Asia-Pacific markets rose as investors prepared for a week of significant events, including the U.S. presidential election and the Federal Reserve's monetary policy meeting. China's parliament meeting is expected to reveal fiscal support details, while South Korea anticipates a decline in consumer inflation. Additionally, Australia's central bank is likely to maintain its interest rate at 4.35%.
European markets are set for a mixed opening as Philips lowers its full-year sales outlook due to deteriorating demand in China, now expecting growth of only 0.5% to 1.5%. CEO Roy Jakobs noted that while consumer confidence is weak, China remains a crucial market for future growth. Meanwhile, the Japanese yen has hit a three-month low against the dollar following recent elections.
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.
Chinese markets have surged following government stimulus measures, including interest rate cuts and increased liquidity support, with the CSI 300 index rising approximately 22.5% in a month. Jason Hsu, founder and CIO of Rayliant Global Advisors, will discuss investment opportunities in China, focusing on technology and artificial intelligence, during CNBC Pro Talks on October 23. His Rayliant Quantamental China Equity ETF has gained around 22% year-to-date, with top holdings in Ping An Insurance, Midea Group, and BYD.
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