(RTTNews) – The Japanese stock market is slightly higher in choppy session on Tuesday, extending the gains in the previous session, with the Nikkei 225 below the 27,800 level, following the broadly positive cues from Wall Street overnight, 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 Index is up 14.13 points or 0.05 percent at 27,750.60, after touching a high of 27,965.94 and a low of 27,662.28 earlier. Japanese shares ended modestly higher on Monday.
Market heavyweight SoftBank Group and Uniqlo operator Fast Retailing are gaining almost 2 percent each. Among automakers, Honda is edging down 0.4 percent and Toyota is flat.
In the tech space, Advantest is edging up 0.2 percen, Screen Holdings is adding almost 1 percent and Tokyo Electron is edging up 0.4 percent. In the banking sector, Sumitomo Mitsui Financial is losing almost 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are declining 1.5 percent each.
The major exporters are mostly higher, with Panasonic gaining almost 2 percent, while Canon and Sony are edging up 0.3 to 0.4 percent each. Mitsubishi Electric is losing almost 1 percent.
Among the other major gainers, Rakuten Group is gaining more than 5 percent.
Conversely, Kawasaki Kisen Kaisha and Dai-ichi Life Holdings are losing almost 5 percent each, while T&D Holdings is down more than 4 percent. Sumitomo Pharma is slipping almost 4 percent, while Ricoh Co. and Mitsui O.S.K. Lines are sliding more than 3 percent. Shizuoka Bank, Tokio Marine, Astellas Pharma and MS&AD Insurance are declining almost 3 percent each.
In economic news, the average of household spending in Japan was up 1.1 percent on year in February, the Ministry of Internal Affairs and Communications said on Tuesday – coming in at 257,887 yen. That missed expectations for a gain of 2.7 percent and was down from the 6.9 percent increase in the previous month. On a monthly basis, household spending sank 2.8 percent – again missing forecasts for a decline of 1.5 percent after contracting 1.2 percent in January. The average of monthly income per household stood at 540,712 yen, down 0.1 percent from the previous year.
Meanwhile, the services sector in Japan continued to contract in March, albeit at a slower rate, the latest survey from Jibun Bank revealed on Tuesday, with a services PMI score of 49.4. That’s up from 44.2 in February, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also said its composite index moved into expansion at 50.3 in March, up from 45.8 in February.
In the currency market, the U.S. dollar is trading in the mid-122 yen-range on Tuesday.
On Wall Street, stocks moved mostly higher over the course of the trading day on Monday, adding to the gains posted in the previous session. Tech stocks helped lead the advance, resulting in a standout gain by the Nasdaq.
The major averages all closed in positive, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq surged 271.05 points or 1.9 percent to 14,532.55, the S&P 500 advanced 36.78 points or 0.8 percent to 4,582.64 and the S&P 500 rose 103.61 points or 0.3 percent to 34,921.88.
The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.7 percent, the German DAX Index climbed by 0.5 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent.
Crude oil futures moved higher on Monday, rebounding from recent losses after U.S. President Joe Biden called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine. West Texas Intermediate Crude oil futures for May ended higher by $4.01 or 4 percent at $103.28 a barrel.
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