Japan Bourse May See Additional Support

(RTTNews) - The Japanese stock market has tracked to the upside in two consecutive sessions, climbing more than 1,850 points or 2.9 percent in that span. The Nikkei 225 sits just above the 66,000-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion. The Nikkei finished sharply higher on Friday following gains from the financial shares and automobile producers, while the technology companies were mixed. For the day, the index rallied 1,802.77 points or 2.81 percent to finish at 66,020.04 after trading between 64,998.11 and 67,065.94. Among the actives, Nissan Motor accelerated 2.55 percent, while Mazda Motor spiked 3.19 percent, Toyota Motor climbed 1.02 percent, Honda Motor slumped 1.16 percent, Softbank Group collected 1.54 percent, Mitsubishi UFJ Financial added 0.67 percent, Mizuho Financial vaulted 2.29 percent, Sumitomo Mitsui Financial rallied 3.27 percent, Mitsubishi Electric expanded 1.82 percent, Sony Group tanked 2.29 percent, Panasonic Holdings advanced 0.88 percent and Hitachi perked 0.04 percent.

The lead from Wall Street suggests mild upside as the major averages shook off early weakness on Friday before trending higher to finish firmly in the green.

The Dow jumped 353.51 points or 0.70 percent to finish at 51,202.26, while the NASDAQ added 79.18 points or 0.31 percent to close at 25,888.84 and the S&P 500 collected 37.16 points or 0.50 percent to end at 7,431.46.

Optimism about an end to the conflict in the Middle East contributed to continued strength on Wall Street, although traders seemed reluctant to make more significant moves amid conflicting comments from President Donald Trump.

Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.

Traders also kept an eye on shares of SpaceX (SPCX), with the rocket maker making its debut on the NASDAQ in the largest initial public offering (IPO) in history. SpaceX soared by 19.3 percent on the day.

Crude oil prices tumbled on Friday after Trump claimed that the Strait of Hormuz will reopen, resulting in waning supply disruption concerns. West Texas Intermediate crude for July delivery sank $2.86 or 3.26 percent at $84.85 per barrel.

Closer to home, Japan will release April numbers for the tertiary industry activity index later today; in March, the index score was 16.50.