I would like to pay attention to the following 3 points in the 31st pre-market transaction.

■The depreciation of US stocks is also a movement aimed at an autonomous rebound

■No financial results announced

■Notable materials from the front floor: Sharp demonstrates zinc-air batteries, starting later this year

■The depreciation of US stocks is also a movement aimed at an autonomous rebound

In the Japanese stock market on the 31st, although there is awareness of an autonomous rebound, it is likely that the market will develop with a strong sense of cohesion, ahead of US stock depreciation and the announcement of US economic indicators. In the US market on the 30th, the NY Dow depreciated by 330 dollars and the NASDAQ depreciated by 183 points. Sales, which were disgusted by Salesforce's weak financial results, became a burden. Also, in response to the opinion of former governor Dudley of the NY Federal Reserve Bank, sales that were wary of additional interest rate hikes also strengthened in part. In addition to the gross domestic product (GDP) for the January-March fiscal year being revised downward as expected, private consumption was also weak, and the trend was soft throughout the day amid the trend of being wary of the PCE price index, which is about to be announced the next day. Chicago Nikkei 225 futures are 38230 yen, 230 yen higher than Osaka. The yen exchange rate has been hovering at 156 yen 80 yen per dollar.

It seems that they will start slightly ahead of buying, starting in the form of falling in favor of Chicago futures. Nikkei 225 futures ended at 38110 yen during the night session. Although the impact of the decline in the US market is feared, sales force, which is one cause of the decline in the NY Dow, has been factored in as of the day before. The day before, the Nikkei Stock Average fell to 37617 yen at one point, and since it dropped all at once to -2σ for the Bollinger Band, it is probably an easy place to buy with the aim of an autonomous rebound.

However, since the PCE price index is about to be announced, it is thought that active trading will be limited. Therefore, it seems that they will first move towards an aggressive stance that is conscious of solidifying the bottom at the 38,000 yen level. Yesterday, the weakness of high-tech stocks was conspicuous due to values that had a big impact on the index, but since NVIDIA, which had updated high prices every day, fell, it would be impossible to escape the region of autonomous rebound.

It is thought that it is easy to move from hedging compatibility to TOPIX type shopping such as PBR 1 times split. Yesterday's NT ratio (Nikkei average ÷ TOPIX) finished 13.95 times, lower than 14.00 times since 1/9. Although it is thought to be a level where it is not strange even if a rebalance movement is introduced, there are times when the US Federal Open Market Committee (FOMC) and the Bank of Japan are preparing for monetary policy meetings in mid-June, and it is thought that it is easy to be aware of the downward trend in the NT ratio as developments continue to focus on interest rate trends.

■No financial results announced

■Notable materials from the front

・Chicago Nikkei futures rose (38230, +230 compared to Osaka)

・Long-term US interest rates have declined

・Expectations that US inflation will calm down

・Request for improvement of corporate value by the Tokyo Stock Exchange

・Sharp ＜6753＞ demonstrates zinc-air batteries, starting later this year

・Mitsubishi Chemi G＜4188＞MC Solution deepens development in Korea, cleans parts for semiconductor devices

・NEC ＜6701＞New brand established due to DX business expansion, 400 human body system, AI utilization

・Miura Industries ＜6005＞ formed a capital and business alliance with Daikin, invested 15 billion yen each other, and strengthened air conditioning for factories

・Taiyo Yuden ＜6976＞ increased production of aluminum electrolytic capacitors by 20%

・Petroleum Resources Development ＜1662＞Acquisition of LNG rights from JERA

・Renesas ＜6723＞ US company acquisition fund 1 trillion yen loan

・Toyota Industries ＜6201＞for producing electrodes and hydrogen without precious metals

・Aichi Steel ＜5482＞ New Mid-Term Budget, FY26 Operating Profit 15 billion yen, Decarbonization/Strengthening Earning Power

・Aisin ＜7259＞Anjo Plant relocation, improvement of work environment such as transportation and logistics

・Amada ＜6113＞ successive new products, full-scale proposals at special events, resolution of labor shortages in the manufacturing industry

・Shipment of engine parts for IHI＜7013＞P & W, installed on the “F-35”

・Hitachi Construction Equipment ＜6305＞ enters and leaves without waiting for trucks, and introduces reservation services at 9 locations

・Domestic introduction of small EV buses such as Excel under the umbrella of Kaga Electronics ＜8154＞, compatible with autonomous driving for the public

・Seibu Gas HD ＜9536＞ demonstrates sales optimization, customer management integration, and comprehensive strength

・Toyo Seikan GHD ＜5901＞Successful horizontal recycling of paper cups with Toyo Seikan Kogyo, JAL, etc.

・GS Yuasa ＜6674＞ collaboration between large gas and storage battery supply and demand adjustment demonstration

☆ Front office event schedule

＜Domestic＞

・ 08:30 May Tokyo Metropolitan Consumer Price Index (excluding fresh food) (year-on-year forecast: +1.9%, April: +1.6%)

・ 08:30 April unemployment rate (forecast: 2.6%, March: 2.6%)

・ 08:30 April effective job offer ratio (forecast: 1.28 times, March: 1.28 times)

・ Preliminary industrial production figures for 08:50 April (month-on-month forecast: +1.5%, March: +4.4%)

＜Overseas＞

・ 10:30 Mid-May manufacturing PMI (forecast: 50.5, April: 50.4)

・ 10:30 Mid-May non-manufacturing PMI (forecast: 51.5, April: 51.2)