Japanese Market Significantly Lower

RTTNews | 656 days ago
Japanese Market Significantly Lower

(RTTNews) - Paring the gains in the previous session, the Japanese stock market is significantly lower on Tuesday, with the Nikkei 225 falling below the 32,500 level, despite the broadly positive cues from Wall Street overnight, with losses across most sectors, led by technology stocks. Financial stocks were the only bright spot.

The benchmark Nikkei 225 Index is down 260.84 points or 0.80 percent at 32,417.78, after hitting a low of 32,366.23 earlier. Japanese shares ended significantly higher on Monday.

Market heavyweight SoftBank Group is edging down 0.4 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is edging down 0.1 percent and Toyota is declining more than 1 percent.

In the tech space, Advantest is losing almost 2 percent, while Screen Holdings and Tokyo Electron are declining almost 3 percent each.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 2 percent, Mitsubishi UFJ Financial is adding almost 1 percent and Mizuho Financial are edging up 0.5 percent.

The major exporters are mostly lower. Canon and Sony are losing almost 1 percent each, while Panasonic is declining more than 1 percent. Mitsubishi Electric is edging up 0.2 percent.

Among the other major lowers, Eisai is losing more than 4 percent and Daiichi Sankyo is slipping almost 4 percent, while NTT Data and NEXON are declining almost 3 percent each.

Conversely, Japan Exchange Group and T&D Holdings are gaining more than 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Tuesday.

On Wall Street, stocks showed a lack of direction over the course of the trading session on Monday following the sell-off seen last week. The major averages spent the day bouncing back and forth across the unchanged line before closing in positive territory.

The major averages moved to the upside going into the close of trading. The Nasdaq climbed 59.51 points or 0.5 percent to 13,271.32, the S&P 500 rose 17.38 points or 0.4 percent to 4,337.44 and the Dow inched up 43.04 points or 0.1 percent to 34,006.88.

Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index slumped 1.0 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.'s FTSE 100 Index fell by 0.8 percent.

Crude oil prices settled lower on Monday, as concerns about energy demand and interest rates offset optimism about a tighter supply outlook. West Texas Intermediate Crude oil futures for November ended down $0.35 or about 0.4 percent at $89.68 a barrel.

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