TOKYO (dpa-AFX) - The Japan stock market has climbed higher in two straight sessions, advancing more than 700 points or 2.1 percent along the way. The Nikkei 225 now sits just above the 38,530-point plateau although investors are likely to lock in gains on Wednesday.
The global forecast for the Asian markets is negative in rising geopolitical tensions in the Middle East. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The Nikkei finished modestly higher again on Tuesday following gains from the financial shares and mixed performances from the technology stocks and automobile producers.
For the day, the index added 225.44 points or 0.59 percent to finish at 38,536.74 after trading between 38,333.35 and 38,581.25.
Among the actives, Nissan Motor skidded 1.17 percent, while Mazda Motor advanced 0.95 percent, Toyota Motor shed 0.65 percent, Softbank Group rallied 2.07 percent, Mitsubishi UFJ Financial dipped 0.08 percent, Mizuho Financial collected 1.17 percent, Sumitomo Mitsui Financial added 0.64 percent, Mitsubishi Electric jumped 1.67 percent, Sony Group gained 0.40 percent, Panasonic Holdings fell 0.37 percent, Hitachi perked 0.12 percent and Honda Motor was unchanged.
The lead from Wall Street is weak as the major averages opened slightly lower on Tuesday but saw the losses accelerate as the day progressed, ending firmly under water.
The Dow stumbled 299.29 points or 0.70 percent to finish at 42,215.80, while the NASDAQ slumped 180.12 points or 0.91 percent to close at 19,521.09 and the S&P 500 sank 50.39 points or 0.84 percent to end at 5,982.72.
While reports hinting at an end to hostilities contributed to a rally on Monday, news that President Donald Trump left a G7 summit early to focus on the conflict has led to worries about further escalation.
The weakness on Wall Street also came after the release of a Commerce Department report showing U.S. retail sales fell by more than expected in the month of May.
Crude prices soared on Tuesday, with the conflict between Israel and Iran showing no sign of retreat. West Texas Intermediate crude for July delivery shot up by $3.07 to settle at $74.84 per barrel.
Closer to home, Japan will release May numbers for imports, exports and trade balance later this morning. Imports are expected to sink 6.7 percent on year after falling 2.2 percent in April. Exports are called lower by an annual 3.8 percent after adding 2.0 percent in the previous month. The trade deficit is pegged at 893.0 billion yen following the 115.8 billion yen shortfall a month earlier.
Japan also will see April data for core machinery orders, with forecasts suggesting a decline of 9.6 percent on month and an increase of 4.0 percent on year. That follows the 13.0 percent monthly spike and the 8.4 percent gain in March.
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