Japanese Market Notably Higher

(RTTNews) - The Japanese stock market is trading notably higher on Wednesday, reversing the losses in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving well above the 65,650 level, with gains in automakers, financial and technology stocks.

The benchmark Nikkei 225 Index is up 405.98 or 0.62 percent at 65,675.31, after touching a high of 65,728.53 earlier. Japanese stocks ended sharply lower on Tuesday.

Market heavyweight SoftBank Group is advancing more than 4 percent, while Uniqlo operator Fast Retailing is losing more than 2 percent. Among automakers, Honda is edging up 0.4 percent and Toyota is gaining almost 1 percent.

In the tech space, Advantest, Tokyo Electron and Screen Holdings are edging up 0.2 to 0.5 percent each.

In the banking sector, Sumitomo Mitsui Financial is edging up 0.1 percent and Mizuho Financial is gaining almost 1 percent. Mitsubishi UFJ Financial is flat.

Among the major exporters, Mitsubishi Electric is gaining almost 2 percent and Panasonic is adding almost 1 percent, while Canon and Sony are down almost 1 percent each.

Among other major gainers, Furukawa Electric is soaring almost 11 percent, Fujikura is jumping almost 9 percent and Sumitomo Electric Industries is surging more than 6 percent, while Idemitsu Kosan and Mitsui Kinzoku are advancing almost 6 percent each. Mitsubishi Materials is gaining more than 5 percent and Lasertec is up almost 5 percent, while Sumitomo Metal Mining, Dowa Holdings, ENEOS Holdings, Tokai Carbon and Fuji Electric are adding more than 4 percent each. IHI, Resonac Holdings and SMC are rising more than 3 percent each.

Conversely, Kyowa Kirin is tumbling more than 5 percent, while Nikon and Sumitomo Pharma are declining more than 4 percent each. Trend Micro, Nomura Research Institute, SHIFT and Nitori Holdings are losing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Wednesday.

On Wall Street, stocks moved mostly lower during trading on Tuesday with trading resuming following the long Labor Day weekend. The major averages all moved to the downside, with the Dow showing a particularly steep decline.

The Dow slumped 628.18 points or 1.2 percent to 52,786.07, the S&P 500 fell 45.08 points or 0.6 percent to 7,673.52 and the Nasdaq dipped 85.58 points or 0.3 percent to 26,421.41. The major European markets have also moved to the downside on the day. While the German DAX Index is down by 0.3 percent, the French CAC 40 Index is down by 0.2 percent and the U.K.'s FTSE 100 Index is down by 0.1 percent.

Crude oil prices surged on Tuesday as U.S. forces and Iran continue to trade attacks, fueling supply concerns. West Texas Intermediate crude for October delivery was last up $1.31 or 1.43 percent at $92.79 per barrel.