Japanese market significantly higher | Nasdaq
(RTTNews) – The Japanese stock market traded sharply higher on Tuesday, recouping losses from the previous two sessions, with the Nikkei benchmark falling just below the 29,000 mark, following broadly positive signals from Wall Street overnight, with strength in most industries amid allayed concerns about the economic impact of the Omicron variant of the coronavirus.
The benchmark Nikkei 225 is up 283.66 points or 0.99% to 28,960.12, after peaking at 29,121.01 earlier. Japanese stocks closed slightly lower on Monday.
Market heavyweight SoftBank Group gained more than 1% and operator Uniqlo Fast Retailing grew by 0.3%. Among automakers, Honda adds more than 1% and Toyota gains almost 1%.
In the tech space, Advantest is adding nearly 2%, Tokyo Electron is gaining more than 2% and Screen Holdings is up more than 1%. In the banking sector, Mitsubishi UFJ Financial increased by 0.5%, Sumitomo Mitsui Financial by 0.2% and Mizuho Financial by almost 1%. The main exporters are higher. Panasonic gains 1.5%, Canon gains almost 1%, Mitsubishi Electric gains more than 1% and Sony gains more than 2%.
Among the other big winners, Konami Holdings, Olympus and Shinsei Bank earn nearly 3% each.
Conversely, there were no big losers. On the economic news side, Japan’s unemployment rate stood at 2.8 percent seasonally in November, the Interior and Communications Ministry said on Tuesday. That missed expectations of 2.7%, which would have been unchanged from the October reading. The jobs-to-demand ratio was 1.15, unchanged from the previous month but below expectations of 1.16. The turnout was 62.0 – unchanged and as expected.
Meanwhile, industrial production in Japan climbed 7.2% month-on-month in November, the Ministry of Economy, Trade and Industry said on Tuesday. That exceeded expectations of a 4.8% increase and was up from October’s 1.8% gain. On an annual basis, industrial production improved 5.4%, again beating expectations of a 2.5% gain after contracting 4.1% the previous month. Upon releasing the data, the METI improved its assessment of industrial production, saying it is now showing signs of an upward movement.
In the currency market, the US dollar traded in the upper range of 114 yen on Tuesday.
On Wall Street, stocks rose sharply during Monday’s session, adding to the strong gains recorded last week. As the bullish movement continued, the S&P 500 hit a new closing high.
The Nasdaq and S&P 500 hit new highs as markets approach close. The Dow Jones jumped 351.82 points or 1% to 36,302.38, the Nasdaq jumped 217.89 points or 1.4% to 15,871.26 and the S&P 500 jumped 65.40 points or 1.4% at 4,791.19.
Major European markets also closed largely higher on that day. As UK markets were closed for a holiday, the French CAC 40 index rose 0.8% and the German DAX index rose 0.5%.
Crude oil futures closed sharply higher on Monday in hopes that the Omicron variant will not have a significant impact on the global economic recovery. West Texas Intermediate crude oil futures for February ended $ 1.78 or 2.4% at $ 75.57 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.