---
title: "Asian stocks see cautious trade, Japan gains: markets wrap"
description: "Most equity markets in Asia fell amid caution ahead of next week’s US election and the Federal Reserve’s rate decision. Japanese shares gained."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-10-30-asian-stocks-see-cautious-trade-japan-gains-markets-wrap/"
published: "2024-10-30T05:53:37"
updated: "2024-10-30T05:53:38"
lang: "en-ZA"
word_count: 472
---

# Asian stocks see cautious trade, Japan gains: markets wrap

> Most equity markets in Asia fell amid caution ahead of next week’s US election and the Federal Reserve’s rate decision. Japanese shares gained.

By Bloomberg · Published 30 October 2024, 07:53 SAST · Updated 30 October 2024, 07:53 SAST

## Key points
- As Asian markets grapple with election jitters and a lackluster stimulus from China, the tech-savvy Nikkei enjoys a yen-fueled rally while gold and Bitcoin bask in the limelight, reminding everyone that when it comes to market chaos, there's always a shiny alternative to stocks.
- Asian markets experienced declines, with benchmarks in China, Hong Kong, and Australia dropping over 0.5%, while Japan's Topix and Nikkei indexes rose more than 1%.
- Gold reached a new record high as traders brace for potential market disruptions ahead of the US elections, with Bitcoin also nearing an all-time high.
- US job openings fell to their lowest since early 2021, complicating the outlook ahead of the Fed's decision next week, while Treasury yields slipped amid economic strength signals.
- China's potential approval of 10 trillion yuan in additional borrowing to stimulate the economy faces skepticism, with foreign investors wary of tariff threats post-election.

## Content

Benchmarks in mainland China, Hong Kong and Australia all fell at least 0.5%. The Topix and Nikkei indexes rose more than 1%, boosted by the yen’s recent weakness and gains in the tech sector following a record close for the Nasdaq Composite overnight. US equity futures advanced in Asian hours after the S&P 500 closed up 0.2%.

Treasury yields slipped, while a Bloomberg gauge of the dollar’s strength snapped a three-day advance. [Gold](https://www.bloomberg.com/news/articles/2024-10-29/gold-xauusd-hits-fresh-record-high-as-us-data-election-race-fan-demand) hit a fresh record early on Wednesday as traders weighed potential market disruption ahead of the election. [Bitcoin](https://www.bloomberg.com/news/articles/2024-10-28/bitcoin-btc-tops-70-000-for-first-time-since-june-as-election-nears), seen as a Trump trade, hovered near an all-time [high](https://www.bloomberg.com/news/articles/2024-10-28/bitcoin-btc-tops-70-000-for-first-time-since-june-as-election-nears).

In addition to risks posed by US events, traders in Asia have their eyes set on the Bank of Japan’s decision on Thursday and a [meeting](https://www.bloomberg.com/news/articles/2024-10-25/china-lawmakers-to-meet-nov-4-8-as-investors-eye-stimulus) by China’s top legislative body to be held on 4-8 November, where further fiscal stimulus may be announced. Asia’s regional equity benchmark is set for its worst monthly performance in a year.

Some of US earnings have been positive but still insufficient to offer conviction over market direction or offset uncertainties related to the election and the Fed, said Billy Leung, an investment strategist at Global X ETFs. “I would think the market is unlikely to take big trades or bets ahead of the NPC,” he added, referring to China’s National People’s Congress Standing Committee meeting.

In late US trading, [Alphabet Inc.](https://www.bloomberg.com/news/articles/2024-10-29/alphabet-beats-quarterly-sales-estimates-on-google-cloud-growth) climbed more than 5% as the Google parent’s earnings beat estimates, while [Advanced Micro Devices Inc.](https://www.bloomberg.com/news/articles/2024-10-29/amd-forecast-falls-short-suggesting-a-slower-pace-of-ai-growth) sank 7% amid a lacklustre revenue forecast.

Just about a week away from the Fed decision, data showed US job openings fell to the lowest since early 2021. The figures run counter to the September employment report that pointed to a still-strong labour market, which prompted traders to trim bets on another big rate cut. A separate reading showed consumer confidence hit the highest since the start of the year.

Treasuries are [on track](https://www.bloomberg.com/news/articles/2024-10-29/selloff-puts-treasuries-on-path-for-worst-month-in-two-years) for their worst month in more than two years amid signs of economic strength, posturing for the election and heavy supply of new notes and bonds. Oil was steady after losing more than 6% in the previous two sessions on easing concerns the conflict in the Middle East will affect supply.

Back in Asia, China is in the spotlight after Reuters reported that authorities were weighing approval of 10 trillion yuan ($1.4-trillion) in additional borrowing in the coming years to bolster the economy and address local government debt risks.

“China’s latest stimulus package appears underwhelming,” said Charu Chanana, chief investment strategist for Saxo Markets. “Foreign investors are still highly concerned about potential tariff threats if next week’s US elections result in a Republican sweep.”

Australia’s core inflation remained elevated last quarter, reinforcing the Reserve Bank’s view that price pressures will take time to dissipate. The Aussie dollar fluctuated on the results.