JKB Financial Services Ltd.

As on : 30-Oct-2024

Market Commentary - Foreign Markets
30-Oct-2024 16:24

Japanese stocks gain strongly ahead of BoJ policy rate

Asian stocks ended broadly lower on Wednesday, as earnings from Google parent Alphabet and chipmaker AMD proved to be a mixed bag and the European Union (EU) announced the imposition of additional tariffs on electric vehicles (EVs) imported from China, prompting an angry response from Beijing.

Caution ahead of key U.S. economic data due this week and next week's presidential election also kept investors on the sidelines.

The dollar was little changed in Asian trading and gold hit a fresh record while oil recovered some ground after two days of declines.

Japanese markets posted strong gains as investors braced for Thursday's BoJ rate decision.

The Nikkei average climbed 0.96 percent to 39,277.39 while the broader Topix index closed 0.81 percent higher at 2,703.72. Tech stocks surged, with SoftBank Group and Advantest rising around 3 percent each.

Japan's consumer sentiment decreased in October to the lowest level in five months, survey data from the Cabinet Office showed on Wednesday. The seasonally adjusted consumer confidence index weakened to 36.2 in October from 36.9 in September.

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