TOKYO (dpa-AFX) - The Japan stock market on Monday snapped the two-day slide in which it had dropped more than 600 points or 1.5 percent. The Nikkei 225 now sits just above the 38,310-point plateau and it may see additional support on Tuesday.
The global forecast for the Asian markets is positive on hopes for an end to hostilities between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The Nikkei finished sharply higher on Monday following gains from the financial shares and technology stocks, while the automobile producers were mixed.
For the day, the index jumped 477.08 points or 1.26 percent to finish at 38,311.33 after trading between 38,055.52 and 38,342.52.
Among the actives, Nissan Motor eased 0.17 percent, while Mazda Motor accelerated 1.21 percent, Toyota Motor dipped 0.02 percent, Honda Motor spiked 2.94 percent, Softbank Group rallied 2.50 percent, Mitsubishi UFJ Financial advanced 0.96 percent, Mizuho Financial collected 0.72 percent, Sumitomo Mitsui Financial climbed 0.98 percent, Mitsubishi Electric strengthened 1.34 percent, Sony Group perked 0.03 percent, Panasonic Holdings added 0.33 percent and Hitachi gained 0.68 percent.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 317.30 points or 0.75 percent to finish at 42,515.09, while the NASDAQ rallied 294.39 points or 1.52 percent to close at 19,701.21 and the S&P 500 gained 56.14 points or 0.94 percent to end at 6,033.11.
The rally on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the previous session's nosedive, which came after Israel launched a series of airstrikes against Iran.
The rebound on Wall Street also came as traders looked ahead to a meeting of major world leaders at the G7 summit in the Canadian Rockies later this week.
The Federal Reserve's latest monetary policy announcement is also likely to attract attention from traders in the coming days. While the central bank is widely expected to leave interest rates unchanged, the accompanying statement and Fed officials' latest projections may provide more clarity about the outlook for rates.
Crude oil price fell sharply on Monday after reports that Iran signaled its readiness to end its hostility with Israel. West Texas Intermediate crude oil for July delivery closed down by $1.21 to settle at $71.77 per barrel.
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