Japanese Market Modestly Lower

(RTTNews) - The Japanese stock market is trading modestly lower on Monday, recouping some of the losses in the previous session. The benchmark S&P/ASX 200 is falling below the 38,400 level, following the broadly negative cues from Wall Street cues on Friday, dragged by weakness in exporters and technology stocks.

The benchmark Nikkei 225 Index is down 113.86 or 0.30 percent at 38,373.38, after hitting a low of 38,320.91 earlier. Japanese shares ended significantly higher on Friday.

Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Honda is edging down 0.5 percent, while Toyota is edging up 0.3 percent.

In the tech space, Screen Holdings is losing more than 3 percent, Advantest is declining more than 4 percent and Tokyo Electron is down more than 1 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, Mitsubishi UFJ Financial is advancing more than 1 percent and Mizuho Financial is edging up 0.1 percent.

The major exporters are higher. Panasonic is losing almost 1 percent, while Mitsubishi Electric and Sony are edging down 0.2 percent each. Canon is gaining almost 1 percent.

Among other major losers, Nintendo is losing almost 6 percent, Ebara is declining more than 4 percent and Recruit Holdings is down almost 4 percent.

Conversely, Aozora Bank is surging almost 5 percent and Obayashi is gaining more than 4 percent, while T&D Holdings, Shimizu and Nippon Paper Industries are adding almost 4 percent each. Mitsubishi and Takashimaya are advancing more than 4 percent each, while Chiba, Isetan Mitsukoshi, Sumitomo Pharma, JGC Holdings, Oriental Land, Mitsui & Co., Keisei Electric Railway and Mercari are all up almost 3 percent each.

In economic news, core machine orders in Japan were up a seasonally adjusted 2.7 percent on month in December, the Cabinet Office said on Monday - coming in at 838.8 billion yen. That was in line with expectations following the 4.9 percent contraction in November.

On a yearly basis, core machine orders sank 0.7 percent - beating forecasts for a decline of 1.0 percent after dropping 5.0 percent in the previous month. For the fourth quarter of 2023, orders were down 1.0 percent on quarter and 2.5 percent on year. For the first quarter of 2024, orders are seen higher by 4.6 percent on quarter and lower by 0.2 percent on year.

In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Monday.

On Wall Street, stocks settled lower on Friday as robust producer price inflation data raised concerns that Federal Reserve may not consider lowering interest rate anytime soon.

The major averages all ended weak, with the downside of the tech-laden Nasdaq more pronounced. The Dow ended with a loss of 145.13 points or 0.37 percent at 38,627.99,the S&P 500 ended down 21.16 points or 0.48 percent at 5,005.57 and the Nasdaq settled at 15,775.65, losing 130.52 points or 0.82 percent.

Meanwhile, the major European markets have moved to the upside on the day. The U.K.'s FTSE 100 surged 1.5 percent, Germany's DAX and France's CAC 40 gained 0.42 percent and 0.32 percent, respectively.

Crude oil prices climbed higher on Friday, lifting the most active WTI Crude futures to a 11-week high, on concerns about potential supply disruptions in the Middle East. West Texas Intermediate Crude oil futures for March ended higher by $1.16 at $79.19 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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