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Canadian Modestly Modestly Higher As Tech Stocks Rally
(RTTNews) - After opening weak and drifting down further subsequently, the Canadian market moved higher Wednesday morning, thanks to some brisk buying in the technology sector. The mood is cautious with investors awaiting the minutes of the Federal Reserve's most recent policy meeting later today, and U.S. inflation data due later in the week.
A few stocks from financial, real estate, consumer and industrials sectors are also moving higher.
The benchmark SP/TSX Composite Index is up 99.00 points or 0.41% at 24,171.51 about a quarter before noon.
Technology stocks Celestica Inc (CLS.TO) and BlackBerry (BB.TO) are gaining 4.5% and 4.1%, respectively. Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO), Shopify Inc (SHOP.TO), Open Text Corporation (OTEX.TO), Computer Modelling Group (CMG.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO) and CGI Inc (GIB.A.TO) are up 1 to 2.5%.
Consumer discretionary stocks BRP Inc (DOO.TO), Magna International (MG.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO) and MTY Food Group (MTY.TO) are up 1 to 3.2%.
Consumer staples stocks Primo Water Corp (PRMW.TO), Loblaw (L.TO) and George Weston (WN.TO) are gaining 1 to 2.3%.
Alimentation Couche-Tard Inc (ATD.TO) is down 0.8%. Japan's Seven I Holdings received a revised takeover bid of around $47 billion from the company, compared with $38.5 billion earlier.
Canopy Growth Corporation (WEED.TO) announced that Canopy USA has completed its acquisition of Wana. Canopy USA now owns 100% of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products. The stock is down 1.4%.
U.S. Stocks Close On Firm Note; Dow, S&P Post New Record Highs
(RTTNews) - U.S. stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00. The SP 500 closed up 40.91 points or 0.71 percent at 5,792.04, while the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
Apple Inc, Amazon, JPMorgan Chase, Oracle Corporation, Costco Wholesale Corporation, Merck, IBM, Caterpillar, Qualcomm and Texas Instruments gained 1 to 3 percent.
Morgan Stanley, Amgen, Uber Technologies, Goldman Sachs, Honeywell International and Palo Alto Networks also ended notably higher.
Alphabet closed down 1.6 percent, after the U.S. Department of Justice said it may ask a judge to force Google to divest parts of its business, including the Chrome browser and Android operating system, to curtail its search monopoly.
Tesla ended down 1.4 percent. Meta Platforms, Advanced Micro Devices, Salesforce and Adobe Inc. also closed weak.
The minutes from the Federal Reserve's September meeting showed official agreed to cut interest rates but were unsure how aggressive to get, and ultimately decided on a half percentage point move, aiming to balance confidence on inflation with worries over the labor market.
The minutes said that policymakers decided to approve a jumbo rate cut of 50 basis points for the first time in more than four years, and also showed members divided over the economic outlook.
Some officials hoped for a smaller, quarter percentage point reduction as they sought assurance that inflation was moving sustainably lower and were less worried about the jobs picture.
The minutes noted that the vote to approve the 50 basis point cut came "in light of the progress on inflation and the balance of risks" against the labor market. The minutes noted that "a substantial majority of participants" favored the larger move, without specifying how many were opposed. The term "participants" suggests involvement of the full FOMC rather than just the 12 voters.
The minutes also noted that some members favored a reduction at the July meeting that never materialized.
In economic news, data from the Commerce Department said U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports shot up by 2.0 percent to $271.8 billion, while the value of imports decreased by 0.9 percent to $342.2 billion.
In overseas trading, Asian stocks ended mixed on Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.
Chinese stocks plunged as investors booked profits after recent rallies. The benchmark Shanghai Composite Index slumped 6.6 percent to 3,258.86 after officials failed to boost confidence in stimulus plans aimed at reviving the economy.
European stocks closed higher on Wednesday with traders building up some long positions ahead of the release of the minutes of the Federal Reserve's most recent policy meeting.
The mood was positive as investors hoped the Chinese government will announce more fiscal stimulus as the economic planning agency's emergency briefing raised skepticism over the sufficiency of previously planned measures.
The pan European Stoxx 600 climbed 0.66 percent. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent, and France's CAC 40 ended 0.52 percent up.
Indonesia Bourse: Support Expected At 7,500 Points
(RTTNews) - The Indonesia stock market on Wednesday ended the two-day winning streak in which it had advanced more than 60 points or 0.8 percent. The Jakarta Composite Index now rests just above the 7,500-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The JCI finished modestly lower on Wednesday following losses from the financials, telecoms, cement companies and resource stocks.
For the day, the index sank 55.86 points or 0.74 percent to finish at 7,501.29 after trading between 7,501.22 and 7,595.58.
Among the actives, Bank CIMB Niaga collected 0.80 percent, while Bank Mandiri tumbled 1.77 percent, Bank Danamon Indonesia fell 0.38 percent, Bank Negara Indonesia shed 0.47 percent, Bank Central Asia rose 0.24 percent, Bank Rakyat Indonesia retreated 1.40 percent, Bank Maybank Indonesia dropped 0.88 percent, Indosat Ooredoo Hutchison plummeted 6.13 percent, Indocement slid 0.36 percent, Semen Indonesia dipped 0.25 percent, Indofood Sukses Makmur skidded 1.07 percent, United Tractors added 0.66 percent, Astra International tanked 2.87 percent, Energi Mega Persada plunged 4.27 percent, Astra Agro Lestari sank 0.75 percent, Aneka Tambang was down 0.66 percent, Jasa Marga lost 0.61 percent, Vale Indonesia gained 0.48 percent, Timah rallied 1.63 percent and Bumi Resources stumbled 4.48 percent.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Win Streak May Continue For Thai Stock Market
(RTTNews) - The Thai stock market has moved higher in four straight sessions, gathering almost 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,455-point plateau and it's tipped to open in the green again on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The ST finished modestly higher again on Wednesday as gains from the resource and technology sectors were capped by weakness from the industrial and finance shares.
For the day, the index gained 4.17 points or 0.29 percent to finish at 1,456.97 after trading between 1,453.33 and 1,460.33. Volume was 15.492 billion shares worth 49.383 billion baht. There were 270 decliners and 216 gainers, with 177 stocks finishing unchanged.
Among the actives, Advanced Info gained 0.75 percent, while Thailand Airport lost 0.78 percent, Asset World improved 1.09 percent, Banpu tanked 2.88 percent, Bangkok Bank fell 0.32 percent, Bangkok Dusit Medical advanced 0.84 percent, B. Grimm rallied 1.75 percent, BTS Group shed 0.88 percent, CP All Public rose 0.38 percent, Charoen Pokphand Foods slumped 1.20 percent, Energy Absolute spiked 1.71 percent, Gulf skyrocketed 5.56 percent, Krung Thai Bank collected 0.48 percent, PTT Oil Retail skidded 1.18 percent, PTT sank 0.74 percent, PTT Exploration and Production declined 1.48 percent, PTT Global Chemical dropped 0.86 percent, SCG Packaging plummeted 5.83 percent, Siam Concrete shed 0.41 percent, Thai Oil stumbled 1.46 percent, True Corporation jumped 1.82 percent, TTB Bank climbed 1.07 percent and Kasikornbank, Siam Commercial Bank, Krung Thai Card and Bangkok Expressway were unchanged.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Japan Overall Bank Lending Climbs 2.7% On Year In September
(RTTNews) - The value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen.
That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August.
Excluding trusts, lending was up an annual 3.1 percent at 546.61 trillion yen, while lending from trusts added 0.6 percent on year to 77.62 trillion yen.
Lending from foreign banks surged 24.8 percent on year to 5.284 trillion yen.
For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent.
Hong Kong Shares May Find Traction On Thursday
(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, plummeting more than 2,400 points or 11 percent along the way. The Hang Seng Index now sits just above the 20,630-point plateau although it may cut into some of those losses on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The Hang Seng finished sharply lower again on Wednesday with damage across the board, led lower by the financials, properties, oil companies and technology stocks.
For the day, the index stumbled 289.55 points or 1.38 percent to finish at 20,637.24 after trading between 20,190.53 and 21,417.75.
Among the actives, Alibaba Group slid 1.53 percent, while Alibaba Health Info plunged 7.08 percent, ANTA Sports fell 1.61 percent, China Life Insurance declined 3.32 percent, China Mengniu Dairy stumbled 3.02 percent, China Resources Land weakened 2.70 percent, CITIC plummeted 8.20 percent, CNOOC tanked 5.16 percent, CSPC Pharmaceutical surrendered 4.55 percent, Galaxy Entertainment advanced 0.39 percent, Haier Smart Home retreated 3.40 percent, Hang Lung Properties tumbled 3.50 percent, Henderson Land dipped 0.39 percent, Hong Kong China Gas sank 1.90 percent, Industrial and Commercial Bank of China skidded 1.95 percent, JD.com slipped 0.86 percent, Li Auto was down 0.76 percent, Li Ning slumped 2.79 percent, Meituan rallied 2.33 percent, New World Development shed 1.84 percent, Nongfu Spring dropped 1.92 percent, Techtronic Industries jumped 1.89 percent, Xiaomi Corporation lost 1.69 percent, WuXi Biologics crashed 6.09 percent and Lenovo was unchanged.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
U.S. Dollar Higher After Fed Minutes
(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Wednesday, after the minutes of the Federal Reserve's latest policy meeting showed a split among policymakers for lowering the policy rate by 50 basis points at the meeting.
In light of the progress on inflation and the balance of risks, all participants agreed that it was appropriate to ease the stance of monetary policy, the minutes from the September 17-18 meeting showed.
A substantial majority of participants supported lowering the target range for the federal funds rate by 50 basis points observing that this adjustment in monetary policy would help align it more closely with recent inflation and labour market indicators.
Some participants noted that there had been a plausible case for a 25 basis point rate cut at the previous meeting and that data over the intermeeting period had provided further evidence that inflation was on a sustainable path toward 2 percent while the labor market continued to cool.
Fed officials noted that if the data came in about as expected, with inflation moving down sustainably to 2 percent and the economy near maximum employment, it would likely be appropriate to move toward a more neutral stance of policy over time.
The greenback climbed to near 2-month highs of 1.0935 against the euro, 0.8609 against the franc, 149.35 against the yen and 1.3710 against the loonie, off its early lows of 1.0980, 0.8565, 148.00 and 1.3643, respectively. The currency is seen finding resistance around 1.08 against the euro, 0.89 against the franc, 150.00 against the yen and 1.38 against the loonie.
The greenback appreciated to more than a 3-week high of 0.6707 against the aussie and near a 2-month high of 0.6052 against the kiwi, from its early lows of 0.6761 and 0.6143, respectively. The currency is poised to challenge resistance around 0.65 against the aussie and 0.58 against the kiwi.
The greenback rebounded to 1.3061 against the pound. This may be compared to an early nearly 4-week high of 1.3055. The currency is poised to challenge resistance around the 1.29 level.
U.S. Stocks Extending Gains, Look Set To End Session On Firm Note
(RTTNews) - The major averages all remain firmly up in positive territory on Wall Street with just about an hour to go for the closing bell on Wednesday as investors continue to pick up stocks, digesting the minutes from the Federal Reserve's latest monetary policy meeting, and looking ahead to consumer price and producer price inflation data, due later in the week.
The Dow is up 369.04 points or 0.88 percent at 42,449.41. The SP 500, which moved to a new record high, is at 5,782.47, up 31.34 points or 0.54 percent, while the Nasdaq is up 85.33 points or 0.47 percent at 18,268.25.
The minutes from the Federal Reserve's September meeting showed official agreed to cut interest rates but were unsure how aggressive to get, and ultimately decided on a half percentage point move, aiming to balance confidence on inflation with worries over the labor market.
The minutes said that policymakers decided to approve a jumbo rate cut of 50 basis points for the first time in more than four years, and also showed members divided over the economic outlook.
Some officials hoped for a smaller, quarter percentage point reduction as they sought assurance that inflation was moving sustainably lower and were less worried about the jobs picture.
The minutes noted that the vote to approve the 50 basis point cut came "in light of the progress on inflation and the balance of risks" against the labor market. The minutes noted that "a substantial majority of participants" favored the larger move, without specifying how many were opposed. The term "participants" suggests involvement of the full FOMC rather than just the 12 voters.
The minutes also noted that some members favored a reduction at the July meeting that never materialized.
Nike, Caterpillar, IBM, Honeywell, Goldman Sachs, JPMorgan Chase, Microsoft and Apple Inc. are gaining 1 to 2 percent.
Palo Alto Networks, ASML, Airbnb, Costco Wholesale and Cadence Design Systems are gaining 2 to 3.4 percent.
Alphabet shares are down more than 2 percent, after the U.S. Department of Justice said it may ask a judge to force Google to divest parts of its business, including the Chrome browser and Android operating system, to curtail its search monopoly.
Boeing is down by about 2 percent. Salesforce is declining 1.4 percent. Illumina, Micron Technology and AMD are down 1.1 percent, 1 percent and 0.8 percent, respectively. Tesla is moderately lower.
Data from the Commerce Department said U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports shot up by 2.0 percent to $271.8 billion, while the value of imports decreased by 0.9 percent to $342.2 billion.
China Shares May Shrug Off Upbeat Lead
(RTTNews) - The China stock market on Wednesday ended the absurd 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just beneath the 3,260-point plateau - and by all rights, it ought to move lower again on Thursday despite a firm lead.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The SCI finished sharply lower on Wednesday with some overdue profit taking across the board, especially among the property and insurance stocks.
For the day, the index plunged 230.92 points or 6.62 percent to finish at 3,258.86 after trading between 3,249.16 and 3,437.16. The Shenzhen Composite Index plummeted 181.45 points or 8.65 percent to end at 1,917.31.
Among the actives, China Life Insurance, Gemdale, Poly Developments and China Vanke all plummeted by the 10 percent daily limit, while Industrial and Commercial Bank of China retreated 1.31 percent, Bank of China surrendered 3.22 percent, China Construction Bank dropped 2.12 percent, China Merchants Bank tanked 7.48 percent, Agricultural Bank of China tumbled 1.89 percent, Jiangxi Copper plunged 9.14 percent, Aluminum Corp of China (Chalco) crashed 8.27 percent, Yankuang Energy stumbled 8.08 percent, PetroChina declined 9.63 percent, China Petroleum and Chemical (Sinopec) sank 6.27 percent, Huaneng Power slumped 6.17 percent and China Shenhua Energy lost 4.92 percent.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Japanese Market Modestly Higher
(RTTNews) - Adding to the gains in the previous session, the Japanese market is modestly higher on Thursday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 39,400 level, with gains in index heavyweights and financial stocks partially offset by weakness in technology stocks.
The benchmark Nikkei 225 Index is up 125.01 points or 0.32 percent to 39,402.97, after touching a high of 39,616.59 earlier. Japanese shares ended significantly higher on Wednesday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is gaining almost 1 percent and Honda is also adding almost 1 percent.
In the tech space, Tokyo Electron is losing almost 1 percent, while Advantest and Screen Holdings are declining more than 1 percent each.
In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 2 percent.
Among the major exporters, Canon is adding almost 1 percent, Sony is edging up 0.1 percent and Mitsubishi Electric is gaining almost 2 percent, while Panasonic is edging down 0.4 percent.
Among other major gainers, Nikon is gaining more than 3 percent.
Conversely, Aeon is plummeting more than 9 percent, Kawasaki Heavy Industries is declining almost 5 percent and Fujikura is losing more than 3 percent.
In economic news, producer prices in Japan were unchanged in September, the Bank of Japan or BoJ said on Thursday - versus expectations for a decline of 0.3 percent following the 0.2 percent drop in August. On a yearly basis, producer prices rose 2.8 percent - exceeding forecasts for an increase of 2.3 percent and up from 2.6 percent in the previous month.
Export prices fell 0.4 percent on month and rose 0.5 percent on year, the bank said, while import prices slumped 1.3 percent on month and 0.4 percent on year. The foreign exchange rate slumped 2.0 percent on month.
The BoJ also said the value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen. That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August. For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Thursday.
On Wall Street, stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00, the SP 500 closed up 40.91 points or 0.71 percent at 5,792.04 and the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
The major European markets also ended the day higher on the day. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent and France's CAC 40 ended 0.52 percent up.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Australian Market Modestly Higher
(RTTNews) - The Australian market is trading modestly higher on Thursday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,200 level, with gains across most sectors led by mining, energy and technology stocks.
The benchmark SP/ASX 200 Index is gaining 31.10 points or 0.38 percent to 8,218.50, after touching a high of 8,236.20 earlier. The broader All Ordinaries Index is up 33.90 points or 0.40 percent to 8,490.70. Australian stocks ended slightly higher on Wednesday.
Among major miners, and Fortescue Metals is adding almost 2 percent and Mineral Resources is advancing almost 3 percent, while BHP Group and Rio Tinto are gaining almost 1 percent each.
Oil stocks are mostly higher. Beach energy is gaining almost 2 percent, Woodside Energy is adding almost 1 percent and Santos is edging up 0.5 percent, while Origin Energy is edging down 0.4 percent.
In the tech space, Afterpay owner Block and Xero are edging up 0.4 to 0.5 percent each, while Appen is surging more than 7 percent and Zip is advancing 3.5 percent. WiseTech Global is edging down 0.1 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging up 0.5 percent each, while ANZ Banking is gaining more than 1 percent. National Australia Bank is flat.
Among gold miners, Evolution Mining and Gold Road Resources are edging up 0.1 to 0.3 percent each, while Resolute Mining is gaining 2.5 percent and Northern Star Resources is up almost 1 percent. Newmont is losing almost 1 percent.
In other news, shares in Arcadium Lithium are skyrocketing 31 percent after Rio Tinto agreed to buy it in a $9.9 billion deal.
In the currency market, the Aussie dollar is trading at $0.672 on Thursday.
On Wall Street, stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00, the SP 500 closed up 40.91 points or 0.71 percent at 5,792.04 and the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
The major European markets also ended the day higher on the day. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent and France's CAC 40 ended 0.52 percent up.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Asian Markets Track Wall Street Higher
(RTTNews) - Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic about more interest rate cuts by the US Fed, and several other central banks. The minutes from the US Fed's September meeting showed officials agreed to cut interest rates, but were unsure how aggressive to get. Asian Markets closed mixed on Wednesday.
Traders now look ahead to the release of US consumer price and producer price inflation data for more clarity on how aggressively the Fed will lower rates in the coming months.
New York Fed President John Williams said on Tuesday that it will be appropriate again for the central bank to reduce rates 'over time.' Separately, Fed Governor Adriana Kugler said there is a case for more easing if inflation keeps easing.
The Australian market is trading notably higher on Thursday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,200 level, with gains across most sectors led by mining, energy and technology stocks.
The benchmark SP/ASX 200 Index is gaining 44.10 points or 0.54 percent to 8,231.50, after touching a high of 8,242.80 earlier. The broader All Ordinaries Index is up 48.10 points or 0.57 percent to 8,504.90. Australian stocks ended slightly higher on Wednesday.
Among major miners, Fortescue Metals is adding almost 2 percent and Mineral Resources is advancing almost 3 percent, while BHP Group and Rio Tinto are gaining almost 1 percent each.
Oil stocks are mostly higher. Beach energy is gaining almost 2 percent, Woodside Energy is adding almost 1 percent and Santos is edging up 0.5 percent, while Origin Energy is edging down 0.4 percent.
In the tech space, Afterpay owner Block and Xero are edging up 0.4 to 0.5 percent each, while Appen is surging more than 7 percent and Zip is advancing 3.5 percent. WiseTech Global is edging down 0.1 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging up 0.5 percent each, while ANZ Banking is gaining more than 1 percent. National Australia Bank is flat.
Among gold miners, Evolution Mining and Gold Road Resources are edging up 0.1 to 0.3 percent each, while Resolute Mining is gaining 2.5 percent and Northern Star Resources is up almost 1 percent. Newmont is losing almost 1 percent.
In other news, shares in Arcadium Lithium are skyrocketing 31 percent after Rio Tinto agreed to buy it in a $9.9 billion deal.
In the currency market, the Aussie dollar is trading at $0.673 on Thursday.
Adding to the gains in the previous session, the Japanese market is modestly higher on Thursday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving to near the 39,400 level, with gains in index heavyweights and financial stocks partially offset by weakness in technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,395.05, up 117.09 points or 0.30 percent, after touching a high of 39,616.59 earlier. Japanese shares ended significantly higher on Wednesday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is gaining almost 1 percent and Honda is also adding almost 1 percent.
In the tech space, Tokyo Electron is losing almost 1 percent, while Advantest and Screen Holdings are declining more than 1 percent each.
In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 2 percent.
Among the major exporters, Canon is adding almost 1 percent, Sony is edging up 0.1 percent and Mitsubishi Electric is gaining almost 2 percent, while Panasonic is edging down 0.4 percent.
Among other major gainers, Nikon is gaining more than 3 percent.
Conversely, Aeon is plummeting more than 9 percent, Kawasaki Heavy Industries is declining almost 5 percent and Fujikura is losing more than 3 percent.
In economic news, producer prices in Japan were unchanged in September, the Bank of Japan or BoJ said on Thursday - versus expectations for a decline of 0.3 percent following the 0.2 percent drop in August. On a yearly basis, producer prices rose 2.8 percent - exceeding forecasts for an increase of 2.3 percent and up from 2.6 percent in the previous month.
Export prices fell 0.4 percent on month and rose 0.5 percent on year, the bank said, while import prices slumped 1.3 percent on month and 0.4 percent on year. The foreign exchange rate slumped 2.0 percent on month.
The BoJ also said the value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen. That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August. For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Thursday.
Elsewhere in Asia, Hong Kong is up 2.5 percent, while New Zealand, Singapore, South Korea and Malaysia are higher by between 0.3 and 0.4 percent each. China and Indonesia are down 0.3 and 0.1 percent, respectively. Taiwan is closed for National Day holiday.
On Wall Street, stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00, the SP 500 closed up 40.91 points or 0.71 percent at 5,792.04 and the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
The major European markets also ended the day higher on the day. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent and France's CAC 40 ended 0.52 percent up.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
FTSE 100 Little Changed; GSK Shares Surge Over 5%
(RTTNews) - U.K. stocks were little changed on Thursday despite a closely watched gauge of U.K. house prices turning positive for the first time in almost two years, boosted by expectations of more interest rate cuts by the Bank of England.
The benchmark FTSE 100 was marginally lower at 8,238 ahead of key U.S. CPI report due later in the day.
GSK jumped 5.5 percent after the drug maker agreed to pay up to $2.2 billion to settle most lawsuits in U.S. state courts.
BAE Systems was marginally higher after receiving a $184 million contract modification to produce an additional 48 Armored Multi-Purpose Vehicles (AMPV) for the U.S. Army.
Direct Line Insurance rose half a percent after appointing Jane Poole as its Group CFO and Executive Director.
Australian Dollar Rises Against Majors
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Thursday.
The Australian dollar rose to 3-day highs of 100.67 against the yen and 0.9232 against the Canadian dollar, from Wednesday's closing quotes of 100.28 and 0.9209, respectively.
Against the U.S. dollar and the euro, the aussie edged up to 0.6737 and 1.6243 from yesterday's closing quotes of 0.6717 and 1.6281, respectively.
If the aussie extends its uptrend, it is likely to find resistance around 102.00 against the yen, 0.94 against the loonie, 0.69 against the greenback and 1.60 against the euro.
European Shares Subdued Before US Inflation Test
(RTTNews) - European stocks were subdued on Thursday and the dollar held near a two-month high ahead of the U.S. CPI data later in the day that could influence the pace and size of interest-rate cuts by the Federal Reserve.
The downside remained capped after official data showed Germany's retail sales increased in August underpinned by food and non-food turnover.
Retail sales grew 1.6 percent on a monthly basis in August after a 1.5 percent gain in July and a 1.1 percent drop seen in June, Destatis reported.
On a yearly basis, retail sales posted a growth of 2.1 percent in real terms and 3.1 percent in nominal terms.
Elsewhere, a closely watched gauge of U.K. house prices turned positive for the first time in almost two years, boosted by expectations of more interest rate cuts by the Bank of England.
The pan European STOXX 600 slid 0.2 percent to 518.81 after climbing 0.7 percent on Wednesday.
The German DAX dropped 0.4 percent, France's CAC 40 shed 0.3 percent and the U.K.'s FTSE 100 was down 0.1 percent.
In corporate news, GSK jumped 5.5 percent after the British drug maker agreed to pay up to $2.2 billion to settle most lawsuits in U.S. state courts.
SCOR SE shares advanced 1.5 percent. The French reinsurance giant said it has entered exclusive negotiations with Huyghens de Participations, the holding company of the Albin Michel group, regarding the sale of its stake in Humensis.
German automaker BMW was moving lower after sales fell the third quarter, weighed down by weak performance in China and delivery stops.
Likewise, sugar producer Sudzucker traded lower after registering a significant decline in result from operations for the second quarter, amidst higher costs and lower prices.
Deutsche Telekom rose 1.2 percent. The telecom major said it plans to propose a buyback program of as much as €2 billion ($2.2 billion) in 2025.
Sensex, Nifty Modestly Higher In Early Trade
(RTTNews) - Indian shares were modestly higher on Thursday after minutes from the Federal Reserve's September meeting indicated more rate cuts.
The benchmark SP/BSE Sensex was up 153 points, or 0.2 percent, at 81,620 while the broader NSE Nifty index was up 31 points, or 0.1 percent, at 25,013.
Among the prominent gainers, Larsen Toubro, Axis Bank, NTPC, Power Grid Corp and Kotak Mahindra Bank all were up around 1 percent.
Adani Enterprises fell 2.6 percent after launching its 1st tranche of QIP issue to raise $500 million.
TCS was marginally higher, Tata Elxsi rallied 3.1 percent and IREDA added 0.7 percent ahead of their earnings results.
GR Infraprojects surged 4 percent on winning a contract worth Rs. 904 crores from Maharashtra Metro Rail Corp. Ltd., Nagpur.
PNC Infratech jumped 3.7 percent after it has been declared the lowest (L1) bidder by the City Industrial Development Corporation of Maharashtra (CIDCO) for an EPC project.
Sensex, Nifty May Follow Global Peers Higher; TCS Results Eyed
(RTTNews) - Indian shares look set to open on a positive note Thursday, though volatility cannot be ruled out due to lingering Middle East tensions and ahead of key U.S. consumer and producer price inflation readings due this week.
Tata Group stocks could be in focus after veteran industrialist and Group's chairman emeritus Ratan Tata passed away at a Mumbai hospital on Wednesday night.
India's largest IT services company Tata Consultancy Services (TCS) is set to declare its financial results today, with analysts expecting Q2 earnings growth to be in low single digit.
Defense-related stocks may also see increased activity after the Cabinet Committee on Security cleared major deals worth Rs 80,000 with the U.S. which would see India boost its surveillance capabilities of its defense forces.
Benchmark indexes Sensex and Nifty gave up early gains to end marginally lower on Wednesday after RBI Governor Shaktikanta Das warned of significant risks to inflation. The rupee ended up by 1 paise at 83.96 against the dollar.
Asian markets followed Wall Street higher this morning in the run-up to the crucial U.S. CPI report later in the day that might decide the size of the next rate cut by the U.S. central bank.
The dollar hovered near a two-month peak and gold held steady close to $2,600 levels, while oil prices were up around half a percent in Asian trading due to supply concerns in the Middle East and higher fuel demand due to a major storm in Florida.
Media reports suggest that U.S. President Biden and Israeli Prime Minister Benjamin Netanyahu discussed Israel's expected military retaliation against Iran in their first call in over a month Wednesday.
U.S. stocks climbed overnight as minutes from the Fed's September meeting showed a "substantial majority" of Fed officials at the meeting favored the larger half-point rate cut, but were divided over the economic outlook, and are in no rush for another half-point cut.
The Dow and SP 500 rose 1 percent and 0.7 percent, respectively to close at record levels while the tech-heavy Nasdaq Composite gained 0.6 percent.
European stocks closed higher on Wednesday ahead of the release of Fed meeting minutes and amid hopes that the Chinese government will announce more fiscal stimulus at a Saturday briefing on fiscal policy.
The pan European STOXX 600 climbed 0.7 percent. The German DAX rallied 1 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 advanced 0.7 percent.
UK House Prices Rise For First Time In 2 Years: RICS
(RTTNews) - UK house prices increased for the first time in two years in September as expectations about future interest rate cuts lifted housing market activity, survey data published by Royal Institution of Chartered Surveyors, or RICS, showed Thursday.
The house price balance rose to 16 percent in September from a flat result in August. The balance turned positive for the first time since October 2022.
The survey also showed that demand, sales and new listings all returned to growth in September. Demand from buyers posted +14 percent, which was the third positive growth in a row.
Sales sentiment increased in September, but the balance was moderate at 5 percent. A net balance of 23 percent said the sales market will continue to grow over the next three months, while longer-term twelve month growth sentiment was even stronger at 45 percent.
Suggesting a readily available supply of property for sale, the balance for new listing rose to 22 percent from 9 percent in the previous month. Respondents cited potential increase in Capital Gains Tax encouraging homeowners to list their properties for sale.
Regarding the lettings market, the survey showed growing difficulties for renters as demand continued to grow and outstrip supply.
RICS Head of Market Analytics Tarrant Parsons said, "The latest survey results once again convey a brighter picture for housing market activity, with the recent easing in mortgage interest rates continuing to support a recovery in buyer demand."
"Critical for the outlook, a further unwinding in monetary policy is anticipated over the months ahead, which should create a more favorable backdrop for the market moving forward," Parsons added.
The Bank of England had kept its benchmark rate at 5.00 percent in September after cutting the rate by a quarter-point at the August meeting. The bank is expected to lower the rate by another 25 basis points at its next meeting in November.
European Economic News Preview: ECB Minutes Due
(RTTNews) - The account of monetary policy meeting of the European Central Bank is due on Thursday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany's retail sales data for May. Sales had declined 1.2 percent on month in April.
At 4.00 am ET, Italy's statistical office ISTAT publishes industrial production for August. Economists expect industrial output to grow 0.2 percent on month, in contrast to the 0.9 percent decline in July.
At 4.30 am ET, the Bank of England is slated to release Credit Conditions survey results.
At 7.30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the governing council held on September 11 and 12. At the meeting, the bank had lowered its key interest rates by 25 basis points.
NZ Dollar Advances Against Majors
(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday.
The NZ dollar rose to a 3-day high of 91.06 against the yen, from yesterday's closing value of 90.51.
Against the U.S. and the Australian dollars, the kiwi edged up to 0.6093 and 1.1051 from Wednesday's closing quotes of 0.6063 and 1.1075, respectively.
The kiwi climbed to 1.7957 against the euro, from yesterday's closing value of 1.8036.
If the kiwi extends its uptrend, it is likely to find resistance around 92.00 against the yen, 0.63 against the greenback, 1.08 against the aussie and 1.75 against the euro.
Canadian Dollar Slides As Crude Oil Prices Slide
(RTTNews) - The Canadian dollar weakened against other major currencies in the early European session on Thursday, as crude oil prices fell extending recent losses, as data showing an unexpected big jump in crude inventories outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions.
West Texas Intermediate Crude oil futures for November ended down $0.33 or about 0.45% at $73.24 a barrel.
Brent crude futures settled at $76.58 a barrel, down $0.60 or about 0.78%.
Data from the Energy Information Administration (EIA) showed crude inventories jumped by 5.8 million barrels to 422.7 million barrels last week, nearly three times the expected increase of about 2 million barrels.
A downward revision by EIA in its demand forecast for 2025 weighed as well on oil prices. The EIA is citing economic slowdowns in China and North America as the reasons for the downward revision in its oil demand forecast.
Traders remain cautious ahead of the release of key U.S. inflation readings that could influence the Fed's rate trajectory. Fed Minutes said a 50-bps rate cut was backed by the majority of officials. Meanwhile, investors now see the Fed lowering interest rates by a quarter point in November instead of a jumbo rate cut.
In the European trading now, the Canadian dollar fell to nearly a 2-month low of 1.3723 against the U.S. dollar, from an early high of 1.3705. The loonie may test support near the 1.39 region.
Against the euro and the Australian dollar, the loonie slid to a 9-day low of 1.5008 and a 3-day low of 0.9240 from early highs of 1.4992 and 0.9204, respectively. If the loonie extends its downtrend, it is likely to find support around 1.51 against the euro and 0.94 against the aussie.
The loonie edged down to 108.63 against the yen, from an early high of 109.09. On the downside, 110.00 is seen as the next support levels for the loonie.
Looking ahead, the European Central Bank publishes the account of the monetary policy meeting of the governing council held on September 11 and 12, at 7:30 am ET. At the meeting, the bank had lowered its key interest rates by 25 basis points.
In the New York session, U.S. CPI data for September and U.S. weekly jobless claims data are slated for release.
Yen Rises Against Majors
(RTTNews) - The Japanese yen strengthened against other major currencies in the European session on Thursday.
The yen rose to 162.69 against the euro, 194.52 against the pound and 148.78 against the U.S. dollar, from an early near 2-month low of 163.61, a 3-day low of 195.50 and more than a 2-month low of 149.55, respectively.
Against the Swiss franc, the yen edged up to 179.09 from an early low of 173.73.
If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 191.00 against the pound, 140.00 against the greenback and 169.00 against the franc.
Yen Rises After BoJ Himino Comments
(RTTNews) - The Japanese yen strengthened against other major currencies in the European session on Thursday, after the Bank of Japan deputy Governor Himino said that the central bank would hike rates if it had more confidence in forecasts.
Ryozo Himino, deputy governor of the Bank of Japan, stated that if the board has "greater confidence" in the realization of its pricing and economic projections, the central bank will take interest rate hikes into consideration.
Himino also said that the "totality" of the facts presented at each policy meeting will be taken into consideration by the BOJ when determining when to hike interest rates.
Investors remain cautious ahead of the U.S. CPI data later in the day that could influence the pace and size of interest-rate cuts by the Federal Reserve.
In other economic news, producer prices in Japan were unchanged in September, the Bank of Japan or BoJ said on Thursday - versus expectations for a decline of 0.3 percent following the 0.2 percent drop in August. On a yearly basis, producer prices rose 2.8 percent - exceeding forecasts for an increase of 2.3 percent and up from 2.6 percent in the previous month.
Export prices fell 0.4 percent on month and rose 0.5 percent on year, the bank said, while import prices slumped 1.3 percent on month and 0.4 percent on year. The foreign exchange rate slumped 2.0 percent on month.
The BoJ also said the value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen. That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August. For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent
In the European trading today, the yen rose to 162.69 against the euro, 194.52 against the pound and 148.78 against the U.S. dollar, from an early near 2-month low of 163.61, a 3-day low of 195.50 and more than a 2-month low of 149.55, respectively. If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 191.00 against the pound and 140.00 against the greenback.
Against the Swiss franc, the yen edged up to 179.09 from an early low of 173.73. On the upside, 169.00 is seen as the next resistance level for the yen.
Looking ahead, U.S. CPI data for September and U.S. weekly jobless claims data are slated for release in the New York session.
U.S. Consumer Prices Rise Slightly More Than Expected In September
(RTTNews) - Consumer prices in the U.S. increased by slightly more than expected in the month of September, according to a report released by the Labor Department on Thursday.
The Labor Department said its consumer price index rose by 0.2 percent in September, matching the increase seen in August. Economists had expected consumer prices to inch up by 0.1 percent.
The report also said core consumer prices, which exclude food and energy prices, climbed by 0.3 percent for the second consecutive month. Core prices were expected to rise by 0.2 percent.
Meanwhile, the Labor Department said the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August. Economists had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent in September from 3.2 percent in August, while economists had expected the price of growth to remain unchanged.
U.S. Jobless Claims Climb To Highest Level In Over A Year
(RTTNews) - The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits increased by much more than expected in the week ended October 5th.
The report said initial jobless claims climbed to 258,000, an increase of 33,000 from the previous week's unrevised level of 225,000. Economists had expected jobless claims to edge up to 230,000.
With the much bigger than expected increase, jobless claims reached their highest level since hitting a matching figure in the week ended August 5th, 2023.
The Labor Department said the less volatile four-week moving average also rose to 231,000, an increase of 6,750 from the previous week's unrevised average of 224,250.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 42,000 to 1.861 million in the week ended September 28th.
The four-week moving average of continuing claims also edged up to 1,832,000, an increase of 4,500 from the previous week's revised average of 1,827,500.
Last Friday, the Labor Department released a more closely watched report showing employment in the U.S. increased by much more than expected in the month of September.
The Labor Department said non-farm payroll employment jumped by 254,000 jobs in September after climbing by an upwardly revised 159,000 jobs in August.
Economists had expected employment to rise by 140,000 jobs compared to the addition of 142,000 jobs originally reported for the previous month.
The report also showed the unemployment rate edged down to 4.1 percent in September from 4.2 percent in August. Economists had expected the unemployment rate to remain unchanged.
