Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is trading sharply higher on Tuesday, reversing some of the sharp losses in the previous two sessions, despite the broadly negative cues from Wall Street overnight, with the Nikkei 225 moving above the 65,000 mark, with gains across most sectors led by index heavyweights, exporters and financial stocks.

The benchmark Nikkei 225 Index is up 880.84 points or 1.37 percent at 65,021.96, after hitting a low of 64,203.47 earlier. Japanese shares ended sharply lower on Friday ahead of the holiday on Monday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Honda is edging down 0.2 percent, while Toyota is gaining more than 1 percent.

In the tech space, Advantest is gaining more than 1 percent, while Screen Holdings and Tokyo Electron are edging up 0.2 percent each.

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

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

Among the other major gainers, Kioxia Holdings is jumping almost 9 percent, Shiseido is surging almost 6 percent and Sumitomo Metal Mining is advancing more than 4 percent, while IHI, Mitsubishi Heavy Industries, Idemitsu Kosan, MS&AD Insurance Group, Toyota Tsusho, Inpex and ENEOS Holdings are advancing almost 4 percent each. Ibiden, Sompo Holdings, Mitsubishi and Tokio Marine are gaining more than 3 percent each. Sumitomo Pharma is adding almost 3 percent.

Conversely, Sumco and Nintendo are declining more than 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 162 yen-range on Tuesday.

On the Wall Street, stocks showed a strong move to the upside in early trading on Monday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session and into negative territory.

The major averages all finished the day in the red. The Dow slid 307.16 points or 0.6 percent to 51,839.26, the S&P 500 dipped 14.41 points or 0.2 percent to 7,443.28 and the Nasdaq edged down 12.17 points or 0.1 percent to 25,508.07. Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index slid 0.7 percent, the French CAC 40 Index are closed just above the unchanged line and the German DAX Index inched up by 0.1 percent.

Crude oil prices edged higher on Monday as the U.S. and Iran continue to attack each other even as both sides appear ready to renew diplomatic efforts to halt the conflict. West Texas Intermediate crude for August delivery was up $0.39 or 0.47 percent at $82.88 per barrel.