Japanese Market Significantly Higher

(RTTNews) - Snapping the two-session losing run, the Japanese shares are trading significantly higher on Tuesday, following the broadly positive cues from global markets overnight. The Nikkei 225 is moving above the 31,900 level, with gains across most sectors led by exporters and technology stocks.

The benchmark Nikkei 225 Index is up 264.46 points or 0.84 percent at 31,923.49, after touching a high of 32,260.77 earlier. Japanese shares ended sharply lower on Monday.

Market heavyweight SoftBank Group is gaining more than 2 percent, while Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.1 percent.

In the tech space, Advantest and Tokyo Electron are gaining almost 3 percent each, while Screen Holdings is advancing more than 4 percent.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are edging up 0.1 to 0.3 percent each, while Mitsubishi UFJ Financial is edging down 0.1 percent.

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

Among the other major gainers, Bandai Namco and Terumo are surging almost 5 percent each, while Recruit Holdings is adding more than 3 percent. Konami Group, TDK, Renesas Electronics and Oriental Land are advancing almost 3 percent each.

Conversely, there are no other major losers.

In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Tuesday.

On Wall Street, stocks rallied on Monday as investors indulged in some strong buying at several counters ahead of earnings updates from several top ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

The major averages all ended on a firm note. The Dow ended higher by 314.25 points or 0.93 percent at 33,984.54. The S&P 500 advanced 45.85 points or 1.06 percent at 4,373.63, while the Nasdaq settled at 13,567.98, gaining 160.75 points or 1.2 percent.

The major European markets also ended modestly higher despite seeing some weakness during the course of the session. The U.K.'s FTSE 100 gained 0.41 percent, Germany's DAX climbed 0.34 percent, and France's CAC 40 ended higher by 0.27 percent.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.