What's Affecting Markets Today
Asia-Pacific markets dipped Thursday as investors await the Bank of Japan’s (BOJ) rate decision and fresh business activity data from China.
Economists surveyed by Reuters anticipate the BOJ will maintain its rate at 0.25%. However, market attention will be on the BOJ’s statement for signals regarding potential timing for a future rate hike.
China’s manufacturing activity showed a positive turn as the manufacturing Purchasing Managers’ Index (PMI) hit 50.1, moving into expansion territory for the first time since April. This figure outpaced economist expectations of 49.9, following last month’s contraction of 49.8.
Japan’s Nikkei 225 dipped 0.37%, and the Topix lost 0.4%. South Korea’s Kospi led regional losses, down 1.17%, while the Kosdaq fell 0.43%. Investors are closely watching Samsung Electronics’ third-quarter report, which disclosed a 40% quarterly profit decline in its semiconductor segment, with an operating profit of 3.86 trillion won ($2.8 billion).
Meanwhile, Hong Kong’s Hang Seng index rose 0.6%, and mainland China’s CSI 300 remained relatively flat.
ASX Stocks
ASX 200 - 8,162.7 (-0.2%)
Key Highlights:
Australian shares slipped midday as utilities and consumer staples weighed on the S&P/ASX 200 Index, down 0.2% or 12.1 points to 8168.3. Utilities led losses, with AGL Energy falling 6% after Barrenjoey downgraded it to underweight, citing the expiry of cheap coal and gas supply contracts, which prompted reduced future earnings estimates.
Overnight, Wall Street saw slight declines, with the S&P 500 down 0.1%, Nasdaq 100 off 0.5% from its record high, and the Dow flat.
In focus, consumer discretionary stocks gained, as JB Hi-Fi surged 5.5% on third-quarter sales growth, particularly in New Zealand. Mineral Resources jumped 12.4%, boosted by its $1.1 billion oil and gas sale deal with Gina Rinehart’s Hancock Prospecting. The miner’s tax review results on Managing Director Chris Ellison are due Monday.
Coles eased 1.1% despite a 2.9% lift in quarterly sales to $10.55 billion, unveiling an $880 million automated distribution center plan in Truganina. Meanwhile, Origin Energy shares rose 0.7% with a quarterly LNG revenue increase, despite reduced production.
Leaders
MIN Mineral Resources Ltd (+11.09%)
IPX Iperionx Ltd (+8.81%)
PWH PWR Holdings Ltd (+5.98%)
NXL NUIX Ltd (+5.88%)
CTD Corporate Travel Management Ltd (+5.79%)
Laggards
NIC Nickel Industries Ltd (-5.70%)
AGL AGL Energy Ltd (-5.07%)
MAD Mader Group Ltd (-4.42%)
DTL Data#3 Ltd (-4.28%)
SPK Spark New Zealand Ltd (-3.30%)
