JKB Financial Services Ltd.

As on : 08-Nov-2024

Market Commentary - Foreign Markets
08-Nov-2024 15:24

Japanese stocks see modest gains

Japanese markets eked out modest gains as tech stocks followed their U.S. peers higher. The upside was capped by weak household spending data and a relatively stronger yen.

The Nikkei average edged up by 0.30 percent to 39,500.37 while the broader Topix index finished marginally lower at 2,742.15.

AI-focused startup investor SoftBank Group gained 1.6 percent and Tokyo Electron added 0.9 percent.

Nissan Motor shares slumped more than 6 percent as the automaker announced plans to cut 9000 jobs and 20 percent of its global manufacturing capacity after net income plummeted in the first half.

The average of household spending in Japan was down 1.1 percent on year in September, the Ministry of Economy, Trade and Industry said on Friday - coming in at 287,963 yen.

On a monthly basis, spending fell 1.3 percent - shy of expectations for a decline of 0.7 percent following the 2.0 percent increase in the previous month.

The average of monthly income per household stood at 493,942 yen down 1.6 percent on year.

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