Chicago Nikkei futures (CME) (10th)

DEC24

O 39825 (in dollars)

H 39870

L 39025

C 39495, TSE comparison +185 (evening comparison +75)

Vol 5035

DEC24

O 39685 (in yen)

H 39730

L 38900

C 39370, Tokyo Stock Exchange +60 (evening -50)

Vol 18243

Overview of American Depositary Receipt Market (10th)

In the ADR market, compared to Tokyo Stock Exchange (converted at 1 dollar to 148.53 yen), Yucho Bank <7182>, Fujitsu <6702>, Sony <6758>, Seven & i Holdings <3382>, Murata Manufacturing <6981>, Advantest <6857>, Komatsu <6301>, among others, declined, with overall selling pressure.

Code　　Company Name　　　　　Closing Price　Change from Previous Day　Price in JPY　Comparison to Japanese Price

7203 (TM.N) Toyota Motor Corporation 174.35 0.36 2590 9

8306 (MUFG.N) Mitsubishi UFJ Financial Group 10.33 0.13 1534 8.5

8035 (TOELY) Tokyo Electron 85.93 -1.74 25526 11

6758 (SONY.N) Sony Group Corporation 18.86 -0.19 2801 -25

9432 (NTTYY) Nippon Telegraph and Telephone Corporation 25.05 0.08 149 -0.9

8058 (MTSUY) Mitsubishi Corporation 20.00 -0.01 2971 7

6501 (HTHIY) Hitachi Ltd Sponsored ADR 53.06 -0.54 3941 6

9983 (FRCOY) Fast Retailing Co Ltd 35.80 1.56 53174 1814

SoftBank Group Corp (SFTBY) 　 30.29 　0.78 　 　 　　8998 　 　　-43

Shin-Etsu Chemical Co Ltd (SHECY) 　 20.73 　 0.02 　 　 　　6158 　 　　-35

Itochu Corporation (ITOCY) 　 104.58 　 0.22 　 　 　　7766 　 　 　-3

Sumitomo Mitsui Financial Group (SMFG.N) 三井住友FG 　 12.65 　 0.18 　 　 　　3132 　 　 　11

Mitsui & Co Ltd (MITSY) 　　439.94 　 0.94 　 　 　　3267 　 　 　11

Recruit Holdings Co Ltd (RCRUY) 　 12.87 　-0.21 　 　 　　9558 　 　　-46

Daiichi Sankyo Co Ltd (DSNKY) 　　33.54 　 0.34 　 　 　　4982 　 　 　-9

KDDI Corporation (KDDIY) 　 16.04 　 0.10 　 　 　　4765 　 　　-30

7974 (NTDOY) Nintendo 13.32 0.03 7914 1

8766 (TKOMY) Tokio Marine Holdings 37.37 0.28 5551 31

7267 (HMC.N) Honda Motor Co. Ltd. 31.82 0.37 1575 1

2914 (JAPAY) Japan Tobacco Inc 14.67 0.22 4358 -8

6902 (DNZOY) Denso 14.41 0.07 2140 -0.5

4519 (CHGCY) Chugai Pharmaceutical 23.39 -0.19 6948 -1

4661 (OLCLY) Otsuka Holdings Co. Ltd 24.50 -0.24 3639 -9

8411 (MFG.N) Mizuho Financial Group Inc 4.15 0.04 3082 64

6367 (DKILY) Daikin Industries 13.14 -0.05 19517 -63

4502 (TAK.N) Takeda Pharmaceuticals SP ADR 14.31 0.03 4251 -22

7741 (HOCPY) HOYA 143.98 -0.41 21385 20

6503 (MIELY) Mitsubishi Electric Corp. unsponsored ADR 32.79 0.24 2435 1

6981 (MRAAY) Murata Manufacturing Co., Ltd. Sponsored ADR 9.63 -0.07 2861 -21.5

7751 (CAJPY) Canon Inc. 34.22 0.22 5083 -12

6273 (SMCAY) SMC 22.35 0.09 66393 243

7182 (JPPTY) Japan Post Bank Co., Ltd Sponsored ADR 8.15 -0.05 1211 -156

6146 (DSCSY)　 　Disco 　 　 　25.00　-0.50 　 　 　 37133 　 　 -237

3382 (SVNDY)　 Seven & I Holdings Co Ltd　15.53　-0.31 　 　 　　2307 　 　　-18

8053 (SSUMY)　 Sumitomo Corporation 　 22.53 　0.14 　 　 　　3346 　 　 　14

6702 (FJTSY)　 Fujitsu Ltd　 　 20.99　-0.25 　 　 　　3118 　 　　-38

6201 (TYIDY)　 Toyoda Automatic Loom Works Ltd　 76.11 　0.04 　 　 　 11305 　 　　-40

5108 (BRDCY)　 Bridgestone Corporation 　 19.06 　0.18 　 　 　　5662 　 　　-19

6178 (JPPHY)　 Japan Post Holdings Co Ltd 　 10.00 　0.00 　 　 　　1485 　 　 　85

8002 (MARUY)　 Marubeni Corporation 　 164.42 　2.42 　 　 　　2442 　 　　3.5

6723 (RNECY) Renesas, 7.07, -0.14, 2100, -0.5

6954 (FANUY) FANUC, 13.63, -0.22, 4049, -22

8725 (MSADY) MS&AD Insurance Holdings, 23.31, 0.34, 3462, -8

8801 (MTSFY) Mitsui Fudosan, 28.30, 0.50, 1401, 15

6301 (KMTUY) Komatsu, 27.29, -0.01, 4053, -27

4901 (FUJIY) Fujifilm, 12.69, -0.04, 3770, -11

6594 (NJDCY) Nidec, 5.04, -0.04, 2994, -6

6857 (ATEYY) Advantest, 50.40, -1.60, 7486, -52

4543 (TRUMY) Terumo 19.76 -0.13 2935 -8.5

8591 (IX.N) Orix 111.53 0.32 3313 -11

(Ranked in the top 50 by market capitalization, equivalent to 1 dollar and 148.53 yen)

"Top 5 ADR gains" (10th)

コード 　 　 　 銘柄名 　 　 　 　 終値 日本円換算価格 日本終値比 （％）

9107 (KAIKY) Kawasaki Kisen 15.08 2240 240 12.00

8830 (MITEY) Sumitomo Realty 17.00 5050 327 6.92

2801 (KIKOY) Kikkoman 24.10 1790 114 6.80

6178 (JPPHY) Japan Post 10.00 1485 85 6.07

5020 (JXHLY) ENEOS 11.81 877 36.7 4.37

"Top 5 ADR losses" (10th)

コード 　 　 　 銘柄名 　 　 　 　 終値 日本円換算価格 日本終値比 （％）

7182 (JPPTY) Japan Post Bank 8.15 1211 -156 -11.41

8750 (DLICY) Dai-ichi Life Holdings 23.40 3476 -359 -9.36

7259 (ASEKY) Aisin Seiki 10.33 1534 -50 -3.16

4507 (SGIOY) Shionogi & Co., Ltd. 6.95 2065 -25.5 -1.22

6702 (FJTSY) Fujitsu 20.99 3118 -38 -1.20

"US stock market overview" (10th)

NYDOW

Closing Price: 42,454.12 Change from Previous Day: -57.88

Opening Price: 42,511.37 Highest Price: 42,511.37 Lowest Price: 42,308.04

Year-to-date high: $42512.00 Year-to-date low: $37266.67

Previous Year High: 37,710.10, Previous Year Low: 31,819.14

NASDAQ

Closing Price: 18282.05, Change from Previous Day: -9.57

Opening Price: 18200.62, High: 18333.39, Low: 18154.18

Year-to-date high: 18647.45 Year-to-date low: 14510.30.

Previous Year High: 15,099.18, Previous Year Low: 10,305.24

S&P 500

Closing Price: 5780.05, Change from Previous Day: -11.99

Opening Price: 5778.36, High: 5795.03, Low: 5764.76

Year-to-Date High: 5792.04, Year-to-Date Low: 4688.68

Previous Year High: 4,783.35, Previous Year Low: 3,808.10

The US 30-year Treasury yield is at 4.359%, while the US 10-year Treasury yield stands at 4.064%.

The US stock market fell. The Dow Jones closed trading down 57.88 points at $42,454.12, and the Nasdaq ended trading down 9.57 points at 18,282.05.

Consumer Price Index (CPI) exceeded expectations, leading to a decline after opening due to reduced anticipations of prompt rate cuts by the Federal Reserve Board (FRB). A significant increase in weekly initial jobless claims due to a major hurricane contributed to a deteriorating economic outlook, further exerting selling pressure and leading to continued declines. NVIDIA (NVDA), leading in the artificial intelligence (AI) sector, supported the overall market with its rise, narrowing losses towards the end of the session. By sector, energy and semiconductor & manufacturing equipment rose, while telecommunication services declined.

Oil companies such as Exxon Mobil (XOM) and renewable fuel company Chevron (CVX) rose on expectations of increased earnings due to higher crude oil prices. However, Delta Airlines (DAL) experienced decreased profits in its quarterly earnings due to a significant system failure and issued a weak revenue outlook for the fourth quarter, leading to a decline. Advanced Micro Devices (AMD) in semiconductors announced its next-generation artificial intelligence (AI) processor product line at an event, but it fell short of expectations, resulting in a decline.

First Solar (FSLR), a solar module manufacturing company, declined as analysts warned of potential performance impacts from labor shortages and supply chain disruptions ahead of its quarterly earnings report. Pfizer (PFE), a pharmaceutical company, faced pressure from activist investor Starboard Value, as its former CEO and CFO supported the current CEO, dampening expectations for restructuring and leading to a decline.

Atlanta Fed President Bostic expressed in an interview that it is perfectly acceptable to hold off on rate cuts if the data suggests it is the right move, with him holding a voting seat on the Federal Open Market Committee (FOMC) in 2024.

(Horiko Capital Management LLC)