Asian Equities Mixed, Global Political Concerns, Softer Tech Prices

Asian markets are trading mixed today as traders weigh the potential implications of another Trump presidency following his recent debate with Biden and the earlier announcement that he will be given immunity from some charges, PredictIt now has Trump at a 59% change of winning, up 1%. US equity futures are lower today giving back some of the gains made in the US session as tech again led the market higher. In local markets, Japanese equities initially opened lower due to concerns over a contraction in US factory activity and potential currency intervention, although we have pared loses and now trade higher for the session, South Korean & Taiwan shares are lower amid global political uncertainty.

• Japanese stocks are higher today after higher oil prices boosted resource-related shares, and expectations of a potential interest rate hike by the BoJ supported gains in bank and insurance stocks which boosted the Topix closer to record highs. However, the possibility of government intervention in the currency market limited the upside potential for Japan's exporters. The Nikkei 225 is 0.93% higher, while the Topix rose by 1.09%.
• South Korean stocks are lower today as investors weigh global economic uncertainties and the latest inflation data. Geopolitical tensions involving China and upcoming US elections have left traders cautious this morning, with the likes of Samsung selling off a touch. Banking stocks are higher after media reports said the nation will soon announce tax incentives to encourage listed companies to enhance shareholder returns, with the government announcing more around the “Corporate Value-up” tax incentives soon, according to government officials. The Kospi is 0.85% lower, while the small-cap Kosdaq is down 2.10%
• Taiwanese equities are lower this morning, as TSMC trades off. Later this week we have local CPI data which is expected to show a slightly increase from the prior month. This morning the Taiex is trading 0.73% lower.
• Australian equities are lower today after RBA minutes stated the RBA considered a rate hike but judged that keeping the rate unchanged was the stronger option although chances of future rate hikes were not ruled out. The ASX200 is down 0.38%
• Elsewhere, New Zealand equities are 0.17% lower, Thai equities are 0.50% lower, Philippine equities are 0.15% lower, Indian equities little changed, Indonesian equities are 0.15% higher, Singapore equities are up 0.50%, and Malaysian equities are up 0.10%.