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Dollar Loses Ground Against Major Counterparts
(RTTNews) - The U.S. dollar shed some ground on Thursday although the downside was limited thanks to stronger than expected weekly jobless claims data, new home sales data and manufacturing activity report.
In U.S. economic news, data from the Labor Department showed initial jobless claims saw further downside in the week ended October 19th, dropping to 227,000 in the week, a decrease of 15,000 from the previous week's revised level of 242,000.
Economists had expected jobless claims to inch up to 242,000 from the 241,000 originally reported for the previous week.
According to a report released by the Commerce Department, new home sales surged by 4.1% to an annual rate of 738,000 in September after tumbling by 2.3% to a revised rate of 709,000 in August.
The dollar index dropped to 104.01, losing about 0.4%.
Against the Euro, the dollar weakened to 1.0828 from 1.0783, and against Pound Sterling, it shed more than 0.4% at 1.2973.
The dollar slipped against the Japanese currency to 151.83 yen a unit, from 152.76 yen on Wednesday. Against the Aussie, the dollar declined marginally to 0.6640.
The Swiss franc gained slightly against the dollar, trading at CHF 0.8659. The Loonie eased to 1.3857 a unit of the U.S. currency, from 1.3838.
Tesla Stock Climbs On Upbeat Earnings, FY24 Volume Growth View
(RTTNews) - Shares of Tesla Inc. climbed more than 12 percent in the after-hours on Wednesday and are currently up around 11 percent in the pre-market activity on the Nasdaq after the luxury electric vehicle maker reported higher profit in its third quarter, above market estimates, benefited by volume growth. Looking ahead to fiscal 2024, the company projects slight growth in vehicle deliveries, despite ongoing macroeconomic conditions. Energy storage deployments are expected to be more than double year-over-year in 2024.
During its earnings call, Tesla CEO Elon Musk said the firm achieved record deliveries in the quarter at a time when the industry was seeing year-over-year declines in order volumes.
Meanwhile, Tesla warned that sustaining positive margins in the fourth quarter will be challenging, given the current economic environment.
Musk also said the company is still on track to deliver affordable models starting in the first half of 2025.
Regarding Cybercab robotaxi, the CEO said the firm expects reaching volume production in fiscal 2026, aiming for at least 2 million units a year, maybe 4 million ultimately.
Musk added that Tesla expects to achieve full autonomy next year with the existing vehicle line, and that it would roll out ride-hailing in California and Texas next year to the public, and maybe some other states as well.
Tesla's third-quarter vehicle safety report shows one crash for every 7 million miles of autopilot, compared to the U.S. average of one crash roughly every 700,000 miles.
In its third quarter, Tesla delivered strong results with growth in vehicle deliveries both sequentially and year-on-year, resulting in record volumes.
Total production in the quarter grew 9 percent to 469,796 units from last year's 430,488 units. Total deliveries went up 6 percent from last year to 462,890 units.
According to the firm, increase in overall production and delivery volume, benefit from the marketing pricing and more localized deliveries in region resulted in lower freight and duties.
Meanwhile, the company experienced a reduction in average selling prices or ASPs primarily due to the impact of financing incentives.
Further, its cost of goods sold or COGS per vehicle came down to its lowest level ever at around $35,100.
In its third quarter, Tesla's earnings came in at $2.17 billion or $0.62 per share, 17 percent higher than prior year's $1.85 billion or $0.53 per share.
Adjusted earnings were $2.51 billion or $0.72 per share for the period, compared to $2.32 billion or $0.66 per share a year ago.
Analysts on average had expected the company to earn $0.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Income from operations climbed 54 percent from last year to $2.72 billion, reflecting a 6 percent drop in operating expenses to $2.28 billion. Operating margin was 10.8 percent, an improvement of 323 basis points.
The company's revenue for the quarter rose 7.8 percent to $25.182 billion from $23.350 billion last year, driven by growth in vehicle deliveries, and in Energy Generation and Storage and Services, among others.
Total automotive revenues grew 2 percent from last year to $20.02 billion, and the growth was 52 percent in Energy generation and storage revenue and 29 percent in Services and other revenue.
On Nasdaq, Tesla shares closed Wednesday's trading at $213.65, down 2 percent. Following the earnings report, the shares gained 12.10 percent in the extended trading to $239.50.
In pre-market activity, the shares are currently trading at $237.49, up 11.16 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
NZ Dollar Slides Against Most Majors
(RTTNews) - The New Zealand dollar weakened against its most major counterparts in the New York session on Thursday.
The kiwi fell to a 2-day low of 91.04 against the yen and an 8-day low of 1.8002 against the euro, off its early highs of 91.82 and 1.7880, respectively.
The kiwi edged down to 0.5998 against the greenback.
If the kiwi extends its downtrend, it is likely to find support around 87.00 against the yen, 1.82 against the euro and 0.57 against the greenback.
Bay Street Likely To Open On Positive Note
(RTTNews) - Higher crude oil and bullion prices point to a positive start for the Canadian market on Thursday. Investors are likely to track quarterly earnings updates from Canadian and U.S. companies.
Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $762 million for the quarter ended September 30, 2024, compared with $679 million in the year-ago quarter.
FirstService Corporation (FSV.TO) reported operating earnings of $125.9 million for the third-quarter of this financial year, up from $73.6 million in the year-ago quarter.
Mullen Group (MTL.TO) reported a net income of $38.3 million for the quarter ended September 30, 2024, compared with $39.1 million a year ago.
Celestica Inc (CLS.TO) reported revenue of $2.50 billion for the third quarter of 2024, up 22% from $2.04 billion in the corresponding quarter of the previous year.
The Canadian market ended weak on Wednesday, hurt by losses in technology, energy and materials stocks. Despite the Bank of Canada's decision to cut interest rates by 50 basis points, the mood in the market remained bearish amid concerns about the outlook for economic growth and due to persisting Middle East tensions.
The benchmark SP/TSX Composite Index ended down 143.08 points or 0.58% at 24,573.62, about 20 points off the day's low of 24,453.40. The index remained in negative territory right through the day's session.
The Canadian central bank cut rates by a half point today, as widely expected, reducing its target for the overnight rate by 50 basis points to 3.75%, with the Bank Rate at 4% and the deposit rate at 3.75%.
Asian stocks ended mostly lower on Thursday as rising yields on uncertainty over the U.S. election outcome weighed on the tech sector. Tesla's forecast-beating earnings provided some comfort for investors, helping limit regional losses.
European stocks are up in positive territory, reacting to strong earnings from a slew of companies, and dovish comments from Bank of England Governor Andrew Bailey.
In commodities, West Texas Intermediate crude oil futures are up $0.50 or 0.7% at $71.27 a barrel.
Gold futures are gaining $20.50 or 0.75% at $2,749.90 an ounce, while Silver futures are up $0.421 or 1.25% at $34.260 an ounce.
Swiss Market Closes Modestly Higher
(RTTNews) - The Switzerland market closed modestly higher on Thursday, staying positive right through the day's session, amid hopes global central banks will reduce interest rates further to boost growth.
The benchmark SMI, which moved in a tight range between 12,169.08 and 12,224.63, ended with a gain of 25.94 points or 0.21% at 12,173.04.
Swatch Group and Lonza Group climbed 2.85% and 2.78%, respectively. Richemont, Straumann Holding and Kuehne + Nagel gained 1.75 to 1.9%.
Swiss Life Holding, SGS, Adecco, VAT Group and Roche Holding advanced 0.9 to 1.3%. UBS Group climbed about 0.7%.
SIG Group, Sonova and Sandoz Group lost 1.37%, 1.17%, and 1.05%, respectively. Schindler Ps, Givaudan, Nestle, Logitech International, Julius Baer and Novartis also closed weak.
Sensex, Nifty End Marginally Lower On Earnings Disappointment
(RTTNews) - Indian shares fluctuated in a narrow range on Thursday before finishing marginally lower for the day, following disappointing earnings from the likes of Hindustan Unilever and SBI Life Insurance.
Also, a cautious undertone prevailed due to investor anxiety over the impending U.S. election and heightened tensions in the Middle East.
A new national poll has indicated that former President Donald Trump was gaining an edge over Vice President Kamala Harris in the race to succeed President Biden in the White House. However, markets still expect a hotly contested race.
Oil prices were up nearly 2 percent in European trade after Israel reportedly launched strikes on the Syrian capital Damascus and a military site near the western city of Homs early Thursday, causing casualties.
Elsewhere, North Korea has allegedly sent troops to support Russia's war on Ukraine, marking a significant escalation in Russia's war against its neighbor.
The benchmark SP/BSE Sensex ended the session down 16.82 points, or 0.02 percent, at 80,065.16 while the broader NSE Nifty index closed at 24,399.40, down 36.10 points, or 0.15 percent, from its previous close.
Bajaj Auto, Nestle India, Hindalco, SBI Life and Hindustan Unilever plunged 3-6 percent in the Nifty pack while UltraTech Cement rallied 2.7 percent on strong outlook.
Grasim, Titan Company, Mahindra Mahindra and Shriram Finance rose 1-2 percent.
Singapore Shares May Tick Higher Again On Friday
(RTTNews) - The Singapore stock market has moved higher in two straight sessions, gathering almost 20 points or 0.6 percent along the way. The Straits Times Index now sits just above the 3,600-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The STI finished slightly higher on Thursday following gains from the financial shares, weakness from the properties and a mixed performance from the industrials.
For the day, the index rose 4.17 points or 0.12 percent to finish at 3,604.95 after trading between 3,604.11 and 3,628.05.
Among the actives, CapitaLand Integrated Commercial Trust slid 0.49 percent, while CapitaLand Investment tumbled 1.02 percent, City Developments retreated 0.92 percent, Comfort DelGro shed 0.68 percent, DBS Group and Wilmar International both added 0.31 percent, DFI Retail surged 2.61 percent, Genting Singapore lost 0.60 percent, Hongkong Land plunged 1.99 percent, Keppel Ltd rallied 1.41 percent, Mapletree Pan Asia Commercial Trust dropped 0.70 percent, Mapletree Industrial Trust slumped 0.82 percent, Mapletree Logistics Trust tanked 1.43 percent, Oversea-Chinese Banking Corporation collected 0.20 percent, Seatrium Limited advanced 0.51 percent, SembCorp Industries fell 0.56 percent, Singapore Technologies Engineering eased 0.21 percent, SingTel climbed 0.63 percent, Thai Beverage declined 0.93 percent, Yangzijiang Financial plummeted 2.41 percent, Yangzijiang Shipbuilding sank 0.78 percent and Emperador, Keppel DC REIT and SATS were unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
Closer to home, Singapore will provide Q3 numbers for unemployment and September data for industrial production later today. In Q2, the jobless rate was 2.0 percent; in August, industrial production was up 6.7 percent on month and 21.0 percent on year.
Tokyo Inflation Falls Below 2%
(RTTNews) - Inflation in Japan's capital Tokyo fell below 2 percent for the first time since May, data from the Ministry of Internal Affairs and Communications showed Friday.
Excluding fresh food, consumer price inflation weakened to 1.8 percent in October from 2.0 percent in September. Inflation was seen at 1.7 percent. The rate fell below 2.0 percent for the first time in five months.
Likewise, overall consumer price inflation slowed to 1.8 percent from 2.1 percent a month ago.
Further, inflation excluding fresh food and energy also stood at 1.8 percent, up from 1.6 percent a month ago.
The Bank of Japan is set to announce its monetary policy decision on October 31. The bank had signaled that a hike is unlikely this month. The bank was widely criticized for poor communication when it lifted the rate in July.
The timing of the next rate hike is highly uncertain for now, but the BoJ is expected to raise its policy rate to 1.0 percent by the end of next year, ING economist Min Joo Kang said.
Elsewhere, data from the Bank of Japan showed that corporate services producer prices index advanced 2.6 percent on a yearly basis in September after an increase of 2.8 percent in August.
On a monthly basis, the services PPI edged down 0.1 percent after staying flat in August.
Tech Shares May Boost South Korea Stock Market
(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day slide in which it had slumped almost 40 points or 1.6 percent. The KOSPI now sits just above the 2,580-point plateau and it's likely to tick higher again on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KOSPI finished modestly lower on Thursday following losses from the financial shares, technology stocks and industrial issues.
For the day, the index lost 18.59 points or 0.72 percent to finish at 2,581.03 after trading between 2,578.80 and 2,600.26. Volume was 336.43 million shares worth 9.47 trillion won. There were 613 decliners and 256 gainers.
Among the actives, Shinhan Financial fell 0.36 percent, while KB Financial skidded 1.17 percent, Hana Financial sank 0.78 percent, Samsung Electronics plunged 4.23 percent, Samsung SDI slumped 1.06 percent, LG Electronics tanked 2.31 percent, SK Hynix climbed 1.12 percent, Naver dipped 0.23 percent, LG Chem advanced 1.08 percent, Lotte Chemical tumbled 1.83 percent, SK Innovation shed 0.77 percent, POSCO lost 0.73 percent, SK Telecom improved 1.06 percent, KEPCO surged 5.01 percent, Hyundai Mobis jumped 1.42 percent, Hyundai Motor plummeted 5.19 percent and Kia Motors surrendered 2.26 percent.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
Rebound Anticipated For China Stock Market
(RTTNews) - The China stock market on Thursday snapped the four-day winning streak in which it had rallied more than 135 points or 4 percent. The Shanghai Composite now sits just above the 3,280-point plateau although it's likely to bounce higher again on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished modestly lower on Thursday following losses from the property stocks and resource companies, while the finances and energy shares were mixed.
For the day, the index shed 22.54 points or 0.68 percent to finish at 3,280.26 after trading between 3,266.88 and 3,292.94. The Shenzhen Composite Index sank 17,75 points or 0.91 percent to end at 1,938.81.
Among the actives, Industrial and Commercial Bank of China improved 0.33 percent, while Bank of China dipped 0.20 percent, China Construction Bank rose 0.25 percent, China Merchants Bank dropped 0.88 percent, Agricultural Bank of China collected 0.41 percent, China Life Insurance tumbled 1.56 percent, Jiangxi Copper shed 0.61 percent, Aluminum Corp of China (Chalco) climbed 1.15 percent, Yankuang Energy declined 1.30 percent, PetroChina fell 0.35 percent, China Petroleum and Chemical (Sinopec) retreated 1.52 percent, Huaneng Power gained 0.68 percent, China Shenhua Energy added 0.58 percent, Gemdale plunged 3.52 percent, Poly Developments stumbled 2.01 percent and China Vanke tanked 2.25 percent.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
Taiwan Stock Market Due For Support On Friday
(RTTNews) - The Taiwan stock market has moved lower in three straight sessions, shedding almost 350 points or 1.5 percent along the way. The Taiwan Stock Exchange now rests just beneath the 23,200-point plateau although it may stop the bleeding on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The TSE finished modestly lower again on Thursday as losses from the financial shares and technology stocks were offset by support from the plastic and cement sectors.
For the day, the index lost 142.24 points or 0.61 percent to finish at 23,192.52 after trading between 23,150.77 and 23,446.64.
Among the actives, Cathay Financial retreated 1.45 percent, while Mega Financial eased 0.13 percent, CTBC Financial shed 0.69 percent, First Financial collected 0.37 percent, Fubon Financial dropped 0.87 percent, E Sun Financial dipped 0.18 percent, United Microelectronics Corporation lost 0.60 percent, Hon Hai Precision stumbled 2.08 percent, Largan Precision declined 1.46 percent, Catcher Technology climbed 1.07 percent, MediaTek surrendered 2.31 percent, Delta Electronics slumped 1.25 percent, Novatek Microelectronics fell 0.19 percent, Nan Ya Plastics rallied 1.10 percent, Asia Cement gained 1.19 percent and Taiwan Semiconductor Manufacturing Company and Formosa Plastics were unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
TSX Ends Marginally Down
(RTTNews) - The Canadian market ended marginally down on Thursday with investors digesting a slew of earnings updates and largely looking to trim down commitments amid uncertainty about the outcome of U.S. presidential election, and persisting worries about Middle East tensions.
The benchmark SP/TSX Composite Index, which edged up slightly at the start to 24,590.52, fell to 24,372.34 around noon, but recovered gradually to settle at 24,551.55, with a loss of 22.07 points or 0.09%.
Technology, real estate and energy stocks were the notable gainers. Communications and consumer staples stocks were among the notable losers.
Newmont Corporation (NGT.TO) plummeted 14.7%. Teck Resources (TECK.B.TO) dropped about 5.5%. Boyd Group Services (BYD.TO), ATS Corporation (ATS.TO), Alimentation Couche-Tard (ATD.TO), Restaurant Brands International (QSR.TO), Metro Inc (MRU.TO), Toromont Industries (TIH.TO), Royal Bank of Canada (RY.TO) and RB Global Inc (RBA.TO) lost 1 to 3.2%.
Celestica Inc (CLS.TO) soared 18.3%. Celestica reported revenue of $2.50 billion for the third quarter of 2024, up 22% from $2.04 billion in the corresponding quarter of the previous year.
Mullen Group (MTL.TO) climbed 9.3%. The company reported a net income of $38.3 million for the quarter ended September 30, 2024, compared with $39.1 million a year ago.
FirstService Corporation (FSV.TO) gained about 2.75%. The company reported operating earnings of $125.9 million for the third-quarter of this financial year, up from $73.6 million in the year-ago quarter.
Colliers International (CIGI.TO) gained 4.8%. Brookfield Asset Management (BAM.TO), Docebo Inc (DCBO.TO), TFI International (TFII.TO), Gildan Activewear (GIL.TO) and Kinaxis Inc (KXS.TO) climbed 2 to 4%.
Rogers Communications (RCI.B.TO) ended down nearly 3%. The company reported adjusted net income of $762 million for the quarter ended September 30, 2024, compared with $679 million in the year-ago quarter.
Higher Open Called For Indonesia Stock Market
(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, dropping almost 75 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 7,715-point plateau although it's tipped to open in the green on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished modestly lower on Thursday following losses from the resource stocks and mixed performances from the financial and cement companies.
For the day, the index sank 71.02 points or 0.91 percent to finish at the daily low of 7,716.55 after peaking at 7,794.86.
Among the actives, Bank CIMB Niaga collected 0.52 percent, while Bank Mandiri retreated 1.41 percent, Bank Danamon Indonesia slumped 1.14 percent, Bank Negara Indonesia dropped 0.88 percent, Bank Central Asia added 0.47 percent, Bank Rakyat Indonesia sank 0.82 percent, Indosat Ooredoo Hutchison declined 1.21 percent, Indocement skidded 0.96 percent, Semen Indonesia rose 0.23 percent, Indofood Sukses Makmur gathered 0.33 percent, United Tractors shed 0.56 percent, Astra International lost 0.47 percent, Energi Mega Persada plunged 5.92 percent, Astra Agro Lestari climbed 1.10 percent, Aneka Tambang tumbled 1.82 percent, Jasa Marga slid 0.62 percent, Vale Indonesia surrendered 1.90 percent, Timah dipped 0.37 percent, Bumi Resources fell 0.68 percent and Bank Maybank Indonesia was unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
Malaysia Bourse May Halt Losing Streak On Friday
(RTTNews) - The Malaysia stock market has moved lower in four straight sessions, slipping almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,630-point plateau although it's due for support on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KLCI finished modestly lower on Thursday following losses from the financial shares, plantation stocks, industrials and telecoms.
For the day, the index fell 9.30 points or 0.57 percent to finish at the daily low of 1,632.23 after trading as high as 1,643.08.
Among the actives, Celcomdigi dipped 0.28 percent, while CIMB Group and Telekom Malaysia both shed 0.61 percent, Genting lost 0.50 percent, Genting Malaysia skidded 0.87 percent, IHH Healthcare rallied 2.77 percent, Kuala Lumpur Kepong and Maybank both slid 0.38 percent, Maxis added 0.53 percent, MISC retreated 1.43 percent, MRDIY advanced 0.90 percent, Nestle Malaysia tumbled 1.82 percent, Petronas Chemicals tanked 3.01 percent, PPB Group declined 1.39 percent, Press Metal perked 0.21 percent, Public Bank and Hong Leong Bank both dropped 0.66 percent, QL Resources, Tenaga Nasional and SD Guthrie all fell 0.42 percent, RHB Bank sank 0.62 percent, Sunway slumped 0.89 percent, YTL Corporation plunged 4.05 percent, YTL Power plummeted 6.40 percent and Axiata, Petronas Dagangan, IOI Corporation, Sime Darby and Petronas Gas were unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
Tokyo Inflation Data Due On Friday
(RTTNews) - Japan will on Thursday release October figures for Tokyo-are inflation, highlighting a modest day for Asia-Pacific economic activity. In September, overall Tokyo inflation was up 2.2 percent on year, while core CPI rose an annual 2.0 percent.
Japan also will see September figures for corporate service prices and August results for its leading and coincident indexes. Service prices are seen steady at an annual 2.7 percent; in July, the leading index rose 0.2 percent on month and the coincident gained 3.1 percent on month.
Singapore will provide Q3 numbers for unemployment and September data for industrial production. In Q2, the jobless rate was 2.0 percent; in August, industrial production was up 6.7 percent on month and 21.0 percent on year.
Hong Kong Bourse May Reverse Thursday's Losses
(RTTNews) - The Hong Kong stock market on Thursday snapped the two-day winning streak in which it had advanced more than 280 points or 1.4 percent. The Hang Seng Index now sits just beneath the 20,490-point plateau although it's expected to open to the upside on Friday.
The global forecast for the Asian markets is mixed to higher, likely driven by the latest earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Hang Seng finished sharply lower on Thursday following losses from the property stocks and technology companies.
For the day, the index stumbled 270.53 points or 1.30 percent to finish at 20,489.62 after trading between 20,448.46 and 20,685.46.
Among the actives, Alibaba Group retreated 3.24 percent, while Alibaba Health Info plummeted 4.73 percent, ANTA Sports dropped 2.01 percent, China Life Insurance was down 0.94 percent, China Mengniu Dairy declined 3.11 percent, China Resources Land tumbled 3.44 percent, CITIC slid 1.07 percent, CNOOC climbed 1.17 percent, CSPC Pharmaceutical tanked 3.45 percent, Galaxy Entertainment dipped 1.02 percent, Haier Smart Home eased 0.82 percent, Hang Lung Properties sank 1.97 percent, Henderson Land shed 1.72 percent, Hong Kong China Gas added 0.33 percent, Industrial and Commercial Bank of China collected 0.42 percent, JD.com surrendered 3.02 percent, Lenovo slumped 2.71 percent, Li Auto lost 1.49 percent, Li Ning rallied 1.44 percent, Meituan plunged 4.05 percent, New World Development skidded 2.11 percent, Nongfu Spring stumbled 3.16 percent, Techtronic Industries slipped 0.97 percent, Xiaomi Corporation fell 1.17 percent and WuXi Biologics weakened 2.37 percent.
The lead from Wall Street is murky as the major averages opened mixed on Thursday and finished the same way.
The Dow dropped 140.59 points or 0.33 percent to finish at 42,374.36, while the NASDAQ climbed 138.83 points or 0.76 percent to close at 18,415.49 and the SP 500 rose 12.44 points or 0.21 percent to end at 5,809.86.
The strength on the tech-heavy NASDAQ was spurred by strong quarterly earnings from the likes of Tesla (TSLA) and UPS (UPS).
On the other hand, the Dow was weighed by weak quarterly earnings news from IBM (IBM), Honeywell (HON) and Boeing (BA).
Oil prices fell on Thursday, extending losses from the previous session as concerns about excess supply and weak crude consumption in China weighed. West Texas Intermediate Crude oil futures for December ended down $0.58 or 0.8 percent at $70.19 a barrel.
Dollar Rises Against Major Counterparts
(RTTNews) - After staying quite subdued during the Asian and European sessions, and early on in the New York session, the U.S. dollar climbed higher on Friday amid bets the Federal Reserve will be less aggressive with regard to interest rate cuts, and on speculation former President Donald Trump coming to power for a second term. Higher Treasury yields contributed as well to the dollar's rise.
In economic news today, data from the Commerce Department said durable goods orders slid by 0.8% in September, matching a revised decrease in August. Economists had expected durable goods orders to fall by 0.5 percent compared to the unchanged reading originally reported for the previous month.
According to revised data released by the University of Michigan, consumer sentiment in the U.S. unexpectedly improved in the month of October. The report said the consumer sentiment index for October was upwardly revised to 70.5 from a preliminary reading of 68.9. Economists had expected the index to be upwardly revised slightly to 69.0.
The Atlanta Fed cut the U.S. growth projection for the third quarter on Friday, citing the recent official data as well as the housing market figures. The bank lowered the GDPNow model estimate for real GDP growth in the third quarter to 3.3% from 3.4% projected on October 18.
The Federal Reserve Bank of New York staff nowcast of U.S. GDP growth for the third and fourth quarters were lowered on Friday, citing negative surprises from recent economic data. The New York Fed Staff Nowcast for the third quarter was reduced to 2.9% from 3% estimated on October 18. The figure was lowered for a second time this month.
The dollar index climbed to 104.34, gaining nearly 0.3%, after moving along the flat line till a little before noon.
Against the Euro, the dollar strengthened to 1.0797 from 1.0828. Against Pound Sterling, the dollar firmed to 1.2959 from 1.2977.
The dollar climbed against the Japanese currency, fetching 152.29 yen a unit, up from 151.84 yen a unit Thursday evening. Against the Aussie, the dollar firmed to 0.6603, rising about 0.6% from 0.6640.
Against Swiss franc, the dollar gained marginally at CHF 0.8666, and against the Loonie, it advanced to C$ 1.3896 from C$ 1.3856, despite a sharp rise in oil prices.
Sensex, Nifty Close Weak For 5th Straight Day
(RTTNews) - Indian shares ended weak on Friday, drifting down for the fifth consecutive session, as mostly disappointing quarterly results, persisting tensions in the Middle East, and anxiety over the impending U.S. election rendered the mood cautious and prevented investors from engaging in any significant buying.
The BSE benchmark Sensex ended down 662.87 points or 0.83% at 79,402.29, after having climbed nearly 200 points to 80,253.19 in early trades.
The broader Nifty50 index of the National Stock Exchange, which advanced to 24,440.25 early on in the session, settled at 24,180.90, down 218.60 points or 0.9% from the previous close.
Automobile, bank, consumer durables, metal, media and realty stocks were among the major losers. FMCG stocks found some support, while IT and healthcare stocks turned in a mixed performance.
IndusInd Bank tumbled 18.6% after the lender reported a sharp 39% slump in second-quarter net profit to Rs 1,325.45 crore, from the year-ago quarter.
MM, Larsen Toubro and NTPC lost 3.1 to 4%. Adani Ports, Maruti Suzuki, Tata Steel, Titan, Bajaj Finserv, Bajaj Finance, State Bank of India, Tata Motors and JSW Steel closed down 1.6 to 2.8%.
Adani Enterprises and BPCL both ended nearly 4% down. Shriram Finance, Coal India, HeroMoto Corp, Tata Consumer Products, Titan Industris, Hindalco, Grasim Industries and Trent also closed sharply lower.
Tech Mahindra, Bharti Airtel, Reliance Industries and Infosys too ended weak.
ITC climbed about 2.2% thanks to a marginal jump in second-quarter earnings. Axis Bank ended 1.7% up, while Hind Unilever gained nearly 1%. Bharat Electronics Limited and Britannia Industries also closed notably higher.
VST Industries tanked nearly 10%, weighed down by a sharp drop in second-quarter earnings. Shriram Properties, Radico Khaitan and Mahanagar Gas also declined on weak results.
Kirloskar Pneumatic soared nearly 10% after reporting a whopping 235% surge in second-quarter earnings. Godrej Consumer Products and Nippon Life also moved up sharply on strong earnings.
The market breadth was very weak with declines far outnumbering advances. On BSE, 3,215 stocks closed weak, while just 738 stocks moved higher. 68 stocks closed flat.
Gold Futures Settle Modestly Higher For The Session, Gain 1% In Week
(RTTNews) - Gold futures settled higher on Friday despite a slightly stronger dollar, as rising predictions of a Trump presidency as well as geopolitical tensions in the Middle East pushed up demand for the safe-haven yellow metal.
The dollar index, which moved along the flat line till noon, climbed to 104.24, gaining nearly 0.2%, with investors looking ahead to the Federal Reserve's policy announcement due on November 7.
The CME FedWatch tool reveals that markets continue to overwhelmingly expect another Fed rate cut in November, with a 95.6 percent probability for a 25 basis points cut and a 4.4 percent probability for a status quo.
Gold futures for October ended higher by $6.00 or about 0.22% at $2,740.90 an ounce. The contract gained about 1% in the week.
Silver futures for October closed up $$0.008 at $33.603 an ounce. Silver futures gained about 1.73% in the week.
Copper futures for November climbed to $4.3400 per pound, gaining $0.0150 or about 0.35%.
Reflecting a continued slump by orders for transportation equipment, the Commerce Department released a report on Friday showing new orders for U.S. manufactured durable goods fell by more than expected in the month of September.
The Commerce Department said durable goods orders slid by 0.8 percent in September, matching a revised decrease in August.
Economists had expected durable goods orders to fall by 0.5 percent compared to the unchanged reading originally reported for the previous month.
In economic news, consumer sentiment in the U.S. unexpectedly improved in the month of October, according to revised data released by the University of Michigan. The University of Michigan said its consumer sentiment index for October was upwardly revised to 70.5 from a preliminary reading of 68.9. Economists had expected the index to be upwardly revised slightly to 69.0.
The Atlanta Fed cut the U.S. growth projection for the third quarter on Friday, citing the recent official data as well as the housing market figures. The bank lowered the GDPNow model estimate for real GDP growth in the third quarter to 3.3% from 3.4% projected on October 18.
The Federal Reserve Bank of New York staff nowcast of U.S. GDP growth for the third and fourth quarters were lowered on Friday, citing negative surprises from recent economic data. The New York Fed Staff Nowcast for the third quarter was reduced to 2.9% from 3% estimated on October 18. The figure was lowered for a second time this month.
Eurozone Bank Lending Growth Improves In September
(RTTNews) - Eurozone bank lending growth improved moderately in September as interest rates started to ease, data published by the European Central Bank showed on Friday.
The adjusted loans to the private sector rose 1.6 percent compared with 1.5 percent in August. Claims on the private sector posted a steady annual growth of 1.2 percent in September.
Among the borrowing sectors, the annual growth of adjusted loans to households came in at 0.7 percent in September, slightly better than the 0.6 percent rise in August. Adjusted loans to non-financial corporations increased to 1.1 percent from 0.8 percent a month ago.
The M3 broad monetary aggregates grew at a pace of 3.2 percent annually, while it was expected to post a steady increase of 2.9 percent. At the same time, the M1 narrow measure declined 1.2 percent, following a 2.1 percent drop.
Although lending will probably continue to increase gradually in the coming months, the ECB might need to cut its policy rates substantially to give lending a significant boost, Capital Economics' economist Jack Allen-Reynolds said.
ING economist Bert Colijn said tentative improvements show that monetary easing in the currency bloc is having an effect but that more needs to be done for investment to undergo a more meaningful recovery in 2025.
Early this month, the ECB had lowered its key rate by 25 basis points after a similar quarter point cut opted in September. The bank said policy rates will be kept sufficiently restrictive for as long as necessary to bring euro area inflation back to the 2 percent target.
FTSE 100 Reflects Cautious Sentiment
(RTTNews) - The FTSE 100 benchmark of the London Stock Exchange recorded losses of close to a quarter percent in Friday's trading amidst mixed earnings updates and caution ahead of the upcoming budget of the new government on October 30.
FTSE 100 oscillated between 8,278.11 and 8,246.23 as compared with the previous day's closing level of 8,269.38.
The benchmark index of the London Stock Exchange is currently trading at 8,249.82, having lost 0.24 percent on an overnight basis.
In the 100-scrip index, only 29 are trading in the overnight positive zone.
Natwest Group jumped 3.5 percent amidst a positive earnings surprise. Schroders, Howden Joinery Group, Rolls-Royce Holdings and Ashtead Group have gained more than 0.75 percent.
Airtel Africa tumbled 5.6 percent. Lloyds Banking Group and Smith Nephew, both lost more than 3 percent. Intertek Group has declined more than 2 percent.
The GBP/USD pair gained 0.09 percent overnight to 1.2983. The sterling ranged between $1.2990 and $1.2956 in the day's trade. The EUR/GBP pair edged down 0.09 percent to 0.8336. The GBP/JPY pair added 0.11 percent to 197.24.
Converging with the global trend of hardening, bond yields in the U.K. spiked in the day's trading. Ten-year bond yields increased 0.76 percent to 4.2700 percent ahead of the new Labour government's first budget next week. The yields ranged between 4.2735 percent and 4.2460 percent over the course of the day amidst fears of additional govt borrowing. The same was at 4.2380 percent a day earlier.
Microsoft CEO Satya Nadella Gets $79.1 Mln Pay In 2024, Up 63%
(RTTNews) - Microsoft Corp.'s Chairman and Chief Executive Officer Satya Nadella received a pay raise of around 63% in fiscal 2024, with most of the package being in the shares of the tech major.
Meanwhile, the cash incentive was more than 50 percent lower than Nadella would have been awarded, following his request for a reduction amid recent security issues.
According to a regulatory filing, Nadella received $79.11 million worth compensation for fiscal 2024, higher than last year's $48.51 million. The pay package included $2.5 million salary, while $71.24 million was in stock awards, and $5.20 million in non-equity incentive plan compensation.
The significantly higher payment, which is said to be his highest so far since he was paid $84 million in 2014, comes amid the artificial intelligence boom, as the company is focused on ensuring the world benefits from the broad technological shift to AI, while mitigating its risks.
In the filing, the Compensation Committee noted that it has executed on pay for performance philosophy. Over 95 percent of the annual target compensation opportunity for CEO is performance-based. Cash incentive awards are structured 70% for CEO, based on pre-established goals, such as balance of growth and profitability goals. The remaining 30 percent for CEO is based on operational performance as assessed across three performance categories, diversifying the risk associated with any single aspect of performance.
Meanwhile, Nadella had requested for a reduction in the cash incentive portion of his pay due to the recent security issues.
Based on the assessment of operational and financial performance, Nadella would be eligible for a cash incentive of $10.66 million for fiscal year 2024.
Meanwhile, the committee approved a fiscal year 2024 cash incentive of $5.2 million, which represents a more than 50 percent reduction compared to what he would have been awarded based on the combined assessment of strong financial and operational performance.
The committee wrote in the filing, "Nadella agreed that the Company's performance was extremely strong, but reflecting on his personal commitment to security and his role as the CEO, asked the Board to consider departing from the established performance metrics and reduce his cash incentive to reflect his personal accountability for the focus and speed required for the changes that today's cybersecurity threat landscape showed were necessary."
However, according to the Board, Nadella provided exceptional leadership and was both critical in achieving the extremely strong performance of the company and personally responsible for the ongoing repositioning of its investments and priorities.
In a May memo to employees, Nadella had stated that Microsoft would prioritize security above all else. In June, the company said it would consider employees' cybersecurity efforts when deciding on their compensation.
Among others, Amy Hood, Executive Vice President and Chief Financial Officer, received $25.80 million in 2024, higher than prior year's $19.90 million. Judson Althoff, Executive Vice President and Chief Commercial Officer, received $23.05 million, compared to $16.20 million in the prior year.
Pound Rises Against Majors
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday.
The pound rose to 2-day highs of 1.1260 against the Swiss franc and 1.2990 against the U.S. dollar, from early lows of 1.1215 and 1.2956, respectively.
Against the yen, the pound edged up to 197.43 from an early 2-day low of 196.40.
The pound climbed to 0.8334 against the euro, from an early low of 0.8352.
If the pound extends its uptrend, it is likely to find resistance around 1.13 against the franc, 1.31 against the greenback, 200.00 against the yen and 0.81 against the euro.
U.S. Durable Goods Orders Fall More Than Expected In September
(RTTNews) - Reflecting a continued slump by orders for transportation equipment, the Commerce Department released a report on Friday showing new orders for U.S. manufactured durable goods fell by more than expected in the month of September.
The Commerce Department said durable goods slid by 0.8 percent in September, matching a revised decrease in August.
Economists had expected durable goods orders to fall by 0.5 percent compared to the unchanged reading originally reported for the previous month.
Excluding a 3.1 percent plunge by orders for transportation equipment, durable goods orders rose by 0.4 percent in September after climbing by 0.6 percent in August. Ex-transportation orders were expected to edge down by 0.1 percent.
Earning Updates Fail To Boost CAC 40
(RTTNews) - Corporate earnings updates from France failed to lift the CAC-40 benchmark above the flatline on Friday.
The CAC-40 is currently trading at 7,490.68, slipping 0.17 percent from the previous close of 7,503.28. The day's trading has been between 7,518.75 and 7,459.41.
Of the 40 scrips in the index, only 16 scrips are trading above the flatline.
Renault which confirmed its full year guidance topped gains with a jump of 2.8 percent. Sanofi rallied more than 1.5 percent. Saint Gobain, Unibail-Rodamco-Westfield, Legrand and Safran, all gained more than half a percent in the day's trading.
Vinci topped with a loss of 2.5 percent followed by Capgemini that declined 2.2 percent. Edenred, Accor, Orange, Dassault Systemes and Pernod Ricard have all slipped more than 1 percent.
The EUR/USD pair is flat at 1.0827 after ranging between 1.0838 and 1.0814. The EUR/GBP pair has edged down 0.06 percent to 0.8339 whereas the EUR/JPY pair has edged up 0.05 percent to 164.49.
In line with the tightening in global bond yields, yields on France's ten-year bonds have jumped 0.94 percent to 3.010%. The yield was at 2.982 percent a day earlier.
Data released earlier in the day showed France's consumer confidence indicator falling to 94 in October, in line with market estimates and edging down from 95 in September. France's unemployment surged the most in 3 years amidst initial Jobless Claims increasing to 42.20 thousand in September versus -12.70 thousand in the previous month.
