Japanese Market Rises
(RTTNews) - The Japanese stock market is rising on Friday after a weak start following the lackluster cues overnight from Wall Street amid continued uncertainty about U.S.-China trade negotiations.
The benchmark Nikkei 225 Index is adding 190.51 points or 0.82 percent to 23,332.06, after touching a low of 23,121.59 in early trades. Japanese shares fell sharply on Thursday.
The major exporters are higher despite a stronger yen. Sony and Mitsubishi Electric are higher by almost 1 percent each, while Canon is rising 0.7 percent and Panasonic is up 0.1 percent.
In the tech space, Tokyo Electron is rising more than 1 percent and Advantest is higher by almost 1 percent.
Market heavyweight SoftBank Group and Fast Retailing are adding 0.2 percent each.
FamilyMart UNY Holdings said it will cut about 800 jobs, or about 10 percent of its workforce, as part of its efforts to streamline operations following repeated consolidations. The convenience store operator's shares are higher by more than 2 percent.
Among auto stocks, Toyota Motor is rising 0.2 percent and Honda Motor is up 0.1 percent.
In the oil sector, Inpex is declining 1 percent and Japan Petroleum is lower by 0.3 percent after crude oil prices declined overnight.
Among the major gainers, Dentsu is rising almost 6 percent and Nisshin Seifun Group is higher by more than 5 percent. Nippon Suisan Kaisha and Japan Post Holdings are gaining more than 4 percent each.
On the flip side, Z Holdings is losing more than 5 percent.
In the currency market, the U.S. dollar is trading in the upper 108 yen-range on Friday.
On Wall Street, stocks closed nearly flat on Thursday in another lackluster session as traders seemed reluctant to make any significant moves as the US-China trade talks drag on. With earnings season largely in the rearview mirror and the Federal Reserve signaling interest rates will remain on hold for the foreseeable future, traders are looking the next catalyst for the markets.
The S&P 500 inched up 2.59 points or 0.1 percent to a new record closing high of 3,096.63, while the Dow edged down 1.63 points or less than a tenth of a percent to 27,781.96 and the Nasdaq slipped 3.08 points or less than a tenth of a percent to 8,479.02.
The major European markets all moved to the downside on Thursday. While the U.K.'s FTSE 100 Index fell by 0.8 percent, the German DAX Index dropped by 0.4 percent and the French CAC 40 Index edged down by 0.1 percent.
Crude oil futures pared early gains and settled moderately lower on Thursday after data showed a larger than expected increase in crude stockpiles last week. WTI crude for December delivery slid $0.35 to $56.77 a barrel.