28/10/2024 Daily Reports
The yen plunged to a three-month low as Japan’s ruling coalition lost its parliamentary majority over the weekend, raising fresh doubts about political stability and rate hikes. As markets absorb the news, fears grow that Japan could return to a cycle of short-term leadership, putting pressure on the central bank’s policy. The yen slid to 153.84 per dollar, and analysts are watching closely as the next stops could be 155—or even 160—a level that might prompt direct intervention from Japan’s finance ministry.
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Market Rebounds and Challenges: Japan’s Political Shift and China’s Record Profit Decline
The Nikkei 225 Index increased by almost 1.85 percent today after a significant decline of shares at the closing on Friday. In Sunday’s elections, the LDP lost majority in Japan’s lower house for the first time since 2009. Despite this situation; analysts say the BOJ will continue on the path to normalize Japan’s monetary policy.
China’s industrial profits in September dropped at its fastest pace since the pandemic, data from the National Bureau of Statistics showed. After a 17.8% fall in August, industrial profits declined 27.1% in September.
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Tech Giants in Motion: Waymo’s Funding Boost and Apple’s Upcoming Updates and Earnings
Waymo, the Alphabet-owned autonomous vehicle venture, has raised $5.6 billion in its recent funding round. With this round, Waymo has raised more than $11 billion in total capital.
Apple is expected to introduce both software and hardware updates to its tech lineup, and scheduled earnings are also on the docket on October 31. Apple marketing chief Greg Joswiak also called on X (Twitter) followers on Thursday to keep an eye out for the tech giant’s Mac-related announcements.
