Japanese Market Sharply Higher

RTTNews | 618 days ago
Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is sharply higher on Wednesday, adding to the gains in the previous session, following the broadly positive cues from global markets overnight. The Nikkei 225 moved above the 31,400 level, with gains across most sectors, led by index heavyweights, financial and technology stocks. The yen also declined sharply.

The benchmark Nikkei 225 Index is up 568.90 or 1.84 percent at 31,410.31, after touching a high of 31,559.05 earlier. Japanese stocks ended notably higher on Tuesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding 1.5 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is advancing almost 5 percent.

In the tech space, Advantest is slipping more than 6 percent, while Tokyo Electron is adding more than 2 percent and Screen Holdings is surging more than 7 percent.

In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 2 percent, while Mitsubishi UFJ Financial is adding almost 2 percent.

Among the major exporters, Panasonic is gaining almost 3 percent, Canon is adding almost 2 percent, Sony is advancing more than 3 percent and Mitsubishi Electric is soaring more than 12 percent.

Among other major gainers, NTN and Daiwa Securities are soaring more than 10 percent each, while Murata Manufacturing and Mitsubishi Logistics are surging more than 7 percent each. Lasertec and Taiyo Yuden are advancing almost 7 percent each, while Denso and Subaru are gaining more than 6 percent each. Toyota Tsusho is up almost 6 percent, while West Japan Railway and Nissan Motor are adding more than 5 percent each. Fanuc and Hoya are rising almost 5 percent each.

Conversely, Sumitomo Pharma is slipping more than 6 percent, while Nichirei and NSK are losing more than 3 percent each. OKUMA and NH Foods are declining almost 3 percent each.

In economic news, the manufacturing sector in Japan continued to contract in October, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.7. That's up from 48.5, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the U.S. dollar is trading in the lower 151 yen-range on Wednesday.

On the Wall Street, stocks moved mostly higher over the course of the trading session on Tuesday after recovering from an initial move to the downside. The major averages climbed well off their early lows and firmly into positive territory.

The major averages finished the day near their best levels of the session. The Dow rose 123.91 points or 0.4 percent to 33,052.87, the Nasdaq climbed 61.76 points or 0.5 percent to 12,851.24 and the S&P 500 advanced 26.98 points or 0.7 percent to 4,193.80.

The major European markets also moved to the upside on the day. The French CAC 40 Index advanced by 0.9 percent and the German DAX Index climbed by 0.6 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edge down by 0.1 percent.

Crude oil prices dropped on Tuesday, and posted a monthly loss as well, as concerns about the outlook for energy demand and a stronger dollar weighed on the commodity. West Texas Intermediate crude oil futures for December fell $1.29 or 1.6 percent at 81.02 a barrel, the lowest settlement in two months. WTI crude futures shed nearly 11 percent in October.

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