TOKYO (dpa-AFX) - The Japan stock market has finished lower in three straight sessions, stumbling more than 530 points or 1.4 percent along the way. The Nikkei 225 now rests just above the 38,350-point plateau although it may stop the bleeding on Tuesday.
The global forecast for the Asian markets in positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The Nikkei finished modestly lower on Monday following losses from the financial shares, technology stocks and automobile producers.
For the day, the index dipped 49.14 points or 0.13 percent to finish at 38,354.09 after trading between 38,026.32 and 38,368.22.
Among the actives, Nissan Motor shed 0.46 percent, while Mazda Motor stumbled 2.01 percent, Toyota Motor fell 0.36 percent, Honda Motor retreated 1.23 percent, Mitsubishi UFJ Financial dropped 0.92 percent, Mizuho Financial lost 0.58 percent, Sumitomo Mitsui Financial eased 0.06 percent, Sony Group tanked 2.13 percent, Panasonic Holdings sank 0.67 percent, Hitachi declined 1.63 percent and Softbank Group was unchanged.
The lead from Wall Street is upbeat as the major averages shook off early weakness, using a late-day surge to finish solidly in the green.
For the day, the Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.
The late rally came as Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxieties.
The major averages had opened lower and hugged the unchanged line for much of the day as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.
In economic news, the National Association of Realtors said that existing home sales rose 0.8 percent on month in May and saw a 6.2 percent increase in unsold inventory. On a yearly basis, existing home sales fell 0.7 percent.
Crude oil prices were on a roller coaster ride on Monday, moving sharply higher earlier in the day in response to the U.S. bombing attack in Iran. But as it looks like Iran won't try to block the straight of Hormuz, prices plummeted later in the day. West Texas Intermediate crude for August delivery plunged $5.00 of 6.77 percent to $68.84 per barrel.
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