Japanese Market Notably Higher

(RTTNews) - Adding to the gains in the previous two sessions, the Japanese stock market is notably higher on Tuesday, with the Nikkei 225 moving above the 39,800 level, following the broadly positive cues from global markets overnight, with gains in index heavyweights, exporters and financial stocks. The Yen also hit a fresh 38-year low against the US dollar.

The benchmark Nikkei 225 Index is up 207.64 points or 0.52 percent at 39,838.70, after touching a high of 39,929.67 earlier. Japanese shares ended slightly higher on Monday.

Market heavyweight SoftBank Group is flat and Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda is gaining 1.5 percent and Toyota is adding more than 1 percent.

In the tech space, Advantest and Screen Holdings are gaining almost 1 percent each, while Tokyo Electron is edging down 0.3 percent.

In the banking sector, Mitsubishi UFJ Financial is gaining almost 4 percent, while Mizuho Financial and Sumitomo Mitsui Financial are adding almost 3 percent each.

The major exporters are mostly higher. Panasonic is edging down 0.1 percent, while Sony is gaining more than 1 percent, Mitsubishi Electric is adding almost 2 percent and Canon is edging up 0.3 percent.

Among the other major gainers, Daiichi Sankyo and Kawasaki Kisen Kaisha are gaining more than 4 percent, while Dai-ichi Life, T&D Holdings, MS&AD Insurance, Mitsubishi Heavy Industries and Daiwa Securities are adding more than 3 percent each. Sompo Holdings, Mercari and Hoya are advancing almost 3 percent each.

Conversely, Sumitomo Pharma and Dentsu Group are losing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 161 yen-range on Tuesday.

On Wall Street, stocks closed higher on Monday, with technology shares turning in a fine performance. The major averages all started off on a somewhat weak note in lackluster trade, but turned positive with stocks gaining in strength gradually as the session progressed.

The Dow ended higher by 50.66 points or 0.13 percent, at 39,169.52. The S&P 500 advanced 14.61 points or 0.27 percent to 5,475.09, while the Nasdaq climbed 146.70 points or 0.83 percent to 17,879.30.

The major European markets also moved to the upside on the day. Germany's DAX gained 0.3 percent, and France's CAC 40 ended up 1.09 percent. The U.K.'s FTSE 100 edged up 0.03 percent.

Crude oil prices rose sharply on Monday, on expectations of higher demand, supply concerns and production cuts by OPEC. West Texas Intermediate Crude oil futures ended higher by $1.84 or about 2.2 percent at $83.38 a barrel.