Japan Bourse Poised To End Losing Streak

RTTNews | 8 days ago

(RTTNews) - The Japanese stock market has finished lower in back-to-back sessions, slumping more than 125 points or 0.3 percent along the way. The Nikkei 225 now sits just beneath the 39,775-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

The Nikkei finished slightly lower on Tuesday following losses from the automobile producers, gains from the financials and a mixed picture from the technology stocks. For the day, the index fell 44.19 points or 0.11 percent to finish at 39,774.92 after trading between 39,586.53 and 40,275.89. Among the actives, Nissan Motor fell 0.36 percent, while Mazda Motor eased 0.19 percent, Toyota Motor sank 0.78 percent, Honda Motor dipped 0.17 percent, Softbank Group rallied 2.85 percent, Mitsubishi UFJ Financial jumped 1.63 percent, Mizuho Financial collected 1.36 percent, Sumitomo Mitsui Financial climbed 1.08 percent, Mitsubishi Electric soared 3.34 percent, Sony Group dropped 0.73 percent, Panasonic Holdings shed 0.49 percent and Hitachi improved 1.54 percent.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.

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