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NZ Dollar Rises As China Manufacturing Activity Returns To Growth
(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian session on Friday, after China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence.
Data from SP Global showed that the Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September. A reading above the neutral mark of 50.0 indicates expansion.
The official PMI survey results published by the National Bureau of Statistics showed that the factory activity grew for the first time in six months. The PMI hit 50.1 in October, up from 49.8 in September.
Meanwhile, traders remain cautious and seemed reluctant to make significant moves ahead of the highly anticipated U.S. monthly jobs report later in the day as well as next week's U.S. presidential election. The uncertainty about the outlook for interest rate cuts weighed on market sentiment.
In economic news, data from Statistics New Zealand showed that the total number of building permits issued in New Zealand was up a seasonally adjusted 2.6 percent on month in September, after slumping 5.2 percent in August.
In September, there were 2,943 new dwellings consented, comprising 1,378 stand-alone houses; 1,091 townhouses, flats, and units; 277 apartments; and 197 retirement village units.
In the Asian trading now, the NZ dollar rose to a 2-day high of 0.5984 against the U.S. dollar, from yesterday's closing value of 0.5976. The kiwi may test resistance around the 0.61 region.
Against the yen and the euro, the kiwi advanced to 91.25 and 1.8180 from Thursday's closing quotes of 90.85 and 1.8205, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 93.00 against the yen and 1.78 against the euro.
The kiwi edged up to 1.0992 against the Australian dollar, from an early 4-day low of 1.1027. On the upside, 1.08 is seen as the next resistance level for the kiwi.
n economic news, the manufacturing sector in Australia continued to contract in October, albeit at a slower rate, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 47.3. That's up from 46.7 in September.
Meanwhile, the Australian Bureau of Statistics said producer prices in Australia were up 0.9 percent on quarter in the third quarter of 2024. That exceeded expectations for an increase of 0.7 percent, although it eased 0.1.0 percent in the three months prior. On a yearly basis, producer prices climbed 3.9 percent - roughly in line with forecasts and down from 4.8 percent in the previous three months.
Looking ahead, U.K. Nationwide house price data for October, Switzerland consumer prices, retail sales and PMI data, for October and U.K. SP Global final manufacturing Purchasing Managers' survey data for October are slated for release in the European session.
In the New York session, U.S. jobs data for October, U.S. Dallas Fed PCE index for September, Canada and U.S. SP Global manufacturing PMI for October and U.S. Baker Hughes weekly oil rig count data are set to be released.
European Stocks Close Higher As Investors React Positively To Earnings Announcements
(RTTNews) - European stocks closed higher on Friday with investors reacting to some fairly strong corporate earnings announcements, and assessing the likely move of the Federal Reserve after data showed much weaker than expected job growth in the U.S. in the month of October.
Upbeat earnings news from Amazon and Intel contributed significantly to the positive mood in the markets. China-related luxury stocks moved higher as a private survey showed activity in China's manufacturing sector rebounded in October after a dip into contraction the previous month.
The pan European Stoxx 600 climbed 1.09%. The U.K.'s FTSE 100 gained 0.83%, Germany's DAX closed up 0.93% and France's CAC 40 advanced 0.8%, while Switzerland's SMI ended up 1.48%.
Among other markets in Europe, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Portugal, Russia, Spain, Sweden and Turkiye closed higher.
Poland ended weak, while Austria closed flat.
In the UK market, Reckitt Benckiser rallied 6.6% after it was cleared of liability in a trial regarding its baby formula.
Schrodders gained 4.3% and ICG climbed 3.3%. Associated British Foods, Melrose Industries, Rolls-Royce Holdings, Beazley, RightMove, Natwest Group, EasyJet, Phoenix Group Holdings, GSK, Lloyds Banking Group, Antofagasta, Croda International and WPP gained 1.7 to 2.8%.
Vistry Group, Entain, Smith (DS), Fresnillo, Sainsbury (J) and Persimmon ended weak.
In the German market, Sartorius climbed about 3.5%. Puma, Siemens Energy, Fresenius Medical Care, Merck, BASF, Siemens, Deutsche Post, Qiagen, Fresenius, Adidas, Bayer, Zaland, MTU Aero Engines, HeidelbergCement, Infineon, BMW and Deutsche Bank gained 1.2 to 3%.
In the French market, Societe Generale climbed more than 3.5% and Capgemini gained 3%. Dassault Systemes ended nearly 2.5% up. Legrand, Sanofi, Carrefour, Teleperformance, Eurofins Scientific, Airbus Group, Saint-Gobain, Schneider Electric, TotalEnergies, Thales, Pernod Ricard and L'Oreal gained 1 to 2%.
Renault ended down 1.5%. AXA and STMicroElectronics closed slightly weak.
In economic news, the UK factory activity contracted for the first time since April as manufacturers adopted a wait-and-see approach on investment and spending ahead of the budget announcement, final data from SP Global showed. The manufacturing Purchasing Managers' Index posted 49.9 in October, down from 51.5 in September.
House price inflation in the UK eased for the first time in six months in October, slowing to 2.4% from 3.2% in September. Economists had expected inflation to fall to 2.8%. On a monthly basis, house prices rose only 0.1%, after a 0.6% gain in the previous month.
Switzerland's consumer price inflation eased unexpectedly in October to the lowest level in more than three years. The consumer price index rose 0.6% on a yearly basis in October, slower than the 0.8% rise in September. Meanwhile, economists had expected the inflation to remain stable at 0.8%.
U.S. Dollar Falls Against Majors
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday.
The U.S. dollar fell to a 5-day low of 1.2999 against the pound, nearly a 2-week low of 151.60 against the yen and nearly a 3-week low of 1.0905 against the euro, from Friday's closing quotes of 1.2926, 152.98 and 1.0834, respectively.
The greenback edged down to 0.8642 against the Swiss franc, from Friday's closing value of 0.8699.
Against Australia, the New Zealand and the Canadian dollars, the greenback slid to a 1-week low of 0.6620, nearly a 2-week low of 0.6016 and a 4-day low of 1.3892 from last week's closing quotes of 0.6559, 0.5963 and 1.3950, respectively.
If the greenback extends its downtrend, it is likely to find support around 1.31 against the pound, 148.00 against the yen, 1.10 against the euro, 0.85 against the franc, 0.67 against the aussie, 0.61 against the kiwi and 1.37 against the loonie.
Australia Inflation Gauge Data Due On Monday
(RTTNews) - Australia will on Monday see October results for the inflation gauge from the Melbourne Institute, highlighting a light day for Asia-Pacific economic activity. In the previous month, the inflation forecast showed an increase of 0.1 percent on month.
Australia also will see October figures for job ads from ANZ; in September, job ads were up 1.6 percent on month.
Finally, the markets in Japan are closed on Monday for Culture Day and will re-open on Tuesday.
South Korea Stock Market Due For Support On Monday
(RTTNews) - The South Korea stock market has moved lower in three straight sessions, dropping almost 75 points or 2.9 percent along the way. The KOSPI now sits just above the 2,540-point plateau although it may find traction on Monday.
The global forecast for the Asian markets is positive on solid earnings news and renewed 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 KOSPI finished modestly lower again on Friday following mixed performances from the technology, chemical and automobile companies, while the financials were up on bargain hunting.
For the day, the index shed 13.79 points or 0.54 percent to finish at 2,542.36 after trading between 2,536.84 and 2,559.30. Volume was 315.1 million shares worth 7.8 trillion won. There were 599 decliners and 288 gainers.
Among the actives, Shinhan Financial surged 5.26 percent, while KB Financial jumped 1.66 percent, Hana Financial collected 2.00 percent, Samsung Electronics stumbled 1.52 percent, Samsung SDI improved 1.38 percent, LG Electronics climbed 1.45 percent, SK Hynix tanked 2.20 percent, Naver eased 0.18 percent, LG Chem strengthened 1.44 percent, Lotte Chemical tumbled 2.41 percent, SK Innovation rallied 3.75 percent, POSCO added 0.45 percent, SK Telecom gained 0.53 percent, KEPCO dipped 0.22 percent, Hyundai Mobis shed 0.40 percent, Hyundai Motor sank 0.70 percent and Kia Motors accelerated 2.61 percent.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the trading day.
The Dow jumped 288.73 points or 0.69 percent to finish at 42,052.19, while the NASDAQ added 144.77 points of 0.80 percent to end at 18,239.92 and the SP 500 rose 23.35 points or 0.41 percent to close at 5,728.80.
For the week, the Dow eased 0.2 percent, the SP slumped 1.4 percent and the NASDAQ stumbled 1.5 percent.
The strength on Wall Street reflected a positive reaction to upbeat earnings news from big-name companies like Intel (INTC) and Amazon (AMZN).
Traders also digested the Labor Department's closely watched jobs report, which showed weaker than expected job growth in October. The data raised some concerns about the strength of the economy, but the report also led to renewed optimism about the outlook for interest rates.
Oil futures settled modestly higher on Friday amid concerns about tensions in the Middle East after a report said Iran is planning further attacks on Israel. West Texas Intermediate Crude oil futures for December ended higher by $0.23 or 0.33 percent at $69.49 a barrel.
Eurozone Investor Sentiment Improves For Second Month - Sentix
(RTTNews) - Investor confidence in the euro area strengthened for a second straight month in November amid a modest improvement in the economic data from Germany and optimism about the outcome of the presidential election in the U.S., while markets continue to look for some solid stimulus news from China, results of the closely watched Sentix survey showed on Monday.
The Sentix investor confidence index for Eurozone rose to -12.8 from -13.8 in October, the behavioral research think tank said. Economists had forecast a score of -12.7.
The current situation index of the survey climbed to -21.5 from -23.3 in the previous month. The expectations index was steady at -3.8 in November.
The survey was conducted from October 31 to November among 1,066 investors.
Elsewhere on Monday, results of the SP Global purchasing managers' survey showed that the euro area manufacturing downturn continued in October albeit at the slowest pace in five months.
The investor confidence index for Germany gained 1.7 points where recent economic data have shown some improvement.
"Even if the crisis cannot shock investors in Germany because they are already in a minor key, no positive turn around scenario can be derived from this data," Sentix said.
"However, investors' reaction also shows how much a political rethink could contribute to a change in sentiment in the economy."
The Sentix survey also showed that investors remained optimistic regarding the outcome of the U.S. presidential elections with the overall confidence index rising for the third month in a row.
The survey also revealed a significant slump in the 'Inflation' theme barometer from +11 to -12.25 points, which was the weakest reading since July 2023.
"After all, the weak economy actually requires the support of an expansionary monetary policy," Sentix said.
"The coming months could thus reveal a conflict of objectives for the central bank, which could be particularly difficult for the financial markets to digest."
Asian Shares Rise Ahead Of Chinese Stimulus Meeting
(RTTNews) - Asian stocks rose in thin trade on Monday, with Japanese markets closed for Culture Day holiday.
Regional gains were impressive despite persisting Middle East tensions and anxiety ahead of this week's U.S. presidential election and the Federal Reserve's interest-rate decision.
The dollar slipped as weaker than expected U.S. jobs data pointed a cooling labor market.
Gold edged up as Iran and Azerbaijan began two days of joint naval exercises in the Caspian Sea.
Iran's Supreme Leader Ayatollah Ali Khamenei has vowed that Israel and the U.S. would face a "teeth-breaking response" for their actions against the country.
The Wall Street Journal reported that Iran is planning a complex attack on Israel, which may include missiles with high-powered warheads.
Both WTI and Brent crude contracts jumped around 2 percent in Asian trade after OPEC+ agreed to push back its December production increase by one month.
China's Shanghai Composite index rallied 1.17 percent to 3,310.21 as investors looked ahead to a meeting of China's National People's Congress that is expected to unveil a new fiscal stimulus package focused on stabilizing the economy through local government debt swaps and injections of capital into banks.
Hong Kong's Hang Seng index edged up by 0.30 percent to 20,567.52 on hopes for fresh policy measures from Beijing to boost consumer consumption.
Seoul stocks logged strong gains after the country's opposition Democratic Party leader agreed to support the government's move to scrap a scheme to tax profits on stock investments. The Kospi average jumped 1.83 percent to close at 2,588.97.
Chipmaker Samsung Electronics rose 0.7 percent while peer SK Hynix surged 6.5 percent and battery maker LG Energy Solution climbed 3.3 percent.
Australian markets advanced, led by banks and healthcare stocks ahead of the Reserve Bank of Australia's upcoming policy meeting.
The benchmark SP/ASX 200 rose 0.56 percent to 8,164.60 while the broader All Ordinaries index settled 0.51 percent higher at 8,422.80.
Westpac gained 0.9 percent as the banking major increased its share buyback program by an additional A$1 billion.
Mineral Resources plummeted 9.6 percent on news that managing director Chris Ellison will step down after the board found he used the company's resources for his personal benefits.
Across the Tasman Sea, New Zealand's benchmark SP/NZX-50 index edged up by 0.25 percent to 12,590.60.
U.S. stocks ended firmly in positive territory on Friday as upbeat earnings news from Amazon and Intel helped investors look past a disappointing jobs report.
Data showed the U.S. economy added just 12,000 jobs in October, marking the weakest level of jobs creation since December 2020 after a downwardly revised 223,000 jobs in September, impacted by hurricanes and labor strikes. The jobless rate held at 4.1 percent, in line with estimates.
The tech-heavy Nasdaq Composite jumped 0.8 percent, the Dow gained 0.7 percent and the SP 500 added 0.4 percent.
Dollar Rises Against Major Counterparts Ahead Of Eventful Week
(RTTNews) - The U.S. dollar suffered a mild setback in early New York session on Friday after data showing a much smaller than expected increase in non-farm payroll employment growth and an unexpected contraction in the nation's manufacturing activity last month.
However, the currency recovered swiftly and moved higher as the day progressed as investors looked ahead to the upcoming presidential election and the Federal Reserve's monetary policy announcement next week.
Data from the Labor Department showed much weaker than expected job growth in the month of October. The data said non-farm payroll employment crept up by 12,000 jobs in October after jumping by a downwardly revised 223,000 jobs in September.
Economists had expected employment to climb by 113,000 jobs compared to the surge of 254,000 jobs originally reported for the previous month.
Meanwhile, the report said the unemployment rate came in at 4.1% in October, unchanged from September and in line with economist estimates.
A report released by the Institute for Supply Management on Friday showed U.S. manufacturing activity unexpectedly contracted at a modestly faster rate in the month of October.
The ISM said its manufacturing PMI fell to 46.5 in October from 47.2 in September, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 47.6.
With the unexpected decrease, the manufacturing PMI dropped to its lowest level since hitting 46.5 in July 2023.
The dollar index climbed to 104.32, gaining 0.33%.
Against the Euro, the dollar firmed to 1.0837 after having weakened to 1.0908 earlier in the day. Against Pound Sterling, the dollar weakened to 1.2981 before recovering to 1.2921, but still trailed the previous closing value of 1.2899.
The dollar strengthened against the Japanese currency, fetching 152.98 yen a unit, compared to 152.03 yen Thursday evening. Against the Aussie, the dollar firmed to 0.6559 from 0.6583.
The Swiss franc weakened to 0.8698 a unit of U.S. dollar from 0.8634, while the Loonie was down at 1.3955 a unit of the U.S. currency.
TSX Ends On Firm Note As Technology, Consumer Discretionary Stocks Rally
(RTTNews) - Canadian benchmark stock index ended with a modest gain on Friday, lifted by strong gains in technology and consumer discretionary sectors. Upbeat earnings updates from big name U.S. companies Intel and Amazon contributed significantly to the firm undertone on Bay Street.
Investors also digested the latest batch of Canadian and U.S. economic data, and looked ahead to next week's U.S. presidential election and the Federal Reserve's monetary policy announcement.
The benchmark SP/TSX Composite Index climbed to 24,365.11 by late morning, but pared a substantial portion of its gains as the day progressed and eventually closed up 98.29 points or 0.41% at 24,255.16. The index recorded a weekly loss of 0.85%.
The Consumer Discretionary Capped Index gained almost 2%. The Information Technology Capped Index climbed 1.25% and the Healthcare Capped Index closed up 1.66%.
Aecon Group Inc (ARE.TO) shares soared nearly 19%. Air Canada (AC.TO) zoomed about 14%. Air Canada reported net income of C$2.035 billion or C$5.38 per share for the third quarter, lower than C$1.250 or C$3.08 per share in the same quarter a year ago.
Fairfax Financial Holdings (FFH.TO) jumped more than 9%, Kinaxis Inc (KXS.TO) gained about 7.4% and Dayforce (DAY.TO) gained 7.3%. Docebo Inc (DCBO.TO) and Magna International (MG.TO) both ended higher by about 6.5%. Magna International announced that its board has approved a proposal to buy back up to around 28.5 million shares, or approximately 10% of the public float.
Stella-Jones (SJ.TO), Celestica Inc (CLS.TO), Descartes Systems Group (DSG.TO), Morguard Corporation (MRU.TO), Terravest Industries (TVK.TO) and West Fraser Timber (WFG.TO) climbed 2 to 3.4%.
Constellation Software (CSU.TO), FirstService Corporation (FSV.TO), Thomson Reuters (TRI.TO) and Intact Financial Corporation (IFC.TO) also ended notably higher.
Ensign Energy Services (ESI.TO) gained nearly 4% after reporting net income of C$5.3 million or C$0.03 per common share for the third-quarter of this financial year, compared to a net loss of C$5.2 million or C$0.03 per common share, a year ago.
Eldorado Gold Corporation (ELD.TO) ended down 5.8% despite reporting turnaround results. The company reported net earnings of $101.1 million or $0.49 per share for the third-quarter, compared to last year's loss of $6.6 million or $0.03 per share.
Imperial Oil (IMO.TO) closed lower by 5.1%. Open Text Corporation (OTEX.TO), Emera Incorporated (EMA.TO), Capital Power Corporation (CPX.TO), goeasy (GSY.TO), Molson Coors Canada Inc (TPX.B.TO), Cogeco Communications (CCA.TO) and Wheaton Precious Metals (WPM.TO) also ended notably lower.
In economic news, a report from SP Global said that its Canada Manufacturing PMI rose to 51.1 in October from 50.4 in the previous month, marking the second consecutive expansion in the nation's factory activity after 17 consecutive monthly contractions.
Sensex, Nifty Likely To See Muted Start
(RTTNews) - Indian shares may see a muted start on Monday, with lingering geopolitical tensions, uncertainty over the U.S. election outcome and continued FII selling likely to keep investors anxious.
Indian markets ended the special Diwali Muhurat trading session higher on Friday amid across-the-board gains. The 30-share BSE Sensex and the broader NSE Nifty index both edged up by 0.4 percent.
Asian stocks were seeing modest gains in cautious trading this morning, with Japanese markets closed for a holiday.
The dollar dipped as investors braced for the U.S. presidential election on Tuesday and the Federal Reserve's interest-rate decision on Thursday.
According to polls, Democrat candidate Kamala Harris and Republican opponent Donald Trump are in a tight presidential race for the White House.
The U.S. central bank is widely expected to cut interest rate for a second time this year as inflation continues to ease.
Gold held steady after Iran threatened to use powerful warheads against Israel in its next attack in the coming days.
Oil extended recent gains as OPEC+ agreed to delay a planned December oil output increase by one month.
U.S. stocks ended firmly in positive territory on Friday as upbeat earnings news from Amazon and Intel helped investors look past a disappointing jobs report.
Data showed the U.S. economy added just 12,000 jobs in October, marking the weakest level of jobs creation since December 2020 after a downwardly revised 223,000 jobs in September, impacted by hurricanes and labor strikes. The jobless rate held at 4.1 percent, in line with estimates.
The tech-heavy Nasdaq Composite jumped 0.8 percent, the Dow gained 0.7 percent and the SP 500 added 0.4 percent.
European stocks closed higher on Friday after some fairly strong corporate earnings announcements.
The pan European STOXX 600 rallied 1.1 percent. The German DAX climbed 0.9 percent while France's CAC 40 and the U.K.'s FTSE 100 both surged around 0.8 percent.
Thai Stock Market Likely To Remain Rangebound
(RTTNews) - The Thai stock market moved lower again on Friday, one day after ending the three-day losing streak in which it had slumped more than 15 points or 1.1 percent. The Stock Exchange of Thailand now sits just beneath the 1,465-point plateau although it's expected to see renewed support on Monday.
The global forecast for the Asian markets is positive on solid earnings news and renewed 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 SET finished slightly lower on Friday following losses from the food, consumer, finance and technology sectors.
For the day, the index dipped 1.87 points or 0.13 percent to finish at 1,464.17 after trading between 1,459.26 and 1,466.91. Volume was 10.392 billion shares worth 32.853 billion baht. There were 284 decliners and 162 gainers, with 208 stocks finishing unchanged.
Among the actives, Advanced Info skidded 1.09 percent, while Thailand Airport increased 0.82 percent, Asset World climbed 1.08 percent, Banpu added 0.80 percent, Bangkok Bank shed 0.68 percent, Bangkok Dusit Medical improved 0.91 percent, Bangkok Expressway collected 1.27 percent, BTS Group and Charoen Pokphand Foods both fell 0.40 percent, CP All Public rose 0.40 percent, Energy Absolute retreated 1.27 percent, Gulf slumped 0.75 percent, Kasikornbank collected 0.34 percent, Krung Thai Bank advanced 0.98 percent, Krung Thai Card lost 0.52 percent, PTT gained 0.75 percent, PTT Global Chemical jumped 1.92 percent, Siam Commercial Bank dropped 0.88 percent, Siam Concrete slid 0.48 percent, Thai Oil rallied 1.22 percent, True Corporation sank 0.81 percent and TTB Bank, SCG Packaging, B. Grimm, PTT Oil Retail and PTT Exploration and Production were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the trading day.
The Dow jumped 288.73 points or 0.69 percent to finish at 42,052.19, while the NASDAQ added 144.77 points of 0.80 percent to end at 18,239.92 and the SP 500 rose 23.35 points or 0.41 percent to close at 5,728.80.
For the week, the Dow eased 0.2 percent, the SP slumped 1.4 percent and the NASDAQ stumbled 1.5 percent.
The strength on Wall Street reflected a positive reaction to upbeat earnings news from big-name companies like Intel (INTC) and Amazon (AMZN).
Traders also digested the Labor Department's closely watched jobs report, which showed weaker than expected job growth in October. The data raised some concerns about the strength of the economy, but the report also led to renewed optimism about the outlook for interest rates.
Oil futures settled modestly higher on Friday amid concerns about tensions in the Middle East after a report said Iran is planning further attacks on Israel. West Texas Intermediate Crude oil futures for December ended higher by $0.23 or 0.33 percent at $69.49 a barrel.
European Shares Poised To Open Mixed
(RTTNews) - European stocks are likely to open on a mixed note Monday as investors gear up for the highly anticipated U.S. presidential election on Tuesday and the Federal Reserve's interest-rate decision on Thursday.
A flurry of new polls show that Vice President Kamala Harris and former president Donald Trump remain poised for a photo finish in this week's presidential election.
Voters will determine whether the next president enters office with a friendly Congress or a hostile one.
If control of the U.S. House of Representatives and Senate is divided, it would likely mean a maintaining of the status quo.
The U.S. Federal Reserve will announce its interest rate decision on Thursday, followed by Fed. Chair Jerome Powell's press conference.
Markets expect the U.S. central bank to cut interest rates by 25 bps amid economic contradictions, following a supersize 50 basis point move in September.
Asian stocks were seeing modest gains in cautious trading, with Japanese markets closed for a holiday.
The dollar fell sharply from recent highs after Friday's weaker-than-expected nonfarm payrolls data signaled a cooling labor market.
A slew of U.S. economic data, including reports on factory orders, service sector activity and consumer sentiment may garner investor attention as the week progresses.
Gold edged up slightly in Asian trade after Iran threatened to use powerful warheads and other weapons against Israel in its next attack in the coming days.
Oil prices were up nearly 2 percent as OPEC+ agreed to delay a planned December oil output increase by one month.
U.S. stocks ended firmly in positive territory on Friday as upbeat earnings news from Amazon and Intel helped investors look past a disappointing jobs report.
Data showed the U.S. economy added just 12,000 jobs in October, marking the weakest level of jobs creation since December 2020 after a downwardly revised 223,000 jobs in September, impacted by hurricanes and labor strikes. The jobless rate held at 4.1 percent, in line with estimates.
The tech-heavy Nasdaq Composite jumped 0.8 percent, the Dow gained 0.7 percent and the SP 500 added 0.4 percent.
European stocks closed higher on Friday after some fairly strong corporate earnings announcements.
The pan European STOXX 600 rallied 1.1 percent. The German DAX climbed 0.9 percent while France's CAC 40 and the U.K.'s FTSE 100 both surged around 0.8 percent.
Asian Markets Track Wall Street Higher
(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, as traders remain cautious amid lingering geopolitical tensions in the Middle-East, the uncertainty over the US election outcome and the US Fed's monetary policy announcement later in the week. Asian markets closed mostly lower on Friday.
Meanwhile, data showing weaker than expected US job growth in October renewed optimism over the outlook for interest rates.
The Australian stock market is currently trading notably higher on Monday, reversing some of the losses in the previous three sessions, following the broadly positive cues from Wall Street on Friday. The benchmark SP/ASX 200 index is staying above the 8,100.00 level, with gains in financial and energy stocks.
The benchmark SP/ASX 200 Index is gaining 42.10 points or 0.52 percent to 8,160.90, after touching of 8,162.30 earlier. The broader All Ordinaries Index is up 39.40 points or 0.47 percent to 8,419.10. Australian stocks closed notably lower on Friday.
Among the major miners, BHP Group and Fortescue Metals are edging down 0.4 to 0.5 percent each, while Rio Tinto is losing more than 1 percent and Mineral Resources is plunging more than 8 percent on news that managing director Chris Ellison will step down after the board found he used the company's resources for his personal benefits.
Oil stocks are mostly higher. Origin Energy is gaining more than 1 percent, while Beach energy and Santos is edging up 0.2 to 0.3 percent each. Woodside Energy is losing almost 1 percent.
Among tech stocks, Afterpay owner Block is losing 1.5 percent, Zip is edging down 03 percent and Appen is down almost 2 percent, while Xero is gaining more than 1 percent and WiseTech Global is adding almost 2 percent.
Gold miners are mixed. Evolution Mining and Gold Road Resources are losing almost 1 percent each, while Northern Star Resources, Newmont and Resolute Mining are edging up 0.1 to 0.4 percent each.
Among the big four banks, Commonwealth Bank is edging up 0.3 percent and National Australia Bank is gaining almost 1 percent, while ANZ Banking is edging down 0.1 percent. Westpac is flat.
In the currency market, the Aussie dollar is trading at $0.660 on Monday.
The Japanese stock market is closed for Culture Day holiday on Monday. Japanese shares ended sharply lower on Friday.
In the currency market, the U.S. dollar is trading in the higher 151 yen-range on Monday.
Elsewhere in Asia, South Korea is up 1.4 percent, while is up 1.1 percent, while New Zealand, China, Hong Kong, Singapore, Malaysia and Taiwan are higher by between 0.3 and 0.5 percent each. Indonesia is bucking the trend and is down 0.6 percent.
On Wall Street, stocks showed a strong move back to the upside in early trading on Friday following the sell-off seen during Thursday's session. The major averages gave back some ground over the course of the trading day but remained firmly in positive territory.
The tech-heavy Nasdaq led the way higher, advancing 144.77 points or 0.8 percent to 18,239.92 after moving sharply lower over two previous sessions. The Dow also climbed 288.73 points or 0.7 percent to 42,052.19, bouncing off its lowest closing level in over a month, while the SP 500 rose 23.35 points or 0.4 percent to 5,728.80.
The major European markets have also moved to the upside on the day. While the German DAX Index advanced by 0.9 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both climbed by 0.8 percent.
Crude oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
DAX Little Changed As Markets Brace For US Election, Fed Meeting
(RTTNews) - German stocks were little change on Monday due to persisting Middle East tensions and investor anxiety ahead of this week's U.S. presidential election and the Federal Reserve's interest-rate decision.
With just 1 day until the U.S. elections, over 75 million early votes have already been cast, according to University of Florida estimates.
Voters will determine whether the next president enters office with a friendly Congress or a hostile one.
If control of the U.S. House of Representatives and Senate is divided, it would likely mean a maintaining of the status quo.
The U.S. Federal Reserve will announce its interest rate decision on Thursday, followed by Fed. Chair Jerome Powell's press conference.
Markets expect the U.S. central bank to cut interest rates by 25 bps amid economic contradictions, following a supersize 50 basis point move in September.
The dollar ticked lower as weaker than expected U.S. jobs data pointed a cooling labor market.
The benchmark DAX was marginally lower at 19,249.35 after climbing 0.9 percent on Friday.
U.S. Factory Orders Decrease In Line With Estimates In September
(RTTNews) - New orders for U.S. manufactured goods declined in line with economist estimates in the month of September, according to a report released by the Commerce Department on Monday.
The Commerce Department said factory orders fell by 0.5 percent in September, matching expectations.
However, the report said the decrease in factory orders in August was revised to 0.8 percent from the previously reported 0.2 percent.
The decline by factory orders in September came as orders for durable goods slid by 0.7 percent, while orders for non-durable goods edged down by 0.2 percent.
The Commerce Department also said shipments of manufactured goods decreased by 0.4 percent in September after falling by 0.7 percent in August.
Inventories of manufactured goods also dipped by 0.2 percent in September after inching up by 0.1 percent in the previous month.
With inventories and shipments both falling, the inventories-to-shipments ratio was 1.46 in September, unchanged from August.
Indian Rupee Falls To Record Low Against U.S. Dollar
(RTTNews) - The Indian rupee weakened against the U.S. dollar in the Asian session on Monday, due to pressure from the local stock market outflows and a muted trend in domestic stocks as investors remain cautious amidst the U.S. presidential elections and the Fed interest rate decision later this week.
The benchmark SP/BSE Sensex was down 850 points, or 1.1 percent, at 78,875 in early trade while the broader NSE Nifty index was down 265 points, or 1.1 percent, at 24,038.
Among other factors that influenced investor sentiment in the Indian markets include the speculation over an economic stimulus package from China this week as well as the weaker than expected earnings and sales figures from the consumer goods and automakers.
In economic news, data compiled by SP Global showed that India's manufacturing sector growth accelerated in October as rising new orders lifted production and confidence. The HSBC final manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September. The flash reading was 57.4.
Against the U.S. dollar, the rupee fell to a record low of 84.183 from last week's closing value of 84.061.
If the rupee extends its downtrend, it is likely to find support around against the 85.00 region.
U.S. Dollar Falls Ahead Of U.S. Presidential Election
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday, as traders remain cautious amid the uncertainty over the U.S. election outcome, lingering geopolitical tensions in the Middle East and the U.S. Fed's monetary policy announcement later in the week.
The rising odds of Kamala Harris winning the U.S. presidential election due on Tuesday, also led to the downward pressure of the currency.
Meanwhile, data showing weaker than expected U.S. job growth in October renewed optimism over the outlook for interest rates.
Crude oil prices climbed higher amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
In the Asian trading today, the U.S. dollar fell to a 5-day low of 1.2999 against the pound, nearly a 2-week low of 151.60 against the yen and nearly a 3-week low of 1.0905 against the euro, from Friday's closing quotes of 1.2926, 152.98 and 1.0834, respectively. If the greenback extends its downtrend, it is likely to find support around 1.31 against the pound, 148.00 against the yen and 1.10 against the euro.
The greenback edged down to 0.8642 against the Swiss franc, from Friday's closing value of 0.8699. On the downside, 0.85 is seen as the next support level for the greenback.
Against Australia, the New Zealand and the Canadian dollars, the greenback slid to a 1-week low of 0.6620, nearly a 2-week low of 0.6016 and a 4-day low of 1.3892 from last week's closing quotes of 0.6559, 0.5963 and 1.3950, respectively. The next possible downside target for the greenback is seen around 0.67 against the aussie, 0.61 against the kiwi and 1.37 against the loonie.
Looking ahead, Eurozone HCOB Eurozone manufacturing PMI for October and Sentix investor confidence for November are set to be released in the European session.
In the New York session, U.S. factory orders for September and total vehicle sales data for October are slated for release.
India Manufacturing Activity Growth Gains Momentum
(RTTNews) - India's manufacturing sector growth accelerated in October as rising new orders lifted production and confidence, data compiled by SP Global showed on Monday.
The HSBC final manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September.
The flash reading was 57.4. A score above 50.0 indicates expansion.
The upturn in the sector was underpinned by stronger demand for goods. Respondents said the introduction of new products and successful marketing initiatives helped enhance sales performances.
Export orders showed stronger growth after the weakest uptick in a year-and-a-half in September. Manufacturers ramped up production with faster increases in the consumer and investment goods.
Regarding prices, the survey showed that input price inflation rose to a three-month high though it remained below its long-run trend. Output prices grew at the solid pace that outpaced the series trend.
Manufacturers hired extra staff at a greater degree than in September. Further, there was the first decline in backlogs in over a year.
There was further increase in purchases on the back of improving demand. Meanwhile, input delivery times shortened for the eighth straight month. The survey showed another substantial rise in pre-production inventories.
Finally, manufacturers became more optimistic regarding future output volumes. The level of positive sentiment was above the average seen over the 13-and-a-half-year series history.
Sensex, Nifty Down Over 1% In Early Trade
(RTTNews) - Indian shares were sharply lower on Monday as foreign portfolio investors continued to offload Indian equities amid valuation concerns, lingering geopolitical tensions and uncertainty over the U.S. presidential election outcome.
The benchmark SP/BSE Sensex was down 850 points, or 1.1 percent, at 78,875 in early trade while the broader NSE Nifty index was down 265 points, or 1.1 percent, at 24,038.
Among the prominent decliners, Reliance Industries, BPCL, Hero MotoCorp and Bajaj Auto were down 3-4 percent.
DLF fell 2.2 percent after it unveiled plans to invest Rs. 8,000 crores to build a luxury project in Gurugram.
Sun Pharma tumbled 3.1 percent after the U.S. District Court of New Jersey issued a preliminary injunction blocking the company from introducing the drug 'LEQSELVI'.
Zen Technologies declined 1.7 percent despite reporting impressive Q2 results.
TVS Motor Company lost 2.6 percent despite reporting a 13 percent rise in monthly vehicle sales.
On the positive side, Mahindra Mahindra rallied 2.4 percent after recording its highest ever SUV sales in October.
NMDC rose 1.8 percent after reporting iron ore production and sales figures for October.
European Stocks Close Broadly Lower After Cautious Session
(RTTNews) - European stocks closed broadly lower on Monday, as investors largely stayed cautious and refrained from making big moves ahead of U.S. Presidential election, and the Federal Reserve's monetary policy announcement, due on Tuesday and Wednesday, respectively.
Markets continued to react to corporate earnings updates, and economic data.
Markets expect the U.S. central bank to cut interest rates by 25 bps amid economic contradictions, following a supersize 50 basis point move in September.
Also, the Bank of England is expected to cut interest rates by 25 basis points when it meets on Thursday.
The pan European Stoxx 600 dropped 0.33%. Germany's DAX and France's CAC 40 closed down 0.56% and 0.5%, respectively. The U.K.'s FTSE 100 edged up 0.09%, while Switzerland's SMI ended down 0.59%.
Among other markets in Europe, Belgium, Denmark, Finland, Iceland, Ireland, Netherlands, Norway, Portugal, Spain and Turkiye closed weak.
Poland, Russia and Sweden ended modestly higher, and Austrial edged up marginally, while Greece settled flat.
In the UK market, Hiscox and Melrose Industries lost about 3% and 2.7%, respectively. Weir Group, Endeavour Mining, Centrica, BAE Systems, Fresnillo, Beazley, ICG, IHG, Rentokil Initial, Pershing Square Holdings and Intertek Group closed down 1 to 2%.
Natwest Group climbed 2.61% and Smith (DS) gained 2.5%. Frasers Group, Antofagasta, BT Group, Schrodders, Barclays, HSBC Holdings, Tesco and BP gained 1 to 1.7%.
Burberry Group shares rallied 6% following reports that Italy's Moncler could be considering making a bid for the luxury firm.
In the German market, Vonovia, Fresenius, Rhenimetall, Puma, SAP and Bayer ended down 1 to 2.2%. Symrise, Sartorius, BASF and Infineon also closed notably lower.
Porsche advanced 2.3%. RWE gained about 1.55%, while Qiagen and Fresenius Medical Care both ended higher by about 1.15%.
In the French market, STMicroElectronics lost about 2.7% after Morgan Stanley downgraded its rating on the stock to "underweight" from "equal weight".
Schneider Electric lost more than 2% after the French industrials giant ousted CEO Peter Herweck with immediate effect, citing issues with his execution of the company's strategy.
Dassault Systemes, Thales, Saint-Gobain, Accor, Capgemini, Stellantis and Sanofi closed down 0.9 to 2.1%.
Essilor rallied more than 3%. Teleperformance gained nearly 2% and Kering climbed by about 1.5%. Credit Agricole, Carrefour, ArcelorMittal and Safran posted moderate gains.
In economic news, the euro area manufacturing downturn continued in October albeit at the slowest pace in five months, survey data published by SP Global showed.
The HCOB manufacturing Purchasing Managers' Index increased to 46.0 in October from 45.0 in September. The flash score was 45.9. The score suggests that the sector posted its slowest fall since May.
Results of the closely watched Sentix Survey showed that investor confidence in the euro area strengthened for a second straight month in November amid a modest improvement in the economic data from Germany and optimism about the outcome of the presidential election in the U.S., while markets continue to look for some solid stimulus news from China.
The Sentix investor confidence index for Eurozone rose to -12.8 from -13.8 in October, the behavioral research think tank said. Economists had forecast a score of -12.7. The current situation index of the survey climbed to -21.5 from -23.3 in the previous month. The expectations index was steady at -3.8 in November.
European Economic News Preview: Eurozone Final Factory PMI Data Due
(RTTNews) - Final factory Purchasing Managers' survey and Sentix investor confidence from the euro area are the top economic news due on Monday.
At 3.15 am ET, SP Global publishes Spain's manufacturing Purchasing Managers' survey results. The index is forecast to rise to 53.1 in October from 53.0 in the previous month.
At 3.45 am ET, Italy's manufacturing PMI data is due. Economists expect the factory PMI to rise to 48.8 in October from 48.3 in the previous month.
Thereafter PMI survey results are due from France and Germany at 3.50 am and 3.55 AM ET, respectively. France's PMI is seen at 44.5, down from 44.6 in September.
Meanwhile, Germany's PMI is expected to rise to 42.6, in line with flash estimate, from 40.6 in the previous month.
At 4.00 am ET, Eurozone manufacturing PMI survey data is due. The initial estimate showed that the index rose to 45.9 in October from 45.0 in the previous month.
Half an hour later, Eurozone Sentix investor confidence survey results are due. The index is expected to improve to -12.7 in November from -13.8 in October.
Swiss Market Ends Moderately Lower
(RTTNews) - After opening marginally down, the Switzerland market looked for direction till about a couple of hours past noon on Monday, and then edged down and closed moderately lower due to heavy selling at a few counters.
The mood remained cautious right through the day's session as investors awaited the US Presidential Election and the Federal Reserve's policy announcement this week.
The benchmark SMI ended down 70.26 points or 0.59% at 11,896.94, the day's low. The index touched a high of 11,983.26 in the session.
VAT Group closed down 1.65%, while Swiss Re, Richemont, Lonza Group, Nestle, Alcon and Partners Group settled lower by 1 to 1.4%.
Givaudan, Lindt Spruengli, UBS Group, Kuehne + Nagel, Zurich Insurance and Sonova ended down 0.5 to 0.82%.
Straumann Holding climbed about 1.3%. Schindler Ps and Sandoz Group gained 0.71% and 0.62%, respectively.
Australia Interest Rate Decision Due On Tuesday
(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The RBA is widely expected to keep its benchmark lending rate steady at 4.35 percent.
South Korea will provide October figures for consumer prices, with forecasts suggesting an increase of 0.2 percent on month and 1.4 percent on year. That follows the 0.1 percent monthly increase and the 1.6 percent yearly gain in September.
The Bank of Japan will see October numbers for its monetary base, with forecasts calling for an increase of 0.3 percent on year following the 0.1 percent contraction in September.
China will see October results for the services PMI from Caixin, with analysts expecting a score of 50.5 - up from 50.3 in September.
Indonesia will release Q3 data for its gross domestic product, with expectations for an increase of 1.6 percent on quarter and 5.0 percent on year - easing from 3.79 percent on quarter and 5.05 percent on year in the three months prior.
Thailand will provide October numbers for consumer prices. Overall inflation is expected to rise 0.96 percent on year, up from 0.61 percent in September. Core CPI is seen higher by an annual 0.78 percent, up marginally from 0.77 percent a month earlier.
Singapore will see September figures for retail sales; In August, sales were up 0.7 percent on month and 0.6 percent on year.
CAC 40 Struggles For Direction
(RTTNews) - French stocks struggled for direction on Monday as investors refrained from making big bets ahead of the highly anticipated U.S. presidential election on Tuesday and the Federal Reserve's interest-rate decision on Thursday.
A flurry of new polls show that Vice President Kamala Harris and former president Donald Trump remain poised for a photo finish in this week's presidential election.
Markets expect the U.S. Federal Reserve to cut interest rates by 25 bps amid economic contradictions, following a supersize 50 basis point move in September.
The benchmark CAC 40 was marginally higher at 7,413 after rising 0.8 percent on Friday.
Schneider Electric fell about 1 percent after the industrials giant ousted CEO Peter Herweck with immediate effect, citing issues with his execution of the company's strategy.
Rally May Stall For Malaysia Stock Market
(RTTNews) - The Malaysia stock market has finished higher in two straight sessions, collecting almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,615-point plateau although it may run out of steam on Tuesday.
The global forecast for the Asian markets is flat to lower ahead of the U.S. presidential election and the Federal Reserve rate decision this week. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.
The KLCI finished modestly higher on Monday following gains from the telecoms, plantations and industrials, while the financial sector was mixed.
For the day, the index added 12.45 points or 0.78 percent to finish at the daily high of 1,616.43 after trading as low as 1,607.75.
Among the actives, Axiata jumped 1.73 percent, while Celcomdigi perked 0.11 percent, CIMB Group advanced 1.13 percent, Genting rose 0.76 percent, Genting Malaysia was up 0.44 percent, IHH Healthcare gathered 0.69 percent, IOI Corporation surged 3.39 percent, Kuala Lumpur Kepong soared 2.79 percent, Maxis perked 0.55 percent, Maybank collected 0.38 percent, MISC strengthened 1.59 percent, MRDIY gained 0.90 percent, Nestle Malaysia rallied 1.80 percent, Petronas Chemicals accelerated 1.86 percent, PPB Group climbed 1.43 percent, Public Bank dropped 0.90 percent, QL Resources added 0.42 percent, RHB Bank rose 0.31 percent, Sunway improved 1.38 percent, Telekom Malaysia added 1.08 percent, Tenaga Nasional increased 1.29 percent, YTL Corporation skyrocketed 4.02 percent, YTL Power spiked 1.87 percent and Sime Darby, SD Guthrie and Press Metal were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Monday, hugged the line for much of the day and finished in the red.
The Dow stumbled 257.59 points or 0.61 percent to finish at 41,794.60, while the NASDAQ shed 59.93 points or 0.33 percent to close at 18,179.98 and the SP 500 sank 16.11 points or 0.28 percent to end at 5,712.69.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the U.S. elections on Tuesday, as Vice President Kamala Harris faces off against former President Donald Trump.
With polls showing an extremely tight race between Harris and Trump, the outcome of the presidential election may not be known on Election Day.
Traders were also looking ahead to the Federal Reserve's monetary policy decision, which is due to be announced on Thursday. The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts.
Oil prices rose sharply on Monday, buoyed by OPEC's decision to delay plans to increase production, and on rising concerns about tensions in the Middle East. West Texas Intermediate crude oil futures for December closed up $1.98 or about 2.85% at $71.47 a barrel, extending gains to a fourth straight session.
