I would like to pay attention to the following 3 points in the pre-market transaction on the 28th.

■Shifting to small to medium cap stocks while awaiting NVIDIA's financial results

■dYdo, 25/1 earnings forecast operating profit up 17.9% to 4.4 billion yen

■Notable materials from the front: Oji HD increases production of film for capacitors for electric vehicles, starts operation of new equipment in November

■Shifting to small to medium cap stocks while awaiting NVIDIA's financial results

The Japanese stock market on the 28th is likely to have a strong sense of market development as NVIDIA prepares for financial results. In the US market on the 27th, the NY Dow was 9 dollars higher and the NASDAQ was 29 points higher. Since the US Consumer Confidence Index in August unexpectedly improved, people were aware of the solidity of the US economy. Also, expectations for interest rate cuts in September by the US Federal Reserve (Fed) were underpinned. There was a buyback movement in one corner of semiconductor stocks such as NVIDIA, which was about to be settled the next day, but the wait-and-see mood was strong, and aggressive trading was refrained. The Chicago Nikkei 225 futures settlement price is 38270 yen, which is 30 yen lower than Osaka. The yen exchange rate is hovering at 143 yen 70 yen per dollar.

It seems that it will start with a small move in the form of falling towards Chicago futures. There is a high possibility that NVIDIA's financial results will have an impact on the overall market price, and they want to determine the results, and the movement to tilt positions is unlikely to intensify. While the overall market price is easily diverted to business involving indices, individual-based funds are likely to move towards short-term price ranges aimed at capturing short-term price ranges in small and medium-sized stocks. However, unstable price movements of high-tech stocks that are currently being valued continue, and there is a possibility that a buyback movement will enter because they want to compress sales positions prior to NVIDIA's settlement.

Meanwhile, yen appreciation is progressing in the exchange market, and there seems to be a possibility that it will lead to export-related sales. Also, since crude oil futures prices have also declined, it is thought that it is easy to sell energy stocks with adjusted holdings. However, it is thought that the downward bias will not intensify, and it is basically a rebalance movement ahead of NVIDIA's financial results. There was also a scene where Nikkei 225 futures were sold for up to 38,160 yen at one time during the night session, but there is awareness that they are solid at close to 38,000 yen.

The current Nikkei Stock Average solidified around 38,000 yen and has continued to move within the range of the 75-day line. Breaking through the 75-day line depends on NVIDIA's financial results, but in the phase approaching 38,000 yen, there seems to be a strong desire to buy in order to wait and see. It is thought that the negative impact of NVIDIA is factored in from weak price movements in high-tech stocks with large exponential impacts. It would also be easy to get into push purchases with the aim of getting rid of gas after the financial results have been passed.

■dYdo, 25/1 earnings forecast operating profit up 17.9% to 4.4 billion yen

dYDo ＜2590＞ announced the forecast for the fiscal year ending 2025/1, which had been undecided. Sales are planned to increase 12.5% from the previous fiscal year to 240 billion yen, and operating profit to increase 17.9% to 4.4 billion yen. Until now, the Turkish lira exchange rate and inflation rate forecasts for the beverage business in Turkey were uncertain, so full-year earnings forecasts were undecided. Note that the progress rate of operating profit for the second quarter is 52.7%.

■Notable materials from the front

・The Nikkei Average rose (38288.62, +178.40)

・The NY Dow rose (41250.50, +9.98)

・The Nasdaq Composite Index rose (17754.82, +29.05)

・The SOX index rose (5153.63, +56.29)

・The VIX Index declined (15.43, -0.72)

・Expectations that US inflation will calm down

・Active share buybacks

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

・Oji HD (3861) increases production of film for capacitors for electric vehicles, and starts operation of new equipment in November

・JTEKT ＜6473＞ 3-year growth investment 110 billion yen, problem-solving business expansion

・SBIHD ＜8473＞Invest 10 billion yen in emerging AI to develop next-generation semiconductors

・Sumitomo Forestry ＜1911＞NTT Com and providing a foundation for forest credit support, creation, review, and transactions

・Kawasaki Kisen ＜9107＞ standard specifications for liquefied CO2 carriers are being examined by three major shipping companies with shipbuilders

・Toyota Tsusho ＜8015＞Ogihara and a new car parts company in South Africa begin manufacturing for Toyota in '26

・Piolax ＜5988＞ development productivity improved by 25%, following Chinese

・Brother Industries ＜6448＞ new compact MC model, expanded processing area, compatible with large EV parts

・Yamazen ＜8051＞ 10 automatic transport robots demonstrated in November at a new logistics base in Osaka

・Toyo Engine ＜6330＞Commercial production of green ammonia with ITOCHU and others, 27 years in Indonesia

・Nikon ＜7731＞ invests in emerging funds, 7.5 billion yen scale, energy, etc. in the US

・Sharp ＜6753＞ slim automatic transport robot begins accepting orders, 20 kg x 4 boxes are loaded simultaneously

・Sony G ＜6758＞'s own blockchain development and utilization for “Web3” business

・Taiyo Yuden ＜6976＞New plant in Aomori increases production of aluminum electrolytic capacitors

・Resonac HD (4004): Provision of waste plastic recycling technology and expansion of chemical raw materials

・Toyobo ＜3101＞MC supplies ultra-high strength polyethylene fibers to floating wind power mooring lines

・Nankai Chemical ＜4040＞ Mr. Shinya Sugioka expands environmental recycling

・Mitsui Fuu ＜8801＞Tokyo Ekimae Redevelopment begins construction of a skyscraper complex with Kajima Corporation etc. to culminate

・Members ＜2130＞ decarbonized DX human resource development, 1000 people in 3 years

・NGK (5333) Receives an order for NAS batteries from Taiwan Electric Power Company

・Light and air conditioning transmission to Taisei Corporation ＜1801＞ pillars, achieving both CO2 reduction and design

・Shimizu Corporation ＜1803＞Automatic calculation of CO2 emissions, infrastructure development

☆ Front office event schedule

＜Domestic＞

・Nothing in particular

＜Overseas＞

・ 10:30 Australian Consumer Price Index for July (year-on-year forecast: +3.4%, June: +3.8%)