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Japanese Market Flat

The Japanese stock market is flat on Wednesday as lingering fears about rising U.S.-China trade tensions weighed on investor sentiment and offset the positive cues overnight from Wall Street.

The benchmark Nikkei 225 Index is edging up 5.13 points or 0.02 percent to 21,072.36, after touching a low of 20,968.08 in early trades. Japanese shares hit a three-month low on Tuesday.

The major exporters are higher. Sony is advancing almost 2 percent, while Canon and Panasonic are adding almost 1 percent. Mitsubishi Electric is up 0.2 percent.

Among tech stocks, Advantest is rising more than 2 percent and Tokyo Electron is adding almost 1 percent. In the auto space, Toyota is edging lower by 0.1 percent and Honda is losing 1 percent.

Among the major banks, Mitsubishi UFJ Financial is lower by more than 1 percent and Sumitomo Mitsui Financial is down 0.5 percent.

In the oil sector, Inpex is declining almost 1 percent while Japan Petroleum is rising more than 1 percent after crude oil prices rose more than 1 percent overnight.

Among the other major gainers, Marui Group is rising more than 8 percent, Mitsubishi Estate is higher by almost 8 percent and Furukawa Electric is gaining more than 7 percent.

On the flip side, Takeda Pharmaceutical is losing 7 percent, Nissan Motor is lower by more than 6 percent and Taiheiyo Cement is declining more than 5 percent.

On the economic front, Japan will see April numbers for money stock and machine tool orders today.

In the currency market, the U.S. dollar is trading in the upper 109 yen-range on Wednesday.

On Wall Street, stocks closed higher on Tuesday as traders picked up stocks at reduced levels following the steep losses seen on Monday. The markets also benefited from continued optimism the U.S. and China will eventually reach a trade deal despite the retaliatory tariffs announced by China.

The Dow advanced 207.06 points or 0.8 percent to 25,532.05, the Nasdaq jumped 87.47 points or 1.1 percent to 7,734.49 and the S&P 500 climbed 22.54 points or 0.8 percent to 2,834.41.

The major European markets rebounded on Tuesday following recent weakness. While the French CAC 40 Index surged up by 1.5 percent, the U.K.'s FTSE 100 Index and the German DAX Index jumped by 1.1 percent and 1 percent, respectively.

Crude oil prices rose Tuesday amid supply concerns and slightly easing worries about energy demand after the U.S. and China struck a conciliatory tone on trade talks. WTI crude oil for June delivery climbed $0.74 or 1.2 percent to $61.78 a barrel on the New York Mercantile Exchange.

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