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Singapore Bourse Poised To Halt Its Slide
(RTTNews) - The Singapore stock market has finished lower in two straight sessions, slipping almost 20 points or 0.6 percent in that span. The Straits Times Index now sits just beneath the 3,740-point plateau although it's due for support 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 STI finished slightly lower on Thursday following losses from the property stocks and industrials, while the financial sector was mixed.
For the day, the index fell 4.42 points or 0.12 percent to finish at 3,739.22 after trading between 3,736.16 and 3,751.25.
Among the actives, CapitaLand Integrated Commercial Trust lost 0.52 percent, while CapitaLand Investment tanked 1.41 percent, City Developments dipped 0.19 percent, DBS Group collected 0.83 percent, Genting Singapore plunged 1.94 percent, Keppel DC REIT tumbled 1.32 percent, Keppel Ltd slumped 1.05 percent, Mapletree Pan Asia Commercial Trust shed 0.81 percent, Mapletree Logistics Trust added 0.80 percent, Oversea-Chinese Banking Corporation fell 0.30 percent, Seatrium Limited skidded 1.04 percent, SembCorp Industries declined 1.13 percent, Singapore Technologies Engineering advanced 0.88 percent, SingTel plummeted 2.24 percent, Thai Beverage sank 0.96 percent, Wilmar International dropped 0.97 percent, Yangzijiang Financial retreated 1.23 percent, Yangzijiang Shipbuilding gained 0.75 percent and Hongkong Land, Mapletree Industrial Trust, Emperador, Comfort DelGro, SATS and DFI Retail 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, Singapore will release Q3 numbers for gross domestic product later this morning; in the previous three months, GDP was up 4.1 percent on year.
NZ Dollar Falls Amid RBNZ Rate Cut Prospects
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on Friday, as traders expect the Reserve Bank of New Zealand (RBNZ) to cut its interest rates at the next week's monetary policy meeting.
The RBNZ is expected to its key rates by 50 basis points from 4.75% to 4.25% at Tuesday's monetary policy meeting.
"The economy is growing sluggishly at best, and the labor market is pretty weak. So that sets up the RBNZ next week to deliver another 50-basis point cut, the same as we saw in October," said Shannon Nicoll, associate economist at Moody's Analytics.
Escalating geopolitical tensions due to the ongoing war between Russia and Ukraine continued to weigh on market sentiment.
In the Asian trading today, the NZ dollar slid to nearly a 2-month low of 90.03 against the yen, from yesterday's closing value of 90.53. The kiwi may test support near the 86.00 region.
In economic news, 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.
The latest survey from Jibun Bank revealed that the manufacturing sector in Japan continued to contract in November, and at a faster pace, 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 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.
Against the Australia and the U.S. dollars, the kiwi plunged to more than a 2-yr low of 1.1180 and a 1-yr low of 0.5829 from Thursday's closing quotes of 1.1109 and 0.5859, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.12 against the aussie and 0.57 against the greenback.
The kiwi edged down to 1.7961 against the euro, from yesterday's closing value of 1.7869. On the downside, 1.84 is seen as the next support level for the kiwi.
Looking ahead, PMI reports from various European economies and U.K. for November are slated for release in the European session.
In the New York session, Canada new housing price index for October, retail sales for September, U.S. PMI data for November, U.S. University of Michigan consumer sentiment for November and U.S. Baker Hughes weekly oil rig count data are slated for release.
Euro Falls Against Majors
(RTTNews) - The euro weakened against other major currencies in the European session on Friday.
The euro fell to nearly a 10-year low of 0.9206 against the Swiss franc, a 2-year low of 1.0333 against the U.S. dollar and nearly a 2-month low of 159.91, from early highs of 0.9295, 1.0499 and 159.91, respectively.
The euro slipped to nearly a 2-week low of 0.8268 against the pound, from an early 2-day high of 0.8347.
Against Australia, the New Zealand and the Canadian dollars, the euro slid to nearly a 1-1/2-year low of 1.5968, nearly a 2-month low of 1.7746 and more than a 9-month low of 1.4489 from early highs of 1.6134, 1.7965 and 1.4657, respectively.
If the euro extends its downtrend, it is likely to find support around 0.90 against the franc, 1.02 against the greenback, 158.00 against the yen, 0.81 against the pound, 1.58 against the aussie, 1.76 against the kiwi and 1.40 against the loonie.
Rebound Anticipated For Thai Stock Market
(RTTNews) - The Thai stock market on Thursday halted the three-day winning streak in which it had gathered more than 20 points or 1.5 percent. The Stock Exchange of Thailand now sits just above the 1,440-point plateau although it may bounce higher again 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 SET finished sharply lower on Thursday following losses from the technology, consumer and packaging sectors.
For the day, the index stumbled 22.02 points or 1.51 percent to finish at 1,440.46 after trading between 1,436.73 and 1,453.12. Volume was 10.909 billion shares worth 41.553 billion baht. There were 263 decliners and 203 gainers, with 198 stocks finishing unchanged.
Among the actives, Advanced Info rallied 1.42 percent, while Thailand Airport soared 2.07 percent, Asset World increased 1.12 percent, Banpu surged 2.68 percent, Bangkok Bank and Kasikornbank both collected 0.34 percent, Bangkok Dusit Medical dropped 0.94 percent, Bangkok Expressway spiked 2.00 percent, BTS Group gathered 1.67 percent, CP All Public gained 1.19 percent, Charoen Pokphand Foods improved 0.83 percent, Energy Absolute plunged 7.20 percent, Gulf rose 0.79 percent, Internet Thailand plummeted 8.61 percent, Krung Thai Card gained 0.54 percent, PTT Oil Retail perked 0.68 percent, PTT accelerated 2.33 percent, PTT Global Chemical jumped 1.98 percent, SCG Packaging tanked 2.46 percent, Siam Commercial Bank added 0.44 percent, Siam Concrete strengthened 1.82 percent, True Corporation advanced 0.84 percent, TTB Bank climbed 1.13 percent and Krung Thai Bank, B. Grimm, PTT Exploration and Production and Thai Oil 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.
Pound Slides On Weak U.K. Retail Sales, Flash PMI Reports
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday, as weak U.K. retail sales for October and PMI data for November triggered expectations among traders for interest-rate cuts by the Bank of England (BoE) in the December meeting.
Data from SP Global/CIPS showed that the Composite output index fell to 49.9 from 51.8 in October. The reading was seen unchanged at 51.8.
The Manufacturing PMI declined to 48.6 from 49.9.
The British sterling had fell earlier against its major rivals after the U.K. retail sales declined more than expected in October, as consumers reduced their spending on food and clothing.
Data from the Office for National Statistics showed that the U.K. retail sales dropped 0.7 percent on a monthly basis in October, in contrast to the revised 0.1 percent rise in September. Sales were expected to fall 0.3 percent.
Year-on-year, retail sales growth eased to 2.4 percent in October from 3.2 percent in September.
In other economic news, data from the market research group GfK showed that consumer confidence ticked up in November ahead of the shopping season. Moreover, concerns about the impact of the UK budget and the US presidential election eased.
The consumer confidence index rose to -18 in November from -21 in October as all five sub-indices of the index were up from the previous month.
Economic data updates from the region as well as the lingering geopolitical concerns are however seen swaying market sentiment.
In the European trading now, the pound fell to more than a 6-month low of 1.2493 against the U.S. dollar and more than a 3-week low of 1.1110 against the Swiss franc, from early highs of 1.2595 and 1.1164, respectively. If the pound extends its downtrend, it is likely to find support around 1.23 against the greenback and 1.09 against the franc.
Against the yen, the pound dropped to 1-1/2-month low of 192.96 from an early high of 194.81. The pound fell earlier to a 3-day low of 193.79 against the yen. The pound may test support near the 190.00 region.
The pound fell slightly to 0.8329 against the euro, from an early near 2-week low of 0.8268. The pound is likely to find support around the 0.84 area.
In economic news, 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.
The latest survey from Jibun Bank revealed that the manufacturing sector in Japan continued to contract in November, and at a faster pace, 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 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.
Looking ahead, Canada new housing price index for October, retail sales for September, U.S. PMI data for November, U.S. University of Michigan consumer sentiment for November and U.S. Baker Hughes weekly oil rig count data are slated for release in the New York session.
UK Retail Sales Fall More Than Expected
(RTTNews) - UK retail sales declined more than expected in October as consumers reduced their spending on food and clothing, data released by the Office for National Statistics showed on Friday.
Retail sales dropped 0.7 percent on a monthly basis in October, in contrast to the revised 0.1 percent rise in September. Sales were expected to fall 0.3 percent.
Excluding auto fuel, retail sales posted a decline of 0.9 percent after a 0.1 percent gain. Economists forecast sales to drop 0.3 percent.
Non-food stores sales volumes decreased 1.4 percent as retailers reported that Budget uncertainty affected sales. Food store sales were down 0.6 percent, while auto fuel sales rebounded 0.6 percent.
Year-on-year, retail sales growth eased to 2.4 percent in October from 3.2 percent in September.
Excluding auto fuel, retail sales growth slowed to 2.0 percent from 3.2 percent in the previous month.
Capital Economics' economist Ashley Webb said the bigger-than-expected fall in retail sales indicates that households' concerns about tax rises announced in the Autumn Budget contributed to weaker retail spending at the start of the fourth quarter.
Elsewhere, survey results from the market research group GfK showed that consumer confidence ticked up in November ahead of the shopping season. Moreover, concerns about the impact of the UK budget and the US presidential election eased.
The consumer confidence index rose to -18 in November from -21 in October as all five sub-indices of the index were up from the previous month.
Pound Slides Against Majors
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday.
The pound fell to more than a 6-month low of 1.2551 against the U.S. dollar, a 3-day low of 1.1128 against the Swiss franc and a 2-day low of 0.8347 against the euro, from early highs of 1.2595, 1.1164 and 0.8317, respectively.
Against the yen, the pound edged down to 194.00 from an early high of 194.81. The pound fell earlier to a 3-day low of 193.79 against the yen.
If the pound extends its downtrend, it is likely to find support around 1.23 against the greenback, 1.09 against the franc, 0.84 against the euro and 190.00 against the yen.
Asian Markets Rally Despite China Sell-off
(RTTNews) - Asian markets broadly rallied and remained insulated from the turbulence in China's stock markets. Market sentiment in Japan improved considerably after headline inflation rate slowed to a nine-month low. Weak corporate earnings, worries about economic growth as well as concerns about the efficacy and sufficiency of stimulus measures contributed to the sell-off in China and Hong Kong.
China's Shanghai Composite Index tumbled more than 3 percent to finish trading at 3,267.19. The day's trading ranged between 3,372.00 and 3,267.19. The Shenzhen Component Index plunged 3.5 percent to close at 10,438.72.
The Hang Seng Index of the Hong Kong Stock Exchange also dropped 371 points or 1.9 percent from the previous close to finish trading at 19,229.97. The day's trading range was between a high of 19,711.40 and a low of 19,134.59.
The Japanese benchmark Nikkei 225 rebounded 258 points or 0.68 percent to close at 38,146.98. The day's trading range was between 38,420.63 and 38,085.13.
Credit Saison surged 6.2 percent. Mitsui Chemicals rallied more than 5 percent. Resonac Holdings Corp, Yokogawa Electric Corp and Obayashi Corp, all gained more than 4 percent.
Taiyo Yuden, Suzuki Motor Corp and IHI Corp, all slipped more than 2 percent. Omron Corp and Isetan Mitsukoshi Holdings, both declined more than 1 percent.
Korean Stock Exchange's Kospi Index added 21 points or 0.83 percent to close trading at 2,501.24. The day's trading range was between 2,492.21 and 2,511.23.
Australia's SP/ASX200 closed trading at 8,393.80, gaining 70 points or 0.85 percent from the previous close of 8,323.00 The day's trading range was between 8,323.00 and 8,416.40.
New Zealand-headquartered The A2 Milk Company surged 13 percent after the company announced plans to pay dividends for the first time in its 20-year history. Deep Yellow rallied 6.3 percent. Paladin Energy, Yancoal Australia and Sigma Healthcare, all gained more than 5 percent.
Wisetech Global plunged 12.4 percent after providing its fiscal 2025 revenue guidance. Megaport followed with losses of 9.5 percent. Pilbara Minerals declined 6.8 percent. Audinate Group slipped 5.5 percent whereas NextDC lost 3.7 percent.
The NZX 50 of the New Zealand Stock Exchange jumped 277 points or 2.2 percent to close trading at 13,041.90, versus the previous close of 12,765.24. Trading ranged between 12,765.24 and 13,054.69.
A2 Milk jumped more than 18 percent after the company upgraded revenue outlook and announced plans to pay dividends for the first time in its 20-year history. EROAD rallied 6.7 percent followed by Fisher Paykel Healthcare that gained 4.3 percent. Fletcher Building and Kiwi Property Group, both gained more than 3 percent.
Oceania Healthcare slipped 5 percent followed by KMD Brands that declined 4.7 percent. Vital Healthcare Property Trust and Tourism Holdings, both lost more than 2 percent. ANZ Group Holdings also shed close to 2 percent in the day's trading.
Wall Street had closed on a positive note on Thursday as markets digested NVIDIA's earnings report as well as latest labor market data. The Dow Jones Industrial Average rallied 1.1 percent to finish trading at 43,870.35 whereas the Nasdaq Composite edged up 0.03 percent to close trading at 18,972.42.
Higher Open Predicted For Hong Kong Shares
(RTTNews) - The Hong Kong stock market on Thursday wrote a finish to the three-day winning streak in which it had rallied more than 275 points or 1.4 percent. The Hang Seng Index now sits just above the 19,600-point plateau although it may see renewed support 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 Hang Seng finished modestly lower on Thursday as the financial shares, properties and technology stocks ended mostly under water.
For the day, the index dropped 103.90 points or 0.53 percent to finish at 19,601.11 after trading between 19,552.50 and 19,764.62.
Among the actives, Alibaba Group shed 0.41 percent, while Alibaba Health Info tanked 1.83 percent, ANTA Sports tumbled 1.73 percent, China Life Insurance sank 0.51 percent, China Mengniu Dairy was up 0.23 percent, China Resources Land retreated 1.26 percent, CITIC fell 0.33 percent, CNOOC gained 0.35 percent, CSPC Pharmaceutical lost 0.38 percent, Galaxy Entertainment slid 0.30 percent, Haier Smart Home dropped 0.74 percent, Hang Lung Properties rose 0.31 percent, Henderson Land was down 0.20 percent, Hong Kong China Gas added 0.50 percent, Industrial and Commercial Bank of China slumped 0.85 percent, JD.com gathered 0.29 percent, Lenovo rallied 2.00 percent, Li Auto stumbled 1.55 percent, Li Ning eased 0.12 percent, Meituan declined 1.20 percent, New World Development skidded 0.83 percent, Nongfu Spring plummeted 2.54 percent, Techtronic Industries dipped 0.28 percent, Xiaomi Corporation advanced 0.54 percent and WuXi Biologics plunged 2.34 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.
CAC 40 Slips Amidst Economic Woes
(RTTNews) - Renewed concerns about economic activity and growth in France as well as the wider Euro Area dragged down the CAC 40 benchmark below the levels at close on Thursday. HCOB PMI readings recorded unexpected declines and slipped deeper into the contraction territory.
Manufacturing PMI which was seen steady at 44.5 unexpectedly declined to 43.2. Services PMI which was expected to continue at 51.6 declined to 49.4. The composite reading also showed 47.3, below the status quo of 48.6 that the markets were expecting. Amidst the weak data from both Germany and France, the PMI indicators for the Euro Area also suffered unexpected declines.
The CAC-40 is currently trading at 7,196.68, slipping 0.23 percent from the previous close of 7,213.32. The day's trading has been between 7,263.08 and 7,156.23.
Amidst the economic worries, only 20 scrips in the index that tracks the 40 largest French stocks based on the Euronext Paris are trading above the flatline.
Eurofins Scientific topped gains with a surge of 1.6 percent. Unibail-Rodamco-Westfield, Teleperformance, Publicis Groupe and Sanofi have all gained more than a percent.
Thales plunged 6.6 percent amidst reports of an investigation by U.K.'s Financial Conduct Authority. BNP Paribas, Credit Agricole and Societe Generale, have all declined more than 2 percent.
With the dollar index jumping close to half a percent, the EUR/USD pair has slipped 0.51 percent to 1.0419 percent after ranging between 1.0499 and 1.0333. The EUR/GBP pair however edged up 0.08 percent to 0.8327. The yen's strength however dragged down the EUR/JPY pair 0.65 percent to 160.83.
In alignment with global trend of easing, yields on France's ten-year bonds eased more than 2 percent to 3.033 percent from the level of 3.096 percent at the previous close. Yields dropped to the lowest in about a month after ranging between 3.129 percent and 3.027 percent.
Germany Narrowly Skirts Recession In Q3
(RTTNews) - The German economy grew marginally in the third quarter after a contraction, preventing a technical recession, official data revealed Friday.
Gross domestic product posted a sequential growth of 0.1 percent in the third quarter, revised data from Destatis showed. The rate was downgraded from 0.2 percent estimated on October 30.
In the second quarter, GDP shrank 0.3 percent. Although the economy avoided a technical recession with the third quarter growth, the pace of expansion was only marginal.
On a yearly basis, calendar-adjusted GDP contracted 0.3 percent in the third quarter, which was worse than the initial estimate of 0.2 percent fall. GDP had declined 0.3 percent in the second quarter and 0.1 percent in the first quarter.
The price-adjusted GDP grew 0.1 percent annually in the third quarter compared to the previous estimate of 0.2 percent.
The expenditure-side of GDP showed that the quarterly GDP growth was underpinned by consumption, while net foreign trade and investments were a drag.
As consumers spent more on non-durable consumer goods, household spending grew 0.3 percent. Government final consumption expenditure rose 0.4 percent. As a result, final consumption expenditure climbed 0.3 percent.
By contrast, gross fixed capital formation was down 0.1 percent. Gross fixed capital formation in machinery and equipment slid 0.2 percent and that in construction dropped 0.3 percent.
Regarding foreign trade, data showed that exports of goods and services decreased 1.9 percent. On the other hand, imports of goods and services rose slightly by 0.2 percent.
Even if the German economy avoided a summer recession, a winter recession is looming, ING economist Carsten Brzeski said.
Looking beyond the winter, economic growth outlook will heavily depend on the new government's ability to strengthen the domestic economy amid a potential trade war and even stronger industrial policies in the US, the economist noted.
Indonesia Shares May Find Traction On Friday
(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, slumping almost 55 points or 0.8 percent along the way. The Jakarta Composite Index now rests just above the 7,140-point plateau although it may stop the bleeding 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 JCI finished modestly lower on Thursday following losses from the financial shares and cement companies and a mixed performance from the resource stocks.
For the day, the index sank 39.42 points or 0.55 percent to finish at the daily low of 7,140.91 after peaking at 7,209.36.
Among the actives, Bank CIMB Niaga retreated 1.69 percent, while Bank Mandiri slumped 1.20 percent, Bank Negara Indonesia tanked 2.68 percent, Bank Central Asia surrendered 2.24 percent, Bank Rakyat Indonesia tumbled 1.85 percent, Bank Maybank Indonesia dropped 0.92 percent, Indosat Ooredoo Hutchison surged 5.04 percent, Semen Indonesia shed 0.55 percent, Indofood Sukses Makmur declined 2.24 percent, United Tractors advanced 0.95 percent, Astra International stumbled 2.20 percent, Astra Agro Lestari fell 0.40 percent, Aneka Tambang rallied 1.36 percent, Jasa Marga added 0.44 percent, Vale Indonesia skidded 1.08 percent, Timah plunged 2.26 percent, Bumi Resources plummeted 2.72 percent and Bank Danamon Indonesia, Indocement and Energi Mega Persada 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.
Sensex, Nifty Close On Buoyant Note As Stocks Rally On Strong Buying
(RTTNews) - Indian stocks rallied sharply and lifted the benchmark indices Sensex and the Nifty50 to a buoyant close on Friday, a day after suffering a setback following the indictment of Adani Group founder Gautam Adani and a few top executives by U.S. Securities Exchange Commission in an alleged bribery case.
Exit polls indicating a victory for the BJP-led front in Maharashtra and Haryana assembly elections, fairly positive global cues, strong buying in technology and bank stocks, and active buying by domestic funds contributed to the rally in the Indian market.
Technology, automobile, bank, FMCG, metal, realty and healthcare sectors, all had a pretty good outing, with several counters attracting attention past mid afternoon.
The BSE benchmark Sensex ended with a gain of 1,961.32 points or 2.54% at 79,117.11. The broader Nifty50 of the National Stock Exchange closed up 557.35 points or 2.39% at 23,907.25.
On the economic front, flash data from SP Global said the HSBC India Composite PMI rose to 59.5 in November of 2024 from a final 59.1 in the previous month, the highest reading since August.
The HSBC India Manufacturing PMI fell to 57.3 in November 2024, slightly down from 57.5 in October, and the HSBC India Services PMI increased to 59.2 in November 2024 from a final reading of 58.5 in October, according to preliminary estimates.
State Bank of India, Tata Consultancy Services and Titan gained 4.1 to 4.6%. ITC, Infosys, Larsen Toubro, Reliance Industries, Bajaj Finance, HCL Technologies, JSW Steel and UltraTech Cement climbed 3.2 to 4%.
Bharti Airtel, Power Grid Corporation, NTPC, MM, Hind Unilever, Tech Mahindra, Tata Motors, ICICI Bank, Bajaj Finserv, Asian Paints, Maruti Suzuki, Tata Steel, Nestle and IndusInd Bank gained 1.7 to 3%.
Adani Group stocks bounced back fairly strongly, but some of the counters in the Group failed to hold gains and closed weak. Among the gainers, Adani Ports gained about 2%. Adani Enterprises closed up 2.1% and Adani Total Gas gained 1.5%. ACC and Ambuja Cements gained 3.1% and 3.8%, respectively.
Adani Energy Solutions lost nearly 7% and Adani Green Energy tumbled 8%. Adani Power closed down 3%, and Adani Wilmar ended 0.6% down.
The market breadth was quite positive. On BSE, 2,446 stocks closed higher, while 1,475 stocks ended weak, and 120 stocks settled flat.
France Private Sector Falls Deep Into Contraction
(RTTNews) - France's private sector contracted the most since January as prolonged weakness in demand damped expectations, flash survey results from SP Global showed on Friday.
The flash HCOB composite output index fell markedly to 44.8 in November from 48.1 in October.
This was the third monthly fall in private sector output and the score signaled the steepest contraction since January.
The survey revealed deepening downturns at both manufacturers and service providers in November. The services Purchasing Managers' Index dropped more-than-expected to 45.7 from 49.2 in the previous month. The score was seen at 49.0.
The factory PMI posted 43.2, which was down from 44.5 in October. The indicator was expected to edge up to 44.6.
At composite level, new work slipped deeper into decline. A sharper fall in new orders led firms to channel more sources towards completing backlogs of work. The pace of depletion was the fastest in four years.
Nonetheless, data showed a renewed uptick in private sector employment, with the rate of job creation the strongest for six months.
French companies anticipate the contraction trend in activity to carry on into 2025 as, for the first time since May 2020, expectations for output over the next 12 months were pessimistic, the survey showed.
Regarding prices, the survey showed intensification of price pressures. Operating expenses grew at the fastest pace in three months due to higher salary costs. In response, output charges increased although service providers exclusively drove this trend.
"The French economy is being rocked by uncertainties," Hamburg Commercial Bank Economist Tariq Kamal Chaudhry said.
"The HCOB Flash Composite PMI for November starkly reveals that businesses are heavily impacted by crises both domestically and internationally," said Chaudhry.
TSX Closes At New Record High
(RTTNews) - The Canadian market closed modestly higher on Friday, lifted by gains in industrials and energy stocks. Positive reaction to the nation's retails data and the recent announcement of a mini stimulus package contributed to the upside.
The benchmark SP/TSX Composite Index, which advanced to a new all-time high of 25,478.37, settled at 25,444.28 with a gain of 53.60 points or 0.21%.
Hut 8 Corp (HUT.TO) zoomed 10.5%. ATS Corporation (ATS.TO) climbed 7.2%. Softchoice Corporation (SFTC.TO), Endeavour Mining (EDV.TO), Finning International (FII.TO), ATCO (ACO.Y.TO), Bombardier Inc (BBD.B.TO), RB Global (RBA.TO), Magna International (MG.TO) and Canadian Pacific Kansas City (CP.TO) gained 2 to 4%.
Canadian National Railway (CNR.TO), Ag Growth International (AFN.TO), Descartes Systems Group (DSG.TO), Colliers International (CIGI.TO) and Dayforce (DAY.TO) were among the other notable gainers.
Bausch + Lomb Corporation (BLCO.TO), Celestica Inc (CLS.TO), iA Financial Corporation (IAG.TO), Secure Energy Services (SES.TO), CAE Inc (CAE.TO), Boralex Inc (BLX.TO), Pan American Silver Corp (PAAS.TO) and Teck Resources (TECK.A.TO) lost 1 to 4%.
On the economic front, retail sales in Canada are expected to have surged by 0.7% from the previous month in October, according to flash estimate. Retails in Canada rose by 0.8% year-on-year in September, following a 1.4% increase in the previous month.
Data from Statistics Canada showed new home prices in Canada dropped by 0.4% in October, following two months of no change. Compared to last year, new home prices fell 0.2% in October, following a 0.2% increase in the previous month.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than previously estimated in the month of November.
The University of Michigan said its consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0.
DAX Drops Amidst Weak PMI, GDP
(RTTNews) - The DAX index that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange recorded a decline on Friday amidst weaker-than-expected economic data. Sentiment was weakened amidst concerns about the bleak economic outlook for Germany as well as Europe.
The HCOB Flash Germany Manufacturing PMI which was seen steady at 43 unexpectedly edged up to 43.2 in November. The Services PMI which was seen steady at 51.6 percent unexpectedly declined to 49.4. The Composite PMI showed 47.3 while markets had expected it to be steady at 48.6. All the three readings remained in the contraction zone. Consequently, the Euro Area's manufacturing PMI, services PMI and Composite PMI recorded unexpected declines.
Final third-quarter data released earlier in the day showed the German economy expanded by 0.1 percent quarter-on-quarter versus the initial estimate of a 0.2 percent rise. The reading however implied a slight rebound from the 0.3 percent contraction in the previous period.
The DAX is currently trading 0.23 percent lower at 19,128.11, versus the previous close of 19,173.15. The day's trading ranged between a high of 19,271.71 and a low of 19,037.77.
In the 40-scrip index, 19 scrips only are trading in the overnight green zone.
Vonovia topped with overnight gains of 3.7 percent. Sartorius and Zalando have both rallied more than 3 percent in the day's trading. E.ON, Symrise and RWE followed with gains of more than 2 percent.
Deutsche Bank topped losses with a decline of 3.24 percent. Commerzbank has slipped 2.8 percent. Airbus Group, Porsche Automobil Holding, BMW and Daimler Truck Holding followed with losses of more than a percent.
Amidst the Dollar's surge, the EUR/USD pair has slipped 0.38 percent. It is currently trading at 1.0433 after ranging between 1.0499 and 1.0333. The EUR/GBP pair has edged up 0.06 percent to 0.8325. The EUR/JPY pair has also decreased 0.53 percent to 161.02.
German bond yields have decreased 2.5 percent overnight to a 4-week low of 2.2545 percent. The yield which was at 2.3130 percent at the previous close ranged between 2.3440 percent and 2.2335 percent in the day's trading.
German Private Sector Continues To Shrink
(RTTNews) - Germany's private sector continued to contract in November as sustained weakness in manufacturing output was compounded by the first fall in services activity for nine months, flash Purchasing Managers' survey compiled by SP Global showed Friday.
The HCOB composite output index dropped to 47.3 in November from 48.6 in the previous month. The score signaled acceleration in the rate of decline in activity to the quickest since February.
Services business activity fell into contraction for the first time in nine months in November. The services PMI registered 49.4, down from 51.6 in the previous month. The expected score was 51.8.
Meanwhile, the manufacturing PMI advanced to a four-month high of 43.2 from 43.0 in the previous month. The reading was slightly above forecast of 43.1.
"The political uncertainty, which has increased since Donald Trump's election as US president and the announcement of snap elections in Germany on February 23, isn't helping," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.
"However, the modest increase in the future output index might reflect some hope that the next German government will manage to turn the economy around with bold measures, for example by reforming the debt break," de la Rubia added.
The survey showed that weaker demand for goods and services led to further job losses during the year's penultimate month. Further, the rates of input cost and output price inflation climbed to the highest for three months, reflecting stronger price pressures in the service sector.
Meanwhile, business expectations edged up from September's recent low to the highest for three months on hopes of a boost to the economy following elections next year.
Canadian Market Modestly Higher In Cautious Trade
(RTTNews) - The Canadian market is modestly higher a little past noon on Friday with stocks turning in a mixed performance in cautious trade. Investors are digesting the latest economic data from Canada and the U.S., while continuing to follow the developments on the geopolitical front.
The benchmark SP/TSX Composite Index, which dropped to 25,360.12 earlier in the session, is up 55.99 points or 0.22% at 25,446.67 a few minutes past noon.
Aya Gold Silver shares are up nearly 7%. ATS Corporation (ATS.TO), Softchoice Corporation (SFTC.TO), Endeavour Mining (EDV.TO), ATCO Ltd. (ACO.Y.TO) and Magna International (MG.TO) are gaining 2 to 4%.
RB Global Inc (RBA.TO), Canadian Pacific Kansas City (CP.TO), Canadian Natural Resources (CNQ.TO), Capital Power Corporation (CPX.TO), Gildan Activewear (GIL.TO), Dayforce (DAY.TO), Brookfield Corporation (BN.TO), Linamar Corporation (LNR.TO), CCL Industries (CCL.B.TO) and BRP Inc (DOO.TO) are advancing 1 to 1.8%.
Quebecor Inc (QBR.TO), Celestica Inc (CLS.TO), Capstone Copper (CS.TO), Source Energy Services (SHLE.TO), Energy Fuels Inc (EFR.TO), Brookfield Renewable Corporation (BEPC.TO), CAE Inc (CAE.TO), Cameco Corporation (CCO.TO), Ivanhoe Mines (IVN.TO) and Ero Copper (ERO.TO) are down 2 to 4.5%.
On the economic front, retail sales in Canada are expected to have surged by 0.7% from the previous month in October, according to flash estimate. Retails in Canada rose by 0.8% year-on-year in September, following a 1.4% increase in the previous month.
Data from Statistics Canada showed new home prices in Canada dropped by 0.4% in October, following two months of no change. Compared to last year, new home prices fell 0.2% in October, following a 0.2% increase in the previous month.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than previously estimated in the month of November.
The University of Michigan said its consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0.
Swiss Stocks Close On Strong Note
(RTTNews) - Swiss stocks closed on a bright note on Friday, in line with markets across Europe, as weak manufacturing and services sector data from major European countries such as the U.K., Germany and France raised hopes that central banks will cut interest rates further to help revive growth.
The benchmark SMI ended higher by 124.91 points or 1.08% at 11,716.50. The index touched a low of 11,605.35 and a high of 11,759.62.
Partners Group, SIG Group, Sonova, Straumann Holding, Sandoz Group and Novartis gained 2.3 to 3%. Geberit closed nearly 2% up.
Novartis gained 2.3%. The company has purchased US-based biotechnology company Kate Therapeutics in a deal worth up to $1.1 billion. Kate Therapeutics is focused on developing gene therapies for neuromuscular disease. The acquisition is expected to bolster Novartis' efforts to advance gene therapies for patients.
VAT Group climbed 1.78%. Julius Baer, Roche Holding, Schindler Ps, ABB, Logitech International, Holcim, Sika, Alcon and Lindt Spruengli closed higher by 1 to 1.3%.
Swiss Life Holdings, Swiss Re, Swisscom, Richemont, Kuehne + Nagel and UBS Group also ended on a firm note.
Sjares of Pierer Mobility zoomed nearly 16% on reports that Mark Mateschitz, who holds a substantial interest in energy drink company Red Bull, is looking to acquire a stake in the Switzerland-listed motorcycle manufacturer and its KTM subsidiary unit. However, Pierer Mobility denied the media reports, saying there are no talks regarding such a transaction.
Euro Falls As Weak Eurozone PMI Triggers ECB Rate Cut Bets
(RTTNews) - The euro weakened against other major currencies in the European session on Friday, as traders bet a possibility of an interest-rate cut by the European Central Bank (ECB) after data from Germany and the Eurozone showed that the business activity in the private sector contracted in November.
Concerns about trade war with the United States (US) have already caused most European Central Bank (ECB) officials to worry about sluggish growth.
Data from SP Global showed that the euro area private sector fell back into contraction in November. The composite output index registered 48.1 in November, which was a ten-month low, and down from 50.0 in October. The renewed decline in output was recorded as business activity in the service sector decreased for the first time in ten months, joining manufacturing in contraction territory.
Germany's private sector continued to contract in November as sustained weakness in manufacturing output was compounded by the first fall in services activity for nine months. The HCOB composite output index dropped to 47.3 in November from 48.6 in the previous month. The score signaled acceleration in the rate of decline in activity to the quickest since February.
Services business activity fell into contraction for the first time in nine months in November. The services PMI registered 49.4, down from 51.6 in the previous month. The expected score was 51.8.
France's private sector contracted the most since January as prolonged weakness in demand damped expectations. The flash HCOB composite output index fell markedly to 44.8 in November from 48.1 in October.
The factory PMI posted 43.2, which was down from 44.5 in October. The indicator was expected to edge up to 44.6
In economic news, data from Destatis showed that German economy grew marginally in the third quarter after a contraction, preventing a technical recession. Gross domestic product posted a sequential growth of 0.1 percent in the third quarter. The rate was downgraded from 0.2 percent estimated on October 30.
In the second quarter, GDP shrank 0.3 percent. Although the economy avoided a technical recession with the third quarter growth, the pace of expansion was only marginal.
Economic data updates from the region as well as the lingering geopolitical concerns are however seen swaying market sentiment.
In the European trading now, the euro fell to nearly a 10-year low of 0.9206 against the Swiss franc, a 2-year low of 1.0333 against the U.S. dollar and nearly a 2-month low of 159.91 against the yen, from early highs of 0.9295, 1.0499 and 159.91, respectively. The euro is likely to find support around 0.90 against the franc, 1.02 against the greenback and 158.00 against the yen.
The euro slipped to nearly a 2-week low of 0.8268 against the pound, from an early 2-day high of 0.8347. On the downside, 0.81 is seen as the next support level for the euro.
Against Australia, the New Zealand and the Canadian dollars, the euro slid to nearly a 1-1/2-year low of 1.5968, nearly a 2-month low of 1.7746 and more than a 9-month low of 1.4489 from early highs of 1.6134, 1.7965 and 1.4657, respectively. If the euro extends its downtrend, it is likely to find support around 1.58 against the aussie, 1.76 against the kiwi and 1.40 against the loonie.
Looking ahead, Canada new housing price index for October, retail sales for September, U.S. PMI data for November, U.S. University of Michigan consumer sentiment for November and U.S. Baker Hughes weekly oil rig count data are slated for release in the New York session.
European Stocks Close On Firm Note On Optimism About More Interest Rate Cuts
(RTTNews) - European stocks closed on a firm note on Friday as some weak economic data raised expectations that the central banks will reduce interest rates further to boost growth.
In addition to digesting regional economic data, investors continued to follow the developments on the geopolitical front.
Bank stocks ended notably lower, while real estate and retail stocks are finding support.
Data showing an increase in consumer confidence aided sentiment in the UK market, where the benchmark FTSE 100 is gaining nearly 0.8%. The GfK Consumer Confidence Index in the United Kingdom increased by 3 points to -18 in November 2024, marking its first improvement in three months.
The pan European Stoxx 600 climbed 1.18%. The U.K.'s FTSE 100 gained 1.38%, Germany's DAX and France's CAC 40 closed up 0.92% and 0.58%, respectively, while Switzerland's SMI advanced 1.08%.
Among other markets in Europe, Belgium, Denmark, Finland, Netherlands, Poland, Portugal, Russia, Sweden and Turkiye closed with sharp to moderate gains.
Austria, Greece, Ireland, Norway and Spain ended modestly higher, while Iceland closed weak.
In the UK market, Diploma climbed about 5.8%. Spirax Group, Hikma Pharmaceuticals, AstraZeneca, Melrose Industries, British Land, Unilever, National Grid, Rightmove and Relx gained 3 to 4.3%.
Vistry Group, Sainsbury (J), Segro, Land Securities, Barratt Redrow, Experian, Auto Trader Group, Weir Group, Unite Group and GSK also moved up sharply.
Games Workshop Group Plc shares soared 17.5% on hopes the company's strong results will help get the stock into the FTSE 100 index.
Natwest Group closed nearly 2.5% down. Barclays Group, Standard Chartered and Lloyds Banking Group ended down 1 to 2.1%, while HSBC Holdings settled modestly lower.
JD Sports Fashion Group and Antofagasta closed notably lower.
In the German market, Zalando rallied more than 6%. Vonovia, Brenntag, Sartorius, E.ON, Infineio, Continental, Merck, Fresenius Medical Care, Siemens Energy and Symrise gained 2 to 5%.
Daimler Truck Holding, Qiagen, Rheinmetall, Adidas, Bayer, Fresenius, Beiersdorf, Deutsche Post, Deutsche Telekom, Siemens Healthineers, MTU Aero Engines and BASF closed up 1 to 2%.
Deutsche Bank closed down 2.8%. Commerzbank drifted down 1.7%, while Puma closed lower by about 1%.
In Paris, Unibail Rodamco, Stellantis, Sanofi, Vivendi and Publicis Groupe gained 2 to 3.1%. L'Oreal, Essilor, Eurofins Scientific, Hermes International, LVMH, Orange, Danone and Legrand advanced 1 to 1.8%.
STMicroElectronics closed notably higher after the company announced a partnership with Chinese chipmaker Hua Hong.
Thales closed down by about 3.5% weighed down by reports that the UK's Serious Fraud Office has opened an investigation into the company over alleged bribery and corruption.
Societe Generale, BNP Paribas and Credit Agricole lost 2.1 to 2.6%. Airbus Group, Accor and Renault also closed notably lower.
In economic news, the UK private sector activity deteriorated for the first time in just over a year in November as growth in new business eased amid weak business confidence, flash survey results published by SP Global revealed. The flash composite output index dropped to 49.9 in November from 51.8 in October.
UK retail sales dropped 0.7% on a monthly basis in October, in contrast to the revised 0.1% rise in September, data from the Office for National Statistics showed. Sales were expected to fall 0.3%.
The German economy grew marginally in the third quarter after a contraction, with the GDP recording a sequential growth of 0.1%, revised data from Destatis showed. The rate was downgraded from 0.2% estimated on October 30.
Germany's private sector continued to contract in November as sustained weakness in manufacturing output was compounded by the first fall in services activity for nine months, flash Purchasing Managers' survey compiled by SP Global showed.
The HCOB composite output index dropped to 47.3 in November from 48.6 in the previous month. The score signaled acceleration in the rate of decline in activity to the quickest since February.
Services business activity fell into contraction for the first time in nine months in November. The services PMI registered 49.4, down from 51.6 in the previous month. The expected score was 51.8. Meanwhile, the manufacturing PMI advanced to a four-month high of 43.2 from 43.0 in the previous month. The reading was slightly above forecast of 43.1.
France's private sector contracted the most since January as prolonged weakness in demand damped expectations, flash survey results from SP Global showed. The flash HCOB composite output index fell markedly to 44.8 in November from 48.1 in October.
The services Purchasing Managers' Index dropped more-than-expected to 45.7 from 49.2 in the previous month. The score was seen at 49.0. The factory PMI posted 43.2, which was down from 44.5 in October. The indicator was expected to edge up to 44.6.
Additional Support Anticipated For South Korea Shares
(RTTNews) - The South Korea stock market bounced higher again on Friday, one day after ending 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 2,500-point plateau and it may add to its winnings on Monday.
The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.
The KOSPI finished modestly higher on Friday following gains from the financial shares and mixed performances from the technology, financial and automobile sectors.
For the day, the index advanced 20.61 points or 0.83 percent to finish at 2,501.24 after trading between 2,492.21 and 2,511.23. Volume was 534.9 million shares worth 7.8 trillion won. There were 514 gainers and 356 decliners.
Among the actives, Shinhan Financial collected 0.36 percent, while KB Financial climbed 1.13 percent, Hana Financial strengthened 1.46 percent, Samsung Electronics sank 0.71 percent, Samsung SDI jumped 1.70 percent, LG Electronics improved 0.76 percent, SK Hynix surged 4.68 percent, Naver perked 0.16 percent, LG Chem rallied 1.19 percent, Lotte Chemical dipped 0.15 percent, SK Innovation skidded 1.09 percent, POSCO eased 0.16 percent, SK Telecom spiked 1.60 percent, KEPCO added 0.42 percent, Hyundai Motor accelerated 0.70 percent, Kia Motors rose 0.20 percent. and Hyundai Mobis was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.
The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the SP 500 gained 20.63 points or 0.35 percent to end at 5,969.34.
For the week, the Dow surged 2.0 percent, while the NASDAQ and the SP 500 both shot up by 1.7 percent.
The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.
Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
New Zealand Has NZ$1.544 Billion Trade Shortfall In October
(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$1.544 billion in October, Statistics New Zealand said on Monday.
That follows the downwardly revised NZ$2.154 billion shortfall in September (originally NZ$2.108 billion).
Exports were up 7.5 percent on year to NZ$5.77 billion in October, after showing a downwardly revised NZ$4.91 billion in the previous month (originally NZ$5.01 billion).
Imports added an annual 3.0 percent to NZ$7.31 billion, up from the downwardly revised NZ$7.06 billion a month earlier (originally NZ$7.12 billion).
Annual goods exports were valued at NZ$69.7 billion, up NZ$1.3 million from the previous year.
Annual goods imports were valued at NZ$78.6 billion, down NZ$5.9 billion from September. The annual trade deficit was NZ$9.0 billion after showing NZ$14.8 billion in October 2023.
Malaysia Shares Tipped To Open To The Upside
(RTTNews) - The Malaysia stock market on Friday ended the three-day losing streak in which it had fallen more than 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,590-point plateau and it may up steam on Monday.
The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.
The KLCI finished slightly higher on Friday following gains from the telecoms, weakness from the plantations and mixed performances from the financials and industrials.
For the day, the index perked 1.10 points or 0.07 percent to finish at 1,589.78 after trading between 1,587.74 and 1,593.85.
Among the actives, Celcomdigi and IHH Healthcare both rose 0.28 percent, while CIMB Group perked 0.12 percent, Genting gathered 0.27 percent, Genting Malaysia slumped 0.93 percent, IOI Corporation and Sime Darby both declined 1.30 percent, Kuala Lumpur Kepong tumbled 2.28 percent, Maxis retreated 1.67 percent, MISC improved 0.26 percent, MRDIY plummeted 3.14 percent, Nestle Malaysia fell 0.31 percent, Petronas Chemicals surged 1.86 percent, PPB Group climbed 0.89 percent, Press Metal advanced 0.86 percent, Public Bank sank 0.45 percent, QL Resources soared 1.68 percent, RHB Bank collected 0.15 percent, SD Guthrie rallied 1.25 percent, Sunway gained 0.40 percent, Telekom Malaysia added 0.63 percent, Tenaga Nasional spiked 1.45 percent, YTL Corporation plunged 3.28 percent, YTL Power tanked 2.68 percent and Axiata and Maybank were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.
The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the SP 500 gained 20.63 points or 0.35 percent to end at 5,969.34.
For the week, the Dow surged 2.0 percent, while the NASDAQ and the SP 500 both shot up by 1.7 percent.
The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.
Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
New Zealand Trade Data Due On Monday
(RTTNews) - New Zealand will on Monday release October figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
In September, imports were worth NZ$7.12 billion and exports were at NZ$5.01 billion for a trade deficit of NZ$2.108 billion.
Singapore will provide October data for consumer prices; in September, overall inflation was up 0.3 percent on month and 2.0 percent on year, while core CPI rose an annual 2.8 percent.
Taiwan will see October numbers for industrial production in September, industrial output climbed 11.22 percent on year.
