The Nikkei index closes steady with gains: The Japanese index, Nikkei, saw a significant change at the close on Tuesday,
as the gains of rising chip stocks offset the decline in leading shares such as Fast Retailing and Nissan Motor.
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The Nikkei index closes steady with gains
Oil prices stabilise
Oil prices saw little change on Tuesday after the gains achieved in the previous session,
as investor expectations varied amid Russia’s supply cuts due to recent Ukrainian attacks on Russian refineries.
However, the slight decline in the dollar provided some support.
Brent crude futures for May delivery rose by seven cents to $86.82 a barrel.
West Texas Intermediate (WTI) crude futures rose six cents to $82.01.
In Monday’s session, Brent crude rose by 1.5%,
while WTI crude increased by 1.6% after Russia asked its oil companies to reduce production
to meet OPEC’s target of nine million barrels per day.
At the end of February, Russia’s total production was about 9.5 million barrels daily.
Russia, one of the world’s top three oil producers and a significant exporter of oil products,
faces attacks by Ukraine on its refineries.
These attacks could reduce Russia’s production capacity by about 900,000 barrels per day for several weeks,
and, in some cases permanently.
The Nikkei index closes steady with gains.
The Japanese index, Nikkei, witnessed a significant change at the close on Tuesday,
as the gains of rising chip stocks offset the decline in leading shares such as Fast Retailing and Nissan Motor.
Three leading semiconductor sector stocks topped the Nikkei, with Tokyo Electron,
the giant chip-making equipment company, leading the way,
influenced by the performance of its American counterpart, Nvidia,
which recorded a record high.
On the other hand, Nissan’s stock fell by about 4% after updating the company’s medium-term business plan,
disappointing investor expectations. Fast Retailing’s stock declined by 1.63% after reaching a record high on Friday.
The Nikkei closed at 40,398.03 points, down slightly by 0.04% on Tuesday, while the broader Topix index rose by 0.11%.
The Nikkei had fallen by 1.16% on Monday after reaching an all-time high on Friday at 41,087.75 points.
The index has risen by more than 20% since the beginning of the year.
Bitcoin rises again
Bitcoin saw a strong rise on Monday and today as well.
The famous digital currency rose 7% this time, reclaiming the $70,000 level.
The currency had risen to the $60,000 level for the first time since 2021
and was on its way to achieving a record level in March.
Trading saw a shift towards the United States alongside the launch of Bitcoin Exchange-Traded Funds (ETFs),
which attracted more than $11 billion in net inflows since their first launch on January 11.
The Nikkei index closes steady with gains
