Japanese Market Sharply Higher

2024-08-03 1594
(fxcue news) - Reversing the losses in the previous session, the Japanese stock market is trading sharply higher on Friday, following the broadly positive cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 35,400 level, with gains across all sectors led by index heavyweights and financial stocks. The benchmark Nikkei 225 Index is gaining 576.06 points or 1.65 percent to 35,407.21, after touching a high of 35,671.31 earlier. Japanese stocks closed significantly lower on Thursday. Market heavyweight SoftBank Group is gaining more than 5 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is edging up 0.1 percent. In the tech space, Advantest is gaining more than 3 percent, while Tokyo Electron and Screen Holdings are edging up 0.2 to 0.5 percent each. In the banking sector, Mitsubishi UFJ Financial is gaining almost 1 percent, Mizuho Financial is advancing more than 3 percent and Sumitomo Mitsui Financial is advancing more than 4 percent. Among major exporters, Mitsubishi Electric is declining more than 2 percent, while Canon is gaining almost 3 percent, Sony is adding almost 2 percent and Panasonic is advancing 1.5 percent. Among other major gainers, JGC Holdings and Itochu are soaring almost 7 percent each, while Recruit Holdings and Concordia Financial are surging more than 6 percent each. Terumo, Fukuoka Financial and Mitsui Mining & Smelting are gaining almost 6 percent each, while Resonac Holdings, Chiba Bank, Chugai Pharmaceutical, DeNA and Resona Holdings are advancing more than 5 percent each. Orix and NTN are upalmost 5 percent each. Conversely, NEXON is plummeting more than 12 percent, Shiseido is plunging almost 12 percent Sumco is sliding almost 10 percent and Nikon is slipping almost 9 percent, while Amada and BANDAI NAMCO are declining more than 4 percent each. Taiyo Yuden is losing almost 4 percent and Taiheiyo Cement is down almost 3 percent. In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Friday. On Wall Street, stocks moved sharply higher during trading on Thursday, with the major averages more than offsetting the downturn seen over the course of the previous session. The major averages surged early in the session and saw further upside as the day progressed. The major averages moved roughly sideways going into the close, hovering near their best levels of the day. The Nasdaq soared 464.22 points or 2.9 percent to 16,660.02, the Nasdaq spiked 119.81 points or 2.3 percent to 5,319.31 and the Dow jumped 683.04 points or 1.8 percent to 39,446.49. Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index climbed by 0.4 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.3 percent. Crude oil prices settled higher on Thursday, amid possible supply disruptions due to Middle East tensions, and on hopes of increased demand in the U.S. West Texas Intermediate Crude oil futures for September ended higher by $0.96 or 1.28 percent at $76.19 a barrel.
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