MARKET UPDATE EUROPE SESSION :
Forex, Commodities and Index
Monday, October 28, 2024
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🔥[ News Update]
🔸Japanese stocks rose on Monday as the Japanese yen weakened to a three-month low after Prime Minister Shigeru Ishiba’s coalition lost its parliamentary majority in Sunday’s election, raising uncertainty over its policy path and the economy.
🔸Ishiba’s Liberal Democratic Party (LDP), which has ruled Japan for most of its post-war history, and its junior coalition partner Komeito won 215 seats in the lower house of parliament – ​​well below the 233 needed for a majority – public broadcaster NHK reported. The LDP previously held 247 seats and Komeito held 10.
🔸The fallout could force political parties into an unstable power-sharing deal, potentially leading to political instability.
🔸The Nikkei stock average rose 1.5% to 38,492.25, after earlier rising nearly 2%. It had opened 0.4% lower.
🔸The yen weakened to as low as 153.34 against the dollar for the first time since July 31, and was last trading down about 0.6% at 153.22 per dollar.
🔸Gold fell below $2,730 an ounce on Monday, pressured by the waning appeal of safe-haven assets after Israel’s weekend strikes on Iran were more restrained than anticipated. Meanwhile, markets are focused on key U.S. data this week, including PCE inflation, the preliminary estimate of third-quarter GDP and payrolls figures, for insight into the Federal Reserve’s interest rate outlook, after recent strong economic data dampened expectations for aggressive rate cuts.
🔸In Japan, the ruling LDP for most of the postwar years and junior coalition partner Komeito won 215 lower house seats in Sunday’s election, public broadcaster NHK
