Japanese market significantly higher | Nasdaq
(RTTNews) – The Japanese stock market was significantly higher on Friday, recouping modest losses from the previous session, with the benchmark Nikkei 225 gaining nearly 600 points to break through the 29,000 mark as a weaker yen also boosted exporters. This despite mixed overnight signals from Wall Street. Meanwhile, lingering concerns about the spike in daily domestic coronavirus infections and possible additional restrictions and lockdowns are limiting the market’s rise. The Japanese government is expected to extend the COVID-19 state of emergency covering Tokyo and eight other prefectures for three weeks until June 20 on Friday.
The benchmark Nikkei 225 is up 564.60 points or 1.98% to 29,113.61, after peaking at 29,125.21 earlier. Japanese stocks closed slightly lower on Thursday.
Market heavyweight SoftBank Group gained 2.5% and operator Uniqlo Fast Retailing added nearly 2%. Among automakers, Honda gained more than 3% and Toyota added nearly 2%.
In the tech space, Advantest lost nearly 1%, while Tokyo Electron added more than 2% and Screen Holdings gained more than 1%. In the banking sector, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial each earn more than 1%. The main exporters are higher. Canon and Mitsubishi Electric gain almost 1% each, while Sony and Panasonic add almost 2% each.
Among the other big winners, Hino Motors earns more than 7%, while Toyo Seikan, Yaskawa Electric and Mitsubishi Heavy Industries add more than 6% each. Kawasaki Heavy Industries and Pacific Metals are up more than 5% each, while IHI, Toyota Tsusho, Olympus and Mitsui E&S Holdings are up nearly 5% each. Isetan Mitsukoshi Holdings, T&D Holdings, JTEKT, Toray Industries and Sumitomo Metal Mining all earn more than 4% each. Conversely, CyberAgent loses more than 3% and Sumitomo Dainippon Pharma is down almost 2%. In economic news, the unemployment rate in Japan entered seasonally adjusted 2.8% in April, the Ministry of Communications and Home Affairs said on Friday. It was above expectations of 2.7 percent and was up 2.6 percent in March. The jobs-to-applicants ratio was 1.09, again missing the forecast for 1.10, which would have been unchanged from the previous month.
Separately, the Ministry of Communications and Home Affairs said overall consumer prices in Tokyo were down 0.4% year-on-year in May, after falling 0.6% in April. Core CPI fell 0.2% per year, unchanged and in line with expectations. On a seasonally adjusted monthly basis, headline inflation and core CPI were both 0.3% higher.
In the currency market, the US dollar is trading in the upper range of 109 yen on Friday.
On Wall Street, stocks moved in opposite directions at the start of trading on Thursday and continued to see choppy trading throughout the session. The Dow Jones ended the day firmly positive, while the Nasdaq and S&P 500 closed near the unchanged line.
While the high-tech Nasdaq ended the day down 1.72 points or less than a tenth of a percent at 13,736.28, the Dow Jones rose 141.59 points or 0.4% to 34,464 , 64 and the S&P 500 rose 4.89 points or 0.1% to 4,200.88.
The major European markets also ended the day mixed. While the French CAC 40 index rose 0.7%, the UK’s FTSE 100 index fell slightly by 0.1% and the German DAX index fell 0.3%.
Crude oil prices rose Thursday, extending gains to a fifth straight session after crude inventories fell in the United States. West Texas Intermediate crude oil futures for July ended up $ 0.64 or 1% at $ 66.85 a barrel.
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