Japanese equities ended lower Monday as AI-linked heavyweights delivered sharply divergent performances, according to a market analyst.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 208.25 points, or 0.33 percent, from Friday at 63,081.86. The broader Topix index, meanwhile, finished 34.79 points, or 0.88 percent, lower at 3,930.28.
Timothy Pope, a market analyst at China Global Television Network (CGTN), shared insights of the market performance.
"Over in Tokyo, we saw the Nikkei 225 ended the session down about a third of one percent. AI-linked heavyweights had very different fortunes today. Chipmaking equipment manufacturer Tokyo Electron was up more than five percent after forecasting a 50-percent increase in annual net profit. But, the memory chipmaker Kioxia tanked 15.8 percent after releasing its own outlook, which investors didn't find so rosy, that one was considered disappointing by the markets," said the analyst.
Wall Street's sharp sell-off on Friday also weighed on sentiment, said Pope, noting that aside from the U.S. midterm election, markets will be watching Friday's U.S. October jobs report, which could shift expectations for the Federal Reserve's next move.
Tokyo stocks slip as AI heavyweights diverge
China's top legislature has convened its latest standing committee session in Beijing from November 2 to 6 to review a series of draft laws and amendment bills addressing issues including procuratorial public interest litigation, state-owned assets, Antarctic protection, and combating cross-border corruption.
The second draft of the cross-border anti-corruption bill anchors legislation in a holistic approach to national security, and stresses strict rule of law, due process and human rights protection.
According to Zhou Guangquan, Vice Chairman of the Constitution and Law Committee of the 14th National People's Congress, the draft sets out provisions for authorities to use information technology in cross-border anti-corruption work.
He also noted that members of the public have called for tighter safeguards for state secrets, work secrets, trade secrets, personal information and privacy.
Separately, some Standing Committee members and experts said enterprises with cross-border operations should factor in company size, business scope and risk prevention needs when establishing integrity compliance units or appointing dedicated anti-corrruption staff. Following deliberation, the suggestion was put forward for adoption.
The session will also review the second reading of the draft financial law.
The latest draft aims to boost consumer and investor protection, unify asset management rules, regulate online financial marketing, and tighten oversight of cross-border financial activities.
Xin Chunying, Chairperson of the Constitution and Law Committee of the 14th National People's Congress, said the committee proposed adding a rule that prevents overseas institutions or individuals providing financial products and services within Chinese territory without approval.
She also stated that entities legally providing such products and services in China must comply with laws, administrative regulations and the provisions of the State Council's financial regulatory authorities.
The draft Antarctic Activities and Environmental Protection Law entered its third reading at the session with updated clauses outlining China's participation in global Antarctic governance, improving the national expedition management system, and protecting Chinese citizens' lawful rights in Antarctica.
Several other draft law revisions are being tabled for first deliberation at this session, including amendments to the Criminal Procedure Law to refine the foreign-related criminal litigation system, a revised Renewable Energy Law to tighten regulations and boost industrial development, and several updates to the Ecology and Environment Code that took effect in August.
Lawmakers will also review a State Council proposal to ratify the Agreement on the Establishment of the World Artificial Intelligence Cooperation Organization.
China's top legislature convenes standing committee session
