Japanese Market Slightly Lower

2024-11-29 4202
(fxcue news) - Adding to the losses in the previous two sessions, the Japanese market is slightly lower on Thursday, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling below the 38,100 level, with weakness in index heavyweights and technology stocks partially offset by gains in exporters and financial stocks. The benchmark Nikkei 225 Index is down 59.74 points or 0.16 percent to 38,075.23, after hitting a low of 37,801.62 earlier. Japanese shares ended significantly lower on Wednesday. Market heavyweight SoftBank Group is edging down 0.2 percent, while Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Toyota is edging up 0.3 percent and Honda is also edging up 0.5 percent. In the tech space, Advantest is losing almost 1 percent and Screen Holdings is edging down 0.2 percent, while Tokyo Electron is edging up 0.5 percent. In the banking sector, Mizuho Financial is gaining almost 1 percent, Sumitomo Mitsui Financial is adding more than 1 percent and Mitsubishi UFJ Financial is edging up 0.1 percent. Among the major exporters, Sony is gaining more than 1 percent, Mitsubishi Electric is edging up 0.1 percent and Panasonic is adding more than 2 percent, while Canon is losing more than 1 percent. Among other major losers, Sumitomo Pharma is losing more than 4 percent, while Lasertec and Ricoh are declining more than 3 percent each. Conversely, T&D Holdings is skyrocketing more than 12 percent and Casio Computer is surging more than 5 percent, while Shimizu and Dai-ichi Life are gaining more than 3 percent each. Toho, Sumitomo Mitsui Trust, Nichirei and Tokyo Gas are adding almost 3 percent each. In the currency market, the U.S. dollar is trading in the lower 151 yen-range on Thursday. On Wall Street, stocks gave back some ground during trading on Wednesday after trending higher over the past several sessions. The tech-heavy Nasdaq led the way lower, while the Dow and the S&P 500 pulled back off Tuesday's record closing highs. The Nasdaq climbed well off its worst levels of the day but still closed down 115.10 points or 0.6 percent at 19,060.48. The Dow fell 138.25 points or 0.3 percent to 44,722.06 and the S&P 500 slid 22.8 points or 0.4 percent to 5,998.74, snapping a seven-session winning streak. Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index rose by 0.2 percent, the German DAX Index dipped by 0.2 percent and the French CAC 40 Index fell by 0.7 percent. Crude oil prices moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
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