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Indonesia Stock Market May Find Traction On Tuesday
(RTTNews) - The Indonesia stock market has closed lower in four consecutive trading days, surrendering almost 270 points or 3.9 percent in that span. The Jakarta Composite Index now sits just beneath the 7,050-point plateau although it's overdue for support on Tuesday.
The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished sharply lower on Monday following losses from the resource stocks, financial shares and cement companies.
For the day, the index dropped 67.28 points or 0.95 percent to finish at 7,046.99 after trading between 7,041.34 and 7,153.03.
Among the actives, Bank CIMB Niaga skidded 1.14 percent, while Bank Mandiri tanked 2.44 percent, Bank Danamon Indonesia strengthened 1.59 percent, Bank Negara Indonesia plunged 5.42 percent, Bank Rakyat Indonesia tumbled 1.88 percent, Bank Maybank Indonesia dropped 0.93 percent, Indosat Ooredoo Hutchison sank 0.83 percent, Semen Indonesia stumbled 2.29 percent, United Tractors rallied 2.33 percent, Astra International surrendered 3.14 percent, Energi Mega Persada retreated 2.48 percent, Astra Agro Lestari declined 1.21 percent, Aneka Tambang slumped 1.40 percent, Jasa Marga shed 0.67 percent, Vale Indonesia weakened 1.39 percent, Timah plummeted 7.11 percent, Bumi Resources crashed 6.12 percent and Bank Central Asia, Indocement and Indofood Sukses Makmur were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.
The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the SP 500 added 14.77 points or 0.24 percent to end at 6,047.15.
Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.
In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
U.S. Manufacturing PMI Rises More Than Expected But Still Indicates Contraction
(RTTNews) - The Institute for Supply Management released a report on Monday showing its reading on U.S. manufacturing increased by more than expected in the month of November but continued to indicate a contraction.
The ISM said its manufacturing PMI rose to 48.4 in November from 46.5 in October, although a reading below 50 still indicates contraction. Economists had expected the index to inch up to 47.5.
The bigger than expected advance by the manufacturing PMI came amid a turnaround by new orders, as the new orders index jumped to 50.4 in November from 47.1 in October.
The report also said the production index crept up to 46.8 in November from 46.2 in October, while the employment index surged to 48.1 in November from 44.4 in October.
Meanwhile, the ISM said the prices index slumped to 50.3 in November from 54.8 in October, suggesting just a modest increase by raw materials prices.
The ISM is scheduled to release a separate report on service sector activity in the month of November on Wednesday.
Economists currently expected the ISM's services PMI to edge down to 55.6 in November from 56.0 in October, but a reading above 50 would still indicate growth.
Australia Has A$14.149 Billion Current Account Deficit
(RTTNews) - Australia posted a seasonally adjusted current account deficit of A$14.149 billion in the third quarter of 2024, the Australian Bureau of Statistics said on Tuesday.
That missed forecasts for a shortfall of A$10.3 billion following the downwardly revised A$16.351 billion deficit in the three months prior (originally -A$10.7 billion).
The capital and financial account surplus was A$20.084 billion, an increase of A$2.658 million on the Q2 surplus.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.1 percentage points to the September quarter 2024 GDP quarterly movement. That missed expectations for 0.4 percent and was down from 0.2 percent in the previous quarter.
China Stock Market May Add To Its Winnings On Tuesday
(RTTNews) - The China stock market has finished higher in two straight sessions, advancing almost 70 points or 2.1 percent along the way. The Shanghai Composite now sits just above the 3,360-point plateau and it's tipped to open in the green again on Tuesday.
The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished sharply higher on Monday following gains from the resource and energy stocks, while the oil companies were down and the financials were mixed.
For the day, the index climbed 37.53 points or 1.13 percent to finish at 3,363.98 after trading between 3,323.01 and 3,369.30. The Shenzhen Composite Index rallied 35.49 points or 1.76 percent to end at 2,052.44.
Among the actives, Industrial and Commercial Bank of China fell 0.33 percent, while China Construction Bank shed 0.50 percent, China Merchants Bank collected 0.47 percent, Agricultural Bank of China rose 0.21 percent, China Life Insurance advanced 0.97 percent, Jiangxi Copper rallied 1.38 percent, Aluminum Corp of China (Chalco) improved 0.93 percent, Yankuang Energy added 0.55 percent, PetroChina dipped 0.25 percent, China Petroleum and Chemical (Sinopec) sank 0.79 percent, Huaneng Power strengthened 1.29 percent, China Shenhua Energy dropped 0.88 percent, Gemdale perked 0.17 percent, China Vanke gained 0.93 percent and Bank of China and Poly Developments were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.
The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the SP 500 added 14.77 points or 0.24 percent to end at 6,047.15.
Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.
In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
Elon Musk's $56 Bln Pay Package Not To Be Reinstated, Judge Rules
(RTTNews) - Tesla Inc. Chief Executive Officer Elon Musk's $56 billion pay package, which was approved by its shareholders, has been rejected by a Judge for the second time, noting that the compensation plan was improperly granted. Meanwhile, Tesla said the court's decision is wrong, and that the electric vehicle maker is going to appeal.
Delaware judge Chancellor Kathaleen McCormick, who voided the 2018 pay package in January this year calling it deeply flawed, now has upheld it.
Responding to the ruling, Tesla said in a post on X, "A Delaware judge just overruled a supermajority of shareholders who own Tesla and who voted twice to pay @elonmusk what he's worth. The court's decision is wrong, and we're going to appeal. This ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners - the shareholders."
In a separate X post, Musk called the ruling absolute corruption.
"Shareholders should control company votes, not judges," he noted.
The pay package in stock, which was worth around $56 billion at the time of the January ruling, is now worth around $101.5 billion as of Monday's closing, with the significant growth in Tesla's share value.
Musk's Tesla compensation package, which is considered the largest in U.S. corporate history, was initially approved by the shareholders in 2018. However, it faced severe scrutiny and was voided by McCormick, who stated that the package was approved due to Musk's substantial relation with the Tesla Board.
Tesla shareholders were divided over the proposed pay package as some considered Musk is integral to Tesla's future success, while certain others said the compensation is too excessive and detrimental to the company's best interests.
However, around 77% shareholders, at Tesla's annual meeting in June, again approved the ratification of the 2018 CEO Performance Award. Based on this result, the company challenged the judge's previous ruling.
McCormick now noted that even if a stockholder vote could have a ratifying effect, it could not do so here. "Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable," the judge wrote.
Following the January ruling by the Delaware judge, Musk had put forward the resolution to move its state of incorporation to Texas from Delaware after a significantly positive response from his followers in X.
In the June meeting, the luxury electric car maker's shareholders also approved the resolution, and the company is now incorporated in Texas, the base of its largest U.S. factory. Musk has also moved the state of incorporation of SpaceX to Texas from Delaware.
Asian Markets Trade Mostly Higher
(RTTNews) - Asian stock markets are mostly higher on Tuesday, following the mixed cues from Wall Street overnight with both SP 500 and Nasdaq Composite hitting all-time highs, as traders remain optimistic about an interest rate cut by the US Fed in December after remarks from Fed Governor Christopher Waller that he is 'leaning toward' a December rate cut. Asian markets closed mostly higher on Monday.
Traders are also cautious ahead of a slew of crucial US economic data later this week, including a closely watched monthly jobs report and a reading on consumer sentiment.
Concerns over a broader trade war capped regional gains after U.S. President-elect Donald Trump's threat of 100% tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar. He has threatened a 100 percent tariff on the bloc of nine nations if they undercut the U.S. dollar.
"The idea that the BRICS Countries are trying to move away from the dollar while we stand by and watch is OVER," Trump said in a post on his Truth Social network on Saturday.
Extending the slight gains in the previous session, the Australian stock market is trading significantly higher on Tuesday, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,500 level to all-time highs, with gains across most sectors led by iron ore miners and financial stocks.
The benchmark SP/ASX 200 Index is gaining 58.30 points or 0.69 percent to 8,506.20, after touching an all-time high of 8,514.50 earlier. The broader All Ordinaries Index is up 58.80 points or 0.68 percent to 8,763.80. Australian stocks closed slightly higher on Monday.
Among the major miners, BHP Group and Rio Tinto are edging up 0.3 to 0.4 percent each, while Fortescue Metals is gaining more than 2 percent and Mineral Resources is advancing more than 3 percent.
Oil stocks are mixed. Origin Energy is losing almost 1 percent and Santos is edging down 0.2 percent, while Woodside Energy is gaining almost 1 percent and Beach energy is advancing almost 2 percent.
Among tech stocks, Afterpay owner Block is surging more than 5 percent, while Appen and Xero are gaining almost 2 percent each. Zip is losing more than 2 percent and WiseTech Global is slipping 1.5 percent.
Gold miners are mixed. Gold Road Resources is losing almost 2 percent, Newmont is edging down 0.1 percent and Northern Star resources is declining almost 3 percent, while Resolute Mining is adding more than 1 percent and Evolution Mining is gaining almost 1 percent.
Among the big four banks, Commonwealth Bank is edging up 0.5 percent, ANZ Banking is gaining more than 1 percent, Westpac is advancing more than 2 percent and National Australia Bank is adding more than 1 percent.
In economic news, Australia posted a seasonally adjusted current account deficit of A$14.149 billion in the third quarter of 2024, the Australian Bureau of Statistics said on Tuesday. That missed forecasts for a shortfall of A$10.3 billion following the downwardly revised A$16.351 billion deficit in the three months prior (originally -A$10.7 billion). The capital and financial account surplus was A$20.084 billion, an increase of A$2.658 million on the Q2 surplus.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.1 percentage points to the September quarter 2024 GDP quarterly movement. That missed expectations for 0.4 percent and was down from 0.2 percent in the previous quarter.
In the currency market, the Aussie dollar is trading at $0.646 on Tuesday.
The Japanese stock market is trading sharply higher on Tuesday, adding the gains in the previous session, with the Nikkei 225 moving above the 39,200 level, following the mixed cues from Wall Street overnight, with gains across all sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,180.06, up 667.04 points or 1.73 percent, after touching a high of 39,215.85 earlier. Japanese shares ended significantly higher on Monday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is also adding more than 1 percent.
In the tech space, Advantest is gaining almost 3 percent, Screen Holdings is surging more than 7 percent and Tokyo Electron is adding almost 4 percent.
In the banking sector, Mitsubishi UFJ Financial is edging up 0.4 percent, Mizuho Financial is gaining almost 1 percent and Sumitomo Mitsui Financial is adding more than 1 percent.
The major exporters are mostly higher. Panasonic and Mitsubishi Electric are gaining more than 3 percent each, while Canon is adding more than 1 percent and Sony is edging up 0.3 percent.
Among the other major gainers, Disco is surging 6.5 percent, while Furukawa Electric and Kawasaki Kisen Kaisha are advancing almost 5 percent each. Fujikura is gaining more than 4 percent, while Nidec, Lasertec and Asahi Kasei are adding almost 4 percent each. Mitsubishi Electric and Nippon Yusen K.K. are advancing more than 3 percent each, while Sumitomo Heavy Industries and Nitto Denko are up almost 3 percent each.
Conversely, Kansai Electric Power iand Sumitomo Pharma are losing more than 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Tuesday.
Elsewhere in Asia, Singapore, South Korea, Indonesia and Taiwan are higher by between 1.0 and 1.6 percent each, while Malaysia is edging up 0.1 percent. New Zealand, China and Hong Kong are lower by between 0.1 and 0.6 percent each.
On Wall Street, stocks closed on a mixed note on Monday. Technology stocks had a good session although the broad market remained somewhat sluggish as investors looked ahead to upcoming economic data, including private and non-farm payroll reports, JOLTs, and readings on manufacturing activity, due during the course of this week.
Among the major averages, the Dow ended down 128.65 points or 0.29 percent at 44,782.00, while the SP 500 and the Nasdaq, both closed at record highs at 6,047.15 and 19,403.95, respectively. While the SP 500 gained 14.77 points or 0.24 percent, the Nasdaq climbed 185.78 points or 0.97 percent.
Meanwhile, the major European markets moved to the upside on the day. The U.K.'s FTSE 100 gained 0.31 percent, Germany's DAX jumped 1.57 percent and France's CAC 40 edged up 0.02 percent.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
Sensex, Nifty Extend Gains For Third Day
(RTTNews) - Indian shares rose for a third straight session on Tuesday, with firm global cues lending support after a top Federal Reserve official said that he is leaning toward supporting an interest rate cut when the Fed meets later this month.
Investor sentiment was also boosted after new U.S. curbs on tech exports to China fell short of earlier proposals.
The benchmark SP/BSE Sensex jumped 597.67 points, or 0.74 percent, to 80,845.75, with metals and financial stocks leading the surge.
The broader NSE Nifty index closed at 24,457.15, up 181.10 points, or 0.75 percent, from its previous close.
Adani Ports topped the gainers list, rising nearly 6 percent to Rs. 1,287 after the company reported handling 36 million metric tons (MMT) of cargo in November 2024, marking a 21 percent growth in the container segment.
SBI, Axis Bank, Adani Enterprises and NTPC climbed 2-3 percent while HDFC Life, ITC, Hero MotoCorp and Bharti Airtel all fell around 1 percent.
Torrent Power rallied more than 7 percent after the company launched a qualified institutional placement (QIP).
Granules India plummeted over 10 percent after an announcement that its Gagillapur facility in Telangana has been classified as Official Action Indicated (OAI) by the United States Food and Drug Administration (USFDA).
Sensex, Nifty Follow Wall Street Higher
(RTTNews) - Indian shares opened on a positive note Tuesday after the SP 500 and Nasdaq Composite hit record high levels overnight on hopes for a December rate cut by the U.S. Federal Reserve.
The benchmark SP/BSE Sensex was up 182 points, or 0.2 percent, at 80,430 in early trade while the broader NSE Nifty index was up 53 points, or 0.2 percent, at 24,329.
Among the top gainers, Shriram Finance and Adani Ports were up 3-4 percent.
HCL Technologies, Cipla and SBI rose 1-2 percent while Bharti Airtel, Trent and ITC dropped 1-2 percent.
ONGC gained 1 percent on reports it is looking to venture into mining of offshore minerals.
Swiggy jumped 4 percent after expanding its 10-minute food delivery service Bolt to over 400 cities in India.
Torrent Power soared 5.2 percent as it launched a QIP issue to raise up to Rs 5,000 crore in one or more tranches.
Pricol rallied 2.2 percent after it acquired Sundaram Auto Components (SACL)'s Injection Moulding business.
Adani Power edged down slightly after Bangladesh reduced by half the power it purchases from the company amid a payment dispute.
Australian Market Significantly Higher
(RTTNews) - Extending the slight gains in the previous session, the Australian stock market is trading significantly higher on Tuesday, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,500 level to all-time highs, with gains across most sectors led by iron ore miners and financial stocks.
The benchmark SP/ASX 200 Index is gaining 60.70 points or 0.72 percent to 8,508.60, after touching an all-time high of 8,514.50 earlier. The broader All Ordinaries Index is up 60.50 points or 0.70 percent to 8,765.50. Australian stocks closed slightly higher on Monday.
Among the major miners, BHP Group and Rio Tinto are edging up 0.3 to 0.4 percent each, while Fortescue Metals is gaining more than 2 percent and Mineral Resources is advancing more than 3 percent.
Oil stocks are mixed. Origin Energy is losing almost 1 percent and Santos is edging down 0.2 percent, while Woodside Energy is gaining almost 1 percent and Beach energy is advancing almost 2 percent.
Among tech stocks, Afterpay owner Block is surging more than 5 percent, while Appen and Xero are gaining almost 2 percent each. Zip is losing more than 2 percent and WiseTech Global is slipping 1.5 percent.
Gold miners are mixed. Gold Road Resources is losing almost 2 percent, Newmont is edging down 0.1 percent and Northern Star resources is declining almost 3 percent, while Resolute Mining is adding more than 1 percent and Evolution Mining is gaining almost 1 percent.
Among the big four banks, Commonwealth Bank is edging up 0.5 percent, ANZ Banking is gaining more than 1 percent, Westpac is advancing more than 2 percent and National Australia Bank is adding more than 1 percent.
In economic news, Australia posted a seasonally adjusted current account deficit of A$14.149 billion in the third quarter of 2024, the Australian Bureau of Statistics said on Tuesday. That missed forecasts for a shortfall of A$10.3 billion following the downwardly revised A$16.351 billion deficit in the three months prior (originally -A$10.7 billion). The capital and financial account surplus was A$20.084 billion, an increase of A$2.658 million on the Q2 surplus.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.1 percentage points to the September quarter 2024 GDP quarterly movement. That missed expectations for 0.4 percent and was down from 0.2 percent in the previous quarter.
In the currency market, the Aussie dollar is trading at $0.648 on Tuesday.
On Wall Street, stocks closed on a mixed note on Monday. Technology stocks had a good session although the broad market remained somewhat sluggish as investors looked ahead to upcoming economic data, including private and non-farm payroll reports, JOLTs, and readings on manufacturing activity, due during the course of this week.
Among the major averages, the Dow ended down 128.65 points or 0.29 percent at 44,782.00, while the SP 500 and the Nasdaq, both closed at record highs at 6,047.15 and 19,403.95, respectively. While the SP 500 gained 14.77 points or 0.24 percent, the Nasdaq climbed 185.78 points or 0.97 percent.
Meanwhile, the major European markets moved to the upside on the day. The U.K.'s FTSE 100 gained 0.31 percent, Germany's DAX jumped 1.57 percent and France's CAC 40 edged up 0.02 percent.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
South Korea Consumer Prices Fall 0.3% In November
(RTTNews) - Consumer prices in South Korea were down a seasonally adjusted 0.3 percent on month in November, Statistics Korea said on Tuesday.
That was unchanged from the October reading but missed forecasts for a decline of 0.2 percent.
On a yearly basis, inflation was up 1.5 percent - beneath expectations for an increase of 1.7 percent but up from 1.3 percent in the previous month.
Core CPI, which strips out the volatile costs of food, was flat on month and up 1.9 percent on year after adding 0.2 percent on month and 1.8 percent on year in October.
Japanese Market Sharply Higher
(RTTNews) - The Japanese stock market is trading sharply higher on Tuesday, adding the gains in the previous session, with the Nikkei 225 moving above the 39,100 level, following the mixed cues from Wall Street overnight, with gains across all sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index is up 611.70 points or 1.59 percent at 39,124.72, after touching a high of 39,145.94 earlier. Japanese shares ended significantly higher on Monday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is also adding more than 1 percent.
In the tech space, Advantest is gaining almost 3 percent, Screen Holdings is surging more than 7 percent and Tokyo Electron is adding almost 4 percent.
In the banking sector, Mitsubishi UFJ Financial is edging up 0.4 percent, Mizuho Financial is gaining almost 1 percent and Sumitomo Mitsui Financial is adding more than 1 percent.
The major exporters are mostly higher. Panasonic and Mitsubishi Electric are gaining more than 3 percent each, while Canon is adding more than 1 percent and Sony is edging up 0.3 percent.
Among the other major gainers, Disco is surging 6.5 percent, while Furukawa Electric and Kawasaki Kisen Kaisha are advancing almost 5 percent each. Fujikura is gaining more than 4 percent, while Nidec, Lasertec and Asahi Kasei are adding almost 4 percent each. Mitsubishi Electric and Nippon Yusen K.K. are advancing more than 3 percent each, while Sumitomo Heavy Industries and Nitto Denko are up almost 3 percent each.
Conversely, Kansai Electric Power iand Sumitomo Pharma are losing more than 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Tuesday.
On Wall Street, stocks closed on a mixed note on Monday. Technology stocks had a good session although the broad market remained somewhat sluggish as investors looked ahead to upcoming economic data, including private and non-farm payroll reports, JOLTs, and readings on manufacturing activity, due during the course of this week.
Among the major averages, the Dow ended down 128.65 points or 0.29 percent at 44,782.00, while the SP 500 and the Nasdaq, both closed at record highs at 6,047.15 and 19,403.95, respectively. While the SP 500 gained 14.77 points or 0.24 percent, the Nasdaq climbed 185.78 points or 0.97 percent.
Meanwhile, the major European markets moved to the upside on the day. The U.K.'s FTSE 100 gained 0.31 percent, Germany's DAX jumped 1.57 percent and France's CAC 40 edged up 0.02 percent.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
European Shares Gain With French Political Crisis In Focus
(RTTNews) - European stocks were moving higher on Tuesday, with mining, energy and technology stocks rising after new U.S. curbs on tech exports to China fell short of earlier proposals.
Investors also kept a close eye on the latest political developments in France as Prime Minister Michel Barnier braced for a no-confidence vote this week over a budget dispute.
After Barnier invoked a rarely used constitutional mechanism to push through the contentious 2025 budget without parliamentary approval, Marine Le Pen's far-right National Rally and the leftist New Popular Front both have filed no-confidence motions, setting the stage for a vote as early as Wednesday that could see Barnier's ouster.
The pan European STOXX 600 was up 0.6 percent at 516.41 after rising 0.7 percent on Monday.
The German DAX edged up by 0.3 percent, France's CAC 40 added 0.7 percent and the U.K.'s FTSE 100 advanced 0.6 percent.
Miners Anglo American, Antofagasta and Glencore rallied 1-2 percent as commodity prices held an upward trend amid U.S. President-elect Donald Trump's tariff statements.
Greencore Group shares were up nearly 10 percent. The sandwich and convenience food manufacturer has launched a 10-million-pound ($12.7 million) share buyback after posting a 36.1 percent increase in annual pre-tax profit.
Energy giant BP Plc rose about 2 percent and peer Shell gained 1.6 percent.
HgCapital Trust rose about 1 percent after it has agreed to sell Dext Software Ltd., a bookkeeping automation platform provider, to IRIS Software Group.
Wizz Air Holdings jumped 2.3 percent after announcing it carried more passengers in November despite capacity issues.
Technology stocks traded higher, with Infineon and ASM International rising around half a percent each after sharp gains in technology stocks pulled Wall Street to another record finish overnight.
SAP, which has surpassed Dutch chip equipment maker ASML in market valuation, was also moving higher.
STMicroelectronics N.V., a Swiss semiconductor maker, rose about half a percent after it announced a multi-year deal with Renault Group for supplying Silicon Carbide or SiC power modules. Shares of the latter were up 1 percent.
Assa Abloy, a Swedish maker of products related to locks, doors, gates, and others, gained 1 percent after it acquired 9Solutions.
Worldline SA shares were up 1 percent in Paris, extending gains from the previous session after the payments group attracted takeover interest from private equity firms.
Sensex, Nifty Seen Higher At Open As Fed Rate-cut Hopes Revive
(RTTNews) - Indian shares look set to open higher on Tuesday after the SP 500 and Nasdaq Composite hit record high levels overnight.
Rate cut hopes may help underpin sentiment after Federal Reserve Governor Christopher Waller said he is 'leaning toward' a December rate cut but remains concerned about stalled progress on inflation.
Closer home, the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) is scheduled to meet from December 4 to 6, with economists expecting no change in the repo rate for the 11th consecutive meeting.
Benchmark indexes Sensex and Nifty rose around 0.6 percent each on Monday to extend gains for a second straight session despite Q2 GDP data coming in below forecasts.
Analysts said there would be a rebound in the second half of the fiscal year due to higher government spending, the ongoing festival season, and robust rural consumption.
The Indian rupee lost 21 paise to end at a fresh record low of 84.70 against the U.S. dollar on Monday following U.S. President-elect Donald Trump's threat to impose 100 percent tariffs on BRICS countries moving from U.S. dollar.
Asian markets traded mixed this morning as investors braced for a barrage of U.S. economic data and remarks from Federal Reserve speakers for additional clues on the rate outlook.
The dollar gained strength as the euro and yuan tumbled amid concerns about a possible government collapse in France and worries about Trump's tariff threats.
Gold was little changed after falling nearly 1 percent on Monday. Oil edged lower ahead of an OPEC+ meeting due on Thursday.
Overnight, tech-related shares had a good session on Wall Street ahead of a slew of economic data, including private and non-farm payroll reports, JOLTs, and readings on manufacturing activity, due this week.
Data showed a measure of U.S. manufacturing activity improved in November but continued to indicate contraction.
The SP 500 gained 0.2 percent and the tech-heavy Nasdaq Composite jumped 1 percent to hit new record closing highs, while the Dow dipped 0.3 percent.
European stocks ended higher on Monday after France's government offered a final-hour concession to Marine Le Pen on the 2025 budget, helping calm political fears.
The pan European STOXX 600 climbed 0.7 percent. The German DAX jumped 1.6 percent, France's CAC 40 finished marginally higher and the U.K.'s FTSE 100 added 0.3 percent.
Additional Upside Anticipated For Thai Stock Market
(RTTNews) - The Thai stock market on Monday halted the five-day losing streak in which it had stumbled almost 20 points or 1.1 percent. The Stock Exchange of Thailand now sits just beneath the 1,440-point plateau and it's expected to extend its gains on Tuesday.
The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished modestly higher on Monday following gains from the financial, property, resource, service and technology sectors.
For the day, the index gained 9.57 points or 0.67 percent to finish at the daily high of 1,437.11 after trading as low as 1,421.18. Volume was 10.020 billion shares worth 35.274 billion baht. There were 257 decliners and 219 gainers, with 182 stocks finishing unchanged.
Among the actives, Advanced Info rose 0.35 percent, while Thailand Airport strengthened 1.65 percent, Asset World soared 2.25 percent, Banpu jumped 1.75 percent, Bangkok Expressway climbed 1.37 percent, B. Grimm gained 0.48 percent, CP All Public accelerated 1.63 percent, Energy Absolute plummeted 7.57 percent, Gulf rallied 1.24 percent, Kasikornbank collected 0.66 percent, PTT Exploration and Production slumped 1.18 percent, Siam Commercial Bank advanced 0.87 percent, Siam Concrete dropped 0.82 percent, Thai Oil lost 0.66 percent, True Corporation surged 4.50 percent, TTB Bank added 0.57 percent and Charoen Pokphand Foods, Bangkok Bank, Krung Thai Bank, Krung Thai Card, PTT Global Chemical, SCG Packaging, PTT Oil Retail, PTT, Bangkok Dusit Medical and BTS Group were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.
The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the SP 500 added 14.77 points or 0.24 percent to end at 6,047.15.
Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.
In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
Swiss Franc Climbs Against Most Majors
(RTTNews) - The Swiss franc advanced against its most major counterparts in the New York session on Tuesday.
The franc rose to 0.8829 against the greenback and 0.9291 against the euro, from an early low of 0.8888 and a 4-day low of 0.9325, respectively.
The franc touched 1.1187 against the pound, setting a 4-day high.
The currency is likely to locate resistance around 0.87 against the greenback, 0.92 against the euro and 1.10 against the pound.
Dollar Weakens Against Major Counterparts On Profit Taking, Rate Cut Bets
(RTTNews) - The U.S. dollar drifted lower on Tuesday on expectations of a rate cut by the Federal Reserve at its upcoming meeting, and a bit of profit taking after recent gains.
Speaking at George Washington University, Christopher Waller, a key member of the Fed's Board of Governors, said that the central bank will likely reduce its key rate at the December meeting, but much depends on the incoming data.
CME Group's FedWatch Tool is currently indicating a 72.3% chance the Fed cuts rates by another 25 basis points but a 27.7% chance the central bank leaves rates unchanged.
A report from the Labor Department said job openings climbed to 7.744 million in October from a downwardly revised 7.372 million in September. Economists had expected jobless claims to rise to 7.480 million from the 7.443 million originally reported for the previous month.
Traders looked ahead to the Labor Department's monthly jobs report on Friday.
Traders also await reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The dollar index, which dropped to a low of 106.09, recovered to 106.33, but still remained below the flat line, losing about 0.11% from previous close.
Against the Euro, the dollar weakened to 1.0512 from 1.0499. Against Pound Sterling, the dollar was down at 1.2674.
The dollar weakened against Japanese currency to 148.65 yen in early New York session, but recovered gradually and was down just marginally at 149.58 yen a unit a little while ago.
Against the Aussie, the dollar traded at 0.6485, compared to 0.6477 a unit of the Australian currency on Monday. The dollar declined marginally against Swiss franc to CHF 0.8864. Against the Loonie, the dollar climbed to C$1.4071.
TSX Closes Modestly Higher
(RTTNews) - The Canadian market closed modestly higher on Tuesday, supported by gains in materials, healthcare and consumer staples sectors. A few stocks from consumer discretionary and energy sectors too posted strong gains.
The benchmark SP/TSX Composite Index, which climbed more than 100 points to 25,693.68 at the start but dropped to 25,578.72 soon thereafter, ended the day's session at 25,635.73 with a gain of 45.40 points or 0.18%.
Silvercrest Metals (SIL.TO) jumped 7.7%. Torex Gold Resources (TXG.TO) and Pan American Silver Corp (PAAS.TO) climbed 6.3% and 6.2%, respectively.
Celestica (CLS.TO), Alamos Gold (AGI.TO), Propel Holdings (PRL.TO), Agnico Eagle Mines (AEM.TO), MDA Space (MDA.TO), Bombardier Inc (BBD.B.TO), Premium Brands Holdings (PBH.TO), Jamieson Wellness (JWEL.TO) and North West Company (NWC.TO) closed higher by 3 to 5.4%.
Finning International (FTT.TO), Wheaton Precious Metals (WPM.TO), Ag Growth International (AFN.TO), Cogeco Inc (CGO.TO), Cogeco Communications (CCA.TO), Nutrien (NTR.TO), Docebo Inc (DCBO.TO), ATCO (ACO.X.TO), Canadian Natural Resources (CNQ.TO), Restaurant Brands International (QSR.TO), George Weston (WN.TO) and Loblaw (L.TO) also closed with strong gains.
Enbridge, Inc. (ENB.TO) closed modestly higher. The company said today that its expects distributable cash flow or DCF to be in the range of $5.50 to $5.90 per share in fiscal 2025. The company also reaffirmed its 2023 to 2026 growth of 4 to 6% for adjusted earnings per share, approximately 3% for DCF per share, and 7 to 9% for EBITDA.
Despite reporting a sharp jump in quarterly earnings, Bank of Nova Scotia (BNS.TO) closed 3.3% down, as the numbers fell short of expectations. The bank reported a net income of $1,689 million for the fourth quarter ended October 31, 2024, compared to $1,354 million in the fourth quarter last year.
Great-West Lifeco (GWO.TO) closed lower by 3.4%. Hut 8 Corp (HUT.TO), Constellation Software (CSU.TO), Aecon Group (ARE.TO), Capital Power Corporation (CPX.TO), EQB Inc (EQB.TO) and Methanex Corporation (MX.TO) also declined sharply.
U.S. Job Openings Rise More Than Expected In October
(RTTNews) - A report released by the Labor Department on Tuesday showed job openings in the U.S. increased by more than expected in the month of October.
The Labor Department said job openings climbed to 7.744 million in October from a downwardly revised 7.372 million in September.
Economists had expected jobless claims to rise to 7.480 million from the 7.443 million originally reported for the previous month.
Hires changed little over the month at 5.3 million, while the number of total separations was also little changed at 5.3 million, the Labor Department said.
Within separations, quits increased to 3.3 million, but layoffs and discharges changed little at 1.6 million.
European Stocks Close Higher Ahead Of Key Economic Data
(RTTNews) - European stocks closed higher on Tuesday, with the German market closing at a record high, as investors kept a close on the political developments in France, and looking ahead to some key economic data from the U.S.
Mining, energy and technology stocks rising after new U.S. curbs on tech exports to China fell short of earlier proposals.
Investors also kept a close eye on the latest political developments in France as Prime Minister Michel Barnier braced for a no-confidence vote this week over a budget dispute.
After Barnier invoked a rarely used constitutional mechanism to push through the contentious 2025 budget without parliamentary approval, Marine Le Pen's far-right National Rally and the leftist New Popular Front both have filed no-confidence motions, setting the stage for a vote as early as Wednesday that could see Barnier's ouster.
The pan European Stoxx 600 gained 0.37%. The U.K.'s FTSE 100 climbed 0.56%, Germany's DAX closed up 0.42% and France's CAC 40 ended 0.26% up. Switzerland's SMI edged up marginally.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Portugal, Spain, Sweden and Turkiye closed on a positive note.
Poland and Russia ended weak.
In the UK market, Marks Spencer, EasyJet, Rolls-Royce Holdings, Centrica, Fresnillo, RightMove, AstraZeneca, Kingfisher, Pershing Square Holdings, Antofagasta, BM European Value Retail and Endeavor Mining gained 2 to 3.6%.
GSK, BP, ICG, Shell, Associated British Foods, IHG, Melrose Industries, Hikma Pharmaceuticals, Frasers Group, Glencore, Compass Group, Ashtead Group and Tesco closed up 1.2 to 2%.
Greencore Group shares soared nearly 13%. The sandwich and convenience food manufacturer has launched a 10-million-pound ($12.7 million) share buyback after posting a 36.1 percent increase in annual pre-tax profit.
BT Group ended down 2.61%. British American Tobacco, Schrodders, SSE, Standard Chartered, Berkeley Group Holdings, Sage Group, Prudential, Aviva, Convatec Group and Unilever closed lower by 1 to 2%.
In the German market, HeidelbergCement and Fresenius Medical Care both gained more than 3%. Deutsche Bank, Adidas, Zalando, Infineon, BASF, Fresenius, Rheinmetall, MTU Aero Engines and Siemens closed higher by 1 to 2.5%.
Sartorius ended down by about 2.7%. Mercedes-Benz and Symrise closed lower by about 2.1% and 2%, respectively. E.ON, Daimler Truck Holding and Porsche also ended weak.
In the French market, Safran, Saint-Gobain, Stellantis, Hermes International, Dassault Systemes, Airbus, Carrefour, Capgemini and Michelin gained 0.9 to 2.2%.
Orange closed down by about 3.2%. Edenred, Teleperformance, Eurofins Scientific, L'Oreal and Essilor lost 1 to 2.3%.
In economic news, data from the Federal Statistical Office showed that Switzerland's consumer price inflation rose marginally in November from a more than three-year low in October.
The consumer price index rose 0.7% on a yearly basis in November, following a 0.6% rise in the previous month, which was the lowest inflation since June 2021. The expected inflation rate was 0.8%.
On a monthly basis, consumer prices dropped at a stable rate of 0.1% in November, as expected. This was the third successive fall in a row.
Swiss Market Ends Slightly Up After Choppy Session
(RTTNews) - The Switzerland market ended slightly up on Tuesday after a choppy rise as investors largely made cautious moves, reacting to the nation's inflation report, and looking ahead to some key economic data from the U.S. later in the week.
The benchmark SMI closed up 5.08 points or 0.04% at 11,834.32. The index, which advanced to 11,875.31 around mid morning, dropped to a low of 11,799.46 later on in the session.
Geberit climbed 2.17%. Sika, Richemont, VAT Group, Schindler Ps and Holcim closed higher by 1 to 1.6%.
Partners Group shares gained about 1.35% after the company agreed to purchase Switzerland-based residential sector-focused real estate investment platform Empira Group as part of the private equity firm's strategy to further expand its real estate portfolio.
UBS Group, Julius Baer, ABB, SIG Group and Swisscom posted modest gains.
Sonova closed down 1.03%. SGS, Swatch Group, Lonza Group, Roche Holding, Adecco and Lindt Spruengli ended lower by 0.5 to 0.9%.
Data from the Federal Statistical Office showed that Switzerland's consumer price inflation rose marginally in November from a more than three-year low in October.
The data said the consumer price index rose 0.7% on a yearly basis in November, following a 0.6% rise in the previous month, which was the lowest inflation since June 2021. The expected inflation rate was 0.8%.
On a monthly basis, consumer prices dropped at a stable rate of 0.1% in November, as expected. This was the third successive fall in a row.
Pound Falls Against Majors
(RTTNews) - The pound declined against its major counterparts in the New York session on Tuesday.
The pound weakened to 4-day lows of 1.1187 against the franc and 0.8312 against the euro, off its early highs of 1.1250 and 0.8286, respectively.
The pound touched a 2-1/2-month low of 188.08 against the yen.
The pound retreated to 1.2636 against the greenback, from an early high of 1.2696.
The next possible support for the currency is seen around 1.10 against the franc, 0.86 against the euro, 181.00 against the yen and 1.24 against the greenback.
Sanofi To Invest $1.05 Bln For New Insulin Production Base In China
(RTTNews) - French drug major Sanofi plans to invest around 1 billion euros or about $1.05 billion to build a new insulin manufacturing base in Beijing, China, reports said.
The move represents Sanofi's single largest investment in China so far, where it has been present for more than 40 years. The investment will boost the manufacturing of insulin to help diabetic patients in the region and enhance the company's supply-chain resilience.
The new site, located in an economic development zone in Yizhuang, will be Sanofi's second production base in Beijing and its fourth in the country.
Sanofi signed a memorandum of cooperation with the Beijing Municipal Bureau of Economy and Information Technology and the Beijing Economic-Technological Development Area or BDA Administrative Committee regarding the investment.
According to Sanofi Chief Executive Paul Hudson, the new production base will feature advanced automated production technologies, cutting-edge digital integrated management systems and sustainable environmental standards.
Medical journal the Lancet reportedly pointed that China now has the largest number of diabetes patients worldwide.
Bay Street Likely To Open Higher On Firm Commodity Prices, Scotiabank Earnings
(RTTNews) - Canadian shares are likely to open on a positive note on Tuesday, reacting to firm crude oil and metal prices, and on Bank of Nova Scotia's strong quarterly earnings.
Bank of Nova Scotia (BNS.TO) reported a net income of $1,689 million for the fourth quarter ended October 31, 2024, compared to $1,354 million in the fourth quarter last year. The bank has announced a dividend of $1.06 per share on the outstanding shares of the Bank, payable January 29, 2025, to shareholders of record at the close of business on January 7, 2025:
The Canadian market closed weak on Monday, weighed down by losses in healthcare, energy and materials sectors. The decline was due to a stronger dollar and fears of a trade war. Investors, looking ahead to some crucial economic data from the U.S., and Canada, stayed largely cautious.
The benchmark SP/TSX Composite Index closed down 57.67 points or 0.22% at 25,590.33, after scaling a low of 25,492.57 and a high of 25,706.50 intraday.
Asian stocks fluctuated before closing higher on Tuesday as new U.S. curbs on semiconductor exports to China proved to be less harsh than previously expected. Expectations of a Federal Reserve rate cut later this month and speculation that a key economic meeting expected in December may unleash more Chinese stimulus lifted sentiment.
European stocks are up in positive territory, led by gains in mining, energy and technology sectors, as new U.S. curbs on tech exports to China fell short of earlier proposals.
Meanwhile, investors continue to keep an eye on the latest political developments in France with Prime Minister Michel Barnier bracing for a no-confidence vote this week over a budget dispute.
In commodities, West Texas Intermediate Crude oil futures are up $0.96 or 1.37% at $69.06 a barrel.
Gold futures are gaining $6.50 or 0.25% at $2,665.00 an ounce, while Silver futures are up $0.451 or nearly 1.5% at $31.315 an ounce.
Canadian Market Modestly Higher; Materials, Consumer Discretionary Stocks Move Up
(RTTNews) - The Canadian market is up in positive territory Tuesday afternoon thanks to strong gains in materials, consumer discretionary and consumer staples sectors. The mood remains cautious with investors awaiting a slew of key economic data including U.S. non-farm payroll data, reports on private sector employment, service sector activity and consumer sentiment.
The benchmark SP/TSX Composite Index, which climbed to 25,693.68, was up 41.74 points or 0.17% at 25,632.07 a little while ago.
The Materials Capped Index is up 2.8%. Fortuna Silver Mines (FVI.TO) is up nearly 10% and New Gold Inc (NDG.TO) is climbing up 7.5%. Pan American Silver Corp (PAAS.TO), First Majestic Silver Corp (AG.TO), Alamos Gold (AGI.TO), Iamgold (IMG.TO), Torex Gold Resources (TXG.TO), Ssr Mining (SSRM.TO), Silvercrest Metals (SIL.TO), Novagold (ND.TO), Equinox Gold (EQX.TO), Kinross Gold (K.TO) and Agnico Eagle Mines (AEM.TO) are up 4.5 to 6.4%.
Consumer discretionary stocks Restaurant Brands International (QSR.TO) and Dollarama Inc (DOL.TO) are up 2.3% and 1.5%, respectively. Magna International (MG.TO) is gaining 1.2% and Canadian Tire Corporation (CTC.TO) is up nearly 1%.
Consumer staples stocks Maple Leaf Foods (MFI.TO) and Premium Brands International (PBH.TO) are gaining 3.5% and 3%, respectively. The North West Company (NWC.TO), Saputo Inc (SAP.TO) and Jamieson Wellness (JWEL.TO) are up 2.5 to 2.8%. Empire Company (EMP.TO), Loblaw (L.TO) and George Weston (WN.TO) are also notably higher.
Bank of Nova Scotia (BNS.TO) is down 3.4%. The bank reported a net income of $1,689 million for the fourth quarter ended October 31, 2024, compared to $1,354 million in the fourth quarter last year. The bank has announced a dividend of $1.06 per share on the outstanding shares of the Bank, payable January 29, 2025, to shareholders of record at the close of business on January 7, 2025.
Profit Taking May Dent Hang Seng's Upside On Wednesday
(RTTNews) - The Hong Kong stock market has climbed higher in three straight sessions, collecting almost 380 points or 2 percent along the way. The Hang Seng Index now sits just beneath the 19,750-point plateau although investors re likely to cash in on Wednesday.
The global forecast for the Asian markets is mixed to higher, supported by oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Hang Seng finished sharply higher on Tuesday following gains from the financials and technology stocks, while the property sector was mixed.
For the day, the index climbed 196.03 points or 1.00 percent to finish at 19,746.32 after trading between 19,386.82 and 19,768.32.
Among the actives, Alibaba Group gained 0.54 percent, while Alibaba Health Info rose 0.27 percent, ANTA Sports lost 0.58 percent, China Life Insurance rallied 2.14 percent, China Mengniu Dairy perked 0.12 percent, China Resources Land improved 1.51 percent, CITIC advanced 1.82 percent, CNOOC strengthened 1.99 percent, CSPC Pharmaceutical fell 0.20 percent, Galaxy Entertainment increased 1.14 percent, Hang Lung Properties jumped 2.01 percent, Henderson Land spiked 2.66 percent, Hong Kong China Gas gathered 0.17 percent, Industrial and Commercial Bank of China accelerated 2.39 percent, JD.com retreated 1.36 percent, Lenovo surged 4.06 percent, Li Auto dropped 0.79 percent, Li Ning added 0.74 percent, Meituan slumped 1.14 percent, New World Development sank 0.76 percent, Nongfu Spring tumbled 1.39 percent, Techtronic Industries soared 3.55 percent, Xiaomi Corporation climbed 1.93 percent, WuXi Biologics skyrocketed 7.87 percent and Haier Smart Home was unchanged.
The lead from Wall Street is mixed as the major averages opened slightly lower on Tuesday, although the NASDAQ and the SP 500 were able to break into the green to record closing highs by the day's end.
The Dow sank 76.47 points or 0.17 percent to finish at 44,705.53, while the NASDAQ added 76.96 points or 0.40 percent to close at 19,480.91 and the SP rose 2.73 points or 0.05 percent to end at 6,049.
A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department reported that job openings increased by more than expected in October.
Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
