Market Commentary - Foreign Markets
Japanese markets show mixed performance As on : 12-Nov-24  16:17

Asian stocks slipped into the red on Tuesday, with Chinese and Hong Kong markets leading losses, as investors await U.S. President-elect Trump's stance on the economy, immigration, foreign policy and more.

Gold hovered near a one-month low on dollar strength amid expectations that U.S. interest rates will stay higher for longer. Oil extended declines for a third day running on a soft demand outlook in China.

Japanese markets turned in a mixed performance, a day after Prime Minister Shigeru Ishiba pledged more than $65 billion of support for the nation's semiconductor and artificial intelligence sector over the next decade.

The Nikkei average dropped 0.40 percent to 39,376.09 while the broader Topix index finished marginally higher at 2,741.52.

While banks and automakers topped the gainers list, Tokyo Electron fell 2.8 percent and SoftBank Group dipped 1.1 percent ahead of their earnings released after the market close.

Japan's machine tool orders grew sharply in October amid strong foreign demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed on Tuesday.

Machine tool orders climbed 9.3 percent year-on-year in October, reversing a 6.4 percent fall in the previous month. Further, this was the first rise in three months.

Foreign demand was 13.6 percent higher in October compared to last year, while domestic orders contracted by 1.0 percent.

On a monthly basis, machine tool orders dropped 2.3 percent in October, in contrast to a 13.2 percent plunge in the prior month.

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