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Pokemon game characters of Japanese video game manufacturer Nintendo are on display on a subway train car in Tokyo, Japan.
Hitoshi Yamada | NurPhoto | Getty Images
Asia-Pacific markets were set to open mixed on Tuesday, with investors awaiting the trading debut of Japan's subway operator, Tokyo Metro.
The company, one of Japan's leading subway operators and the largest in Tokyo, raised 348.6 billion yen in its initial public offering, the largest IPO in Japan since 2018.
The IPO was reportedly 15 times oversubscribed and priced at the top end of its pricing band, offering shares at 1,200 yen apiece.
Economic data that will be coming out of Asia includes September inflation numbers from Singapore — expected to come in at 1.9%, its slowest rise since March 2021, according to a Reuters poll of economists.
Nikkei 225 was set to fall on Wednesday, with the futures contract in Chicago at 38,360 and their counterpart in Osaka at 38,280 against the index's last close of 38,411.96.
Futures for Hong Kong's Hang Seng index stood at 20,615, pointing to a stronger open compared to the HSI's close of 20,498.95.
Australia's S&P/ASX 200 started the day up 0.24%.
Overnight in the U.S., the S&P 500 and the Dow Jones Industrial Average ended Tuesday marginally lower, both posting a second straight day of losses.
The S&P 500 ended the session lower by 0.05%, and it was the broad market index's first back-to-back loss since early September.
The 30-stock Dow slid 0.02%, but the Nasdaq Composite rose 0.18%.
— CNBC's Pia Singh and Samantha Subin contributed to this report.
Politics can 'make or break' certain parts of the market, says Bank of America
The U.S. election is about two weeks away, and who winds up in the White House and in Congress could have an effect on key corners of the stock market, according to Bank of America.
"Profits accelerating are far more important than who is sitting in the Oval Office. But politics can make or break sub-sectors," the firm wrote in a Friday note.
With this in mind and with volatility expected to rise as the Nov. 5 election nears, Bank of America strategists say it is now a stock picker's market.
"Now is not the time to close one's eyes and buy the index," the investment bank said.
To read more about Bank of America's assessment of the election on the stock market, click here.
— Hakyung Kim
Oil prices are reclaiming ground after last week's sell-off
A pump jack in Midland, Texas, US, on Thursday, Oct. 3, 2024.
Anthony Prieto | Bloomberg | Getty Images
Crude oil futures have gained about 4% this week, after China cut its benchmark lending rates and geopolitical tensions in the Middle East remain volatile.
U.S. crude oil gained $1.53 to settle at $72.09 per barrel Tuesday afternoon, while global benchmark Brent added $1.75 to close at $76.04 per barrel. The rally extended Monday's gains of more than 1%.
Though prices are rising this week, the supply-and-demand outlook looks bearish, even as Israel is still expected to retaliate against Iran for the Islamic Republic's Oct. 1 ballistic missile attack.
U.S. crude oil sold off more than 8% last week as traders view an oil disruption in the Middle East due to Iran-Israel tensions as increasingly unlikely. A weak demand picture also weighed on prices, with consumption in China softening as more OPEC supply is expected to come online in December.
— Spencer Kimball
IMF says global fight against inflation is ‘almost won’ but highlights increasing risks
The International Monetary Fund lowered its global headline inflation projection 3.5% on an annual basis by the end of 2025, from an average 5.8% in 2024.
"The global battle against inflation is almost won," the agency said in its World Economic Outlook released Tuesday.
However, "Despite the good news on inflation, downside risks are increasing and now dominate the outlook," said IMF chief economist Pierre-Olivier Gourinchas. Now that inflation is headed in the right direction, global policymakers face a new challenge stemming from the rate of growth in the world economy, the IMF warned.
The fund kept its global growth estimate at 3.2% for 2024 and 2025, which it called "stable yet underwhelming."
The full story can be found here.
— Hakyung Kim
English (US)