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Japanese Market Significantly Higher

The Japanese stock market is significantly higher on Tuesday, recouping some of the losses in the previous three sessions, with the Nikkei 225 moving to nearly the 26,600 level, despite the broadly negative cues from global markets overnight, with minor gains across most sectors as the market rebounded after the recent sharp sell-off.

The benchmark Nikkei 225 Index is up 162.35 points or 0.61 percent at 26,593.90, after touching a high of 26,680.20 earlier. Japanese shares ended sharply lower on Monday.

Market heavyweight SoftBank Group is flat and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is adding almost 2 percent and Toyota is gaining more than 1 percent.

In the tech space, Advantest and Screen Holdings are gaining more than 1 percent each, while Tokyo Electron is losing almost 1 percent. In the banking sector, Mitsubishi UFJ Financial is adding more than 1 percent, Mizuho Financial is gaining almost 1 percent and Sumitomo Mitsui Financial is edging up 0.5 percent.

The major exporters are mostly higher, with Sony gaining almost 1 percent, Mitsubishi Electric adding more than 1 percent and Panasonic edging up 0.2 percent, while Canon is edging down 0.2 percent.

Among the other major gainers, Mitsui E&S Holdings is gaining more than 4 percent, while Hitachi Zosen and Konami Group are adding almost 4 percent each. Shiseido is advancing more than 3 percent and Kao is up more than 3 percent.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the mid-144 yen-range on Tuesday.

On Wall Street, stocks fluctuated early in the session but moved notably lower over the course of the trading day on Monday. The major averages added to the steep losses posted last week, with the Dow and the S&P 500 falling to their lowest closing levels since late 2020.

The major averages all finished the day firmly in negative territory. The Dow tumbled 329.60 points or 1.1 percent to 29,260.81, the Nasdaq slid 65.00 points or 0.6 percent to 10,802.92 and the S&P 500 slumped 38.19 points or 1.0 percent to 3,655.04.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index ended the day little changed, the French CAC 40 Index dipped by 0.2 percent and the German DAX Index fell by 0.5 percent.

Crude oil prices tumbled to near nine-month lows on Monday, extending losses from the previous session amid rising concerns about the outlook for fuel demand due to increasing possibility of a global recession. West Texas Intermediate Crude oil futures for November ended lower by $2.03 or 2.6 percent at $76.71 a barrel.

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