The Nikkei 225 ended its three-day winning streak, retreating from a two-week high of 39,719 as it followed US market trends lower. The FTSE 100 fell through key support levels, with the next target at 8,056, while the NASDAQ 100 formed a bearish engulfing pattern, indicating potential short-term downside pressure ahead of the US elections.
Nomura Holdings Inc. has been fined ¥21.8 million ($143,000) by Japan’s financial regulator for manipulating the government bond futures market. This penalty follows a recommendation from the Securities and Exchange Surveillance Commission, marking a setback for the country's largest brokerage amid a revival in debt trading.
European markets are set to open lower as traders await euro zone inflation data. Carlsberg reported a 0.9% revenue growth in Q3 2024, while AB InBev's revenue rose 2.1%, both falling short of expectations. Shell posted a stronger-than-expected profit despite a year-on-year drop, while Japan's central bank indicated potential rate hikes amid economic recovery. In China, the manufacturing PMI showed expansion for the first time since April, signaling improved economic conditions.
Takeda Pharmaceutical Co. has raised its full-year operating income forecast by 18% to ¥265 billion ($1.7 billion) following a strong second quarter driven by key drug sales and cost savings in North America. The previous outlook for the fiscal year ending March 2025 was ¥225 billion.
Toyota Motor Corp. and Nippon Telegraph & Telephone Corp. are set to invest ¥500 billion ($3.3 billion) in developing AI-assisted autonomous driving software. This joint investment aims to enhance their capabilities in the autonomous vehicle sector by 2030.
Market strategists anticipate a limited initial impact on the yen and Japanese stocks following the Bank of Japan's policy statement. Attention is now shifting to Governor Kazuo Ueda's press conference scheduled for 3:30 p.m. in Tokyo, amid concerns over unstable politics.
The Bank of Japan has decided to keep interest rates unchanged amid significant uncertainties regarding the country's economic activity and prices, following a historic election defeat for the ruling coalition. In other news, China's manufacturing output has shown signs of recovery, expanding for the first time since April, while North Korea conducted a missile test, and Taiwan prepared for the impact of Super Typhoon Kong-rey.
The yen strengthened against the dollar for the first time in a week after the Bank of Japan raised its growth forecast while maintaining interest rates. Analysts noted that uncertainty from domestic and US politics is likely to delay any rate hikes, contributing to the ongoing disparity in rates between Japan and other countries. Rising US yields and Federal Reserve caution regarding further rate cuts, along with the upcoming US presidential election, have also impacted the yen this month.
The Bank of Japan has decided to keep its benchmark interest rate at around 0.25%, amid rising uncertainties regarding the economy and government stability following the ruling coalition's poor electoral performance. This decision aligned with the expectations of all but one of 53 economists surveyed.
US stock indexes closed lower as chip stocks fell, with the Dow down 91.51 points, the S&P 500 down 19.25 points, and the Nasdaq down 104.82 points. GIFT Nifty indicates a weak start for Indian markets, with a projected loss of 98 points. The Nifty 50 has been consolidating between 24,100 and 24,500, while recent trading saw the Sensex drop 426.85 points amid selling in banking, metal, and IT sectors.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
