Japanese Market Notably Lower
(RTTNews.com) - The Japanese stock market is notably lower on Monday, tracking the weak cues from Wall Street Friday and a stronger safe-haven yen amid the ongoing turmoil in Turkey and as the Turkish lira plunged to a new record low in Asian trade.
The benchmark Nikkei 225 Index is losing 275.28 points or 1.23 percent to 22,022.80, off a low of 22,016.67 earlier.
The major exporters are lower on a stronger yen. Sony and Panasonic are losing 2 percent each, while Canon and Mitsubishi Electric are declining more than 2 percent each.
In the auto space, Toyota is down more than 1 percent and Honda is lower by more than 2 percent.
In the banking sector, Mitsubishi UFJ Financial is losing 3 percent and Sumitomo Mitsui Financial is declining more than 2 percent.
Among oil stocks, Inpex is down more than 2 percent and Japan Petroleum is losing more than 1 percent despite higher crude oil prices.
Among the market's best performers, staffing firm Recruit Holdings is gaining almost 9 percent on upbeat quarterly earnings results, while Japan Post is rising almost 3 percent and Suzuki Motor is higher by more than 2 percent.
On the flip side, Mitsui Mining & Smelting is falling almost 17 percent, Sumco Corp. is losing almost 6 percent and Toppan Printing is lower by almost 5 percent.
In the currency market, the U.S. dollar is trading in the lower 110 yen-range on Monday.
On Wall Street, stocks closed lower on Friday amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has shown a sharp decline to a record low, contributing to considerable weakness in the overseas markets.
The Dow slid 196.09 points or 0.8 percent to 25,313.14, the Nasdaq fell 52.67 points or 0.7 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.7 percent to 2,833.28.
The major European markets also moved to the downside on Friday. While the U.K.'s FTSE 100 Index slumped by 1 percent, the French CAC 40 Index tumbled by 1.7 percent and the German DAX Index plunged by 2 percent.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase by 110,000 barrels a day to 1.5 million barrels next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel on the New York Mercantile Exchange.
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