Japanese stocks were mixed following a Wall Street rally driven by the chip/tech sector. An unexpected decline in the US PPI fueled hopes of a Fed rate cut. Investors in Tokyo remained cautious ahead of the US CPI release.
At 9:27 a.m. Tokyo time, the Topix index fell 0.3% to 3,132.94, while the Nikkei index rose 0.2% to 43,941.62. Of the 1,675 stocks on the Topix, 600 rose, 966 fell, and 109 were unchanged. Toyota was the biggest drag on the Topix, falling 1.8%.
Strong interest poured into AI-themed stocks such as SoftBank Group, Advantest, and Ibiden. Growth expectations also boosted machinery/defense (Mitsubishi Heavy), while electricity & gas rose after news of Elliott's stake in Kansai Electric.
However, concerns about index overheating and signs of a US economic slowdown weighed on the automotive and banking sectors. According to Takashi Ito (Nomura), demand for AI has been re-emerging in the US, leading to a growing focus on AI-specialized names in stock selection. In Japan, several IT/electronic components/electrical cables sectors offer good prospects, but gains could be limited. Meanwhile, pharmaceuticals, food, and retail sectors are likely to remain weak due to depressed purchasing power.
Source: Newsmaker.id
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