Markets

Japanese Market Modestly Higher

(RTTNews) - The Japanese stock market is modestly higher in choppy trade on Monday despite the record closing highs on Wall Street Friday. Investor sentiment was dampened following news that the daily number of coronavirus cases in Tokyo topped 200 for the fourth straight day on Sunday.

The benchmark Nikkei 225 Index is adding 57.08 points or 0.25 percent to 22,977.38, after touching a low of 23,862.54 earlier. Japanese shares closed modestly higher on Friday.

Market heavyweight SoftBank Group is adding 0.7 percent and Fast Retailing is advancing more than 1 percent.

The major exporters are mostly lower despite a weaker yen. Canon and Panasonic are declining almost 1 percent each, while Mitsubishi Electric is edging down 0.1 percent. Sony is higher by more than 1 percent.

In the tech space, Advantest is adding 0.4 percent, while Tokyo Electron is down 0.2 percent. In the financial sector, Sumitomo Mitsui Financial is advancing almost 1 percent and Mitsubishi UFJ Financial is rising 0.6 percent.

Among automakers, Honda Motor is advancing more than 1 percent and Toyota is up 0.3 percent.

In the oil sector, Japan Petroleum is losing almost 1 percent and Inpex is down 0.4 percent after crude oil prices declined on Friday.

Among the other major gainers, Nissan Chemical, Dai-ichi Life and Daikin Industries are rising more than 2 percent each.

Conversely, Fujikura is losing almost 3 percent, while Mitsui E&S Holdings, Hitachi Construction Machinery, Kawasaki Kisen Kaisha and Mitsui OSK Lines are all lower by more than 2 percent each.

In the currency market, the U.S. dollar is trading in the upper 105 yen-range on Monday.

On Wall Street, stocks closed at record highs on Friday following the release of a report from IHS Markit showing U.S. business activity expanded at the fastest pace in over a year in the month of August. Adding to the positive sentiment, the National Association of Realtors released a report showing existing home sales in the U.S. continued to soar in the month of July.

The Dow advanced 190.60 points or 0.7 percent to 27,930.33, the Nasdaq climbed 46.85 points or 0.4 percent to 11,311.80 and the S&P 500 rose 11.65 points or 0.3 percent to 3,397.16.

Meanwhile, the major European markets moved to the downside on Friday. While the German DAX Index fell by 0.5 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index dipped by 0.3 percent and 0.2 percent.

Crude oil prices tumbled on Friday as the latest Euro zone flash purchasing managers' index for August dented hopes of a V-shaped recovery from the bloc's deepest economic downturn on record. WTI crude futures declined $0.48 or 1.12 percent at $42.34 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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