I would like to pay attention to the following 3 points in the pre-market transaction on the 25th.

■Determine the solidity of high-tech stocks

■J-Front, 25/2 upward revised operating income 52 billion yen ← 41.5 billion yen

■Featured materials on the front floor: Resonac HD, glass core board compatible to develop copper-clad laminates for next-generation semiconductors

■Determine the solidity of high-tech stocks

The Japanese stock market on the 25th seems to be aware of its solidity even though it is stuck like this after starting ahead of sales. The NY Dow rose by 83 dollars and the NASDAQ was 100 points higher in the US market on the 24th. Buying dominance developed in response to expectations of additional interest rate cuts by the end of the year and China's economic stimulus measures. Since the US consumer confidence index in September fell short of expectations, there were scenes where optimism about the economy receded and sales were seen, but it picked up until the end of the game. The Chicago Nikkei 225 futures settlement price is 37670 yen, 150 yen lower than Osaka. The yen exchange rate is hovering in the 143 yen 00 yen range per dollar.

The Nikkei Stock Average is likely to start selling slightly ahead of schedule in the form of falling in line with Chicago futures. In the US, the US consumer confidence index for September fell below expectations, so the probability of interest rate cuts at the US Federal Open Market Committee (FOMC) in November has risen. In response to this, the yen exchange rate has fluctuated towards an appreciation of the yen, and it seems that it will become a burden on export-related stocks, etc. Also, Nikkei 225 futures were bought up to 38090 yen at one point during the night session, but the 75-day line was viewed as a resistance line. As it is difficult for rebound momentum to increase, it seems that they will take a stance aimed at push.

Meanwhile, in the US, a portion of semiconductor stocks such as NVIDIA is being bought, and from this trend, there is a buyback movement in high-tech stocks with values that have a large index impact, such as TOEREC (8035), etc., and there seems to be a possibility that they will underpin the Nikkei Stock Average. Therefore, after the first round of sales, it will be necessary to search for opportunities while determining the solidity of high-tech stocks. Also, it is thought that movements aiming for dividends are also likely to intensify, and it is thought that individual-based funds are more likely to go to stocks with a good dividend flavor.

The Nikkei Stock Average is fighting and defending at the 75-day line, and the Growth 250 Index is held above the 200-day line. Until these resistance lines are clearly raised, it is difficult to become a trend of aggressive upward price tracking, and it is easy to move towards short-term price ranges aimed at stocks, etc. with individual materials. Note, individually, Ivy ＜4918＞, escrow AJ ＜6093＞, J-front ＜3086＞, etc. which announced upward revisions are likely to attract attention when it comes to financial results.

■J-Front, 25/2 upward revised operating income 52 billion yen ← 41.5 billion yen

J-Front ＜3086＞ announced revisions to its earnings forecast for the fiscal year ending 2025/2. Sales revenue was revised upward from 424.5 billion yen to 437 billion yen, and operating profit was revised upward from 41.5 billion yen to 52 billion yen. This is the second correction this season, and it exceeds consensus (about 46 billion yen). Domestic sales remained steady in the department store business and shopping center business, which are core businesses, and duty-free sales grew due to an increase in foreign tourists visiting Japan, etc.

■Notable materials from the front

・The Nikkei Average rose (37940.59, +216.68)

・The NY Dow rose (42208.22, +83.57)

・The Nasdaq Composite Index rose (18074.52, +100.25)

・The SOX index rose (5091.78, +65.97)

・The VIX Index declined (15.39, -0.50)

・US crude oil futures rose (71.56, +1.19)

・Long-term US interest rates have declined

・Expectations that US inflation will calm down

・Active share buybacks

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

・Resonac HD (4004) compatible with glass core substrates to develop copper-clad laminates for next-generation semiconductors

・KDDI ＜9433＞ Joint research with Keio University and 9 companies at a new AI base with US University and MS

・Nippon Steel (5401) sold Korea POSCO shares and improved capital efficiency through asset compression

・Cooperation with Hitachi ＜6501＞ US NVIDIA for railway AI operation/maintenance

・Resonac HD ＜4004＞ withdrew from regenerative medicine, and sold 3 related companies to US investment

・Marubeni ＜8002＞ aims to participate in US CO2 storage, 1 million tons per year, commercial operation within 26 years

・Zenrin ＜9474＞ visualizes EV driving trends and provides reports with Mitsubishi Motors Industries, etc.

・Espec ＜6859＞Cosmopia Hi-Tech, rapid temperature change device, compliance with fluorinated gas regulations

・Hitachi Construction Equipment ＜6305＞ expansion for mines, deep cultivation in South America with super-large dumps

・Brother Industries ＜6448＞India plant completed and developed machine tools, automobiles, and medical care

・Shimadzu Corporation ＜7701＞ sales company in Mexico, sales and service of analytical and medical devices

・Mitsubishi Heavy Industries' ＜7011＞ CO2 collector operation in Italy, for natural gas supply facilities

・I-ray exposure device using a new Canon ＜7751＞ lens, transmittance 1.2 times

・Hamamatsu Photonics ＜6965＞ New Strategy to Challenge the Possibilities of Lasers, Acquired for the “Fourth Pillar”

・NTT ＜9432＞ Moving spatial information transmission, increasing the density of point cloud data

・New Renesas ＜6723＞ SoC products for advanced driver assistance systems

・Development of high-output laser diodes (6963) for high-performance sensors

・Murata Manufacturing's ＜6981 ＞ target of 100% renewable energy is ahead of schedule and will be achieved in fiscal year 35

・Nikon ＜7731＞ provides sheets for wind power equipment, and attaches them to feathers to improve power generation efficiency

・Unitika ＜3103＞ proposes polyarylate resin for car exterior materials, and is environmentally friendly without paint

・Mitsui Kinzoku ＜5706＞ initial mass production plant in Saitama, electrolytes for all-solid-state batteries, operating for 27 years

・JFEHD ＜5411＞ Vice President Mr. Masashi Terahata took the lead in securing high-quality coking coal

・Mitsubishi Materials ＜5711＞ develops copper alloys for next-generation car parts, achieving both strength and high conductivity

・Asahi Organic Materials ＜4216＞ phenol resin products will increase in price next month

☆ Front office event schedule

＜Domestic＞

・Nothing in particular

＜Overseas＞

・ 10:30 Australian Consumer Price Index for August (year-on-year forecast: +2.7%, July: +3.5%)