I would like to pay attention to the following 3 points in the pre-market transaction on the 16th.

■SQ values are easily perceived as support lines

■ASKUL's 2Q operating profit decreased 16.8% to 6.028 billion yen

■Front-end Notable Material: Omron Introduces AI to Respond to Tariffs, Halves Work Time

■SQ values are easily perceived as support lines

The Japanese stock market on the 16th seems to intensify the sense of stalemate while waiting for financial events, but it seems that the market will develop where people are aware of solidity. On the 13th, the NY Dow depreciated by 86 dollars and the NASDAQ was 23 points higher in the US market. The NY Dow continued to decline for 7 days due to sales in response to speculation that the pace of interest rate cuts by the US Federal Reserve (Fed) would slow down and sales to determine profit. Meanwhile, the NASDAQ index rose as Broadcom's rapid growth spread to buying into other semiconductor stocks, and hit a new high. The Chicago Nikkei 225 futures (March) settlement value is 39570 yen, which is 100 yen higher than Osaka. The yen exchange rate is hovering in the 60 yen range of 153 yen per dollar.

The Nikkei Stock Average is likely to start slightly ahead of buying in the form of falling in line with Chicago futures. In the US, the NY Dow continued to decline for 7 business days, but there was a movement to adjust the holding ahead of the US Federal Open Market Committee (FOMC). While economy-sensitive stocks are being sold, rebalancing movements seem to be centered, such as buying a corner of high-tech stocks. Broadcom was probably factored in as of the previous weekend, but as it rises by over 24%, it seems that it will move towards a trend of re-evaluation. Since the SOX index also had strong price movements, it is thought that it is easy for funds to go to high-tech stocks due to values that have a large index impact.

Unstable price movements continue for semiconductor stocks due to caution against US-China tariffs, and it is thought that positions are leaning towards sales. However, currently, Advantest ＜6857＞ has strengthened its rebound trend, and there seems to be a possibility that other semiconductor stocks will also be bought back ahead of FOMC. Also, since the exchange rate of yen is moving in the middle of the 1 dollar = 153 yen range, it is likely that people are aware of the inflow of funds related to exports such as automobiles and machinery.

There was also a scene where the Nikkei Stock Average fell to 39247.41 yen until the end of the front market, but the decline narrowed thereafter, and the closing price exceeded the December SQ value (39434.85 yen). There was also a scene where Nikkei 225 futures temporarily turned down to 38450 yen during the night session, but it ended at 39600 yen, turning back and forth towards the end of the game. While the SQ value is easily perceived as a support line, there seems to be a strong desire to buy with the aim of waiting for a push aimed at getting rid of gas after passing a financial event. Also, after passing the financial event, it seems that they will once again be made aware of the year-end high school due to expectations for the next Trump administration.

■ASKUL's 2Q operating profit decreased 16.8% to 6.028 billion yen

The results for the second quarter of the fiscal year ending 2025 announced by ASKUL ＜2678＞ were sales of 237.9 billion 32 million yen, up 2.9% from the same period last year, and operating profit of 6 billion 28 million yen, down 16.8% from the same period last year. As for the e-commerce business, both businesses grew steadily, but in addition to the decline in gross profit margin due to exchange rate effects, etc., there was also an increase in fixed land rent costs related to “ASKUL Kanto DC,” resulting in an increase in sales and profit.

■Notable materials from the front

・The Nasdaq Composite Index rose (19926.72, +23.88)

・1 dollar = 153.60-70 yen

・Chicago Nikkei futures rose (39570, +100)

・The SOX index rose (5149.78, +167.59)

・The VIX Index declined (13.81, -0.11)

・US crude oil futures rose (71.29, +1.27)

・Active share buybacks

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

・Omron ＜6645＞ introduced AI to respond to tariffs, work time cut in half

・Asahi Kasei ＜3407＞ “Research on battery durability, etc.” and creation of proposal-type businesses

・Mitsubishi Electric ＜6503＞ has an air conditioning plant in the US, invests 22 billion yen, and is converted to a base for vehicle electrical components

・NTT DATA G ＜9613＞ system development request form, risk extraction with generative AI, for domestic use

・Sojitz ＜2768＞ Ireland renewable energy acquisition targets European decarbonization demand

・The Ministry of Defense establishes a public-private joint organization to obtain an order for the Mitsubishi Heavy ＜7011＞ Australian destroyer

・NTT ＜9432＞NTT West resolves remote “delays” and demonstrates exchanges similar to face-to-face

・Toyota Gosei ＜7282＞Deep-cultivate India and focus on high value-added products

・DMG Mori Seiki ＜6141＞ obtained IEC third-party certification, improving security quality

・Mr. Toshiaki Ujiie, President of Tadano ＜6395＞, Cranes, overseas

・Dai Nippon Printing ＜7912＞begins providing evaluation photomasks for semiconductors after the 2 nano generation

・Hitachi ＜6501＞ received an order for 5 non-use “SF6” circuit breakers

・Shikibo ＜3109＞ increased production of national costume fabric for Middle Eastern “Tove”, 1.5 times in Aichi

・INPEX ＜1605＞ Participates in CO2 storage business in Norway with Idemitsu Kosan

・Kansai Electric Power Company ＜9503＞ Utilizes hydrogen derived from nuclear power plants in the Himeji mixed combustion demonstration, making it a low-cost, promising option

・Kansai Electric Power Company ＜9503＞ installs 21 implantable units in the Baltic Sea to participate in offshore wind power

・Nippon Yakin Kogyo ＜5480＞ streamlines cold rolling and completes a new building in Kawasaki

・AGC＜5201＞ begins trial sales of retrofitted photovoltaic glass

☆ Front office event schedule

＜Domestic＞

・ 08:50 October core machine order (month-on-month forecast: +1.0%, September: -0.7%)

＜Overseas＞

・ 11:00 Mid-November industrial production (year-on-year forecast: +5.4%, October: +5.3%)

・ 11:00 Mid-November retail sales (year-on-year forecast: +5.0%, October: +4.8%)