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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.
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.
U.S. pre-market trading saw Etsy drop over 4% after a Goldman Sachs downgrade, while Coty fell more than 2% following disappointing preliminary results. In contrast, Doximity gained over 3% after an upgrade from Barclays. In corporate news, Ericsson surged over 8% on strong Q3 earnings, while Asian markets were mixed, with China's Shanghai Composite down 2.53% amid economic concerns, and Japan's Nikkei 225 up 0.77% on a weaker yen and positive Wall Street momentum.
US stock markets hit record highs following the Federal Reserve's support for a significant interest rate cut, while optimism in Australia surged due to China's fiscal policy measures. Key economic indicators showed mixed results, with rising jobless claims and fluctuating inflation rates. Upcoming data releases include employment figures in Australia and retail sales in the US.
Japan's Asia Zero Emission Community (AZEC) initiative, aimed at fostering regional decarbonization, has faced criticism for promoting fossil fuel projects, with over one-third of its agreements supporting such technologies. Critics argue that this approach undermines genuine emissions reductions and perpetuates reliance on fossil fuels, despite Japan's commitment to end financing for unabated fossil energy. While some agreements focus on renewable energy, the majority still favor fossil-based solutions, raising concerns about long-term climate impacts in Southeast Asia.
Shigeru Ishiba
People
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Japan election could weaken Ishiba's coalition amid funding scandal and inflation
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