The Nikkei Stock Average is poised to experience volatility in today’s trading session on the Tokyo stock market. Mixed performance among the three major indexes in the US market on the previous day has created a cautious sentiment. While US technology stocks saw gains, market participants are also wary of potential selling pressure due to adjustments in holdings ahead of the release of US employment statistics for August, later tonight in Japan. This pattern seems likely to persist in the near term.
Market experts predict that the Nikkei Stock Average will trade within the range of 32,400 yen to 32,800 yen.
As investors await the release of US employment statistics, Mitsunari Akino, director of Ichiyoshi Asset Management, stated, “Despite the possibility of profit-taking, the market trends are expanding, providing a solid foundation.” Additionally, the TOPIX index is approaching its highest price of the year, generating interest in its possible renewal.
The US market observed the July personal consumption expenditure (PCE) price index aligning with market expectations, fueling speculations of a potential delay in interest rate hikes by the US Federal Reserve (Fed). This development is likely to provide support for domestic semiconductor-related stocks, as evidenced by the rise in the US semiconductor stock index (SOX index).
In yesterday’s trading, the Dow Jones Industrial 30 and S&P 500 closed lower, while the Nasdaq Composite showed marginal gains. Inflation indicators performed as anticipated initially, but gradually succumbed to selling pressure.
Apart from the release of US employment statistics, today will also see the publication of the August ISM Manufacturing Index and China’s manufacturing PMI (Caishin) for August. Additionally, the corporate statistics survey for the April-June period in Japan will be made available.
Closing prices of the previous trading session, as well as the highest and lowest prices since the beginning of the year, are as follows:
– Nikkei Average:
– Closing: 32,619.34
– High: 33,772.89
– Low: 25,661.89
Looking ahead, Chicago Nikkei Stock Average Futures for September are currently trading at 32,500 yen (denominated in yen).
Overall, today’s trading activity in the stock market is expected to be marked by volatility and a cautious approach from investors.
TOKYO (Reuters) – The Nikkei Stock Average is expected to go up and down on the Tokyo stock market today. The three major indexes were mixed in the US market the day before, and although US technology stocks rose, they were also wary of selling holding adjustments ahead of the publication of US employment statistics for August tonight Japan time. After one round, it seems that the pattern will become stronger.
The expected range for the Nikkei Stock Average is 32,400 yen to 32,800 yen.
Ahead of the release of US employment statistics, the Nikkei 225 said, “Although profit-taking is likely to occur, market trends are expanding and there is a solid basis,” said Mitsunari Akino, director of Ichiyoshi Asset Management. TOPIX is approaching the highest price since the beginning of the year, and there is interest in whether it will be renewed.
In the US market, July’s personal consumption expenditure (PCE) price index came in line with market expectations, fueling speculation that the US Federal Reserve (Fed) would delay interest rate hikes. The rise in the US semiconductor stock index (SOX index) is likely to support domestic semiconductor-related stocks.
US stocks ended the previous day with the Dow Jones Industrial 30 and S&P 500 lower. Inflation indicators were doing as expected and there was some progress, but then selling gradually dominated. The Nasdaq Composite was slightly higher.
In addition to US employment statistics, the August ISM Manufacturing Index will be released today. In China, the publication of the manufacturing PMI (Caishin) will be in August. In Japan, the corporate statistics survey for the April-June period will be released.
Closing price of the previous business day High price since the beginning of the year Low price since the beginning of the year
Nikkei Average 32619.34 33772.89 25661.89
+285.88 2023/06/1 2023/01/0
Chicago Nikkei Stock Average Futures 32500 (Yen denominated)
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