The business morale in Japan remained subdued in October, according to the Reuters Tankan survey. The survey, which measures business sentiment among large Japanese companies, showed that confidence among manufacturers remained flat at +4 index points. However, it is expected to slightly improve over the next three months. On the other hand, the services-sector mood showed a slight improvement, with the index rising to +24 in October from +23 the previous month. This increase was driven by upbeat domestic demand offsetting the negative impact of global headwinds.
In South Korea, stocks jumped about 2%, reaching a two-week high, led by chip giant Samsung Electronics. Despite the company’s expectation of a 78% drop in operating profit for the quarter ended in September, shares of Samsung rose 3.77%. Its counterpart, SK Hynix, also saw a 3% increase in its shares. This positive performance in the South Korean stock market was driven by optimism surrounding Samsung and its potential recovery.
German shoemaker Birkenstock is expected to price its initial public offering (IPO) at $46 per share. This pricing would put the company near the midpoint of its $44 to $49 per share range and give it a tentative valuation of approximately $8.64 billion. Birkenstock plans to trade on the New York Stock Exchange under the ticker symbol “BIRK.” This IPO is anticipated to attract significant investor interest, considering the popularity and reputation of the Birkenstock brand in the footwear industry.
