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Singapore Shares: Support Expected At 3,700 Points
(RTTNews) - The Singapore stock market has moved lower in back-to-back sessions, dropping almost 35 points or 0.9 percent along the way. The Straits Times Index now sits just above the 3,710-point plateau although it's expected to stop the bleeding on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The STI finished modestly lower on Tuesday following losses from the financials and industrials, while the properties and trusts were mixed.
For the day, the index sank 19.00 points or 0.51 percent to finish at 3,712.39 after trading between 3,705.05 and 3,728.81.
Among the actives, CapitaLand Integrated Commercial Trust fell 0.51 percent, while CapitaLand Investment tanked 3.55 percent, City Developments slumped 1.14 percent, Comfort DelGro sank 0.68 percent, DBS Group stumbled 1.28 percent, Emperador declined 1.20 percent, Genting Singapore advanced 0.65 percent, Hongkong Land gained 0.43 percent, Keppel DC REIT plummeted 5.46 percent, Keppel Ltd slid 0.45 percent, Mapletree Industrial Trust added 0.44 percent, Mapletree Logistics Trust and Jardine Matheson both dropped 0.78 percent, Oversea-Chinese Banking Corporation lost 0.56 percent, SATS skidded 1.04 percent, Seatrium Limited rallied 1.04 percent, SembCorp Industries tumbled 1.34 percent, Singapore Technologies Engineering and SingTel both shed 0.66 percent, Thai Beverage jumped 1.89 percent, Wilmar International retreated 1.29 percent, Yangzijiang Shipbuilding plunged 3.80 percent and Mapletree Pan Asia Commercial Trust, Yangzijiang Financial, Frasers Centrepoint Trust and Frasers Logistics Commercial Trust were unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Japanese Market Notably Lower
(RTTNews) - The Japanese stock market is trading notably lower on Wednesday, adding to the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,200 level, with weakness across most sectors led by automakers, exporters and technology stocks.
The benchmark Nikkei 225 Index is down 293.22 or 0.76 percent at 38,148.78, after hitting a low of 38,134.90 earlier. Japanese stocks ended significantly lower on Tuesday.
Market heavyweight SoftBank Group is edging up 0.2 percent and Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda is losing almost 3 percent and Toyota is declining more than 3 percent.
In the tech space, Advantest is losing more than 3 percent and Tokyo Electron is down more than 1 percent, while Screen Holdings is gaining almost 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are edging up 0.2 to 0.3 percent each, while Mitsubishi UFJ Financial is losing almost 1 percent.
Among the major exporters, Sony is edging up 0.5 percent, while Canon is edging down 0.1 percent, Mitsubishi Electric is losing almost 1 percent and Panasonic is declining almost 2 percent.
Among other major losers, Mitsubishi Chemical is losing almost 5 percent, while Tokyu, Mazda Motor and Nissan Motor are declining more than 4 percent each. Hino Motors and Mitsubishi Motors are down almost 4 percent each, while GS Yuasa, JTEKT, Fanuc, Furukawa Electric, Nikon, Nissan Chemical and SMC are all declining almost 3 percent each.
Conversely, Oriental Land and Keisei Electric Railway are gaining almost 6 percent each, while Resonac Holdings is adding more than 4 percent. Chugai Pharmaceutical is advancing more than 3 percent, while Kansai Electric Power and Fujitsu are advancing almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 152 yen-range on Wednesday.
On the Wall Street, stocks moved to the upside over the course of the trading day on Tuesday after turning in a mixed performance early in the session. The Dow recovered from early weakness to end the day at another new record closing high.
The Dow fell by as much as 0.7 percent in early trading but ended the day up 123.74 points or 0.3 percent at 44,860.31. The SP 500 also climbed 34.26 points or 0.6 percent to a record closing high of 6,021.63, while the Nasdaq rose 119.46 points or 0.6 percent to 19,174.30.
The major European markets moved to the downside on the day. While the French CAC 40 Index slid by 0.9 percent, the German DAX Index fell by 0.6 percent and the U.K.'s FTSE 100 Index declined by 0.4 percent.
Crude oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Renewed Support Anticipated For Taiwan Stock Market
(RTTNews) - The Taiwan stock market on Tuesday snapped the two-day winning streak in which it had jumped almost 400 points or 1.8 percent. The Taiwan Stock Exchange now rests just beneath the 22,680-point plateau although it's expected to bounce higher again on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The TSE finished sharply lower on Tuesday following losses from the technology and plastics companies, while the financial sector was mixed.
For the day, the index slumped 269.61 points or 1.17 percent to finish at 22,678.76 after trading between 22,645.13 and 22,832.11.
Among the actives, Cathay Financial collected 0.15 percent, while Mega Financial slid 0.50 percent, CTBC Financial perked 0.16 percent, First Financial sank 0.72 percent, Fubon Financial lost 0.44 percent, E Sun Financial weakened 1.26 percent, Taiwan Semiconductor Manufacturing Company tumbled 1.94 percent, United Microelectronics Corporation climbed 1.11 percent, Hon Hai Precision plunged 3.80 percent, Largan Precision rallied 2.04 percent, Catcher Technology tumbled 1.75 percent, Delta Electronics slumped 1.52 percent, Novatek Microelectronics declined 1.53 percent, Formosa Plastics fell 0.23 percent, Nan Ya Plastics shed 0.62 percent, Asia Cement retreated 1.25 percent and MediaTek was unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Indonesia Shares May Bounce Higher Again On Wednesday
(RTTNews) - The Indonesia stock market on Tuesday ended the two-day winning streak in which it had rallied almost 175 points or 2.5 percent. The Jakarta Composite Index now rests just beneath the 7,250-point plateau although it's expected to open to the upside again on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The JCI finished modestly lower on Tuesday following losses from the financials and telecoms, while the cement and resource stocks were mixed.
For the day, the index dropped 68.22 points or 0.93 percent to finish at the daily low of 7,245.89 after peaking at 7,341.60.
Among the actives, Bank CIMB Niaga skidded 1.12 percent, while Bank Mandiri tanked 2.66 percent, Bank Danamon Indonesia sank 0.78 percent, Bank Negara Indonesia slumped 0.80 percent, Bank Central Asia tumbled 1.72 percent, Bank Rakyat Indonesia retreated 1.57 percent, Bank Maybank Indonesia dropped 0.90 percent, Indosat Ooredoo Hutchison surrendered 2.40 percent, Indocement improved 0.73 percent, Semen Indonesia declined 1.37 percent, Indofood Sukses Makmur added 0.66 percent, United Tractors fell 0.36 percent, Astra International lost 0.48 percent, Energi Mega Persada stumbled 1.53 percent, Astra Agro Lestari climbed 1.21 percent, Aneka Tambang plunged 2.36 percent, Jasa Marga rallied 2.17 percent, Vale Indonesia slid 0.54 percent, Timah plummeted 4.12 percent and Bumi Resources was down 3.42 percent.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Sensex, Nifty Likely To Open On Steady Note
(RTTNews) - Indian shares look set to open on a steady note Wednesday as Middle East tensions abated, and the dollar index slid in international markets amid uncertainty over Trump's tariff plans.
Investors will also react to the latest FOMC meeting minutes, which suggested that U.S. monetary policy decisions were not on a "preset course and were conditional on the evolution of the economy and the implications for the economic outlook and the balance of risks."
Benchmark indexes Sensex and Indian shares ended slightly lower on Tuesday following two days of strong gains.
Adani Group stocks faced heavy selling pressure after U.S. authorities indicted some key executives of the group on bribery charges. The rupee fell by 3 paise to close at 84.32 against the dollar.
Asian stocks traded mixed this morning, with Chinese, Hong Kong and Japanese markets slipping into the red. The dollar dipped ahead of the release of a key U.S. inflation measure and the Thanksgiving holiday in the U.S.
Gold and oil prices were lower as Israel approved a United States-brokered ceasefire agreement with Lebanon's Hezbollah.
U.S. stocks rose overnight as President-elect Donald Trump threatened to impose increased tariffs on Mexico, Canada, and China to combat illegal immigration and drugs.
Meanwhile, the minutes of the Federal Reserve's latest monetary policy meeting showed that officials favor a gradual approach to lowering rates if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
The Dow rose 0.3 percent to log another new record closing high and the SP 500 gained 0.6 percent to extend gains for the seventh straight session while the tech-heavy Nasdaq Composite added 0.6 percent.
European stocks closed on a weak note Tuesday as Trump's tariff threat prompted worries of a renewed trade war.
The pan European Stoxx 600 dipped 0.6 percent. The German DAX fell 0.6 percent, France's CAC 40 shed 0.9 percent and the U.K.'s FTSE 100 eased 0.4 percent.
Thai Stock Market Poised To Snap Losing Streak
(RTTNews) - The Thai stock market has moved lower in two straight sessions, slipping more than 8 points or 0.6 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,440-point plateau although it's due for support on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished modestly lower on Tuesday following losses from the food, finance, industrial, property, service and resource sectors.
For the day, the index fell 5.06 points or 0.35 percent to finish at 1,438.25 after trading between 1,435.54 and 1,448.59. Volume was 9.638 billion shares worth 37.226 billion baht. There were 320 decliners and 168 gainers, with 182 stocks finishing unchanged.
Among the actives, Advanced Info stumbled 1.75 percent, while Thailand Airport dipped 0.41 percent, Banpu plunged 2.52 percent, Bangkok Bank skidded 1.01 percent, Bangkok Dusit Medical slid 1.90 percent, Bangkok Expressway crashed 1.97 percent, B. Grimm lost 0.47 percent, BTS Group rallied 2.91 percent, CP All Public was down 1.58 percent, Charoen Pokphand Foods tanked 2.04 percent, Energy Absolute plummeted 6.19 percent, Gulf surrendered 2.33 percent, Kasikornbank fell 0.33 percent, Krung Thai Bank dropped 0.98 percent, Krung Thai Card shed 0.54 percent, PTT Oil Retail sank 0.69 percent, PTT declined 0.75 percent, PTT Exploration and Production weakened 1.16 percent, SCG Packaging tumbled 1.75 percent, Siam Concrete retreated 1.30 percent, True Corporation advanced 0.86 percent, TTB Bank slumped 1.10 percent and Siam Commercial Bank, PTT Global Chemical, Asset World and Thai Oil were unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Closer to home, Thailand will release October numbers for industrial production later today; in September, output was down 3.51 percent on year.
Hang Seng May Add To Its Winnings On Wednesday
(RTTNews) - The Hong Kong stock market on Tuesday ended the three-day slide in which it had stumbled more than 550 points or 3 percent. The Hang Seng Index now sits just beneath the 19,160-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The Hang Seng finished barely higher on Tuesday following gains from the entertainment stocks and mixed performances from the property and technology companies.
For the day, the index perked 8.21 points or 0.04 percent to finish at 19,159.20 after trading between 19,054.40 and 19,295.75.
Among the actives, Alibaba Group spiked 1.71 percent, while Alibaba Health Info surged 2.27 percent, ANTA Sports rose 0.20 percent, China Life Insurance eased 0.14 percent, China Mengniu Dairy gained 0.72 percent, China Resources Land climbed 1.12 percent, CITIC slid 0.35 percent, CNOOC tumbled 1.15 percent, CSPC Pharmaceutical fell 0.59 percent, Galaxy Entertainment advanced 1.08 percent, Hang Lung Properties dipped 0.32 percent, Henderson Land lost 0.61 percent, Hong Kong China Gas was down 0.17 percent, Industrial and Commercial Bank of China and Lenovo both slipped 0.22 percent, JD.com soared 1.88 percent, Li Auto slumped 0.86 percent, Li Ning shed 0.65 percent, Meituan rallied 1.42 percent, New World Development added 1.05 percent, Nongfu Spring dropped 0.94 percent, Techtronic Industries skidded 1.12 percent, Xiaomi Corporation plummeted 4.23 percent, WuXi Biologics sank 0.83 percent and Haier Smart Home was unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
U.S. Dollar Falls Against Majors
(RTTNews) - The U.S. dollar weakened against other major currencies in the European session on Wednesday.
The U.S. dollar fell to a 3-week low of 151.84 against the yen, from an early high of 153.03.
Against the euro, the pound and the Swiss franc, the greenback edged down to 1.0505, 1.2598 and 0.8841 from early highs of 1.0474, 1.2567 and 0.8862, respectively.
If the greenback extends its downtrend, it is likely to find support around 150.00 against the yen, 1.06 against the euro, 1.27 against the pound and 0.86 against the franc.
German GfK Consumer Sentiment To Deteriorate Sharply
(RTTNews) - German consumer confidence is set to deteriorate sharply at the end of the year as income expectations plunged to a nine-month low on growing fears of recession, a closely watched survey showed Wednesday.
The consumer sentiment index slid to -23.3 in December from revised -18.4 in November, survey results jointly published by GfK and the Nuremberg Institute for Market Decisions revealed today.
The consumer sentiment index measured for December hit the lowest since May of this year. Sentiment is currently at a level comparable to the end of 2023.
NIM consumer expert Rolf Bürkl said consumer uncertainty increased again recently as evidenced by the rising willingness to save. Another uncertainty factor is concerns about job security. Job cuts reported by industry and the relocation of production abroad were cited as major reasons for uncertainty.
Income expectations fell notably and the willingness to buy declined slightly. Consumers were more pessimistic about the development of the general economic situation for the fourth consecutive month.
Rising insolvencies and reports of impending job losses dampened economic expectations. The economic expectations index fell to -3.6 in November after a drop of 3.8 points. This was the fourth straight month of decline.
At -3.5 points, the income expectations index lost 17.2 points in November. A worse value was last measures nine months ago.
The willingness to buy showed a slight loss and it remained at an extremely low level. The corresponding index dropped 1.3 points to -6.
U.S. Dollar Falls On Donald Trump's Tariff Plan
(RTTNews) - The U.S. dollar weakened against other major currencies in the European session on Wednesday, as investors ponder over U.S. president-elect Donald Trump's tariff plans and await the Fed's preferred readings on consumer price inflation later in the day for additional clues on the Fed's rate trajectory.
Trump on Tuesday named another China sceptic, Jamieson Greer, his trade envoy, a key figure in implementing the president-elect's economic agenda.
"Jamieson played a key role during my first term in imposing tariffs on China and others to combat unfair trade practices, and replacing the failed NAFTA deal with USMCA, therefore making it much better for American Workers," Trump said.
Also, Trump appointed Kevin A Hassett as the director of the White House National Economic Council.
As Chair of the Council of Economic Advisers, Hassett played a crucial role in helping design and pass the Tax Cuts and Jobs Act of 2017 and stood with me as we pursued our enormously successful agenda to Make America Great Again, Trump said in a separate statement.
Traders await the October Personal Consumption Expenditures (PCE) price index due later today and the Thanksgiving holiday on Thursday.
In the European trading today, the U.S. dollar fell to a 3-week low of 151.84 against the yen, from an early high of 153.03. The greenback may test support around the 150.00 region.
Against the euro, the pound and the Swiss franc, the greenback edged down to 1.0505, 1.2598 and 0.8841 from early highs of 1.0474, 1.2567 and 0.8862, respectively. If the greenback extends its downtrend, it is likely to find support around 1.06 against the euro, 1.27 against the pound and 0.86 against the franc.
Looking ahead, the market research group GfK releases Germany's consumer confidence survey data for December at 4:30 am ET. The forward-looking consumer sentiment index is expected to fall to -18.8 in December from -18.3 in November.
In the New York session, U.S. weekly mortgage approvals data, U.S. Core PCE price index for October, personal income and spending for October, durable goods orders for October, pending home sales for October, U.S. Chicago PMI for November, U.S. EIA crude oil data and U.S. Baker Hughes oil rig count data are slated for release.
Sensex, Nifty End Slightly Higher As Adani Group Stocks Rebound
(RTTNews) - Indian shares eked out modest gains on Wednesday as the dollar slipped in international markets and a ceasefire deal between Israel and Hezbollah militants in Lebanon came into effect in the early hours today, denting oil's risk premium.
The ceasefire deal, agreed by both sides for a 60-day halt in fighting, requires Hezbollah to retreat 40 kilometers from the Israel border, and Israel to gradually withdraw its remaining forces on the ground from the Lebanese territory.
Over the next 60 days, the Lebanese Army and the State Security Forces will deploy and take control of their own territory once again.
Hezbollah terrorist infrastructure in southern Lebanon will not be allowed to be rebuilt.
The benchmark SP/BSE Sensex ended the session up 230.02 points, or 0.29 percent, at 80,234.08 after a somewhat choppy session.
The broader NSE Nifty index settled at 24,274.90, up 80.40 points, or 0.33 percent, from its previous close.
Adani Group stocks rebounded strongly from losses in the previous session after a clarification that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain are not facing charges under the U.S. Foreign Corrupt Practices Act (FCPA).
Adani Enterprises surged 11.6 percent and Adani Ports rallied 5.9 percent, while Adani Energy Solutions and Adani Green Energy both jumped around 10 percent.
Among other prominent gainers, NTPC, Trent and BEL rose 2-3 percent.
Among those that fell, Shriram Finance, Wipro, Titan Company and Apollo Hospitals Enterprise all ended down around 1 percent.
European Shares Drift Lower Amid France's Debt Woes
(RTTNews) - European stocks traded lower on Wednesday as investors fretted about potential inflationary pressures arising from U.S. President-elect Donald Trump's proposed tariff policies.
It is feared that Trump's economic plans, particularly tax cuts and tariffs, could have a substantial impact on the Federal Reserve's plans to lower interest rates.
Investor sentiment was also dented as the risk premium investors demand to hold French debt rose to its highest level since 2012 amid fiscal and political turbulence and angst over the fate of the new government.
The pan European Stoxx 600 was down 0.2 percent at 504.7 after falling 0.6 percent on Tuesday.
The German DAX slipped 0.3 percent and France's CAC 40 fell 1 percent while the U.K.'s FTSE 100 was up 0.1 percent.
Just Eat Takeaway.com NV shares were moving lower after the food delivery company revealed plans to delist from the London Stock Exchange on 27 December, citing low trading volumes and high costs, while retaining its primary listing on Euronext Amsterdam.
Grifols plummeted 12 percent after reports that Canadian fund Brookfield is planning to drop its plan to take over the Spanish pharmaceutical firm.
Aroundtown SA, a Luxembourg-based real estate company, surged 6.2 percent after posting strong operational results for the first nine months of 2024.
Swiss biotech firm Idorsia soared 8 percent after it unveiled plans to restructure its debt and shed up to 270 jobs.
Johnson Matthey, a British chemicals and specialist technologies firm, slumped 7 percent after posting a drop in sales and profits in the six months to September end.
EasyJet rallied 2 percent as the airline reported a rise in annual profits following a second record-breaking summer.
GSK edged up slightly after receiving approval from EU regulators for its liquid meningitis vaccine Menveo.
French banks BNP Paribas, Credit Agricole and Societe Generale fell 2-3 percent on concerns about France's increasing debt pile.
On a light day on the economic front, new data showed consumers in France were more pessimistic about the future general economic situation in the country.
France's consumer confidence worsened further in November to the lowest level in five months, monthly survey data from the statistical office INSEE showed today.
The consumer sentiment index dropped to 90 in November from 93 in the previous month. Further, the index remained well below its long-term average of 100.
Pound Falls Against Most Majors
(RTTNews) - The British pound weakened against most major currencies in the European session on Wednesday.
The pound fell to nearly a 2-month low of 190.75 against the yen, from an early high of 192.41.
Against the Swiss franc and the euro, the pound edged down to 1.1119 and 0.8356 from early highs of 1.1143 and 0.8333, respectively.
If the pound extends its downtrend, it is likely to find support around 185.00 against the yen, 1.10 against the franc and 0.84 against the euro.
Asian Shares Mixed As Tariff Concerns Persist
(RTTNews) - Asian stocks turned in a mixed performance on Wednesday as official data showed China's industrial profits fell again in October but less sharply than in September.
Regional gains were limited by tariff worries as U.S. President-elect Donald Trump picked another China sceptic, Jamieson Greer, to serve as the United States Trade Representative (USTR) and appointed Kevin A Hassett as the director of the White House National Economic Council, key figures in implanting the new administration's economic agenda.
Jamieson played a key role during Trump's first term in imposing tariffs on China and others to combat unfair trade practices and replacing the failed NAFTA deal with USMCA.
Hassett played a crucial role in helping design and pass the Tax Cuts and Jobs Act of 2017.
The dollar was muted in Asian trading amid anxiety about Trump's plans and ahead of the release of U.S. October Core Personal Consumption Expenditures (Core PCE) - Price Index later in the day.
Oil and gold prices traded higher as investors assessed the potential impact of a ceasefire deal between Israel and Hezbollah.
China's Shanghai Composite index rallied 1.53 percent to 3,309.78 after data showed industrial profit decline eased to 10 percent year-on-year in October from 27.1 percent the previous month.
Hong Kong's Hang Seng index jumped 2.32 percent to 19,603.13, rebounding from a two-month low.
Japanese markets retreated as a stronger yen weighed on automotive stocks such as Honda Motor, Toyota and Nissan, which fell 3-5 percent.
Traders also fretted about the impact of U.S. President-elect Donald Trump's tariff pledges.
The Nikkei average fell 0.80 percent to close at 38,134.97 and the broader Topix index finished 0.90 percent lower at 2,665.34.
Seoul stocks ended lower, with the Kospi average closing down 0.69 percent at 2,503.06. Chip-related stocks declined, with Samsung Electronics tumbling 3.4 percent and SK Hynix plunging 5 percent due to elevated uncertainty surrounding the U.S. CHIPS Act.
Australian markets advanced after data showed consumer price inflation rate in the country stayed at a three-year low in October, prompting analysts to predict a possible 25 basis point cut by May 2025.
The benchmark SP/ASX 200 climbed 0.57 percent to 8,406.70 while the broader All Ordinaries index settled 0.55 percent higher at 8,659.60.
Online travel company Web Travel Group jumped 13.5 percent after unveiling its half-year results. Among financials, Commonwealth Bank of Australia and QBE Insurance both rose over 2 percent.
Across the Tasman, New Zeeland's benchmark SP/NZX-50 index jumped 0.76 percent to 13,212.92 as the country's central bank slashed its interest rate by 50 basis points, marking a third straight cut to its benchmark rate, and flagged more substantial easing to boost its struggling economy.
U.S. stocks rose overnight as Donald Trump threatened to impose increased tariffs on Mexico, Canada, and China to combat illegal immigration and drugs.
Meanwhile, the minutes of the Federal Reserve's latest monetary policy meeting showed that officials favor a gradual approach to lowering rates if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
The Dow rose 0.3 percent to log another new record closing high and the SP 500 gained 0.6 percent to extend gains for the seventh straight session while the tech-heavy Nasdaq Composite added 0.6 percent.
DAX Slips Into Red With Banks, Autos Pacing Declines
(RTTNews) - German stocks traded lower on Wednesday amid concerns over whether other countries could be targeted for tariffs under incoming U.S. President Donald Trump, a day after he pledged to impose significant tariffs on goods from Canada, Mexico, and China.
Meanwhile, investors' demand for a risk premium on French debt has increased amid political uncertainties.
France's budgetary issues and political tensions push the OAT-Bund spread to levels not seen since 2012.
The benchmark DAX dropped 81 points, or 0.4 percent, to 19,214 after declining 0.6 percent in the previous session.
Auto stocks extended declines from the previous session, with BMW, Mercedes Benz and Volkswagen falling between half a percent and 1 percent.
Banks Commerzbank and Deutsche Bank were down 2 percent and 1.3 percent, respectively.
FTSE 100 Modestly Higher In Cautious Trade
(RTTNews) - U.K. stocks eked out modest gains in cautious trade on Wednesday as investors awaited the release of the Federal Reserve's preferred measure of inflation and weighed the potential impact of U.S. President-elect Donald Trump's tariff proposals on economic growth.
The benchmark FTSE 100 was up 12 points, or 0.2 percent, at 8,271 after declining 0.4 percent on Tuesday.
Johnson Matthey, a chemicals and specialist technologies firm, slumped 7 percent after posting a drop in sales and profits in the six months to September end.
EasyJet rallied 2 percent as the airline reported a rise in annual profits following a second record-breaking summer.
GSK edged up slightly after receiving approval from EU regulators for its liquid meningitis vaccine Menveo.
CAC 40 Slides As French Risk Premium Peaks
(RTTNews) - French stocks fell sharply on Wednesday, with banks suffering heavy losses as the risk premium investors demand to hold French debt rose to its highest level since 2012 amid fiscal and political turbulence and angst over the fate of the new government.
Banks BNP Paribas, Credit Agricole and Societe Generale fell 2-3 percent while the benchmark CAC 40 after was down 69 points, or 1 percent, at 7,125 after losing 0.9 percent the previous day.
There was also some disappointment on the data front as new data showed consumers were more pessimistic about the future general economic situation in the country.
France's consumer confidence worsened further in November to the lowest level in five months, monthly survey data from the statistical office INSEE showed today.
The consumer sentiment index dropped to 90 in November from 93 in the previous month. Further, the index remained well below its long-term average of 100.
The index measuring consumers' outlook regarding their financial situation worsened to -13.0 in November from -8.0 a month ago.
U.S. Durable Goods Orders Rise Less Than Expected In October
(RTTNews) - The Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods increased by less than expected in the month of October.
The report said durable goods orders rose by 0.2 in October after falling by a revised 0.4 percent in September.
Economists had expected durable goods orders to climb by 0.5 percent compared to the 0.7 percent decrease that had been reported for the previous month.
Excluding orders for transportation equipment, durable goods orders inched up by 0.1 in October after rising by 0.4 percent in September. Ex-transportation orders were expected to edge up by 0.2 percent.
U.S. Weekly Jobless Claims Unexpectedly Edge Down To 213,000
(RTTNews) - A report released by the Labor Department on Wednesday showed first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended November 23rd.
The Labor Department said initial jobless claims dipped to 213,000, a decrease of 2,000 from the previous week's revised level of 215,000.
Economists had expected jobless claims to rise to 217,000 from the 213,000 originally reported for the previous week.
The report said the less volatile four-week moving average also slipped to 217,000, a decrease of 1,250 from the previous week's revised average of 218,250.
Pound Climbs Against Majors
(RTTNews) - The pound firmed against its major counterparts in the New York session on Wednesday.
The pound advanced to a 1-week high of 1.2693 against the greenback and a 2-day high of 1.1180 against the franc, off its early lows of 1.2564 and 1.1119, respectively.
The pound recovered to 191.88 against the yen, from an early 1-1/2-month low of 190.67.
The pound rose back to 0.8333 against the euro.
The currency is poised to challenge resistance around 1.28 against the greenback, 1.13 against the franc, 196.00 against the yen and 0.82 against the euro.
U.S. Q3 GDP Growth Unrevised At 2.8%
(RTTNews) - The jump by U.S. economic activity in the third quarter was unrevised compared to the previous estimate, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said gross domestic product surged by 2.8 percent in the third quarter, unchanged versus the "advance" estimate issued last month.
The report said upward revisions to private inventory investment and nonresidential fixed investment were offset by downward revisions to exports and consumer spending.
The unrevised increase by GDP in the third quarter still reflects a modest slowdown from the 3.0 percent jump in the second quarter.
Swiss Franc Declines Against Most Majors
(RTTNews) - The Swiss franc weakened against its most major counterparts in the New York session on Wednesday.
The franc fell to a 2-day low of 1.1180 against the pound and a 1-1/2-month low of 170.97 against the yen, off its early highs of 1.1119 and 172.82, respectively.
The franc edged down to 0.9323 against the euro.
The currency is likely to locate support around 1.13 against the pound, 167.00 against the yen and 0.94 against the euro.
European Markets Finish Mixed On Tuesday
(RTTNews) - The major European markets saw late support to finish mixed on Tuesday, shaking off early weakness as investors fretted about potential inflationary pressures arising from U.S. President-elect Donald Trump's proposed tariff policies.
Investor sentiment was also dented as the risk premium investors demand to hold French debt rose to its highest level since 2012 amid fiscal and political turbulence and angst over the fate of the new government.
For the day, Germany's DAX slipped 34.23 points or 0.18 percent to finish at 19,261.75, while London's FTSE rose 16.14 points or 0.20 percent to close at 8,274.75 and the CAC 40 in France slumped 51.48 points or 0.72 percent to end at 7,143.
In Germany, Vonovia soared 2.93 percent, while Zalando stumbled 2.05 percent, Daimler Truck Holding jumped 1.50 percent, Infineon Technologies slumped 1.41 percent, E.ON SE sank 1.00 percent, Deutsche Bank dropped 0.63 percent, Heidelberg Materials lost 0.55 percent, Deutsche Telekom added 0.44 percent and Deutsche Post fell 0.38 percent.
In London, Airtel Africa surged 5.16 percent, while Entain tumbled 2.61 percent, Tesco rallied 2.14 percent, Rightmove improved 1.63 percent, Haleon climbed 1.42 percent, Rentokil slumped 1.07 percent, Compass Group advanced 0.97 percent, Shell lost 0.65 percent, Experian gained 0.61 percent, MG fell 0.58 percent, Vodafone rose 0.45 percent and Rolls-Royce was down 0.44 percent.
In France, Societe Generale tanked 3.48 percent, while Worldline stumbled 3.20 percent, Airbus jumped 1.93 percent, Vinci dropped 1.74 percent, Compagnie de Saint-Gobain slumped 1.53 percent, Credit Agricole lost 1.34 percent, BNP Paribas fell 1.19 percent, Carrefour improved 1.14 percent, Sanofi rose 0.64 percent and Danone was up 0.40 percent.
In economic news, France's consumer confidence worsened further in November to the lowest level in five months, monthly survey data from the statistical office INSEE showed on Wednesday. The consumer sentiment index dropped to 90 in November from 93 in the previous month.
German consumer confidence is set to deteriorate sharply at the end of the year as income expectations plunged to a nine-month low on growing fears of recession, a closely watched survey showed Wednesday. The consumer sentiment index slid to -23.3 in December from revised -18.4 in November, survey results jointly published by GfK and the Nuremberg Institute for Market Decisions revealed today.
Austria's manufacturing sector contraction softened in November, thanks to slower reductions in output and new orders, survey results from SP Global showed on Wednesday. The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to a 6-month high of 44.5 in November from 42.0 in October.
U.S. Dollar Slumps Amid Lingering Worries About Trump Tariffs
(RTTNews) - Following the rebound seen during trading on Tuesday, the value of the U.S. dollar is extending Monday's slump during trading on Wednesday.
The U.S. dollar index has slid 0.94 points or 0.9 percent to 106.07, pulling back well off last Friday's two-year highs.
The greenback has shown a significant move to the downside versus the Japanese yen, tumbling to 151.11 compared to the 153.08 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0565 compared to yesterday's $1.0489.
The weakness in the value of the dollar comes amid lingering concerns about President-elect Donald Trump's to impose increased sanctions on Mexico, Canada and China and the possibility about a wider trade war.
Traders were also reacting to the Commerce Department's closely watched consumer price inflation data that matched expectations.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in October, matching the uptick seen in September as well as economist estimates.
The annual rate of growth by the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September, which was also in line with expectations.
Excluding food and energy prices, the core PCE price index climbed by 0.3 percent in October, matching the increase seen in September as well as economist estimates.
The annual rate of growth by the core PCE price index crept up to 2.8 percent in October from 2.7 percent in September, which was also in line with expectations.
"Whilst the CME Fedwatch tool suggests markets still broadly expect a further rate cut from the Federal Reserve next month, there is a concern that the pace of cuts is likely to slow as central bankers respond to the sticky nature of prices in core areas as well as fears about how Trump's tariffs might impact the U.S. consumer," said AJ Bell head of financial analysis Danni Hewson.
The inflation readings, which are preferred by the Federal Reserve, largely overshadowed a slew of other U.S. economic data.
Swiss Stock Market Ticks Higher On Wednesday
(RTTNews) - The Swiss stock market spent most of Wednesday's trade under water before a late rally nudged it up into positive territory going into the close.
The higher finish allowed the SMI to snap the two-day losing streak in which it had given up more than 80 points or 0.7 percent.
The performance was mostly in line with other European markets, which hugged the line and finished mixed as investors fretted about potential inflationary pressures arising from U.S. President-elect Donald Trump's proposed tariff policies.
Investor sentiment was also dented as the risk premium investors demand to hold French debt rose to its highest level since 2012 amid fiscal and political turbulence and angst over the fate of the new government.
For the day, the SMI rose 11.13 points or 0.10 percent to finish at 11,644.01 after trading between 11,583.01 and 11,653.26.
Among the individual components, Lonza Group tumbled 2.64 percent, while Adecco Group jumped 1.82 percent, ABB retreated 1.05 percent, Novartis rallied 0.89 percent, Sika sank 0.87 percent, Nestle improved 0.69 percent, Swisscom added 0.50 percent, UBS slumped 0.32 percent, Swiss Life slid 0.22 percent, Zurich Insurance eased 0.07 percent and Swatch Group was unchanged.
