What's Affecting Markets Today
Asia-Pacific markets traded mixed as Wall Street gains set the stage for a week of critical megacap tech earnings expected to drive the Nasdaq Composite higher.
Japan’s Nikkei 225 rose 0.62%, continuing its upward trend. This follows a significant political shift, as Japan’s ruling Liberal Democratic Party lost its parliamentary majority in the lower house, marking its first defeat since 2009. Japan’s jobless rate dipped to 2.4% in September, down from 2.5% the prior month and slightly below the 2.5% forecast by Reuters.
Elsewhere, South Korea’s Kospi declined 0.51%, and the Kosdaq slipped 0.41%, while Australia’s S&P/ASX 200 gained 0.36%. Hong Kong’s Hang Seng Index rose 1.21%, and China’s CSI 300 edged up 0.17% in early trading.
Investors in the region are also watching for Singapore’s latest unemployment figures, which may influence regional sentiment.
ASX Stocks
ASX 200 - 8,253.4 (+0.40%)
Key Highlights:
The Australian sharemarket advanced, following Wall Street’s gains, as consumer discretionary and mining stocks led the rally. By early afternoon, the S&P/ASX 200 Index was up 0.5 percent, adding 41.6 points to reach 8263.1.
Consumer sector gains were fueled by Myer’s agreement to acquire Premier Investments’ apparel brands across Australia and New Zealand, with Premier shares soaring 11 percent, the ASX 200’s top performer, while Myer’s shares steadied after an initial 7 percent rise.
In mining, Mineral Resources surged 8.3 percent, paring its monthly loss to 28 percent, amid founder Chris Ellison’s tax investigation. Energy stocks saw limited gains after Brent crude dropped 6 percent to $71 a barrel following an Israeli military strike on Iranian targets.
Among other notable moves, BlueScope Steel fell 0.5 percent after trimming its profit forecast due to cost inflation, while online retailer Cettire slid 13 percent on weaker-than-expected earnings, with adjusted EBITDA at $2 million.
Leaders
ZIP ZIP Co Ltd (+11.29%)
PMV Premier Investments Ltd (+10.91%)
MIN Mineral Resources Ltd (+7.24%)
PNR Pantoro Ltd (+6.52%)
TAH Tabcorp Holdings Ltd (+5.50%)
Laggards
CTT Cettire Ltd (-12.85%)
DRO Droneshield Ltd (-6.22%)
CRN Coronado Global Resources Inc (-5.45%)
WA1 WA1 Resources Ltd (-5.22%)
CHN Chalice Mining Ltd (-4.85%)
