Japanese Market Modestly Higher

RTTNews | 1025 dni temu
Japanese Market Modestly Higher

(RTTNews) - The Japanese stock market is modestly higher on Tuesday, recouping some of the losses in the previous session, with the Nikkei 225 moving above the 27,600 level, following the broadly positive cues from Wall Street overnight, even as domestic inflation accelerated at the fastest pace since 1991. Traders were also catching up in post-holiday trading.

The benchmark Nikkei 225 Index is up 70.47 points or 0.26 percent at 27,638.12, after touching a high of 27,907.45 earlier. Japanese shares ended significantly lower on Friday ahead of the holiday on Monday.

Market heavyweight SoftBank Group and Uniqlo operator Fast Retailing are gaining almost 1 percent each. Among automakers, Honda is adding almost 1 percent and Toyota is gaining more than 1 percent.

In the tech space, Advantest is gaining more than 1 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings is advancing more than 2 percent. In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining almost 1 percent each, while Sumitomo Mitsui Financial is edging up 0.3 percent.

The major exporters are mixed, with Sony and Panasonic edging down 0.4 percent each, while Canon is gaining more than 1 percent and Mitsubishi Electric is adding almost 2 percent. Among the other major gainers, NTN is surging more than 5 percent and Unitika is adding almost 5 percent, while TDK and Showa Denko K.K. are up almost 4 percent. JTEKT and Pacific Metals are advancing more than 3 percent each, while Casio Computer, Fujikura, Denso, Ebara, Tokai Carbon and Alps Alpine are rising almost 3 percent each.

Conversely, Konami Group is declining more than 4 percent, while Kawasaki Kisen Kaisha and Nippon Yusen K.K. are losing more than 3 percent each. Mitsui O.S.K. Lines is down almost 3 percent.

In economic news, overall consumer prices in Japan were up 3.0 percent on year in August, the Ministry of Internal Affairs and Communications said on Tuesday. That exceeded expectations for 2.9 percent and was up from 2.6 percent in July. On a monthly basis, overall inflation rose 0.4 percent - easing from 0.5 percent in the previous month. Core CPI, which excludes volatile food prices, climbed an annual 2.8 percent - again exceeding forecasts for an increase of 2.7 and accelerating from 2.4 percent a month earlier.

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

On Wall Street, stocks recovered from an initial move to the downside and spent much of the trading session on Monday showing a lack of direction before advancing going into the close. The major averages all regained ground following the steep losses posted last week.

The major averages reached new highs late in the session, ending the day firmly positive. The Dow rose 197.26 points or 0.6 percent to 31,019.68, the Nasdaq advanced 86.62 points or 0.8 percent to 11,535.02 and the S&P 500 climbed 26.56 points or 0.7 percent to 3,899.89. Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index rose by 0.3 percent, the French CAC 40 Index dipped by 0.3 percent and the U.K.'s FTSE 100 Index decreased by 0.6 percent.

Crude oil prices recovered Monday after falling sharply, rebounding to end on a firm note amid concerns about supplies. A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. West Texas Intermediate Crude oil futures for October ended higher by $0.62 or 0.7 percent at $85.73 a barrel.

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