November 29, 2020

Market and Financial News Aggregator

Japanese Market Extends Win Streak

3 min read

The Japanese stock market is rising for the eighth straight day on Thursday following the mostly positive cues overnight from Wall Street that largely reflected a rebound by tech stocks and continued optimism about a potential coronavirus vaccine. However, a stronger yen weighted on exporters’ shares.

The benchmark Nikkei 225 Index is adding 205.94 points or 0.81 percent to 25,555.54, after touching a high of 25,587.96 earlier. Japanese shares ended at a fresh 29-year high on Wednesday.

Market heavyweight SoftBank Group is advancing almost 2 percent and Fast Retailing is rising more than 2 percent.

In the tech space, Advantest is higher by almost 2 percent and Tokyo Electron is adding more than 1 percent after their U.S. peers rebounded overnight.

Sony is adding more than 1 percent after the company unveiled its next-generation PlayStation 5 gaming console in major regions, including Japan and the U.S., on Thursday.

Meanwhile, the other major exporters are lower on a stronger yen. Panasonic is losing more than 1 percent, Canon is declining almost 1 percent and Mitsubishi Electric is down 0.6 percent.

In the banking sector, Mitsubishi UFJ Financial is lower by more than 1 percent and Sumitomo Mitsui Financial is down 0.5 percent. Among automakers, Honda is losing almost 1 percent and Toyota is declining almost 1 percent.

Honda plans to launch its Legend sedan with level 3 autonomous driving technology in Japan by March, becoming the world’s first automaker to sell a vehicle with the technology.

Among the other major gainers, Amada Co. is climbing more than 7 percent, while M3 and Bandai Namco are rising more than 3 percent each. Mitsui Chemicals is advancing almost 3 percent.

Conversely, Dentsu Group is tumbling almost 8 percent, while Isetan Mitsukoshi and Takashimaya Co. are losing almost 4 percent each.

In the currency market, the U.S. dollar is trading in the lower 105 yen-range on Thursday.

On Wall Street, stocks closed mostly higher on Wednesday, largely reflecting a rebound by technology stocks. Meanwhile, traders cashed on the rally by cyclical stocks seen over the past two sessions, contributing to the modest pullback by the Dow. Overall trading activity was somewhat subdued due to the Veterans Day holiday, as banks and the bond markets were closed and no major U.S. economic data was released.

While the Dow edged down 23.29 points or 0.1 percent to 29,397.63, the broader Nasdaq and S&P 500 both closed firmly in positive territory. The Nasdaq surged up 232.58 points or 2 percent to 11,786.43 and the S&P 500 climbed 27.13 points or 0.8 percent to 3,572.66.

The major European markets all moved to the upside on Wednesday. While the U.K.’s FTSE 100 Index surged up by 1.4 percent, the French CAC 40 Index and the German DAX Index rose by 0.5 percent and 0.4 percent, respectively.

Crude oil futures settled higher on Wednesday as data showed a larger than expected drop in U.S. crude inventories in the week ended November 6, and on optimism about an effective coronavirus vaccine. WTI crude for December ended up $0.09 or about 0.2 percent at $41.45 a barrel.

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2020-11-11 21:01:13

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