Japan Stock Market May Extend Losing Streak

(RTTNews) - The Japan stock market has finished lower in two straight sessions, plunging more than 2,575 points or 4.5 percent along the way. The Nikkei 225 now sits just above the 56,275-point plateau and it may take further damage again on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the conflict in the Middle East, although oil stocks are expected to continue to soar. The European and U.S. markets were down and the Asian markets are expected to follow that lead.

The Nikkei finished sharply lower on Tuesday following losses from the financial shares, technology stocks and automobile producers.

For the day, the index plunged 1,778.19 points or 3.06 percent to finish at 56,279.05 after trading between 56,091.54 and 57,890.76. Among the actives, Nissan Motor plunged 7.54 percent, while Mazda Motor crashed 9.34 percent, Toyota Motor tanked 6.14 percent, Honda Motor tumbled 3.99 percent, Softbank Group retreated 1.33 percent, Mitsubishi UFJ Financial declined 1.60 percent, Mizuho Financial stumbled 4.55 percent, Sumitomo Mitsui Financial dropped 2.88 percent, Mitsubishi Electric cratered 6.01 percent, Sony Group surrendered 6.26 percent, Panasonic Holdings plummeted 6.19 percent and Hitachi sank 5.01 percent.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent the entire session in the red, although closing at their best levels for the day.

The Dow stumbled 403.51 points or0.83 percent to finish at 48,501.27, while the NASDAQ sank 232.17 points or 1.02 percent to end at 22,516.69 and the S&P 500 dropped 64.99 points or 0.94 percent to close at 6,816.63.

The early nosedive on Wall Street came amid concerns about the fallout from the ongoing conflict in the Middle East. As the conflict entered its fourth day, U.S. President Donald Trump suggested the war may last four to five weeks but could "go far longer than that."

The price of crude oil has continued to spike in response to the conflict, raising worries the jump in prices will lead to higher inflation.

Supply concerns were also worsened by the attacks on several oil refineries, including Saudi Aramco's oil facility in Ras Tanura.

After skyrocketing in the previous session, crude oil prices continued to soar on Tuesday after Iran closed the Strait of Hormuz. West Texas Intermediate crude for April delivery surged $3.35 or 4.7 percent to $74.58 a barrel.