Japanese Market Rallies

(RTTNews) - The Japanese stock market is moving higher Wednesday morning, catching up with the global markets, coming back after a holiday. Investors are also reacting to yesterday's upbeat U.S. third-quarter GDP data.

The benchmark Nikkei 225 index is up 202.2 points or 1.1 percent at 17,837.3.

Tokyo Dome is rising 8.5 percent following a rating upgrade by Mitsubishi UFJ Morgan Stanley Securities Co.

Shares of Maruha Niciro Corp. are higher by about 4.2 percent after the company raised its full-year net income forecast.

Mitsui Chemicals, Tokyo Electron, Nissan Chemical Industries and Nippon Kayaku Co. are up 3.2 to 4 percent.

Sony Corp. (SNE), Mitsubishi Chemical Holdings, Alps Electric, Fast Retailing, Mitsubishi Logistics, Sharp Corp., Kirin Holdings, Fuji Heavy Industries, NH Foods, Daikin Industries, Nippon Soda, Marui Group, East Japan Railway and Central Japan Railway are moving up 2 to 3 percent.

Honda Motor (HMC), Mazda Motor, Suzuki Motor, Toyota Motor (TM), Kyocera Corp., Ajinomoto Co Inc., Nisshinbo Holdings, ANA Holdings, GS Yuasa Corp., Casio Computer, Kawasaki Kisen Kaisha, Konica Minolta and Keisei Electric Railway are all up 1.5 to 2 percent.

Among the losers, Hitachi Zosen is declining over 5.5 percent and Showa Shell Sekiyu is down 2.5 percent. KK, SCREEN Holdings, Unitika, Mitsubishi Materials, NEC Corp. and Japan Tobacco are lower by 1 to 2 percent.

In the currency market, the U.S. dollar traded in the upper 120 yen range in early deals in Tokyo. The dollar is currently trading at 120.50 yen, against Tuesday's close of 120.65 in New York.

Among other markets in the Asia-Pacific region, Australia, Singapore, Taiwan and South Korea are modestly higher. New Zealand and Hong Kong are up marginally, while Shanghai and Malaysia are notably lower.

On Wall Street, stocks turned in a relatively lackluster performance on Tuesday following the release of a mixed batch of U.S. economic data. Despite the choppy trading, the Dow closed above 18,000 for the first time and set a new record closing high along with the S&P 500.

While data showing a much stronger than previously estimated third quarter GDP growth pushed stock prices up early on, reports showing unexpected drop in durable goods orders and new home sales in November weighed on the market as the session progressed.

The major averages ended the day on opposite sides of the unchanged line. While the Nasdaq declined 16.0 points or 0.3 percent to 4,765.4, the Dow climbed 64.7 points or 0.4 percent to 18,024.2 and the S&P 500 edged up 3.6 points or 0.2 percent to 2,082.2.

Major European markets closed higher on Tuesday. While the French CAC 40 index surged up by 1.4 percent, the German DAX index advanced by 0.6 percent and the U.K.'s FTSE 100 index gained 0.3 percent.

U.S. crude oil rebounded to end sharply higher on Tuesday, after a final reading showed the U.S. economy to have grown more than expected in the third quarter. Nevertheless, investors continued to be wary of a supply glut and tepid demand growth, while awaiting the weekly oil status reports.

Crude oil futures for February delivery ended up $1.86 or 3.4 percent at $57.12 a barrel on the New York Mercantile Exchange.