CMC Markets has seen significant growth in Australia, generating over £62.3 million in revenue in H2 FY23, surpassing its UK earnings for the first time. In contrast, IG Group's Australian revenue has declined from £65 million in H1 FY21 to £41.1 million in H2 FY24, while Plus500 also reported a drop in Australian earnings. Notably, Singaporean traders are the most lucrative for IG, averaging £4,914 in revenue per trader, compared to £3,054 in the UK and £2,977 in Australia.
Lombard Odier is optimistic about Japanese equities, viewing the market as favorable regardless of the US election outcome. John Woods, the firm's Asia chief investment officer, noted that a Trump victory could stabilize or strengthen the dollar, benefiting Japanese stocks, while a win for Kamala Harris would likely eliminate tariffs, further boosting the market.
The US dollar has surged to a three-month high against the yen, with USD/JPY surpassing ¥152.00, while EUR/USD and GBP/USD continue to struggle. EUR/USD is nearing its August low of $1.0780, and GBP/USD remains volatile, having dipped below the September low of $1.30.
An employee at the Tokyo Stock Exchange is under investigation for suspected insider trading, raising concerns for the organization amid its efforts to enhance corporate governance. Japan Exchange Group Inc. is fully cooperating with the Securities and Exchange Surveillance Commission's inquiry into the matter.
IG Japan has launched an updated Economic Calendar featuring a new design for easier event viewing and enhanced market analysis, including real-time data. The old calendar will be discontinued on October 24, 2024, and alerts set for dates after this will not function. Additionally, the “Today’s Economic Indicators” email service will also end on the same date.
In September, gold surged 5.2% while crude oil fell 6.2%. US equity hedged strategies saw positive returns, driven by individual stock selection and a shift from defensives to cyclicals, with consumer discretionary leading. European and Asian equity strategies also performed well, particularly in China due to government stimulus, despite volatility in Japan.
U.S. markets showed mixed results, with the S&P 500 and Dow slightly down while the Nasdaq gained 0.18%. Tokyo Metro's IPO surged nearly 45%, marking Japan's largest in six years, while the IMF downgraded China's growth forecast to 4.8% for this year. Despite a recent slowdown, the S&P remains above key moving averages, indicating potential for continued growth, supported by robust U.S. consumer spending.
The SMI closed lower while Roche's share price surged, and Kühne+Nagel hit an annual low following disappointing figures. In Asia, investors are cautious ahead of the US presidential election, with the Shanghai index up 0.5% and Tokyo's Nikkei down 0.3%, as political uncertainty weighs on market sentiment. Automakers like Toyota and Honda saw gains, benefiting from a weaker yen, but overall investment activity remains subdued as traders await election outcomes.
Tokyo Metro's shares surged 45% in a remarkable market debut, raising 348.6 billion yen ($2.3 billion) and marking Japan's largest IPO in six years. Meanwhile, Starbucks suspended its 2025 guidance amid declining sales for the third consecutive quarter, and Tupperware agreed to a lender takeover, abandoning plans for an asset auction. Norway’s sovereign wealth fund reported a third-quarter profit of 835 billion Norwegian kroner ($76.3 billion).
Gold prices surged to record highs while the dollar strengthened, putting pressure on the yen and euro as Asian stocks struggled amid uncertainty ahead of the U.S. election. Traders are adjusting expectations regarding the Federal Reserve's rate cuts, leading to a three-month peak in U.S. Treasury yields and a rise in the dollar against major currencies, prompting warnings from Japanese officials.
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