Japan said on Thursday - coming in at 1,209.1 trillion yen. That was sky of expectations for an increase of 2.8 percent and down from 2.7 percent in January. The M3 money stock rose an annual 2.2 percent to 1,565.1 trillion yen, down from the 2.3 percent increase in the previous month. The L money stock climbed3.9 percent on year to 2,085.7 trillion yen, accelerating from the 3.7 percent gain a month earlier.

In the currency market, the U.S. dollar is trading in the lower 137 yen-range on Thursday.

On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday following the sell-off seen in the previous session. The major averages spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the session mixed. While the Dow slipped 58.06 points or 0.2 percent to 32,798.40, the S&P 500 crept up 5.64 points or 0.1 percent to 3,992.01 and the Nasdaq rose 45.67 points or 0.4 percent to 11,576.00.

The major European markets also turned in a mixed performance on the day. While the French CAC 40 Index dipped by 0.2 percent, the U.K.'s FTSE 100 Index inched up by 0.1 percent and the German DAX Index climbed by 0.5 percent.

Crude oil prices slipped on Wednesday, extending losses from the previous session amid concerns about outlook for energy demand following Powell's remarks to Congress. West Texas Intermediate Crude oil futures for April ended lower by $0.92 or 1.2 percent at $76.66 a barrel.

read more
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 11 minutes ago
Singapore Bourse May Extend Thursday's Gains

Singapore Bourse May Extend Thursday's Gains

The Singapore stock market on Thursday ended the two-day slide in which it had fallen more than 15 points or 0.4 percent. The Straits Times Index now sits just above the 3,920-point plateau and it's tipped to open to the upside again on Friday.
RTTNews | 41 minutes ago
Malaysia Stock Market May See Additional Support

Malaysia Stock Market May See Additional Support

The Malaysia stock market has ticked higher in consecutive trading days, gathering almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,525-point plateau and it may add to its winnings again on Friday.
RTTNews | 1h 11min ago
Win Streak May Continue For South Korea Stock Market

Win Streak May Continue For South Korea Stock Market

The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it's tipped to open in the green again on Friday.
RTTNews | 1h 41min ago
New Zealand Manufacturing PMI Data Due On Friday

New Zealand Manufacturing PMI Data Due On Friday

New Zealand will on Friday release May results for the manufacturing PMI from BusinessNZ, highlighting a light day for Asia-Pacific economic activity. In April, the PMI score was 53.9.
RTTNews | 2h 35min ago
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 2h 58min ago
Rebound Anticipated For Japan Stock Market

Rebound Anticipated For Japan Stock Market

The Japan stock market on Thursday ended the four-day winning streak in which it had climbed more than 860 points or 2.5 percent. The Nikkei 225 now sits just beneath the 38,175-point plateau although it may bounce higher again on Friday.
RTTNews | 2h 59min ago
U.S. Dollar Weakens After Soft PPI Data

U.S. Dollar Weakens After Soft PPI Data

The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.
RTTNews | 6h 14min ago