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Japanese Market Modestly Higher

The Japanese stock market is modestly higher on Tuesday after falling in early trade following the mostly negative cues overnight from Wall Street. Investors are cautious after the market's six straight days of gains previously and as they awaited the outcome of Japan's trade talks with the U.S.

The benchmark Nikkei 225 Index is adding 44.09 points or 0.18 percent to 23,914.02, after touching a low of 23,808.95 in early trades. The Japanese market was closed on Monday for a public holiday.

The major exporters are mixed despite a weaker yen. Sony is rising more than 2 percent and Canon is adding 0.5 percent, while Mitsubishi Electric is losing 0.5 percent and Panasonic is down 0.2 percent.

In the banking sector, Mitsubishi UFJ Financial is adding 0.3 percent and Sumitomo Mitsui Financial is higher by almost 3 percent.

Among oil stocks, Inpex is advancing almost 1 percent and Japan Petroleum is gaining almost 3 percent.

Among the major gainers, Nippon Suisan Kaisha is rising more than 4 percent, Shiseido Co. is advancing more than 3 percent and Osaka Gas is higher by almost 3 percent.

On the flip side, Yaskawa Electric is losing more than 6 percent and JXTG Holdings is lower by almost 5 percent. Showa Denko and Suzuki Motor are declining more than 3 percent each.

In economic news, members of the Bank of Japan's monetary policy meeting said that Japan's economic expansion is continuing at an acceptable pace, minutes from the bank's meeting on July 30 and 31 has revealed. At the meeting, the central bank retained its massive monetary stimulus as expected, including the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

Japan also will see August figures for producer prices and supermarket sales, plus final July results for the leading and coincident indexes today.

In the currency market, the U.S. dollar is trading in the upper 112 yen-range on Tuesday.

On Wall Street, stocks closed mostly lower on Monday amid news China has canceled trade talks with the U.S. as tariffs on billions of dollars of goods take effect. Traders also were reluctant to make significant moves ahead of Wednesday's Federal Reserve meeting. The Fed is widely expected to raise interest rates by another quarter point.

The Dow shed 181.45 points or 0.68 percent to finish at 26,562.05 and the S&P fell 10.30 points or 0.35 percent to 2,919.37, while the Nasdaq added 6.29 points or 0.08 percent to 7,993.25.

European stocks also fell on Monday. The DAX of Germany dropped 0.64 percent, the CAC of France fell 0.33 percent and the FTSE 100 of the U.K. declined 0.42 percent.

Crude oil prices moved up sharply on Monday, as crude exports from Iran dropped and top oil producers signaled they were in no rush to increase output. WTI crude for November added $1.30 or 1.8 percent to close at $72.08 a barrel on the New York Mercantile Exchange.

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