Japanese Market Significantly Higher

(RTTNews) - The Japanese stock market is significantly higher on Wednesday, extending the gains in the previous four sessions, with the Nikkei 225 breaching the 30,000 mark, despite the broadly negative cues from global markets overnight, with gains across most sectors after data showed Japan's economy expanding more than expected in the first quarter.

The benchmark Nikkei 225 Index is up 214.24 or 0.72 percent at 30,057.23, after touching a high of 30,060.72 earlier. Japanese stocks ended notably higher on Tuesday.

Market heavyweight SoftBank Group is gaining almost 4 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is edging up 0.4 percent.

In the tech space, Screen Holdings and Tokyo Electron are gaining almost 3 percent each, while Advantest is adding almost 2 percent.

In the banking sector, Sumitomo Mitsui Financial is edging down 0.3 percent, while Mizuho Financial is edging up 0.5 percent and Mitsubishi UFJ Financial is gaining more than 2 percent.

Among the major exporters, Sony and Panasonic are gaining almost 1 percent each, while Canon is edging up 0.3 percent. Mitsubishi Electric is flat.

Among other major gainers, CyberAgent and T&D Holdings are gaining almost 3 percent each.

Conversely, Sumitomo Pharma and Tokai Carbon are losing more than 3 percent each, while Sumitomo Chemical is down almost 3 percent.

In economic news, Japan's gross domestic product expanded a seasonally adjusted 0.4 percent on quarter in the first quarter of 2012, the Cabinet Office said in Wednesday's preliminary reading. That beat expectations for a gain of 0.1 percent following the flat reading in the three months prior.

On an annualized basis, GDP jumped 1,6 percent - again topping forecasts for an increase of 0.7 percent following the downwardly 0.1 percent contraction in the previous three months (originally +0.1 percent).

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

On Wall Street, stocks moved mostly lower over the course of the trading day on Tuesday, giving back ground after ending Monday's session mostly higher. The major averages all moved to the downside, with the Dow showing a particularly steep drop.

The Dow and the S&P 500 fell to new lows for the session going into the close of trading. The Dow slumped 336.46 points or 1.0 percent to 33,012.14, the S&P 500 slid 26.38 points or 0.6 percent to 4,109.90 and the Nasdaq dipped 22.16 points or 0.2 percent to 12,343.05.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.3 percent, the French CAC 40 Index dipped by 0.2 percent and the German DAX Index edged down by 0.1 percent.

Crude oil prices drifted lower Tuesday amid concerns about the outlook for energy demand following disappointing Chinese data. West Texas Intermediate Crude oil futures for June ended lower by $0.25 or 0.4 percent at $70.86 a barrel.