人工智能论坛
Sensex, Nifty Rally On Trump's Victory; IT Stocks Lead
(RTTNews) - Indian shares posted strong gains on Wednesday, with firm global cues boosting sentiment after U.S. Republican Donald Trump claimed victory in the 2024 presidential contest.
Trump is on course to return to power in the United States winning 266 electoral votes.
He is leading in key battleground states, and just four seats short of majority, while his Democratic rival Kamala Harris has won only 219 electoral votes.
Indian Prime Minister Narendra Modi extended his congratulations to Trump on his election victory and expressed his eagerness to renew collaboration between India and the U.S., aiming to strengthen their partnership.
The benchmark SP/BSE Sensex surged 901.50 points, or 1.13 percent, to 80,378.13 while the NSE Nifty index settled up by 270.75 points, or 1.12 percent, at 24,484.05.
IT stocks topped the gainers list, with HCL Technologies, Wipro and TCS all climbing around 4 percent.
Bharat Electronics jumped 5.3 percent and Adani Enterprises advanced 4.5 percent.
Financials succumbed to selling pressure, with IndusInd Bank, HDFC Life and SBI Life falling 1-2 percent.
German Factory Orders Log Stronger Than Expected Rebound
(RTTNews) - Germany's factory orders rebounded at a faster than expected pace in September on robust demand for aircraft, ships, trains and military vehicles, data from Destatis showed on Wednesday.
Factory orders advanced 4.2 percent on a monthly basis in September, in contrast to the revised 5.4 percent decline in August.
Economists had forecast orders to grow moderately by 1.6 percent after September's initially estimated decline of 5.8 percent. Moreover, this was the fastest increase in three months.
When large-scale orders are excluded, new orders gained 2.2 percent from the previous month.
In the third quarter, new orders rose 4.2 percent from the previous quarter, while total orders excluding large-scale orders were down 0.6 percent.
Destatis said the growth in new orders in manufacturing was mainly attributable to the substantial growth in the "manufacture of other transport equipment" sector. This sector posted a significant of 117.1 percent expansion.
The increase of 2.9 percent in orders in the automotive industry also had a positive effect. Meanwhile, the manufacture of basic metals dropped 10.0 percent and that of machinery and equipment slid 3.6 percent.
Domestic orders climbed 3.6 percent and foreign orders grew 4.4 percent, with orders from the euro area rising 14.6 percent. Meanwhile, new orders from the rest of the world declined 1.6 percent.
On a yearly basis, new orders in manufacturing gained 1.0 percent, reversing a 3.4 percent decrease in the prior month.
Real manufacturing turnover was down 1.4 percent on the previous month, following an increase of 3.0 percent in August. Year-on-year, turnover decreased 4.4 percent.
UK Construction Sector Growth Weakens In October
(RTTNews) - The UK construction sector growth slowed notably in October but overall industry activity remained solid on civil engineering work, survey results from SP Global showed on Wednesday.
The construction Purchasing Managers' Index posted 54.3 in October, down from 57.2 in September. The index signaled expansion for the eighth consecutive month.
Civil engineering was the best-performing category. Commercial work also increased but the growth was the weakest since the current sequence of expansion began in April.
House building was the only category to post a fall in output in October. This was the first fall in residential activity since June as high borrowing costs and uncertainty ahead of the Autumn Budget constrained demand.
Although new work increased at a solid pace, the growth was softer than the two-and-a-half year high seen in September. Political uncertainty and subdued household demand due to cost-of-living pressures limited new order growth.
In order to meet higher activity, firms recruited additional staff. The rate of job creation rose to a three-month high.
Construction companies continued to support their purchasing activity in October, which was mainly linked to greater workloads and forthcoming new project starts.
Suppliers' delivery times improved marginally in October and lead times shortened in each of the past three months.
On the price front, the survey showed that average cost burdens increased at a solid pace. The rate of inflation remained stronger than seen on average in the first half of 2024 but moderated since September.
Eurozone Private Sector Stagnates In October
(RTTNews) - The euro area private sector stagnated in October as the contraction in manufacturing was offset by the services activity growth, final survey results published by SP Global showed on Wednesday.
The HCOB composite output index registered 50.0 in October signalling no change in private sector output. The reading was up from 49.6 in September and above the flash score of 49.7.
The stagnation of the economy masked considerably different trends at the sector level. Services activity posted growth for a ninth straight month, while manufacturing production decreased solidly.
New work received by private sector firms shrank for a fifth consecutive month as a sharp fall in demand for goods was accompanied by the quickest drop in sales at services companies since January.
The volume of outstanding business contracted as lower demand allowed firms to focus more resources on backlogged orders. Consequently, firms lowered their staffing capacity. The rate of job shedding was the quickest since December 2020.
Companies were less optimistic towards the 12-month outlook for business activity. Business confidence weakened for the fifth successive month and hit its lowest in the year-to-date period.
Input price inflation remained close to that seen in September and was the third-softest for nearly four years. Companies raised their prices charged but at the second-slowest extent since February 2021.
The survey showed that the currency bloc's two biggest economies, Germany and France continued to drag on the union's performance. France fell deeper into contraction, while Germany's downturn cooled.
Spain remained the fastest-growing country despite a slight loss of momentum. Italy reported a moderate upturn with a renewed expansion.
Germany's private sector shrank for a fourth straight month in October but it ticked up from September as stronger growth in services activity coincided with a slower fall in manufacturing.
The HCOB final composite PMI improved to 48.6 in October from 47.5 in the prior month and also stayed above the flash reading of 48.4. Similarly, the services PMI climbed to 51.6 from 50.6 a month ago. The initial estimate was 51.4.
France's private sector activity declined at the fastest pace since February. The composite output index fell to 48.1 in October from 48.6 in September. The flash score was 47.3.
Factory production as well as services activity both registered quicker declines at the start of the fourth quarter. The services PMI decreased to 49.2 in October from 49.6 in September but well above the flash level of 48.3.
Italy's private sector rose back into growth territory as growth in services more than outweighed a deeper contraction seen at manufacturers. At 51.0, the composite output index climbed from 49.7 in September. The services PMI posted 52.4, up from 50.5 in September.
Spain's private sector economy continued to perform strongly in October, with both manufacturing and service sectors expanding again. The HCOB composite output index fell to 55.2 from 56.3 in September. The services PMI posted 54.9 compared to 57.0 in the previous month.
Spanish Services Sector Expands For 14th Month - PMI Survey
(RTTNews) - Spain's services industry grew for the fourteenth month in a row in October led by strong improvement in sales and demand and firms increased hiring markedly in response to better business, results of the purchasing managers' survey by SP Global showed on Wednesday.
The HCOB services purchasing managers' index came in at 54.9 in October, which was weaker than September's 57, but remained above the neutral mark of 50. Economists had forecast a reading of 56.6.
The PMI survey data was collected from October 10 to 28.
New business grew for an eleventh month in a row, underpinned by increased demand at home and from abroad.
Increased hiring led staffing levels up to the strongest degree since April 2023. Official data released on Tuesday showed that joblessness in Spain increased in October but logged the smallest gain for the month since 2006.
Despite a growth in workforce, capacity constraints remained, with backlogs of work rising for a tenth successive month.
Meanwhile, higher salary costs drove input cost inflation higher in October and these were passed on to customers due to strong market conditions, leading to an increase in output charges.
Business confidence remained high in October as survey participants hoped market conditions to stay positive.
Survey data released earlier in the week showed that production in manufacturing rose at the steepest pace since September 2021.
The HCOB Spain Composite PMI fell to 55.2 in October from 56.3 in September.
"While the Composite HCOB PMI showed a slight slowdown in June and July, it displayed solid growth signals again in September and October," Jonas Feldhusen, an economist at Hamburg Commercial Bank, said.
"This trend suggests that [GDP] growth of up to 3.0 percent could be achievable for 2024. The HCOB PMIs, in particular in services, indicate a strong start to the fourth quarter."
Feldhusen pointed out that the discrepancy of core inflation exceeding headline inflation illustrates how persistent cost increases in the services sector significantly contribute to higher core inflation.
"Rising wages are a primary driver of this trend, with many service companies continuing to report wage pressures," the economist said.
"To mitigate these burdens, companies often pass on the additional costs to consumers, further intensifying price increases in this sector."
U.S. Dollar Rallies On Trump's Victory
(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Wednesday, as Donald Trump's win in the presidential election renewed optimism about economic growth policies that could drive bond yields higher and boost inflation.
Trump is projected to win far more than the 270 Electoral College votes needed to secure his return to the White House after claiming victory in several key swing states.
Trump is seen by the markets as better for corporations and is likely to renew the tax cut package enacted during his first term, which was due to expire at the end of 2025.
A Trump administration is also expected to scale back government regulations and be less hostile to mergers and acquisitions.
However, Trump has also called for increased tariffs on China and other countries, which could lead to renewed inflation concerns.
The greenback advanced to more than a 4-month high of 1.0682 against the euro and more than a 3-month high of 0.8773 against the franc, from its early lows of 1.0934 and 0.8620, respectively. The next possible resistance for the currency is seen around 1.06 against the euro and 0.89 against the franc.
The greenback climbed to near a 3-month high of 1.2833 against the pound and more than a 3-month high of 154.47 against the yen, from its early 2-week lows of 1.3044 and 151.29, respectively. The currency is poised to challenge resistance around 1.26 against the pound and 156.00 against the yen.
The greenback rose to a 5-day high of 1.3959 against the loonie, from an early low of 1.3823. Immediate resistance for the currency is seen around the 1.40 level.
In contrast, the greenback eased to 0.6596 against the aussie, from an early nearly 3-month high of 0.6512. This may be compared to the previous session's 2-week low of 0.6642. If the currency falls further, it is likely to test support around the 0.68 region.
The greenback retreated to 0.5975 against the kiwi, from an early 3-month high of 0.5912. This may be compared to the Asian session's 2-week low of 0.6021. The currency is likely to locate support around the 0.62 level.
Canadian Market Up Firmly, Looks Set End On Strong Note
(RTTNews) - The Canadian market looks well on course to end on a strong note on Wednesday with stocks from across several sectors moving higher on sustained buying interest as investors react positively to Donald Trump's victory in the U.S. presidential election.
Technology, energy, financials, industrials and consumer staples stocks are up with impressive gains. Healthcare, materials, real estate, utilities and communications shares are week.
The benchmark SP/TSX Composite Index was up 220.81 points or 0.91% at 24,608.71 a little while ago.
iA Financial Corporation (IAG.TO) is soaring nearly 16%, after reporting a whopping 414% jump in net inome to $288 million in the third-quarter of current financial year, from a year ago.
TFI International (TFII.TO) is rising 10.3%. Celestica Inc (CLS.TO) is up more than 7%. Dayforce (DAY.TO) and Descartes Systems Group (DSG.TO) are gaining 4.7% and 4.2%, respectively.
RB Global Inc (RBA.TO), Canadian National Railway (CNR.TO) and Kinaxis Inc (KXS.TO) are up 3 to 3.5%. Constellation Software (CSU.TO) is climbing about 1.2%.
Stella-Jones Inc (SJ.TO) is plunging 13.7%. The company 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.
Ero Copper (ERO.TO) is down 8.6% after the company reduced its full-year copper production guidance due to delays in achieving commercial production at the Tucumã operation in Pará, Brazil, stemming from power disruptions in the third quarter.
Premium Brands Holdings Corporation (PBH.TO) is down 7.1%. The company reported earnings of $25.4 million for the 13 weeks ended September 28, 2024, compared with $39.4 million in the 13 weeks ended September 30, 2023.
Sprott Inc (SII.TO), Boralex Inc (BLX.TO), Wheaton Precious Metals (WPM.TO), Intact Financial Corporation (IFC.TO), Boyd Group Services (BYD.TO) and Thomson Reuters (TRI.TO) are also down sharply.
On the economic front, the Ivey Purchasing Managers Index in Canada eased to 52 in October 2024, down from 53.1 in the prior month and missing market estimates of 54.2., according to a report from the Ivey Business School.
Higher Open Expected For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market on Wednesday snapped the three-day winning streak in which it had surged almost 700 points or 3.4 percent. The Hang Seng Index now sits just above the 20,530-point plateau and it's got a positive lead again for Thursday's trade.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply lower as investors locked in gains across the board, but especially in the technology and property sectors.
For the day, the index plunged 468.59 points or 2.23 percent to finish at 20,538.38 after trading between 20,361.92 and 20,859.66.
Among the actives, Alibaba Group plummeted 4.07 percent, while Alibaba Health Info was down 0.24 percent, ANTA Sports and Li Ning both sank 2.11 percent, China Life Insurance plunged 3.98 percent, China Mengniu Dairy declined 2.28 percent, China Resources Land skidded 2.21 percent, CITIC tanked 3.41 percent, CNOOC retreated 2.50 percent, CSPC Pharmaceutical tumbled 2.56 percent, Galaxy Entertainment surrendered 2.95 percent, Haier Smart Home tanked 4.13 percent, Hang Lung Properties shed 1.72 percent, Henderson Land eased 0.19 percent, Hong Kong China Gas lost 1.47 percent, Industrial and Commercial Bank of China slumped 2.26 percent, JD.com plunged 4.16 percent, Lenovo plummeted 4.58 percent, Li Auto stumbled 2.69 percent, Meituan retreated 2.32 percent, New World Development tumbled 2.70 percent, Nongfu Spring fell 1.35 percent, Techtronic Industries surrendered 3.34 percent, Xiaomi Corporation dropped 2.13 percent and WuXi Biologics slid 0.69 percent.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Australia Building Approvals Rise 4.4% In September
(RTTNews) - The total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics said on Friday - coming in at 14,842.
That was in line with expectations following the 3.9 percent drop in August.
On a yearly basis, overall approvals climbed 6.8 percent.
Private sector houses rose 2.2 percent on month and 16.7 percent on year to 9,745, while private sector dwellings excluding houses rose 4.7 percent on month and fell 12.2 percent on year to 4,653.
The value of total residential building was flat at A$8.04 billion. The value of non-residential building rose 3.6 percent to A$5.57 billion.
Rebound Predicted For China Stock Market
(RTTNews) - The China stock market on Wednesday ended the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just beneath the 3,385-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished slightly lower on Wednesday following losses from the financials, gains from the properties and a mixed picture from the resource stocks.
For the day, the index slipped 3.18 points or 0.09 percent to finish at 3,383.81 after trading between 3,367.08 and 3,421.00. The Shenzhen Composite Index perked 2.01 points or 0.10 percent to end at 2,049.78.
Among the actives, Industrial and Commercial Bank of China slumped 0.98 percent, while Bank of China and Huaneng Power both lost 0.41 percent, China Construction Bank declined 1.36 percent, China Merchants Bank retreated 1.33 percent, Agricultural Bank of China shed 0.63 percent, China Life Insurance tanked 2.08 percent, Jiangxi Copper skidded 1.07 percent, Aluminum Corp of China (Chalco) jumped 1.85 percent, Yankuang Energy dropped 0.82 percent, PetroChina fell 0.24 percent, China Shenhua Energy tumbled 1.71 percent, Gemdale rallied 2.44 percent, Poly Developments jumped 1.80 percent, China Vanke spiked 1.71 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
European Stocks Fail To Hold Early Gains, Close Weak
(RTTNews) - After holding firm till around mid afternoon on Wednesday, European stocks pared gains and closed weak as investors assessed the potential impact of Donald Trump's victory in the U.S. Presidential Election.
Stocks moved higher earlier in the session with investors reacting to Trump's win, and a batch of encouraging regional economic data.
Possibility of Trump imposing higher tariffs and potential strain in international relations weighed on sentiment. Investors also looked ahead to the Federal Reserve's monetary policy announcement on Tuesday. The Bank of England is also scheduled to announce its policy on Thursday.
The pan European Stoxx 600 ended down 0.54%. Germany's DAX closed lower by 1.13%, France's CAC 40 fell 0.51% and the U.K.'s FTSE 100 edged down 0.07%. Switzerland's SMI closed down 0.16%.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Spain and Sweden ended with sharp to moderate gains.
Greece, Iceland, Poland, Russia and Turkiye closed weak.
In the UK market, Ashtead Group, Barclays and IHG climbed 5.2 to 5.6%. BAE Systems, 3i Group, Marks Spencer, Smith (DS), Pershing Square Holdings, Entain and IAG gained 3 to 5%.
Beazley rallied sharply after reiterating its full-year undiscounted combined ratio guidance of around 80%. Prudential moved higher after it posted a 11% rise in new business profit for the first nine months of fiscal 2024.
Marks Spencer gained 2% after beating first-half profit expectations. Standard Chartered, Coca-Cola, Compass Group, Tesco, Natwest Group and Scottish Mortgage also ended notably higher.
Shares of Lancashire Holdings jumped more than 10% in early trades after the company reported a 9% year-on-year increase in GWP to $1.7bn for the first nine months of 2024. However, the stock pared gains and ended the session just marginally up.
Persimmon closed lower by more than 8.5% as it flagged concerns around signs of build costs emerging in price negotiations for 2025.
Intertek Group shed 4.7%, while Taylor Wimpey, Smith Nephew, Fresnillo, Antofagasta, BT Group, British Land, Barratt Redrow and Berkeley Group Holdings closed down 3 to 4.1%.
Frasers Group, Hikma Pharmaceuticals, Unilever, Endeavour Mining, Diageo, Vistry Group and Segro also declined sharply.
In the German market, Mercedes-Benz, Zalando and BMW lost 6 to 6.8%. BMW reported a 61% drop in its quarterly third-quarter profit.
Volkswagen, Porsche, Sartorius, RWE, Deutsche Post, Commerzbank, Adidas, Infineon, Beiersdorf, Henkel, Bayer, Symrise, Merck and Siemens Energy lost 1.7 to 5.1%.
Siemens Healthineers and Fresenius Medical Care climbed 5.6% and 5.5%, respectively. Siemens Healthineers reported revenue growth and full year adjusted earnings before interest and taxes (EBIT) in line with estimates.
Puma ended nearly 3% down, after Q3 sales came in below expectations.
Rheinmetall, Fresenius, HeidelbergCement, MTU Aero Engines and Deutsche Bank gained 1.8 to 3%.
In the French market, Thales moved up more than 3%. Publicis Groupe, Stellantis, Essilor, STMicroElectronics, Safran, Carrrefour, Edenred, Dassault Systemes and Accor gained 0.6 to 1.8%.
Credit Agricole closed down 4.3% after reporting mixed Q3 results as weakness at some of its retail businesses overshadowed record revenues at its investment banking unit.
Pernod Ricard ended down 3.7%. BNP Paribas, L'Oreal, Teleperformance, Bouygues, Danone, Vivendi, Veolia, Air Liquide, Unibail Rodamco, Engie and TotalEnergies lost 1.4 to 3.2%.
Germany's factory orders rebounded in September on strong growth in aircraft and other transport equipment orders, data from Destatis showed. Factory orders advanced 4.2% on a monthly basis in September, in contrast to the revised 5.4% decline in August.
Economists had forecast orders to grow moderately by 1.6 percent after September's initially estimated decline of 5.8%.
The UK construction sector growth slowed notably in October but overall industry activity remained solid on civil engineering work, survey results from SP Global showed. The construction Purchasing Managers' Index posted 54.3 in October, down from 57.2 in September. The index signaled expansion for the eighth consecutive month.
The euro area private sector stagnated in October as the contraction in manufacturing was offset by the services activity growth, final survey results published by SP Global showed. The HCOB composite output index registered 50.0 in October signalling no change in private sector output. The reading was up from 49.6 in September and above the flash score of 49.7.
Producer prices in the euro area fell on a monthly basis for the first time in four months in September amid a slump in energy prices, figures from the statistical office Eurostat showed. Producer prices in the domestic market decreased 0.6% month-on-month, reversing a similar size gain in the previous month. This was the first decline since May.
Indonesia Bourse Likely To Reclaim 7,400-Point Level
(RTTNews) - The Indonesia stock market headed south again on Wednesday, one day after ending 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 7,380-point plateau although it's likely to see renewed support on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The JCI finished sharply lower on Wednesday following losses from the telecoms, financial shares and resource stocks, while the cement stocks were mixed.
For the day, the index stumbled 108.06 points or 1.44 percent to finish at 7,383.87 after trading between 7,363.03 and 7,506.60.
Among the actives, Bank CIMB Niaga slumped 1.36 percent, while Bank Mandiri plunged 5.42 percent, Bank Danamon Indonesia skidded 1.18 percent, Bank Negara Indonesia tanked 5.09 percent, Bank Central Asia fell 0.48 percent, Bank Rakyat Indonesia tumbled 2.34 percent, Indosat Ooredoo Hutchison plummeted 5.86 percent, Indocement retreated 1.80 percent, Semen Indonesia added 0.55 percent, Indofood Sukses Makmur dropped 0.95 percent, United Tractors improved 0.74 percent, Astra International stumbled 2.42 percent, Energi Mega Persada surrendered 5.07 percent, Astra Agro Lestari fell 0.37 percent, Aneka Tambang declined 2.22 percent, Jasa Marga rose 0.21 percent, Vale Indonesia sank 2.86 percent, Timah lost 5.26 percent, Bumi Resources was down 2.17 percent and Bank Maybank Indonesia was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Australian Market Notably Lower
(RTTNews) - The Australian stock market is trading notably lower on Thursday after opening in the green, reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is falling well below the 8,200 level, with weakness in gold miners and financial stocks.
The benchmark SP/ASX 200 Index is losing 37.80 points or 0.46 percent to 8,161.70, after touching a high of 8,231.00 and a low of 8,150.10 earlier. The broader All Ordinaries Index is down 39.50 points or 0.47 percent to 8,416.50. Australian stocks ended significantly higher on Wednesday.
Among major miners, Rio Tinto and Fortescue Metals are adding more than 1 percent each, while BHP Group is edging up 0.3 percent. Mineral Resources is edging down 0.3 percent.
Oil stocks are mostly higher. Beach energy is edging up 0.4 percent, Woodside Energy is adding almost 1 percent and Santos is gaining more than 1 percent, while Origin Energy is flat.
In the tech space, Afterpay owner Block is surging more than 7 percent, Xero is edging up 0.1 percent and WiseTech Global is gaining almost 1 percent, while Appen is losing more than 2 percent and Zip is down almost 2 percent.
Among the big four banks, National Australia Bank and Westpac are declining almost 3 percent each, while Commonwealth Bank is losing almost 1 percent. ANZ Banking is down more than 1 percent.
Among gold miners, Evolution Mining is sliding almost 7 percent, Gold Road Resources is plunging more than 8 percent, Resolute Mining is plummeting more than 10 percent, Northern Star Resources is slipping more than 6 percent and Newmont is losing 3.5 percent.
In other news, shares in Quickstep Holdings are skyrocketing almost 99 percent after the aerospace manufacturer received a 40 cent per share takeover offer from one of its big customers, Asdam Operations.
Shares in Sigma Healthcare are soaring more than 28 percent after the Australian competition regulator gave the nod to the pharmaceutical wholesaler's A$8.8 billion merger with Chemist Warehouse.
In economic news, the total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics or ABS said on Friday - coming in at 14,842. That was in line with expectations following the 3.9 percent drop in August. On a yearly basis, overall approvals climbed 6.8 percent.
The ABS also said Australia posted a merchandise trade surplus of A$4.609 billion in September. That missed forecasts for a surplus of A$5.240 billion and was down from A$5.284 billion in August. Exports were down 4.3 percent on month to A$40.827 billion after easing 0.2 percent in the previous month. Imports slumped 3.1 percent on month to A$36.219 billion after also slipping 0.2 percent a month earlier.
In the currency market, the Aussie dollar is trading at $0.657 on Thursday.
On Wall Street, stocks skyrocketed during trading on Wednesday, as traders celebrated Donald Trump's victory in the presidential election. The major averages added to the strong gains posted during Tuesday's session, reaching new record closing highs.
The major averages saw further upside in late-day trading, reaching new highs for the session. The Dow soared 1,508.05 points or 3.6 percent to 43,729.93, the Nasdaq surged 544.29 points or 3.0 percent to 18,983.47 and the SP 500 shot up 146.28 points or 2.5 percent to 5,929.04.
Meanwhile, the major European markets came under pressure over the course of the session. While the German DAX Index slumped by 1.1 percent, the French CAC 40 Index fell by 0.5 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Australia Has A$4.609 Billion Trade Surplus
(RTTNews) - Australia posted a merchandise trade surplus of A$4.609 billion in September, the Australian Bureau of Statistics said on Friday.
That missed forecasts for a surplus of A$5.240 billion and was down from A$5.284 billion in August.
Exports were down 4.3 percent on month to A$40.827 billion after easing 0.2 percent in the previous month.
Imports slumped 3.1 percent on month to A$36.219 billion after also slipping 0.2 percent a month earlier.
Swiss Market Pares Early Gains, Settle Marginally Down
(RTTNews) - The Switzerland market ended marginally down on Wednesday as stocks shed early gains and the index slipped below the flat line in the final hour. The mood turned cautious past mid afternoon with investors assessing the potential economic and geopolitical impact of Donald Trump's victory in the U.S. Presidential election.
The benchmark SMI, which climbed to 12,122.20 around mid morning, gaining more than 250 points in the process, settled with a loss of 18.72 points or 0.16% at 11,847.29.
Logitech International ended down nearly 5.5%. SGS closed with a loss of 4.7%. Straumann Holding, Givaudan, Geberit and Kuehne + Nagel lost 2.5 to 3.5%.
Nestle, Roche Holding, Schindler Ps, SIG Group, VAT Group and Lonza Group closed down 1.1 to 1.8%. Swisscom declined nearly 1%.
UBS Group rallied 5.22%. Partners Group closed up 2.71% and Julius Baer climbed about 2.25%. Swiss Life Holding, Holcim and ABB advanced 1.82%, 1.55% and 1.48%, respectively.
Taiwan Bourse Has Solid Lead For Thursday's Trade
(RTTNews) - The Taiwan stock market has moved higher in three straight sessions, gathering more than 435 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 23,215-point plateau and it's expected open to the upside again on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Wednesday as gains from the technology stocks were offset by losses from the financial sector.
For the day, the index climbed 110.59 points or 0.48 percent to finish at 23,217.38 after trading between 23,035.30 and 23,439.39.
Among the actives, Cathay Financial fell 0.34 percent, while Mega Financial skidded 1.02 percent, First Financial sank 0.74 percent, Fubon Financial dropped 0.98 percent, E Sun Financial slumped 0.92 percent, Taiwan Semiconductor Manufacturing Company advanced 0.95 percent, United Microelectronics Corporation climbed 1.10 percent, Hon Hai Precision slid 0.23 percent, Largan Precision improved 0.86 percent, Catcher Technology plunged 4.86 percent, MediaTek rallied 1.16 percent, Delta Electronics increased 1.13 percent, Novatek Microelectronics strengthened 1.23 percent, Nan Ya Plastics was down 0.24 percent, Asia Cement declined 1.16 percent and CTBC Financial and Formosa Plastics were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Asian Markets Trade Mixed
(RTTNews) - Asian stock markets are trading mixed on Thursday, following the broadly positive cues from Wall Street overnight, as traders cautiously weigh the implications of Donald Trump's victory in the U.S. Presidential Election. They are concerned about Trump's tariff plans that could reignite U.S.-China trade tensions. Asian Markets closed mixed on Wednesday.
Trump has also called for increased tariffs on China and other countries, which could lead to renewed inflation concerns.
Traders also await the US Fed's interest rate decision later in the day, and look forward to the accompanying statement for clues about the likelihood of future rate cuts.
The Australian market is trading slightly higher on Thursday after opening in the green and slipping into the red briefly, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is falling well below the 8,200 level, with gains in iron ore miners, energy and technology stocks nearly offset by weakness in gold miners and financial stocks.
The benchmark SP/ASX 200 Index is gaining 7.80 points or 0.10 percent to 8,207.30, after touching a high of 8,231.00 and a low of 8,150.10 earlier. The broader All Ordinaries Index is up 6.20 points or 0.07 percent to 8,462.20. Australian stocks ended significantly higher on Wednesday.
Among major miners, Rio Tinto and Fortescue Metals are adding more than 1 percent each, while BHP Group is edging up 0.3 percent. Mineral Resources is edging down 0.3 percent.
Oil stocks are mostly higher. Beach energy is edging up 0.4 percent, Woodside Energy is adding almost 1 percent and Santos is gaining more than 1 percent, while Origin Energy is flat.
In the tech space, Afterpay owner Block is surging more than 7 percent, Xero is edging up 0.1 percent and WiseTech Global is gaining almost 1 percent, while Appen is losing more than 2 percent and Zip is down almost 2 percent.
Among the big four banks, National Australia Bank and Westpac are declining almost 3 percent each, while Commonwealth Bank is losing almost 1 percent. ANZ Banking is down more than 1 percent.
Among gold miners, Evolution Mining is sliding almost 7 percent, Gold Road Resources is plunging more than 8 percent, Resolute Mining is plummeting more than 10 percent, Northern Star Resources is slipping more than 6 percent and Newmont is losing 3.5 percent.
In other news, shares in Quickstep Holdings are skyrocketing almost 99 percent after the aerospace manufacturer received a 40 cent per share takeover offer from one of its big customers, Asdam Operations.
Shares in Sigma Healthcare are soaring more than 28 percent after the Australian competition regulator gave the nod to the pharmaceutical wholesaler's A$8.8 billion merger with Chemist Warehouse.
In economic news, the total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics or ABS said on Friday - coming in at 14,842. That was in line with expectations following the 3.9 percent drop in August. On a yearly basis, overall approvals climbed 6.8 percent.
The ABS also said Australia posted a merchandise trade surplus of A$4.609 billion in September. That missed forecasts for a surplus of A$5.240 billion and was down from A$5.284 billion in August. Exports were down 4.3 percent on month to A$40.827 billion after easing 0.2 percent in the previous month. Imports slumped 3.1 percent on month to A$36.219 billion after also slipping 0.2 percent a month earlier.
In the currency market, the Aussie dollar is trading at $0.657 on Thursday.
Reversing the gains in the previous two sessions, the Japanese market is notably lower on Thursday after opening in the green, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,300 level, with weakness in index heavyweights and technology stocks partially offset by gains in exporters and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,321.87, down 158.80 points or 0.40 percent, after touching a high of 39,884.01 and a low of 39,020.22 earlier. Japanese shares ended sharply higher on Wednesday.
Market heavyweight SoftBank Group is losing almost 3 percent and Uniqlo operator Fast Retailing is also down almost 3 percent. Among automakers, Toyota is gaining more than 4 percent and Honda is flat.
In the tech space, Tokyo Electron is losing almost 3 percent, Advantest is edging down 0.4 percent and Screen Holdings is declining more than 4 percent.
In the banking sector, Mizuho Financial is edging up 0.2 percent, Sumitomo Mitsui Financial is gaining almost 2 percent and Mitsubishi UFJ Financial is adding 2.5 percent.
Among the major exporters, Canon is adding more than 1 percent, Sony is edging up 0.2 percent, Mitsubishi Electric is advancing almost 3 percent and Panasonic is gaining 3.5 percent.
Among other major losers, Minebea Mitsumi is plunging more than 6 percent, while Nitori Holdings and M3 are sliding almost 6 percent each. BANDAI NAMCO is losing more than 4 percent, while Lasertec, Chugai Pharmaceutical, Disco and GS Yuasa are declining more than 3 percent each. Aozora Bank, Sumitomo Electric Industries, Toto, Yamaha, Seiko Epson and Keyence are down almost 3 percent.
Conversely, Keio is skyrocketing almost 18 percent and Tokai Carbon are surging more than 7 percent, while Tobu Railway, Dai-ichi Life and Daikin Industries are gaining more than 6 percent each. DeNA, Yamaha Motor, Konica Minolta, Taiheiyo Cement and Denso are adding more than 5 percent each, while Tokyo Gas, Kawasaki Heavy Industries, Resona Holdings, TD Holdings and NTT Data are advancing more than 4 percent each.
In the currency market, the U.S. dollar is trading in the lower 154 yen-range on Thursday.
Elsewhere in Asia, Indonesia is down 1.1 percent, while New Zealand, South Korea and Malaysia are lower by between 0.2 and 0.5 percent each. Singapore is up 2.1 percent, while China, Hong Kong and Taiwan are higher by between 0.2 and 0.5 percent each.
On Wall Street, stocks skyrocketed during trading on Wednesday, as traders celebrated Donald Trump's victory in the presidential election. The major averages added to the strong gains posted during Tuesday's session, reaching new record closing highs.
The major averages saw further upside in late-day trading, reaching new highs for the session. The Dow soared 1,508.05 points or 3.6 percent to 43,729.93, the Nasdaq surged 544.29 points or 3.0 percent to 18,983.47 and the SP 500 shot up 146.28 points or 2.5 percent to 5,929.04.
Meanwhile, the major European markets came under pressure over the course of the session. While the German DAX Index slumped by 1.1 percent, the French CAC 40 Index fell by 0.5 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Thai Shares Tipped To Bounce Higher Again On Thursday
(RTTNews) - The Thai stock market turned lower again on Wednesday, one day after snapping 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 1,465-point plateau although it's expected to rebound on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished sharply lower on Wednesday following losses from the food, finance, industrial, property, resource and service sectors.
For the day, the index dropped 14.25 points or 0.96 percent to finish at 1,467.42 after trading between 1,463.06 and 1,487.58. Volume was 20.293 billion shares worth 57.315 billion baht. There were 418 decliners and 111 gainers, with 134 stocks finishing unchanged.
Among the actives, Advanced Info retreated 1.44 percent, while Thailand Airport declined 1.59 percent, Asset World tumbled 3.17 percent, Banpu crashed 9.38 percent, Bangkok Bank fell 0.34 percent, Bangkok Expressway slid 1.27 percent, B. Grimm slumped 3.15 percent, BTS Group reduced 4.02 percent, CP All Public fell 1.92 percent, Charoen Pokphand Foods surrendered 2.81 percent, Energy Absolute plunged 4.08 percent, Gulf weakened 2.64 percent, Krung Thai Bank collected 0.49 percent, Krung Thai Card tumbled 2.60 percent, PTT Oil Retail tanked 3.23 percent, PTT shed 0.74 percent, PTT Exploration and Production lost 2.67 percent, PTT Global Chemical dropped 0.94 percent, SCG Packaging plummeted 4.76 percent, Siam Concrete stumbled 3.38 percent, Thai Oil was down 2.81 percent, True Corporation sank 0.81 percent, TTB Bank skidded 1.10 percent and Kasikornbank, Siam Commercial Bank and Bangkok Dusit Medical were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
CAC 40 Slightly Higher Ahead Of BoE, Fed Decisions
(RTTNews) - French stocks were slightly higher on Thursday ahead of interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points.
Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
The benchmark CAC 40 was up 0.2 percent at 7,383 after declining half a percent the previous day.
Air France-KLM plunged more than 10 percent after the airline reported a bigger-than-expected decline in its quarterly operating result and warned of higher annual costs.
Utility ENGIE was little changed after reporting a 11 percent fall in its nine-month earnings.
Japanese Market Notably Lower
(RTTNews) - Reversing the gains in the previous two sessions, the Japanese stock market is notably lower on Thursday after opening in the green, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,300 level, with weakness in index heavyweights and technology stocks partially offset by gains in exporters and financial stocks.
The benchmark Nikkei 225 Index is down 223.92 points or 0.57 percent to 39,256.75, after touching a high of 39,884.01 and a low of 39,020.22 earlier. Japanese shares ended sharply higher on Wednesday.
Market heavyweight SoftBank Group is losing almost 3 percent and Uniqlo operator Fast Retailing is also down almost 3 percent. Among automakers, Toyota is gaining more than 4 percent and Honda is flat.
In the tech space, Tokyo Electron is losing almost 3 percent, Advantest is edging down 0.4 percent and Screen Holdings is declining more than 4 percent.
In the banking sector, Mizuho Financial is edging up 0.2 percent, Sumitomo Mitsui Financial is gaining almost 2 percent and Mitsubishi UFJ Financial is adding 2.5 percent.
Among the major exporters, Canon is adding more than 1 percent, Sony is edging up 0.2 percent, Mitsubishi Electric is advancing almost 3 percent and Panasonic is gaining 3.5 percent.
Among other major losers, Minebea Mitsumi is plunging more than 6 percent, while Nitori Holdings and M3 are sliding almost 6 percent each. BANDAI NAMCO is losing more than 4 percent, while Lasertec, Chugai Pharmaceutical, Disco and GS Yuasa are declining more than 3 percent each. Aozora Bank, Sumitomo Electric Industries, Toto, Yamaha, Seiko Epson and Keyence are down almost 3 percent.
Conversely, Keio is skyrocketing almost 18 percent and Tokai Carbon are surging more than 7 percent, while Tobu Railway, Dai-ichi Life and Daikin Industries are gaining more than 6 percent each. DeNA, Yamaha Motor, Konica Minolta, Taiheiyo Cement and Denso are adding more than 5 percent each, while Tokyo Gas, Kawasaki Heavy Industries, Resona Holdings, TD Holdings and NTT Data are advancing more than 4 percent each.
In the currency market, the U.S. dollar is trading in the lower 154 yen-range on Thursday.
On Wall Street, stocks skyrocketed during trading on Wednesday, as traders celebrated Donald Trump's victory in the presidential election. The major averages added to the strong gains posted during Tuesday's session, reaching new record closing highs.
The major averages saw further upside in late-day trading, reaching new highs for the session. The Dow soared 1,508.05 points or 3.6 percent to 43,729.93, the Nasdaq surged 544.29 points or 3.0 percent to 18,983.47 and the SP 500 shot up 146.28 points or 2.5 percent to 5,929.04.
Meanwhile, the major European markets came under pressure over the course of the session. While the German DAX Index slumped by 1.1 percent, the French CAC 40 Index fell by 0.5 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Commodity Currencies Gain On Upbeat China Trade Data
(RTTNews) - The Commodity-linked currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Thursday, after data showed that China's exports expanded the most in more than two years in October, while imports declined at a sharper-than-expected pace due to weaker domestic demand.
The official data showed that the China's exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month. Economists had forecast imports to drop 1.5 percent.
As a result, the trade surplus surged to $95.7 billion from $81.7 billion in the previous month and remained well above economists' forecast of $73.5 billion.
In recent years, exports acted as the major growth driver, while weak domestic activity and the property market downturn damped consumption.
Donald Trump's second term as the U.S. President is likely to pose headwinds to Chinese trade. In his pre-election campaign, Trump vowed to impose tariffs of between 60 and 100 percent on Chinese imports.
It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures.
Trader's focus shifted to interest-rate decisions from the Bank of England and the Federal Reserve due later in the day.
In economic news, data from the Australian Bureau of Statistics showed that the total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, coming in at 14,842. That was in line with expectations following the 3.9 percent drop in August.
On a yearly basis, overall approvals climbed 6.8 percent.
In the Asian trading today, the Australian dollar rose to nearly a 3-1/2-month high of 102.27 against the yen and a 2-week high of 1.6214 against the euro, from yesterday's closing quotes of 101.56 and 1.6234, respectively. If the aussie extends its uptrend, it is likely to find resistance around 101.56 against the yen and 1.60 against the euro.
Against the Canadian and the New Zealand dollars, the aussie advanced to a 3-day high of 0.9212 and a 2-day high of 1.1076 from Wednesday's closing quotes of 0.9154 and 1.1057, respectively. The aussie may test resistance around 0.93 against the loonie and 1.12 against the kiwi.
The aussie edged up to 0.6637 against the U.S. dollar, from yesterday's closing value of 0.6568. The next possible upside target for the aussie is seen around the 0.68 region.
The NZ dollar rose to a 3-1/2-month high of 92.43 against the yen and a 2-week high of 1.7934 against the euro, from yesterday's closing quotes of 91.82 and 1.8061, respectively. The kiwi may test resistance around 96.00 against the yen and 1.77 against the euro.
Against the U.S. dollar, the kiwi edged up to 0.6004 from Wednesday's closing value of 0.5938. If the kiwi extends its uptrend, it is likely to find resistance around the 0.61 region.
The Canadian dollar rose to more than a 3-month high of 111.19 against the yen, from yesterday's closing value of 110.93. If the loonie extends its uptrend, it is likely to find resistance around the 112.00 area.
Against the U.S. dollar and the euro, the loonie advanced to 1.3871 and 1.4916 from Wednesday's closing quotes of 1.3938 and 1.4953, respectively. On the upside, 1.36 against the greenback and 1.48 against the euro are seen as the next resistance levels for the loonie.
Looking ahead, Eurostat releases euro area retail sales figures for September at 5:00 am ET. Economists expect sales to grow 0.4 percent on month after a 0.2 percent rise in August.
At 7:00 am ET, the Bank of England will announce its interest rate decision for November. At the end of two-day policy meeting, the Monetary Policy Committee of the BoE is expected to lower the bank rate to 4.75 percent from 5.00 percent.
In the New York session, U.S. weekly jobless claims data and wholesale inventories for September are set to be released.
At 2:00 pm ET, The U.S. Federal Open Market Committee (FOMC) announces its interest rate decision, but uncertainty over the future policy easing escalated after Donald Trump won the U.S. presidential election. The bank is expected to lower its benchmark interest rate by 25 basis points to 4.75 percent at its November meeting.
At 2:30 pm ET, the U.S. Fed chair Jerome Powell is scheduled to speak at a press conference following the announcement of U.S. Fed monetary policy.
European Shares Inch Higher With German Politics In Focus
(RTTNews) - European stocks traded higher on Thursday ahead of interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points.
Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
Earlier in the day, Norway's central bank held its policy interest rate unchanged at a 16-year high of 4.50 percent.
Investors were also digesting the ramifications of political upheaval in Germany.
The German coalition government collapsed today as Chancellor Olaf Scholz sacked his finance minister in a late-night move after a marathon of crisis meetings.
The three remaining ministers of the Free Democrats also resigned later at night, paving the way for a snap election.
In economic releases, official data showed Germany's industrial production declined more than expected in September.
Industrial production posted a monthly fall of 2.5 percent, partially offsetting the 2.6 percent increase in August, Destatis reported.
German exports declined for the first time in three months in September, while imports recovered from last month, shrinking trade surplus.
Elsewhere, U.K. house prices increased for the fourth straight month to hit a record high in October, but prices are expected to climb at a moderate pace as slower interest rate cuts by the Bank of England and new government policies might damp demand, mortgage lender Halifax said.
The pan European STOXX 600 was up 0.7 percent at 510.13 after falling half a percent on Wednesday amid apprehensions about Trump's policies on tariffs and immigration.
The German DAX rallied 1.3 percent, France's CAC 40 climbed 0.7 percent and the U.K.'s FTSE was little changed.
Italy's biggest utility Enel fell 1.3 percent after revenue dipped during the first nine months of 2024.
ArcelorMittal, the world's second-biggest steelmaker, jumped almost 5 percent after Q3 core earnings fell less than expected.
Lender Banco BPM soared 9 percent after saying it would launch a bid for full control of asset manager Anima Holding in a deal worth up to 1.6 billion euros ($1.7 billion). Anima shares surged 9.7 percent.
SGL Carbon, a German manufacturer of carbon-based products, rallied 3.4 percent despite posting lower profit and revenue for the third quarter.
Air France-KLM plunged 11 percent after the airline reported a bigger-than-expected decline in its quarterly operating result and warned of higher annual costs.
Higher commodity prices lifted resource stocks, with miners Anglo American, Antofagasta and Glencore all climbing around 3 percent while energy giant Shell added 1 percent.
J Sainsbury tumbled 3 percent as the British supermarket group kept its forecast for full-year profit growth of up to 10 percent.
Telecoms company BT Group lost nearly 6 percent after cutting revenue expectations due to a weak outlook for its business department.
Rolls-Royce Holdings declined 4.5 percent after the engine maker said supply chain issues are continuing to hamper production.
FTSE 100 Modestly Higher As Metal Stocks Surge
(RTTNews) - U.K. stocks traded higher on Thursday as higher commodity prices lifted resource stocks.
Meanwhile, U.K. house prices increased for the fourth straight month to hit a record high in October, but prices are expected to climb at a moderate pace as slower interest rate cuts by the Bank of England and new government policies might damp demand, mortgage lender Halifax said.
House prices grew 0.2 percent from September, as expected. This follows a 0.3 percent gain each in August and September.
The benchmark FTSE 100 was up 10 points, or 0.1 percent, at 8,177 after finishing marginally lower on Wednesday.
Miners Anglo American, Antofagasta and Glencore all rallied around 3 percent while energy giant Shell added 1 percent.
J Sainsbury tumbled 3 percent as the supermarket group kept its forecast for full-year profit growth of up to 10 percent.
Telecoms company BT Group lost nearly 6 percent after cutting revenue expectations due to a weak outlook for its business department.
Rolls-Royce Holdings declined 4.5 percent after the engine maker said supply chain issues are continuing to hamper production.
China Exports Growth Fastest In More Than 2 Years; Imports Fall
(RTTNews) - China's exports expanded the most in more than two years in October, while imports declined at a sharper-than-expected pace due to weaker domestic demand, official data showed Thursday.
Exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month. Economists had forecast imports to drop 1.5 percent.
As a result, the trade surplus surged to $95.7 billion from $81.7 billion in the previous month and remained well above economists' forecast of $73.5 billion.
In recent years, exports acted as the major growth driver, while weak domestic activity and the property market downturn damped consumption.
Donald Trump's second term as the US President is likely to pose headwinds to Chinese trade. In his pre-election campaign, Trump vowed to impose tariffs of between 60 and 100 percent on Chinese imports.
Capital Economics' economist Zichun Huang said shipments are expected to stay strong in the coming months and any drag from potential Trump tariffs may not materialize until the second half of next year.
Further, imports likely to rise further in the short run as accelerated fiscal spending shores up demand for industrial commodities, the economist added.
European Shares To Open Mixed On Tariff Worries
(RTTNews) - European stocks may open on a mixed note Thursday amid concerns that Donald Trump's 'America First' policy may revive trade tussle over tariffs.
Trump has already floated the idea of a 10 percent or more tariff on all goods imported into the U.S., a move that could lead to global economic instability and lead to higher inflation and interest rates in the U.S.
He has also threatened to impose a 200 percent tariff on some imported cars and suggested that allies such as the European Union could see higher duties on their goods.
With Trump returning to the White House and Republicans securing control of the Senate, the focus now shifts to the House of Representatives, where the final balance of power remains undecided.
Meanwhile, both the U.S. Federal Reserve and the Bank of England are expected to cut their key policy rates by 25 basis points later today. The accompanying policy statements could impact the outlook for growth and future rate cuts.
In economic releases, U.S. data on weekly jobless claims and third quarter labor productivity and costs may garner some attention.
Asian stocks traded mixed, with Chinese and Hong Kong markets leading regional gains as lawmakers meet this week to formulate measures to bolster growth.
Gold extended steep losses from the previous session and copper prices plummeted as Trump's victory sent the U.S. dollar soaring.
Oil clung to modest gains after falling slightly on Wednesday as new data showed an unexpected increase in U.S. crude oil inventories.
U.S. stocks hit a record high overnight while Treasury yields jumped across the curve as Trump returned to the White House in a moment of historic consequence for American democracy.
It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures.
The Dow soared 3.6 percent, the tech-heavy Nasdaq Composite surged 3 percent and the SP 500 added 2.5 percent.
European stocks gave up early gains to end lower on Wednesday amid apprehensions about Trump's policies on tariffs and immigration.
The pan European STOXX 600 dropped half a percent. The German DAX lost 1.1 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 finished marginally lower.
