(RTTNews) – The Japanese stock market is slightly higher in Tuesday’s choppy session, extending the gains of the previous session, with the Nikkei 225 below the 27,800 level, following broadly positive signals from Wall Street during the day. day, as traders digest household spending and PMI data and remain cautious amid the ongoing Russia-Ukraine crisis and its economic impact.
The benchmark Nikkei 225 is up 14.13 points or 0.05% at 27,750.60, after hitting a high of 27,965.94 and a low of 27,662.28 earlier. Japanese stocks ended slightly higher on Monday.
The SoftBank group, heavyweight in the market, and the Uniqlo operator, Fast Retailing, each gained nearly 2%. Among automakers, Honda is down 0.4% and Toyota is flat.
In technology, Advantest rose 0.2%, Screen Holdings gained almost 1% and Tokyo Electron rose 0.4%. In the banking sector, Sumitomo Mitsui Financial lost nearly 1%, while Mizuho Financial and Mitsubishi UFJ Financial fell 1.5% each.
Major exporters are mostly higher, with Panasonic gaining nearly 2%, while Canon and Sony are up 0.3-0.4% each. Mitsubishi Electric lost almost 1%. Among other big winners, Rakuten Group gains more than 5%.
Conversely, Kawasaki Kisen Kaisha and Dai-ichi Life Holdings lost almost 5% each, while T&D Holdings lost more than 4%. Sumitomo Pharma fell nearly 4%, while Ricoh Co. and Mitsui OSK Lines fell more than 3%. Shizuoka Bank, Tokio Marine, Astellas Pharma and MS&AD Insurance are down nearly 3% each.
In economic news, average household spending in Japan rose 1.1 percent year-on-year in February, the interior and communications ministry said Tuesday, to 257,887 yen. That missed expectations for a 2.7% gain and was down from the previous month’s 6.9% increase. On a monthly basis, household spending fell 2.8% – again missing expectations of a 1.5% decline after a 1.2% contraction in January. The average monthly income per household stood at 540,712 yen, down 0.1% from a year earlier.
Meanwhile, Japan’s services sector continued to contract in March, albeit at a slower pace, the latest Jibun Bank survey showed on Tuesday, with a services PMI score of 49.4. That’s up from 44.2 in February, though it remains below the 50 boom or bust line that separates expansion from contraction. The survey also said its composite index expanded to 50.3 in March from 45.8 in February.
On the foreign exchange market, the US dollar is trading around 122 yen on Tuesday.
On Wall Street, stocks mostly rose during the trading day on Monday, adding to the gains posted in the previous session. Tech stocks contributed to the advance, which led to a remarkable gain for the Nasdaq.
The major averages all closed positive, although the tech-heavy Nasdaq outperformed its peers. While the Nasdaq jumped 271.05 points or 1.9% to 14,532.55, the S&P 500 advanced 36.78 points or 0.8% to 4,582.64 and the S&P 500 rose 103 .61 points or 0.3% at 34,921.88.
Major European markets also traded higher on the day. While the French CAC 40 index rose 0.7%, the German DAX index climbed 0.5% and the British FTSE 100 index rose 0.3%.
Crude oil futures rose on Monday, rebounding from recent losses after US President Joe Biden called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after atrocities reported in Ukraine. West Texas Intermediate crude oil futures for May ended up $4.01 or 4% at $103.28 a barrel.
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