JKB Financial Services Ltd.

As on : 18-Nov-2024

Market Commentary - Foreign Markets
18-Nov-2024 18:13

Japanese stocks near two week low, economic cues turn pale

Japanese stocks tanked today as Bank of Japan Governor Kazuo Ueda noted that the door remains open to more rate hikes and the central bank is seeking more clarity on U.S. economic policy under the incoming administration of President-elect Donald Trump. The benchmark Nikkei average dropped 1.09 percent to 38,220.85 while the broader Topix index settled 0.73 percent lower at 2,691.76. Nikkei has slumped near two week low today.

Pharmaceutical stocks tanked most after Trump nominated vaccine skeptic Robert F Kennedy as the U.S. Secretary for Health and Human Service.

Economic cues were bleak. The total value of core machine orders in Japan fell a seasonally adjusted 0.7% on Month in September, the Cabinet Office said on Monday - coming in at 852.0 billion yen. This followed a 1.9 percent contraction in August. On a yearly basis, core machine orders dropped 4.8 percent after slumping 3.4 percent in the previous month. For the third quarter of 2024, core machine orders fell 1.3 percent on quarter and 0.4 percent on year.

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