Japanese Market Modestly Lower

2024-08-10 2447
(fxcue news) - The Japanese stock market is trading modestly lower on Monday, snapping a five-session winning streak. The benchmark S&P/ASX 200 is falling below the 38,000 mark, despite the broadly positive cues from Wall Street on Friday, as traders booked some profits after the recent extended rally. The benchmark Nikkei 225 Index is down 114.89 or 0.30 percent at 37,947.78, after hitting a low of 37,683.63 earlier. Japanese shares ended sharply higher on Friday. Market heavyweight SoftBank Group is gaining more than 1 percent, while Uniqlo operator Fast Retailing is edging down 0.5 percent. Among automakers, Honda is adding almost 1 percent, while Toyota is declining almost 1 percent. In the tech space, Screen Holdings is gaining almost 2 percent, while Tokyo Electron and Advantest are losing almost 1 percent each. In the banking sector, Sumitomo Mitsui Financial is gaining more than 3 percent, Mitsubishi UFJ Financial is adding almost 1 percent and Mizuho Financial is edging up 0.1 percent. The major exporters are mostly higher. Canon and Panasonic are gaining almost 1 percent each, while Sony is edging up 0.1 percent. Mitsubishi Electric is losing more than 1 percent. Among other major losers, Mercari is losing more than 3 percent, while Ebara, Komatsu and Recruit Holdings are declining almost 3 percent each. Conversely, Sumitomo Pharma is soaring more than 9 percent and M3 is gaining more than 4 percent, while GS Yuasa and Lasertec are adding more than 3 percent each. Aozora Bank and Nippon Yusen K.K. are advancing almost 3 percent each. In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Monday. On Wall Street, stock moved mostly higher over the course of the trading day on Friday after showing a lack of direction early in the session. The major averages climbed more firmly into positive territory after bouncing back and forth across the unchanged line in early trading. The major averages pulled back off their best levels late in the day but still closed modestly higher. The Dow climbed 96.70 points or 0.2 percent to 40,659.76, the Nasdaq rose 37.22 points or 0.2 percent to 17,631.72 and the S&P 500 edged up 11.03 points or 0.2 percent to 5,554.25. Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index climbed by 0.4 percent and the German DAX Index advanced by 0.8 percent. Crude oil prices fell sharply on Friday, with traders assessing the situation in the Middle East and the outlook for oil demand from China in the wake of recent weak data from the world's second largest economy. West Texas Intermediate Crude oil futures for September ended down by $1.51 or about 1.9 percent at $76.65 a barrel.
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