Japanese Market Slightly Higher

2024-09-07 1025
(fxcue news) - Recouping some of the losses in the previous three sessions, the Japanese stock market is slightly higher in choppy trading on Friday after opening in the green and briefly moving in to red, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 36,700 level, with gains in some index heavyweights partially offset by weakness in exporters, financial and technology stocks. The benchmark Nikkei 225 Index is gaining 19.63 points or 0.05 percent to 36,676.72, after touching a high of 36,898.28 earlier. Japanese stocks closed significantly lower on Thursday. Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining almost 2 percent. Among automakers, Honda is edging down 0.3 percent and Toyota is losing more than 2 percent. In the tech space, Advantest and Screen Holdings are losing more than 2 percent, while Tokyo Electron is declining 2.5 percent. In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging down 0.3 percent each, while Mizuho Financial is losing almost 2 percent. Among major exporters, Mitsubishi Electric is losing almost 2 percent, Sony is declining almost 3 percent, Canon is down almost 1 percent and Panasonic is slipping more than 1 percent. Among other major gainers, M3 is surging almost 7 percent, Shiseido is gaining more than 5 percent, Aeon is adding more than 4 percent and Konami Group is advancing more than 3 percent, while Meiji Holdings and Sekisui House are up almost 3 percent each. Conversely, Rakuten Group and Daikin Industries are declining more than 4 percent each, while SMC and Keyence are losing almost 4 percent each. Kawasaki Heavy Industries, Hitachi Zosen, Hitachi, Mercari and Mitsubishi Heavy Industries are declining more than 3 percent each, while Disco, Mazda Motor, JFE Holdings, Nippon Steel and Furukawa Electric are down almost 3 percent each. In economic news, the average of household spending in Japan slipped a seasonally adjusted 1.7 percent on month in July, the Ministry of Internal Affairs and Communications said on Friday - coming in at 290,931 yen. That missed forecasts for a decline of 0.2 percent following the 0.1 percent increase in June. On a yearly basis, household spending added 0.1 percent - again shy of expectations for an increase of 1.2 percent following the 1.4 percent contraction in the previous month. The average of monthly income per household stood at 694,483 yen, up 5.5 percent on year. In the currency market, the U.S. dollar is trading in the lower 143 yen-range on Friday. On Wall Street, stocks turned in another mixed performance during trading on Thursday after ending yesterday's lackluster session narrowly mixed. While the S&P 500 closed lower for the third straight session, the tech-heavy Nasdaq ended the day in positive territory. The Nasdaq bounced back and forth across the unchanged line before eventually closing up 43.37 points or 0.3 percent at 17,127.66. Meanwhile, the S&P 500 fell 16.66 points or 0.3 percent to 5,503.41 and the Dow slid 219.22 points or 0.5 percent to 40,755.75. Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index slid by 0.9 percent, the U.K.'s FTSE 100 Index fell by 0.3 percent and the German DAX Index edged down by 0.1 percent. Crude oil prices settled lower on Thursday due to concerns about the outlook for demand, although the downside was limited by reports that OPEC has postponed plans to boost production next month. West Texas Intermediate Crude oil futures for October ended down by $0.05 at $69.15 a barrel, the lowest settlement in about nine months.
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