日本股票晨会：11月初关键事件与催化剂汇聚

Monetary policy meetings in Japan and the US brought no major negative surprises, but equity markets reacted negatively to earnings announcements from US tech companies announcing cautious guidance and deteriorating free cash flows. On the other hand, the positive surprise ratio for the 301 S&P 500 companies that had released results as of 30 October was 82.7%. As excessive AI expectations are recalibrated, we think US equities are likely to regain their composure if the 10yr UST yield stabilizes at around 5%. While we see concerns about whether regulations on AI and data centers will be tightened following the US midterm elections on 3 November, we think AI development is likely to continue, in part because of the ongoing competition between the US and China for supremacy in this area. The Iran conflict could be a catalyst in either direction. The 582 Japanese companies in all sectors (ex financials and utilities and Kioxia Holdings) with February or March year-ends that have announce