Japanese Market Modestly Higher

(RTTNews) - The Japanese stock market is trading modestly higher on Wednesday after opening in the red, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving above the 48,050 level, with gains automakers and financial stocks.

The benchmark Nikkei 225 Index is up 106.79 or 0.22 percent at 48,057.67, after hitting a low of 47,845.63 and a high of 48,181.12 earlier. Japanese stocks ended slightly lower on Tuesday.

Market heavyweight SoftBank Group is losing almost 1 percent and Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is also adding more than 1 percent.

In the tech space, Advantest is gaining almost 1 percent and Screen Holdings is edging up 0.5 percent, while Tokyo Electron is losing more than 1 percent.

In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are gaining more than 2 percent each.

Among the major exporters, Mitsubishi Electric is adding more than 1 percent and Sony is gaining more than 2 percent, while Canon and Panasonic are edging down 0.3 percent each.

Among other major gainers, IHI is jumping almost 7 percent and Fujikura is surging almost 5 percent, while Daiichi Sankyo, Credit Saison, Japan Exchange Group and Japan Steel Works are gaining almost 4 percent each. Tokio Marine, Sompo Holdings, T&D Holdings, Mitsui Kinzoku and Mitsubishi Heavy Industries are advancing more than 3 percent each, while Resona Holdings, Taiyo Yuden and Furukawa Electric are adding almost 3 percent each.

Conversely, there are no other major losers.

In economic news, Japan posted a current account surplus of 3.776 trillion yen in August, the Ministry of Finance said on Wednesday - down 4.8 percent on year. That beat forecasts for a surplus of 3.540 trillion yen and was up from 2.684 trillion yen in July.

Imports were down 6.0 percent on year to 8.253 trillion yen and exports were up an annual 0.4 percent at 8.359 trillion yen for a trade surplus of 105.9 billion yen. The capital account showed a deficit of 16.3 billion yen, while the financial account had a surplus of 1.838 trillion yen.

In the currency market, the U.S. dollar is trading in the lower 152 yen-range on Wednesday.

On the Wall Street, stocks gave back some ground during trading on Tuesday following the upward move seen over the course of the previous session. The major averages all moved to the downside, with the Nasdaq and the S&P 500 pulling back off Monday's record closing highs.

The major averages finished the day off their worst levels but still in negative territory. The Nasdaq slid 153.30 points or 0.7 percent to 22,788.36, the S&P 500 fell 25.69 points or 0.4 percent to 6,714.59 and the Dow dipped 91.99 points or 0.2 percent to 46,602.98.

Meanwhile, the major European markets ended the day roughly flat. While the U.K.'s FTSE 100 Index crept up by 0.1 percent, the German DAX Index and the French CAC 40 Index closed just above the unchanged line.

Crude oil prices crept slightly higher on Tuesday, despite forecasts of weakening oil demand. West Texas Intermediate crude for November delivery was up $0.02 or 0.03 percent at $61.71 per barrel.