Japan Stock Market May Extend Losing Streak

(RTTNews) - The Japanese stock market has finished lower in back-to-back sessions, slumping almost 190 points or 0.3 percent along the way. The Nikkei 225 now sits just above the 66,215-point plateau and it may take further damage again on Wednesday.

The global forecast for the Asian markets is weak on rising hostilities in the Middle East and the resulting spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The Nikkei finished modestly lower on Tuesday as losses from the technology and paper sectors were mitigated by support from the automobile producers and utilities.

For the day, the index sank 96.59 points or 0.15 percent to finish at 66,215.34 after trading between 65,576.61 and 66,525.70.

The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained firmly under water throughout the trading day.

The Dow dropped 419.02 points or 0.79 percent to finish at 52,766.88, while the NASDAQ sank 271.12 points or 1.03 percent to end at 26,099.77 and the S&P 500 lost 54.67 points or 0.71 percent to close at 7,631.47.

The continued weakness on Wall Street came after U.S. Central Command announced a fresh wave of attacks against Iran, striking Islamic Revolutionary Guard Corps targets.

Crude oil prices have surged in reaction to the latest attack, renewing concerns about inflation and the outlook for interest rates.

Crude oil prices surged on Tuesday after the U.S. launched another fresh wave of attacks on Iran following the recent exchange of strikes over the weekend. West Texas Intermediate crude for October delivery was up $4.27 or 4.98 percent at $90.03 per barrel.

Closer to home, Japan will release August numbers for monetary base later this morning, with forecasts suggesting a decline of 13.5 percent on year following the 13.9 percent annual drop in July.