Japanese Market Significantly Higher

(RTTNews) - Snapping a three-session losing streak, the Japanese stock market is significantly higher on Friday, despite the broadly negative cues from Wall Street overnight. The benchmark Nikkei 225 is moving well above the 38,800 level, with gains across all sectors led by index heavyweights and technology stocks as traders reacted to solid domestic GDP data.

The benchmark Nikkei 225 Index is gaining 319.81 points or 0.83 percent to 38,855.51, after touching a high of 39,101.64 earlier. Japanese stocks closed notably lower on Thursday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is also adding more than 1 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is also adding more than 2 percent.

In the tech space, Advantest is gaining more than 1 percent, Screen Holdings is advancing almost 5 percent and Tokyo Electron is adding more than 2 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are gaining almost 1 percent each, while Mizuho Financial is surging more than 5 percent.

Among major exporters, Mitsubishi Electric and Sony are gaining more than 1 percent each, while Canon is adding almost 1 percent. Panasonic is losing more than 2 percent.

Among other major gainers, Japan Steel Works is soaring more than 8 percent, Nissan Motor is surging more than 6 percent, Disco is advancing almost 5 percent and JGC Holdings is gaining more than 4 percent, while Keyence and Tokyo Electric Power are adding more than 3 percent each. Denka, Lasertec, Chubu Electric Power, Comsys Holdings, Odakyu Electric Railway and Yamaha Motor are rising almost 3 percent each.

Conversely, Dentsu Group is plummeting almost 15 percent, Asahi Group is declining more than 5 percent and NEXON is down more than 4 percent, while Rakuten Group and Ebara are losing almost 2 percent each.

In economic news, Japan's gross domestic product expanded by a seasonally adjusted 0.2 percent on quarter in the third quarter of 2024, the Cabinet Office said in Friday's preliminary report. That was in line with expectations and down from 0.7 percent in the second quarter. On an annualized basis, GDP was up 0.9 percent - down from 2.9 percent in the three months prior.

External demand was down 0.4 percent on quarter, missing forecasts for an increase of 0.1 percent after slipping 0.1 percent in the previous three months.

The GDP price index rose 2.5 percent on year, missing expectations for 2.8 percent and slowing from 3.1 percent in the second quarter. Private consumption was up 0.9 percent on quarter - unchanged from Q2 and beating forecasts for 0.2 percent.

In the currency market, the U.S. dollar is trading in the higher 156 yen-range on Friday.

On Wall Street, stocks came under pressure in the latter part of the trading day on Thursday after showing a lack of direction for much of the session. The major averages slid more firmly into negative territory after spending most of the day bouncing back and forth across the unchanged line.

The major averages ended the day just off their lows of the session. The Dow slid 207.33 points or 0.5 percent to 43,750.86, the Nasdaq fell 123.07 points or 0.6 percent to 19,107.65 and the S&P 500 declined 36.21 points or 0.6 percent to 5,949.17.

Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index jumped by 1.3 percent and 1.4 percent, respectively.

Crude oil prices settled higher on Thursday, supported by data showing a drop in gasoline stockpiles. West Texas Intermediate Crude oil futures for December closed up $0.27 or about 0.4 percent at $68.70 a barrel.