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Japanese Market Extends Gains

The Japanese stock market is extending gains on Tuesday from the previous session following the positive cues from Wall Street after an unexpected uptick in U.S. retail sales in January, while a weaker yen boosted shares of exporters. News that the British Prime Minister Theresa May has managed to win last-minute support from the EU for her Brexit deal also lifted sentiment.

The benchmark Nikkei 225 Index is adding 358.68 points or 1.70 percent to 21,483.77, after rising to a high of 21,492.54 earlier. Japanese shares bounced back from four days of losses to close higher on Monday.

The major exporters are higher on a weaker yen. Mitsubishi Electric is rising almost 3 percent, while Sony and Panasonic are advancing more than 2 percent each. Canon is adding more than 1 percent.

In the tech sector, Tokyo Electron is rising almost 2 percent and Advantest is up more than 1 percent. Among the major automakers, Honda is adding more than 1 percent and Toyota is advancing almost 1 percent.

In the banking space, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are higher by more than 1 percent each. In the oil sector, Inpex is advancing almost 1 percent and Japan Petroleum is adding 1 percent after crude oil prices rose overnight.

Among the major gainers, CyberAgent is gaining almost 7 percent, while Yaskawa Electric and Sumitomo Dainippon are higher by more than 5 percent each.

On the economic front, Japan will see first-quarter numbers for the indexes for large all industry and large manufacturing from BSI today.

In the currency market, the U.S. dollar is trading in the mid 111 yen-range on Tuesday.

On Wall Street, stocks closed sharply higher on Monday following the release of a report from the Commerce Department showing an unexpected uptick in U.S. retail sales in January. However, the Dow underperformed its counterparts due to a steep drop by Boeing, following the crash of Ethiopian Airlines Flight 302, which was the second crash in five months involving the company's 737 Max 8 model.

The Dow climbed 200.64 points or 0.8 percent to 25,650.88, while the Nasdaq soared 149.92 points or 2 percent to 7,558.06 and the S&P 500 jumped 40.23 points or 1.5 percent to 2,783.30.

The major European markets also moved to the upside on Monday. While the U.K.'s FTSE 100 Index rose by 0.3 percent, the French CAC 40 Index and the German DAX Index advanced by 0.7 percent and 0.8 percent, respectively.

Crude oil prices moved higher on Monday, lifted by reports that Saudi Arabia is planning to extend output cuts. WTI crude for April ended up $0.72 or 1.3 percent at $56.79 a barrel on the New York Mercantile Exchange.

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