(dpa-AFX) - The Japanese stock market is lower on Tuesday, with the fall in crude oil prices and the lackluster cues from Wall Street denting investor sentiment. Additionally, a stronger yen weighed on exporters' stocks.
In late-morning trades, the benchmark Nikkei 225 Index is declining 68.55 points or 0.38 percent to 17,796.68, off a low of 17,684.66 earlier.
Among the major exporters, Toshiba is lower by almost 4 percent, Panasonic is edging down 0.04 percent, Casio Computer is down 0.2 percent and Canon is declining 0.8 percent. Sony is losing more than 2 percent.
In the banking space, Mitsubishi UFJ Financial is losing more than 1 percent after it reported a 27 percent decline in its third-quarter profit late on Monday. Resona Holdings is lower by more than 2 percent.
Oil stocks Inpex is lower by 4 percent and JX Holdings is down almost 3 percent.
Nisshin Steel is losing more than 7 percent, Nippon Steel & Sumitomo Metal is down almost 6 percent and NTT DoCoMo is lower by almost 4 percent. Meanwhile, Dai-ichi Life Insurance is gaining almost 3 percent.
In the currency market, the
dollar traded in the upper 120 yen
-level on Tuesday, down from Monday's close in the lower 121 yen
On Wall Street, stocks regained ground to end Monday's session nearly unchanged after coming under pressure in early trading amid a sharp drop in the price of crude oil as well as the release of some disappointing Chinese manufacturing data.
While the Nasdaq inched up 6.41 points or 0.1 percent to 4,620.37, the Dow slipped 17.12 points or 0.1 percent to 16,449.18 and the S&P 500 edged down 0.86 points or less than a tenth of a percent to 1,939.38.
The major European markets all moved to the downside on Monday. While the French CAC 40 Index dropped by 0.5 percent, the
100 Index and the German DAX Index both dipped by 0.4 percent.
Crude oil prices plunged Monday, unable to sustain last week's advance due to OPEC's inaction regarding potential supply cuts. Crude oil for March delivery tumbled $2 or 6 percent to $31.62 a barrel on the New York Mercantile Exchange.
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Source: Equities.com News
(February 1, 2016 - 11:44 AM EST)
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