Japanese Market Rebounds

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The Japanese stock market is rebounding on Friday as a weaker yen, higher crude oil prices and easing worries about trade tensions helped offset the mixed cues overnight from Wall Street.

The benchmark Nikkei 225 Index is adding 78.67 points or 0.35 percent to 22,665.54, off a high of 22,689.98 earlier. Japanese shares ended a choppy session slightly lower on Thursday.

In the auto space, Toyota is advancing almost 1 percent and Honda is adding 0.2 percent. In the banking sector, Mitsubishi UFJ Financial is adding almost 1 percent and Sumitomo Mitsui Financial is up 0.3 percent.

Among oil stocks, Inpex is advancing more than 2 percent and Japan Petroleum is adding more than 1 percent after crude oil prices extended gains to a third session overnight.

The major exporters are mostly lower despite a weaker yen. Panasonic is edging down less than 0.1 percent and Sony is declining 0.2 percent, while Mitsubishi Electric is advancing more than 1 percent.

Canon is down 0.3 percent after the digital camera maker lowered its full-year operating profit and sales forecast.

Among the market's best performers, Fuji Electric is gaining almost 5 percent and Kao Corp. is rising almost 3 percent, while Concordia Financial and Nisshin Seifun are higher by more than 2 percent each.

On the flip side, Nomura Holdings is losing almost 5 percent after reporting a 91 percent fall in its profit for the June quarter. Chughai Pharmaceutical is down more than 2 percent.

In economic news, the Ministry of Internal Affairs and Communications said that consumer prices in the Tokyo area advanced an annual 0.9 percent on year in July. That exceeded expectations for an increase of 0.7 percent and was up from 0.6 percent in June.

Core CPI, which excludes volatile food costs, advanced an annual 0.8 percent. That also exceeded expectations for 0.7 percent, which would have been unchanged from the previous month.

In the currency market, the U.S. dollar is trading in the upper 110 yen-range on Friday.

On Wall Street, stocks closed mixed on Thursday as a notable decline by Facebook weighed on the Nasdaq after the social media giant reported better than expected second-quarter earnings but weaker than expected revenues. Other stocks benefited from news President Donald Trump and European Commission president Jean-Claude Juncker agreed to work towards eliminating trade barriers on industrial goods.

While the Dow climbed 112.97 points or 0.4 percent to 25,527.07, the Nasdaq slumped 80.05 points or 1 percent to 7,852.18 and the S&P 500 dropped 8.63 points or 0.3 percent to 2,837.44.

Meanwhile, European stocks moved higher on Thursday. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the French CAC 40 Index jumped by 1 percent and the German DAX Index surged up by 1.8 percent.

Crude oil prices climbed higher on Thursday, extending gains for a third successive session. WTI crude for September ended up $0.31 or 0.4 percent at $69.61 a barrel on the New York Mercantile Exchange.