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DAX Positive Amidst Boost In Business Climate
(RTTNews) - A more-than-expected increase in the Business Climate indicator and positive earnings updates from the corporate sector helped the DAX benchmark record positive performance in the day's trading.
Data released earlier in the day showed Germany's Ifo Business Climate indicator increase for the first time in six months to 86.5 in October. The reading surprised markets which had anticipated only a marginal rise to 85.6 from 85.4 in September which was also the lowest reading since January.
The forty-scrip DAX index is currently trading at 19,474.10, versus the previous close of 19,467.45. The day's trading ranged between a high of 19,509.00 and a low of 19,388.36.
In the 40-scrip index, 18 scrips are trading in the overnight green zone.
Daimler Truck Holding has surged 4.2 percent followed by Siemens Energy that has gained 2.3 percent. Heidelberg Cement, Deutsche Bank and Siemens have all gained more than 1 percent in the day's trading.
Continental dropped 2.3 percent. Rheinmetall, Beiersdorf and Qiagen have all declined more than 1 percent.
The EUR/USD pair has edged down 0.03 percent and is currently trading at 1.0823 after ranging between 1.0838 and 1.0814. The EUR/GBP pair has edged down 0.07 percent to 0.8338 whereas the EUR/JPY pair has edged up 0.05 percent to 164.49.
In tandem with the global hardening in bond yields, German bond yields increased 0.82 percent. The same is at 2.2735 percent versus 2.2550 percent at the previous close. Yields ranged between 2.2845 percent and 2.2440 percent in the day's trading.
Russia Hikes Interest Rate By 200 Bps; Signals Another Hike
(RTTNews) - Russia's central bank raised its benchmark rate by larger-than-expected 200 basis points and also hinted at another hike next month as inflation expectations increased and additional fiscal spending lifted proinflationary effects.
The board of directors, led by Governor Elvira Nabiullina, raised the key rate to a record 21.00 percent from 19.00 percent.
The bank has raised the key interest rate by 1,350 basis points since July 2023.
The board observed that further tightening of monetary policy is required to ensure the return of inflation to the target and reduce inflation expectations.
"The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting," the bank said in a statement.
Inflation is expected to be in the range of 8.0 percent to 8.5 percent by the end of 2024. Annual inflation is projected to slow to 4.5 percent -5.0 percent next year and 4.0 percent in 2026, and stay at the target further on.
The bank noted that inflation expectations increased considerably mainly as a reaction to the current high inflation. Further, growth in domestic demand is outstripping the capabilities to expand the supply of goods and services.
Moreover, additional fiscal spending and the related expansion of the federal budget deficit in 2024 have proinflationary effects, policymakers observed.
Today's hike is evidence that despite President Putin's efforts at this week's BRICS summit to portray Russia's economy as watertight - the war is creating significant challenges for policymakers, Capital Economics' economist Nicholas Farr said.
TSX Ends Modestly Lower, Drops Nearly 1.5% In Week
(RTTNews) - The Canadian market ended on a weak note on Friday, extending losses to a fifth straight session, on concerns about the outlook for economic growth, and on uncertainty about the outcome of the upcoming U.S. presidential election.
Losses in real estate, consumer discretionary, communications and materials sectors contributed to the weakness. Several stocks from industrials, financials and technology sectors also closed weak, while energy and healthcare stocks found support.
The benchmark SP/TSX Composite Index, which moved up a bit after opening flat, turned weak around late morning and kept losing ground thereafter and eventually ended the day's session with a loss of 87.88 points or 0.36% at 24,463.67. The index dropped nearly 1.5% in the week.
On the economic front, data srom Statistics Canada showed retail sales in the country likely increased by 0.4% from the previous month in September, according to flash estimate.
Retail sales increased 1.4% in August over the same month in the previous year.
Manufacturing sales in Canada decreased by 0.8% in September from -1.3% in August.
Another data from Statistics Canada said the new house price index in Canada remained unchanged at 0% in September. On yearly basis, the index increased to 0.2% in September from 0% in August.
iA Financial Corporation (IAG.TO) ended down 2.5%. Restaurant Brands International (QSR.TO), Canadian Pacific Kansas City (CP.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO) and Dollarama Inc (DOL.TO) closed lower by 1 to 2%.
Winpak Ltd. (WPK.TO) climbed more than 4.5%. goeasy (GSY.TO) gained about 3.2%. Celestica Inc (CLS.TO), West Fraser Timber (WFG.TO), Teck Resources (TECK.B.TO), Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO), Morguard Corporation (MRC.TO) and Boyd Group Services (BYD.TO) advanced 1 to 2.6%.
Bay Street Likely To Open On Mixed Note
(RTTNews) - Canadian shares are seen opening on a mixed note Friday morning with investors likely to react to a slew of economic data, and tracking global markets.
Data srom Statistics Canada showed retail sales in the country likely increased by 0.4% from the previous month in September, according to flash estimate.
Retail sales increased 1.4% in August over the same month in the previous year.
Manufacturing sales in Canada decreased by 0.8% in September from -1.3% in August.
Another data from Statistics Canada said the new house price index in Canada remained unchanged at 0% in September. On yearly basis, the index increased to 0.2% in September from 0% in August.
Corus Entertainment (CJR.B.TO) reported a net loss of $25.7 million, or $0.13 per share, in the fourth-quarter, compared with net income of $50.4 million, or $0.25 per share, in the year-ago quarter.
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%.
Equity markets in Asia traded on a mixed note ahead of elections in Japan over the weekend and uncertainty over the impact on Bank of Japan's monetary policy stance. However positive sentiment prevailed in the Chinese bourses ahead of the upcoming session of China's top legislature in the first week of November.
European stocks are turning in a mixed performance in cautious trade with investors digesting a mixed bag of corporate earnings updates, and largely appearing reluctant to make significant moves due to uncertainty about global growth outlook and the upcoming U.S. presidential election.
In commodities, West Texas Intermediate Crude oil futures are up $0.75 or 1.07% at $70.94 a barrel.
Gold futures are down $10.70 or 0.4% at $2,738.20 an ounce, while Silver futures are lower by $0.285 or 0.84% at $33.510 an ounce.
Taiwan Stock Market May Turn Lower Again On Monday.
(RTTNews) - The Taiwan stock market on Friday ended the three-day losing streak in which it had dropped almost 350 points or 1.5 percent. The Taiwan Stock Exchange now rests just beneath the 23,350-point plateau although it may head south again on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The TSE finished modestly higher on Friday following gains from the financial shares and technology stocks, while the plastics companies were mixed.
For the day, the index added 155.93 points or 0.67 percent to finish at 23,348.45 after trading between 23,222.77 and 23,388.53.
Among the actives, Cathay Financial collected 0.34 percent, while Mega Financial perked 0.13 percent, First Financial added 0.37 percent, Fubon Financial advanced 0.99 percent, E Sun Financial sank 0.72 percent, Taiwan Semiconductor Manufacturing Company gained 0.47 percent, United Microelectronics Corporation slid 0.20 percent, Hon Hai Precision rallied 2.13 percent, Catcher Technology rose 0.21 percent, MediaTek surged 3.54 percent, Delta Electronics spiked 2.16 percent, Novatek Microelectronics shed 0.58 percent, Formosa Plastics strengthened 1.41 percent, Nan Ya Plastics eased 0.12 percent, Asia Cement fell 0.21 percent and Largan Precision and CTBC Financial were unchanged.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Hong Kong Trade Data Due On Monday
(RTTNews) - Hong Kong will on Monday release September figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
In August, imports were up 7.9 percent on month ad exports rose 6.4 percent for a trade deficit of HKS33.1 billion.
Thailand is scheduled to see September numbers for imports, exports and trade balance. In August, imports were up 8.9 percent on year and exports rose an annual 7.0 percent for a trade surplus of $0.260 billion.
Finally, the markets in New Zealand are closed on Monday for Labor Day and will re-open on Tuesday.
Singapore Stock Market May Open Under Pressure Again On Monday
(RTTNews) - The Singapore stock market on Friday snapped the modest two-day winning streak in which it had gathered almost 20 points or 0.6 percent. The Straits Times Index now sits just above the 3,590-point plateau and it may tick lower again on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The STI finished modestly lower on Friday following losses from the financial shares, trusts and property stocks, while the industrials came in mixed.
For the day, the index fell 11.54 points or 0.32 percent to finish at 3,593.41 after trading between 3,582.36 and 3,604.54.
Among the actives, CapitaLand Integrated Commercial Trust retreated 0.98 percent, CapitaLand Investment tanked 1.03 percent, City Developments eased 0.19 percent, DBS Group slid 0.38 percent, Genting Singapore shed 0.60 percent, Hongkong Land fell 0.51 percent, Keppel DC REIT advanced 0.85 percent, Keppel Ltd added 0.62 percent, Mapletree Pan Asia Commercial Trust plummeted 4.96 percent, Mapletree Industrial Trust dropped 0.83 percent, Mapletree Logistics Trust sank 0.72 percent, Oversea-Chinese Banking Corporation lost 0.52 percent, SATS surged 7.22 percent, Seatrium Limited tumbled 1.02 percent, SembCorp Industries plunged 1.13 percent, Singapore Technologies Engineering gained 0.43 percent, SingTel rose 0.31 percent, Thai Beverage declined 0.94 percent, Wilmar International slumped 0.91 percent, Yangzijiang Shipbuilding improved 0.78 percent and Comfort DelGro, Emperador, Yangzijiang Financial and DFI Retail were unchanged.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Malaysia Bourse Tipped To Extend Losing Streak
(RTTNews) - The Malaysia stock market has moved lower in five straight sessions, slipping almost 30 points or 1.8 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,620-point plateau and it's expected to open under water again on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The KLCI finished modestly lower on Friday as losses from the financial hare, industrials and telecoms were mitigated slightly by support from the plantations.
For the day, the index dropped 13.93 points or 0.85 percent to finish at 1,618.30 after trading between 1,617.60 and 1,635.28.
Among the actives, Axiata stumbled 2.08 percent, while Celcomdigi surrendered 3.36 percent, CIMB Group eased 0.12 percent, Genting slumped 0.75 percent, Genting Malaysia dropped 0.44 percent, IHH Healthcare climbed 1.21 percent, Kuala Lumpur Kepong perked 0.09 percent, Maxis tanked 3.42 percent, Maybank shed 0.38 percent, MISC retreated 1.71 percent, PPB Group fell 0.28 percent, Press Metal slid 0.21 percent, Public Bank tumbled 2.43 percent, QL Resources sank 0.42 percent, RHB Bank skidded 0.62 percent, Sime Darby declined 1.67 percent, SD Guthrie added 1.21 percent, Telekom Malaysia lost 0.31 percent, Tenaga Nasional rose 0.14 percent, YTL Corporation plummeted 7.51 percent, YTL Power plunged 6.83 percent and IOI Corporation, MRDIY, Petronas Chemicals, Sunway and Hong Leong Bank were unchanged.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
South Korea Stock Market May Be Stuck In Neutral
(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last five 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 remain rangebound again on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The KOSPI finished slightly higher on Friday as gains from the financial shares were offset by weakness from the technology sector.
For the day, the index added 2.24 points or 0.09 percent to finish at 2,583.27 after trading between 2,577.00 and 2,611.27. Volume was 454.58 million shares worth 10.14 trillion won. There were 617 decliners and 258 gainers.
Among the actives, Shinhan Financial rallied 3.39 percent, while KB Financial skyrocketed 8.37 percent, Hana Financial surged 4.07 percent, Samsung Electronics retreated 1.24 percent, Samsung SDI and LG Chem both stumbled 1.68 percent, LG Electronics plummeted 5.25 percent, SK Hynix strengthened 1.41 percent, Naver tanked 2.50 percent, Lotte Chemical perked 0.22 percent, SK Innovation sank 0.78 percent, POSCO skidded 1.18 percent, SK Telecom rose 0.35 percent, KEPCO slumped 1.08 percent, Hyundai Mobis spiked 2.60 percent, Hyundai Motor dropped 1.31 percent and Kia Motors jumped 1.98 percent.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Lower Open Predicted For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market opened to the upside again on Friday, one day after ending 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 20,600-point plateau although it's expected to move lower again on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The Hang Seng finished modestly higher again on Friday as gains from the technology stocks were capped by weakness from the financials and a mixed bag from the property stocks.
For the day, the index gained 100.55 points or 0.49 percent to finish at 20,590.15 after trading between 20,521.95 and 20,784.47.
Among the actives, Alibaba Group gained 1.27 percent, while Alibaba Health Info rallied 2.61 percent, ANTA Sports advanced 1.35 percent, China Mengniu Dairy accelerated 2.72 percent, China Resources Land sank 0.59 percent, CITIC perked 0.22 percent, CNOOC skidded 0.73 percent, CSPC Pharmaceutical and JD.com both added 1.30 percent, Galaxy Entertainment improved 1.33 percent, Haier Smart Home lost 0.17 percent, Hang Lung Properties rose 0.77 percent, Henderson Land shed 0.58 percent, Industrial and Commercial Bank of China dropped 0.63 percent, Lenovo strengthened 2.04 percent, Li Auto surged 5.10 percent, Li Ning jumped 2.45 percent, Meituan slumped 1.12 percent, New World Development soared 3.94 percent, Nongfu Spring increased 1.03 percent, Techtronic Industries climbed 1.86 percent, Xiaomi Corporation spiked 2.77 percent, WuXi Biologics skyrocketed 5.95 percent and China Life Insurance and Hong Kong China Gas were unchanged.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Closer to home, Hong Kong will release September figures for imports, exports and trade balance. In August, imports were up 7.9 percent on month ad exports rose 6.4 percent for a trade deficit of HKS33.1 billion.
China Stock Market Expected To Open In The Red On Monday
(RTTNews) - The China stock market moved higher again on Friday, one day after halting the four-day winning streak in which it had rallied more than 135 points or 4 percent. The Shanghai Composite now sits just beneath the 3,300-point plateau although it's likely to see renewed selling pressure on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The SCI finished modestly higher on Friday following mixed performances from the resource stocks and properties.
For the day, the index improved 19.44 points or 0.59 percent to finish at 3,299.70 after trading between 3,276.13 and 3,319.36. The Shenzhen Composite Index jumped 35.84 points or 1.85 percent to end at 1,974.65.
Among the actives, Industrial and Commercial Bank of China shed 0.65 percent, while Bank of China dropped 0.81 percent, China Construction Bank lost 0.61 percent, China Merchants Bank fell 0.53 percent, Agricultural Bank of China skidded 1.03 percent, China Life Insurance sank 0.77 percent, Jiangxi Copper rose 0.35 percent, Aluminum Corp of China (Chalco) plunged 3.74 percent, Yankuang Energy eased 0.13 percent, PetroChina slumped 0.71 percent, China Petroleum and Chemical (Sinopec) retreated 0.62 percent, Huaneng Power and Gemdale both declined 1.09 percent, China Shenhua Energy tumbled 0.87 percent, Poly Developments dipped 0.09 percent and China Vanke added 0.22 percent.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Philips Cuts FY24 Sales View On Weak China Demand; Shares Hit
(RTTNews) - Shares of Philips N.V. were losing around 17 percent in the morning trading in Amsterdam as well as in pre-market activity on the NYSE, after the Dutch consumer electronics giant trimmed its comparable sales growth view for fiscal 2024 after reporting weak sales and orders and flat comparable sales in its third quarter. The sales mainly were hit by further deteriorated demand in China.
Meanwhile, the company now sees annual adjusted EBITA margin at the upper end of the previous outlook range, after reporting significantly higher profit in its latest quarter.
According to the firm, China remains a fundamentally attractive growth market in the long term, with market conditions expected to remain uncertain.
Roy Jakobs, CEO of Royal Philips, said, "In the quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions. We have adjusted our full-year sales outlook to reflect the continued impact from China. Strong improvement in profitability was driven by progress on our execution priorities, productivity measures and the improved margins of our AI-driven, industry-leading innovations. Within a challenging macro environment, we remain focused on successfully executing our three-year plan to fully capture growth and margin expansion opportunities."
For fiscal 2024, the company now expects the annual adjusted EBITA margin to be around 11.5 percent, which is at the upper end of the previous range of 11 percent to 11.5 percent.
Reflecting the significant deterioration in demand in China, comparable sales growth is now expected within the 0.5 percent to 1.5 percent range for the full year 2024. Previously, comparable sales growth was expected to be between 3 percent and 5 percent.
But, Comparable sales growth outside of China remains within the 3-5 percent range.
The company now projects annual free cash flow to be around 0.9 billion euros, which is at the lower end of the range of 0.9 billion euros to 1.1 billion euros.
In its third quarter, Philips' net income attributable to shareholders climbed to 181 million euros from last year's 88 million euros. On a per share basis, quarterly earnings rose to 0.19 euro from 0.09 euro in the previous year.
The results reflected higher gross margin and lower Respironics field action running costs, partly offset by higher tax expenses.
Adjusted EBITA margin increased 160 basis points to 11.8 percent from 10.2 percent a year ago.
Meanwhile, sales for the third quarter declined 2 percent to 4.38 billion euros from 4.47 billion euros in the prior year.
Group comparable sales were flat on the back of 11 percent growth last year and deterioration in demand in China. Meanwhile, all other regions recorded growth.
In the quarter, comparable order intake declined 2 percent due to China, despite solid order intake growth in Diagnosis Treatment, particularly in the US.
Segment-wise, Diagnosis Treatment comparable sales decreased 1 percent, on the back of 14 percent growth last year, despite solid growth outside of China.
Connected Care comparable sales were flat, with growth in Enterprise Informatics and Sleep Respiratory Care offset by a lowsingle-digit decline in Monitoring.
In Personal Health, comparable sales decreased 5 percent due to a double-digit decline in China, more than offsetting a robust performance elsewhere.
In Amsterdam, Philips shares were trading at 24.55 euros, down 16.72 percent.
In pre-market activity on the NYSE, the shares were at $26.42, down 16.58 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Commodity Currencies Fall As China Industrial Profits Drop
(RTTNews) - The Commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Monday, after data showed that the Chinese industrial profits slid in September.
Sunday, data from the National Bureau of Statistics showed that the industrial profits at large Chinese companies dropped 27.1 percent from a year earlier in September, accelerating from a 17.8 percent slump for the previous month. Profits fell 3.5 percent in the first nine months from the same period last year.
The third quarter saw China's GDP grow at its slowest rate since early 2023, and while Beijing scrambles to boost growth, the crisis-hit real estate market is not showing many signs of stabilizing.
Increased deflationary pressures, slower export growth, and muted loan demand were all noted in recent data, which raised concerns about the economic recovery and reinforced the argument for fiscal stimulus to spur development.
Oil prices were down nearly 5 percent in Asian trade after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities.
The uncertainty about the outcome of the upcoming U.S. presidential election and rising geopolitical tensions in the Middle East are weighing on market sentiment.
The Fed is still widely expected to lower rates by a quarter point next month, but CME Group's FedWatch Tool currently indicates a 24.0 percent chance the central bank will leave rates unchanged in December.
Traders will focus on Bank of Canada (BoC) Governor Macklem's speech, due later in the day for fresh impetus.
In the Asian trading today, the Australian dollar fell to more than a 1-month low of 1.6391 against the euro, from Friday's closing value of 1.6341. The aussie may test support near the 1.65 region.
Against the U.S. and the Canadian dollars, the aussie slid to nearly a 2-1/2-month low of 0.6579 and nearly a 1-1/2-month low of 0.9149 from last week's closing quotes of 0.6603 and 0.9172, respectively. If the aussie extends its downtrend, it is likely to find support around 0.64 against the greenback and 0.90 against the loonie.
The aussie edged down to 1.1039 against the NZ dollar, from Friday's closing value of 1.1046. On the downside, 1.09 is seen as the next support levels for the aussie.
The NZ dollar fell to nearly a 3-month low of 0.5957 against the U.S. dollar and more than a 2-month low of 1.8102 against the euro, from Friday's closing quotes of 0.5977 and 1.8055, respectively. The kiwi may test support near 0.57 against the greenback and 1.84 against the euro.
The Canadian dollars slid to nearly a 3-month low of 1.3907 against the U.S. dollar, from Friday's closing value of 1.3891. The loonie is likely o find support around the 1.40 region.
The loonie edged down to 1.5007 against the euro, from last week's closing value of 1.4993. On the downside, the loonie may test support near 1.51 against the euro.
Looking ahead, Canada wholesale sales data for September and U.S. Dallas Fed manufacturing business index for October are slated for release in the New York session.
Australian Market Modestly Higher
(RTTNews) - The Australian stock market is currently trading modestly higher on Monday, extending the slight gains in the previous session, following the mixed cues from Wall Street on Friday. The benchmark SP/ASX 200 index is moving up to stay above the 8,200.00 level, with gains in iron ore miners and technology stocks partially offset by weakness in gold miners and energy stocks.
The benchmark SP/ASX 200 Index is gaining 11.60 points or 0.14 percent to 8,222.90, after touching a high of 8,225.80 and a low of 8,199.70 earlier. The broader All Ordinaries Index is up 12.20 points or 0.14 percent to 8,479.50. Australian stocks closed slightly higher on Friday.
Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are gaining more than 1 percent each, while Mineral Resources is edging down 0.5 percent.
Oil stocks are mostly lower. Origin Energy is edging down 0.2 percent and Beach energy is declining more than 1 percent, while Santos and Woodside Energy are losing almost 1 percent each.
Among tech stocks, Afterpay owner Block and WiseTech Global are gaining almost 1 percent each, while Xero is adding more than 2 percent, Appen is edging up 0.3 percent and Zip is advancing more than 6 percent.
Gold miners are mostly lower. Evolution Mining and Gold Road Resources are losing almost 2 percent each, while Resolute Mining is down almost 1 percent and Northern Star Resources is declining almost 5 percent. Newmont is gaining more than 3 percent.
Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.3 to 0.4 percent each, while Westpac and National Australia Bank are edging up 0.1 to 0.3 percent each.
In the currency market, the Aussie dollar is trading at $0.660 on Monday.
On Wall Street, stocks turned in another mixed performance during trading on Friday after ending Thursday's session on opposite sides of the unchanged line. While the tech-heavy Nasdaq added to yesterday's strong gain, the Dow extended its losing streak to five sessions.
The Nasdaq ended the day up 103.12 points or 0.6 percent at 18,518.61, while the Dow slid 259.96 points or 0.6 percent to 42,114.40 and the SP 500 edged down 1.74 points or less than tenth of a percent to 5,808.12.
The major European markets also ended the day narrowly mixed. While the German DAX Index crept up by 0.1 percent, the French CAC 40 Index edged down by 0.1 percent and the U.K.'s FTSE 100 Index fell by 0.3 percent
Crude oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
DAX Rises As Middle East Tensions Ease
(RTTNews) - German stocks were modestly higher on Monday ahead of a busy week for earnings and economic data releases.
German consumer price inflation data, flash GDP numbers and employment data are due later in the week.
European Central Bank Vice President Luis de Guindos' speech is awaited later in the day, with investors looking for clues on how aggressively the European Central Bank will cut interest rates going forward.
Meanwhile, Middle East tensions eased somewhat after Israel's strikes on Iran had avoided the country's energy infrastructure and Iran's supreme leader Ayatollah Ali Khamenei signaled a measured response.
The benchmark DAX was up 54 points, or 0.3 percent, at 19,517 after rising 0.1 percent on Friday.
Indonesia Bourse May Take Further Damage On Monday
(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, dropping almost 100 points or 1.3 percent along the way. The Jakarta Composite Index now rests just beneath the 7,700-point plateau and it may extend its losing streak on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The JCI finished modestly lower on Friday as losses from the resource stocks were mitigated by support from the financial sector.
For the day, the index slumped 21.89 points or 0.28 percent to finish at 7,694.66 after trading between 7,678.18 and 7,752.25.
Among the actives, Bank CIMB Niaga skidded 1.04 percent, while Bank Mandiri climbed 1.08 percent, Bank Danamon Indonesia collected 0.77 percent, Bank Negara Indonesia added 0.44 percent, Bank Central Asia gained 0.47 percent, Bank Rakyat Indonesia dropped 1.04 percent, Bank Maybank Indonesia sank 0.87 percent, Indosat Ooredoo Hutchison plummeted 5.74 percent, Indocement retreated 1.62 percent, Semen Indonesia spiked 2.33 percent, Indofood Sukses Makmur fell 0.33 percent, United Tractors dipped 0.28 percent, Astra International slumped 0.95 percent, Energi Mega Persada plunged 4.20 percent, Astra Agro Lestari tumbled 1.81 percent, Aneka Tambang tanked 2.16 percent, Jasa Marga declined 1.67 percent, Vale Indonesia weakened 1.21 percent, Timah tumbled 3.75 percent and Bumi Resources lost 3.42 percent.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Target Cuts Thanksgiving Meal Price, Offers Free Frozen Pizza
(RTTNews) - Target Corp. announced it is lowering the price of its Thanksgiving meal by $5 than last year's offering. At $20, the retail major's popular Thanksgiving meal featuring turkey, stuffing and five additional side dishes can feed four people.
In addition, between November 13 and 16, Target is offering a free frozen pizza with a same-day delivery order for all members of the Target Circle 360 paid program to celebrate Thanksgiving eve, one of the most popular pizza days of the year.
In a statement, the company also announced further ways to making Thanksgiving affordable, easy and delicious, offering turkey for just 79 cents per pound, which is 20% lower per pound than the prior year.
The Minneapolis-based retailer also offers a value-packed array of side dishes, pies and desserts under $5, plus nearly 700 new food, beverage and entertaining items.
According to the firm, the $20 Thanksgiving meal includes everything for a traditional Thanksgiving feast that serves four, which can easily be doubled to serve eight.
It contains Good Gather Premium Basted Young Turkey (Frozen), Good Gather Russet Potatoes, Del Monte Cut Green Beans, Campbell's Cream of Mushroom Soup, Ocean Spray Jellied Cranberry Sauce, Stove Top Turkey Stuffing Mix, and Heinz Home Style Roasted Turkey Gravy.
Target is also bringing even more options including side dishes like Good Gather Cheddar Mac and Cranberry Goat Cheese, and desserts including Favorite Day apple and pumpkin pie for under $5.
Hosting and gift-giving options including fresh flowers, wines, Good Gather charcuterie entertaining tray, apps, desserts and more.
Further, all season long, designer and longtime Target collaborator John Derian offers limited-time-only Thanksgiving home collection, including ornate dinnerware and novelty pillows, all under $40, available now in stores and on Target.com.
British retailer Marks Spencer offers 12 exclusive gourmet food and beverage gifts like the Gingerbread Tin and Salted Caramel Pinecones, and 11 new home items like London-themed ornaments and mugs — for easy, no-wrapping-necessary gifting, all under $20.
In addition, owned and exclusive brands including Figmint kitchenware, Threshold and Hearth Hand with Magnolia feature new, only-at-Target gift and home decor options starting at $5.
Ahead of the upcoming holiday season, Target last week had announced its plan to reduce regular prices on more than 2,000 items across owned and national brands, to remain competitive in markets. These new price reductions are on top of the retailer's everyday low prices.
In total, the company would be offering lower prices than last year on more than 10,000 items during the holidays, including food and beverages, everyday essentials, holiday gifts and more. The company in May had announced that it would cut prices on about 5,000 items.
Among peers, Walmart Inc. in mid-October officially launched its holiday meal, offering customers a Thanksgiving meal for less than $7 per person. The offer, which comes earlier than last year, and at an even lower price, is available from October 14 through December 25. The retail behemoth's this year's meal features 29 items and serves eight people for less than $7 per person.
FTSE 100 Marginally Higher Ahead Of Budget
(RTTNews) - U.K. stocks were slightly higher on Monday ahead of Prime Minister Sir Keir Starmer's new government's first budget to be unveiled on Wednesday and the release of the widely watched monthly U.S. jobs report due on Friday.
In the run-up to the Budget, a survey showed business confidence in the U.K. dropped to a four-month low in October.
The benchmark FTSE 100 was up 12 points, or 0.1 percent, at 8,261 after dropping 0.3 percent on Friday.
Energy stocks traded lower, with BP Plc falling 1.7 percent and peer Shell losing more than 2 percent as crude prices plunged to four-week lows amid easing fears of a Middle East war.
Investors heaved a sigh of relief as Israeli strikes on Iran over the weekend avoided the OPEC member's oil facilities.
CAC 40 Rallies After Israel's Calibrated Attack On Iran
(RTTNews) - French stocks rallied on Monday after Israel pounded Iran with a series of airstrikes early Saturday in retaliation for the barrage of ballistic missiles the Islamic Republic fired upon Israel on October 1.
There was no immediate indication that oil or nuclear sites were hit.
Tehran said it will "use all available tools" to respond to the weekend attack on military targets in Iran.
The benchmark CAC 40 was up 72 points, or nearly 1 percent, at 7,569 after finishing marginally lower on Friday.
In corporate news, Eurofins Scientific SE gained 1.3 percent. The company focused on bio-analytical testing said that it has inked a deal with Synlab to acquire its clinical diagnostics operations in Spain for an undisclosed amount.
TotalEnergies dropped 1.1 percent as oil prices fell sharply to a four-week low on easing fears of a Middle East war.
Asian Shares Rise; Nikkei Outperforms On Weaker Yen
(RTTNews) - Asian stocks rose broadly on Monday, with Japanese markets leading regional gains after the country's ruling Liberal Democratic party lost its majority in Parliament's lower house in weekend elections, triggering a sharp fall in the yen to a three-month low and boosting export-related shares.
The dollar firmed up and gold inched lower amid heightened global uncertainties and ahead of key U.S. inflation, GDP and labor market data due later in the week.
Oil prices were down more than 4 percent in Asian trading after Israel's attack on Iran at the weekend avoided oil and nuclear facilities and Tehran signaled a measured response.
China's Shanghai Composite index rose 0.68 percent to 3,322.20 ahead of key economic activity readings due this week.
Investors shrugged off data that showed China's industrial profits in September dropped at its fastest pace since the pandemic.
Hong Kong's Hang Seng index finished marginally higher at 20,599.36 after a volatile session.
Japanese markets logged strong gains as a weaker yen lifted exporters like Honda Motor, Toyota, Sony and Nintendo up by 2-4 percent.
The Nikkei average jumped 1.82 percent to 38,605.53 as the ruling party defeat had been greatly factored in by markets. The broader Topix index closed 1.51 percent higher at 2,657.78.
Seoul stocks rallied on the back of gains in the technology sector, with heavyweight Samsung Electronics rising 3.9 percent.
Korea Zinc jumped 3.8 percent after announcing it has secured 9.85 percent of the company's shares in a $1.5 billion buyback. The Kospi average closed up 1.13 percent at 2,612.43.
Australian markets ended modestly higher as financials lagged behind, offsetting gains in the mining sector propelled by spiking iron ore prices.
The benchmark SP/ASX 200 inched up 0.12 percent to 8,221.50 ahead of upcoming domestic inflation data. The broader All Ordinaries index settled 0.13 percent higher at 8,478.20.
The New Zealand market was closed for Labour Day holiday.
U.S. stocks ended mixed on Friday as investors braced for a busy week of earnings and economic data releases.
Adding to optimism over the economic outlook, a survey showed U.S. consumer sentiment unexpectedly improved in October.
The Dow shed 0.6 percent to close lower for the fifth straight day and the SP 500 edged down marginally while the tech-heavy Nasdaq Composite gained 0.6 percent due to strong performance of Tesla shares.
Thai Stock Market May See Renewed Selling Pressure
(RTTNews) - The Thai stock market on Friday snapped the four-day losing streak in which it had dropped almost 35 points or 2.5 percent. The Stock Exchange of Thailand now sits just above the 1,460-point plateau although it may hand back those gains on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The SET finished slightly higher on Friday as gains from the finance, service and technology stocks were offset by weakness from the food, consumer and resource sectors.
For the day, the index rose 2.78 points or 0.19 percent to finish at 1,463.42 after trading between 1,456.59 and 1,468.79. Volume was 12.615 billion shares worth 41.356 billion baht. There were 240 decliners and 208 gainers, with 216 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.36 percent, while Thailand Airport perked 0.41 percent, Asset World gained 0.55 percent, Banpu improved 0.81 percent, Bangkok Bank shed 0.67 percent, Bangkok Dusit Medical advanced 0.88 percent, Bangkok Expressway rallied 1.27 percent, B. Grimm shed 0.44 percent, BTS Group soared 3.10 percent, CP All Public was up 0.39 percent, Gulf skidded 1.13 percent, Kasikornbank collected 0.68 percent, Krung Thai Card added 0.52 percent, PTT Oil Retail strengthened 1.28 percent, PTT sank 0.75 percent, PTT Exploration and Production increased 0.40 percent, PTT Global Chemical rose 0.42 percent, SCG Packaging dropped 0.96 percent, Siam Commercial Bank climbed 1.32 percent, Siam Concrete retreated 1.45 percent, Thai Oil plummeted 4.35 percent, True Corporation soared 2.54 percent and TTB Bank, Charoen Pokphand Foods, Krung Thai Bank and Energy Absolute were unchanged.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Closer to home, Thailand is scheduled to see September numbers for imports, exports and trade balance later today. In August, imports were up 8.9 percent on year and exports rose an annual 7.0 percent for a trade surplus of $0.260 billion.
UK Consumers Held Back Spending Ahead Of Autumn Budget - CBI Survey
(RTTNews) - British retailers saw sales volumes decline in October as consumers hesitated to spend due to the uncertainty surrounding the new chancellor Rachel Reeves' budget later this week, results of a survey by the Confederation of British Industry showed on Monday.
The retail sales volumes modestly declined in the year to October after a marginal growth in September, the CBI Distributive Trades Survey showed. The headline survey balance decreased to -6 from +4 in September. The reading was slightly better than the -9 economists had forecast.
Retailers expect sales to be broadly flat next month as suggested by a survey balance of -1.0 percent.
The latest survey was conducted between September 26 and October 15 and covered 177 respondents, of which 70 were retailers and 91 were wholesalers.
"Retail sales volumes slipped back slightly in October, with some firms highlighting increased consumer caution ahead of this week's Autumn Budget as a key factor," CBI Principal Economist Martin Sartorius said.
"This weakness in activity was reflected across the broader distribution sector, with wholesale and motor trade firms also reporting declining sales. Looking ahead, retailers aren't expecting an immediate turnaround, with annual sales set to be flat in November."
The CBI survey showed that retailers reported disappointing sales for the time of year, to a greater extent than in September and expect seasonal sales to remain similarly weak in November.
Meanwhile, internet sales volumes in the year to October grew at solidly for the second month in a row and are expected to grow at a faster pace next month.
Earlier on Monday, the Lloyds Business Barometer survey showed that UK business confidence sunk to a four-month low in October as employers adopted a cautious stance ahead of the new government's first budget that is scheduled to be delivered on October 30.
Singapore Bourse May Halt Its Slide On Tuesday
(RTTNews) - The Singapore stock market has finished lower in two straight sessions, sinking more than 20 points or 0.6 percent along the way. The Straits Times Index now sits just beneath the 3,585-point plateau and it may stop the bleeding on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The STI finished modestly lower again on Monday following losses from the industrials and mixed performances from the financial shares and property stocks.
For the day, the index slipped 9.33 points or 0.26 percent to finish at 3,584.08 after trading between 3,583.89 and 3,599.70.
Among the actives, CapitaLand Integrated Commercial Trust jumped 1.48 percent, while CapitaLand Investment dropped 0.70 percent, City Developments shed 0.58 percent, Comfort DelGro advanced 0.69 percent, DBS Group eased 0.18 percent, Emperador tumbled 1.18 percent, Genting Singapore climbed 1.21 percent, Hongkong Land added 0.51 percent, Keppel DC REIT declined 0.85 percent, Keppel Ltd lost 0.46 percent, Mapletree Pan Asia Commercial Trust slumped 0.75 percent, Mapletree Industrial Trust rallied 1.25 percent, Mapletree Logistics Trust skidded 0.73 percent, Oversea-Chinese Banking Corporation fell 0.33 percent, SATS tanked 1.50 percent, Seatrium Limited plummeted 2.06 percent, SembCorp Industries stumbled 1.14 percent, Singapore Technologies Engineering retreated 1.06 percent, SingTel slid 0.31 percent, Wilmar International sank 0.62 percent, Yangzijiang Financial strengthened 1.23 percent, Yangzijiang Shipbuilding plunged 1.56 percent and Thai Beverage, Frasers Logistics Commercial Trust and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Sensex, Nifty Snap Five-day Losing Streak
(RTTNews) - Indian shares rose notably on Monday as concerns over Middle East tensions eased and private sector lender ICICI Bank posted robust Q2 numbers.
Oil prices plummeted nearly 6 percent to hit four-week lows in European trade after Israel's attack on Iran at the weekend avoided oil and nuclear facilities, and Tehran signaled a measured response.
There was no immediate indication that oil or nuclear sites were hit, and Iranian state media said the country's oil industry activities were working normally.
The benchmark SP/BSE Sensex rose 602.75 points, or 0.76 percent, to 80,005.04, snapping a week-long losing streak on the back of gains across the board.
The broader NSE Nifty index closed up 158.35 points, or 0.65 percent, at 24,339.15, even as a firmer dollar and higher U.S. Treasury yields triggered some profit taking at higher levels.
Among the prominent gainers, Shriram Finance, Adani Enterprises, ICICI Bank, JSW Steel, Adani Ports, Mahindra Mahindra, Wipro, Tata Steel and Sun Pharma surged 2-5 percent.
UK Business Confidence Sinks To 4-month Low Ahead Of Budget
(RTTNews) - Confidence among U.K. businesses fell to its lowest in four months in October as they adopted a cautious stance ahead of the first budget presentation by the new chancellor Rachel Reeves later this week, results of a survey showed Monday.
The Lloyds Business Barometer fell three points to 44 percent, the lowest score since June, the survey that covered 1,200 companies between October 1 - 15 revealed.
Chancellor Reeves is set to present the new government's first budget on October 30.
"While overall business confidence dipped in October, it follows a sustained period of significant optimism, and business sentiment remains above historical levels," Lloyds Bank economist Hann-Ju Ho said.
"Encouragingly, many businesses remain confident in their own trading prospects, and the increase in hiring intentions suggests more employers want to grow their workforce."
Business confidence weakened for a second consecutive month but remained above the survey's long-term average of 29 percent.
The latest decline in confidence was a result of equal falls in firms' trading prospects and optimism about the economy, the survey said.
Optimism about the economy continued to erode and the corresponding balance fell three points this month to 35 percent, the lowest since March.
The net balance for firms' trading prospects eased in October after rising in the previous month, to 53 percent, the lowest since June. Businesses continued to look forward to strong output growth for the next twelve months, the survey said.
Despite the weakening in sentiment, hiring intentions among U.K. businesses edged up, the report added. The net balance edged up 1 point to 37 percent, offsetting September's decline.
Businesses' pay expectations for the next 12 months eased slightly in October yet remained higher than the pre-pandemic levels. Price expectations also moderated to partially reverse the rise in the previous month.
Among the various economic sectors, trading prospects eroded in manufacturing, retail and services, but improved in construction.
