Asian stocks mostly higher, Nikkei falls ahead of Japan's weekend election

Asian markets were broadly higher on Friday though Japanrsquos Nikkei fell as investors awaited the results of Sundayrsquos snap election According to AP Japanese Prime Minister Shigeru Ishiba called the election shortly after taking office aiming to bolster support amidst a political funding scandal that has recently disrupted the ruling Liberal Democratic Partyrsquos stability This uncertainty combined with Japanrsquos longstanding low interest rate policy has left markets hesitant as they await the Bank of Japanrsquos next movesIn Tokyo the Nikkei 225 index dropped by 137 to 3777179 while the yen strengthened against the dollar trading early Friday at 15164 yen down from 15189 yen Japanrsquos core inflation in Tokyo dropped to 1837 in October below the central bankrsquos 237 target for the first time in five months As reported by AP this figure reinforces market expectations that the Bank of Japan may keep interest rates steady in its upcoming policy meetingElsewhere in Asia Hong Kongrsquos Hang Seng index rose by 1137 to 2072060 while the Shanghai Composite added 0837 closing at 330714 Chinarsquos central bank kept its mediumterm lending rate at 237 and issued 700 billion yuan 983 billion in oneyear mediumterm lending facility loans to financial institutions according to a bank statementIn other major Asian markets South Korearsquos Kospi increased by 0337 to 259030 and Australiarsquos SampPASX 200 edged up 0137 to 821650 Taiwanrsquos Taiex index also saw gains rising by 0337Across the Pacific US markets showed mixed results on Thursday The SampP 500 ended its first threeday losing streak since early September inching up 0237 to 580986 though trading was mixed The Dow Jones Industrial Average slipped 0337 to 4237436 while the techheavy Nasdaq Composite climbed 0837 to 1841549 helped by Teslarsquos notable performanceTesla led gains in the US market surging 21937 following an earnings report that exceeded profit expectations AP reported that Teslarsquos CEO Elon Musk predicted 20373037 sales growth in the coming year despite revenue falling slightly short of analystsrsquo forecasts This marked Teslarsquos best trading day since 2013Boeing meanwhile faced setbacks dropping 1237 as its machinists voted to continue their strike which has severely impacted production Over 6037 of union members rejected a proposed contract extending the strike into its sixth weekAs noted by AP US markets saw broader declines earlier this week as higher Treasury yields put pressure on stock prices The 10year Treasury yield a key indicator for investors eased to 42037 from 42537 on Wednesday following the release of mixed unemployment data The report indicated fewer unemployment claims suggesting stable job conditions but the total number of claimants reached a nearly threeyear highOther US economic reports provided additional insights A preliminary SampP Global report suggested slight growth in US business activity with gains in the service sector helping offset manufacturing weaknesses According to AP the report showed a general rise in business confidence ahead of the US presidential election New home sales also performed better than expected adding a note of optimism in the housing sectorIn the oil market prices moved higher on Friday amid these mixed signals in global equities As investors continue to monitor inflation interest rates and economic data markets globally are poised for further adjustments following key upcoming events including Japanrsquos election and the US presidential raceWith inputs from AP