South Korea's KOSPI Hits Another Record High

South Korea's KOSPI index expanded its gains to 1%, setting another historical record high.

Reports indicated that South Korea and the United States are close to reaching a trade agreement, leading to rises in South Korean automotive stocks. Both Hyundai Motor and Kia Motors surged over 6%. Samsung Electronics rose 1.47%, with its stock price reaching a record high.

On the news front, the Korea Economic Daily, citing unnamed industry sources, reported that South Korean business executives such as Samsung Electronics Executive Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun might meet with US President Donald Trump at Mar-a-Lago later this week.

Lee Jae-yong, Chung Eui-sun, SK Group Chairman Chey Tae-won, and LG Group Chairman Koo Kwang-mo were invited by SoftBank Chairman Masayoshi Son to attend an investment promotion event for the "Stargate" project at Mar-a-Lago. The leaders of several major South Korean chaebols may also play golf with Trump and other business figures. Trump is expected to stay at Mar-a-Lago from October 17 to 19. Masayoshi Son invited CEOs from approximately 70 global companies to participate in this event.

The Japanese stock market opened 1% higher, then experienced volatile adjustments. The Nikkei 225 index is currently up 0.79%.

In terms of individual stocks, Renesas Electronics, Tokyo Electric Power, and SoftBank Group were among the top gainers.

Data released by the Japanese government on Thursday showed that Japan's core machinery orders in August decreased by 0.9% compared to the previous month, while a survey had projected a 0.4% increase. The data showed that Japan's core machinery orders in August increased by 1.6% year-on-year, against an expectation of 4.8% growth. Core machinery orders are seen as a leading indicator for capital expenditure over the next 6 to 9 months. The government downgraded its assessment of machinery orders, stating that the recovery shows signs of stalling.

When asked whether recent foreign exchange movements were due to political instability in Japan, Japan's Finance Minister Katsunobu Kato stated that he would not comment on the factors behind exchange rate fluctuations. Monetary policy tools are determined by the Bank of Japan.

Katsunobu Kato met with G7 finance ministers to discuss the world economy and support for Ukraine. Kato stated that he had informed the G7 that excessive volatility and disorderly movements in the foreign exchange market should be guarded against, and tit-for-tat trade actions would adversely affect the global economy.

Additionally, a Citigroup equity strategist said that the Japanese stock market has strong upside potential over the next 6 to 12 months, partly because all foreseeable political scenarios for Japan's next government are likely to involve expansionary economic policies.

Spot Gold Hits New High

Affected by trade frictions and interest rate cut expectations, the price of gold reached a new high. Spot gold broke through $4220 per ounce in early trading on Thursday, setting new highs for the fourth consecutive trading day.