Japan Stock Market May Add To Its Winnings On Thursday

(RTTNews) - The Japan stock market has finished higher in three consecutive trading days, advancing almost 1,100 points or 1.8 percent to a fresh record closing high. The Nikkei finished just beneath the 59,590-point plateau and it's expected to open to the upside again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European markets were down and the U.S. bourse were up and the Asian markets figure to follow the latter lead.

The Nikkei finished modestly higher on Wednesday following gains from the financial shares and resource stocks. For the day, the index gained 236.69 points or 0.40 percent to finish at 59,585.86 after trading between 59,005.48 and 59,708.21. Among the actives, Nissan Motor sank 0.84 percent, while Mazda Motor skidded 1.11 percent, Toyota Motor tanked 2.71 percent, Honda Motor retreated 1.45 percent, Softbank Group surged 8.47 percent, TDK surged 4.83 percent, Mizuho Financial shed 0.51 percent, Sumitomo Mitsui Financial lost 0.53 percent, Mitsubishi Electric declined 1.54 percent, Nikon plunged 4.35 percent, Panasonic Holdings slumped 1.13 percent and Hitachi stumbled 2.99 percent.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained comfortably in the green throughout the trading day.

The Dow jumped 340.65 points or 0.69 percent to finish at 49,490.03, while the NASDAQ rallied 397.60 points or 1.64 percent to end at a record 23,001.78 and the S&P 500 climbed 73.89 points or 1.05 percent to close at 7,137.90, also a record.

The rebound on Wall Street came in reaction to news that President Donald Trump has extended the U.S. ceasefire with Iran, although it will continue to blockade all maritime traffic entering and exiting Iranian ports.

Iran dismissed Trump's ceasefire extension as meaningless and said the Strait of Hormuz will remain closed until the U.S. blockade is lifted.

Crude oil prices soared Wednesday thanks to supply disruption concerns due to the ongoing blockade of the Strait of Hormuz. West Texas Intermediate crude for June delivery was up $3.54 or 3.95 percent at $93.21 per barrel.

Traders also continue to express optimism about the strength of corporate results, with earnings season off to a solid start.

Closer to home, Japan will see preliminary April figures for its manufacturing, services and composite PMIs from Jibun Bank later this morning; in March, their scores were 51.6, 53.4 and 53.0, respectively.