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後場に注目すべき3つのポイント~38000円台で推移も金融株の下げが重し

Three points to focus on in the afternoon session - although hovering around the 38,000 yen range, the decline in financial stocks is a burden.

Fisco Japan ·  Sep 24 23:18

In the afternoon trading on the 25th, we want to focus on the following three points.

Nikkei average rises for the 5th consecutive day, trading around 38,000 yen, but weighed down by the decline in financial stocks.

The dollar-yen is slightly firm, supported by buying back of the dollar.

Top contributors to price gains are Advantest <6857>, followed by Dai Kin <6367> in second place.

Nikkei average rises for the 5th consecutive day, trading around 38,000 yen, but weighed down by the decline in financial stocks.

The Nikkei average continued to rise for the 5th day. It closed the morning session at 38,068.22 yen, up 127.63 yen (+0.34%) from the previous day, with an approximate trading volume of 706 million shares.

The U.S. stock market continued to rise on the 24th. The Dow Jones Industrial Average closed at 42,208.22, up 83.57 points (+0.20%), the Nasdaq closed at 18,074.52, up 100.25 points (+0.56%), and the S&P 500 closed at 5,732.93, up 14.36 points (+0.25%). There was optimism in the global economic outlook due to expectations of additional rate cuts for the rest of the year and China's economic stimulus measures, leading to an initial rise in the market. However, later on, optimism waned as the September consumer confidence index fell below expectations, causing a shift to selling. Profit-taking selling was observed near record highs for the Dow, which struggled to advance. The Nasdaq benefited from demand in artificial intelligence (AI) sector, particularly in semiconductor stocks like Nvidia, prompting buying interest and providing support, pushing the market higher. Toward the end of the session, the Dow also recovered into positive territory, setting new record highs for consecutive days.

Despite the rise in U.S. stocks, the Tokyo market had a sluggish start due to the yen's slight increase and the dollar's weakness, with the exchange rate around the mid-143 yen level. The current Nikkei average has risen for 4 consecutive days, making it vulnerable to profit-taking selling; however, the overall rebound of semiconductor stocks, led by rising U.S. tech stocks like Nvidia, supported the Nikkei average. After initial trading, the Nikkei average entered a consolidation phase around the 38,000 yen level.

Among the Nikkei average constituent stocks, Shiseido Co., Ltd. <4911> saw buying interest following China's economic stimulus measures. Other stocks related to machinery, such as Yaskawa Electric <6506>, Fanuc <6954>, SMC <6273>, Okuma <6103>, MinebeaMitsumi <6479>, were also purchased. Additionally, semiconductor stocks like Advantest <6857> and Renesas Electronics <6723> showed gains. Furthermore, stocks like Daikin <6367>, TOTO <5332>, and Sumitomo Metal Mining <5713> were also bought.

On the other hand, due to increasing uncertainty around atopic dermatitis drug candidates, Astellas Pharma Inc. <4151> plummeted. Additionally, the 10-year government bond yield, an indicator of long-term interest rates, fell to 0.795% for the first time since August 5, leading to visible declines in financial stocks such as Resona Holdings Inc. <8308>, Tokio Marine Holdings Inc. <8766>, Sumitomo Mitsui Financial Group Inc. <8316>, MS&AD Insurance Group Holdings Inc. <8725>, and Mitsubishi UFJ Financial Group Inc. <8306>. Other stocks like Terumo <4543>, Nissui <1332>, and ZOZO Inc. <3092> saw declines.

By industry sector, machinery, glass & ceramics, transportation equipment, nonferrous metals, wholesale trade witnessed increases, while insurance, banking, fisheries & agriculture, precision instruments, and other products experienced declines.

With strong performance from Chinese stocks such as the Shanghai Composite Index and Hang Seng Index following the economic stimulus measures, stocks related to China saw vigorous movements. The afternoon session in Tokyo is expected to focus more on the movement in Chinese stocks than the foreign exchange market. If laggards like Fanuc pick up in the afternoon session, it is likely to support the Nikkei average.

The dollar-yen is slightly firm, due to dollar buying.

In the morning of the 25th in the Tokyo market, the dollar-yen was slightly firm, rising from 142.90 yen to 143.49 yen. The risk aversion mood in the overseas market strengthened selling pressure on the dollar, but buying ahead of a bargain-hunting mood in the Asian market prevailed. Furthermore, the rise in Japanese stocks led to yen selling, which also pushed up the dollar.

The trading ranges so far are as follows: the dollar-yen ranges from 142.90 yen to 143.49 yen, the euro-yen ranges from 159.87 yen to 160.58 yen, and the euro-dollar ranges from 1.1178 dollars to 1.1196 dollars.

Check stocks for the afternoon session

Rancystem <3326>, Sind <4256>, and 4 other stocks hit the daily limit.

*Includes temporary stopper (indicated price)

Top contributors to price gains are Advantest <6857>, followed by Dai Kin <6367> in second place.

Economic indicators and remarks by important people

[Economic indicators]

Australia's August Consumer Price Index: +2.7% year-on-year (forecast: +2.7%, July: +3.5%).

[Important Person's Remarks]

Bowman, a member of the US Federal Reserve Board.

The inflation risk is greater than the labor market.

Core inflation remains uncomfortably above the 2% target.

We will continue to maintain a cautious approach to future rate cuts.

GDP is flexible, with no vulnerabilities in spending.

There is no clear weakness in the labor market.

Not applicable.

Not applicable.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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