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Japanese Market Drifts Lower


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(RTTNews.com) - The Japanese stock market drifted into negative territory on Tuesday after opening higher following the modest gains overnight on Wall Street and on a weaker yen. Lingering trade concerns weighed on investor sentiment as tariffs on $34 billion worth of Chinese imports to the U.S. are due to take effect on July 6.

The benchmark Nikkei 225 Index is losing 80.96 points or 0.37 percent to 21,730.97, after rising to a high of 21,927.81 in early trades.

The major exporters are mostly lower despite a weaker yen. Canon is declining almost 2 percent, Panasonic is lower by 0.5 percent and Mitsubishi Electric is losing 0.3 percent, while Sony is adding 0.6 percent.

Automaker Toyota is adding 0.5 percent and Honda is rising 0.4 percent. In the banking sector, Mitsubishi UFJ Financial is lower by 0.5 percent and Sumitomo Mitsui Financial is declining 0.3 percent.

Among oil stocks, Inpex is rising almost 1 percent, while Japan Petroleum Exploration is down 0.3 percent after crude oil prices declined slightly overnight.

Among the market's best performers, Minebea Mitsumi is rising more than 5 percent, while Ricoh Co., Seiko Epson and Tokai Carbon are higher by more than 3 percent each.

On the flip side, Furukawa Electric is losing more than 3 percent and Mitsubishi Materials is lower by almost 3 percent, while Mitsui Mining & Smelting and Citizen Watch are down more than 2 percent each.

In economic news, the Bank of Japan said that the monetary base in Japan advanced 7.4 percent on year in June, coming in at 493.363 trillion yen. That follows the 8.1 percent gain in May.

In the currency market, the U.S. dollar is trading in the upper 110 yen-range on Tuesday.

On Wall Street, stocks closed higher on Monday following the release of a report from the Institute for Supply management that showed growth in U.S. manufacturing activity unexpectedly accelerated in the month of June. Stocks initially moved lower on lingering trade concerns as tariffs on $34 billion worth of Chinese imports to the U.S. and a matching $34 billion worth of U.S. exports to China are due to take effect on July 6th.

While the Nasdaq advanced 57.38 points or 0.8 percent to 7,567.69, the Dow edged up 35.77 points or 0.2 percent to 24,307.18 and the S&P 500 rose 8.34 points or 0.3 percent to 2,726.71.

The major European markets moved to the downside on Monday. The U.K.'s FTSE 100 Index slumped by 1.2 percent, while the French CAC 40 Index dropped by 0.9 percent and the German DAX Index fell by 0.6 percent.

Crude oil prices fell slightly Monday after U.S. President Donald Trump blasted OPEC for artificially boosting oil prices. August WTI crude fell $0.21 or 0.3 percent to settle at $73.94 a barrel on the New York Mercantile Exchange.


Read the original article on RTTNews (http://www.rttnews.com/2910441/japanese-market-drifts-lower.aspx)


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This article appears in: Stocks , World Markets , Politics


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