(RTTNews) – The Japanese stock market has moved lower in three straight sessions, sinking more than 360 points or 0.9 percent in that span. The Nikkei 225 now sits just beneath the 39,570-point plateau although it’s likely to stop the bleeding on Tuesday.
The global forecast for the Asian markets offers little clarity as traders figure to wait and see what transpires over trade and tariff talks. The European markets were down and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The Nikkei finished modestly lower on Monday as losses from the financial and technology stocks were mitigated by support from the automobile producers.
For the day, the index shed110.06 points or 0.28 percent to finish at 39,459.62 after trading between 39,288.90 and 39,608.02.
Among the actives, Nissan Motor accelerated 3.61 percent, while Mazda Motor rose 0.39 percent, Toyota Motor advanced 0.94 percent, Honda Motor improved 0.86 percent, Softbank Group stumbled 3.12 percent, Mizuho Financial sank 0.71 percent, Sumitomo Mitsui Financial fell 0.33 percent, Mitsubishi Electric eased 0.03 percent, Sony Group slipped 0.31 percent, Panasonic Holdings dropped 0.83 percent and Hitachi climbed 1.21 percent.
The lead from Wall Street is uninspired as the major averages opened lower on Monday and gradually ticked up into positive territory, finishing with mild gains.
The Dow added 88.14 points or 0.20 percent to finish at 44,459.65, while the NASDAQ gained 54.80 points or 0.27 percent to close at 20,640.33 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,268.56.
The choppy trading on Wall Street followed President Donald Trump’s threats to impose 30 percent tariffs on imports from the European Union and Mexico beginning Aug. 1. The EU responded that it will suspend the implementation of its trade countermeasures against the U.S. until early August to allow more time for a negotiated settlement.
Traders may be reluctant to make significant moves ahead of the release of some key economic data in the coming days, including reports on consumer and producer prices, retail sales and industrial production.
Earnings season also picks up steam this week, with Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), Johnson & Jonson (JNJ) and Netflix (NFLX) among the big name companies due to report their quarterly results.
Crude oil prices slumped on Monday on continuing concerns over OPEC’s decision to increase output again next month. West Texas Intermediate crude for August delivery dropped $1.24 or 1.85 percent to $65.79 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
