Market Talk for October 2nd, 2023

October 02, 2023

by Martin Armstrong Armstrong Economics

ASIA:

Business sentiment in Japan improved in the third quarter, according to a central bank survey. This suggests that the conditions for a strong economic recovery are coming together, despite global economic challenges. Companies also maintained their plans for robust spending and faced a tight labor market, indicating that the Bank of Japan may consider phasing out its massive stimulus program. The confidence index for big manufacturers increased to 9 in September, surpassing expectations and marking the second consecutive quarter of improvement. The index for big non-manufacturers also rose to 27, its highest level since November 1991, showing sustained improvement for the sixth consecutive quarter.

The major Asian stock markets had a negative day today: