Oil prices have declined following a period of calm in the Middle East. In Japan, the ruling Liberal Democratic Party (LDP) and its junior coalition partner Komeito secured 215 seats in the lower house during the recent election, as reported by public broadcaster NHK.
The Nasdaq Composite reached an all-time high, buoyed by a significant rally in Tesla shares, while the S&P 500 and Dow Jones snapped their six-week winning streaks amid disappointing earnings growth. Japan's ruling coalition lost its parliamentary majority, causing the yen to weaken against the dollar. Waymo raised $5.6 billion to expand its robotaxi service, as investors brace for a busy week of earnings reports from major tech companies.
Japan's stock futures showed mixed results following a closely contested election where the ruling Liberal Democratic Party lost its majority in the lower house, securing 214 of 465 seats. The yen weakened to 152.95, while futures for the Nikkei 225 indicated potential volatility at the market open. Meanwhile, the Hang Seng index futures pointed to a slightly weaker start, and Australia's S&P/ASX 200 began the day marginally lower.
The yen fell to its lowest level in nearly three months, dropping 0.6% to 153.27 per dollar, following Japan's ruling coalition's failure to secure a parliamentary majority in the recent election. Political instability is expected to pressure Tokyo stocks, as equity futures have also declined. Meanwhile, crude oil prices tumbled after Israeli strikes on Iran bypassed oil facilities.
Japan's general election on October 27, 2024, poses a significant challenge for Prime Minister Shigeru Ishiba and his Liberal Democratic Party (LDP), with polls suggesting a potential loss of parliamentary majority due to a funding scandal and rising inflation. The opposition Constitutional Democratic Party of Japan could gain substantial seats, while Ishiba may face difficult coalition negotiations that could complicate policy-making and impact financial markets. Voter concerns center on the economy, with many calling for tax cuts and wage increases amid rising living costs.
Japan's election is poised to challenge Prime Minister Shigeru Ishiba's coalition, with polls indicating significant losses for the ruling Liberal Democratic Party (LDP) amid a funding scandal and rising inflation. The LDP could lose up to 50 seats, potentially forcing Ishiba into power-sharing negotiations, which may complicate policy-making and impact financial markets. Voter concerns center on the economy, with many favoring tax cuts and wage increases as the country grapples with escalating living costs.
Political disputes are likely to disrupt markets, presenting challenges for the Bank of Japan. The ongoing wrangling could create instability, complicating the central bank's efforts to maintain economic stability.
G7 leaders have agreed to provide $50 billion in loans to Ukraine, with disbursements starting as early as December. The funding will be supported by revenues from frozen Russian sovereign assets, with an additional $20 billion expected from the EU and $10 billion from Canada, Britain, and Japan. Loans will be issued in installments through 2027 to meet Ukraine's urgent financing needs.
The U.S., Japan, and South Korea have launched the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework) to enhance the country's digital infrastructure. This collaboration, involving the U.S. International Development Finance Corporation, Japan Bank for International Cooperation, and Korea Eximbank, aims to support projects in sectors like 5G, AI, and smart cities. The initiative will streamline processes for private sector funding and facilitate policy dialogues with the Indian government to promote sustainable development in the Indo-Pacific region.
In 2023, the global art trade saw a 4% decline in sales volume, totaling $65 billion, largely due to geopolitical tensions and rising interest rates affecting high-value purchases. Despite a drop in average spending by collectors, optimism remains, with 91% expecting market growth in the next six months. The U.S. leads in millionaire distribution, while younger collectors show a reluctance to buy, favoring new galleries and emerging artists, with painting continuing to dominate sales.
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.
