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Sensex, Nifty Seen Lower With Middle East Tensions And Earnings In Focus
(RTTNews) - Indian shares are seen opening marginally lower on Friday as investors react to muted global cues, heightened tensions in the Middle East and earnings results from prominent companies including Infosys, Wipro and Axis Bank.
Hezbollah has declared a new phase against Israel following the killing of Hamas leader Yahya Sinwar.
The killing of Sinwar by Israeli soldiers led U.S. President Joe Biden to renew calls for a cease-fire in Gaza, but Israeli Prime Minister Benjamin Netanyahu said operations are "yet to be completed."
Benchmark indexes Sensex and Nifty fell notably on Thursday to extend losses for a third day running amid the expiry of Nifty50 contracts.
The rupee traded in a narrow range before ending down 5 paise at 84.07 against the dollar.
Asian stocks were muted this morning ahead of a barrage of top-tier Chinese economic data due later in the day.
The dollar remained buoyant, and gold reached a fresh record high above $2,700 per ounce, while oil prices edged up slightly after a U.S. crude stockpile draw.
U.S. stocks ended mixed overnight as TSMC handily beat estimates for Q3 and investors trimmed their bets on Federal Reserve interest-rate cuts this year.
U.S. retail sales increased slightly more than expected in September and jobless claims fell unexpectedly last week while industrial production decreased in September, reversing output growth in August, separate set of data showed.
The Dow rose 0.4 percent to its fourth record close in the last five sessions and the tech-heavy Nasdaq Composite finished marginally higher while the SP 500 ended flat with a negative bias.
European stocks closed higher on Thursday as investors cheered upbeat corporate earnings and the ECB's interest-rate cut for the third time this year, citing slowing inflation in the region and sluggish economic growth.
ECB President Christine Lagarde refused to pre-commit an easing in December, instead stressed on the data-dependency approach.
The pan-European STOXX 600 advanced 0.8 percent. The German DAX climbed 0.8 percent, France's CAC 40 rallied 1.2 percent and the U.K.'s FTSE 100 added 0.7 percent.
Sensex, Nifty Snap Three Day Losing Streak
(RTTNews) - Indian shares recovered from an early slide to end modestly higher on Friday. Rate-sensitive banks, automakers and metal stocks advanced, offsetting weakness in the IT and FMCG sectors.
The benchmark 30-share BSE Sensex ended the session up 218.14 points, or 0.27 percent, at 81,224.75, snapping a three-session losing streak.
The broader NSE Nifty index closed at 24,854.05, up 104.20 points, or 0.42 percent, from its previous close.
Axis Bank jumped 5.8 percent on brokerage upgrades after the private sector lender reported a better-than-expected 18 percent rise in Q2 net profit.
Wipro rallied 3.6 percent after Q2 profit rose 21 percent to beat estimates.
Shriram Finance, Eicher Motor and ICICI Bank all surged around 3 percent.
On the losing side, Infosys slumped 4.2 percent after Q2 earnings came in slightly below expectations.
Tech Mahindra, Nestle India, Asian Paints and Britannia Industries dropped 1-2 percent.
European Shares Seen Tad Lower After Mixed China Data
(RTTNews) - European stocks look set to open a tad lower on Friday as mixed Chinese data released earlier today coupled with the lack of concrete stimulus details stirred concerns about the country's economic trajectory.
Data showed today that China's economy grew 4.6 percent in Q3, slowing from 4.7 percent annual growth in the previous quarter and falling below the official 5 percent target for 2024.
Industrial production and retail sales grew more than expected in September, but new home prices fell at the fastest pace since May 2015, underscoring weakness in the housing sector.
Meanwhile, geopolitical tensions persist after Hamas leader Yahya Sinwar was killed during an operation by Israeli soldiers in the Palestinian enclave on Wednesday.
Lebanon's Hezbollah militant group said today it was moving to a new and escalating phase in its war against Israel while Iran said "the spirit of resistance will be strengthened".
Tech stocks could be in focus today after Netflix posted third-quarter earnings that beat on the top and bottom lines.
Asian stocks traded mixed, with Chinese and Hong Kong markets leading regional gains on hopes that policymakers will unveil more stimulus to boost growth in the world's second-largest economy.
The dollar steadied at more than two-month highs and gold climbed above the $2,700 per ounce mark to reach a fresh record high, while oil edged up slightly after a U.S. crude stockpile draw.
U.S. stocks ended mixed overnight as TSMC handily beat estimates for Q3 and investors trimmed their bets on Federal Reserve interest-rate cuts this year.
U.S. retail sales increased slightly more than expected in September and jobless claims fell unexpectedly last week while industrial production decreased in September, reversing output growth in August, separate set of data showed.
The Dow rose 0.4 percent to its fourth record close in the last five sessions and the tech-heavy Nasdaq Composite finished marginally higher while the SP 500 ended flat with a negative bias.
European stocks closed higher on Thursday as investors cheered upbeat corporate earnings and the ECB's interest-rate cut for the third time this year, citing slowing inflation in the region and sluggish economic growth.
ECB President Christine Lagarde refused to pre-commit an easing in December, instead stressed on the data-dependency approach.
The pan-European STOXX 600 advanced 0.8 percent. The German DAX climbed 0.8 percent, France's CAC 40 rallied 1.2 percent and the U.K.'s FTSE 100 added 0.7 percent.
Thai Bourse May Take Another Crack At 1,500-Point Level
(RTTNews) - The Thai stock market has moved higher in two straight sessions, collecting almost 30 points or 2.1 percent in that span. The Stock Exchange of Thailand now rests just above the 1,495-point plateau and it's expected to open to the upside again on Friday.
The global forecast for the Asian markets suggests mild upside on decent earnings and economic news. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The SET finished modestly higher on Thursday as gains from the finance, resource and technology sectors were capped by weakness from the food and industrial stocks.
For the day, the index gained 10.01 points or 0.67 percent to finish at 1,495.02 after trading between 1,489.72 and 1,498.61. Volume was 13.442 billion shares worth 60.376 billion baht. There were 276 decliners and 223 gainers, with 171 stocks finishing unchanged.
Among the actives, Advanced Info soared 3.43 percent, while Thailand Airport lost 0.78 percent, Asset World lost 0.52 percent, Banpu retreated 1.53 percent, Bangkok Bank strengthened 1.63 percent, Bangkok Dusit Medical increased 0.86 percent, Bangkok Expressway gained 0.61 percent, B. Grimm advanced 0.83 percent, BTS Group climbed 0.88 percent, CP All Public fell 0.38 percent, Energy Absolute sank 0.58 percent, Gulf surged 5.70 percent, Kasikornbank jumped 1.99 percent, Krung Thai Bank stumbled 1.38 percent, Krung Thai Card shed 0.51 percent, PTT Oil Retail dropped 0.59 percent, PTT improved 0.75 percent, PTT Exploration and Production declined 1.90 percent, PTT Global Chemical tanked 2.80 percent, SCG Packaging tumbled 1.82 percent, Siam Commercial Bank collected 1.37 percent, Siam Concrete surrendered 2.78 percent, Thai Oil slumped 2.06 percent, True Corporation accelerated 3.42 percent and TTB Bank and Charoen Pokphand Foods were unchanged.
The lead from Wall Street offers little clarity as the major averages opened higher on Thursday but ebbed and flowed as the day progressed, finally ending mixed and little changed.
The Dow climbed 161.35 points or 0.37 percent to finish at a record 43,239.05, while the NASDAQ rose 6.53 points or 0.04 percent to close at 18,373.61 and the SP 500 dipped 1.00 point or 0.02 percent to end at 5,841.47.
Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended up 1.0 percent.
The strength in the sector came after Taiwan Semiconductor Manufacturing Company (TSM) reported a sharp increase in third quarter profits.
In economic news, Commerce Department said retail sales increased more than expected in September. Also, the Labor Department noted an unexpected pullback by first-time claims for U.S. unemployment benefits last week.
Oil futures snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
Sensex, Nifty Open Lower On Muted Global Cues
(RTTNews) - Indian shares opened lower on Friday due to muted global cues as Middle East tensions persisted, and investors trimmed their bets on Federal Reserve interest-rate cuts this year.
The benchmark SP/BSE Sensex dropped 304 points, or 0.4 percent, to 80,702 in early trade while the broader NSE Nifty index was down 93 points, or 0.4 percent, at 24,657.
Infosys fell 2.6 percent, while Wipro jumped 4.8 percent and Axis Bank rallied 3.5 percent after declaring their quarterly earnings results.
TCS, Tata Motors and Eicher Motors all were up around 1 percent while ITC, Nestle India, Bajaj Auto and Titan Company fell 2-3 percent.
Oil edged up in Asian trading but was on track for its biggest weekly loss in over a month due to China demand concerns and worries over a global glut.
Hong Kong Shares Poised To End Losing Streak
(RTTNews) - The Hong Kong stock market has moved lower in four straight sessions, stumbling almost 1,100 points or 5.2 percent along the way. The Hang Seng Index now sits just shy of the 20,080-point plateau although it's due for support on Friday.
The global forecast for the Asian markets suggests mild upside on decent earnings and economic news. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The Hang Seng finished sharply lower on Thursday following losses from the financials, properties, technology stocks and oil companies.
For the day, the index slumped 207.75 points or 1.02 percent to finish at 20,079.10 after trading between 19,977.35 and 20,783.35.
Among the actives, Alibaba Group and JD.com both slipped 0.45 percent, while Alibaba Health Info plunged 4.87 percent, ANTA Sports declined 2.83 percent, China Life Insurance and Henderson Land both added 0.39 percent, China Mengniu Dairy stumbled 2.63 percent, China Resources Land plummeted 5.79 percent, CITIC was down 0.33 percent, CNOOC eased 0.31 percent, CSPC Pharmaceutical skidded 1.78 percent, Galaxy Entertainment fell 1.16 percent, Haier Smart Home shed 1.46 percent, Hang Lung Properties tanked 4.30 percent, Industrial and Commercial Bank of China sank 1.47 percent, Lenovo slid 0.91 percent, Li Auto surrendered 3.88 percent, Li Ning slumped 2.61 percent, Meituan dropped 1.73 percent, New World Development tumbled 3.29 percent, Nongfu Spring dipped 0.34 percent, Techtronic Industries lost 1.41 percent, Xiaomi Corporation jumped 1.76 percent, WuXi Biologics retreated 3.19 percent and Hong Kong China Gas and CLP Holdings were unchanged.
The lead from Wall Street offers little clarity as the major averages opened higher on Thursday but ebbed and flowed as the day progressed, finally ending mixed and little changed.
The Dow climbed 161.35 points or 0.37 percent to finish at a record 43,239.05, while the NASDAQ rose 6.53 points or 0.04 percent to close at 18,373.61 and the SP 500 dipped 1.00 point or 0.02 percent to end at 5,841.47.
Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended up 1.0 percent.
The strength in the sector came after Taiwan Semiconductor Manufacturing Company (TSM) reported a sharp increase in third quarter profits.
In economic news, Commerce Department said retail sales increased more than expected in September. Also, the Labor Department noted an unexpected pullback by first-time claims for U.S. unemployment benefits last week.
Oil futures snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
Closer to home, Hong Kong will see September figures for unemployment later today; in August, the jobless rate was 3.0 percent.
Pound Surges As U.K. Retail Sales Rise Unexpectedly
(RTTNews) - The British pound strengthened against other major currencies in the European session on Friday, after data showed that U.K. retail sales logged an unexpected growth in September on higher sales of technology products.
Positive retail sales statistics may impact conjecture over the Bank of England (BoE) rate-cut trajectory.
Data from the Office for National Statistics showed that U.K. retail sales grew 0.3 percent on month in September, confounding expectations for a 0.3 percent fall. This marked the third consecutive increase. Sales had increased 1.0 percent in August and 0.8 percent in July.
Similarly, retail sales, excluding auto fuel gained at a slower pace of 0.3 percent after rising 1.1 percent a month ago. Sales were forecast to fall 0.3 percent.
In September, retail sales advanced 3.9 percent from the last year, the strongest since February 2022. Sales were forecast to climb 3.2 percent after an increase of 2.3 percent in August.
Excluding auto fuel, retail sales grew 4.0 percent, following a 2.2 percent rise in the previous month.
European stock markets traded higher after the European Central Bank (ECB) cut its deposit rate by 25 basis points to 3.25 percent, citing sluggish economic growth and easing inflation.
According to its quarterly survey of professional forecasters, the ECB sees inflation falling to 1.9 percent in 2025 from a previous forecast of 2 percent. The projections for 2024 and 2026 were kept unchanged at 2.4 percent and 1.9 percent.
The British sterling held steady against its major counterparts in the Asian trading today.
In the European trading now, the pound rose to a 2-1/2-year high of 0.8295 against the euro and nearly a 3-month high of 196.06 against the yen, from early lows of 0.8328 and 195.04, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.81 against the euro and 200.00 against the yen.
Against the Swiss franc and the U.S. dollar, the pound advanced to nearly a 3-week high of 1.1320 and a 2-day high of 1.3072 from early lows of 1.1269 and 1.3011, respectively. The pound may test resistance around 1.15 against the franc and 1.35 against the greenback.
Looking ahead, U.S. building permits for September, housing starts for September and U.S. Baker Hughes oil rig count data are slated for release in the New York session.
Australian Dollar Rises Against Majors
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Friday.
The Australian dollar rose to nearly a 2-week high of 1.6134 against the euro, from yesterday's closing value of 1.6173.
Against the U.S. dollar and the yen, the aussie advanced to 3-day highs of 0.6719 and 100.72 from Thursday's closing quotes of 0.6696 and 100.57, respectively.
Against the New Zealand and the Canadian dollars, the aussie climbed to a 4-day high of 1.1067 and a 3-day high of 0.9262 from yesterday's closing quotes of 1.1050 and 0.9236, respectively.
If the aussie extends its uptrend, it is likely to find resistance around 1.59 against the euro, 0.68 against the greenback, 102.00 against the yen, 1.11 against the kiwi and 0.94 against the loonie.
European Economic News Preview: UK Retail Sales Data Due
(RTTNews) - Retail sales data from the UK is the major economic report due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK retail sales data for September. Sales are forecast to fall 0.3 percent on a monthly basis, reversing an increase of 1.0 percent in August.
At 4.00 am ET, the European Central Bank publishes current account data for August. The surplus is expected to increase to EUR 42.2 billion from EUR 39.6 billion in July.
At 5.00 am ET, Eurostat is slated to issue euro area construction output figures for August.
Continued Volatility Likely For China Stock Market
(RTTNews) - The China stock market has alternated between positive and negative finishes through the last eight trading days since the end of the 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just beneath the 3,260-point plateau and it's expected to at least open to the upside again on Monday.
The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.
The SCI finished sharply higher on Friday following gains from the financial shares, property stocks and resource companies.
For the day, the index rallied 92.18 points or 2.91 percent to finish at 3,261.56 after trading between 3,152.82 and 3,313.98. The Shenzhen Composite Index soared 74.98 points or 4.09 percent to end at 1,906.86.
Among the actives, Industrial and Commercial Bank of China collected 0.48 percent, while China Construction Bank rose 0.36 percent, China Merchants Bank and Poly Developments both strengthened 1.45 percent, Agricultural Bank of China shed 0.40 percent, China Life Insurance spiked 2.15 percent, Jiangxi Copper rallied 2.03 percent, Aluminum Corp of China (Chalco) added 0.47 percent, Yankuang Energy jumped 1.93 percent, PetroChina accelerated 2.28 percent, China Petroleum and Chemical (Sinopec) gained 1.08 percent, Huaneng Power increased 1.88 percent, China Shenhua Energy soared 2.42 percent, Gemdale improved 0.75 percent, China Vanke climbed 1.74 percent and Bank of China was unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.
The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the SP 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the SP gained 0.9 percent and the NASDAQ rose 0.8 percent.
The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.
Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.
In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.
Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
CPSC Recalls: Textron ROVs, Colsen Fire Pits, Anker Power Banks, Oliva Cigar Lighters
(RTTNews) - The U.S. Consumer Product safety Commission or CPSC has announced recalls including Textron Specialized Vehicles' Recreational Off Highway vehicles, Colsen Fire Pits LLC's Fire Pits, Anker Innovations Ltd.'s Anker Power Banks, and Oliva Cigars Co. Inc.'s Cigar Lighters, citing various reasons.
In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair or replacement, depending on each product.
Textron ROVs
Augusta, Georgia-based Textron has expanded its recall of Arctic Cat and Tracker Side by Side Recreational Off Highway vehicles or ROVs, citing risk of crash.
The recall involves all model years 2022, 2023 and 2024 Arctic Cat Prowler Pro and Pro Crew and all model year 2022, 2023 and 2024 Tracker Off Road 800SX and 800SX Crew Side by Side ROVs.
About 7,000 units have been called back in the U.S., and about 700 units in Canada. Some of these ROVs were previously recalled on November 2023.
The two-seat and four-seat vehicles were sold in various colors. The Arctic Cats have a "Prowler Pro" decal on the front hood and the Tracker Off Road vehicles have an "800SX" decal just outside the driver and passage doors.
The impacted vehicles were manufactured domestically, and The Arctic Cat Prowler Pro and Pro Crew was sold at Arctic Cat dealers nationwide from May 2022 through August 2023 for between $14,400 and $21,000. The Tracker Off Road 800SX and 800SX Crew was sold at Bass Pro Shops, Cabela's and Tracker dealers nationwide from March 2022 through August 2024 for between $14,400 and $21,000.
According to the agency, the vehicle can move when on an incline and "park" is displayed on the digital dash. This can allow the vehicle to roll away, posing a crash hazard.
The recall was initiated after the firm received 12 reports of vehicles moving while in the park position. However, no injuries have been reported so far related to the recalled vehicles.
Consumers are urged to immediately stop using the recalled vehicles and contact Textron Specialized Vehicles to schedule a free repair.
Colsen Fire Pits
Miami, Florida-based Colsen Fire Pits has called back about 89,500 units of Colsen-branded fire pits due to risk of serious burn injury from flame jetting and fire spreading hazards. The recall also includes Colsen-branded fire pits previously manufactured by another company.
Colsen-branded indoor/outdoor tabletop fire pits, which consist of a concrete, open reservoir intended to contain burning liquid alcohol, have been called back. There are seven models of Colsen-branded fire pits, sold with a flame extinguisher. They are in gray or black in color and are round, rectangular, hexagonal, square, or skull-shaped.
The products were made in Florida and sold online at the company site, Amazon.com, Wayfair, Walmart, Sharper Image, FlipShop, Grommet, Meta, TikTok from January 2020 to July 2024 for between $40 and $90.
The CPSC noted that alcohol flames can be invisible, and when refilling the fire pit reservoir, it could lead to flame jetting, a serious event as fire could flash back to the alcohol container and suddenly propels burning alcohol out of the container and onto people nearby.
The recall was initiated after CPSC received 31 reports of flame jetting and flames escaping from the concrete container, resulting in 19 burn injuries. Two incidents resulted in third degree burns to more than 40 percent of victims' bodies. Meanwhile, at least six incidents have involved surgery, prolonged medical treatment, admission to burn treatment facilities, short-term disability, loss of function, physical therapy, or permanent disfigurement.
Consumers are asked to immediately stop using the recalled fire pits and dispose of them. They are also asked not to resell or donate them as its a violation of federal law.
The firm stopped selling Colsen-branded fire pits less than one year after it acquired the product business and does not have the financial resources to offer a remedy to consumers.
Anker Power Banks
Hong Kong, China-based Anker Innovations has called back about 2,100 units of Anker Power Banks due to risk of fire and burn. The recall involves Anker Power Banks with model numbers A1642, A1647 and A1652.
They were manufactured in China, and sold at Best Buy, Target, NEXT TRADING SAS, C2 Wireless and K Spider Inc. stores nationwide, and online from January 2024 through July 2024 for between $40 and $60.
According to the agency, the lithium-ion battery in the power banks can overheat, posing fire and burn hazards.
The firm has received 28 reports of incidents of the batteries overheating, exploding, and the power bank catching on fire. Two injuries included first and second degree burns to the consumer's hands.
Consumers are asked to stop using the recalled power banks and contact Anker Innovations for instructions on receiving a free replacement power bank.
Oliva Cigar Slim Lighters
Miami Lakes, Florida-based Oliva Cigars is calling back around 60,000 units of Cigar Slim Lighters due to missing child safety feature, posing burn and fire hazards.
The recall involves Oliva Cigar Nub, Oliva, Serie V and Cain branded cigar lighters given away as a promotional item for free. They are white, brown or red in color.
The impacted products were made in China and given away as promotional items by wholesalers and retailers in their marketing campaigns and in cigar lounges from August 2022 through July 2024.
The CPSC noted that the recalled lighters do not have child-resistant mechanisms and were not tested to the federal regulatory requirements for child resistance. Young children under 5 years of age could ignite the lighters, posing fire and burn hazards.
However, no incidents or injuries have been reported so far related to the recalled products.
Consumers are asked to stop using and dispose of the recalled promotional cigar lighters.
Bay Street Likely To Open Higher
(RTTNews) - The Canadian market is seen opening on a positive note Friday morning, with materials shares set for some upside thanks to firm metal prices. With the economic calendar blank and no big earnings updates due for the day, trading is likely to remain somewhat lackluster.
The Canadian market climbed to a fresh record high on Thursday with stocks from materials and energy sectors moving higher on firm commodity prices. A rate cut by the European Central Bank and expectations of interest rate cuts by the Federal Reserve and the Bank of Canada aided sentiment.
Data showing an unexpected increase in U.S. retail sales, and a drop in U.S. jobless claims contributed as well to the positive mood in the market.
The benchmark SP/TSX Composite Index, which surged to 24,561.20, settled with a gain of 129.28 points or 0.53% at 24,690.48.
Asian stocks ended mixed on Friday with a slew of Chinese data backing calls for more stimulus. Japan's key inflation gauge slowed in September for the first time in five months, but an index excluding the effect of fuel held steady, keeping the Bank of Japan on track to raise interest rates further.
European stocks are broadly higher with investors continuing to digest the European Central Bank's interest rate move, and reacting to the latest batch of economic data and earnings updates.
In commodities, West Texas Intermediate Crude oil futures are down marginally at $70.65 a barrel.
Gold futures are gaining $18.20 or 0.67% at $2,725.70 an ounce, while Silver futures are up $0.521 or 1.63% at $32.295 an ounce.
Pound Rises Against Majors
(RTTNews) - The British pound strengthened against other major currencies in the European session on Friday.
The pound rose to a 2-1/2-year high of 0.8295 against the euro and nearly a 3-month high of 196.06 against the yen, from early lows of 0.8328 and 195.04, respectively.
Against the Swiss franc and the U.S. dollar, the pound advanced to nearly a 3-week high of 1.1320 and a 2-day high of 1.3072 from early lows of 1.1269 and 1.3011, respectively.
If the pound extends its uptrend, it is likely to find resistance around 0.81 against the euro, 200.00 against the yen, 1.15 against the franc and 1.35 against the greenback.
FTSE 100 Slips Into Red On Budget Fears
(RTTNews) - U.K. stocks were moving lower on Friday and the pound euro (GBP/EUR) exchange rate held near a two-and-a-half year high after data showed U.K. retail sales logged an unexpected growth in September on higher sales of technology products.
Retail sales grew 0.3 percent on month in September, confounding expectations for a 0.3 percent fall. This marked the third consecutive increase.
The benchmark FTSE 100 was down 25 points, or 0.3 percent, at 8,360 in the lead-up to Chancellor Rachel Reeves's first budget on October 30, where tax increases and spending cuts amounting to £40 billion are expected.
Luxury brand Burberry jumped 4 percent after the release of retail sales data.
British American Tobacco shares tumbled nearly 3 percent after the company said it aims to settle ongoing lawsuits in Canada through a court-mediated plan.
Miners Anglo American, Antofagasta and Glencore surged 2-3 percent after China's major commercial banks cut their deposit rates for a second time this year and the country's central bank officially launched a swap facility aimed at boosting the equity market.
China Economy Logs Weakest Growth Since Early 2023
(RTTNews) - China's economy grew at the slowest pace in more than a year in the third quarter despite an improvement in retail sales as the property market continued to be a major drag on growth.
Gross domestic product expanded 4.6 percent on a yearly basis in the third quarter, data from the National Bureau of Statistics showed on Friday. This was the weakest growth since the first quarter of 2023.
The rate matched expectations but came in slightly weaker than the 4.7 percent growth posted in the second quarter.
Quarter-on-quarter, GDP climbed 0.9 percent, which was slower than the expected growth of 1.0 percent.
In January to September period, the economy logged an annual growth of 4.8 percent compared to the government's full year target of around 5 percent.
In September, industrial production surged 5.4 percent after rising 4.5 percent a month ago. This was also better than economists' forecast of 4.6 percent.
Retail sales growth improved to 3.2 percent from 2.1 percent in the previous month. Sales were forecast to gain 2.5 percent.
In the three months to September, fixed asset investment growth came in at 3.4 percent, the same as in preceding period.
The property market continued to be the biggest drag on growth. Property investment contracted 10.1 percent from a year ago.
The unemployment rate fell to 5.1 percent in September, while it was forecast to remain unchanged at 5.3 percent.
Capital Economics' economist Zichun Huang said a boost from the fiscal stimulus should help narrowly meet the annual growth target this year and support activity in the coming quarter.
However, this won't stop growth from slowing again by the end of next year, the economist noted.
Earlier today, China's major state-owned commercial banks reduced its deposit interest rates by 25 basis points.
Recently, Beijing unveiled a slew of fiscal stimulus measures and loosened restrictions on home-buying. The People's Bank of China also reduced major interest rates and offered more funds to boost lending.
Markets are awaiting detailed plan of fiscal stimulus measures announced last Saturday. Although the government didn't provide specific figures regarding the size of stimulus, it suggested an expansion of the budget deficit next year.
European Shares Mixed As Investors Look To UK Budget
(RTTNews) - European shares were mixed on Friday, a day after the European Central Bank (ECB) cut its deposit rate by 25 basis points to 3.25 percent, citing sluggish economic growth and easing inflation.
According to its quarterly survey of professional forecasters, the ECB sees inflation falling to 1.9 percent in 2025 from a previous forecast of 2 percent. The projections for 2024 and 2026 were kept unchanged at 2.4 percent and 1.9 percent.
The pan-European STOXX 600 was up 0.2 percent at 524.98 after climbing 0.8 percent in the previous session.
The German DAX rose 0.2 percent and France's CAC 40 added 0.4 percent while the U.K.'s FTSE 100 was down 0.2 percent in the lead-up to Chancellor Rachel Reeves's first budget on October 30, where tax increases and spending cuts amounting to £40 billion are expected.
In corporate news, Swedish truck maker Volvo rose about 2 percent despite posting a bigger-than-expected drop in quarterly adjusted earnings and forecasting stagnant demand next year.
British luxury brand Burberry jumped 4 percent in London after official data showed U.K. retail sales logged an unexpected growth in September on higher sales of technology products.
Retail sales grew 0.3 percent on month in September, confounding expectations for a 0.3 percent fall. This marked the third consecutive increase.
British American Tobacco shares tumbled nearly 3 percent after the company said it aims to settle ongoing lawsuits in Canada through a court-mediated plan.
Miners Anglo American, Antofagasta and Glencore surged 2-3 percent after China's major commercial banks cut their deposit rates for a second time this year and the country's central bank officially launched a swap facility aimed at boosting the equity market.
Stratec SE shares fell more than 2 percent. The German maker of analyzer and automation systems for In-Vitro-Diagnostic reported that preliminary consolidated sales for the first nine months of 2024 declined to 176.3 million euros from 187.7 million euros last year.
Taiwan Stock Market May Extend Its Gains
(RTTNews) - The Taiwan stock market has climbed higher in two straight sessions, advancing more than 475 points or 2.1 percent along the way. The Taiwan Stock Exchange now rests just beneath the 23,490-point plateau and it's tipped to open in the green again on Monday.
The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.
The TSE finished sharply higher on Friday following gains from the financial shares and mixed performances from the technology and plastics companies.
For the day, the index jumped 433.43 points or 1.88 percent to finish at 23,487.27 after trading between 23,378.36 and 23,713.70.
Among the actives, Cathay Financial gained 1.75 percent, while Mega Financial collected 0.89 percent, CTBC Financial climbed 1.10 percent, First Financial improved 1.66 percent, Fubon Financial strengthened 1.75 percent, E Sun Financial jumped 1.95 percent, Taiwan Semiconductor Manufacturing Company surged 4.83 percent, United Microelectronics Corporation stumbled 2.32 percent, Hon Hai Precision shed 0.48 percent, Largan Precision plummeted 8.64 percent, Catcher Technology rallied 1.66 percent, MediaTek accelerated 2.35 percent, Delta Electronics spiked 2.55 percent, Formosa Plastics fell 0.41 percent, Nan Ya Plastics added 0.82 percent, Asia Cement advanced 1.28 percent and Novatek Microelectronics was unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.
The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the SP 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the SP gained 0.9 percent and the NASDAQ rose 0.8 percent.
The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.
Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.
In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.
Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
Closer to home, Taiwan will provide September figures for export orders later today; in August, orders were up 9.1 percent on year.
Wall Street Likely To See Mixed Open; Earnings In Focus
(RTTNews) - Futures point to a mixed start for stocks on Wall Street Friday morning. With the economic calendar rather light, investors are likely to focus on earnings.
The Dow futures are down 0.14 percent, while the SP futures and the Nasdaq futures are up 0.21 percent, and 0.52 percent, respectively.
American Express said that its bottomline came in at $2.507 billion, or $3.49 per share, in the third quarter, compared with $2.451 billion, or $3.30 per share in the corresponding quarter last year. The company has increased its full-year EPS guidance to $13.75-$14.01, up from $13.30-$13.80 previously.
Procter Gamble reported first-quarter earnings of $3.959 billion, or $1.61 per share, compared with $4.521 billion, or $1.83 per share in the year-ago quarter.
For fiscal 2025, PG expects earnings per share to grow 10 to 12 percent from the base fiscal 2024 earnings of $6.02 per share, implying earnings in the range of $6.62 to $6.74 per share.
Netflix Inc. (NFLX) announced after trading hours on Thursday that its net income for the third quarter rose to $2.36 billion or $5.40 per share from $1.68 billion or $3.73 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $5.12 per share for the third quarter.
On the economic front, data on U.S. housing starts and building permits for the month of September are due at 8:30 AM ET.
Stocks closed higher on Wall Street yesterday. The Dow ended the day up 161.35 points or 0.4 percent at 43,239.05, while the Nasdaq crept up 6.53 points or less than a tenth of a percent to 18,373.61 and the SP 500 edged down 1.00 point or less than a tenth of a percent to 5,841.47.
Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended the day up by 1.0 percent.
Largely upbeat U.S. economic data, including a Commerce Department report showing retail sales increased by slightly more than expected in the month of September, aided sentiment.
In overseas trading, Asian stocks turned in a mixed performance on Friday as a slew of Chinese data backed calls for more stimulus. Japan's key inflation gauge slowed in September for the first time in five months, but an index excluding the effect of fuel held steady, keeping the Bank of Japan on track to raise interest rates further.
European stocks are broadly higher with investors continuing to digest the European Central Bank's interest rate move, and reacting to the latest batch of economic data and earnings updates.
In commodities, West Texas Intermediate Crude oil futures are down $0.25 or 0.35 percent at $70.42 a barrel. Gold futures are gaining $17.90 or 0.68 percent at $2,725.40 an ounce.
In currencies, the dollar index is down 0.19 percent at 103.63. The dollar is trading at $1.0848 against the Euro. Against the Japanese currency, the dollar is down, fetching 150.01 yen a unit, compared with 150.21 yen on Thursday.
Rebound Anticipated For Thai Stock Market
(RTTNews) - The Thai stock market on Friday snapped the two-day winning streak in which it had gained almost 30 points or 2.1 percent. The Stock Exchange of Thailand now rests just beneath the 1,490-point plateau although it's expected to bounce higher again on Monday.
The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.
The SET finished modestly lower on Friday following losses from the finance, industry, resource and technology sectors.
For the day, the index lost 5.20 points or 0.35 percent to finish at 1,489.82 after trading between 1,488.61 and 1,506.82. Volume was 27.006 billion shares worth 64.683 billion baht. There were 349 decliners and 127 gainers, with 183 stocks finishing unchanged.
Among the actives, Advanced Info plummeted 5.05 percent, while Thailand Airport improved 0.79 percent, Asset World lost 0.53 percent, Banpu sank 0.78 percent, Bangkok Bank retreated 1.28 percent, Bangkok Dusit Medical fell 0.85 percent, Bangkok Expressway dropped 1.20 percent, B. Grimm tanked 2.06 percent, BTS Group skidded 1.31 percent, CP All Public rallied 2.66 percent, Charoen Pokphand Foods advanced 0.98 percent, Energy Absolute declined 2.33 percent, Gulf lost 1.80 percent, Kasikornbank stumbled 1.62 percent, Krung Thai Bank collected 0.47 percent, Krung Thai Card shed 0.51 percent, PTT Oil Retail skidded 1.19 percent, PTT Global Chemical tumbled 1.92 percent, SCG Packaging surrendered 1.85 percent, Siam Commercial Bank dropped 0.90 percent, Siam Concrete climbed 0.95 percent, Thai Oil gained 0.53 percent, True Corporation declined 1.65 percent, TTB Bank plunged 3.17 percent and PTT and PTT Exploration and Production were unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.
The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the SP 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the SP gained 0.9 percent and the NASDAQ rose 0.8 percent.
The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.
Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.
In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.
Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
U.S. Housing Starts Pull Back Modestly As Multi-Family Starts Extend Plunge
(RTTNews) - After reporting a sharp increase in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Friday showing a modest pullback by housing starts in the month of September.
The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August.
Economists had expected housing starts to dip by 0.4 percent to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.
The modest pullback by housing starts came as another steep drop by multi-family starts more than offset a jump by single-family starts.
Multi-family starts plunged by 9.4 percent to a rate of 327,000 in September after plummeting by 10.0 percent to a rate of 361,000 in August.
Meanwhile, single-family starts shot up by 2.7 percent to a rate of 1.027 million in September after soaring by 16.1 percent to a rate of 1.000 million in August.
The report also showed a sharp pullback by building permits, which tumbled by 2.9 percent to an annual rate of 1.428 million in September after surging by 4.6 percent to a revised rate of 1.470 million in August.
Building permits, an indicator of future housing demand, were expected to slump by 1.0 percent to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.
Multi-family permits dove by 9.0 percent to a rate of 458,000, more than offsetting a 0.3 percent uptick by single-family permits to a rate of 970,000.
"The paces of both permits and starts (particularly single-family starts) are strong relative to the somewhat subdued builder sentiment readings, but they align well with the movement in mortgage rates," said Nationwide Economist Daniel Vielhaber.
"As such, the pace home construction should remain solid through the end of the year," he added. "At worst, it is not expected to fall back to the recent lows seen over the summer."
On Thursday, the National Association of Home Builders released a separate report showing homebuilder confidence in the U.S. improved by slightly more than expected in the month of October.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 43 in October after rising to 41 in September. Economists had expected the index to inch up to 42.
Australian Market Notably Higher
(RTTNews) - The Australian stock market is currently trading notably higher on Monday, reversing the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark SP/ASX 200 index is moving above the 8,300.00 level, with gains across most sectors led by gold miner stock and technology stocks.
The benchmark SP/ASX 200 Index is gaining 52.20 points or 0.63 percent to 8,335.40, after touching of 8,349.70 earlier. The broader All Ordinaries Index is up 47.00 points or 0.55 percent to 8,598.20. Australian stocks closed significantly lower on Friday.
Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are gaining more than 1 percent, Mineral dived almost 11 percent as the board said it had "full confidence" in managing director Chris Ellison following an investigation by The Australian Financial Review that uncovered how he allegedly evaded tax for years.
Oil stocks are mostly higher. Origin Energy is edging up 0.1 percent, Beach energy is gaining more than 2 percent and Santos is adding more than 1 percent. Woodside Energy is up almost 1 percent.
Among tech stocks, Afterpay owner Block is gaining more than 2 percent, Xero is adding more than 1 percent and Zip is edging up 0.4 percent, while Appen is declining almost 4 percent and WiseTech Global is tumbling more than 11 percent after its board initiated a review of allegations against founder and chief executive Richard White by a sexual partner, which ended up in him paying her millions of dollars to settle the matter.
Gold miners are mostly higher. Evolution Mining is gaining 3.5 percent, Resolute Mining is advancing almost 4 percent and Gold Road Resources rising more than 3 percent, while Northern Star Resources and Newmont are adding almost 2 percent each.
Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging up 0.1 to 0.5 percent each.
In the currency market, the Aussie dollar is trading at $0.671 on Monday.
On Wall Street, stocks moved mostly higher during trading on Friday after ending the previous session little changed. The tech-heavy Nasdaq led the charge, while the Dow ended the day modestly higher at a new record closing high.
The Nasdaq climbed 115.94 points or 0.6 percent to 18,489.55 and the SP 500 rose 23.20 points or 0.4 percent to a new record closing high of 5,864.67. The narrower Dow recovered from an initial pullback to end the day up by 36.86 points or 0.1 percent at 43,275.91.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index fell by 0.3 percent, the French CAC 40 Index and German DAX Index both climbed by 0.4 percent.
Crude oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
Major European Markets Close Higher
(RTTNews) - European stocks closed higher on Friday and the major markets in the region posted second straight week of gains, as investors continued to cheer the European Central Bank's rate cut decision, and remained optimistic about more rate cuts by several other central banks.
Markets also reacted to positive economic data from China, and digested the latest batch of earnings updates and other corporate news.
On Thursday, the European Central Bank (ECB) cut its deposit rate by 25 basis points to 3.25%, citing sluggish economic growth and easing inflation.
According to its quarterly survey of professional forecasters, the ECB sees inflation falling to 1.9% in 2025 from a previous forecast of 2%. The projections for 2024 and 2026 were kept unchanged at 2.4% and 1.9%, respectively.
The pan European Stoxx 600 gained 0.21%. Germany's DAX and France's CAC 40 climbed 0.38% and 0.39%, respectively. The U.K.'s FTSE 100 closed down 0.32%, while Switzerland's SMI gained 0.18%.
Other markets in Europe closed on a mixed note. Austria, Finland, Greece, Ireland, Netherlands, Poland, Spain and Sweden ended higher.
Belgium, Denmark, Iceland, Norway, Portugal, Russia and Turkiye closed weak.
In the UK market, shares of mining companies moved higher after China's major commercial banks cut their deposit rates for a second time this year and the country's central bank officially launched a swap facility aimed at boosting the equity market.
Prudential gained about 3.25% and Fresnillo climbed nearly 3%. Anglo American Plc, Antofagasta, Glencore, Endeavour Mining, Whitbread, Centrica and Rio Tinto gained 1 to 2.1%.
British luxury brand Burberry jumped 3.5% after official data showed U.K. retail sales logged an unexpected growth in September on higher sales of technology products.
Smith (DS) ended down 3.4%. British American Tobacco closed lower by about 3.2% after the company said it aims to settle ongoing lawsuits in Canada through a court-mediated plan.
Vistry Group, Next, Taylor Wimpey, LondonMetric Property, Persimmon, Melrose Industries, Segro, British Land, SSE, GSK, BT Group, Marks Spencer, Relx, Associated British Foods, Barratt Developments and Barclays Group lost 1 to 2.3%.
In the German market, Daimler Truck Holding rallied more than 7%. Continental gained nearly 3.5%. BASF, Fresenius Medical Care, Adidas, Porsche, Siemens Healthineers and Volkswagen climbed 1 to 1.6%.
Zalando, Commerzbank, MTU Aero ENgines, E.ON and Merck lost 0.6 to 1.7%.
In the French market, Kering climbed nearly 3.5%. LVMH, Societe Generale, Stellantis, Teleperformance, ArcelorMittal, Dassault Systemes, Pernod Ricard, Hermes International, Michelin and STMicroElectronics gained 1 to 2.3%.
Data from the Office for National Statistics Showed UK retail sales logged an unexpected growth in September on higher sales of technology products. The data said retail sales grew 0.3% on month in September, confounding expectations for a 0.3% fall. This marked the third consecutive increase. Sales had increased 1% in August and 0.8% in July.
The euro area current account surplus declined to a five-month low in August, to EUR 31 billion from EUR 41 billion in the previous month, the European Central Bank said. This was the lowest surplus since March. The expected level was EUR 42 billion.
Eurozone construction output grew marginally by 0.1% in August, reversing July's 0.5% decrease, data from Eurostat showed.
Eurozone inflation is expected to ease slightly more than previously estimated in 2025, according to the Survey of Professional Forecasters, released by the European Central Bank.
Headline inflation for 2024 was expected at 2.4%, unchanged from the previous outlook. The projection for next year was lowered to 1.9% from 2%. At the same time, inflation expectation for 2026 was retained at 1.9%. Longer-term HICP inflation expectations were also unchanged at 2%.
Real economic outlook for this year was maintained at 0.7%. Meanwhile, the outlook for 2025 was trimmed to 1.2% from 1.3%, which mainly reflected a carry-over from weaker than previously expected economic activity in the second half of 2024.
GDP growth is seen at 1.4% in 2026, the same as in the prior survey report. Longer-term GDP growth expectations were unchanged at 1.3%.
Swiss Market Closes Modestly Higher
(RTTNews) - The Switzerland market ended modestly higher on Friday after a choppy ride as investors looked ahead to more interest rate cuts from central banks after the European Central Bank cut rates for the third time this year.
The benchmark SMI ended with a gain of 22.49 points or 0.18% at 12,326.76 after moving between 12,280.52 and 12,348.16.
Swatch Group climbed 2.2%. Straumann Holding, Adecco, Geberit and VAT Group ended up 1.4 to 1.6%. Logitech International, UBS Group and Julius Baer gained 1 to 1.1%.
Lindt Spruengli, Richemont, Roche Holding, SIG Group, Partners Group, Kuehne + Nagel and Givaudan posted moderate gains.
Comet gained about 4.3%, riding on a 45.6% year-over-year surge in third-quarter net sales to 113.2 million francs. The company expects full-year 2024 net sales to be at the lower end of its 440 million francs to 480 million francs guidance range.
ABB drifted down 1.59%. SGS closed down 0.68%, while Sonova and Swiss Life Holding recorded modest losses.
Hong Kong Stock Market Tipped To Open In The Green
(RTTNews) - The Hong Kong stock market on Friday halted the four-day losing streak in which it had stumbled almost 1,100 points or 5.2 percent. The Hang Seng Index now sits just above the 20,800-point plateau and it may see additional support on Monday.
The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.
The Hang Seng finished sharply higher on Friday with gains across the board, especially among the technology companies and property stocks.
For the day, the index surged 725.01 points or 3.61 percent to finish at 20,804.11 after trading between 20,058.67 and 20,952.99.
Among the actives, Alibaba Group added 2.03 percent, while Alibaba Health Info skyrocketed 9.16 percent, ANTA Sports strengthened 3.75 percent, China Life Insurance soared 6.52 percent, China Mengniu Dairy and CITIC both accelerated 4.51 percent, China Resources Land rallied 3.97 percent, CNOOC dipped 0.11 percent, CSPC Pharmaceutical surged 8.06 percent, Galaxy Entertainment improved 3.09 percent, Haier Smart Home advanced 3.13 percent, Hang Lung Properties climbed 3.72 percent, Henderson Land gained 1.93 percent, Hong Kong China Gas rose 1.47 percent, Industrial and Commercial Bank of China collected 1.91 percent, JD.com increased 2.65 percent, Lenovo accelerated 6.24 percent, Li Auto jumped 4.73 percent, Li Ning climbed 3.58 percent, Meituan surged 8.93 percent, New World Development advanced 3.28 percent, Nongfu Spring rallied 5.29 percent, Techtronic Industries strengthened 4.39 percent, Xiaomi Corporation spiked 6.28 percent and WuXi Biologics soared 8.70 percent.
The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.
The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the SP 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the SP gained 0.9 percent and the NASDAQ rose 0.8 percent.
The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.
Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.
In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.
Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
Canadian Dollar Weakens As Oil Prices Fall
(RTTNews) - The Canadian dollar declined against its most major counterparts in the New York session on Friday, as oil prices dropped on concerns about slowing demand from China.
Official data showed that China's economy grew 4.6 percent in Q3, slowing from 4.7 percent annual growth in the previous quarter and falling below the official 5 percent target for 2024.
While industrial production and retail sales grew more than expected in September, new home prices fell at the fastest pace since May 2015, underscoring weakness in the housing sector.
Meanwhile, China's major commercial banks have cut their deposit rates for a second time this year after officials lowered mortgage and lending rates as part of efforts to boost the economy.
On the geopolitical front, tensions persist after Hamas leader Yahya Sinwar was killed during an operation by Israeli soldiers in the Palestinian enclave on Wednesday.
Lebanon's Hezbollah militant group said today it was moving to a new and escalating phase in its war against Israel while Iran said "the spirit of resistance will be strengthened".
The loonie fell to a 3-day low of 1.3810 against the greenback and 2-day lows of 1.4995 against the euro and 108.27 against the yen, off its early highs of 1.3785, 1.4937 and 108.93, respectively. The currency is likely to locate support around 1.41 against the greenback, 1.51 against the euro and 106.00 against the yen.
Meanwhile, the loonie recovered to 0.9246 against the aussie, from an early 3-day low of 0.9267. The currency is poised to challenge resistance around the 0.90 level.
