Japanese Market Slightly Higher

(RTTNews) - The Japanese stock market is slightly higher in choppy trading on Monday after opening well in the red, recouping some of the losses in the previous two sessions, with the Nikkei 225 staying above the 32,800 level, despite the broadly negative cues from global markets on Friday, as traders continue to react to the aggressive monetary tightening by major central banks last week. The benchmark Nikkei 225 Index is up 32.96 or 0.10 percent at 32,814.50, after touching a high of 32,884.73 and a low of 33,392.72 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is edging down 0.1 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is edging down 0.2 percent, while Toyota is gaining almost 1 percent.

In the tech space, Screen Holdings and Advantest are edging down 0.1 percent each, while Tokyo Electron is down almost 1 percent. In the banking sector, Sumitomo Mitsui Financial is edging down 0.1 percent, while Mitsubishi UFJ Financial and Mizuho Financial are losing almost 1 percent each.

The major exporters are mostly higher. Canon is gaining almost 1 percent, Sony is edging up 0.2 percent and Panasonic is adding more than 1 percent, while Mitsubishi Electric is edging down 0.1 percent.

Among other major gainers, Resonac Holdings is surging more than 5 percent, Nikon is gaining almost 5 percent, Sumco is adding more than 4 percent, Sumitomo Chemical is advancing almost 4 percent and Kobe Steel is up more than 3 percent, while Yaskawa Electric, Mitsubishi Chemical, Mitsui Chemicals, Shin-Etsu Chemical, Aeon, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha are all advancing almost 3 percent each.

Conversely, Tokyo Electric Power is gaining almost 3 percent.

In the currency market, the U.S. dollar is trading in the mid-143 yen-range on Monday.

On Wall Street, stocks moved mostly lower over the course of the session on Friday, giving back ground following the tech-led rebound during trading on Thursday. The major averages all moved to the downside, with the Nasdaq leading the pullback.

The major averages all finished the day firmly in negative territory. The Nasdaq slumped 138.09 points or 1.0 percent to 13,492.52, the S&P 500 slid 33.56 points or 0.8 percent to 4,348.44 and the Dow fell 219.28 points or 0.7 percent to 33,727.43.

The major European markets also moved to the downside on the day. While the German DAX Index slumped 1.0 percent, the French CAC 40 Index slid by 0.6 percent and the U.K.'s FTSE 100 Index fell by 0.5 percent.

Crude oil futures settled lower on Friday on concerns about the outlook for energy demand following a slew of interest rate hikes by central banks and prospects of further tightening raising concerns about economic growth. West Texas Intermediate Crude oil futures for August ended lower by $0.35 at $69.16 a barrel.