Japanese Market Sharply Higher

The Japanese stock market is sharply higher on Tuesday, recouping the losses in the previous two-sessions, with the Nikkei 225 moving above the 26,200 mark, following the positive cues from the European markets overnight, with traders picking up stocks at a bargain after the recent sell-off in global markets, the worst since 2020.

The benchmark Nikkei 225 Index is up 458.69 points or 1.78 percent at 26,229.91, after touching a high of 26,265.35 earlier. Japanese shares ended significantly lower on Monday.

Market heavyweight SoftBank Group is gaining almost 3 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is adding almost 2 percent.

In the tech space, Advantest, Tokyo Electron and Screen Holdings are gaining more than 1 percent each. In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are gaining almost 2 percent each, while Mizuho Financial is adding more than 1 percent.

The major exporters are higher, with Sony gaining more than 3 percent and Canon up almost 1 percent, while Mitsubishi Electric and Panasonic are adding more than 1 percent each.

Among the other major gainers, Showa Denko K.K. and CyberAgent are surging more than 6 percent each, while Tokai Carbon and Tokyu Fudosan are gaining almost 5 percent each. Mitsui E&S Holdings is up more than 4 percent, while Kawasaki Heavy Industries, Hitachi Zosen, Tokyo Tatemono, Yokohama Rubber, West Japan Railway, Nippon Sheet Glass, Sumitomo Heavy Industries, Isetan Mitsukoshi, IHI and Inpex are adding almost 4 percent each.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the lower 135 yen-range on Tuesday.

On Wall Street, the markets were off on Monday for the Juneteenth Day holiday and will return to action on Tuesday.

The major European markets all moved to the upside on the day. Germany's DAX jumped 139.34 points or 1.06 percent to finish at 13,265..60, London's FTSE spiked 105.56 points or 1.50 percent to close at 7,121.81 and the CAC 40 in France gained 37.44 points or 0.64 percent to end at 5,920.09.

Crude oil futures traded mixed on Monday after falling sharply in the previous session on inflation worries and global growth concerns. West Texas Intermediate Crude oil futures for August settlement edged up 0.3 percent to $108.28 a barrel.

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