Japanese Market Modestly Lower
(RTTNews) - The Japanese stock market is modestly lower on Monday, while the safe-haven yen strengthened following the mixed cues from Wall Street Friday and on worries about the U.S.-China trade war as a new round of tariffs by the U.S. and China took effect over the weekend.
U.S. tariffs on $112 billion worth of Chinese imports went into effect on Sunday, while China started to impose retaliatory tariffs on some of the U.S. goods on its $75 billion target list.
The benchmark Nikkei 225 Index is losing 67.25 points or 0.32 percent to 20,637.12, after touching a low of 20,614.29 earlier. Japanese shares rose on Friday.
The major exporters are mostly lower on a stronger yen. Mitsubishi Electric is declining 0.7 percent, Canon is lower by 0.4 percent and Panasonic is down 0.3 percent, while Sony is adding 0.1 percent.
In the tech space, Advantest is rising 0.7 percent and Tokyo Electron is higher by more than 1 percent. In the auto sector, Honda Motor is adding 0.1 percent and Toyota Motor is edging up less than 0.1 percent.
Market heavyweight SoftBank is losing more than 1 percent and Fast Retailing is down 0.2 percent.
Among oil stocks, Japan Petroleum is losing almost 2 percent and Inpex is lower by more than 1 percent after crude oil prices fell on Friday.
Among the major gainers, Tokyo Dome, Pacific Metals, Rakuten and Olympus are all rising more than 3 percent each.
On the flip side, Dena Co. is losing more than 7 percent, while Sumitomo Dainippon Pharma Eisai Co. and Showa Denko are all lower by more than 2 percent each.
In the currency market, the U.S. dollar is trading in the lower 106 yen-range on Monday.
On Wall Street, stocks closed mixed on Friday in choppy trading as traders expressed some uncertainty about whether the U.S. and China will resume trade talks next month and finally reach an elusive trade deal. A mixed batch of U.S. economic data also contributed to the lackluster performance on the day, as some traders looked to get a head start on the holiday weekend.
The Dow edged up 41.03 points or 0.2 percent to 26,403.28, the best closing level for the blue chip index in nearly a month. The S&P 500 also crept up 1.88 points or 0.1 percent to 2,926.46, while the Nasdaq dipped 10.51 points or 0.1 percent to 7,962.88.
European stocks pulled back off their best levels but remained mostly positive on Friday. While the German DAX Index advanced by 0.9 percent, the French CAC 40 Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index rose by 0.3 percent.
Crude oil prices declined sharply on Friday, with traders choosing to take some profits after prices shot up by nearly 6 percent over the previous three sessions. WTI crude for October ended down $1.61 or about 2.8 percent at $55.10 a barrel.
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