Japan Bourse May Extend Thursday's Losses

(RTTNews) - The Japanese stock market on Thursday ended the two-day winning streak in which it had jumped almost 2,300 points or 4 percent. The Nikkei 225 now sits just above the 54,450-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The Nikkei finished sharply lower on Thursday following losses from the automobile producers and financial shares, while the technology companies were mixed.

For the day, the index slumped 572.41 points or 1.04 percent to finish at 54,452.96 after trading between 53,796.01 and 54,733.08. Among the actives, Nissan Motor accelerated 1.25 percent, while Mazda Motor sank 0.71 percent, Honda Motor and Toyota Motor both retreated 1.23 percent, Softbank Group tumbled 3.60 percent, Mitsubishi UFJ Financial skidded 1.14 percent, Mizuho Financial tanked 2.63 percent, Sumitomo Mitsui Financial stumbled 2.79 percent, Mitsubishi Electric added 0.44 percent, Sony Group rose 0.38 percent, Panasonic Holdings slumped 1.15 percent and Hitachi rallied 1.23 percent.

The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.

The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.

The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.

The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.