PRE-MARKET JAPANESE AND SOUTH KOREAN STOCKS NEWS: Mitsubishi Electric (6503 JT) agreed to sell a 50% stake in its automotive equipment unit to a Hon Hai (2317 TT) unit for c. JPY 115bln

US Tech Performance US stocks closed sharply lower on Friday as AI-financing worries and high oil prices weighed; chipmakers led the tech selloff, with Micron (MU) and Intel (INTC) among the decliners, and the Nasdaq suffered its biggest daily drop since 23rd July, while CoreWeave (CRWV) fell 12% to extend its weekly loss to 25%. On the week, the S&P 500 (-1.95%) and Nasdaq (-4.48%) posted their steepest weekly losses since June, while the Dow (+0.67%) notched a second straight weekly gain. JAPAN Mitsubishi Electric (6503 JT) - Co. agreed to sell a 50% stake in its automotive equipment unit Mitsubishi Electric Mobility to Hon Hai (2317 TT) investment subsidiary Lin Yin International Investment for c. JPY 115bln, valuing the unit at an enterprise value of JPY 320bln and equity value of JPY 230bln; the two will jointly operate the business, with completion expected in October 2027, subject to regulatory approvals. (Mitsubishi Electric) Mitsubishi Heavy Industries (7011 JT) - Co. is to restart a dormant shipbuilding line in western Japan in FY2027 to build a new replenishment vessel for Japan's Defense Ministry, as it increases naval construction capacity amid rising defence spending. (Nikkei) SoftBank Group (9984 JT) - Co. reportedly held talks to acquire US security services firm Allied Universal. (FT) Subaru (7270 JT) - Co. plans to launch software-defined vehicles that can be updated over-the-air later this decade, and will expand digital design and testing to cut development time for next-generation cars by 40%. (Nikkei) Sumitomo Corp. (8053 JT) - Co. and railway operator Hankyu are to test power-saving equipment on Metro Manila's LRT-1 line, which would conserve enough electricity to power 2,000 households. (Nikkei) Toyota Motor (7203 JT) - Co. plans to build its next-generation Corolla in China from 2028 at a local joint venture, using a platform that supports different powertrain types. (Nikkei) Yamato Holdings (9064 JT) - Co.'s unit Yamato Transport said 5.31mln sets of personal information belonging to some users of its deferred payment service were compromised. (Jiji) SOUTH KOREA HD Hyundai Heavy Industries (329180 KS) - Co.'s union is to stage partial strikes this week, with strike committee members walking out for four hours on 19th-20th October and all members holding seven-hour partial strikes on 21st-23rd October, after members rejected a tentative wage deal earlier this month. (Seoul Economic Daily) Samsung Biologics (207940 KS) - An appeals court expanded the number of production processes in which Co.'s union members are barred from industrial action to nine from three, casting doubt on the union's planned three-week strike from 26th October; the union said it will appeal. (Seoul Economic Daily) Samsung Electronics (005930 KS) - Co. will reportedly use TSMC's (2330 TT) 3nm process for the base die of NVIDIA's (NVDA) custom HBM after NVIDIA asked its three HBM suppliers to do so, marking the first HBM manufacturing tie-up between Samsung and TSMC. (Seoul Economic Daily) Samsung Electronics (005930 KS) - Co. official said Co. is considering M&A to strengthen its silicon photonics foundry capabilities. (MTN) Other News Japanese PM Takaichi's cabinet approval rating fell 4.3ppts to 49.1%, the lowest since she took office, according to a Kyodo poll. (Kyodo) Japanese PM Takaichi sent a ritual offering to the Yasukuni Shrine for its autumn festival, with South Korea's Foreign Ministry expressing "deep disappointment and regret". (Seoul Economic Daily) BoJ Governor Ueda said underlying inflation is approaching 2% and the BoJ will continue to raise the policy rate in accordance with economic, price and financial developments. (Newswires) US Treasury Under Secretary for International Affairs Browne said the US has full confidence in Japanese PM Takaichi's fiscal discipline and that Japan is on a positive inflation trajectory. (Nikkei) Japan's Finance Ministry is seeking to prohibit exports of untraced gold to clamp down on tax evasion. (Nikkei) Japan changed its national records system to allow "Taiwan" to be entered as a place of origin. (Nikkei) South Korean Finance Minister Lee told Moody's, Fitch and S&P that the economy is projected to grow in the 3% range this year, supported by chip exports and facility investment. (Yonhap) South Korea is seeking a shipbuilding-specific US visa quota for the USD 150bln MASGA shipbuilding cooperation project. (Seoul Economic Daily) South Korea is reportedly to extend its oil fuel price cap for another four weeks. (Newswires)