Nikkei May Extend Losing Streak On Monday

(RTTNews) - The Japanese stock market has moved lower in two straight sessions, sinking more than 250 points or 0.6 percent in that span. The Nikkei 225 now sits just beneath the 39,570-point plateau and it may extend its losses again on Monday.

The global forecast for the Asian markets is negative on lingering trade concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The Nikkei finished slightly lower on Friday following losses from the technology stocks, gains from the automobile producers and a mixed picture from the financial sector.

For the day, the index slipped 76.72 points or 0.19 percent to finish at 39,569.68 after trading between 39,497.70 and 39,957.80.

Among the actives, Nissan Motor accelerated 1.58 percent, while Mazda Motor soared 3.04 percent, Toyota Motor strengthened 1.39 percent, Honda Motor jumped 1.65 percent, Softbank Group retreated 1.40 percent, Mitsubishi UFJ Financial collected 1.77 percent, Mizuho Financial rallied 2.00 percent, Sumitomo Mitsui Financial improved 1.53 percent, Mitsubishi Electric dropped 0.90 percent, Sony Group dipped 0.19 percent, Hitachi tumbled 1.82 percent and Panasonic Holdings was unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained under water for almost the entire session.

The Dow dropped 279.09 points or 0.63 percent to finish at 44,371.51, while the NASDAQ sank 45.17 points or 0.22 percent to close at 20,585.53 and the S&P 500 lost 20.71 points or 0.33 percent to end at 6,259.75.

The weakness on Wall Street came amid renewed concerns about President Donald Trump's escalating trade battles.

Overall trading activity was somewhat subdued, however, amidst a lack of major economic data and ahead of earnings season this coming week.

Crude oil rose sharply on Friday after the International Energy Agency upwardly revised its oil supply forecast and also buoyed by lingering geopolitical risks in the Middle East. West Texas Intermediate crude for August delivery closed up $1.88 to settle at $68.45 per barrel.

Closer to home, Japan will release May figures for core machinery orders, industrial production and the tertiary industry activity index later today. Core machinery orders are tipped to slip 1.5 percent on month and rise 3.4 percent on year after tumbling 9.1 percent on month and gaining 6.6 percent on year in April. The tertiary industry index had a reading of -10.90 in the previous month.