Japanese Market Modestly Lower

(RTTNews) - The Japanese stock market is modestly lower on Wednesday after opening in the green, extending the losses in the previous two sessions, despite the broadly positive cues from global markets overnight. The Nikkei 225 is falling below the 38,800 level, with losses in index heavyweights and exporters.

The benchmark Nikkei 225 Index is down 119.59 or 0.31 percent at 38,677.92, after touching a high of 39,147.80 earlier. Japanese stocks ended slightly lower on Tuesday.

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

In the tech space, Advantest is edging down 0.5 percent, while Screen Holdings is edging up 0.2 percent and Tokyo Electron is gaining almost 1 percent.

In the banking sector, Mizuho Financial is edging down 0.3 percent, while Sumitomo Mitsui Financial is gaining almost 1 percent and Mitsubishi UFJ Financial is edging up 0.1 percent.

Among the major exporters, Sony is edging up 0.5 percent, while Canon is losing almost 1 percent, Panasonic is declining almost 2 percent and Mitsubishi Electric is down more than 1 percent.

Among other major losers, Kawasaki Kisen Kaisha and Credit Saison are losing more than 3 percent each, while BANDAI NAMCO, Daiichi Sankyo, Mercari and Nippon Yusen K.K. are declining almost 3 percent each.

Conversely, Furukawa Electric is gaining almost 3 percent.

In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Wednesday.

On the Wall Street, stocks showed a strong move back to the upside during trading on Tuesday after moving mostly lower over the two previous sessions. The major averages fluctuated over the course of the session but finished the day firmly in positive territory.

The tech-heavy Nasdaq helped lead the way higher on the day, surging 246.36 points or 1.5 percent to 16,265.63. The S&P 500 also jumped 57.33 points or 1.1 percent to 5,175.27, while the narrower Dow climbed 235.83 points or 0.6 percent to 39,005.49.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.'s FTSE 100 Index and the German DAX Index jumped by 1.0 percent and 1.2 percent, respectively.

Crude oil prices settled lower again on Tuesday on the U.S. inflation data and persisting worries about the outlook for demand. West Texas Intermediate Crude oil futures for April sank $0.37 at $77.56 a barrel.