Japan Nikkei extends gain on firm offshore lead

Japan share market finished session sharp higher on Wednesday, 08 December 2021, as investors continued hunting on heavily battered shares on following the broadly positive cues from Wall Street overnight. Market sentiments boosted up on receding concerns about the impact of the Omicron variant of the coronavirus after indications that the latest Covid-19 variant may be less severe than earlier version.

At closing bell, the 225-issue Nikkei Stock Average advanced 405.02 points, or 1.42%, to 28,860.62. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 12.39 points, or 0.62%, to 2,002.24.

Total 15 of 33 Topix industry groups ended up, with top performing issues were Precision Instruments (up 2.8%), Pharmaceutical (up 1.9%), Services (up 1.9%), Electric Appliances (up 1.8%), and Mining (up 1.6%) issues, while bottom performing issues included Real Estate (down 2.1%), Marine Transportation (down 1.2%), Warehousing & Harbor Transportation Services (down 1.1%), and Land Transportation (down 0.9%) issues.

ECONOMIC NEWS: Japan GDP Contracts 3.6% On Year In Q3- Japan's gross domestic product contracted an annualized 3.6% on year in the third quarter of 2021, the Cabinet Office said on Wednesday, following the 2% increase in the second quarter. On a seasonally adjusted quarterly basis, GDP sank 0.9% after adding 0.4% in the three months prior. Capital expenditure was down 2.3% on quarter, following the 2.2% gain in the previous three months.

Japan Eco Watchers Sentiment Improves In November- A measure of the public assessment of the Japanese economy increased in November, survey data from the Cabinet Office showed on Wednesday. The current conditions index of the Economy Watchers' Survey, which measures the current situation of the economy, increased to 56.3 in November from 55.5 in October, In September, the reading was 42.1. However, a reading below 50 suggests pessimism. The outlook index that signals future activity fell to 53.4 in November from 57.5 in the previous month. In September, the reading was 56.6.

CURRENCY NEWS: The U.S. dollar hovered around the mid-113 yen range, as investors sought the perceived safety of the yen on geopolitical concerns over rising tensions between the United States and Russia regarding Ukraine. The dollar was traded at around 113.40-41 yen late afternoon on Wednesday, compared with 113.51-61 yen in New York and 113.63-65 yen in Tokyo on Tuesday.

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