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Japanese Market Loses

The Japanese stock market is losing on Tuesday despite the positive cues overnight from Wall Street, with investors cautious amid doubts over whether the U.S. and China will settle their trade disputes before the 90-day deadline.

The benchmark Nikkei 225 Index is losing 111.93 points or 0.50 percent to 22,462.83. Japanese shares hit a six-week high on Monday.

The Nikkei business daily reported that Sharp Corp. has laid off more than 3,000 foreign workers in Japan as the company shifts production of iPhone sensors to a Chinese plant owned by Sharp's parent company Foxconn. Shares of Sharp are losing more than 2 percent.

The major exporters are mostly lower on a stronger yen. Sony is down 0.2 percent, Panasonic is declining 0.3 percent and Mitsubishi Electric is lower by 0.7 percent, while Canon is advancing more than 1 percent.

In the tech sector, Advantest is adding 0.2 percent, while Tokyo Electron is declining 0.2 percent.

Among the major automakers, Toyota is adding 0.4 percent, while Honda is lower by 0.2 percent. In the banking sector, Mitsubishi UFJ Financial is lower by more than 1 percent and Sumitomo Mitsui Financial is losing almost 2 percent.

In the oil space, Inpex is advancing more than 1 percent while Japan Petroleum is down 0.4 percent despite a 4 percent surge in crude oil prices.

Among the other major gainers, Konica Minolta is rising more than 2 percent, while Kikkoman and Taiyo Yuden are advancing more than 1 percent each.

On the flip side, Kawasaki Kishen Kaisha is losing more than 7 percent, Showa Denko is declining more than 6 percent and Tokai Carbon is lower by more than 5 percent.

On the economic front, the Bank of Japan said that the monetary base in Japan was up 6.1 percent on year in November, coming in at 501.330 trillion yen. That follows two straight months of 5.9 percent gains.

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

On Wall Street, stocks closed higher on Monday reflecting a positive reaction to the highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping over the weekend. At the meeting, Trump and Xi agreed to a 90-day truce in the escalating trade war between the world's two largest economies as they work to reach a long-term trade deal.

The Dow surged up 287.97 points or 1.1 percent to 25,826.43, the Nasdaq soared 110.98 points or 1.5 percent to 7,441.51 and the S&P 500 shot up 30.20 points or 1.1 percent to 2,790.37.

The major European markets also showed strong moves to the upside on Monday. While the German DAX Index shot up by 1.9 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index advanced by 1.2 percent and 1 percent, respectively.

Crude oil prices surged on Monday as trade tensions eased and investors pinned hopes that crude exporters would agree to cut output at OPEC's policy meeting on December 6. WTI crude for January delivery jumped $2.02 or 4 percent to $52.95 a barrel on the New York Mercantile Exchange.

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