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Japanese Market Falls


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(RTTNews.com) - The Japanese stock market is losing on Monday, tracking the weak cues from Wall Street and on caution ahead of the Bank of Japan's monetary policy decision due on Tuesday.

The benchmark Nikkei 225 Index is down 135.99 points or 0.60 percent to 22,576.76, off a low of 22,518.394 earlier. Japanese shares closed higher on Friday.

The major exporters are mostly lower. Sony is declining more than 1 percent, Panasonic is down 0.4 percent and Mitsubishi Electric is lower by 0.1 percent, while Canon is adding 0.3 percent.

In the auto space, Toyota is adding 0.4 percent and Honda is rising 0.3 percent. In the banking sector, Mitsubishi UFJ Financial is advancing almost 2 percent and Sumitomo Mitsui Financial is higher by more than 1 percent.

Among oil stocks, Inpex is advancing 1 percent and Japan Petroleum is adding 0.2 percent.

Among the market's best performers, Ricoh is gaining 10 percent, Yahoo Japan is rising more than 7 percent and Alps Electric is higher by almost 5 percent.

On the flip side, Sumitomo Dainippon Pharma is losing almost 12 percent, while NGK Insulators is down almost 5 percent and Eisai Co. is declining more than 4 percent.

In economic news, Japan will release June figures for retail sales today.

In the currency market, the U.S. dollar is trading in the 111 yen-range on Monday.

On Wall Street, stocks closed lower on Friday, partly reflecting a negative reaction to earnings news from companies such as Twitter, Intel and Exxon Mobil. Traders largely shrugged off a report from the Commerce Department showing a significant acceleration in the pace of U.S. economic growth in the second quarter.

The Dow fell 76.01 points or 0.3 percent to 25,451.06, the Nasdaq plunged 114.77 points or 1.5 percent to 7,737.42 and the S&P 500 slid 18.62 points or 0.7 percent to 2,818.82.

The major European markets moved to the upside on Friday. While the French CAC 40 Index advanced by 0.6 percent, the U.K.'s FTSE 100 Index and the German DAX Index climbed by 0.5 percent and 0.4 percent, respectively.

Crude oil prices declined on Friday despite data from the U.S. Commerce Department showing the U.S. economy to have grown at its fastest pace in nearly four years in the second quarter. WTI crude for September fell $0.92 or 1.3 percent to $68.69 a barrel on the New York Mercantile Exchange.


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This article appears in: Stocks , World Markets , Politics , Oil



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