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No Help Yet For South Korea Stock Market
(RTTNews) - The South Korea stock market has moved lower in back-to-back sessions, dropping more than 60 points or 2.3 percent along the way. The KOSPI now sits just above the 2,555-point plateau and it may extend its losses on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The KOSPI finished sharply lower on Thursday following losses from the financial shares, technology stocks and industrial issues.
For the day, the index sank 37.64 points or 1.45 percent to finish at 2,556.15 after trading between 2,552.36 and 2,579.65. Volume was 396.7 million shares worth 10.7 trillion won. There were 473 gainers and 401 decliners.
Among the actives, Shinhan Financial plummeted 5.87 percent, while KB Financial stumbled 3.83 percent, Hana Financial tanked 4.31 percent, Samsung Electronics perked 0.17 percent, Samsung SDI retreated 3.54 percent, LG Electronics declined 2.19 percent, SK Hynix plunged 4.46 percent, Naver slumped 2.52 percent, LG Chem weakened 2.18 percent, Lotte Chemical rallied 2.69 percent, SK Innovation skidded 1.18 percent, POSCO dropped 1.32 percent, SK Telecom dipped 0.35 percent, KEPCO added 0.65 percent, Hyundai Mobis gained 0.40 percent, Hyundai Motor surrendered 2.49 percent and Kia Motors tumbled 2.34 percent.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Closer to home, South Korea will on Friday see October numbers for imports, exports and trade balance later this morning. Imports are expected to rise 2.3 percent on year, up marginally from 2.2 percent in September. Exports re called higher by an annual 6.1 percent, easing from 7.5 percent in the previous month. The trade surplus is pegged at $4.60 billion, down from $6.66 billion a month earlier.
Australia Manufacturing PMI Improves To 47.3 - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in October, albeit at a slower rate, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 47.3.
That's up from 46.7 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Subdued market conditions underpinned another reduction in new orders for Australian manufactured goods in October. This extended the sequence of new order contraction to nearly two years. The rate of reduction was sharp but slower than in September, whereas export orders declined at a more pronounced pace amid a lowering of demand from key export markets.
Lower new orders led to another sharp downturn in production, although the pace of decline eased from September. Additionally, Australian manufacturers cleared their volume of outstanding work at the fastest pace since data collection began for the survey in May 2016.
Asian Markets Mixed Amid Cautious Trades
(RTTNews) - Asian stock markets are trading mixed on Friday, following the broadly negative cues from global markets overnight, as traders remain cautious and seemed reluctant to make significant moves ahead of the highly anticipated US monthly jobs report later in the day as well as next week's US presidential election. The uncertainty about the outlook for interest rate cuts weighed on market sentiment. Asian markets ended mostly lower on Thursday.
The Australian stock market is significantly lower on Friday, extending the losses in the previous two sessions, following the broadly negative cues from global markets overnight. The benchmark SP/ASX 200 is falling below the 8,100 level, with weakness across most sectors led by mining, financial and technology stocks.
The benchmark SP/ASX 200 Index is losing 75.60 points or 0.93 percent to 8,084.40, after hitting a low of 8,063.20 earlier. The broader All Ordinaries Index is down 74.40 points or 0.88 percent to 8,347.70. Australian markets ended modestly lower on Thursday.
Among major miners, BHP Group and Fortescue Metals are losing almost 1 percent each, while Rio Tinto is edging down 0.1 percent and Mineral Resources is declining almost 2 percent.
Oil stocks are mostly weak. Woodside Energy is gaining almost 1 percent, while Origin Energy is edging down 0.2 percent. Santos and Beach energy are flat.
Among tech stocks, Afterpay owner Block is losing more than 1 percent, Zip is declining more than 2 percent and WiseTech Global Energy is edging down 0.2 percent, while Xero and Appen are down almost 2 percent each.
Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are losing more than 1 percent each, while National Australia Bank is declining almost 2 percent.
Gold miners are mostly lower. Evolution Mining is losing almost 3 percent, Northern Star Resources is down almost 2 percent, Newmont is declining 2.5 percent, Resolute Mining is slipping more than 3 percent and Gold Road Resources is sliding more than 1 percent.
In economic news, the manufacturing sector in Australia continued to contract in October, albeit at a slower rate, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 47.3. That's up from 46.7 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Meanwhile, the Australian Bureau of Statistics said producer prices in Australia were up 0.9 percent on quarter in the third quarter of 2024. That exceeded expectations for an increase of 0.7 percent, although it eased 0.1.0 percent in the three months prior. On a yearly basis, producer prices climbed 3.9 percent - roughly in line with forecasts and down from 4.8 percent in the previous three months.
In the currency market, the Aussie dollar is trading at $0.657 on Friday.
Extending the losses in the previous session, the Japanese stock market is sharply lower on Friday, following the broadly negative cues from global markets overnight. The benchmark Nikkei 225 is falling more than 2 percent to be just above the 38,200 level, with weakness across most sectors led by index heavyweights and technology stocks after the Bank of Japan kept rates steady and warned of high uncertainties.
The benchmark Nikkei 225 Index closed the morning session at 38,196.53, down 884.72 points or 2.26 percent, after hitting a low of 38,180.35 earlier. Japanese stocks closed notably lower on Thursday.
Market heavyweight SoftBank Group is losing more than 5 percent and Uniqlo operator Fast Retailing is declining almost 2 percent. Among automakers, Honda is losing 1.5 percent and Toyota is declining almost 2 percent.
In the tech space, Advantest is losing almost 3 percent and Tokyo Electron is declining more than 3 percent, while Screen Holdings is gaining almost 1 percent.
In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.1 to 0.4 percent each, while Sumitomo Mitsui Financial is edging down 0.3 percent.
Among major exporters, Canon is losing more than 1 percent and Sony is down almost 1 percent, while Panasonic is soaring more than 10 percent and Mitsubishi Electric is skyrocketing almost 15 percent.
Among other major losers, Lasertec is plummeting almost 15 percent, Socionext is plunging more than 11 percent, Fujitsu is sliding more than 9 percent, Renesas Electronics is slipping almost 7 percent and Shiseido is declining more than 6 percent, while Fujikura and Sumitomo Heavy Industries are losing more than 5 percent each. Nikon is down almost 5 percent, while Nippon Electric Glass, TDK, Hitachi, Nitto Denko, NTN and Furukawa Electric are declining more than 4 percent each.
Conversely, Fuji Electric and Keisei Electric Railway are gaining more than 5 percent each, while JTEKT is adding more than 4 percent. Oriental Land and Resona Holdings are advancing almost 3 percent each.
In economic news, the manufacturing sector in Japan continued to contract in October, and at a faster rate, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 49.2. That's down from 49.7 in September, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the lower 152 yen-range on Friday.
Elsewhere in Asia, New Zealand, Malaysia, Singapore, Taiwan and Indonesia are lower by between 0.3 and 0.9 percent each. China, Hong Kong and South Korea are higher by between 0.1 and 0.6 percent each.
On Wall Street, stocks continued to see considerable weakness throughout the trading day on Thursday after moving sharply lower early in the session. The Nasdaq saw a particularly steep drop on the day amid a sell-off by technology stocks.
The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plunged 512.78 points or 2.8 percent to 18,095.15, the SP 500 tumbled 108.22 points or 1.9 percent to 5,705.45 and the Dow slumped 378.08 points or 0.9 percent to 41,763.46.
The major European markets also moved to the downside on the day. While the French CAC 40 Index slumped 1.1 percent, the German DAX Index slid by 0.9 percent and the U.K.'s FTSE 100 Index declined by 0.6 percent.
Crude oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
South Korea Has $3.17 Billion Trade Surplus
(RTTNews) - South Korea posted a merchandise trade surplus of $3.17 billion in October, the Customs Office said on Friday.
That missed forecasts for a surplus of $4.23 billion and was down from $6.66 billion in September.
Exports rose an annual 4.6 percent, again shy of expectations for a gain of 6.9 percent after rising 7.5 percent in the previous month.
Imports were up 1.7 percent on year versus expectations for a gain of 2.0 percent and down from 2.2 percent a month earlier.
Indian Markets Closed For Diwali
(RTTNews) - Indian markets remain closed today on account of Diwali. However, there will be a special one-hour Muhurat trading session between 6.00 pm and 7.00 pm.
Benchmark indexes Sensex and Nifty fell 0.7 percent and 0.6 percent, respectively on Thursday to extend losses for a second day running, while the rupee ended largely unchanged at 84.07 against the dollar amid persistent foreign fund outflows and month-end dollar demand from importers.
Asian stocks were broadly lower this morning as the latest core PCE inflation data suggested that the Fed is still on a bumpy course in this last mile to quell inflation and declare victory.
Mixed earnings from top U.S. technology companies also dented sentiment. Apple reported weaker-than-anticipated sales in China. while Amazon and Intel issued strong guidance.
Chinese markets were little changed, and Hong Kong's Hang Seng was moving higher after a private survey showed China's factory activity returned to expansion in October.
Also, China's residential property sales rose in October, marking the first on-year increase of 2024.
Japan's Nikkei was down more than 2 percent after the yen jumped nearly 1 percent against the dollar on Thursday.
The dollar steadied against major peers ahead of the all-important U.S. jobs data due later in the day and next week's presidential election.
Gold was marginally higher after falling from a record high the previous day. Oil prices were up almost 2 percent in Asian trading following reports that Iran is preparing to attack Israel from Iraqi territory in the coming days.
U.S. stocks tumbled overnight as Meta Platforms and Microsoft warned of rising costs for artificial intelligence.
In economic news, consumer spending beat expectations in September and unemployment claims dropped to a five-month low while labor costs posted their smallest increase in more than three years in the third quarter amid cooling wage growth, separate set of data showed.
PCE index, the Fed's preferred inflation measure, revealed a slight decline in the headline inflation rate to 2.1 percent year-over-year in September while core PCE inflation held steady at 2.7 percent versus 2.6 percent expected, adding to recent concerns the Fed will lower rates more slowly than hoped.
The tech-heavy Nasdaq Composite plummeted 2.8 percent, the SP 500 plunged 1.9 percent and the Dow dropped 0.9 percent.
European stocks fell notably on Thursday as data revealed a bigger than expected increase in euro zone inflation.
The pan European STOXX 600 declined 1.2 percent. The German DAX dipped 0.9 percent, France's CAC 40 lost 1.1 percent and the U.K.'s FTSE 100 gave up 0.6 percent.
Malaysia Bourse Likely To Give Up Support At 1,600 Points
(RTTNews) - Ahead of Thursday's Deepavali holiday, the Malaysia stock market headed south again - one day after ending the six-day losing streak in which it had stumbled more than 35 points or 2.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it's tipped to open in the red again on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The KLCI finished modestly lower on Wednesday following losses from the telecoms and industrials, while the financials were mixed.
For the day, the index lost 13.20 points or 0.82 percent to finish at 1,601.88 after trading between 1,601.45 and 1,615.36.
Among the actives, Axiata surrendered 2.16 percent, while Celcomdigi stumbled 2.29 percent, CIMB Group slumped 1.24 percent, Genting sank 1.00 percent, Genting Malaysia declined 1.75 percent, Hong Leong Bank rose 0.29 percent, IHH Healthcare fell 0.55 percent, IOI Corporation dropped 1.05 percent, Kuala Lumpur Kepong skidded 1.11 percent, Maxis plunged 4.74 percent, Maybank collected 0.38 percent, MISC eased 0.13 percent, MRDIY dipped 0.45 percent, Petronas Chemicals tumbled 2.34 percent, PPB Group retreated 1.97 percent, Press Metal gained 0.42 percent, Public Bank shed 0.90 percent, QL Resources gave up 0.21 percent, Sime Darby plummeted 5.31 percent, SD Guthrie tanked 3.36 percent, Sunway added 0.69 percent, Telekom Malaysia slipped 0.31 percent, Tenaga Nasional was down 0.14 percent, YTL Corporation slid 0.50 percent, YTL Power lost 0.64 percent and RHB Capital and Petronas Dagangan were unchanged.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Japan Manufacturing PMI Slips To 49.2 In October - Jibun
(RTTNews) - The manufacturing sector in Japan continued to contract in October, and at a faster rate, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 49.2.
That's down from 49.7 in September, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The latest contraction was led by a renewed and moderate decline in investment goods. There was also a softer fall at intermediate goods producers while consumer goods saw broadly stagnant conditions. Factory output fell for the second successive month during October.
While only marginal, the reduction was the most marked since April. Where a decline was signaled, survey participants commented weaker new orders, while there was also evidence that firms had excess inventories.
Australian Market Significantly Lower
(RTTNews) - The Australian stock market is significantly lower on Friday, extending the losses in the previous two sessions, following the broadly negative cues from global markets overnight. The benchmark SP/ASX 200 is falling to near the 8,100 level, with weakness across most sectors led by mining, financial and technology stocks.
The benchmark SP/ASX 200 Index is losing 78.70 points or 0.96 percent to 8,081.30, after hitting a low of 8,063.20 earlier. The broader All Ordinaries Index is down 80.10 points or 0.95 percent to 8,342.00. Australian markets ended modestly lower on Thursday.
Among major miners, BHP Group and Fortescue Metals are losing almost 1 percent each, while Rio Tinto is edging down 0.1 percent and Mineral Resources is declining almost 2 percent.
Oil stocks are mostly weak. Woodside Energy is gaining almost 1 percent, while Origin Energy is edging down 0.2 percent. Santos and Beach energy are flat.
Among tech stocks, Afterpay owner Block is losing more than 1 percent, Zip is declining more than 2 percent and WiseTech Global Energy is edging down 0.2 percent, while Xero and Appen are down almost 2 percent each.
Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are losing more than 1 percent each, while National Australia Bank is declining almost 2 percent.
Gold miners are mostly lower. Evolution Mining is losing almost 3 percent, Northern Star Resources is down almost 2 percent, Newmont is declining 2.5 percent, Resolute Mining is slipping more than 3 percent and Gold Road Resources is sliding more than 1 percent.
In economic news, the manufacturing sector in Australia continued to contract in October, albeit at a slower rate, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 47.3. That's up from 46.7 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the Aussie dollar is trading at $0.657 on Friday.
On Wall Street, stocks continued to see considerable weakness throughout the trading day on Thursday after moving sharply lower early in the session. The Nasdaq saw a particularly steep drop on the day amid a sell-off by technology stocks.
The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plunged 512.78 points or 2.8 percent to 18,095.15, the SP 500 tumbled 108.22 points or 1.9 percent to 5,705.45 and the Dow slumped 378.08 points or 0.9 percent to 41,763.46.
The major European markets also moved to the downside on the day. While the French CAC 40 Index slumped 1.1 percent, the German DAX Index slid by 0.9 percent and the U.K.'s FTSE 100 Index declined by 0.6 percent.
Crude oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
European Economic News Preview: UK Factory PMI Data Due
(RTTNews) - Factory Purchasing Managers' survey results and house prices from the UK are due on Friday, headlining a light day for the European economic news.
At 3.00 am ET, the UK Nationwide house price data is due. House prices are forecast to grow 2.8 percent annually in October after rising 3.2 percent in September.
At 3.30 am ET, consumer prices and retail sales are due from Switzerland. Consumer price inflation is seen unchanged at 0.8 percent in October.
At 5.30 am ET, SP Global is slated to publish UK final manufacturing Purchasing Managers' survey data. The final PMI is seen at a 6-month low of 50.3, in line with flash estimate, and down from 51.5 in September.
Australia Producer Prices Climb 0.9% In Q3
(RTTNews) - Producer prices in Australia were up 0.9 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Friday.
That exceeded expectations for an increase of 0.7 percent, although it eased 0.1.0 percent in the three months prior.
On a yearly basis, producer prices climbed 3.9 percent - roughly in line with forecasts and down from 4.8 percent in the previous three months.
Final demand increased 0.9 percent this quarter primarily driven by property operators (+1.9 percent) and residential building construction (+0.9 percent). Property operator prices rose driven by higher fees linked to increased rents as demand continues to outweigh supply. Building construction prices rose as the labor market remains tight.
Indonesia Shares Likely To Head South Again On Friday
(RTTNews) - The Indonesia stock market on Thursday halted the six-day losing streak in which it had stumbled more than 230 points or 3 percent. The Jakarta Composite Index now rests just beneath the 7,575-point plateau although it's expected to see renewed selling pressure on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The JCI finished slightly higher on Thursday following gains from the telecoms, losses from the resource stocks and mixed performances from the financials and cement companies.
For the day, the index perked 4.17 points or 0.06 percent to finish at 7,574.02 after trading between 7,558.68 and 7,617.36.
Among the actives, Bank Mandiri sank 0.74 percent, while Bank Negara Indonesia collected 0.48 percent, Bank Central Asia dropped 0.97 percent, Bank Rakyat Indonesia jumped 1.91 percent, Bank Maybank Indonesia advanced 0.88 percent, Indosat Ooredoo Hutchison skyrocketed 7.76 percent, Indocement retreated 1.37 percent, Semen Indonesia climbed 1.02 percent, Indofood Sukses Makmur rallied 1.67 percent, United Tractors soared 3.88 percent, Astra International tumbled 1.92 percent, Energi Mega Persada shed 0.70 percent, Astra Agro Lestari strengthened 1.88 percent, Aneka Tambang declined 1.84 percent, Vale Indonesia stumbled 1.29 percent, Timah surrendered 1.88 percent, Bumi Resources lost 0.71 percent and Bank CIMB Niaga, Bank Danamon Indonesia and Jasa Marga were unchanged.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Closer to home, Indonesia will release October numbers for consumer prices later today; in September, overall inflation was down 0.12 percent on month and up 1.84 percent on year, while core CPI added an annual 2.09 percent.
Hong Kong Shares May Take Further Damage On Friday
(RTTNews) - The Hong Kong stock market has moved lower in two straight sessions, retreating more than 380 points or 1.8 percent along the way. The Hang Seng Index now sits just beneath the 20,320-point plateau and it's expected to open in the red again on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The Hang Seng finished modestly lower on Thursday following losses from the property stocks and technology companies.
For the day, the index lost 63.31 points or 0.31 percent to finish at the daily low of 20,317.33 after peaking at 20,553.30.
Among the actives, Alibaba Group tumbled 1.36 percent, while Alibaba Health Info fell 0.51 percent, ANTA Sports dropped 0.96 percent, China Life Insurance gained 0.86 percent, China Mengniu Dairy surged 3.45 percent, China Resources Land soared 2.78 percent, CITIC rose 0.11 percent, CNOOC advanced 0.89 percent, CSPC Pharmaceutical plummeted 3.04 percent, Galaxy Entertainment skidded 1.00 percent, Haier Smart Home tanked 2.42 percent, Hang Lung Properties was down 0.15 percent, Henderson Land and CLP Holdings both lost 0.60 percent, Hong Kong China Gas retreated 1.31 percent, Industrial and Commercial Bank of China collected 0.87 percent, JD.com slid 0.26 percent, Lenovo surrendered 1.90 percent, Li Auto slumped 1.10 percent, Li Ning dipped 0.25 percent, Meituan declined 1.19 percent, New World Development plunged 2.98 percent, Nongfu Spring shed 0.86 percent, Techtronic Industries sank 0.88 percent, Xiaomi Corporation rallied 2.69 percent and WuXi Biologics eased 0.12 percent.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Closer to home, Hong Kong will provide September figures for retail sales later today; in August, sales dropped 10.1 percent on year.
China Manufacturing Activity Returns To Growth
(RTTNews) - China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence, survey results from SP Global showed on Friday.
The Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September. A reading above the neutral mark of 50.0 indicates expansion.
The official PMI survey results published by the National Bureau of Statistics showed that the factory activity grew for the first time in six months. The PMI hit 50.1 in October, up from 49.8 in September.
Caixin Insight Group Senior Economist Wang Zhe said the manufacturing survey show that market demand stabilized and optimism improved, suggesting that the new policies implemented by the government had an impact on the sector.
"Achieving China's 2024 growth target will depend on a sustained recovery in consumer demand. That means policy efforts should focus on increasing household disposable income more effectively," said Zhe.
New business grew at the fastest pace in four months, driven by better underlying demand and successive new business development endeavours, SP survey showed. Export orders declined again but at a slower pace.
In response to rising demand, manufacturers raised production at an accelerated pace. Confidence among respondents improved to the highest level in five months.
Purchasing activity increased in October as there was a strong growth in new work. This has led to further accumulation of stocks of purchases. Post-production inventory holdings also increased on the back of higher production.
Companies were cautious about hiring with the non-replacement of job leavers. Employment declined at the fastest rate in nearly one-and-a-half years.
On the price front, the survey revealed that average input costs increased for the first time in three months due to higher metal and energy prices. Consequently, average selling prices grew for the first time since June as firms passed on higher input costs. Export charges continued to decline as exporters faced higher competition.
Lower Open Called For Thai Stock Market
(RTTNews) - The Thai stock market on Thursday snapped the three-day losing streak in which it had slumped more than 15 points or 1.1 percent. The Stock Exchange of Thailand now sits just above the 1,465-point plateau although it's looking at a soft start on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The SET finished sharply higher on Thursday following gains from the food, consumer, finance, industrial, property, resource, service and technology sectors.
For the day, the index jumped 18.84 points or 1.30 percent to finish at 1,466.04 after trading between 1,446.26 and 1,468.45. Volume was 13.442 billion shares worth 42.780 billion baht. There were 363 gainers and 131 decliners, with 168 stocks finishing unchanged.
Among the actives, Advanced Info spiked 2.61 percent, while Thailand Airport fell 0.41 percent, Asset World climbed 1.09 percent, Banpu improved 1.63 percent, Bangkok Dusit Medical dropped 0.90 percent, B. Grimm rose 0.45 percent, CP All Public sank 0.78 percent, Charoen Pokphand Foods shed 0.40 percent, Energy Absolute jumped 2.60 percent, Gulf advanced 1.14 percent, Kasikornbank collected 0.69 percent, Krung Thai Bank dropped 0.97 percent, Krung Thai Card gained 0.53 percent, PTT Exploration and Production increased 2.02 percent, PTT Global Chemical accelerated 2.97 percent, SCG Packaging rallied 2.00 percent, Siam Commercial Bank strengthened 1.34 percent, Siam Concrete soared 2.44 percent, Thai Oil gathered 0.61 percent, TTB Bank added 0.56 percent and Bangkok Bank, True Corporation, PTT Oil Retail, PTT, Bangkok Expressway and BTS Group.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
European Shares Seen Opening Up On China Optimism
(RTTNews) - European stocks are seen opening on a positive note Friday amid optimism about the Chinese economy and stimulus push.
China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence, survey results from SP Global showed today.
The Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September.
Also, China's residential property sales rose in October, marking the first on-year increase of 2024.
Asian stocks were broadly higher, even as Chinese and Hong Kong markets crept higher ahead of a meeting of China's top legislative body from Nov. 4-8, with officials likely to approve over 10 trillion yuan ($1.4 trillion) in additional borrowing in the coming years to shore up the economy.
Japan's Nikkei index was down over 2 percent despite the yen retracing some of its recent gains after the release of weak manufacturing data.
London copper edged up on a softer dollar as investors await the all-important U.S. jobs report as well as a reading on manufacturing activity later in the day for additional clues on the Fed's rate trajectory.
Closer home, factory purchasing managers' survey results and house price data from the U.K. are due, headlining a light day for the European economic news.
The dollar steadied against major peers while gold edged up slightly as the latest core PCE inflation data suggested that the Fed is still on a bumpy course in this last mile to quell inflation and declare victory.
Oil prices were up nearly 2 percent in Asian trading following reports that Iran is preparing to attack Israel from Iraqi territory in the coming days.
On the earnings front, Apple reported weaker-than-anticipated sales in China. while Amazon and Intel issued strong guidance.
Exxon Mobil and Chevron are due to report their earnings results before the U.S. opening bell later in the day.
U.S. stocks tumbled overnight as Meta Platforms and Microsoft warned of rising costs for artificial intelligence.
In economic news, consumer spending beat expectations in September and unemployment claims dropped to a five-month low while labor costs posted their smallest increase in more than three years in the third quarter amid cooling wage growth, separate set of data showed.
PCE index, the Fed's preferred inflation measure, revealed a slight decline in the headline inflation rate to 2.1 percent year-over-year in September while core PCE inflation held steady at 2.7 percent versus 2.6 percent expected, adding to recent concerns the Fed will lower rates more slowly than hoped.
The tech-heavy Nasdaq Composite plummeted 2.8 percent, the SP 500 plunged 1.9 percent and the Dow dropped 0.9 percent.
European stocks fell notably on Thursday as data revealed a bigger than expected increase in euro zone inflation.
The pan European STOXX 600 declined 1.2 percent. The German DAX dipped 0.9 percent, France's CAC 40 lost 1.1 percent and the U.K.'s FTSE 100 gave up 0.6 percent.
CPSC Recalls: Polaris ROVs, Floating Wall Theaters, Charge Case Accessory, Backpack Sprayers
(RTTNews) - The U.S. Consumer Product safety Commission or CPSC has announced recalls including Polaris Industries Inc.'s Ranger XP Kinetic Recreational Off-Road Vehicles or ROVs, Manhattan Comfort Inc.'s Floating Wall Theater Entertainment Centers and Panels, Humane Inc.'s Charge Case Accessory for Ai Pin, Harbor Freight Tools' Bauer 4-Gallon Battery-Powered Backpack Sprayers, HALO Branded Solutions Inc.'s Tumblers with Metal Straws, as well as Sanven Technology's Vevor Baby Gates, citing various reasons.
In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair, replacement, or refund, depending on each product.
Polaris ROVs
Medina, Minnesota-based Polaris is calling back about 1,400 units of Model Year 2023-2024 Ranger XP Kinetic ROVs citing fire and crash hazards. In addition, about 70 vehicles were sold in Canada.
The vehicles were sold in camouflage and white colors in three-seat configurations and have "POLARIS" stamped on the front grille.
The vehicles, manufactured domestically, were sold at Polaris dealers nationwide from May 2023 through September 2024 for between $24,900 and $37,800.
According to the agency, the high voltage cables on the motor controller unit can be loose, causing the cable to arc or overheat while in use. This could cause fire and crash, resulting in serious injury.
The recall was initiated after the firm received one report of unintended acceleration and fire and six reports of melting on or around the motor controller unit. However, no injuries have been reported so far related to the recalled vehicles.
Consumers are asked to immediately stop using the recalled ROVs and contact an authorized Polaris dealer to schedule a free inspection of the motor controller unit and its components.
Floating Wall Theaters
Dayton, New Jersey-based Manhattan Comfort's recall involves about 46,750 units of Floating Wall Theater Entertainment Centers and Panels due to risk of injury.
Manhattan Comfort Cabrini 1.8, Cabrini 2.2, City 1.8, City 2.2 and Utopia Wall Mounted Floating Theater Entertainment Centers with various model numbers are included in the recall. The units were sold in white gloss, black gloss, maple cream and off-white colors. The products are floating TV wall-mounted panels made of MDF.
The products were manufactured in Brazil and sold online at Wayfair, Home Depot, Target, ShopHQ, Walmart, Overstock, Macys, Lowes, ATG Stores, Unbeatable Sales, JET, Bed Bath Beyond, Dropship Central,123 Stores, OJ Commerce, Hayneedle, Cymax and Houzz from March 2015 through March 2024 for between $380 and $1,465.
When attached to drywall without toggle bolts, the panels of the recalled floating wall theater can detach and fall, posing an injury hazard to consumers. The bottom panel of the recalled floating wall theater can also detach and fall, causing an injury.
The firm has received 51 reports of the panels detaching, including three minor injuries such as scrapes and bruising.
Consumers are urged to contact Manhattan Comfort for a free repair.
Charge Case Accessory
San Francisco, California-based Humane is calling back about 10,500 units of Charge Case Accessory for Ai Pin due to Lithium Battery fire risk.
The Ai Pin is an AI-powered multi-modal wearable device. The Charge Case Accessory contains a lithium polymer rechargeable battery pack that is charged via a USB-C charge port. The Charge Case Accessory is chrome with the Humane logo in gray on the back of the case.
The products were manufactured in China and sold online at humane.com from November 2023 through May 2024. The Charge Case Accessory was sold with the Humane Ai Pin Complete System for between $700 and $800 and sold separately for about $150.
According to the agency, the lithium battery in the recalled Charge Case Accessory can overheat, posing a fire hazard.
The recall was initiated after the firm received one report of a charge case overheating and melting during charging. However, no injuries or property damage have been reported so far.
Consumers are asked to immediately stop using the recalled Charge Case Accessory and contact Humane to receive a full refund or free replacement.
Backpack Sprayers
Calabasas, Californi-based Harbor Freight Tools called back about 53,000 units of Bauer 20V Battery-Powered 4-Gallon Backpack Sprayers citing risk of fire.
The sprayer is a chemical sprayer product powered by a 20V rechargeable lithium-ion battery, sold separately, and allows a user to wear the backpack and continuously spray liquids. The sprayer is red, white and black.
They were manufactured in China and sold at Harbor Freight Tools stores nationwide and online from March 2022 through September 2024 for between $80 and $120.
The agency noted that the sprayer pump on the backpack can leak chemicals into the battery compartment and can cause the battery to overheat, posing a fire hazard.
Harbor Freight Tools has received eight reports of the battery overheating, including reports of smoking, melting and fire. But, no injuries have been reported so far.
Consumers are urged to immediately stop using the recalled sprayers and contact Harbor Freight Tools for a full refund in the form of a gift card.
Tumblers with Metal Straws
Sterling, Illinois-based HALO has called back about 60,000 units of Tumblers with Metal Straws citing risk of laceration.
The plastic tumblers come in four styles: "The Mermaid" which is pink/green, "Island Surf" which is blue/yellow, "Sailor Breeze" which is tan/orange, and "The Galaxy" which is blue/pink.
The tumblers come with a tan lid. Wawa is imprinted on the tumblers.
The products were manufactured in China and sold exclusively at Wawa stores in Alabama, Washington D.C., Delaware, Florida, North Carolina, New Jersey, Pennsylvania, Virginia and Maryland during the month of August 2024 for about $13.
According to the agency, the metal straw inside the tumbler can cut one's mouth and/or fingers, posing a laceration hazard.
The firm has received four reports of incidents resulting in four laceration injuries to the hand and mouth.
Consumers should immediately stop using the recalled metal straw and contact HALO for a free replacement silicone straw, after returning the metal straw, or receive a refund in the form of a $15 gift card.
Vevor Baby Gates
Rancho Cucamonga, California-based Sanven Technology has called back about 420 units of Vevor Baby Gates due to entrapment hazard.
The products were manufactured in China, and sold online at eBay.com, AliExpress.com, and Overstock.com from February 2024 through May 2024 for about $45.
The gates violate the federal safety regulations for expansion gates and expandable enclosures. But, there were no reports of incidents or injuries related to the recalled products so far.
Consumers should immediately stop using the gates and contact the firm for a full refund.
NZ Dollar Rises Against Majors
(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian session on Friday.
The NZ dollar rose to a 2-day high of 0.5984 against the U.S. dollar, from yesterday's closing value of 0.5976.
Against the yen and the euro, the kiwi advanced to 91.25 and 1.8180 from Thursday's closing quotes of 90.85 and 1.8205, respectively.
The kiwi edged up to 1.0992 against the Australian dollar, from an early 4-day low of 1.1027.
If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback, 93.00 against the yen, 1.78 against the euro and 1.08 against the aussie.
U.S. Employment Inches Up By 12,000 Jobs In October, Far Less Than Expected
(RTTNews) - With increases in healthcare and government jobs partly offset by decreases in temporary and manufacturing jobs, the Labor Department released a report on Friday showing employment in the U.S. edged only slightly higher in the month of October.
The Labor Department said non-farm payroll employment crept up by 12,000 jobs in October compared to economist estimates for the addition of 113,000 jobs.
The report also showed a modest downward revision to job growth in September as well as a more significant downward revision to job growth in August.
Employment in September shot up by 223,000 jobs compared to the previously reported surge of 254,000 jobs, while employment in August rose by 78,000 jobs compared to the previously reported jump of 159,000 jobs.
With the downward revisions, employment in August and September increased by 112,000 fewer jobs than previously reported.
The uptick in employment in October came as employment in the healthcare and social assistance sector increased by 51,300 jobs, while the government added 40,000 jobs.
On the other hand, temporary help services jobs fell by 48,5000 and manufacturing jobs declined by 47,000 due in part to the strike by Boeing (BA) machinists.
The Labor Department noted the jobs data was likely impacted by Hurricanes Helene and Milton but said it is not possible to quantify the net effect because the establishment survey is not designed to isolate effects from extreme weather events.
"At a critical moment, unfortunately the signal from the October employment report is not a clear one for the Fed or markets given the distortions from Hurricanes Helene and Milton and the Boeing labor strike, which we estimate lowered the payroll count by 100,000," said Nationwide Chief Economist Kathy Bostjancic.
She added, "These readings along with the decline in job openings suggests a labor market that continues to cool and supports our call that the Fed cuts the funds rate by 25bps next week."
Meanwhile, the report said the unemployment rate came in at 4.1 percent in October, unchanged from September and in line with economist estimates.
The unemployment rate came in unchanged as the household survey measure of employment plunged by 368,000 persons but the labor force also shrank by 220,000 persons.
The Labor Department also said average hourly employee earnings climbed by $0.13 or 0.4 percent to $35.46 in October. The annual rate of wage growth ticked up to 4.0 percent in October from a revised 3.9 percent in September.
Japanese Market Sharply Lower; Down 2%
(RTTNews) - Extending the losses in the previous session, the Japanese stock market is sharply lower on Friday, following the broadly negative cues from global markets overnight. The benchmark Nikkei 225 is falling more than 2 percent to be just above the 38,200 level, with weakness across most sectors led by index heavyweights and technology stocks after the Bank of Japan kept rates steady and warned of "high uncertainties" following the worst election result in 15 years for the ruling party.
The benchmark Nikkei 225 Index is losing 862.94 points or 2.21 percent to 38,218.31, after hitting a low of 38,218.31 earlier. Japanese stocks closed notably lower on Thursday.
Market heavyweight SoftBank Group is losing more than 5 percent and Uniqlo operator Fast Retailing is declining almost 2 percent. Among automakers, Honda is losing 1.5 percent and Toyota is declining almost 2 percent.
In the tech space, Advantest is losing almost 3 percent and Tokyo Electron is declining more than 3 percent, while Screen Holdings is gaining almost 1 percent.
In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.1 to 0.4 percent each, while Sumitomo Mitsui Financial is edging down 0.3 percent.
Among major exporters, Canon is losing more than 1 percent and Sony is down almost 1 percent, while Panasonic is soaring more than 10 percent and Mitsubishi Electric is skyrocketing almost 15 percent.
Among other major losers, Lasertec is plummeting almost 15 percent, Socionext is plunging more than 11 percent, Fujitsu is sliding more than 9 percent, Renesas Electronics is slipping almost 7 percent and Shiseido is declining more than 6 percent, while Fujikura and Sumitomo Heavy Industries are losing more than 5 percent each. Nikon is down almost 5 percent, while Nippon Electric Glass, TDK, Hitachi, Nitto Denko, NTN and Furukawa Electric are declining more than 4 percent each.
Conversely, Fuji Electric and Keisei Electric Railway are gaining more than 5 percent each, while JTEKT is adding more than 4 percent. Oriental Land and Resona Holdings are advancing almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 152 yen-range on Friday.
On Wall Street, stocks continued to see considerable weakness throughout the trading day on Thursday after moving sharply lower early in the session. The Nasdaq saw a particularly steep drop on the day amid a sell-off by technology stocks.
The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plunged 512.78 points or 2.8 percent to 18,095.15, the SP 500 tumbled 108.22 points or 1.9 percent to 5,705.45 and the Dow slumped 378.08 points or 0.9 percent to 41,763.46.
The major European markets also moved to the downside on the day. While the French CAC 40 Index slumped 1.1 percent, the German DAX Index slid by 0.9 percent and the U.K.'s FTSE 100 Index declined by 0.6 percent.
Crude oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Pound Firms Against Majors
(RTTNews) - The pound moved up against its major counterparts in the New York session on Friday.
The pound edged up to 1.2980 against the greenback, 198.29 against the yen and 0.8369 against the euro, off its early lows of 1.2884, 195.77 and 0.8443, respectively.
The pound firmed to 1.1279 against the franc, setting a 2-day high.
The next possible resistance for the currency is seen around 1.31 against the greenback, 200.00 against the yen, 0.82 against the euro and 1.14 against the franc.
U.S. Construction Spending Inches Slightly Higher In September
(RTTNews) - Reflecting an increase in spending on public construction, the Commerce Department released a report on Friday showed an uptick by U.S. construction spending in the month of September.
The report said construction spending crept up by 0.1 percent to an annual rate of $2.149 trillion in September after inching up by 0.1 percent to a revised rate of $2.146 trillion in August.
Economists had expected construction spending to come in unchanged compared to the 0.1 percent dip originally reported for the previous month.
The uptick by construction spending came as spending on construction increased by 0.5 percent to an annual rate of $495.2 billion in September.
Spending on educational construction rose by 0.3 percent to a rate of $104.2 billion, while spending on highway construction climbed by 0.5 percent to a rate of $141.0 billion.
Meanwhile, the report said spending on private construction came in at an annual rate of $1.654 trillion in September, virtually unchanged from the revised August estimate.
While spending on residential construction crept up by 0.2 percent to a rate of $913.6 billion, spending on non-residential construction edged down by 0.1 percent to a rate of $740.0 billion.
U.S. Employment Inches Up Far Less Than Expected In October
(RTTNews) - With increases in healthcare and government jobs partly offset by decreases in temporary and manufacturing jobs, the Labor Department released a report on Friday showing employment in the U.S. edged only slightly higher in the month of October.
The Labor Department said non-farm payroll employment crept up by 12,000 jobs in October after jumping by a downwardly revised 223,000 jobs in September.
Economists had expected employment to climb by 113,000 jobs compared to the surge of 254,000 jobs originally reported for the previous month.
Meanwhile, the report said the unemployment rate came in at 4.1 percent in October, unchanged from September and in line with economist estimates.
U.S. Manufacturing Index Unexpectedly Dips To Lowest Level In Over A Year
(RTTNews) - A report released by the Institute for Supply Management on Friday showed U.S. manufacturing activity unexpectedly contracted at a modestly faster rate in the month of October.
The ISM said its manufacturing PMI fell to 46.5 in October from 47.2 in September, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 47.6.
With the unexpected decrease, the manufacturing PMI dropped to its lowest level since hitting 46.5 in July 2023.
"After breaking a 16-month streak of contraction by expanding in March, the manufacturing sector has contracted the last seven months, said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
The dip by the headline index partly reflected an accelerated contraction by production, as the production index slid to 46.2 in October from 49.8 in September.
Meanwhile, the report said the new orders index rose to 47.1 in October from 46.1 in September, although the reading below 50 still suggests contraction.
"Demand remains subdued, as companies continue to show an unwillingness to invest in capital and inventory due to concerns (for example, inflation resurgence) about federal monetary policy direction in light of the fiscal policies proposed by both major parties," said Fiore.
The employment index also crept up to 44.4 in October from 43.9 in September, but the index signaled contraction for the fifth consecutive month after an expansion in May.
A report released by the Labor Department earlier in the day showed employment in the manufacturing sector fell by 47,000 jobs in October due in part to the strike by Boeing (BA) machinists.
On the inflation front, the report said the prices index jumped to 54.8 in October from 48.3 in September, indicating raw materials prices increased after decreasing the month before.
The ISM is scheduled to release a separate report on U.S. service sector activity in the month of October next Tuesday.
Economists currently expect the ISM's services PMI to dip to 53.3 in October from 54.9 in September, but a reading above 50 would still indicate growth.
Swiss Market Ends On Firm Note On Strong Economic Data
(RTTNews) - The Switzerland market closed on a strong note on Friday, in line with markets across Europe, as upbeat results from top U.S. firms Intel and Amazon, and data showing an unexpected drop in Swiss consumer price inflation helped underpin sentiment.
The benchmark SMI closed up 174.28 points or 1.48% at 11,967.20. The index scaled a low of 11,842.98 and a high of 11,991.87 intraday.
Julius Baer and Lonza Group both gained about 3.1%. Logitech International and UBS Group climbed 2.52% and 2.11%, respectively.
Straumann Holding, Roche Holding, Swatch Group, Novartis, Sonova and Holcim gained 1.6 to 2%. Nestle, Lindt Spruengli, Swiss Life Holding, Swisscom, VAT Group, Swiss Re, ABB, SGS and Sika advanced 1 to 1.5%.
Richemont, Zurich Insurance, Givaudan, Schindler Ps, Kuehne + Nagel and Alcon also posted solid gains.
Geberit ended down 1%, and SIG Group drifted down 0.32%.
Data from the Federal Statistical Office said Switzerland's consumer price inflation eased unexpectedly in October to the lowest level in more than three years.
The consumer price index rose 0.6% on a yearly basis in October, slower than the 0.8% rise in September. Economists had expected the inflation to remain stable at 0.8%.
On a monthly basis, consumer prices edged down 0.1% in October after falling 0.3% in the previous month. Prices were expected to remain flat.
Another report from the same office said retail sales in Switzerland rose 2.2% year-on-year in September 2024, below the expected 2.5% increase, slowing from a downwardly revised 2.7% growth in August. On a monthly basis, retail sales decreased 0.5%, following a downwardly revised 0.1% rise in August.
Switzerland's procure.ch Manufacturing PMI held steady at 49.9 in October 2024, unchanged from September and hovering just below the growth threshold of 50, slightly above forecasts of 49.8, according to procure.ch UBS.
Brazilian Real Weakens To Near 3-month Low Against U.S. Dollar
(RTTNews) - The Brazilian real weakened against the U.S. dollar in the New York session on Friday.
The Brazilian real dropped to near a 3-month low of 5.83 against the greenback from yesterday's close of 5.78. The next possible downside target for the currency is seen around the 5.85 level.
