By RTT News, October 14, 2013, 10:20:00 PM EDT
(RTTNews.com) - The Japanese stock market is trading firm on Tuesday with a weaker yen and optimism about a solution to the U.S. debt ceiling issue triggering some strong buying at several counters.
After rising to 14,51.4 in early trades, gaining over 100 points in the process, the benchmark Nikkei 225 index is currently trading at 14,455, up 50.3 points or 0.3 percent from its previous close.
Nisshin Steel Holdings is up more than 4 percent. Mazda Motor and Nippon Paper Industries are adding 3.3 percent and 3.2 percent, respectively.
KDDI Corp., Konami Corp., Mitsubishi Chemical Holdings Corp., Denki Kagaku Kogyo KK, Showa Shell KK, Sony Corp. ( SNE ), MS&AD Insurance Group Holdings, Daikin Industries and Sony Financial Holdings are trading higher by 2 to 3 percent.
Softbank Corp., Casio Computer, Citizen Holdings, Tokyo Electron, Nippon Yusen KK, Sumitomo Heavy Industries, Fast Retailing, Astellas Pharma and JX Holdings are also trading notably higher.
Fuji Heavy Industries is trading firm following the company's operating profit forecast beating expectations. Shares of Misawa Homes Co. are up sharply following a solid half-year earnings forecast from the company.
Dowa Holdings Co. shares are down more than 5 percent following the company's profit forecast missing estimates.
Mitsui Mining & Smelting is down more than 4 percent. Nippon Electric Glass, Furukawa Electric, JGC Corp., Unitika, Sharp Corp., Sumco Corp., Fujikura, Advantest Corp. ( ATE ), Sumitomo Metal Mining, Olympus Corp. and Suzuki Motor are trading lower by 0.8 to 2.4 percent.
In economic news, Japan's industrial production data for August is due for release during the day. Little change is expected from last month's preliminary readings that suggested a 3.4 percent monthly increase and a 3.7 percent yearly gain.
In the currency market, the U.S. dollar traded in the upper 98 yen range in early deals in Tokyo. The yen is currently trading at 98.55 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Australia, Hong Kong, South Korea and Taiwan are trading notably higher. New Zealand is up marginally, while Shanghai is trading weak. Markets in Indonesia, Malaysia and Singapore are closed for public holidays.
On Wall Street, stocks ended on a firm note Monday, after coming under pressure early in the session. The markets benefited from renewed optimism about lawmakers reaching an agreement to end the latest fiscal crisis.
The major averages moved roughly sideways going into the close, hovering firmly in positive territory. The Dow rose 64.2 points or 0.4 percent to 15,301.3, the Nasdaq advanced 23.4 points or 0.6 percent to 3,815.3 and the S&P 500 climbed 6.9 points or 0.4 percent to 1,710.1.
Major European markets turned in a mixed performance on Monday. While the German DAX index closed just below the unchanged line, the French CAC 40 index inched up by 0.1 percent and the U.K.'s FTSE 100 index gained 0.3 percent.
U.S. crude oil ended higher on Monday, mostly on news of a possible deal on the budget and debt ceiling with President Barack Obama all set to meet Congressional leaders later in the day. Nonetheless, the gains were capped after data from China showed inflation to have climbed with exports declining.
Crude for November delivery gained $0.39 or 0.4 percent to close at $102.41 a barrel on the New York Mercantile Exchange.
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