TOKYO (dpa-AFX) - The Japanese stock market inched lower again on Wednesday, one day after snapping the three-day losing streak in which it had dropped more than 360 points or 0.9 percent. The Nikkei 225 now sits just above the 39,660-point plateau although it may bounce higher again on Thursday.
The global forecast for the Asian markets is cautiously optimistic on easing inflation concerns. 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 slightly lower on Wednesday as losses from the financial shares and automobile producers were mitigated by support from the technology stocks.
For the day, the index dipped 14.62 points or 0.04 percent to finish at 39,663.40 after trading between 39,520.96 and 39,923.61.
Among the actives, Nissan Motor retreated 1.32 percent, while Mazda Motor shed 0.43 percent, Toyota Motor dropped 0.89 percent, Honda Motor stumbled 1.54 percent, Softbank Group dipped 0.14 percent, Mitsubishi UFJ Financial declined 1.43 percent, Mizuho Financial fell 0.34 percent, Sumitomo Mitsui Financial slumped 1.29 percent, Mitsubishi Electric perked 0.10 percent, Sony Group sank 0.73 percent, Panasonic Holdings was up 0.03 percent and Hitachi added 0.50 percent.
The lead from Wall Street is positive as the major averages opened higher on Wednesday, dipped midday but then bounced higher heading into the close.
The Dow jumped 231.49 points or 0.53 percent to finish at 44,254.78, while the NASDAQ added 52.69 points or 0.25 percent to close at a fresh record high of 20,730.49 and the S&P 500 rose 19.94 points or 0.32 percent to end at 6,263.70.
Stocks came under pressure in late morning trade following reports President Donald Trump discussed the possibility of firing Federal Reserve Chair Jerome Powell during a meeting with House Republicans.
However, the major averages moved back to the upside after Trump said he's 'not planning' on firing Powell.
The choppy trading on Wall Street also followed a Labor Department report showing producer prices in the U.S. unexpectedly came in flat in June. While the data helped ease inflation concerns, the Fed is still seen as likely to leave interest rates unchanged until September at the earliest.
Crude oil prices dropped for the third straight day on Wednesday after the Energy Information Administration said gasoline inventories increased by 3.4 million barrels last week and are slightly above the five-year average for this time of year. West Texas Intermediate crude for August delivery fell $0.14 to settle at $65.38 per barrel.
Closer to home, Japan will provide June numbers for imports, exports and trade balance later this morning. Imports are expected to slip 1.6 percent on year after falling 7.7 percent in May. Exports are called higher by an annual 0.5 percent after losing 1.7 percent in the previous month. The trade surplus is pegged at 353.9 billion yen following the 637.6 billion yen shortfall a month earlier.
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