JAPAN: Takaichi Confirms Run For LDP Presidency, Sets Up 2-Horse Race w/Koizumi
Former Minister of State for Economic Security Sanae Takaichi has confirmed she will run for the presidency of the governing Liberal Democratic Party (LDP) following the announced resignation of PM Shigeru Ishiba. Takaichi's entry into the race was widely expected, and she is set to speak at a press conference on 19 September to outline her policies in more detail. Takaichi finished as runner-up to Ishiba in the 2024 LDP presidential election. She enters the contest as one of the two frontrunners, alongside Agriculture, Forestry and Fisheries Minister Shinjiro Koizumi, in what is viewed by most observers as a two-horse race.
- As was noted during the 2024 LDP presidential election, Takaichi is seen as a strong advocate of the political and economic policies of the late PM Shinzo Abe, in particular his reflationary policies. Given the shift in the economic and political landscape since the previous contest, it remains to be seen whether Takaichi will maintain a similar stance this time around.
- Indeed, following two poor performances from the LDP in legislative elections under PM Ishiba, Takaichi may look to focus on a more socially conservative policy agenda aimed at winning back voters from the right-wing nationalist Sanseito party.
- Earlier today, Chief Cabinet Secretary Yoshimasa Hayashi also formally confirmed his candidacy. Serving as CCS to PM Fumio Kishida and Ishiba, Hayashi is viewed as an experienced head but unlikely to rouse substantial support for the LDP, and as such, unlikely to make the final run-off (if required).
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COMMODITIES: Moving Average Studies for Gold Remain in Bull-Mode Position
WTI futures remain in a clear bear cycle and the contract is trading closer to its recent lows. A key support at $61.99, the Jun 30 low, has been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $64.00, the 50-day EMA. A bull cycle in Gold remains intact and this is highlighted by moving average studies that remain in a bull-mode position. The sideways trend that has been in place since the Apr peak appears to be a corrective phase - a pause in the uptrend. A resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. On the downside, first support to watch lies at $3268.2, the Jul 30 low.
- WTI Crude down $0.59 or -0.93% at $62.79
- Natural Gas down $0.02 or -0.55% at $2.874
- Gold spot up $6.16 or +0.18% at $3338.61
- Copper up $0.8 or +0.18% at $454.4
- Silver up $0.04 or +0.1% at $38.053
- Platinum up $15.02 or +1.13% at $1345.32
EQUITIES: Eurostoxx 50 Futures Remain Close to Recent Highs
A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading closer to its latest highs. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5349.70, the 50-day EMA. The dominant uptrend in S&P E-Minis remains intact and the contract is trading at its recent highs. Moving average studies are in a bull-mode position, highlighting a clear uptrend. A resumption of gains would pave the way for a climb towards 6523.63, a Fibonacci projection. On the downside, supports to watch are; 6399.62, the 20-day EMA, and 6275.78, the 50-day EMA.
- Japan's NIKKEI closed lower by 168.02 pts or -0.38% at 43546.29 and the TOPIX ended 4.33 pts lower or -0.14% at 3116.63.
- Elsewhere, in China the SHANGHAI closed lower by 0.739 pts or -0.02% at 3727.288 and the HANG SENG ended 53.95 pts lower or -0.21% at 25122.9.
- Across Europe, Germany's DAX trades higher by 46.78 pts or +0.19% at 24362.06, FTSE 100 higher by 15.81 pts or +0.17% at 9173.73, CAC 40 up 43.98 pts or +0.56% at 7927.86 and Euro Stoxx 50 up 24.22 pts or +0.45% at 5458.94.
- Dow Jones mini down 5 pts or -0.01% at 44981, S&P 500 mini down 6 pts or -0.09% at 6463.5, NASDAQ mini down 21.75 pts or -0.09% at 23776.75.
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