(RTTNews) - The Japanese stock market is rising on Tuesday following the overnight gains on Wall Street as positive results from trials of experimental COVID-19 vaccines boosted investor sentiment and helped offset worries about the surge in coronavirus cases worldwide.
The benchmark Nikkei 225 Index is adding 168.27 points or 0.74 percent to 22,885.75, after rising to a high of 22,892.20 earlier. Japanese shares closed little changed on Monday.
Market heavyweight SoftBank Group is rising more than 2 percent and Fast Retailing is advancing more than 1 percent.
In the tech space, Tokyo Electron advancing more than 1 percent and Advantest is up 0.6 percent, following the overnight gains by their U.S. counterparts.
The major exporters are mostly lower. Sony is rising more than 2 percent, while Mitsubishi Electric is declining more than 1 percent, Canon is lower by almost 1 percent and Panasonic is down 0.4 percent.
In the financial sector, Mitsubishi UFJ Financial is losing more than 2 percent and Sumitomo Mitsui Financial is lower by more than 1 percent.
Among automakers, Toyota is lower by more than 2 percent and Honda is declining more than 1 percent. In the oil sector, Inpex is losing more than 1 percent and Japan Petroleum is down 0.1 percent even as crude oil prices rose overnight.
Among the other major gainers, Z Holdings and Sumco Corp are rising more than 5 percent each, while Screen Holdings and Daiichi Sankyo are higher by almost 5 percent each. M3 and Rakuten are gaining almost 4 percent each.
Conversely, Isuzu Motors is losing almost 4 percent, while Nippon Steel, Taiheiyo Cement, Obayashi Corp. and T&D Holdings are all lower by more than 3 percent each.
On the economic front, consumer prices in Japan were up 0.1 percent on year in June, in line with expectations and unchanged from the May reading. Core CPI, which excludes volatile food prices, was unchanged on an annual basis compared to forecasts for a drop of 0.1 percent following the 0.2 percent decline in the previous month.
In the currency market, the U.S. dollar is trading in the lower 107 yen-range on Tuesday.
On Wall Street, stocks closed higher on Monday following positive results from trials of experimental COVID-19 vaccines by Oxford University and AstraZeneca, and Pfizer and BioNTech. The positive news on the vaccine front came as some states continue to see spikes in coronavirus cases, with Florida reporting 12,523 new cases on Saturday, reflecting the fifth consecutive day the state reported more than new 10,000 infections.
The Dow inched up just 8.92 points or less than a tenth of a percent to 26,680.87, while the tech-heavy Nasdaq soared 263.90 points or 2.5 percent to 10,767.09 and the S&P 500 climbed 27.11 points or 0.8 percent to 3,251.84.
The major European markets ended mixed on Monday. The U.K.'s FTSE 100 Index slid by 0.5 percent, while the French CAC 40 Index rose by 0.5 percent and the German DAX Index jumped by 1 percent.
Crude oil prices moved higher on Monday, as worries about energy demand outlook faded slightly on news about a potential coronavirus vaccine proving to be safe following an early-stage human trial. WTI crude for August rose $0.22 or about 0.5 percent to $40.81 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.