Core Points - The Tokyo stock market experienced wide fluctuations on October 30, influenced by the Bank of Japan's decision to maintain interest rates unchanged [1] - The Nikkei 225 index slightly increased, while the Tokyo Stock Exchange Price Index saw a significant rise [1] - The Dow Jones Industrial Average fell due to cautious remarks from Federal Reserve Chairman Jerome Powell regarding potential rate cuts in December [1] Market Performance - The Nikkei index closed at 51,325.61 points, up 17.96 points, marking a new historical closing high with a minimal increase of 0.04% [1] - The Tokyo Stock Exchange index closed at 3,300.79 points, up 22.55 points, reflecting a rise of 0.69% [1] Sector Performance - Over 80% of the 33 industry sectors on the Tokyo Stock Exchange saw gains on October 30 [1] - The sectors with the highest gains included non-ferrous metals, mining, and electric and gas industries [1] - Conversely, the land transport, air transport, and information and communication sectors experienced the largest declines [1]

Market Overview - The US stock market experienced fluctuations but closed higher, with the Dow Jones Index reaching a new historical high at 46,397.89 points, up 0.18% [2] - The S&P 500 Index rose by 0.41% to 6,688.46 points, while the Nasdaq Composite Index increased by 0.3% to 22,660.01 points [2] - In September, the Dow Jones Index accumulated a rise of 1.87%, the S&P 500 Index increased by 3.53%, and the Nasdaq Index saw a growth of 5.61% [3] Semiconductor Sector - The semiconductor sector continued its upward trend, with the Philadelphia Semiconductor Index rising by 0.87%, reaching a new high [8] - Nvidia's stock increased by 2.6%, closing at $186.58 per share, with a market capitalization of $4.542 trillion, marking another record high [6][8] Pharmaceutical Sector - The pharmaceutical sector saw a boost, particularly after Pfizer announced an agreement with former President Trump, leading to a 6.81% increase in its stock price, closing at $25.475 [9][10] - Other pharmaceutical companies also experienced gains, with Merck rising by 6.80% and Eli Lilly increasing by 4.97% [9][10] - The agreement allows Pfizer to have a three-year tariff exemption and to sell certain drugs at an average discount of 50% through a consumer-facing website [12] Gold Market - International gold prices rebounded, trading above $3,880 per ounce during the Asian trading session [14]

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - The stock market's trading volume significantly narrowed today, with the turnover of the two markets dropping to around 2.3 trillion. The market trend basically conforms to the previous prediction of a rapid correction after the Fed's decision and then entering a volatile phase. With the shrinking volume, the amplitude also decreased accordingly. Bulls attempted to push up the market during the session but lacked strength. As the National Day and Mid - Autumn Festival holidays approach, some funds may leave the market to avoid holiday uncertainties, as evidenced by a relatively large decline in the positions of stock index futures today. In the short term, the stock market is expected to continue to fluctuate, and the amplitude will not be large without unexpected incremental information. Attention should be paid to changes in Sino - US trade relations, especially the possible release of information on Sino - US leader phone calls [4]. 3. Summary by Relevant Catalogs Market Review - The stock index significantly reduced trading volume today, with the index mainly fluctuating. Taking the CSI 300 index as an example, it closed up 0.08%. In terms of funds, the turnover of the two markets dropped to 23238.29 billion yuan, a decrease of 8113.28 billion yuan. In the futures market, IM decreased in volume, while other stock index futures increased in volume [2][7]. Important Information - Shanghai optimized and adjusted relevant policies for the pilot individual housing property tax. The Ministry of Commerce and eight other departments jointly issued a notice on promoting the expansion and upgrading of the 15 - minute convenient living circle in cities, proposing 20 specific measures in six aspects [3]. Strategy Recommendation - It is recommended to mainly adopt a wait - and - see approach [5]. Stock Index Futures Market Observation | Index | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.55 | 0.34 | 0.34 | - 0.21 | | Trading volume (10,000 lots) | 16.3076 | 6.7312 | 18.7556 | 31.8745 | | Trading volume change (10,000 lots) | - 5.6943 | - 3.3283 | - 4.8712 | - 11.0228 | | Open interest (10,000 lots) | 25.6953 | 9.579 | 24.6232 | 39.0272 | | Open interest change (10,000 lots) | - 3.165 | - 1.9052 | - 2.4895 | - 1.4882 | [6] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.30 | | Shenzhen Component Index change (%) | - 0.04 | | Ratio of rising to falling stocks | 0.57 | | Turnover of the two markets (billion yuan) | 23238.29 | | Turnover change (billion yuan) | - 8113.28 | [7]

Group 1 - Seven of the world's top ten billionaires saw their wealth increase in April, with Elon Musk experiencing the largest gain of $46 billion, bringing his total wealth to $386.5 billion [1][4][33] - The Nasdaq index rose by 0.7% over the past month, while the S&P 500 index fell by 1.1%, indicating a mixed performance in the stock market amid economic uncertainties [2][4] - Amancio Ortega, founder of Inditex, was the second-largest gainer among the top ten billionaires, with an increase of nearly $9 billion, bringing his wealth to $123.3 billion, aided by a 2% rise in Inditex's stock price and a 5% appreciation of the euro against the dollar [2][4] Group 2 - Bernard Arnault, head of LVMH, did not benefit from the strong euro, as the company's Q1 revenue fell short of analyst expectations, with a 3% decline in U.S. sales and an 11% drop in Asian sales (excluding Japan), leading to a 15% drop in LVMH's stock price and a loss of nearly $15 billion in Arnault's wealth [3][4] - Jeff Bezos and Mark Zuckerberg also experienced wealth declines, with Bezos losing $5.3 billion and Zuckerberg losing $9.3 billion [3][4] - The total wealth of the top ten billionaires at the beginning of the month was $1.77 trillion, an increase of $40 billion since April 1 [4]