April 21, 2021

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Japanese Market Lower Amid Cautious Trading

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VIXC Financial and Market News

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The Japanese stock market is lower on Thursday, slipping after closing the previous session higher, with the Nikkei 225 just above the 29,600 level, as traders are cautious after the spike in coronavirus cases showed signs of a fourth wave of infections in the country. The cues overnight from Wall Street were mixed.

The benchmark Nikkei 225 Index is losing 111.86 points or 1.38 percent to 29,618.93, after hitting a low of 29,516.42 in early trades. Japanese shares ended slightly higher on Wednesday.

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

In the tech space, Advantest and Tokyo Electron are losing almost 3 percent and Screen Holdings is down more than 2 percent, while Tokyo Electron is up almost 1 percent. In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are losing more than 2 percent each.

The major exporters are mostly higher. Mitsubishi Electric is losing almost 1 percent, Canon is edging down 0.4 percent, Panasonic is declining more than 3 percent and Sony is down almost 2 percent.

Among the other major gainers, Hino Motors and Japan Exchange Group are adding almost 3 percent, while Fuji Electric and Kawasaki Kisen Kaisha are up more than 2 percent. Konami Holdings and shin-Etsu Chemical are also almost 2 percent.

Conversely, CyberAgent is losing more than 4 percent, while Oki Electric Industry, Nikon, Toray Industries, Isetan Mitsukoshi, Credit Saison, Fujikura, Takashimaya and Marubeni are down more than 3 percent each.

In economic news, Japan posted a current account surplus of 2.916 trillion yen in February, the Ministry of Finance said on Thursday – down 4.7 percent on year. That handily beat expectations for a surplus of 1.966 trillion yen following the 646.8 billion yen surplus in January. The capital account showed a deficit of 39.8 billion yen and the financial account had a shortfall of 1.231 trillion yen.

In the currency market, the U.S. dollar is trading in higher 109 yen-range on Thursday.

On Wall Street, stocks continued to experience choppy trading on Wednesday following the lackluster performance seen in the previous session. The major averages once again spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the day mixed. While the Nasdaq edged down 9.54 points or 0.1 percent to 13,688.84, the Dow inched up 16.02 points or 0.1 percent to 33,446.26 and the S&P 500 rose 6.01 points or 0.2 percent to a new record closing high of 4,079.95.

The major European markets also ended the day mixed. While the U.K.’s FTSE 100 Index advanced by 0.9 percent, the French CAC 40 Index closed just below the unchanged line and the German DAX Index dipped by 0.2 percent.

Crude oil futures settled higher on Wednesday, supported by data showing a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for May ended up $0.44 or 0.7 percent at $59.77 a barrel.

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Market Analysis

2021-04-07 22:32:09

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