Market Update
Japan's Indexes Rebounded 1% and Bond Yields Hovered at 17-Year Highs
Akira Ito
04 Sep, 2025
Tokyo
Japan's stock market indexes rebounded from losses in the previous session, following a tech-driven rally in overnight trading in New York.
The Nikkei 225 Stock Average gained 1.5%, and the broader Topix advanced 1% amid a rebound in artificial intelligence-linked stocks.
Stock market gains were limited, with the yield on 10-year Japanese government bonds hovering near a 17-year high at 1.61%.
Tech stocks rallied after the Google parent, Alphabet Inc., avoided a harsher sentence from a U.S. federal judge, which could have led to the breakup of the company.
The ruling allows Alphabet to keep its Chrome browser but prevents the company from striking exclusive search deals.
Moreover, the court's ruling permits the company to share search data with partners and customers and paves the way for licensing of AI products to mobile device makers.
In overnight trading, Alphabet Inc. soared 9% to $231.10, and Apple Inc. gained 3.8% to $238.47.
On the domestic economic front, investors are awaiting wage data on Friday.
The yen weakened to 148.17 against the U.S. dollar after Bank of Japan Governor Kazuo Ueda reiterated the central bank's stance to hike rates if economic growth and price inflation develop as expected.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.5% to 42,580.0, and the broader Topix added 1% to 3,077.45.
Tokyo Electron added 0.7% to ¥20,075.0, Advantest Corp. increased 4.6% to ¥11,190.0, and Lasertec Corp. fell 0.3% to ¥14,950.0.
Sumitomo Mitsui Financial Group gained 2.7% to ¥4,061.0, Mitsubishi UFJ Financial Group advanced 2% to ¥2,246.0, and Mizuho Financial Group increased 2.4% to ¥4,800.0.
Japan's Indexes Rebounded 1% and Bond Yields Hovered at 17-Year Highs
Akira Ito
04 Sep, 2025
Tokyo
Japan's stock market indexes rebounded from losses in the previous session, following a tech-driven rally in overnight trading in New York.
The Nikkei 225 Stock Average gained 1.5%, and the broader Topix advanced 1% amid a rebound in artificial intelligence-linked stocks.
Stock market gains were limited, with the yield on 10-year Japanese government bonds hovering near a 17-year high at 1.61%.
Tech stocks rallied after the Google parent, Alphabet Inc., avoided a harsher sentence from a U.S. federal judge, which could have led to the breakup of the company.
The ruling allows Alphabet to keep its Chrome browser but prevents the company from striking exclusive search deals.
Moreover, the court's ruling permits the company to share search data with partners and customers and paves the way for licensing of AI products to mobile device makers.
In overnight trading, Alphabet Inc. soared 9% to $231.10, and Apple Inc. gained 3.8% to $238.47.
On the domestic economic front, investors are awaiting wage data on Friday.
The yen weakened to 148.17 against the U.S. dollar after Bank of Japan Governor Kazuo Ueda reiterated the central bank's stance to hike rates if economic growth and price inflation develop as expected.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.5% to 42,580.0, and the broader Topix added 1% to 3,077.45.
Tokyo Electron added 0.7% to ¥20,075.0, Advantest Corp. increased 4.6% to ¥11,190.0, and Lasertec Corp. fell 0.3% to ¥14,950.0.
Sumitomo Mitsui Financial Group gained 2.7% to ¥4,061.0, Mitsubishi UFJ Financial Group advanced 2% to ¥2,246.0, and Mizuho Financial Group increased 2.4% to ¥4,800.0.
China Indexes Extend 3-Day Losses Amid Rising Risk of Regulatory Interventions
Li Chen
04 Sep, 2025
Hong Kong
China's stock market indexes turned lower for the third consecutive day amid worry that regulators may step in to stem the recent rapid rise over the last four months.
The Hang Seng index declined 1.2%, and the mainland-focused CSI 300 index dropped 2.5% amid growing speculation of market intervention by Chinese regulators.
Chinese stocks dropped about 10% in early April after the U.S. sharply escalated tariffs on all imported goods and targeted Chinese goods with the highest rates.
The Trump administration paused some of the threatened high tariffs on Chinese goods and entered into negotiations after China retaliated with its tariffs on the U.S. goods and restricted the sale of rare-earth minerals.
Market sentiment was further bolstered after domestic economic metrics showed little negative impact of the U.S. tariffs on China's exports, and first-half economic growth met target rates set by policymakers.
Over the last eighteen weeks, stock market indexes in China and Hong Kong rallied about 30% and pushed benchmark indexes to multi-year highs, as retail investors rotated out of fixed-income investments into riskier assets.
Weak retail sales and industrial production growth and persistent weakness in the residential market in July raised worries that a bubble may be forming in the stock market.
Since last week, the run-up in the market has faced headwinds amid worries about the stretched valuations, anemic earnings growth for mainland-focused Chinese companies, and rising risk of a regulatory intervention to curb excessive speculation.
China Indexes and Stocks
The Hang Seng Index decreased 1.2% to 25,032.23, and the CSI 300 index dropped 2.5% to 4,349.83.
Semiconductor Manufacturing International declined 6.2% to HK $56.15, Xiaomi Corp. decreased 2.2% to HK $53.50, and BYD Electronic International increased 1% to HK $41.50.
Nongfu Spring Co. inched up 0.4% to HK $49.60, Mixue Group decreased 0.4% to HK $400.0, and Haidilao International decreased 1.2% to HK $13.36.
China Indexes Extend 3-Day Losses Amid Rising Risk of Regulatory Interventions
Li Chen
04 Sep, 2025
Hong Kong
China's stock market indexes turned lower for the third consecutive day amid worry that regulators may step in to stem the recent rapid rise over the last four months.
The Hang Seng index declined 1.2%, and the mainland-focused CSI 300 index dropped 2.5% amid growing speculation of market intervention by Chinese regulators.
Chinese stocks dropped about 10% in early April after the U.S. sharply escalated tariffs on all imported goods and targeted Chinese goods with the highest rates.
The Trump administration paused some of the threatened high tariffs on Chinese goods and entered into negotiations after China retaliated with its tariffs on the U.S. goods and restricted the sale of rare-earth minerals.
Market sentiment was further bolstered after domestic economic metrics showed little negative impact of the U.S. tariffs on China's exports, and first-half economic growth met target rates set by policymakers.
Over the last eighteen weeks, stock market indexes in China and Hong Kong rallied about 30% and pushed benchmark indexes to multi-year highs, as retail investors rotated out of fixed-income investments into riskier assets.
Weak retail sales and industrial production growth and persistent weakness in the residential market in July raised worries that a bubble may be forming in the stock market.
Since last week, the run-up in the market has faced headwinds amid worries about the stretched valuations, anemic earnings growth for mainland-focused Chinese companies, and rising risk of a regulatory intervention to curb excessive speculation.
China Indexes and Stocks
The Hang Seng Index decreased 1.2% to 25,032.23, and the CSI 300 index dropped 2.5% to 4,349.83.
Semiconductor Manufacturing International declined 6.2% to HK $56.15, Xiaomi Corp. decreased 2.2% to HK $53.50, and BYD Electronic International increased 1% to HK $41.50.
Nongfu Spring Co. inched up 0.4% to HK $49.60, Mixue Group decreased 0.4% to HK $400.0, and Haidilao International decreased 1.2% to HK $13.36.
Debt and Budget Worries Lifts Bond Yields to Multi-Year Highs, Alphabet and Apple In Focus
Barry Adams
03 Sep, 2025
New York City
Broader market indexes struggled to rise above the flatline, following the rise in global bond yields and uncertainties linked to the U.S. trade policy.
The S&P 500 index decreased 0.2%, and the tech-heavy Nasdaq Composite advanced 0.7% after Alphabet, the parent of the Google search engine, avoided a harsher sentence from a federal judge.
A federal court ruled that Alphabet can keep the Chrome browser but must share data with its search partners.
Alphabet soared more than 5% after the ruling, because it removed a key legal issue looming over the last five years.
The U.S. Department of Justice alleged in a court case in 2020 that the search company kept its dominance by creating strong barriers to entry and exclusive access to customer behavior.
The 10-year yield on the U.S. Treasury bond increased to 4.28% amid growing worries about record-high federal government debt and uncertainty related to debt ceiling negotiations.
The yields on bonds of the UK, France, and Japan rose to multi-year highs as governments struggle with record debt levels and pursue higher defense spending.
U.S. Stock Movers
Alphabet Inc. jumped 5.4% to $223.38 after a federal judge ruled that the parent of the Google search engine operator can keep its Chrome browser.
The ruling also prevented the search company from striking exclusive search deals and required it to share key search data with its customers.
Apple Inc. jumped 3.7% to $238.26 following the federal court's decision regarding Google parent Alphabet Inc.
The court's ruling will allow the popular mobile phone maker to continue preloading Google Search onto its iPhones and other electronic devices for a fee.
“Google will not be barred from making payments or offering other consideration to distribution partners for preloading or placement of Google Search, Chrome, or its GenAI products,” the decision states.
The latest ruling allows Apple and other mobile device makers to strike additional deals with Google for AI-related products.
Macy's Inc. soared 12% to $15.12, and the apparel and accessories retailer reported better-than-expected second-quarter results and lifted its full-year outlook.
The retailer posted adjusted earnings of 41 cents per share on $4.81 billion in revenue in the fiscal second quarter.
The company revised its full-year adjusted earnings per share estimate to between $1.70 and $2.05 from $1.60 and $2.0 and sales between $21.15 billion and $21.45 billion from the previous range between $21.0 billion and $21.40 billion, respectively.
Zscaler Inc. jumped 1.8% to $278.90 after the cybersecurity company delivered better-than-expected fiscal fourth-quarter results and the company's guidance surpassed expectations.
Consolidated revenue increased to $719.2 million from $592.9 million, net loss advanced to $17.6 million from $14.9 million, and diluted losses per share expanded to 11 cents from 10 cents a year ago.
Zscaler guided fiscal first-quarter 2026 revenue to be between $772 million and $774 million, non-GAAP income from operations between $166 million and $168 million, and non-GAAP net income per share between 85 cents and 86 cents.
The cybersecurity company estimated fiscal full-year 2026 revenue to be between $3.265 billion and $3.284 billion, non-GAAP income from operations between $728 million and $736 million, and non-GAAP net income per share between $3.64 and $3.6.
Debt and Budget Worries Lifts Bond Yields to Multi-Year Highs, Alphabet and Apple In Focus
Barry Adams
03 Sep, 2025
New York City
Broader market indexes struggled to rise above the flatline, following the rise in global bond yields and uncertainties linked to the U.S. trade policy.
The S&P 500 index decreased 0.2%, and the tech-heavy Nasdaq Composite advanced 0.7% after Alphabet, the parent of the Google search engine, avoided a harsher sentence from a federal judge.
A federal court ruled that Alphabet can keep the Chrome browser but must share data with its search partners.
Alphabet soared more than 5% after the ruling, because it removed a key legal issue looming over the last five years.
The U.S. Department of Justice alleged in a court case in 2020 that the search company kept its dominance by creating strong barriers to entry and exclusive access to customer behavior.
The 10-year yield on the U.S. Treasury bond increased to 4.28% amid growing worries about record-high federal government debt and uncertainty related to debt ceiling negotiations.
The yields on bonds of the UK, France, and Japan rose to multi-year highs as governments struggle with record debt levels and pursue higher defense spending.
U.S. Stock Movers
Alphabet Inc. jumped 5.4% to $223.38 after a federal judge ruled that the parent of the Google search engine operator can keep its Chrome browser.
The ruling also prevented the search company from striking exclusive search deals and required it to share key search data with its customers.
Apple Inc. jumped 3.7% to $238.26 following the federal court's decision regarding Google parent Alphabet Inc.
The court's ruling will allow the popular mobile phone maker to continue preloading Google Search onto its iPhones and other electronic devices for a fee.
“Google will not be barred from making payments or offering other consideration to distribution partners for preloading or placement of Google Search, Chrome, or its GenAI products,” the decision states.
The latest ruling allows Apple and other mobile device makers to strike additional deals with Google for AI-related products.
Macy's Inc. soared 12% to $15.12, and the apparel and accessories retailer reported better-than-expected second-quarter results and lifted its full-year outlook.
The retailer posted adjusted earnings of 41 cents per share on $4.81 billion in revenue in the fiscal second quarter.
The company revised its full-year adjusted earnings per share estimate to between $1.70 and $2.05 from $1.60 and $2.0 and sales between $21.15 billion and $21.45 billion from the previous range between $21.0 billion and $21.40 billion, respectively.
Zscaler Inc. jumped 1.8% to $278.90 after the cybersecurity company delivered better-than-expected fiscal fourth-quarter results and the company's guidance surpassed expectations.
Consolidated revenue increased to $719.2 million from $592.9 million, net loss advanced to $17.6 million from $14.9 million, and diluted losses per share expanded to 11 cents from 10 cents a year ago.
Zscaler guided fiscal first-quarter 2026 revenue to be between $772 million and $774 million, non-GAAP income from operations between $166 million and $168 million, and non-GAAP net income per share between 85 cents and 86 cents.
The cybersecurity company estimated fiscal full-year 2026 revenue to be between $3.265 billion and $3.284 billion, non-GAAP income from operations between $728 million and $736 million, and non-GAAP net income per share between $3.64 and $3.6.
Stock Movers: Signet Jewelers, Zscaler
Scott Peters
03 Sep, 2025
New York City
Signet Jewelers Ltd. advanced 6.2% to $93.50 after the specialty retailer's quarterly results surpassed market expectations.
Revenue in the fiscal second quarter ending on August 2 increased 3% to $1.5 billion, driven by a same-store sales increase of 2%.
The price increases drove gross margin expansion by 60 basis points. 38.6%
Net loss in the quarter shrank to $9.1 million from $101.5 million, and diluted loss per share eased to 22 cents from $2.28 a year ago.
Signet declared a cash dividend of 32 cents per share on November 21 to shareholders on record on October 24.
The company revised the full-year fiscal 2026 sales estimate from the previous range between $6.57 billion and $6.80 billion to a new range between $6.67 billion and $6.82 billion.
The same-store sales growth estimate was revised to between a decrease of 0.75% and an increase of 1.75% from the previous estimate of between a decline of 2.0% and an increase of 1.50%.
The company's guidance adjusted annual diluted earnings per share to a new range between $8.04 and $9.57 from the previous range between $7.70 and $9.38.
Zscaler Inc. fell 0.9% to $274.57 after the cloud security provider reported an 18% increase in net loss in the fourth quarter ending on July 31.
Consolidated revenue increased 21% to $719.2 million from $592.9 million, net loss advanced to $17.6 million from $14.9 million, and diluted losses per share expanded to 11 cents from 10 cents a year ago.
Zscaler estimated fiscal first quarter revenue to be between $772 million and $774 million, adjusted income from operations between $166 million and $168 million, and adjusted net income per share between 85 cents and 86 cents.
Non-GAAP net income expanded to $146.7 million from $115.8 million in the fourth quarter of fiscal 2024.
Zscaler guided full-year fiscal 2026 revenue to be between $3.265 billion and $3.284 billion, adjusted income from operations between $728 million and $736 million, and adjusted net income per share between $3.64 and $3.6.
Stock Movers: Signet Jewelers, Zscaler
Scott Peters
03 Sep, 2025
New York City
Signet Jewelers Ltd. advanced 6.2% to $93.50 after the specialty retailer's quarterly results surpassed market expectations.
Revenue in the fiscal second quarter ending on August 2 increased 3% to $1.5 billion, driven by a same-store sales increase of 2%.
The price increases drove gross margin expansion by 60 basis points. 38.6%
Net loss in the quarter shrank to $9.1 million from $101.5 million, and diluted loss per share eased to 22 cents from $2.28 a year ago.
Signet declared a cash dividend of 32 cents per share on November 21 to shareholders on record on October 24.
The company revised the full-year fiscal 2026 sales estimate from the previous range between $6.57 billion and $6.80 billion to a new range between $6.67 billion and $6.82 billion.
The same-store sales growth estimate was revised to between a decrease of 0.75% and an increase of 1.75% from the previous estimate of between a decline of 2.0% and an increase of 1.50%.
The company's guidance adjusted annual diluted earnings per share to a new range between $8.04 and $9.57 from the previous range between $7.70 and $9.38.
Zscaler Inc. fell 0.9% to $274.57 after the cloud security provider reported an 18% increase in net loss in the fourth quarter ending on July 31.
Consolidated revenue increased 21% to $719.2 million from $592.9 million, net loss advanced to $17.6 million from $14.9 million, and diluted losses per share expanded to 11 cents from 10 cents a year ago.
Zscaler estimated fiscal first quarter revenue to be between $772 million and $774 million, adjusted income from operations between $166 million and $168 million, and adjusted net income per share between 85 cents and 86 cents.
Non-GAAP net income expanded to $146.7 million from $115.8 million in the fourth quarter of fiscal 2024.
Zscaler guided full-year fiscal 2026 revenue to be between $3.265 billion and $3.284 billion, adjusted income from operations between $728 million and $736 million, and adjusted net income per share between $3.64 and $3.6.
Japan's Stocks Lacked Direction After BoJ Signaled Gradual Rate-Hike Approach
Akira Ito
03 Sep, 2025
Tokyo
Japan's stock market indexes eased, following losses in overnight trading on Wall Street.
The Nikkei 225 Stock Average decreased 0.9%, and Topix declined more than 1% amid rising bond yields and renewed trade tensions.
Investor sentiment has wavered over the last two weeks after the key benchmark indexes reached new record highs.
The Nikkei 225 Stock Average and the Topix rebounded about 50% from the lows reached on April 7, amid constant U.S. trade policy flip-flops and uncertainty about how tariffs will be collected.
The yield on the 10-year Japanese government bond edged up to 1.63% following comments from Bank of Japan Deputy Governor Ryozo Himino.
Deputy Governor Himino said that the central bank should increase rates gradually amid elevated global risks, highlighting a lack of urgency in aggressive tightening.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.9% to 41,933.95, and the broader Topix dropped 1.1% to 3,048.09.
The Japanese yen weakened to 148.67 against the U.S. dollar as the central bank signaled the lack of urgency for aggressive tightening.
SoftBank Group declined 5.3% to ¥14,570.0, Tokyo Electron decreased 1.9% to ¥19,945.0, Advantest Corp. added 0.3% to ¥10,695.0, and Disco Corp.
Mitsui & Company increased 1% to ¥3,580.0, Mitsubishi Corp. decreased 2.2% to ¥3,359.0, Marubeni Corp. fell 1.4% to ¥3,410.0, Sumitomo Corp. declined 1.4% to ¥4,209.0, and Itochu Corp. eased 1.3% to ¥8,472.0.
Japan's Stocks Lacked Direction After BoJ Signaled Gradual Rate-Hike Approach
Akira Ito
03 Sep, 2025
Tokyo
Japan's stock market indexes eased, following losses in overnight trading on Wall Street.
The Nikkei 225 Stock Average decreased 0.9%, and Topix declined more than 1% amid rising bond yields and renewed trade tensions.
Investor sentiment has wavered over the last two weeks after the key benchmark indexes reached new record highs.
The Nikkei 225 Stock Average and the Topix rebounded about 50% from the lows reached on April 7, amid constant U.S. trade policy flip-flops and uncertainty about how tariffs will be collected.
The yield on the 10-year Japanese government bond edged up to 1.63% following comments from Bank of Japan Deputy Governor Ryozo Himino.
Deputy Governor Himino said that the central bank should increase rates gradually amid elevated global risks, highlighting a lack of urgency in aggressive tightening.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.9% to 41,933.95, and the broader Topix dropped 1.1% to 3,048.09.
The Japanese yen weakened to 148.67 against the U.S. dollar as the central bank signaled the lack of urgency for aggressive tightening.
SoftBank Group declined 5.3% to ¥14,570.0, Tokyo Electron decreased 1.9% to ¥19,945.0, Advantest Corp. added 0.3% to ¥10,695.0, and Disco Corp.
Mitsui & Company increased 1% to ¥3,580.0, Mitsubishi Corp. decreased 2.2% to ¥3,359.0, Marubeni Corp. fell 1.4% to ¥3,410.0, Sumitomo Corp. declined 1.4% to ¥4,209.0, and Itochu Corp. eased 1.3% to ¥8,472.0.
China Defense Stocks In Focus On Victory Day Parade
Li Chen
03 Sep, 2025
Hong Kong
The stock market rally in China and Hong Kong paused for the second consecutive day amid a lack of new buyers and valuation worries.
The Hang Seng Index decreased 0.5%, and the mainland-focused CSI 300 index dropped nearly 1% as the market rally lost steam after benchmark indexes hovered near multi-year highs.
The CSI 300 index has soared nearly 30% over the last five months, after the monthly exports data showed little impact of the sharp escalation of U.S. tariffs.
Over the last four months, the sustained growth in direct and indirect goods exports to the U.S. eased worries linked to the possible international trade disruption.
The five-month-long market rally got an additional boost as retail investors chased returns and rotated into stocks from fixed-income products.
Market sentiment improved further after better-than-expected interim results from leading technology, industrial, and consumer companies.
Defense-related stocks were in focus as investors reviewed the massive military parade in Beijing to commemorate the 80th anniversary of China's victory over Japan in World War II.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 25,375.79, and the mainland-focused CSI 300 index fell 0.9% to 4,451.16.
Zijin Mining Group advanced 1.4% to HK$27.48 following the bullion price reaching a new record high in New York.
Alibaba Group Holding decreased 0.5% to HK$134.10, Tencent Holdings decreased 0.2% to HK$599.50, and Meituan fell 1% to HK$99.95.
China Shipbuilding Group decreased 0.2% to ¥22.40, CSSC Hong Kong Shipping decreased 1.5% to HK$1.86, NORINCO International dropped 1.9% to ¥11.17, and CEC Cyber Security Technology Co. Ltd. fell 2% to ¥17.79.
China Defense Stocks In Focus On Victory Day Parade
Li Chen
03 Sep, 2025
Hong Kong
The stock market rally in China and Hong Kong paused for the second consecutive day amid a lack of new buyers and valuation worries.
The Hang Seng Index decreased 0.5%, and the mainland-focused CSI 300 index dropped nearly 1% as the market rally lost steam after benchmark indexes hovered near multi-year highs.
The CSI 300 index has soared nearly 30% over the last five months, after the monthly exports data showed little impact of the sharp escalation of U.S. tariffs.
Over the last four months, the sustained growth in direct and indirect goods exports to the U.S. eased worries linked to the possible international trade disruption.
The five-month-long market rally got an additional boost as retail investors chased returns and rotated into stocks from fixed-income products.
Market sentiment improved further after better-than-expected interim results from leading technology, industrial, and consumer companies.
Defense-related stocks were in focus as investors reviewed the massive military parade in Beijing to commemorate the 80th anniversary of China's victory over Japan in World War II.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 25,375.79, and the mainland-focused CSI 300 index fell 0.9% to 4,451.16.
Zijin Mining Group advanced 1.4% to HK$27.48 following the bullion price reaching a new record high in New York.
Alibaba Group Holding decreased 0.5% to HK$134.10, Tencent Holdings decreased 0.2% to HK$599.50, and Meituan fell 1% to HK$99.95.
China Shipbuilding Group decreased 0.2% to ¥22.40, CSSC Hong Kong Shipping decreased 1.5% to HK$1.86, NORINCO International dropped 1.9% to ¥11.17, and CEC Cyber Security Technology Co. Ltd. fell 2% to ¥17.79.