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Bay Street Likely To Open With Positive Bias
(RTTNews) - Canadian shares may open with a positive bias on Tuesday, tracking higher crude oil and metal prices. The focus is on the U.S. Presidential election, and the upcoming monetary policy announcement from the Federal Reserve. Investors will also be reacting to a slew of earnings updates, and key economic data.
In earnings news, Thomson Reuters Corporation (TRI.TO) reported operating profit of $415 million for the third quarter ended September 30, 2024, compared with $441 million a year ago.
Fortis Inc (FTS.TO) announced that it posted net earnings of $420 million or $0.85 per common share in the third quarter of 2024, compared up $394 million, or $0.81 per shares in the corresponding quarter last year.
Colliers International Group Inc (CIGI.TO) reported operating earnings of $109.7 million for the quarter ended September 30, 2024, compared with $70.9 million in the year-ago quarter.
On the economic front, Canada's trade data for the month of September is due at 8:30 AM ET.
Data on Canadian manufacturing and services sector activity in the month of October are due at 9:30 AM ET.
The SP Global Canada Composite PMI dropped to 47.0 in September 2024 from 47.8 in August, marking a deeper contraction in private sector activity for the fourth consecutive month.
The SP Global Canada Services PMI fell to 46.4 in September 2024, down from 47.8 in August, indicating a sharper contraction in the services sector for the fourth consecutive month and marking the steepest decline since March.
After a weak start and a subsequent swift recovery that resulted in a brief spell in positive territory, the Canadian market fell into the red around late morning on Monday, and finally ended the day's session on a flat note.
The benchmark SP/TSX Composite Index ended at 24,256.06, up less than a point from the previous close. The index, which climbed to 24,353.36 early morning, dropped to a low of 24,162.22 at noon.
Asian stocks ended mostly higher on Tuesday after Chinese Premier Li Qiang expressed confidence that his government can pull off an economic recovery. Additionally, a private survey showed China's services activity expanded at the fastest pace in three months in October.
European stocks are mostly subdued today with investors digesting mixed earnings updates and awaiting interest-rate decisions from the Bank of England and the Federal Reserve later this week.
In commodities, West Texas Intermediate crude futures are up $0.44 or 0.63% at $71.91 a barrel.
Gold futures are gaining $3.50 or 0.13% at $2,749.70 an ounce, while Silver futures are up $121 or 0.37% at $32.730 an ounce.
Canadian Market Up Firmly In Positive Territory
(RTTNews) - The Canadian market is up firmly in positive territory Tuesday afternoon, supported by gains in utilities, consumer staples, healthcare and technology sectors.
Several stocks from financials and industrials sectors are also notably higher, while consumer discretionary stocks are weak.
Investors are largely reacting to quarterly earnings reports, and keeping an eye on U.S. Presidential election.
The benchmark SP/TSX Composite Index is up 114.95 points or 0.47% at 24,371.01.
Thomson Reuters Corporation (TRI.TO) is gaining 4% after reporting operating profit of $415 million for the third quarter ended September 30, 2024, compared with $441 million a year ago.
Fortis Inc (FTS.TO) is up nearly 3%. The company announced that it posted net earnings of $420 million or $0.85 per common share in the third quarter of 2024, compared up $394 million, or $0.81 per shares in the corresponding quarter last year.
Colliers International Group Inc (CIGI.TO) is down 4.8%. The company reported operating earnings of $109.7 million for the quarter ended September 30, 2024, compared with $70.9 million in the year-ago quarter.
On the economic front, the SP Global Canada Composite PMI rose to 50.7 in October 2024 from 47.0 in September, indicating a return to marginal growth in the private sector after four months of contraction.
The SP Global Canada Services PMI rose to 50.4 in October 2024, up from 46.4 in September, signaling a marginal expansion in the services sector for the first time in five months.
Data from Statistics Canada said Canada posted a trade deficit of C$ 1.26 billion in September, narrowing slightly from the C$ 1.5 billion gap in the previous month.
Exports declined marginally by 0.1% to C$ 63.88 billion in September, while imports fell by 0.4% over a month to C$ 65.2 billion in the month.
European Stocks Close Higher As Markets Await Central Banks Rate Decisions
(RTTNews) - European stocks closed broadly higher on Tuesday with investors largely making cautious moves, digesting mixed earnings updates and economic data, and looking ahead to the monetary policy announcements from the Bank of England and the Federal Reserve.
The focus was also on the U.S. Presidential election in which former President Donald Trump is facing Kamala Harris.
The pan European Stoxx 600 edged up 0.06%. Germany's DAX climbed 0.57% and France's CAC 40 gained 0.48%, while the U.K.'s FTSE 100 closed down 0.14%. Switzerland's SMI ended down 0.26%.
Among other markets in Europe, Austria, Belgium, Finland, Greece, Ireland, Netherlands, Norway, Russia and Spain ended higher.
Denmark, Poland, Portugal and Turkiye closed weak, while Iceland and Sweden ended flat.
In the UK market, Melrose Industries rallied about 5.2%. 3i Group climbed 4.3%. Associated British Foods gained nearly 4% as the Primark owner reported strong financial results for the year ending 14 September 2024, driven by revenues growth in its retail and foods businesses.
BT Group, United Utilities, Severn Trent, Rentokil Initial, BAE Systems, Ashtead Group, Pearson, Diploma and EasyJet gained 2 to 4%.
Weir Group, Rolls-Royce Holdings, Next, Intertek Group, Anglo American Plc, Standard Chartered, Beazley and Compass Group also ended notably higher.
Schrodders shares plunged nearly 14% after the company reported £2.3 billion ($3 billion) of quarterly outflows and warned of more to come.
AstraZeneca dropped 8.4%. Hikma Pharmaceuticals closed nearly 2% down, while GSK, Land Securities, Endeavour Mining, Entain, JD Sports Fashion and Croda International lost 1 to 1.6%.
Fashion retailer ASOS slumped 6.5% after reporting a widened pretax loss for fiscal 2024.
In the German market, HeidelbergCement and Rheinmetall climbed about 2.6% and 2.4%, respectively. MTU Aero Engines, Beiersdorf, Henkel, Siemens, Fresenius, Munich RE, Deutsche Boerse, Commerzbank and Daimler Truck Holding gained 1 to 1.8%.
Fresenius Medical Care moved notably higher as Q3 profit beat market views.
Deutsche Post ended down 4.2%. BASF, Zalando and Continental closed lower by about 2.2%, 2% and 1.3%, respectively.
In the French market, Bouygues gained more than 3% as nine-month core earnings came in slightly above expectations. Safran, Schneider Electric, Publicis Groupe and Thales gained 2 to 3.1%.
Teleperformance, STMicroElectronics, Airbus Group, Saint-Gobain, Veolia, ArcelorMittal, Accor and Legrand advanced 1 to 1.8%.
Vivendi, Societe Generale, Capgemini, Kering, Pernod Ricard and Sanofi lost 1 to 1.7%.
Shares of Swiss staffing company Adecco dropped nearly 6% after Q3 result missed consensus estimate.
On the economic front, France's industrial production decreased more than expected in September on widespread declines across all sectors, data from the statistical office INSEE revealed.
Industrial production fell 0.9% on month in September, in contrast to the 1.1% increase in August. This was the first fall in four months. Economists had forecast a monthly drop of 0.5%.
Within overall output, manufacturing output slid 0.8%, partially offsetting the 1.4% increase seen in the preceding period. The 0.8% fall largely reflects 0.9% drop in machinery and equipment goods and 1.8% decline in 'other manufacturing'.
The UK service sector grew at the slowest pace since November last year as heightened uncertainty and concerns about the domestic economic outlook damped new work, the SP Global purchasing managers' survey showed. The final services Purchasing Managers' Index registered 52.0 in October, down from 52.4 in September. The reading was above the initial estimate of 51.8.
U.S. Trade Deficit Widens To Largest In Over Two Years In September
(RTTNews) - A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped.
The Commerce Department said the trade deficit widened to $84.4 billion in September from a revised $70.8 billion in August.
Economists had expected the trade deficit to jump to $84.1 billion from the $70.4 billion originally reported for the previous month.
With the sharp increase, the trade deficit reached its highest level since hitting $85.4 billion in April 2022.
The spike in the size of the trade deficit came as the value of imports shot up by 3.0 percent to $352.3 billion, while the value of exports tumbled by 1.2 percent to $267.9 billion.
"We expect imports to outpace exports in the short term, as investment in data centers and semiconductors supports capital goods imports and a strong consumer pushes retailers to build out inventories," said Matthew Martin, Senior U.S. Economist at Oxford Economics.
He added, "The outcome of the election could add upside risk to imports if businesses seek to pre-empt potential tariff increases in the event of a second Donald Trump Presidency."
Imports of consumer goods, capital goods, industrial supplies and materials and automotive vehicles, parts and engines all saw significant growth.
Meanwhile, the report showed notable decreases by exports of civilian aircraft, pharmaceutical preparations and crude oil.
Dollar Slips Ahead Of Fed Policy
(RTTNews) - The U.S. Dollar drifted lower against its major counterparts on Tuesday amid uncertainty about the outcome of the U.S. Presidential Election, and caution ahead of the Federal Reserve's monetary policy.
The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts.
A report from the Institute for Supply Management showed service sector activity unexpectedly grew at an accelerated rate in the month of October.
The ISM said its services PMI rose to 56.0 in October from 54.9 in September, with a reading above 50 indicating growth. The uptick surprised economists, who had expected the index to dip to 53.8.
With the unexpected increase, the ISM's services PMI reached its highest level since hitting 56.4 in July 2022.
A separate report released by the Commerce Department showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped.
The dollar index, which dropped to a low of 103.37, was at 103.45 a little while ago, down 0.42% from the previous close.
Against the Euro, the dollar weakened to 1.0927 from 1.0879, and against Pound Sterling, it was down nearly 0.6% at 1.3032.
The dollar dropped against the Japanese currency, easing to 151.57 yen a unit. Against the Aussie, the dollar slid to 0.6638 against the Aussie from 0.6586.
The Swiss franc firmed marginally to CHF 0.8632 a dollar, while the Loonie strengthened to 1.3837 a unit of the U.S. currency.
U.S. Services Index Unexpectedly Climbs To Two-Year High In October
(RTTNews) - Service sector activity in the U.S. unexpectedly grew at an accelerated rate in the month of October, according to a report released by the Institute for Supply Management on Tuesday.
The ISM said its services PMI rose to 56.0 in October from 54.9 in September, with a reading above 50 indicating growth. The uptick surprised economists, who had expected the index to dip to 53.8.
With the unexpected increase, the ISM's services PMI reached its highest level since hitting 56.4 in July 2022.
The rise by the headline index partly reflected a turnaround by employment, as the employment index surged to 53.0 in October from 48.1 in September, reaching its highest level since hitting 54.1 in August 2023.
The ISM said the supplier deliveries index also jumped to 56.4 in October from 52.1 in September, with a reading above 50 indicating slower deliveries, which is typical as the economy improves and customer demand increases.
Meanwhile, the report said the business activity index tumbled to 57.2 in October from 59.9 in September, while the new orders index slumped to 57.4 in October from 59.3 in September.
The prices index also fell to 58.1 in October from 59.4 in September, indicating a slowdown by the pace of price growth.
A separate report released by the Institute for Supply Management last Friday showed U.S. manufacturing activity unexpectedly contracted at a modestly faster rate in the month of October.
The ISM said its manufacturing PMI fell to 46.5 in October from 47.2 in September, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 47.6.
With the unexpected decrease, the manufacturing PMI dropped to its lowest level since hitting 46.5 in July 2023.
Taiwan Shares Tipped To Open In The Green
(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, gathering more than 325 points or 1.5 percent along the way. The Taiwan Stock Exchange now rests just above the 23,100-point plateau and it's expected open to the upside again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Tuesday following gains from the cement and plastics companies, while the financials and technology stocks were mixed.
For the day, the index advanced 141.40 points or 0.62 percent to finish at 23,106.79 after trading between 22,849.83 and 23,178.80.
Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial was up 0.13 percent, E Sun Financial dipped 0.18 percent, Taiwan Semiconductor Manufacturing Company and Nan Ya Plastics both advanced 0.96 percent, United Microelectronics Corporation retreated 1.41 percent, Largan Precision dropped 0.85 percent, Catcher Technology climbed 1.07 percent, MediaTek fell 0.39 percent, Delta Electronics improved 0.89 percent, Novatek Microelectronics shed 0.61 percent, Formosa Plastics gained 0.85 percent, Asia Cement rallied 1.06 percent and CTBC Financial, First Financial, Fubon Financial and Hon Hai Precision were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Closer to home, Taiwan will provide October numbers for consumer prices later today; in September, overall inflation was up 0.38 percent on month and 1.82 percent on year.
Swiss Market Ends Weak
(RTTNews) - Despite a positive spell early on in the session on Tuesday, the Switzerland market turned a bit sluggish and then drifted down to eventually close modestly lower, as some disappointing earnings news weighed on sentiment.
Investors also eyed U.S. Presidential election and upcoming policy announcements from the Federal Reserve and the Bank of England.
The benchmark SMI ended down 30.93 points or 0.26% at 11,866.01. The index touched a low of 11,839.35 and a high of 11,924.70 intraday.
Adecco closed nearly 6% down. The human resource solutions provider reported income before taxes of 137 million euros for the third quarter, lower than 162 million euros in the same quarter a year ago, primarily impacted by decrease in revenue.
Net income declined to 99 million euros or 0.59 euros per share from 103 million euros or 0.62 euros per share last year. Operating income decreased 12% to 162 million euros from 184 million euros a year ago.
Swatch Group ended down 2.5%. Novartis, Roche Holding, Kuehne + Nagel, Givaudan, Nestle, Sandoz Group and Swisscom lost 1 to 1.7%.
ABB climbed 2.51%. UBS Group gained 1.86%, and Holcim closed up 1.64%. Swiss Re ended higher by 1.59% after agreeing to sell its iptiQ division's European property and casualty business to Allianz Direct as part of plans to withdraw from iptiQ. The deal is anticipated to close in the second or third quarter of 2025.
Sonova, Partners Group, SIG Group, Zurich Insurance and Alcon closed higher by 0.8 to 1.3%. VAT Group and Logitech International posted modest gains.
Data from the State Secretariat for Economic Affairs said the Swiss unemployment rate stood at a non-seasonally adjusted 2.5% in October, unchanged from the prior month.
U.S. Dollar Weakens Amid Election Uncertainty
(RTTNews) - The U.S. dollar lost ground against its most major counterparts on Tuesday, as investors awaited the results from the presidential election.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
The results of House and Senate races are also likely to be in focus, as the makeup of Congress could affect how much the next president can accomplish.
Traders also continue to look ahead to the Federal Reserve's monetary policy decision, which is due to be announced on Thursday.
The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts.
On the U.S. economic front, a report released by the Commerce Department showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped.
The Commerce Department said the trade deficit widened to $84.4 billion in September from a revised $70.8 billion in August.
Economists had expected the trade deficit to jump to $84.1 billion from the $70.4 billion originally reported for the previous month.
The greenback fell to 1.0912 against the euro and 151.76 against the yen, off its early highs of 1.0872 and 152.54, respectively. The currency is seen finding support around 1.10 against the euro and 144.00 against the yen.
The greenback declined to near 2-week lows of 1.3845 against the loonie and 0.6640 against the aussie, from an early high of 1.3907 and a 4-day high of 0.6578, respectively. The next possible support for the greenback is seen around 1.36 against the loonie and 0.68 against the aussie.
The greenback edged down to 0.6011 against the kiwi, reversing from an early 4-day high of 0.5966. If the currency falls further, it is likely to test support around the 0.62 region.
The greenback touched 1.3020 against the pound, setting a 6-day low. The currency may challenge support around the 1.32 level.
In contrast, the greenback recovered against the franc and was trading at 0.8635. The currency is likely to locate resistance around the 0.92 level.
China Stock Market Has Firm Lead For Wednesday's Trade
(RTTNews) - The China stock market has moved higher in two consecutive trading days, accelerating more than 110 points or 3.3 percent in that span. The Shanghai Composite now sits just above the 3,385-point plateau and it's expected to open higher again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The SCI finished sharply higher on Tuesday following gains from the financial shares, property stocks and resource companies.
For the day, the index rallied 76.78 points or 2.32 percent to finish at the daily high of 3,386.99 after moving as low as 3,302.05. The Shenzhen Composite Index soared 63.55 points or 3.20 percent to end at 2,047.77.
Among the actives, Industrial and Commercial Bank of China collected 0.33 percent, while Bank of China gathered 0.41 percent, China Construction Bank perked 0.37 percent, China Merchants Bank increased 0.85 percent, Agricultural Bank of China rose 0.42 percent, China Life Insurance surged 6.42 percent, Jiangxi Copper and Aluminum Corp of China (Chalco) both rallied 2.15 percent, Yankuang Energy climbed 1.08 percent, PetroChina advanced 0.98 percent, China Petroleum and Chemical (Sinopec) gained 0.64 percent, Huaneng Power improved 0.83 percent, China Shenhua Energy added 0.69 percent, Gemdale soared 4.24 percent, Poly Developments spiked 2.39 percent and China Vanke accelerated 2.98 percent
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Japan Services PMI Falls To 49.7 In October - Jibun
(RTTNews) - The services sector in Japan fell into contraction territory in October, the latest survey from Jibun Bank revealed on Wednesday with a services PMI of 49.7.
That's down from 53.1 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.
Business activity fell for the first time in four months, while new business inflows slowed, owed in part to a renewed and moderate contraction in exports. Outstanding business contracted for the second time in three months.
The stagnation in activity weighed on the 12-month outlook, as optimism dropped to a 31-month low. Input cost inflation strengthened, but charges rose at a broadly similar pace to the previous month, placing pressure on profitability.
Australian Market Significantly Higher
(RTTNews) - Australian shares are trading significantly higher on Wednesday, reversing the losses in the previous session, with the benchmark SP/ASX 200 moving a tad above the 8,200 level, following the broadly positive cues from Wall Street overnight, with gains across all sectors led by technology and financial stocks.
The benchmark SP/ASX 200 Index is gaining 68.70 points or 0.85 percent to 8,200.50, after touching a high of 8,206.80 earlier. The broader All Ordinaries Index is up 69.70 points or 0.83 percent to 8,457.50. Australian stocks ended notably lower on Tuesday.
Among major miners, BHP Group is gaining almost 1 percent, Rio Tinto is adding more than 1 percent and Fortescue Metals is edging up 0.5 percent, while Mineral Resources is edging down 0.5 percent.
Oil stocks are mostly higher. Woodside Energy is edging up 0.1 percent and Origin Energy is gaining more than 1 percent, while Santos is edging down 0.1 percent. Beach energy is flat.
In the tech space, Zip is surging almost 7 percent, Appen is advancing more than 6 percent, WiseTech Global is adding more than 1 percent and Xero is gaining more than 4 percent, while Afterpay owner Block is edging down 0.2 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while National Australia Bank is adding more than 1 percent and ANZ Banking is edging up 0.2 percent.
Among gold miners, Evolution Mining and Newmont are gaining more than 1 percent each, while Gold Road Resources and Northern Star Resources are edging up 0.3 to 0.4 percent each. Resolute Mining is adding almost 1 percent.
In the currency market, the Aussie dollar is trading at $0.659 on Wednesday.
On the Wall Street, stocks showed a lack of direction over the course of Monday's session before closing moderately lower but showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq helped lead the way higher.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq surged 259.19 points or 1.4 percent to 18,439.17, the SP 500 shot up 70.07 points or 1.2 percent to 5,782.76 and the Dow jumped 427.28 points or 1.0 percent to 42,221.88.
The major European markets also moved to the upside on the day. The German DAX Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edged down by 0.1 percent.
Crude oil prices settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Australian Dollar Falls Against Majors
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Wednesday.
The Australian dollar fell to nearly a 3-month low of 0.6512 against the U.S. dollar, from an early nearly a 2-week high of 0.6642.
Against the Canadian dollar, the aussie slid to nearly a 2-month low of 0.9073 from yesterday's closing value of 0.9174.
The aussie edged down to 1.1002 against the NZ dollar, from Tuesday's closing value of 1.1045.
Against the euro and the yen, the aussie edged down to 1.6494 and 100.28 from an early 8-day highs of 1.6416 and 101.02, respectively.
If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 0.93 against the loonie, 1.11 against the kiwi, 1.67 against the euro and 98.00 against the yen.
Additional Support Predicted For Thai Stock Market
(RTTNews) - The Thai stock market on Tuesday snapped the two-day slide in which it had eased just over 3 points or 0.2 percent. The Stock Exchange of Thailand now sits just above the 1,480-point plateau and it's tipped to open higher again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The SET finished sharply higher on Tuesday following gains from the financial, food, property, energy and resource sectors.
For the day, the index gained 18.72 points or 1.28 percent to finish at 1,481.67.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Higher Open Predicted For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved higher in three straight sessions, advancing almost 700 points or 3.4 percent along the way. The Hang Seng Index now sits just above the 21,000-point plateau and it's got a positive lead again for Wednesday's trade.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply higher on Tuesday with gains across the board.
For the day, the index surged 439/45 points or 2.14 percent to finish at the daily high of 21,006.97 after trading as low as 20,409.94.
Among the actives, Alibaba Group and China Resources Land both strengthened 2.45 percent, while Alibaba Health Info surged 5.75 percent, ANTA Sports rallied 3.91 percent, China Life Insurance soared 5.16 percent, China Mengniu Dairy spiked 4.65 percent, CITIC jumped 2.85 percent, CNOOC gained 1.55 percent, CSPC Pharmaceutical accelerated 4.39 percent, Galaxy Entertainment advanced 2.30 percent, Haier Smart Home rose 0.69 percent, Hang Lung Properties rallied 3.87 percent, Henderson Land rose 1.17 percent, Hong Kong China Gas increased 0.33 percent, Industrial and Commercial Bank of China collected 1.46 percent, JD.com added 1.60 percent, Lenovo gathered 1.16 percent, Li Auto slumped 0.81 percent, Li Ning soared 7.04 percent, Meituan strengthened 3.25 percent, New World Development spiked 3.43 percent, Nongfu Spring surged 9.56 percent, Techtronic Industries was up 0.35 percent, Xiaomi Corporation jumped 3.30 percent and WuXi Biologics climbed 3.22 percent.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Indonesia Bourse May Crack Resistance At 7,500 Points
(RTTNews) - The Indonesia stock market on Tuesday ended the two-day slide in which it had slumped almost 100 points or 1.4 percent. The Jakarta Composite Index now rests just above the 7,490-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The JCI finished modestly higher on Tuesday following gains from the cement and resource sectors, while the financials came in mixed.
For the day, the index rose 12.40 points or 0.17 percent to finish at 7,491.90.
Among the actives, Bank CIMB Niaga dropped 0.81 percent, while Bank Mandiri spiked 2.59 percent, Bank Negara Indonesia climbed 1.89 percent, Bank Central Asia collected 1.20 percent, Bank Rakyat Indonesia dipped 0.21 percent, Bank Maybank Indonesia sank 0.89 percent, Indosat Ooredoo Hutchison shed 0.83 percent, Indocement improved 1.09 percent, Semen Indonesia added 0.55 percent, Indofood Sukses Makmur surged 5.70 percent, United Tractors stumbled 1.28 percent, Astra International advanced 0.98 percent, Energi Mega Persada strengthened 1.47 percent, Astra Agro Lestari rose 0.37 percent, Aneka Tambang rallied 3.28 percent, Jasa Marga perked 0.21 percent, Vale Indonesia jumped 1.86 percent, Timah skyrocketed 11.36 percent, Bumi Resources accelerated 2.22 percent and Bank Danamon Indonesia was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
India Services Growth Strengthens In October
(RTTNews) - India's services activity growth recovered from September's ten-month low on sharper expansion in output and new business, final data from SP Global showed on Wednesday.
The HSBC final services Purchasing Managers' Index registered 58.5 in October, up from 57.7 in September. The flash score was 57.9.
New business growth accelerated from a ten-month low seen in September. Driven by strengthening demand from Africa, Asia, the US, the Middle East and the UK, new export sales recovered in October.
Services employment increased at the quickest pace in 26 months. A sustained improvement in new business induced firms to hire full and part-time workers.
Capacity pressures also boosted job creation. Outstanding business volumes grew for the thirty-fourth straight month, with the rate of accumulation quickening to the highest since July.
Regarding prices, the survey showed that input price inflation hit a three-month high and output price inflation picked up to the strongest since July and outpaced the series trend.
Business sentiment remained positive in October despite receding a little from September.
Indian private sector activity increased to a greater extent in October, owing to stronger growth at both goods producers and service providers. The HSBC composite output index rose to 59.1 from September's ten-month low of 58.3. The final score was above the initial estimate of 58.6.
Asian Markets Track Wall Street Higher
(RTTNews) - Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid optimism over the U.S. presidential election as early results show Republican candidate Donald Trump surging ahead of Democratic candidate Kamala Harris. Traders also remain cautious ahead of the US Fed's interest rate decision tomorrow. Asian markets closed mostly higher on Tuesday.
The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts.
Australian shares are trading significantly higher on Wednesday, reversing the losses in the previous session, with the benchmark SP/ASX 200 moving above the 8,200 level, following the broadly positive cues from Wall Street overnight, with gains across all sectors led by technology and financial stocks.
The benchmark SP/ASX 200 Index is gaining 84.70 points or 1.04 percent to 8,216.50, after touching a high of 8,219.10 earlier. The broader All Ordinaries Index is up 86.10 points or 1.03 percent to 8,473.90. Australian stocks ended notably lower on Tuesday.
Among major miners, BHP Group is gaining almost 1 percent, Rio Tinto is adding more than 1 percent and Fortescue Metals is edging up 0.5 percent, while Mineral Resources is edging down 0.5 percent.
Oil stocks are mostly higher. Woodside Energy is edging up 0.1 percent and Origin Energy is gaining more than 1 percent, while Santos is edging down 0.1 percent. Beach energy is flat.
In the tech space, Zip is surging almost 7 percent, Appen is advancing more than 6 percent, WiseTech Global is adding more than 1 percent and Xero is gaining more than 4 percent, while Afterpay owner Block is edging down 0.2 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while National Australia Bank is adding more than 1 percent and ANZ Banking is edging up 0.2 percent.
Among gold miners, Evolution Mining and Newmont are gaining more than 1 percent each, while Gold Road Resources and Northern Star Resources are edging up 0.3 to 0.4 percent each. Resolute Mining is adding almost 1 percent.
In the currency market, the Aussie dollar is trading at $0.656 on Wednesday.
The Japanese stock market is trading sharply higher on Wednesday, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is surging more than 2 percent to above the 39,300 level, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,341.44, up 866.54 points or 2.25 percent, after touching a high of 39,341.44 earlier. Japanese stocks ended significantly higher on Tuesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.4 percent.
In the tech space, Advantest is advancing more than 5 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is gaining more than 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are advancing almost 4 percent each, while Mitsubishi UFJ Financial is gaining more than 3 percent.
Among the major exporters, Sony is gaining more than 1 percent, Canon is edging up 0.2 percent and Mitsubishi Electric is advancing almost 2 percent, while Panasonic are edging down 0.3 percent.
Among other major gainers, DeNA, IHI and Resona Holdings are gaining more than 5 percent each, while Kawasaki Heavy Industries is adding almost 5 percent. Mitsubishi Heavy Industries, TDK, CyberAgent and Japan Steel Works are adding more than 4 percent each, while Tosoh, Isetan Mitsukoshi, J. Front Retailing and Yamaha are advancing almost 4 percent each.
Conversely, Mercari is plummeting more than 14 percent and Konica Minolta is declining more than 3 percent.
In economic news, the services sector in Japan fell into contraction territory in October, the latest survey from Jibun Bank revealed on Wednesday with a services PMI of 49.7. That's down from 53.1 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.
Meanwhile, members of the Bank of Japan's Monetary Policy Board agreed that Japan's economy has recovered modestly, and is expected to continue to do so, minutes from the board's September 19-20 monetary policy meeting revealed on Wednesday. At the meeting, the BoJ kept its benchmark interest rate unchanged at 0.25 percent, as widely expected. The BoJ ended its negative interest rate policy in March.
In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Wednesday.
Elsewhere in Asia, Taiwan is up 1.0 percent, while New Zealand, China, South Korea and Malaysia are higher by between 0.1 and 0.5 percent each. Hong Kong and Indonesia are down 1.9 and 0.2 percent, respectively. Singapore is relatively flat.
On the Wall Street, stocks showed a lack of direction over the course of Monday's session before closing moderately lower but showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq helped lead the way higher.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq surged 259.19 points or 1.4 percent to 18,439.17, the SP 500 shot up 70.07 points or 1.2 percent to 5,782.76 and the Dow jumped 427.28 points or 1.0 percent to 42,221.88.
The major European markets also moved to the upside on the day. The German DAX Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edged down by 0.1 percent.
Crude oil prices settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Sensex, Nifty Seen Opening Up As US Election Results Trickle In
(RTTNews) - Indian shares are likely to open a tad higher on Wednesday as new U.S. data signaled a solid economy and Republican candidate Donald Trump surged ahead of Democratic candidate Kamala Harris in the early U.S. presidential election results.
Benchmark indexes Sensex and Nifty jumped around 0.9 percent each on Tuesday after staging a smart recovery in the afternoon session, led by financials and metal stocks.
The rupee hit a record low of 84.13 against the dollar before settling 1 paise higher at 84.10 against the dollar on the back of suspected intervention by the Reserve Bank of India.
Asian stocks were broadly higher this morning, with Hong Kong markets falling sharply as investors await the outcome of a meeting of top policymakers in Beijing this week that could approve local government debt refinancing and spending.
The dollar index rose, and Treasury yields climbed, pushing gold prices lower as some betting sites swung to favor Trump. Oil prices were down in early Asian trade as industry data showed a bigger than expected build in U.S. inventories.
U.S. stocks rose sharply in a broad rally overnight as Americans voted in one of the tightest presidential elections in decades and data showed the U.S. services sector accelerated to a more than two-year high in October.
The tech-heavy Nasdaq Composite surged 1.4 percent, the SP 500 rallied 1.2 percent and the Dow added 1 percent.
European stocks closed higher on Tuesday as focus shifted to the U.S. election and upcoming monetary policy announcements from the Bank of England and the Federal Reserve.
The pan European STOXX 600 ended flat with a positive bias. The German DAX rose 0.6 percent and France's CAC 40 gained half a percent while the U.K.'s FTSE 100 slipped 0.1 percent.
Japanese Market Notably Higher
(RTTNews) - The Japanese stock market is trading sharply higher on Wednesday, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 39,000 mark, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index is up 564.57 or 1.47 percent at 39,039.47, after touching a high of 39,040.77 earlier. Japanese stocks ended significantly higher on Tuesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.4 percent.
In the tech space, Advantest is advancing more than 5 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is gaining more than 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are advancing almost 4 percent each, while Mitsubishi UFJ Financial is gaining more than 3 percent.
Among the major exporters, Sony is gaining more than 1 percent, Canon is edging up 0.2 percent and Mitsubishi Electric is advancing almost 2 percent, while Panasonic are edging down 0.3 percent.
Among other major gainers, DeNA, IHI and Resona Holdings are gaining more than 5 percent each, while Kawasaki Heavy Industries is adding almost 5 percent. Mitsubishi Heavy Industries, TDK, CyberAgent and Japan Steel Works are adding more than 4 percent each, while Tosoh, Isetan Mitsukoshi, J. Front Retailing and Yamaha are advancing almost 4 percent each.
Conversely, Mercari is plummeting more than 14 percent and Konica Minolta is declining more than 3 percent.
In economic news, he Bank of Japan will on Wednesday release the minutes from its September 19-20 monetary policy meeting. At the meeting, the BoJ kept its benchmark interest rate unchanged at 0.25 percent, as widely expected. The BoJ ended its negative interest rate policy in March.
In the currency market, the U.S. dollar is trading in the higher 152 yen-range on Wednesday.
On the Wall Street, stocks showed a lack of direction over the course of Monday's session before closing moderately lower but showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq helped lead the way higher.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq surged 259.19 points or 1.4 percent to 18,439.17, the SP 500 shot up 70.07 points or 1.2 percent to 5,782.76 and the Dow jumped 427.28 points or 1.0 percent to 42,221.88.
The major European markets also moved to the upside on the day. The German DAX Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edged down by 0.1 percent.
Crude oil prices settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Home Depot Co-founder Bernard Marcus Dies At 95
(RTTNews) - Bernard Bernie Marcus, who co-founded retail chain the Home Depot Inc., has died, aged 95.
The Billionaire, said to be a major donor to Republican politicians and a supporter of Donald Trump, breathed his last on the U.S. Election day.
In a statement announcing the news, the company, which is now mainly owned by institutional investors, said, "Bernie was an inspiration in many ways. He was a master merchant and a genius with customer service... He also loved the associates who made the company what it is today. More than anything, he deeply believed in the company's core values, particularly that of giving back...In business and in charity, Bernie was unparalleled in generosity and goodwill."
Bernie started the Home Depot with Arthur Blank and others in 1978, which has now turned to become a retail major, operating 2,300 stores and employs more than 500,000. He was the company's first CEO and first Chairman until retiring in 2002.
Born in 1929 to Russian Jewish immigrants, he grew up in a tenement in Newark, New Jersey. After college, he worked at manufacturing conglomerate O'Dell's and retail chain Vornado, Inc. By 1972, Bernie was the chairman of the Board and president of Handy Dan Improvement Centers, Inc., a chain that was part of the Daylin conglomerate, where he met Blank.
Home Depot was created after Bernie was fired from Handy Dan in April 1978, along with Blank. With his vision of a one-stop shop for do-it-yourselfers, he and Blank, along with others, started the retail firm, with financial support from Investment banker Ken Langone.
Bernie, together with his wife Billi, also was very active in various philanthropic efforts. They also joined the Giving Pledge in 2010, a commitment to give away most of their money during their lifetime.
According to Home Depot, Bernie's philanthropic work will be continued by the Marcus Foundation, with a focus on Jewish causes, children, medical research, free enterprise and the community.
BMW Stock Hits On Weak Q3 Profit, Volume; Backs FY24 View
(RTTNews) - Shares of BMW Group were losing around 5 percent in the morning trade on Germany's XETRA after the luxury auto major reported Wednesday sharply lower profit and revenues for its third quarter with weak volume in all regions, mainly in China. Further, BMW Group confirmed its recently adjusted fiscal 2024 guidance.
According to the firm, delivery stops related to the supplied Integrated Brake System or IBS component caused the delivery volumes to fall significantly in the quarter.
The challenging market environment in China, despite the stimulus measures implemented by the Chinese government, amid the low consumer confidence is having a knock-on effect on sales volumes, BMW said.
Chairman of the Board of Management of BMW AG, Oliver Zipse, said, "After the extraordinary challenges in the third quarter, we are looking ahead: In the fourth quarter, we are back on track for stronger earnings in order to achieve our annual targets, despite planned high upfront expenditures. We are striking a balance between securing short-term earnings and long-term success..."
For fiscal 2024, Group earnings before taxes are still expected to decrease significantly. Vehicle deliveries in the Automotive Segment will be slightly lower than the previous year due to the ongoing low level of demand in China and delivery stops.
The share of all-electric cars relative to total deliveries will increase significantly.
The Automotive segment's EBIT margin for 2024 is forecast to be within the range of 6 percent to 7 percent.
In its third quarter, net profit plunged 83.8 percent to 476 million euros from last year's 2.93 billion euros.
Earnings per share of common stock was 0.64 euro, down 84.8 percent 4.20 euro last year.
Group earnings before tax in the third quarter declined 79.4 percent to 838 million euros from 4.06 billion euros in the prior year. Group operating profit or EBIT was 1.70 billion euros, down 61 percent from the prior year.
In the quarter, Group research and development expenditure climbed 35.4 percent year-over-year to 2.47 billion euros.
BMW Group posted revenues of 32.41 billion euros, a decline of 15.7 percent from last year's 38.46 billion euros. Adjusted for currency translation effects, revenues fell 15.3 percent.
Automotive revenues declined 13.2 percent year-over-year to 27.85 billion euros, while revenues from Motorcycles grew 8 percent and the increase was 2.5 percent in financial Services.
Automotive production volume edged up 0.3 percent from last year to 640,747 units.
Meanwhile, the premium manufacturer delivered 540,881 BMW, MINI and Rolls-Royce vehicles in the quarter, down 13 percent from last year's 621,699 automobiles.
Deliveries of BMW brand fell 11.4 percent to 487,080 units, MINI dropped 25.2 percent to 52,650 units, and Rolls-Royce fell 16.2 percent to 1,151 units.
Among regions, deliveries in Europe dropped 1 percent to 219,488 units, mainly with a 3 percent drop in Germany. In Americas, deliveries declined 10.8 percent with a 9.2 percent drop in USA. In Asia, deliveries fell 24.1 percent, with 29.8 percent fall in China.
However, BMW Group BEV deliveries grew significantly by 10.1 percent compared to the previous year, and the share of sales of fully electric vehicles rose to 19.1 percent from last year's 15.1 percent.
Motorcycles' deliveries fell 3.2 percent from last year to 50,364 units.
On Germany's XETRA, BMW shares were trading at 68.80 euros, down 5.3 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
European Shares Rally On Trump Election Lead
(RTTNews) - European stocks were sharply higher on Wednesday as former U.S. President Donald Trump neared the majority mark of 270 electoral votes after taking comfortable position in four of the seven swing states.
Speaking to his supporters early today, Trump expressed that this moment would "help this country heal."
Investors also cheered the results of a survey that showed Eurozone business activity held steady last month, a small improvement from September's modest decline.
A separate report revealed Germany's factory orders rebounded in September on strong growth in aircraft and other transport equipment orders.
Factory orders advanced 4.2 percent on a monthly basis in September, in contrast to the revised 5.4 percent decline in August, Destatis reported.
The pan European STOXX 600 rallied 1.5 percent to 517.10 after ending flat with a positive bias on Tuesday.
The German DAX climbed 1.2 percent, France's CAC 40 surged 1.7 percent and the U.K.'s FTSE 100 added 1.1 percent.
Shares of Lancashire Holdings jumped more than 10 percent in London. The British specialty insurance and reinsurance group has reported a 9 percent year-on-year increase in GWP to $1.7bn for the first nine months of 2024.
Lloyd's of London insurer Beazley rallied 3.6 percent after reiterating its full-year undiscounted combined ratio guidance of around 80 percent.
Prudential surged 5 percent after it posted a 11 percent rise in new business profit for the first nine months of fiscal 2024.
Homebuilder Persimmon slumped 5.2 percent as it flagged concerns around signs of build costs emerging in price negotiations for 2025.
Retail giant Marks and Spencer soared 5.2 percent after beating first-half profit expectations.
French lender Credit Agricole fell nearly 4 percent after reporting mixed Q3 results as weakness at some of its retail businesses overshadowed record revenues at its investment banking unit.
Siemens Healthineers jumped almost 7 percent after the German medical technology company reported revenue growth and full year adjusted earnings before interest and taxes (EBIT) in line with estimates.
Evotec SE, a pharmaceutical drug discovery and development company, slumped 14 percent after reporting declines in revenues and profits in the first nine months of the year.
Sports brand PUMA fell 5 percent after Q3 sales came in below expectations.
Automaker BMW declined 3.7 percent on reporting a 61 percent drop in its quarterly third-quarter profit.
Software developer TeamViewer lost over 9 percent after trimming its revenue forecast.
European Shares Poised To Open Mixed As Trump Extends Lead In Swing States
(RTTNews) - European stocks may open on a mixed note Wednesday as investors ponder over what a Trump presidency could mean for the region. A proposed 10 percent U.S. tariffs risk hitting European exports like autos and chemicals.
According to early trends, Republican candidate Donald Trump holds a slim lead over Democratic nominee Kamala Harris in key battleground states.
Asian markets traded mixed, with Hong Kong's Hang Seng falling 2.6 percent on fears over the fallout from heightened trade tensions.
Investors also await the outcome of a meeting of top policymakers in Beijing this week that could approve local government debt refinancing and spending.
Japan's Nikkei index was up nearly 2 percent as the yen plummeted to its lowest level since late July, boosting export-related stocks
The dollar index and Treasury yields climbed, denting demand for bullion ahead of interest-rate decision from the Federal Reserve and the Bank of England due this week.
Eurozone final composite PMI figures and Germany factory orders data may also garner some attention as the day progresses.
Oil prices were down more than 1 percent in Asian trade as industry data showed a bigger than expected build in U.S. inventories.
Overnight, U.S. stocks rose sharply in a broad rally as Americans voted in one of the tightest presidential elections in decades and data showed the U.S. services sector accelerated to a more than two-year high in October.
The tech-heavy Nasdaq Composite surged 1.4 percent, the SP 500 rallied 1.2 percent and the Dow added 1 percent.
European stocks closed higher on Tuesday as focus shifted to the U.S. election and upcoming monetary policy announcements.
The pan European STOXX 600 ended flat with a positive bias. The German DAX rose 0.6 percent and France's CAC 40 gained half a percent while the U.K.'s FTSE 100 slipped 0.1 percent.
Bay Street Looks Headed For Positive Start
(RTTNews) - Higher Canadian and U.S. futures and firm European stocks following Donald Trump's victory in the U.S. Presidential Election point to a positive start for the Canadian market on Wednesday.
Energy and materials stocks may be a bit volatile due to weak commodity prices. Investors will be reacting to a slew of corporate earnings announcements, and also look ahead to the Federal Reserve's monetary policy announcement, due on Thursday.
CGI Inc. (GIB.A.TO) reported net earnings of $435.9 million for the fourth quarter, up 5.2% year-over-year, for a margin 1 of 11.9%.
Stella-Jones Inc. (SJ.TO) reported net earnings of $80 million, or $1.42 per share for the third quarter of the current financial year, compared with $110 million, or $1.91 per share a year ago.
ATS Corporation (ATS.TO) posted a net loss of $0.9 million in the second quarter ended September 29, 2024, as against net income of $50.7 million in the second quarter of the previous year.
The Ivey Business School will release the Ivey Purchasing Managers Index reading for the month of October at 10 AM ET. The Ivey Purchasing Managers Index in Canada soared to 53.1 in September 2024, up from an over 3-1/2-year low of 48.2 in August.
The Canadian market closed higher on Tuesday, riding on strong gains in utilities, consumer staples and healthcare sectors. In addition to digesting a slew of corporate earnings announcements, investors eyed the outcome of U.S. Presidential Election, and the Federal Reserve's monetary policy announcement, due later in the week.
The benchmark SP/TSX Composite Index closed up 131.84 points or 0.54% at 24,387.90, near the day's high of 24,393.82.
Asian stocks ended mixed on Wednesday, while the dollar and bond yields edged up as U.S. Republican candidate Donald Trump won two crucial swing states, North Carolina and Georgia, and tightened his hold on key battlegrounds in the race for the White House.
While Japanese markets rallied on the back of a weaker yen, Hong Kong shares led losses on concerns that Trump's tariff plans could reignite U.S.-China trade tensions.
European stocks are up firmly with investors reacting positively to Donald Trump's victory in the U.S. Presidential Election.
Investors are also cheering the results of a survey that showed Eurozone business activity held steady last month, a small improvement from September's modest decline, and data showing an increase in Germany's factory orders in the month of September.
In commodities, West Texas Intermediate Crude oil futures are down $1.11 or 1.54% at $70.88 a barrel.
Gold futures are down $36.80 or 1.34% at $2,712.90 an ounce, as the dollar moved higher on Trump's victory. Silver futures are down $0.815 or 2.5% at $31.960 an ounce.
