Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is trading sharply higher on Wednesday, extending the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 50,300 level, with gains in across most sectors led by technology and financial stocks.

The benchmark Nikkei 225 Index is up 681.61 or 1.38 percent at 50,240.68, after touching a high of 50,322.14 earlier. Japanese stocks ended sharply higher on Tuesday.

Market heavyweight SoftBank Group is surging more than 6 percent, while Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Honda is edging down 0.2 percent, while Toyota is flat.

In the tech space, Advantest is surging more than 5 percent, while Screen Holdings and Tokyo Electron are advancing almost 3 percent each.

In the banking sector, Sumitomo Mitsui Financial is advancing almost 3 percent, while Mitsubishi UFJ Financial and Mizuho Financial are gaining almost 1 percent each.

Among the major exporters, Canon is gaining almost 1 percent, Panasonic is advancing more than 3 percent and Sony is up more than 1 percent, while Mitsubishi Electric is edging down 0.4 percent.

Among other major gainers, Resonac Holdings is surging more than 7 percent, Ibiden is advancing more than 6 percent, w Denka is gaining almost 5 percent and Sumitomo Metal Mining is adding almost 4 percent, while Toppan Holdings and Lasertec are advancing more than 3 percent each. TDK is up almost 3 percent.

Conversely, Mitsubishi Materials is declining more than 3 percent.

In the currency market, the U.S. dollar is trading in the lower 156 yen-range on Wednesday.

On Wall Street, stocks moved mostly higher over the course of the trading session on Wednesday, extending the upward trend seen over the past few sessions. The major averages moved to the upside in morning trading and remained firmly positive throughout the afternoon.

The major averages closed higher for the fourth consecutive session, continuing to claw their way back towards their record highs. The Dow climbed 314.67 points or 0.7 percent to 47,427.12, the Nasdaq jumped 189.10 points or 0.8 percent to 23,214.69 and the S&P 500 advanced 46.73 points or 0.7 percent to 6,812.61.

The major European markets also moved to the upside on the day. While the German DAX Index jumped by 1.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both advance by 0.9 percent.

Crude oil prices rose on Wednesday as doubts were cast on the possible success of the new U.S. proposal to end the Russia-Ukraine war. West Texas Intermediate crude for January delivery was up $0.61 or 1.05 percent at $58.56 per barrel.