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Japan’s Nikkei share average rose 0.28% to 35,725.87 amid fluctuations as traders braced for impending tariffs from U.S. President Trump. While some major stocks like Fast Retailing and Advantest rebounded, energy shares faced pressure due to falling crude oil prices. Automakers showed slight gains, but uncertainty looms over potential impacts on the market.
Japan’s Nikkei share average rose 0.3% to 37,890.15, buoyed by investor optimism over U.S. President Trump's potential flexibility on tariffs. The broader Topix gained 0.2%, with semiconductor stocks like Tokyo Electron and SoftBank Group contributing to the gains. However, a stronger yen pressured Japanese automakers, while Nintendo surged 5%, becoming the top gainer on the index.
The stock market opened positively, with notable gains from export-oriented companies in Japan due to a weaker yen. Toyota Motor surged 2.1%, driven by plans to double its return on equity by 2030, while Sony rose 1.73%. Fast Retailing and Tokyo Electron also contributed to the market's upward momentum.
China's Cotton Group has called on international brands, including Uniqlo, to source cotton from Xinjiang after Uniqlo's parent company CEO, Tadashi Yanai, stated they do not use fiber from the region. This statement sparked a boycott movement on Chinese social media, amid ongoing U.S. trade restrictions due to concerns over forced labor, which China disputes.
Asian stock markets opened the week with gains, buoyed by record highs on Wall Street and positive economic data from China. The Nikkei index rose 0.3% to 38,303.68 points, while the Shanghai stock exchange increased by 1.0% to 3360.38 points, supported by a strong private purchasing managers' index. However, shares of Uniqlo's parent company fell 2.45% amid criticism over its cotton sourcing policy in China.
Shares of Fast Retailing, the parent company of Uniqlo, fell by up to 4.4%, marking the largest decline in nine weeks. This drop followed comments from chairman Tadashi Yanai, who stated that Uniqlo does not source cotton from China's Xinjiang region, amid concerns over Chinese demand and U.S. trade restrictions related to human rights issues.
Fast Retailing Co., the owner of Uniqlo, is monitoring potential impacts on Chinese consumer demand following Chairman Tadashi Yanai's comments about not using cotton from Xinjiang. His remarks have sparked discussions on Chinese social media, raising concerns about a possible boycott of Uniqlo products. Spokesperson Seikei Itoh confirmed the company is observing the situation closely.
The SMI closed lower, with Swiss Re among the decliners, while Wall Street showed weakness. In Tokyo, the Nikkei index rose 0.3% to 39,110.95, buoyed by technology stocks like Advantest and Tokyo Electron, despite caution ahead of corporate results and the upcoming general election on October 27. Fast Retailing, KDDI, and Daiichi Sankyo were among the notable losers.
Michigan's Consumer Sentiment preliminary reading is expected to rise to 70.9 in October, while key speeches from Fed officials are anticipated. In the bond market, the 10-year U.S. Treasury yield is at 4.092%. European markets are mixed, with the Euro Stoxx 50 futures down slightly, as investors await U.S. bank earnings and updates on China's fiscal stimulus. The U.K. economy showed growth in August, while Germany's inflation eased to 1.6%. Asian markets closed mixed, with Japan's Nikkei 225 rising on investor adjustments ahead of a holiday, while China's Shanghai Composite fell amid caution over potential stimulus measures. U.S. futures are down as the market awaits crucial PPI data and bank earnings.
Fast Retailing Co., Ltd.
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