Asian Stocks Down, SoftBank Plunges 10%
Asian stock markets fell on Wednesday, as investors digested Japanese trade data and the formation of a new government in Tokyo. Japanese exports rose 4.2% year-on-year in September—breaking a four-month decline—but still below expectations of 4.6%. The rise in Asia helped offset weakening shipments to the US.
The cabinet of new Prime Minister Sanae Takaichi was officially sworn in. Shinjiro Koizumi was appointed defense minister, while Satsuki Katayama became Japan's first female finance minister. Market sentiment remains cautious amid this political transition.
In Japan, the Nikkei 225 fell 1.26% and the Topix fell 0.18%. SoftBank shares plunged more than 10%—continuing Tuesday's slight decline, after surging 8.5% on Monday. The day before, the Nikkei even touched an intraday record of 49,945.95 before turning lower after Takaichi won the parliamentary vote.
Other regions also experienced pressure: Kospi -0.26% and Kosdaq -0.25%. LG Chem briefly surged 10% after Palliser Capital urged a board overhaul and buyback. In Australia, the S&P/ASX 200 fell 0.73% after a brief rally in rare earth stocks related to a critical US-Australia minerals deal. Hang Seng futures were at 25,919, below their last close of 26,027.55. Indian markets were closed. (asd)
Source: Newsmaker.id
