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European Economic News Preview: UK Public Sector Finance Data Due
(RTTNews) - Public sector finances from the UK and new car registrations data from Europe are due on Thursday.
At 2.00 AM ET, the Office for National Statistics releases UK public sector finance data for October. The budget deficit is expected to narrow to GBP 14.1 billion from GBP 16.6 billion in September.
In the meantime, the European Automobile Manufacturers' Association is scheduled to issue Europe's new car registrations figures for October.
Also, GDP data is due from Norway.
At 2.45 am ET, France's statistical office INSEE is set to issue business confidence survey results. The manufacturing sentiment index is expected to rise to 95 in November from 92 in October.
At 6.00 am ET, the Confederation of British Industry is slated to release Industrial Trends survey results for November. The order book balance is forecast to rise to -25 percent from -27 percent in October.
Also, monetary policy announcement is due from Turkey at 6.00 am ET.
Asian Markets Mixed Amid Cautious Trades
(RTTNews) - Asian stock markets are trading mixed on Thursday, following the mixed cues from Wall Street overnight, as traders remain cautious and are reluctant to make more significant moves as they kept an eye on the escalating tensions between Ukraine and Russia. The People's Bank of China holding rates steady and the uncertainty about the US Fed's interest rate moves also rendered the mood cautious. Asian Markets closed mixed on Wednesday.
The Australian market is trading slightly lower on Thursday after opening in the green, adding to the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is staying above the 8,300 level, with weakness in technology stocks nearly offset by gains in mining and energy stocks amid firmer commodity prices.
The benchmark SP/ASX 200 Index is losing 8.60 points or 0.10 percent to 8,317.70, after touching a high of 8,362.80 and a low of 8,315.30 earlier. The broader All Ordinaries Index is down 13.60 points or 0.16 percent to 8,565.50. Australian stocks ended notably lower on Wednesday.
Among major miners, Rio Tinto is edging up 0.3 percent and Fortescue Metals is gaining almost 2 percent, while BHP Group and Mineral Resources are losing almost 1 percent each.
Oil stocks are mostly higher. Beach energy, Santos and Woodside Energy are gaining almost 1 percent each, while Origin Energy is adding almost 2 percent.
In the tech space, Afterpay owner Block is losing more than 2 percent, WiseTech Global is edging down 0.2 percent and Zip is declining 2.5 percent, while Appen is edging up 0.5 percent. Xero is flat.
Among the big four banks, National Australia Bank is gaining almost 1 percent, ANZ Banking is edging up 0.4 percent and Westpac is adding more than 1 percent, while Commonwealth Bank is edging down 0.2 percent.
Among gold miners, Evolution Mining is gaining almost 1 percent and Newmont is edging up 0.5 percent, while Northern Star Resources and Gold Road Resources are adding more than 2 percent each. Resolute Mining is losing almost 2 percent.
In other news, shares in Accent Group are tumbling almost 14 percent after warning its gross margins were coming under pressure as retailers place heavy discounts on products to tempt back shoppers.
Shares in Sayona Mining are sinking almost 8 percent to 3.5¢ after it wrapped a $40 million equity raise as it prepares to merge with fellow lithium player Piedmont Lithium, which is also down more than 8 percent.
In the currency market, the Aussie dollar is trading at $0.651 on Thursday.
Extending the losses in the previous session, the Japanese market is significantly lower on Thursday, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,100 level, with weakness in index heavyweights and technology stocks partially offset by gains in financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 38,033.22, down 319.12 points or 0.83 percent, after hitting a low of 37,995.90 earlier. Japanese shares ended modestly lower on Wednesday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is also down almost 2 percent. Among automakers, Toyota is edging down 0.3 percent and Honda is losing more than 1 percent.
In the tech space, Tokyo Electron is edging down 0.4 percent, Advantest is losing 3.5 percent and Screen Holdings is declining almost 2 percent.
In the banking sector, Mizuho Financial is gaining 1.5 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.3 to 0.4 percent each.
Among the major exporters, Canon is adding almost 1 percent and Panasonic is edging up 0.3 percent, while Sony is losing 1.5 percent and Mitsubishi Electric is down almost 1 percent.
Among other major losers, Socionext is losing more than 3 percent, while Mitsubishi Heavy Industries and Disco are declining almost 3 percent each.
Conversely, Fujikura is gaining more than 4 percent and Sumitomo Electric Industries is adding almost 4 percent, while Furukawa Electric, Sumitomo Pharma, Taiyo Yuden, Sumitomo Mitsui Trust and Kyowa Kirin are advancing more than 3 percent each. UBE is up almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 154 yen-range on Thursday.
Elsewhere in Asia, China, Hong Kong, Malaysia and Taiwan are lower by between 0.1 and 0.5 percent each, while New Zealand, Singapore, South Korea and Indonesia are higher by between 0.1 and 0.6 percent each.
On Wall Street, stocks recovered in the latter part of the trading day on Wednesday after seeing weakness throughout much of the session. The major averages climbed well off their worst levels before eventually ending the session narrowly mixed.
The Dow ended the day up 139.53 points or 0.3 percent at 43,408.47, while the SP 500 closed little changed, up just 0.13 points at 5,917.11. The tech-heavy Nasdaq closed down 21.32 points or 0.1 percent at 18,966.14 but staged a notable recovery attempt after tumbling by as much as 1.4 percent.
Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index fell by 0.4 percent, the German DAX Index slipped by 0.3 percent and the U.K.'s FTSE 100 Index edged down by 0.2 percent.
Crude oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
European Markets Seen Opening Lower
(RTTNews) - European stock markets are likely to open negative on Thursday tracking losses in Asian peers and weak sentiment on Wall Street. Geopolitical concerns are expected to weigh heavily on market sentiment.
Wall Street had closed on a mixed note on Wednesday amidst anticipation ahead of NVIDIA's earnings report as well as geopolitical concerns. The Nasdaq Composite shed 0.11 percent to close trading at 18,966.14 whereas the Dow Jones Industrial Average rallied 0.32 percent to finish trading at 43,408.47.
European markets closed on Wednesday on a predominantly bearish note amidst renewed tensions between Russia and Ukraine. The mixed earnings report and hotter-than-expected inflation readings in the U.K. also weighed on sentiment. France's CAC 40 slipped 0.43 percent followed by the pan-European Stoxx-50 that erased 0.42 percent. Germany's DAX declined 0.29 percent. U.K.'s FTSE 100 also slipped 0.17 percent. Switzerland's SMI edged down 0.02 percent.
Current indications from the European stock futures indicate a negative sentiment. The DAX Futures (Dec) has slipped 0.17 percent. The CAC 40 Futures (Dec) has declined 0.41 percent. The FTSE 100 Futures (Dec) has also edged down 0.06 percent. The pan-European Stoxx 50 Futures (Dec) has decreased 0.15 percent. The SMI Futures (Dec) however finished Wednesday's trading 0.44 percent higher.
American stock futures are trading negative as investors digested Nvidia's much-anticipated earnings report. The US 30 (DJIA) is trading 0.03 percent lower, whereas the US500 (SP 500) is trading 0.23 percent below the flatline.
Asian stock markets are trading on a mostly negative note. Japan's Nikkei 225 benchmark has lost 0.95 percent. India's Nifty 50 has declined 0.74 percent. China's Shanghai Composite has dropped 0.48 percent whereas Hong Kong's Hang Seng has erased 0.42 percent. Australia's SP ASX 200 has edged down 0.04 percent. DJ New Zealand has gained 0.32 percent whereas South Korea's KOSPI has rallied 0.21 percent.
The Dollar Index, a measure of the U.S. dollar's strength relative to six currencies, is exhibiting weakness after a rebound on Wednesday. DXY has edged down to 106.58 from 106.68 on Wednesday and 106.21 on Tuesday. The EUR/USD pair has edged up 0.08 percent to 1.0551 whereas the GBP/USD pair has edged up 0.04 percent to trade at 1.2655.
Supported by safe haven demand, gold extended gains. Gold Futures for December settlement is trading at $2,662.65, which is 0.41 percent higher than the previous close of $2,651.70.
Crude oil prices are trading above the flatline amidst lingering geopolitical concerns. Brent Crude Futures for January settlement added 0.25 percent to trade at $72.99 whereas WTI Crude Futures for January settlement gained 0.29 percent to trade at $68.95.
Data expected from the region on Thursday include Business Confidence for November from France, CBI Industrial Trends Orders for November from France, Consumer Confidence Flash for November from Euro Area and GfK Consumer Confidence for November from U.K.
Major earnings updates due from the region include Halma, International Distribution Services, Jet2, Mitie Group, Ithaca Energy and CMC Markets.
Japanese Market Significantly Lower
(RTTNews) - Extending the losses in the previous session, the Japanese market is significantly lower on Thursday, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,100 level, with weakness in index heavyweights and technology stocks partially offset by gains in financial stocks.
The benchmark Nikkei 225 Index is down 307.66 points or 0.80 percent to 38,044.68, after hitting a low of 37,995.90 earlier. Japanese shares ended modestly lower on Wednesday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is also down almost 2 percent. Among automakers, Toyota is edging down 0.3 percent and Honda is losing more than 1 percent.
In the tech space, Tokyo Electron is edging down 0.4 percent, Advantest is losing 3.5 percent and Screen Holdings is declining almost 2 percent.
In the banking sector, Mizuho Financial is gaining 1.5 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.3 to 0.4 percent each.
Among the major exporters, Canon is adding almost 1 percent and Panasonic is edging up 0.3 percent, while Sony is losing 1.5 percent and Mitsubishi Electric is down almost 1 percent.
Among other major losers, Socionext is losing more than 3 percent, while Mitsubishi Heavy Industries and Disco are declining almost 3 percent each.
Conversely, Fujikura is gaining more than 4 percent and Sumitomo Electric Industries is adding almost 4 percent, while Furukawa Electric, Sumitomo Pharma, Taiyo Yuden, Sumitomo Mitsui Trust and Kyowa Kirin are advancing more than 3 percent each. UBE is up almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 154 yen-range on Thursday.
On Wall Street, stocks recovered in the latter part of the trading day on Wednesday after seeing weakness throughout much of the session. The major averages climbed well off their worst levels before eventually ending the session narrowly mixed.
The Dow ended the day up 139.53 points or 0.3 percent at 43,408.47, while the SP 500 closed little changed, up just 0.13 points at 5,917.11. The tech-heavy Nasdaq closed down 21.32 points or 0.1 percent at 18,966.14 but staged a notable recovery attempt after tumbling by as much as 1.4 percent.
Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index fell by 0.4 percent, the German DAX Index slipped by 0.3 percent and the U.K.'s FTSE 100 Index edged down by 0.2 percent.
Crude oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Fed's Barkin Warns U.S. Vulnerable To Inflation Shocks - FT
(RTTNews) - The U.S. economy is now more vulnerable to inflation shocks than it was in the past, Federal Reserve Bank of Richmond President Tom Barkin said in an interview to the Financial Times published on Wednesday, as businesses grow increasingly concerned about the impact of the Donald Trump administration's policies regarding tariffs and migrants.
"We're somewhat more vulnerable to cost shocks on the inflation side, whether they be wage-[related] or otherwise, than we might have been five years ago," Barkin told FT.
The Fed policymaker expects inflation to ease but warned that businesses were passing on costs to consumers more readily than in the past thus having an impact on prices, FT reported.
U.S. inflation accelerated to 2.6 percent in October from 2.4 percent in September, while core price growth remained steady at 3.3 percent.
In an interview with Yahoo Finance earlier this week, Barkin stressed on the need for Fed to be careful with the pace of the rate-cutting campaign due to the uncertain economic outlook.
Last week, Fed Chair Jerome Powell said that the central bank does not "need to be in a hurry to lower rates" due to the strength of the economy, thus damping hopes of a rate cut in December following a quarter-point reduction this month.
Sensex, Nifty End Notably Lower; Adani Group Stocks Fall On Bribery Charges In U.S.
(RTTNews) - Indian stocks tumbled on Thursday, weighed down by rising concerns about escalating geopolitical tensions, and a sell-off in Adani Group companies' shares following news about the indictment of Gautam Adani and a few other executives of the group on bribery charges in the U.S.
The market recovered some lost ground after a sharp early plunge, but still ended the day's session on a weak note, with stocks from metal, automobile, FMCG and banking sectors registering sharp losses.
The BSE benchmark Sensex, which dropped to 76,802.73 in early trades, settled with a loss of 422.59 points or 0.54% at 77,155.79. The broader Nifty50 index of the National Stock Exchange closed down 168.60 points or 0.72% at 23,349.90, nearly 90 points off the day's low of 23,263.15.
Adani Ports, down 13.5%, was the biggest loser in the Sensex. Among other stocks from the Adani Group, Adani Enterprises plunged 22.6%, Adani Green tumbled 19%, Adani Power lost 9.1%, Adani Total Gas plummeted 10.4%, and Adani Wilmar closed down 10%.
ACC and Ambuja Cements tanked as well, losing 7.3% and 11.9%, respectively.
Adani Group shares fell as the U.S. Securities Exchange Commission charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd for misleading US investors, alleging a massive bribery scheme with the Indian government.
The US market regulator said the scheme was to secure a commitment of the Indian government buying energy from them at above-market rates that would benefit Adani green and Azure Power.
NTPC, State Bank of India, ITC, Asian Paints, Bajaj Finance, IndusInd Bank, Bajaj Finserv, Reliance Industries, Tata Motors, Titan and Hind Unilever lost 1 to 2.8%.
ONGC, Britannia Industries, SBI Life, Dr Reddy's Laboratories, BPCL and BEL also closed notably lower.
Power Grid Corporation rallied nearly 3.5%. UltraTech Cement gained about 1.7%. Tata Consultancy Services, HCL Technologies, Kotak Bank, Tata Steel and Infosys posted moderate gains.
FTSE 100 Gains On Corporate Sector Outlook
(RTTNews) - A positive outlook on the corporate sector overshadowed concerns about geopolitics and inflation that helped the FTSE 100 record modest gains in Thursday's trading.
FTSE 100 oscillated between 8,120.20 and 8,065.22 as compared with the previous day's closing level of 8,085.07.
The benchmark index of the London Stock Exchange is currently trading at 8,119.10, having added 0.42 percent on an overnight basis.
In the 100-scrip index, 70 are trading in the overnight positive zone.
Halma jumped more than 7 percent after posting strong financial results. Endeavour Mining, Centrica and Beazley, all gained more than 2 percent. Experian as well as Diploma followed with gains of more than 1.5 percent.
JD Sports Fashion tumbled more than 14 percent amidst a profit warning. Vodafone and Frasers, both slipped more than 2 percent. Melrose Industries, National Grid, British Land Co and DCC, all suffered declines in excess of 1 percent.
The GBP/USD pair slipped 0.09 percent overnight to 1.2639. The sterling ranged between $1.2660 and $1.2623 in the day's trade. The EUR/GBP pair has declined 0.10 percent to 0.8326. The GBP/JPY pair has dropped 0.72 percent to 195.25.
Bond yields in the U.K. hardened more than peers as markets scaled back rate cut expectations from the Bank of England in the backdrop of higher-than-expected inflation levels. Ten-year bond yields hardened 0.72 percent to 4.5020 percent. The yields ranged between 4.5310 percent and 4.4860 percent over the course of the day. The same was 4.4700 percent a day earlier.
In data released earlier in the day, the Confederation of British Industry's Industrial Trends Survey showed manufacturing output volumes fall in the quarter to November, and at a faster pace than in the three months to October. The monthly net balance of new orders stood at -19 in November versus -27 in October. Markets had expected a level of -25. Manufacturers expecting output volumes to rise modestly in the quarter to February lent support to market sentiment.
U.S. Weekly Claims Dip To Lowest Level In Over Six Months
(RTTNews) - The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended November 16th.
The report said initial jobless claims slipped to 213,000, a decrease of 6,000 from the previous week's revised level of 219,000.
Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous week.
With the unexpected dip, jobless claims fell to their lowest level since hitting 209,000 in the week ended April 27th.
"We are entering a period when seasonal factors will make the data volatile, so we won't read much into one week's change in claims," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.
She added, "Still, after being boosted by the Boeing strike and Hurricanes Helene and Milton, claims have returned to a level consistent with limited layoffs."
The Labor Department said the less volatile four-week moving average also edged down to 217,750, a decrease of 3,750 from the previous week's revised average of 221,500.
Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, climbed by 36,000 to 1.908 million in the week ended November 9th.
The increase lifted continuing claims to their highest level since reaching 1.974 million in the week ended November 13, 2021.
The four-week moving average of continuing claims also reached a nearly three-year high, inching up by 5,000 to 1,879,250.
"Continued claims were still elevated in the state of Washington, likely a function of the Boeing strike, but we should see claims in that state decline in the weeks ahead," said Vanden Houten.
"Claims were also relatively high in North Carolina, which was hard hit by Helene, and in Michigan and Ohio, where many autoworkers have been laid off," she added. "Claims in those states may be slower to decline."
U.S. Weekly Claims Unexpectedly Dip To 213,000
(RTTNews) - The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended November 16th
The report said initial jobless claims slipped to 213,000, a decrease of 6,000 from the previous week's revised level of 219,000.
Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous week.
With the unexpected dip, jobless claims fell to their lowest level since hitting 209,000 in the week ended April 27th.
The Labor Department said the less volatile four-week moving average also edged down to 217,750, a decrease of 3,750 from the previous week's revised average of 221,500.
Philly Fed Index Unexpectedly Indicates Contraction In November
(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity softened overall in the month of November.
The Philly Fed said its diffusion index for current general activity tumbled to a negative 5.5 in November from a positive 10.3 in October, with a negative reading indicating contraction. Economists had expected the index to edge down to a positive 8.0.
The much bigger than expected slump by the headline index came amid decreases by the new orders and shipments indexes, although they remained positive.
The new orders index slid to 8.9 in November from 14.2 in October, while the shipments index fell to 4.5 in November from 7.4 in October.
Meanwhile, the report said the number of employees index jumped to a positive 8.6 in November from a negative 2.2 in October, indicating an increase in employment.
The Philly Fed also said firms continue to expect growth over the next six months, with growth expectations more widespread this month.
The diffusion index for future general activity surged to 56.6 in November from 36.7 in October, reaching its highest level since June 2021.
On the inflation front, the prices paid slipped to 26.6 in November from 29.7 in October, while the prices received index dipped to 14.3 in November from 17.9 in October.
A separate report released by the Federal Reserve Bank of New York last Friday showed regional manufacturing activity has seen a substantial turnaround in the month of November.
The New York Fed said its general business conditions index skyrocketed to a positive 31.2 in November from a negative 11.9 in October, with a positive reading indicating growth. Economists had expected the index to jump to a negative 0.7.
With the much bigger than expected increase, the general business conditions index reached its highest level since December 2021.
European Markets Close Higher As Stocks Rise On Late Buying
(RTTNews) - European stocks closed higher on Thursday with some markets moving into positive territory well past mid afternoon, as investors digested regional and U.S. economic data, and corporate news, in addition to following the developments on the geopolitical front.
Investors also assessed the likely impact of Donald Trump's second term as U.S. President, on global economic growth.
The mood remained cautious with investors digesting quarterly results from Nvidia. While earnings surpassed quarterly estimates, the company's sales forecast for the current period has turned out to be somewhat disappointing.
The pan European Stoxx 600 climbed 0.41%. The U.K.'s FTSE 100 gained 0.79%, Germany's DAX closed up 0.74% and France's CAC 40 ended 0.21% up, while Switzerland's SMI gained 0.45%.
Among other markets in Europe, Austria, Belgium, Greece, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed higher.
Denmark, Iceland and Russia ended weak, while Finland closed flat.
In the UK market, Halma rallied about 5.75% after the company reported strong quarterly results.
Beazley gained 3.6%. Rolls-Royce Holdings, Diploma, BM European Value Retail, Marks Spencer, Experian, Hiscox, 3i Group, Centrica, Airtel Africa, Bunzl, BAE Systems, Next, BP, Shell, Entain and Pershing Square Holdings gained 1.7 to 3%.
JD Sports Fashion shares tanked 15.5% following a profit warning. The company recorded a decline in like-for-like or LFL sales for the third quarter, due to volatile market environment. However, the company posted a rise in organic sales.
The retailer also revised down its annual adjusted pre-tax earnings outlook. The company said it expects profit before tax and adjusting items to be at the lower end of its original guidance of 955 million pounds to 1035 million pounds.
Vodafone Group closed down 3.3%. National Grid, Vistry Group, BT Group, Croda International, British Land and Fresnillo lost 1 to 2%.
In Germany, Qiagen, Siemens Energy, Hannover Rueck, Allianz, Munich RE, SAP, MTU Aero Engines, Rheinmetall, Fresenius, Fresenius Medical Care and Zalando gained 1.3 to 3.5%.
Porsche, Puma, Brenntag, Continental, Siemens Healthineers, Adidas and Commerzbank lost 1 to 2.7%.
In Paris, Schneider Electric, Airbus Group, Eurofins Scientific and L'Oreal closed up 1.1 to 1.5%.
Kering ended down 3.25%. Teleperformance, Bouygues, Vivendi, Carrefour, Danone, Pernod Ricard, Orange and Essilor drifted down 0.5 to 1.25%.
On the economic front, the confidence among French manufacturers rebounded somewhat in November after weakening sharply in the prior month. The manufacturing sentiment index rose to 97 from 93 in October, according to INSEE. However, the index is still below its long-term average of 100. The expected score was 95.0. All of the balances of opinion defining the climate have contributed to its rebound, except the general output prospects.
The UK budget deficit exceeded expectations in October and hit the second highest October level on record largely reflecting the increase in debt interest payments. Public sector net borrowing increased to GBP 17.4 billion from GBP 15.8 billion in the previous year, data from the Office for National Statistics revealed.
The UK manufacturers expect output volumes to increase moderately in the three months to February, survey results from the Confederation of British Industry showed. In the three months to November, output volumes decreased at a faster pace than in the previous quarter.
Europe's new car registrations increased in October after two consecutive declines, the European Automobile Manufacturers' Association, or ACEA, reported Thursday. New car sales registered a moderate growth of 1.1%, reversing a decline of 6.1% in September. The rebound was driven by robust performances in Spain and Germany. Registrations in Spain grew 7.2% from a year ago.
European Stocks Turning In Mixed Performance In Cautious Trade
(RTTNews) - European stocks are turning in a mixed performance on Thursday with investors assessing the latest economic data, the impact of the developments on the geopolitical front, and Donald Trump's second term as U.S. President, on global economic growth.
The mood remains cautious with investors digesting quarterly results from Nvidia. While earnings surpassed quarterly estimates, the company's sales forecast for the current period has turned out to be somewhat disappointing.
The pan European Stoxx 600 is up 0.09%. The U.K.'s FTSE 100 and Germany's DAX are up 0.37% and 0.4%, respectively. France's CAC 40 is down 0.17%, while Switzerland's SMI is gaining 0.26%.
In the UK market, Halma is rising nearly 6% after the company reported strong quarterly results. Endeavour Mining, Centrica, Beazley, BP, Experian, Diploma, 3i, Airtel Africa, Marks Spencer, Shell, Rolls-Royce Holdings, IAG and BAE Systems are gaining 1 to 2.5%.
JD Sports Fashion is down 14.5% amidst a profit warning. The company recorded a decline in like-for-like or LFL sales for the third quarter, due to volatile market environment. However, the company posted a rise in organic sales.
The retailer also revised down its annual adjusted pre-tax earnings outlook. The company said it expects profit before tax and adjusting items to be at the lower end of its original guidance of 955 million pounds to 1035 million pounds.
Vodafone Group, Melrose Industries, Frasers Group, National Grid, DCC, British Land Company and BT are down 1 to 2.3%.
In the German market, Qiagen is climbing nearly 3.5%. Fresenius, Fresenius Medical Care, Hannover Rueck, Allianz, Munich RE and SAP are up 1 to 2.3%.
Porsche is down nearly 4%. Puma is down by about 3.7%. Sartorius, BMW, Adidas and Siemens Healthineers are lower by 1.3 to 2%.
In Paris, Eurofins Scientific is gaining 1.5%. Airbus Group, AXA, Vinci and Societe Generale are up with moderate gains.
Kering is declining more than 3%. Teleperformance is down 2.5%, while Danone, Stellantis, LVMH, Bouygues, Pernod Ricard, Essilor and STMicroElectronics are down 0.7 to 1%.
On the economic front, the confidence among French manufacturers rebounded somewhat in November after weakening sharply in the prior month. The manufacturing sentiment index rose to 97 from 93 in October, according to INSEE. However, the index is still below its long-term average of 100. The expected score was 95.0. All of the balances of opinion defining the climate have contributed to its rebound, except the general output prospects.
The UK budget deficit exceeded expectations in October and hit the second highest October level on record largely reflecting the increase in debt interest payments. Public sector net borrowing increased to GBP 17.4 billion from GBP 15.8 billion in the previous year, data from the Office for National Statistics revealed.
The UK manufacturers expect output volumes to increase moderately in the three months to February, survey results from the Confederation of British Industry showed. In the three months to November, output volumes decreased at a faster pace than in the previous quarter.
Europe's new car registrations increased in October after two consecutive declines, the European Automobile Manufacturers' Association, or ACEA, reported Thursday. New car sales registered a moderate growth of 1.1%, reversing a decline of 6.1% in September. The rebound was driven by robust performances in Spain and Germany. Registrations in Spain grew 7.2% from a year ago.
Philly Fed Index Unexpectedly Turns Negative In November
(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity softened overall in the month of November.
The Philly Fed said its diffusion index for current general activity tumbled to a negative 5.5 in November from a positive 10.3 in October, with a negative reading indicating contraction. Economists had expected the index to edge down to a positive 8.0.
However, the Philly Fed said firms continue to expect growth over the next six months, with growth expectations more widespread this month.
DOJ Asks Court To Force Google To Sell Chrome
(RTTNews) - The U.S. Department of Justice's antitrust officials have formally asked a federal judge to force Alphabet Inc.'s Google to sell Chrome web browser with a view to ending the tech major's illegal monopoly in search.
The decision comes after a landmark ruling by District Judge Amit Mehta in August found that Google had violated US antitrust law by illegally monopolizing the search market.
If the judge agrees to the Justice Department proposal, Chrome browser could be sold for as much as $20 billion, Bloomberg reported.
In a filing with the United States District Court for the District of Columbia, the DOJ officials submitted the Initial Proposed Final Judgment or PFJ, which said, "The playing field is not level because of Google's conduct, and Google's quality reflects the ill-gotten gains of an advantage illegally acquired. The remedy must close this gap and deprive Google of these advantages."
The DOJ alleged that Google has manipulated its control of Chrome and Android to benefit itself, while sharing monopoly profits under conditions to induce third parties across the ecosystem to help Google maintain its monopolies.
As a remedy, the DOJ requires Google to divest Chrome, which will permanently stop its control of this critical search access point and allow rival search engines the ability to access the browser that for many users is a gateway to the internet. In addition, there are multiple provisions that will limit Google's distribution of general search services by contract with third-party devices and search access points.
Google is now being asked to syndicate its search results, ranking signals, and query understanding information in the U.S. to other rival search engines for ten years.
The DOJ lawyers also sought that the court ban agreements including Google's multi-year contracts making it the default search engine on the devices of Apple, Samsung and others. They are also seeking to impose a range of other restrictions that would, among other things, limit or prohibit pre-installation agreements, and other revenue-sharing arrangements related to search and search-related products, potentially with or without the use of a choice screen.
In early August, the Columbia District Court had ruled that Google has a monopoly in the general search services market and has used exclusive default search engine agreements to preserve its dominance, thereby suppressing competition.
Following a lengthy trial, the court then had found that "Google is a monopolist, and it has acted as one to maintain its monopoly" over both the general search services and search text advertising markets.
A potential partial breakup of Google is expected to significantly reshape both the online search market and the rapidly developing AI industry.
U.S. Leading Economic Index Falls Slightly More Than Expected In October
(RTTNews) - A reading on leading U.S. economic indicators fell by slightly more than expected in the month of October, the Conference Board revealed in a report released on Thursday.
The Conference Board said its leading economic index slid by 0.4 percent in October after dipping by a revised 0.3 percent in September.
Economists had expected the leading economic index to fall by 0.3 percent compared to the 0.5 percent decrease originally reported for the previous month.
Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board, said the largest negative contributor to the index's decline came from manufacturer new orders, which remained weak in 11 out of 14 industries
"In October, manufacturing hours worked fell by the most since December 2023, while unemployment insurance claims rose and building permits declined, partly reflecting the impact of hurricanes in the Southeast US," said Zabinska-La Monica. "Additionally, the negative yield spread continued to weigh on the LEI."
She added, "Apart from possible temporary impacts of hurricanes, the US LEI continued to suggest challenges to economic activity ahead."
The report also said the lagging economic index edged down by 0.1 percent in October after falling by 0.3 percent in September, while the coincident economic index was unchanged for a second month in a row.
U.S. Existing Home Sales Rebound More Than Expected In October
(RTTNews) - Existing home sales in the U.S. rebounded by more than expected in the month of October, according to a report released by the National Association of Realtors on Thursday.
The report said existing home sales surged by 3.4 percent to an annual rate of 3.96 million in October after slumping by 1.3 percent to a revised rate of 3.83 million in September.
Economists had expected existing home sales to jump by 2.3 percent to a rate of 3.93 million from the 3.84 million originally reported for the previous month.
NAR said existing home sales in October were up by 2.9 percent compared to the same month a year ago, marking the first year-over-year increase since July 2021.
"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions," said NAR Chief Economist Lawrence Yun. "Additional job gains and continued economic growth appear assured, resulting in growing housing demand."
"However, for most first-time homebuyers, mortgage financing is critically important," he added. "While mortgage rates remain elevated, they are expected to stabilize."
The report also said housing inventory at the end of October totaled 1.37 million units, up 0.7 percent from 1.36 million units in September and up 19.1 percent from 1.15 million units a year ago.
The median existing home price in October was $407,200, up 4.0 percent compared to $391,600 in the same month last year, NAR said.
Next Tuesday, the Commerce Department is scheduled to release its report on new home sales in the month of October.
Australia Manufacturing PMI Improves To 49.4 In November - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 49.4.
That's up from 47.3 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
The survey also showed that the services PMI fell to 49.6 from 51.0 in the previous month.
The composite PMI fell to 49.4 in November from 50.2 on October
The renewed fall in business activity reflected a first reduction in services activity for ten months and a sustained contraction in manufacturing. Survey data revealed that services new business growth slowed after having been solid at the start of the fourth quarter, thereby leading to the drop in services activity.
Manufacturing output meanwhile completed two years of continuous monthly declines, albeit with the latest reduction the softest in six months.
Japan Consumer Prices Rise 2.3% On Year In October
(RTTNews) - Overall consumer prices in Japan were up 2.3 percent on year in October, the Ministry of Internal Affairs and Communications said on Friday.
That was in line with expectations and down from 2.5 percent in September.
On a seasonally adjusted monthly basis, overall inflation was up 0.4 percent - exceeding forecasts for 0.2 percent following the 0.3 percent decline in the previous month.
Core CPI, which excludes the volatile prices of foods, rose 2.3 percent on year - above forecasts for 2.2 percent but down from 2.3 percent a month earlier.
Singapore GDP Climbs 5.4% On Year In Q3
(RTTNews) - Singapore's gross domestic product expanded 5.4 percent on year in the third quarter of 2024, the Ministry of Trade and Industry said on Friday, accelerating from the 3.0 percent gain in the three months prior.
On a seasonally adjusted quarterly basis, the economy grew by 3.2 percent, accelerating from the 0.5 per cent expansion in the previous quarter.
For the first three quarters of the year, GDP growth averaged 3.8 per cent year-on-year.
Upon the release of the data, the MTI said that Singapore's GDP growth is projected to come in at around 3.5 percent in 2024 and between 1.0 and 3.0 percent in 2025.
South Korea Shares May Bounce Higher Again On Friday
(RTTNews) - The South Korea stock market on Thursday snapped the three-day winning streak in which it had rallied more than 65 points or 2.7 percent. The KOSPI now sits just above the 2,480-point plateau although it may see renewed strength on Friday.
The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil. The European and U.S. markets finished higher and the Asian bourses are expected to continue that trend.
The KOSPI finished barely lower on Thursday following losses from the automobile producers, gains from the chemicals and mixed performances from the financial and technology sectors.
For the day, the index dipped 1.66 points or 0.07 percent to finish at 2,480.63 after trading between 2,474.62 and 2,496.97. Volume was 440.4 million shares worth 8.1 trillion won. There were 477 decliners and 392 gainers.
Among the actives, Shinhan Financial fell 0.36 percent, while KB Financial strengthened 1.78 percent, Hana Financial collected 0.82 percent, Samsung Electronics and Lotte Chemical both jumped 1.99 percent, Samsung SDI rallied 1.93 percent, LG Electronics shed 0.43 percent, SK Hynix skidded 1.06 percent, Naver tumbled 1.76 percent, LG Chem climbed 1.03 percent, SK Innovation surged 5.04 percent, POSCO soared 3.05 percent, SK Telecom sank 0.71 percent, KEPCO dipped 0.21 percent, Hyundai Mobis lost 0.39 percent, Hyundai Motor retreated 1.37 percent and Kia Motors slumped 0.51 percent.
The lead from Wall Street is positive as the major averages opened slightly lower on Thursday but gradually moved higher and finished in the green.
The Dow rallied 461.88 points or 1.06 percent to finish at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the SP 500 advanced 31.60 points or 0.53 percent to end at 5,948.71.
The sharp increase by the Dow came amid strong gains by IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).
The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better than expected third quarter earnings and revenues - but some traders expressed concerns about slowing revenue growth.
In U.S. economic news, the Labor Department said initial jobless claims unexpectedly fell to their lowest level in over six months last week. Also, the Conference Board' leading economic index fell more than expected in October
Oil prices climbed higher Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine outweighed recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.
Malaysia Shares Due For Support On Friday
(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slipping more than 15 points or 0.9 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,590-point plateau although it's tipped to open in the green on Friday.
The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil. The European and U.S. markets finished higher and the Asian bourses are expected to continue that trend.
The KLCI finished modestly lower on Thursday following losses from the plantation stocks and industrials, while the financials and telecoms were also mostly in the red.
For the day, the index shed 9.50 points or 0.59 percent to finish at the daily low of 1,588.68 after trading as high as 1,599.94.
Among the actives, Axiata jumped 1.75 percent, while Celcomdigi added 0.57 percent, Genting retreated 1.57 percent, Genting Malaysia sank 0.46 percent, IHH Healthcare declined 1.24 percent, IOI Corporation stumbled 2.03 percent, Kuala Lumpur Kepong dipped 0.18 percent, Maxis slumped 1.10 percent, Maybank collected 0.79 percent, MISC rose 0.13 percent, MRDIY soared 2.69 percent, Nestle Malaysia slid 0.20 percent, Petronas Chemicals surged 5.69 percent, PPB Group tumbled 2.17 percent, Press Metal shed 0.43 percent, Public Bank fell 0.23 percent, QL Resources lost 0.42 percent, RHB Bank eased 0.15 percent, SD Guthrie surrendered 2.04 percent, Sunway rallied 1.43 percent, Telekom Malaysia dropped 0.53 percent, Tenaga Nasional tanked 3.50 percent, YTL Corporation plummeted 6.63 percent, YTL Power plunged 5.40 percent and CIMB Group and Sime Darby were unchanged.
The lead from Wall Street is positive as the major averages opened slightly lower on Thursday but gradually moved higher and finished in the green.
The Dow rallied 461.88 points or 1.06 percent to finish at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the SP 500 advanced 31.60 points or 0.53 percent to end at 5,948.71.
The sharp increase by the Dow came amid strong gains by IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).
The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better than expected third quarter earnings and revenues - but some traders expressed concerns about slowing revenue growth.
In U.S. economic news, the Labor Department said initial jobless claims unexpectedly fell to their lowest level in over six months last week. Also, the Conference Board' leading economic index fell more than expected in October
Oil prices climbed higher Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine outweighed recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.
Closer to home, Malaysia will provide October figures for consumer prices later today; in September, inflation was flat on month and up 1.8 percent on year.
Japan Manufacturing PMI Slips To 49.0 In November - Jibun
(RTTNews) - The manufacturing sector in Japan continued to contract in November, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 49.0.
That's down from 49.2 in October, although it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The decline signaled a modest deterioration in Japanese manufacturing conditions for the fifth straight month. Both output and new orders fell, with the former down by the largest degree since April. Firms reduced employment levels for the first time since February.
The survey also showed that the services PMI improved to 50.2 from 49.7 in the previous month.
The composite PMI rose to 49.8 in November from 49.6 on October.
Australian Market Significantly Higher
(RTTNews) - The Australian stock market is significantly higher on Friday, recouping the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is moving to near the 8,400 level, with gains across most sectors led by mining, financial and energy stocks.
The benchmark SP/ASX 200 Index is gaining 67.00 points or 0.81 percent to 8,390.00, after touching a high of 8,323.00 earlier. The broader All Ordinaries Index is up 65.50 points or 0.77 percent to 8,632.50. Australian markets ended slightly lower on Thursday.
Among major miners, BHP Group, Fortescue Metals and Rio Tinto are gaining almost 1 percent each, while Mineral Resources is advancing more than 4 percent.
Oil stocks are mostly higher. Woodside Energy is gaining more than 2 percent and Origin Energy is up more than 1 percent, while Beach energy and Santos are adding almost 2 percent each.
Among tech stocks, Afterpay-owner Block is advancing almost 3 percent, Zip is adding almost 1 percent and Xero is edging up 0.2 percent, while Appen is losing more than 2 percent and WiseTech Global is tumbling more than 9 percent after the logistics software maker trimmed its annual earnings and revenue forecast.
Among the big four banks, Commonwealth Bank Westpac and National Australia Bank are gaining almost 1 percent each, while ANZ Banking is edging up 0.4 percent.
Gold miners are mostly higher. Evolution Mining and Resolute Mining are edging up 0.5 percent each, while Newmont and Northern Star Resources are adding more than 1 percent each. Gold Road Resources is gaining almost 1 percent.
In other news, shares in Megaport are slipping almost 11 percent even though the software company reaffirmed its annual earnings guidance.
Shares in a2 Milk Co. are jumping almost 14 percent after it raised its revenue annual guidance and announced it would start paying dividends.
In economic news, the manufacturing sector in Australia continued to contract in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 49.4. That's up from 47.3 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI fell to 49.6 from 51.0 in the previous month. The composite PMI fell to 49.4 in November from 50.2 on October.
In the currency market, the Aussie dollar is trading at $0.652 on Friday.
On Wall Street, stocks saw considerable volatility early in the session on Thursday but moved mostly higher over the course of the trading day. The major averages all finished the day in positive territory, with the Dow posting a standout gain.
The Dow jumped 461.88 points or 1.1 percent to 43,870.35 and the SP 500 climbed 31.60 points or 0.5 percent to 5,948.71, while the tech-heavy Nasdaq posted a much more modest gain, inching up 6.28 points or less than a tenth of a percent to 18,972.42.
The major European markets also moved to the upside on the day. While the French CAC 40 Index edged up by 0.2 percent, the German DAX Index and the U.K.'s FTSE 100 Index advanced by 0.7 percent and 0.8 percent, respectively.
Crude oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Taiwan Shares Tipped To Open In The Green
(RTTNews) - The Taiwan stock market has finished lower in consecutive trading days, sinking almost 300 points or 1.3 percent along the way. The Taiwan Stock Exchange now rests just above the 22,550-point plateau although it's likely to open to the upside on Friday.
The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil. The European and U.S. markets finished higher and the Asian bourses are expected to continue that trend.
The TSE finished modestly lower on Thursday following losses from the financial shares, technology stocks and plastics companies.
For the day, the index stumbled 132.70 points or 0.58 percent to finish at 22,555.66 after trading between 22,490.28 and 22,708.57.
Among the actives, Cathay Financial skidded 1.19 percent, while Mega Financial retreated 1.25 percent, Fubon Financial stumbled 1.33 percent, E Sun Financial collected 1.11 percent, Taiwan Semiconductor Manufacturing Company declined 1.46 percent, United Microelectronics Corporation weakened 1.11 percent, Hon Hai Precision dropped 1.70 percent, Largan Precision climbed 1.07 percent, Catcher Technology surrendered 1.72 percent, MediaTek sank 0.78 percent, Delta Electronics slumped 1.42 percent, Novatek Microelectronics added 0.52 percent, Formosa Plastics tanked 2.65 percent, Nan Ya Plastics tumbled 1.71 percent, Asia Cement eased 0.11 percent and CTBC Financial and First Financial were unchanged.
The lead from Wall Street is positive as the major averages opened slightly lower on Thursday but gradually moved higher and finished in the green.
The Dow rallied 461.88 points or 1.06 percent to finish at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the SP 500 advanced 31.60 points or 0.53 percent to end at 5,948.71.
The sharp increase by the Dow came amid strong gains by IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).
The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better than expected third quarter earnings and revenues - but some traders expressed concerns about slowing revenue growth.
In U.S. economic news, the Labor Department said initial jobless claims unexpectedly fell to their lowest level in over six months last week. Also, the Conference Board' leading economic index fell more than expected in October
Oil prices climbed higher Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine outweighed recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.
Closer to home, Taiwan will see October unemployment data later today; in September, the jobless rate was 3.38 percent.
Win Streak May Continue For China Stock Market
(RTTNews) - The China stock market has tracked higher in three straight sessions, collecting more than 35 points or 1 percent along the way. The Shanghai Composite now sits just above the 3,370-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil. The European and U.S. markets finished higher and the Asian bourses are expected to continue that trend.
The SCI finished slightly higher on Thursday as gains from the resource and energy companies were offset by weakness from the financial shares and property stocks.
For the day, the index perked 2.41 points or 0.07 percent to finish ta 3,370.40 after trading between 3,348.86 and 3,378.52. The Shenzhen Composite Index rose 1.35 points or 0.07 percent to end at 2,039.01.
Among the actives, Industrial and Commercial Bank of China and China Petroleum and Chemical (Sinopec) both dipped 0.16 percent, while China Merchants Bank and China Construction Bank both eased 0.13 percent, China Life Insurance collected 0.48 percent, Jiangxi Copper perked 0.05 percent, Aluminum Corp of China (Chalco) rose 0.25 percent, Yankuang Energy gathered 0.26 percent, PetroChina fell 0.25 percent, Huaneng Power added 0.42 percent, China Shenhua Energy increased 0.37 percent, Gemdale stumbled 1.48 percent, Poly Developments dropped 0.89 percent, China Vanke slumped 0.91 percent and Bank of China and Agricultural Bank of China were unchanged.
The lead from Wall Street is positive as the major averages opened slightly lower on Thursday but gradually moved higher and finished in the green.
The Dow rallied 461.88 points or 1.06 percent to finish at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the SP 500 advanced 31.60 points or 0.53 percent to end at 5,948.71.
The sharp increase by the Dow came amid strong gains by IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).
The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better than expected third quarter earnings and revenues - but some traders expressed concerns about slowing revenue growth.
In U.S. economic news, the Labor Department said initial jobless claims unexpectedly fell to their lowest level in over six months last week. Also, the Conference Board' leading economic index fell more than expected in October
Oil prices climbed higher Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine outweighed recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.
