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US stocks and bonds gained as new home sales exceeded estimates, jobless claims fell, and business activity expanded. Asian markets showed mixed results, with Japanese shares lagging due to a stronger yen, while Australian and South Korean indexes advanced. Treasury yields declined for the second consecutive day, reflecting shifting expectations for Federal Reserve rate cuts amid upcoming economic data and a tight presidential race.
The yen is nearing a three-month low, facing a fourth consecutive weekly loss ahead of Japan's general election, which may challenge the Bank of Japan's policy normalization efforts. Meanwhile, the dollar has retreated from recent highs, tracking lower U.S. Treasury yields, but is still set for another weekly gain. Polls indicate that the ruling Liberal Democratic Party could lose its long-standing dominance in the upcoming election.
NEC Corp. is set to benefit from increased Japanese defense spending amid rising geopolitical tensions, aiming for over 60% revenue growth in its aviation, space, and defense unit, targeting ¥400 billion ($2.6 billion) by March 2026. CEO Takayuki Morita indicated that this growth may involve acquisitions, with the company capable of financing deals worth ¥400 billion to ¥500 billion.
Japan’s Finance Minister Katsunobu Kato met with US Treasury Secretary Janet Yellen to discuss recent fluctuations in the foreign exchange market. This meeting followed Kato's heightened warnings regarding the yen's rapid decline. Both officials agreed to maintain open communication to share insights on the situation.
Governor Kazuo Ueda of the Bank of Japan indicated that the central bank will not raise interest rates next week, despite the yen's decline to a near three-month low. He emphasized that there is ample time to consider future policy decisions following discussions with G20 counterparts in Washington.
Afcons Infrastructure, part of the Shapoorji Pallonji group, has raised Rs 1,621.5 crore from 80 institutional investors through its anchor book ahead of its IPO, set to launch on October 25. The Rs 5,430-crore share sale includes a fresh issuance of Rs 1,250 crore and an offer-for-sale of Rs 4,180 crore by promoter Goswami Infratech, with shares priced between Rs 440-463. Notable global investors such as Blackrock, Goldman Sachs, and the Monetary Authority of Singapore participated in the anchor investment.
Lam Research Corporation has received a buy rating from UBS. The company focuses on integrated circuit manufacturing equipment for the semiconductor industry, with net sales comprising 59.9% from product sales and 40.1% from support services. Geographically, 42.2% of sales come from China, followed by Korea (19.3%), Taiwan (11.2%), Japan (10%), the United States (7.4%), Asia (5.2%), and Europe (4.7%).
Interest in nuclear energy is rising, with public support in the US at a decade high and the EU classifying it as a strategic net-zero industry. However, the sector faces significant cost challenges, exemplified by major projects like Vogtle and Hinkley Point experiencing substantial budget overruns and delays. Despite these hurdles, nuclear remains crucial for providing reliable carbon-free electricity and supporting emerging technologies.
Investors are experiencing one of the best stock market runs in history, with the S&P 500 index rising over 40% since last October. Fears of high inflation and stagnant interest rates have dissipated as central banks cut borrowing costs, coinciding with rising corporate profits and market optimism. Many stock markets are now near all-time highs.
The Japanese yen is nearing three-month lows against the U.S. dollar, recently trading at 152.82, primarily due to its status as the lowest-yielding G10 currency. Despite the narrowing interest rate differential, the yen remains unattractive for long-term holding, compounded by market volatility linked to U.S. political developments and Japan's upcoming elections. Analysts suggest that further yen weakness could prompt intervention from Japanese authorities, as public sentiment grows increasingly concerned about the currency's depreciation.
Japanese Yen
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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