logo
Plus   Neg
Share
Email

Japanese Market Notably Lower

The Japanese stock market is notably lower on Tuesday following the lackluster cues overnight from Wall Street and on a stronger yen amid worries about rising interest rates, trade wars and a slowing Chinese economy.

The benchmark Nikkei 225 Index is losing 256.01 points or 1.08 percent to 23,527.71, after touching a low of 23,457.45 earlier. The Japanese market was closed on Monday for the Health-Sports day holiday.

The major exporters are lower on a stronger yen. Mitsubishi Electric is declining more than 3 percent, Canon is lower by more than 2 percent, Panasonic is losing more than 1 percent and Sony is down 0.6 percent.

Among the major auto makers, Toyota is losing 3 percent and Honda is down almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial is lower by more than 1 percent and Mitsubishi UFJ Financial is down 1 percent.

In the oil space, Japan Petroleum is falling 6 percent and Inpex is down almost 3 percent after crude oil prices ended flat overnight.

Among the major gainers, FamilyMart UNY is higher by more than 3 percent, IHI Corp. is rising almost 3 percent and Sumitomo Realty & Development is advancing almost 2 percent.

On the flip side, Sumco Corp. is losing more than 7 percent and Mitsui Mining & Smelting is declining almost 6 percent. Screen Holdings, Fuji Electric and Cyberagent are lower by more than 5 percent each.

In the currency market, the U.S. dollar is trading in the 113 yen-range on Tuesday.

On Wall Street, stocks closed mixed on Monday in a volatile session as many traders remained away from their desks for the Columbus Day holiday. Traders also seemed reluctant to make significant moves, as the bond markets were closed along with banks and federal offices.

While the Dow rose 39.73 points or 0.2 percent to 26,486.78, the Nasdaq slid 52.50 points or 0.7 percent to 7,735.95 and the S&P 500 edged down 1.14 points or less than a tenth of a percent to 2,884.43.

The major European markets also showed significant moves to the downside on Monday. The German DAX Index plunged by 1.4 percent, while the U.K.'s FTSE 100 Index and the French CAC 40 Index slumped by 1.2 percent and 1.1 percent, respectively.

Crude oil futures declined sharply in early trading, but regained lost ground and ended flat on Monday. WTI crude closed at $74.29 a barrel on the New York Mercantile Exchange, down $0.05 from the previous close.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT