Japanese Market Modestly Higher

(RTTNews) - The Japanese market is trading modestly higher on Thursday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 61,400 level, with gains in index heavyweights and exporter stocks, while most other sectors are trading mixed.

The benchmark Nikkei 225 Index is up 183.06 points or 0.31 percent to 61,436.65, after touching a high of 61,680.19 and a low of 61,090.90 earlier. Japanese stocks ended sharply higher on Wednesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is edging down 0.3 percent, while Honda is gaining almost 2 percent.

In the tech space, Advantest is declining more than 3 percent, while Screen Holdings is adding almost 1 percent and Tokyo Electron is gaining almost 3 percent.

In the banking sector, Mizuho Financial is edging up 0.4 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging down 0.3 to 0.4 percent each.

Among the major exporters, Mitsubishi Electric is gaining more than 2 percent, Panasonic is edging up 0.4 percent, Sony is adding more than 1 percent and Canon is advancing almost 2 percent.

Among other major gainers, Resonac Holdings is skyrocketing almost 16 percent, Dowa Holdings is soaring more than 12 percent, Mitsubishi Materials is jumping almost 8 percent and Sumco is surging almost 6 percent, while Daiwa House Industry and Japan Tobacco are advancing almost 5 percent each. Nippon Express and Mitsui Chemicals are gaining more than 4 percent each, while Sapporo Holdings and Shin-Etsu Chemical are adding almost 4 percent each. Kioxia Holdings and Taisei are rising more than 3 percent each, while Nissui is up almost 3 percent.

Conversely, Recruit Holdings is tumbling more than 6 percent, while Ibiden and Nissan Motor are declining more than 4 percent each. BayCurrent is losing more than 3 percent.

In economic news, producer prices in Japan were up 0.7 percent on month in October, the Bank of Japan said on Thursday. That was well above expectations for an increase of 0.3 percent following the upwardly revised 0.2 percent gain in September. On a yearly basis, producer prices climbed 7.1 percent - again exceeding expectations for 6.5 percent and up from 6.8 percent in the previous month.

Export prices were up 0.6 percent on month and 12.2 percent on year, the bank said, while import prices spiked 2.3 percent on month and 19.2 percent on year.

In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Thursday.

On Wall Street, stocks saw a significant rebound during trading on Wednesday following the pullback seen during Tuesday's session. The Nasdaq and S&P 500 moved sharply higher, while the narrower Dow posted a more moderate gain.

The major averages gave back some ground in the latter part of the trading day but remained firmly positive. The Nasdaq surged 400.31 points or 1.6 percent to 25,466.19, the S&P 500 jumped 98.45 points or 1.3 percent to 7,619.38 and the Dow climbed 254.60 points or 0.5 percent to 52,486.49.

The major European markets also moved to the upside on the day. While the German DAX Index shot up by 1.2 percent, the U.K.'s FTSE 100 Index advanced by 0.8 and the French CAC 40 Index climbed by 0.7 percent.

Crude oil prices advanced on Wednesday after strong remarks by Iranian leaders against the U.S. diminished expectations of an early reopening of the Strait of Hormuz. West Texas Intermediate crude for December delivery was up $0.96 or 1.12 percent at $87.00 per barrel.