Newscasts - Asia Markets Briefing: Nikkei posts weekly fall amid domestic election jitters
25/10/2024 10:00
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_f3gdvl2f&referenceId=1_f3gdvl2f&pageId=Newscasts Source: 'Reuters - Business videos' Description: Investors were clearly focused on the risk outlook ahead of an election that could see Japan's ruling party lose its majority. Next week, they'll also have to contend with a central bank meeting. The Bank of Japan is expected to maintain ultra-low rates. Short Link: https://refini.tv/4hjOFGL Video Transcript: Japan’s Nikkei posts weekly fall amid domestic election jitters. Welcome to Asia Markets Briefing. I'm Ramzan Karmali. Well investors were clearly focused on the risk outlook ahead of an election that could see Japan's ruling party lose its majority. Meanwhile, India's NIFTY 50 slumped, dragged down by power company NTPC's disappointing quarterly results. Meanwhile, China's stocks rose, but traders were reluctant to place big bets as they await details of Beijing's fiscal stimulus and next month's US election results. Well, as well as this weekend's election, Japanese investors will also have to contend with the central bank meeting next week. The Bank of Japan's policy meeting takes place on Wednesday and Thursday. The BOJ is set to maintain ultra-low interest rates, keeping short term rates steady at 0.25%. It's also likely to signal a less dovish policy outlook due to receding fears of a US recession. Policymakers will be keen to keep speculators from pushing down the Yen too much. Some corporate news now, and another drag on India's NIFTY 50 was IndusInd Bank. Its shares tumbled nearly a fifth and are set for their worst day in four years. The reason behind the slump is down to the lenders warning, that it could miss its full year loan growth target. It joins Kotak Mahindra Bank and RBL Bank by flagging stress in microfinance loans. Shares of Korea Zinc hit a fresh all time high at one point rising by as much as 29%, before closing the day 9% higher. Traders increased their bets on the company facing a lengthy takeover battle for a controlling stake in the world's biggest zinc smelter. This company hasn't disclosed the outcome of its $2.4 billion tender offer to buy its shares, which expired on Wednesday, and is now trying to fend off a takeover bid by larger shareholder Young Poong and private equity firm MBK. Huawei posted a 42% surge in third quarter sales in China, while Apple saw its sales slip 0.3%. The Chinese smartphone maker currently ranked third in sales in the country is gaining market share on second-placed Apple. Budget phone-maker Vivo still leads the pack in China. On the corporate diary next week, and number of Chinese banks are set to report their earnings. China’s recent stimulus measures to revive the economy are likely to set the tone for third quarter earnings. At the likes of ICBC, Agricultural Bank of China, Bank of China and the Postal Savings Bank of China. And finally on to the oil markets, prices rose on Friday and are set for a weekly gain. A possible restart in Gaza ceasefire talks in the coming days should keep traders on edge. And that's it from your Asia Markets Briefing