Japanese Shares May Find Traction On Wednesday

RTTNews | 82 days ago
Japanese Shares May Find Traction On Wednesday

(RTTNews) - The Japanese stock market has moved lower in consecutive trading days, slumping almost 210 points or 0.7 percent along the way. The Nikkei 225 now sits just above the 34,220-point plateau although it figures to stop the bleeding on Wednesday.

The global forecast for the Asian markets is positive on optimism that the U.S. and China may scale back their tariff talk. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The Nikkei finished slightly lower on Tuesday following losses from the financial shares and technology stocks, while the automobile producers were mixed.

For the day, the index shed 59.32 points or 0.17 percent to finish at 34,220.60 after trading between 34,109.85 and 34,340.57.

Among the actives, Nissan Motor perked 0.06 percent, while Mazda Motor dipped 0.15 percent, Toyota Motor shed 0.47 percent, Honda Motor added 0.40 percent, Softbank Group was up 0.12 percent, Mitsubishi UFJ Financial retreated 1.21 percent, Mizuho Financial tumbled 1.80 percent, Sumitomo Mitsui Financial lost 0.60 percent, Mitsubishi Electric sank 0.71 percent, Sony Group dropped 0.89 percent, Panasonic Holdings gained 0.63 percent and Hitachi slumped 1.61 percent.

The lead from Wall Street is upbeat as the major averages opened higher and improved as the day progressed, ending near session highs.

The Dow surged 1,016.57 points or 2.66 percent to finish at 39,186.98, while the NASDAQ rallied 429.52 points or 2.71 percent to close at 16,300.42 and the S&P 500 jumped 129.56 points or 2.51 percent to end at 5,287.76.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop on Monday, amid lingering trade war concerns and President Donald Trump's continued attacks on Federal Reserve Chair Jerome Powell.

Further buying interest was generated in reaction to reports indicating Treasury Secretary Scott Bessent told a closed-door investor summit he expects the trade dispute between the U.S. and China to de-escalate.

The markets also benefitted from positive earnings news from the likes of 3M (MMM) and aircraft engine supplier GE Aerospace (GE), which both beat the street.

Crude oil moved sharply higher on Tuesday after the Treasury Department announced new sanctions against Iran. West Texas Intermediate crude for May delivery surged $1.23 or 2.0 percent to $64.31 a barrel.

Closer to home, Japan will see preliminary April results for the manufacturing and services PMIs from Jibun Bank later today; in March, their scores were 48.4 and 50.0, respectively.

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