(RTTNews) – The Japan stock market has finished higher in four straight sessions, climbing more than 860 points or 2.5 percent along the way. The Nikkei 225 now sits just above the 38,420-point plateau although it’s due for consolidation on Thursday.
The global forecast for the overbought Asian markets is weak, with profit taking expected. The European and U.S. markets were mostly lower, and the Asian bourses are expected to follow that lead.
The Nikkei finished modestly higher on Wednesday following mixed performances from the financial shares, technology stocks and automobile producers.
For the day, the index gained 209.68 points or 0.55 percent to finish at 38,421.19 after trading between 38,288.28 and 38,529.64.
Among the actives, Nissan Motor accelerated 3.40 percent, while Mazda Motor climbed 1.24 percent, Toyota Motor eased 0.06 percent, Honda Motor advanced 0.89 percent, Softbank Group rallied 2.16 percent, Mitsubishi UFJ Financial fell 0.43 percent, Mizuho Financial dipped 0.23 percent, Sumitomo Mitsui Financial skidded 1.07 percent, Mitsubishi Electric retreated 1.62 percent, Sony Group slumped 1.39 percent, Panasonic Holdings lost 0.45 percent and Hitachi gained 0.90 percent.
The lead from Wall Street is soft as the major averages spent most of the day in positive territory before a late swoon sent them all into the red.
The Dow dipped 1.10 points or 0.00 percent to finish at 42,865.77, while the NASDAQ dropped 99.11 points or 0.50 percent to close at 19,615.88 and the S&P 500 sank 16.57 points or 0.27 percent to end at 6,022.24.
The downturn on Wall Street reflected profit taking after the early advance lifted the major averages to their best intraday levels in over three months.
The early strength in the markets followed the release of a closely watched Labor Department report showing U.S. consumer prices increased by slightly less than expected in the month of May.
Buying interest was also generated after U.S. and Chinese officials announced an agreement in principle on a framework to ease trade disputes between the two economic superpowers.
Crude oil prices surged on Wednesday amid the trade talks between the U.S. and China, as well as a fresh stand-off between the U.S. and Iran over a nuclear deal. West Texas Intermediate crude for July delivery closed up by $3.32 or 5.11 percent to settle at $68.30 per barrel.
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