TOKYO (dpa-AFX) - The Japanese stock market is notably lower on Tuesday, extending losses from the previous session following the negative cues overnight from Wall Street and on a stronger yen. Worries about a slowing Chinese economy and renewed U.S.-China tensions after the U.S. Department of Justice announced charges against Huawei dampened investor sentiment.
The benchmark Nikkei 225 Index is losing 208.78 points or 1.01 percent to 20,440.22, after touching a low of 20,406.22 earlier. Japanese shares closed lower on Monday.
The major exporters are lower on a stronger yen. Mitsubishi Electric is losing more than 2 percent and Panasonic is declining almost 2 percent. Sony and Canon are lower by more than 1 percent each.
In the tech sector, Advantest is losing almost 7 percent and Tokyo Electron is down more than 3 percent. Among the major automakers, Toyota and Honda are declining 1 percent each.
Banks are mixed. Mitsubishi UFJ Financial is losing 0.5 percent, while Sumitomo Mitsui Financial is higher by 0.3 percent. In the oil space, Japan Petroleum is down more than 1 percent and Inpex is losing almost 2 percent after crude oil prices fell overnight.
Asahi Group Holdings' shares are rising more than 2 percent after falling on Monday on news that the company has agreed to acquire UK-based Fuller, Smith & Turner's brewing business for $330 million.
Among the worst performers, Trend Micro is losing more than 9 percent and Screen Holdings is lower by almost 7 percent.
In the currency market, the U.S. dollar is trading in the lower 109 yen-range on Tuesday.
On Wall Street, stocks closed significantly lower on Monday in a negative reaction to earnings news from heavy equipment maker Caterpillar. Graphics chip maker Nvidia also saw substantial weakness after lowering its fiscal fourth quarter revenue guidance due to deteriorating macroeconomic conditions, particularly in China.
The Dow tumbled 208.98 points or 0.8 percent to 24,528.22, the Nasdaq plunged 79.18 points or 1.1 percent to 7,085.68 and the S&P 500 slumped 20.91 points or 0.8 percent to 2,643.85.
The major European markets also moved to the downside on Monday. While the German DAX Index dropped by 0.6 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index fell by 0.8 percent and 0.9 percent, respectively.
Crude oil prices fell sharply on Monday, with rising U.S. rig count and weak China data weighing on markets. WTI crude for March delivery tumbled $1.70 or 3.2 percent to $51.99 a barrel on the New York Mercantile Exchange.
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