The Japanese stock market, having opened weaker on Tuesday morning following losses on Wall Street, recovered the losses and is trading in positive territory. In the U.S, the major indices ended lower on Monday on profit taking following a recent rally. Negative analysts comments on financial institutions and disappointing corporate results also weighed on market sentiment as investors await the earnings season for the quarter ended March 31, 2009.
On Monday, the Dow closed down 41.74 points or 0.5% at 7,976, the Nasdaq closed down 15.16 points or 0.9% at 1,607 and the S&P 500 closed down 7.02 points or 0.8% at 835.
In Asian trading, crude oil is currently up $0.20 at $51.25 a barrel in electronic trading. Light sweet crude for May delivery closed down $1.46 at $51.05 a barrel on the New York Mercantile Exchange on Monday over demand concerns. Traders are also looking forward to Wednesday's Department of Energy inventory report.
The benchmark Nikkei 225 Index, having opened weaker at 8,834 compared to its previous close of 8,858, is currently trading at 8,884, up 26.52 points, and the broader Topix index of all First Section Issues is gaining 4.49 points to 835.
In the currency market, the U.S. dollar is quoted in a range of 100.72-100.77 yen, down 0.43 yen from Monday's close.
Financials are dragging the market indices lower on concerns about loss on equity investments. Oil-related stocks and exporters pared their gains. Automakers, however, are trading in positive territory on expectations of global recovery.
Among the automakers, Honda Motor is advancing 2.91%, Isuzu Motors is gaining 2.88%, and Toyota Motor is edging up 0.27%.
Financial stocks are trading mixed. Mitsubishi UFJ is losing 0.97%, and Sumitomo Mitsui is decreasing 0.55%. However, Mizuho Financial is trading unchanged and Resona Holdings is gaining 1.43%. Brokerage Nomura Holdings is down 0.17%.
Exporters are also trading mixed. While Canon is down 0.64% and Sharp is losing 0.46%, Sony is gaining 1.03%. Trading houses, however, are trading higher. Mitsubishi Corp. is rising 0.41%, Sumitomo Corp. is edging up 0.76% and Itochu is advancing 2.49%.
Oil stocks are trading weaker on lower crude oil prices. Inpex is down 1.88%, Showa Shell is falling 1.50%, and Nippon Oil is losing 3.68%.
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