Japanese Market Modestly Lower

(RTTNews) - The Japanese stock market is modestly lower on Wednesday after opening in the green, extending the losses in the previous four sessions, with the Nikkei 225 falling below the 28,400 level, following the broadly negative cues from global markets overnight, dragged by weakness in technology stocks, even as traders remain concerned over an economic slowdown and the outlook for interest rates.

The benchmark Nikkei 225 Index is down 113.11 points or 0.40 percent at 28,339.64, after hitting a low of 28,282.21 and a high of 28,515.61 earlier. Japanese stocks closed sharply lower on Tuesday.

Market heavyweight SoftBank Group is edging up 0.3 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.5 percent.

In the tech space, Screen Holdings is edging down 0.1 percent, Advantest is losing almost 1 percent and Tokyo Electron is slipping almost 2 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are gaining almost 1 percent each, while Sumitomo Mitsui Financial is adding more than 1 percent.

Among the major exporters, Sony, Mitsubishi Electric and Canon are edging down 0.1 to 0.5 percent each, while Panasonic is flat.

Among the other major losers, Konami Group is losing almost 3 percent.

Conversely, Hino Motors is surging more than 5 percent, while Tokyo Electric Power, Toyota Tsusho and Toho Zinc are gaining almost 4 percent each. JGC Holdings, Olympus and IHI are adding more than 3 percent each, while Mitsubishi Heavy Industries is advancing almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 136 yen-range on Wednesday.

On Wall Street, stocks closed lower on Tuesday, losing ground for a third straight session, as worries about economic slowdown and tighter monetary policy weighed on sentiment. Data showing U.S. business activity dropping for a second straight month and at the fastest pace since May 2020 also weighed.

Among the major averages, the Dow ended down 154.02 points or 0.47 percent at 32,909.59 and the S&P 500 settled lower by 9.26 points or 0.22 percent at 4,128.73. The Nasdaq outperformed and ended flat at 12,381.30, less than 0.3 points down from the previous close.

Meanwhile, the major European markets all moved to the downside on the day. The U.K.'s FTSE 100 drifted down 0.61 percent, Germany's DAX and France's CAC 40 dropped 0.27 percent and 0.26 percent, respectively.

Crude oil prices rose sharply on Tuesday with traders weighing the prospects of OPEC and allies cutting output to support prices in the event of Iranian crude entering the market. West Texas Intermediate Crude oil futures for September jumped $3.38 or 3.7 percent at $93.74 a barrel.