Japanese Market Significantly Higher

(RTTNews) - The Japanese stock market is significantly higher on Tuesday, recouping some of the losses in the previous session, with the Nikkei 225 nearing the 27,000 mark, following the broadly positive cues from global markets overnight, with gains in exporters and financial stocks. The reversal of the planned tax cuts in the form of fiscal stimulus in the UK also lifted market sentiment.

The benchmark Nikkei 225 Index is up 173.82 points or 0.65 percent at 26,949.61, after touching a high of 27,229.88 earlier. Japanese shares ended significantly lower on Monday.

Market heavyweight SoftBank Group is losing more than 2 percent, while Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is edging down 0.4 percent and Toyota is flat.

In the tech space, Advantest is edging up 0.1 percent, while Screen Holdings and Tokyo Electron are edging down 0.3 to 0.4 percent each. In the banking sector, Mitsubishi UFJ Financial is gaining more than 1 percent and Mizuho Financial is adding almost 1 percent, while Sumitomo Mitsui Financial is edging down 0.1 percent.

The major exporters are higher, with Sony edging up 0.5 percent and Mitsubishi Electric adding almost 1 percent, while Canon and Panasonic are gaining almost 1 percent each. Among the other major gainers, Yamaha is gaining more than 4 percent and Konami Group is adding almost 4 percent, while Recruit Holdings, East Japan Railway, Sharp and West Japan Railway are advancing more than 3 percent each. Marui Group, NTT Data, J. Front Retailing, M3, Keio and Daiichi Sankyo are all up almost 3 percent each.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Tuesday.

On Wall Street, stocks moved sharply higher in early trading on Monday and continued to turn in a strong performance throughout the session. The major averages all posted strong gains on the day, with the tech-heavy Nasdaq leading the way higher.

The major averages moved roughly sideways in afternoon trading, hovering near their best levels of the day. While the Nasdaq surged 354.41 points or 3.4 percent to 10,675.80, the S&P 500 shot up 94.88 points or 2.7 percent to 3,677.95 and the Dow jumped 550.99 points or 1.9 percent to 30,185.82.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.9 percent, the German DAX Index and the French CAC 40 Index jumped by 1.7 percent and 1.8 percent, respectively.

Crude oil futures slumped on Monday, extending losses from the previous session as worries about a recession weighed on the outlook for energy demand and pushed down oil prices. West Texas Intermediate Crude oil futures for November eased $0.15 or 0.2 percent at $85.46 a barrel.