Newscasts - Asia Markets Briefing: Softer yen pushes Japan's Nikkei higher

KDDI

01/10/2024 09:52

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Source: 'Reuters - Business videos'

Description: Asian markets got off to a tepid start in the fourth quarter
while China’s markets entered a week-long holiday. Japan's Nikkei rose
nearly 2% on a softer yen, as incoming prime minister Shigeru Ishiba was
officially confirmed by parliament.
Short Link: https://refini.tv/4epATAy

Video Transcript:

Asia markets catch their breath as China's Golden Week holiday begins. Welcome
to Asia Markets Briefing. I'm Peter Devlin. Asia markets got off to a tepid
start in the fourth quarter as China's markets entered a weeklong holiday.
Japan’s Nikkei rose almost 2% in reaction to a sharply stronger Yen
versus the Dollar, it was after a Fed Chair Jerome Powell adopted a more
hawkish tone. India’s Nifty 50 paired early gains, while South Korea's
KOSPI was closed for a public holiday. Bank of Japan policymakers discussed
the need for caution over near-term interest rate hikes, a summary of their
September meeting showed. Some members voiced concern over unstable financial
markets, with even a proponent of future rate hikes calling for patience and
pulling the trigger. Markets perceived a dovish shift in the nine-member
board, diminishing the chance of a hike at the end of the month. While
confidence among Japan’s large manufacturers was steady in the third
quarter, according to the Bank of Japan's closely watched Tankan survey. The
gauge of largest non-manufacturers ticked up to 34 that was higher than they
expected 32 reading. Well, the solid business sentiment was likely to be
welcomed by incoming Prime Minister Shigeru Ishiba, officially confirmed by
Parliament today. Meanwhile, Japan’s factory activity was subdued in
September. That says output and new orders contracted. The final au Jibun Bank
manufacturing PMI dip to 49.7 a third straight month of contraction. Over to
South Korea and the pace of export growth slowed in September, with shipments
to the US losing momentum. More data out of South Korea is due up tomorrow,
with the S&P Global manufacturing PMI for September scheduled. Factory
activity in Asia's fourth largest economy quickens in August as output expands
it at the fastest pace in more than three years. Additionally, South Korean
consumer inflation is expected to slow further in September, supporting
expectations for an easing of monetary policy this month. CPI is seen falling
1.9% annualized from 2% in August, that was the lowest levels in nearly 3.5
years. Traders currently seeing around 80% chance of a quarter point inch rate
cut from the Bank of Korea, when it meets next week. Prices of new homes in
China rose slightly in September, traditionally a peak season for house
hunting, the average price across 100 cities edged up 0.14% that was compared
with the prior months 0.11%, overall, according to property researcher China
Index Academy. The figures reflecting continuous months of feeble gains as
housing aid has had limited effect in a crisis hit market. And finally, oil
prices steady at the start of the fourth quarter as demand worries offset
Middle East fears. Israel's widely expected ground invasion of Lebanon
appeared to get underway today, starting at limited rates against Hezbollah
targets. That's it from your Asia Markets Briefing