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Soft Start Called For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, sinking almost 200 points or 1 percent along the way. The Hang Seng Index now sits just above the 19,560-point plateau and it's expected to open under water again on Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply lower on Thursday following losses from the financial shares, property stocks and technology companies.
For the day, the index stumbled 182.02 points or 0.92 percent to finish at 19,560.44 after trading between 19,466.69 and 19,642.73.
Among the actives, Alibaba Group plunged 2.44 percent, while Alibaba Health Info plummeted 3.28 percent, ANTA Sports lost 0.96 percent, China Life Insurance slumped 1.32 percent, China Mengniu Dairy tanked 2.33 percent, China Resources Land skidded 1.27 percent, CITIC sank 1.00 percent, CNOOC fell 0.90 percent, CSPC Pharmaceutical weakened 1.40 percent, Galaxy Entertainment shed 0.98 percent, Haier Smart Home dipped 0.56 percent, Hang Lung Properties was down 0.47 percent, Hong Kong China Gas slid 0.68 percent, Industrial and Commercial Bank of China dropped 1.06 percent, JD.com and Nongfu Spring both eased 0.14 percent, Lenovo declined 1.71 percent, Li Auto retreated 1.82 percent, Li Ning tumbled 2.19 percent, Meituan crashed 3.63 percent, New World Development slipped 0.62 percent, Techtronic Industries stumbled 1.60 percent, Xiaomi Corporation rallied 1.20 percent, WuXi Biologics surrendered 2.26 percent and Henderson Land was unchanged.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
South Korea October Current Account Surplus $9.78 Billion
(RTTNews) - South Korea posted a current account surplus of $9.78 billion in October, the Bank of Korea said in Friday's preliminary reading.
That's down from the downwardly revised $10.94 billion surplus in September (originally $11.12 billion).
The goods account recorded an $8.12 billion surplus as exports increased annually by 4.0 percent to $60.08 billion and imports fell 0.7 percent to $51.96 billion, both compared to one year earlier.
The services account posted a $1.73 billion deficit owing to deficits in the manufacturing services, and the other business services accounts.
The primary income account recorded a $3.45 billion surplus due to an increase in the income on equity. The secondary income account recorded a $0.05 billion deficit.
Australian Market Notably Lower
(RTTNews) - The Australian stock market is notably lower on Friday, reversing to the gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark SP/ASX 200 is staying well below the 8,500 level, with weakness across most sectors led by gold miners and technology stocks.
The benchmark SP/ASX 200 Index is losing 36.50 points or 0.43 percent to 8,438.40, after hitting a low of 8,431.70 earlier. The broader All Ordinaries Index is down 38.20 points or 0.44 percent to 8,706.30. Australian markets ended modestly higher on Thursday.
Among major miners, BHP Group is edging down 0.5 percent, while Rio Tinto and Fortescue Metals are losing almost 1 percent each. Mineral Resources is edging up 0.4 percent.
Oil stocks are mostly lower. Woodside Energy is losing more than 1 percent and Santos is down almost 1 percent, while Beach energy and Origin Energy are flat.
Among tech stocks, Zip is slipping almost 6 percent, Afterpay-owner Block is losing more than 2 percent and Appen is declining almost 2 percent, while WiseTech Global and Xero are down more than 1 percent each.
Among the big four banks, Commonwealth Bank is edging up 0.2 percent, while Westpac is losing almost 1 percent and National Australia Bank is edging down 0.3 percent. ANZ Banking is flat.
Gold miners are mostly lower. Evolution Mining is losing almost 1 percent, Northern Star Resources is edging down 0.4 percent, Resolute Mining is slipping more than 3 percent and Newmont is declining more than 1 percent, while Gold Road Resources is gaining almost 2 percent.
In the currency market, the Aussie dollar is trading at $0.644 on Friday.
On Wall Street, stocks turned in a relatively lackluster performance during trading on Thursday after climbing to new record highs in the previous session. The major averages spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the day in negative territory. The Dow slid 248.33 points or 0.6 percent to 44,765.71, the Nasdaq dipped 34.86 points or 0.2 percent to 19,700.26 and the SP 500 edged down 11.38 points or 0.2 percent to 6,075.11.
Meanwhile, the major European markets all moved to the upside on the day. The German DAX Index advanced by 0.6 percent, the French CAC 40 Index climbed by 0.4 percent and the U.K.'s FTSE 100 Index crept up by 0.2 percent.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
Lower Open Anticipated For China Shares
(RTTNews) - The China stock market ticked higher again on Thursday, one day after ending the three-day winning streak in which it had advanced almost 85 points or 2.6. The Shanghai Composite now sits just beneath the 3,370-point plateau although it may head south again on Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The SCI finished slightly higher on Thursday following mixed performances from the financial shares and property stocks.
For the day, the index rose 4.21 points or 0.12 percent to finish at 3,368.86 after trading between 3,353.06 and 3,377.05. The Shenzhen Composite Index added 14.90 points or 0.74 percent to end at 2,039.31.
Among the actives, Bank of China dropped 0.59 percent, while China Construction Bank collected 0.49 percent, China Merchants Bank added 0.27 percent, Agricultural Bank of China rose 0.20 percent, China Life Insurance dropped 0.85 percent, Jiangxi Copper skidded 1.03 percent, Aluminum Corp of China (Chalco) retreated 1.31 percent, Yankuang Energy slumped 1.07 percent, PetroChina tumbled 1.78 percent, China Petroleum and Chemical (Sinopec) declined 1.39 percent, Huaneng Power shed 0.42 percent, China Shenhua Energy lost 0.43 percent, Poly Developments sank 0.59 percent, China Vanke fell 0.35 percent and Industrial and Commercial Bank of China and Gemdale were unchanged.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
Australian Dollar Falls Against Majors
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Friday.
The Australian dollar fell to 2-day lows of 0.6420 against the U.S. dollar and 96.30 against the yen, from yesterday's closing quotes of 0.6450 and 96.80, respectively.
The aussie slid to a 1-month low of 1.6461 against the euro, from Thursday's closing value of 1.6400.
Against the Canada and the New Zealand dollars, the aussie slipped to a 2-day low of 0.9014 and more than a 1-month low of 1.0948 from yesterday's closing quotes of 0.9044 and 1.0958, respectively.
If the aussie extends its downtrend, it is likely to find support around 0.61 against the greenback, 94.00 against the yen, 1.66 against the euro, 0.89 against the loonie and 1.08 against the kiwi.
U.S. Weekly Jobless Claims Rise To 224,000
(RTTNews) - A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing a modest increase by first-time claims for U.S. unemployment benefits in the week ended November 30th.
The report said initial jobless claims rose to 224,000, an increase of 9,000 from the previous week's revised level of 215,000.
Economists had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also crept up to 218,250, an increase of 750 from the previous week's revised average of 217,500.
Japan Household Spending Slips 1.3% On Year In October
(RTTNews) - The average of household spending in Japan was down 1.3 percent on year in October, the Ministry of Internal Affairs and Communications said on Friday - coming in at 305,819 yen.
That beat forecasts for an annual decline of 2.6 percent following the 1.1 percent drop in September.
On a monthly basis, household spending climbed 2.9 percent - beating forecasts for a gain of 0.4 percent after slipping 1.3 percent in the previous month.
The average of monthly income per household stood at 580,675 yen, up 1.1 percent on year.
Dollar Drifts Lower On Weak Economic Data
(RTTNews) - The U.S. dollar shed ground against its major counterparts on Thursday after data from the Labor Department showed an increase in jobless claims. Investors now look ahead to the crucial monthly non-farm payroll data, due on Friday, for clues on the Federal Reserve's interest rate moves.
Data from the Labor Department said initial jobless claims rose to 224,000 in the week ended November 30th, an increase of 9,000 from the previous week's revised level of 215,000.
Economists had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.
A report from the Commerce Department said the U.S. trade deficit shrank to $73.8 billion in October from a revised $83.8 billion in September. Economists had expected the trade deficit to decrease to $75.0 billion from the $84.4 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports tumbled by 4% to $339.6 billion, although the value of exports also slumped by 1.6% to $265.7 billion.
Economists currently expect employment to jump by 200,000 jobs in November after inching up by 12,000 jobs in October, while the unemployment rate is expected to tick up to 4.2% from 4.1%.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
The dollar index dropped to 105.70 this afternoon, losing nearly 0.6%.
Against the Euro, the dollar weakened to 1.0590 from 1.0512 a unit of the common European currency. Against Pound Sterling, the dollar weakened to 1.2756.
The dollar was down against the Japanese currency at 150.10 yen, compared to 150.62 yen on Wednesday. Against the Aussie, the dollar eased to 0.6453.
The Swiss franc firmed to 0.8784 a unit of the greenback, after settling at 0.8844 on Wednesday. The Loonie strengthened to 1.4021 a U.S. dollar, from 1.4074.
Profit Taking Expected For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has tracked higher in four straight sessions, improving more than 1,000 points or 4.3 percent in that span. The Taiwan Stock Exchange now rests just above the 23,260-point plateau although it's likely to open under pressure on Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The TSE finished slightly higher on Thursday as gains from the financial shares were offset by weakness from the technology companies.
For the day, the index perked 12.61 points or 0.05 percent to finish at 23,267.94 after trading between 23,225.31 and 23,387.17.
Among the actives, Cathay Financial collected 0.29 percent, while Mega Financial perked 0.25 percent, First Financial and E Sun Financial both added 0.54 percent, Fubon Financial gained 0.77 percent, Taiwan Semiconductor Manufacturing Company increased 0.47 percent, United Microelectronics Corporation tumbled 1.91 percent, Hon Hai Precision and Catcher Technology both skidded 1.00 percent, Largan Precision slumped 1.18 percent, MediaTek rose 0.38 percent, Delta Electronics dropped 0.89 percent, Novatek Microelectronics improved 0.72 percent, Formosa Plastics tanked 2.17 percent, Nan Ya Plastics stumbled 2.07 percent, Asia Cement perked 0.12 percent and CTBC Financial was unchanged.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
Antipodean Currencies Fall Amid Risk Aversion
(RTTNews) - Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Friday amid risk aversion, as traders remain cautious and are reluctant to make significant moves ahead of the release of the closely watched monthly U.S. jobs data later in the day that will offer clues on the U.S. Fed's interest rate moves. Political turmoil in South Korea and France also weighed on the investor sentiment.
The U.S. jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
In France, President Emmanuel Macron said he will name a new Prime Minister "in the coming days" to prevent the country from sliding deeper into political turmoil.
Elsewhere in South Korea, President Yoon Suk Yeol faces impeachment vote as early as Saturday tor trying to impose martial law.
Investors are also looking at the possibility of further reductions in the reserve requirement ratio by the Chinese central bank this month.
Crude oil prices dipped, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
In the Asian trading, the Australian dollar fell to 2-day lows of 0.6420 against the U.S. dollar and 96.30 against the yen, from yesterday's closing quotes of 0.6450 and 96.80, respectively. If the aussie extends its downtrend, it is likely to find support around 0.61 against the greenback and 94.00 against the yen.
The aussie slid to a 1-month low of 1.6461 against the euro, from Thursday's closing value of 1.6400. On the downside, 1.66 is seen as the next support level for the aussie.
Against the Canada and the New Zealand dollars, the aussie slipped to a 2-day low of 0.9014 and more than a 1-month low of 1.0948 from yesterday's closing quotes of 0.9044 and 1.0958, respectively. The next possible downside target for the aussie is seen around 0.89 against the loonie and 1.08 against the kiwi.
The NZ dollar fell to nearly a 3-week low of 1.8057 against the euro and a 2-day low of 87.79 against the yen, from yesterday's closing quotes of 1.7985 and 88.31, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.82 against the euro and 87.00 against the yen.
Against the U.S. dollar, the kiwi edged down to 0.5855 from Thursday's closing value of 0.5884. The kiwi may test support near the 0.56 region.
Looking ahead, Eurostat releases euro area revised GDP data for the third quarter at 5:00 am ET in the European session. The initial estimate showed that the currency bloc expanded 0.4 percent sequentially.
In the New York session, U.S. and Canada jobs data for November, Canada Ivey PMI for November, U.S. University of Michigan consumer sentiment index for December and U.S. Baker Hughes oil rig count data are slated for release.
Rally May Stall For Malaysia Stock Market
(RTTNews) - The Malaysia stock market has moved higher in four straight sessions, adding more than 20 points or 1.2 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 n Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The KLCI finished slightly higher on Thursday following mixed performances from the financial shares, plantation stocks, industrials and telecoms.
For the day, the index added 1.55 points or 0.10 percent to finish at 1,615.64 after trading between 1,610.77 and 1,617.78.
Among the actives, Axiata rallied 1.27 percent, while Celcomdigi dipped 0.27 percent, CIMB Group eased 0.12 percent, Genting retreated 1.38 percent, IHH Healthcare gained 0.41 percent, IOI Corporation perked 0.25 percent, Kuala Lumpur Kepong jumped 1.59 percent, Maybank collected 0.39 percent, MISC advanced 0.68 percent, MRDIY strengthened 1.10 percent, Nestle Malaysia sank 0.57 percent, Petronas Chemicals tumbled 1.83 percent, PPB Group declined 1.36 percent, Press Metal rose 0.40 percent, Public Bank climbed 0.88 percent, QL Resources improved 0.21 percent, RHB Bank was up 0.15 percent, Sime Darby shed 0.43 percent, SD Guthrie dropped 0.79 percent, Sunway lost 0.41 percent, Telekom Malaysia added 0.46 percent, Tenaga Nasional fell 0.29 percent, YTL Corporation slumped 1.35 percent, YTL Power gathered 0.27 percent and Petronas Dagangan, Petronas Gas, Genting Malaysia and Maxis were unchanged.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
NZ Dollar Slides Against Most Majors
(RTTNews) - The New Zealand dollar weakened against most major currencies in the Asian session on Friday.
The NZ dollar fell to nearly a 3-week low of 1.8057 against the euro and a 2-day low of 87.79 against the yen, from yesterday's closing quotes of 1.7985 and 88.31, respectively.
Against the U.S. dollar, the kiwi edged down to 0.5855 from Thursday's closing value of 0.5884.
If the kiwi extends its downtrend, it is likely to find support around 1.82 against the euro, 87.00 against the yen and 0.56 against the greenback.
Indonesia Bourse May Give Up Support At 7,300 Points
(RTTNews) - The Indonesia stock market on Thursday snapped the two-day winning streak in which it had rallied almost 280 points or 3 percent. The Jakarta Composite Index now sits just above the 7,310-point plateau and it may extend its losses on Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The JCI finished slightly lower on Thursday following losses from the resource and cement companies, while the financial sector was mixed.
For the day, the index slipped 13.45 points or 0.18 percent to finish at 7,313.31 after trading between 7,283.50 and 7,338.60.
Among the actives, Bank CIMB Niaga advanced 0.85 percent, while Bank Mandiri tanked 3.53 percent, Bank Negara Indonesia stumbled 2.63 percent, Bank Central Asia collected 0.49 percent, Bank Rakyat Indonesia retreated 2.07 percent, Indosat Ooredoo Hutchison skidded 1.17 percent, Indocement slumped 1.08 percent, Semen Indonesia tumbled 2.03 percent, Indofood Sukses Makmur rose 0.32 percent, Astra International shed 0.48 percent, Energi Mega Persada sank 0.83 percent, Astra Agro Lestari lost 0.80 percent, Aneka Tambang jumped 1.71 percent, Jasa Marga dipped 0.22 percent, Vale Indonesia declined 1.09 percent, Timah plunged 2.97 percent and Bumi Resources, Bank Danamon Indonesia, Bank Maybank Indonesia and United Tractors were unchanged.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped 248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
CAC 40 Climbs On Budget Optimism
(RTTNews) - French stocks traded sharply higher on Friday after President Emmanuel Macron said he will appoint a new prime minister in the coming days and will get the 2025 budget adopted by parliament.
The benchmark CAC 40 was up 63 points, or 0.9 percent, at 7,393 after adding 0.4 percent to reach a three-week high in the previous session.
Meanwhile, France's foreign trade deficit decreased in October as exports grew amid a fall in imports, data from the customs office showed today.
The trade deficit dropped to EUR 7.67 billion in October from EUR 8.42 billion in the previous month. The expected shortfall was EUR 8.0 billion.
In the same month last year, the deficit was EUR 8.39 billion.
Exports posted a monthly increase of 0.9 percent in October, while imports showed a decline of 0.5 percent. Year-on-year, exports and imports fell 2.7 percent and 3.3 percent, respectively.
Singapore Stock Market Due For Consolidation
(RTTNews) - The Singapore stock market has tracked higher in six straight sessions, collecting more than 110 points or 3 percent along the way. The Straits Times Index now rests just above the 3,820-point plateau although investors are likely to lock in gains on Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The STI finished modestly higher on Thursday following gains from the industrials and mixed performances from the financials, properties and REITs.
For the day, the index gained 22.74 points or 0.60 percent to finish at 3,822.68 after trading between 3,810.11 and 3,842.71.
Among the actives, CapitaLand Integrated Commercial Trust sank 0.51 percent, while CapitaLand Investment fell 0.36 percent, City Developments dropped 0.56 percent, Comfort DelGro jumped 1.35 percent, DBS Group advanced 1.00 percent, DFI Retail plummeted 3.94 percent, Emperador climbed 1.20 percent, Genting Singapore rallied 1.28 percent, Hongkong Land surged 3.99 percent, Keppel DC REIT gained 0.45 percent, Keppel Ltd added 0.59 percent, Mapletree Pan Asia Commercial Trust slumped 0.81 percent, Mapletree Industrial Trust rose 0.44 percent, Oversea-Chinese Banking Corporation collected 0.43 percent, Seatrium Limited improved 0.99 percent, SembCorp Industries soared 2.73 percent, Singapore Technologies Engineering dipped 0.22 percent, SingTel tumbled 1.27 percent, Yangzijiang Financial retreated 1.23 percent, Yangzijiang Shipbuilding spiked 2.33 percent and Thai Beverage, Wilmar International, Mapletree Logistics Trust and SATS were unchanged.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
DAX Marginally Higher In Cautious Trade
(RTTNews) - German stocks were little changed on Friday as investors continued to monitor the latest political developments in France and South Korea, and awaited the release of U.S. payrolls data later in the day that could alter the odds of a Federal Reserve rate cut later this month.
Traders currently price in a 68 percent chance of a rate cut at the December policy meeting.
Closer home, the European Central Bank (ECB) meets next Thursday for the last time in 2024 and economists overwhelmingly expect another 25-basis-point rate cut - which would be the fourth such move this year.
The benchmark DAX was up 23 points, or 0.1 percent, at 20,382 after gaining 0.6 percent the previous day.
Elon Musk's XAI Raises $6 Bln In New Funding Round
(RTTNews) - Elon Musk's artificial intelligence startup X.AI Corp., doing business as xAI, has raised $6 billion in its new funding round, according to a filing with the U.S. Securities and Exchange Commission. With the latest capital raise, the company reportedly stands at more than $40 billion valuation.
The new funding round brings xAI's total raised fund to $12 billion, including the $6 billion it had secured in May in a Series B round. In November, CNBC had reported that xAI, which competes with AI developers OpenAI, Google, Meta, and others, was aiming for a $50 billion valuation.
As per the filing, 97 investors participated in the funding, with the minimum investment of $77,593. Meanwhile, the company is yet to reveal the list of supported investors.
The investors reportedly included Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz, along with Qatar Investment Authority, Qatar's sovereign wealth fund. Only those investors participated in the previous round were permitted to participate in the new one, it was reported.
Investors who backed Musk's Twitter acquisition reportedly were given access to up to 25 percent of xAI's shares.
xAI, founded by Musk in March 2023, had unveiled its first AI chatbot technology named Grok in November last year, which competes with OpenAI's highly popular Generative AI chatbot ChatGPT. Earlier this year, Musk stated that xAI would open source its AI chatbot.
xAI's Grok has real-time knowledge of the world through the X platform, formerly Twitter. In August, xAI introduced the beta version of its latest AI assistant, Grok 2, with fewer restrictions on the types of images that can be generated. The company also launched Grok-2 mini, a smaller and faster variant of Grok-2.
Among rivals, OpenAI, which was co-founded by Musk in 2015, in October raised $6.6 billion in its new funding round to boost its efforts in artificial general intelligence or AGI for humanity's benefit. With this, its post-money valuation was $157 billion at that time. Musk had stepped down from OpenAI board in 2018 over indifferences.
As per the latest report, Japan's SoftBank Group Corp. is planning to purchase OpenAI stock worth $1.5 billion.
Further, AI startup Anthropic recently received an additional $4 billion commitment from Amazon.com, bringing its total investment from the firm to $8 billion. The company also received a $2 billion commitment from Google.
KOSPI Poised To Extend Losing Streak
(RTTNews) - The South Korea stock market has finished lower in two straight sessions, slumping almost 60 points or 2.5 percent along the way. The KOSPI now sits just above the 2,440-point plateau and it may take further damage again on Friday.
The global forecast for the Asian markets is flat to lower ahead of key U.S. employment data later today. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.
The KOSPI finished sharply lower on Thursday, weighed again by the political chaos that has gripped the country. Damage was broadly based, although the financials were hit particularly hard.
For the day, the index sank 22.15 points or 0.90 percent to finish at 2,441.85. Volume was 502.49 million shares worth 9.29 trillion won. There were 724 decliners and 175 gainers.
Among the actives, Shinhan Financial plunged 5.50 percent, while KB Financial crashed 10.06 percent, Hana Financial tanked 3.25 percent, Samsung Electronics climbed 1.13 percent, Samsung SDI declined 2.90 percent, LG Electronics weakened 1.49 percent, SK Hynix rallied 2.98 percent, Naver improved 0.74 percent, LG Chem tumbled 3.99 percent, Lotte Chemical cratered 4.29 percent, SK Innovation retreated 1.59 percent, POSCO surrendered 2.38 percent, SK Telecom sank 1.02 percent, KEPCO eased 0.23 percent, Hyundai Mobis fell 0.63 percent, Hyundai Motor stumbled 2.15 percent and Kia Motors plummeted 4.18 percent.
The lead from Wall Street is weak as the major averages opened flat on Thursday and hugged the line for much of the day before slipping under water heading into the close.
The Dow slumped248.33 points or 0.55 percent to finish at 44,765.71, while the NASDAQ shed 34.86 points or 0.18 percent to close at 19,700.26 and the SP 600 fell 11.38 points or 0.19 percent to end at 6,075.11.
Overall trading activity was somewhat subdued as traders were reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report later today.
The jobs data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While traders have recently expressed greater confidence the Fed will lower rates by another 25 basis points at the December meeting, there remains uncertainty about the likelihood of continued rate cuts at future meetings.
Crude oil prices dipped on Thursday, weighed by weak demand from China and rising production in the United States - although the downside was limited by OPEC's decision to delay a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4 percent at $68.30 a barrel.
Closer to home, South Korea will provide October data for current account later this morning; in September, the current account surplus was $11.12 billion.
Asian Shares Mixed As Investors Await US Jobs Data
(RTTNews) - Asian stocks ended mixed on Friday, with Chinese and Hong Kong markets outperforming ahead of an annual economic policy meeting scheduled for next week.
A cautious undertone prevailed ahead of a U.S. jobs report due later in the day that might shift expectations for Federal Reserve rate cuts.
The dollar weakened, helping gold prices push higher in Asian trade. Oil drifted lower despite OPEC+'s decision to postpone the rollback of its oil production cuts.
China's Shanghai Composite index jumped 1.05 percent to 3,404.08 ahead of a key economic policy meeting next week, where China's top leaders may discuss economic targets and additional stimulus plans for 2025. Hong Kong's Hang Seng index climbed 1.56 percent to 19,865.85.
Japanese markets ended lower after data showed Japan's local wages grew at the fastest pace in 32 years in October, sparking hopes for BOJ rate hike.
The Nikkei average dropped 0.77 percent to 39,091.17 while the broader Topix index settled 0.55 percent lower at 2,727.22.
Seoul stocks ended notably lower as the leader of President Yoon Suk Yeol's own party backed impeachment, on which the National Assembly is set to vote on Saturday. The Kospi average dipped 0.56 percent to 2,428.16, logging a second weekly decline.
Chipmaker Samsung Electronics rose 0.7 percent and peer SK Hynix tumbled 3.4 percent while battery maker LG Energy Solution rallied 2.2 percent.
Australian markets declined, with tech, telcos and energy stocks leading losses. The benchmark SP/ASX 200 fell 0.64 percent to 8,420.90 as investors factored in a weaker economic outlook. The broader All Ordinaries index closed down 0.63 percent at 8,689.30.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index dropped 0.68 percent to 12,809.59.
U.S. stocks fluctuated before ending lower overnight. The SP 500 and the tech-heavy Nasdaq Composite both slid around 0.2 percent after hitting new record highs earlier in the day.
The Dow dipped 0.6 percent as United Health Group shares tumbled following the fatal shooting of CEO Brian Thompson outside a Manhattan hotel.
Sensex, Nifty End Marginally Lower As RBI Cuts Growth Outlook
(RTTNews) - Indian shares fluctuated before ending marginally lower on Friday as the Reserve Bank of India (RBI) left its key interest rates unchanged for the eleventh straight session but reduced the cash reserve ratio by 50 basis points to boost liquidity. This was the first CRR reduction since March 2020.
The central bank downgraded its real GDP growth outlook for 2024-25 to 6.6 percent from 7.2 percent. The inflation outlook for 2024-25 has been raised to 4.8 percent from 4.5 percent, with Q3 at 5.7 percent and Q4 at 4.5 percent.
Investors also kept a close eye on the latest political developments in France and South Korea and awaited the all-important U.S. jobs report due later in the day that could help decide the Federal Reserve's policy path later this month.
The benchmark SP Sensex ended down 56.74 points, or 0.07 percent, at 81,709.12 while the broader NSE Nifty index closed at 24,677.80, down 30.0 points, or 0.12 percent, from its previous close.
Among the prominent decliners, IndusInd Bank, HDFC Life, Bharti Airtel, Cipla and Adani Ports fell between 1 percent and 1.5 percent.
On the positive side, Dr Reddy's Laboratories, BPCL, Axis Bank, Bajaj Auto and Tata Motors climbed 1-3 percent.
Mild Rebound Tipped For Singapore Stock Market
(RTTNews) - The Singapore stock market on Friday ended the six-day winning streak in which it had advanced more than 110 points or 3 percent. The Straits Times Index now rests just beneath the 3,800-point plateau although it may see renewed support on Monday.
The global forecast for the Asian markets is flat to higher on optimism over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat on Friday and the Asian bourses are expected to follow that lead.
The STI finished modestly lower on Friday following losses from the telecoms. industrials and trusts, while the banks were mixed.
For the day, the index sank 26.52 points or 0.69 percent to finish at the daily low of 3,796.16 after peaking at 3,816.17.
Among the actives, CapitaLand Integrated Commercial Trust slid 0.51 percent, while CapitaLand Investment stumbled 1.45 percent, City Developments eased 0.19 percent, Comfort DelGro tanked 2.00 percent, DBS Group retreated 1.31 percent, Emperador skidded 1.19 percent, Genting Singapore declined 1.27 percent, Hongkong Land rallied 0.85 percent, Keppel DC REIT slipped 0.45 percent, Keppel Ltd fell 0.73 percent, Mapletree Industrial Trust dipped 0.44 percent, Mapletree Logistics Trust lost 0.78 percent, Oversea-Chinese Banking Corporation collected 0.18 percent, SATS shed 0.79 percent, Seatrium Limited tumbled 1.47 percent, SembCorp Industries slumped 1.24 percent, SingTel plummeted 2.88 percent, Thai Beverage sank 0.88 percent, Wilmar International dropped 0.97 percent, Yangzijiang Shipbuilding jumped 1.89 percent and Singapore Technologies Engineering, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is inconsistent as the major averages opened higher on Friday, although the Dow was unable to hold its gains and the markets ended mixed.
The Dow slumped 123.18 points or 0.28 percent to finish at 44,642.52, while the NASDAQ rallied 159.07 points or 0.81 percent to close at 19,859.77 and the SP 500 slipped 15.16 points or 0.25 percent to end at 6,090.27.
The Dow continued to clump amid a continued decline by shares of UnitedHealth (UNH) after that company's CEO Brian Thompson was gunned down last week.
But the NASDAQ and the SP continued to benefit from a positive reaction to Friday's closely watched Labor Department report showing employment in the U.S. surged more than expected in November.
However, the report said the unemployment rate crept up to 4.2 percent in November from 4.1 percent in October, increasing confidence the Federal Reserve will lower interest rates by another 25 basis points later this month.
Oil prices fell on Friday, weighed down by prospects of excess supply in the market. West Texas Intermediate Crude oil futures for January shed $1.10 or 1.61 percent at $67.20 a barrel. WTI crude futures fell nearly 1 percent in the week.
Asian Markets Trade Mixed
(RTTNews) - Asian stock markets are trading mixed on Monday, following the mixed cues from Wall Street on Friday, pulled down by a tumbling South Korean market amid the ongoing political turmoil in the country as well as the ongoing tensions in the Middle East and the Russia - Ukraine war. Traders also remain optimistic over the outlook for interest rates in the wake of the most recent set of US economic data, including monthly jobs and consumer sentiment data. Asian markets closed mixed on Friday.
The Australian stock market is currently trading modestly lower on Monday, adding to the losses in the previous session, following the mixed cues from Wall Street on Friday. The benchmark SP/ASX 200 index is falling below the 8,400.00 level, with weakness across most sectors led by mining and energy stocks. Technology stocks were the only bright spot.
Traders now remain cautious ahead of the Reserve Bank of Australia's board meeting with a cash rate decision due on Tuesday, where the RBA is widely expected to hold rates.
The benchmark SP/ASX 200 Index is losing 17.90 points or 0.21 percent to 8,403.00, after hitting a low of 8,371.10 earlier. The broader All Ordinaries Index is down 19.20 points or 0.22 percent to 8,670.10. Australian stocks closed notably lower on Friday.
Among the major miners, BHP Group and Rio Tinto are losing more than 1 percent each, while Fortescue Metals is declining more than 3 percent and Mineral Resources is down almost 1 percent.
Oil stocks are mostly lower. Woodside Energy is losing more than 2 percent, Origin Energy is edging down 0.5 percent, Santos is declining almost 2 percent and Beach energy is slipping more than 6 percent.
Among tech stocks, Afterpay owner Block is gaining more than 2 percent, while Xero, WiseTech Global and Zip are edging up 0.2 to 0.5 percent each. Appen is losing more than 1 percent.
Gold miners are mostly lower. Evolution Mining is down more than 1 percent and Resolute Mining is declining almost 6 percent, while Northern Star Resources, Gold Road Resources and Newmont are edging down 0.2 to 0.3 percent each.
Among the big four banks, Westpac and National Australia Bank are losing almost 1 percent each, while ANZ Banking is declining almost 3 percent and Commonwealth Bank is edging down 0.1 percent.
In other news, shares in Platinum Asset Management are tumbling almost 17 percent after Regal Partners ended buyout talks with the fund manager, with no new deal reached.
In the currency market, the Aussie dollar is trading at $0.640 on Monday.
The Japanese stock market is trading modestly higher on Monday after briefly slipping into the red, reversing the losses in the previous session. The benchmark SP/ASX 200 is moving to near the 39,200 level, following the mixed cues from Wall Street on Friday, with gains in some index heavyweights and automakers partially offset by weakness in technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,197.57, up 106.40 or 0.27 percent, after touching a high of 39,332.55 earlier. Japanese shares ended significantly lower on Friday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.3 percent.
In the tech space, Screen Holdings is losing 1.5 percent and Advantest is declining almost 5 percent, while Tokyo Electron is edging down 0.2 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, while Mitsubishi UFJ Financial is edging down 0.2 percent. Mizuho Financial is flat.
The major exporters are mixed. Panasonic and Sony are gaining almost 2 percent each, while Canon is edging up 0.5 percent. Mitsubishi Electric is losing almost 1 percent.
Among other major gainers, Rakuten Group is surging more than 7 percent, while Yamato Holdings and Nomura Research Institute are gaining almost 5 percent each. BANDAI NAMCO, Recruit Holdings and NEXON are advancing almost 3 percent each.
Conversely, ZOZO is losing almost 3 percent.
In economic news, Japan's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Cabinet Office said on Monday - exceeding expectations for an increase of 0.2 percent following the upwardly revised 0.5 percent increase in the three months prior (originally 0.2 percent). On an annualized basis, GDP rose 1.2 percent - beating forecasts for a 0.9 percent gain, which would have been unchanged.
Capital expenditure was down 0.1 percent on quarter, but that also beat forecasts for a decline of 0.2 percent - which would have been unchanged from Q2. External demand was down 0.1 percent on quarter, while the GDP price index climbed an annual 2.4 percent and private consumption was up 0.7 percent on quarter.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Monday.
Elsewhere in Asia, New Zealand, China, Hong Kong, Taiwan and Indonesia are higher by between 0.1 and 0.5 percent each. South Korea is down 1.8 percent, while Singapore and Malaysia are down 0.2 and 0.3 percent, respectively.
On Wall Street, stock indexes all moved to the upside early in the session on Friday but turned mixed over the course of the trading day. While the Nasdaq and the SP 500 managed to remain in positive territory and reach new record closing highs, the narrower Dow pulled back into negative territory.
The major averages turned in a mixed performance. The tech-heavy Nasdaq ended the session near its best levels of the day, climbing 159.05 points or 0.8 percent to 19,859.77. The SP 500 also rose 15.16 points or 0.3 percent to 6,090.27, but the Dow fell 123.19 points or 0.3 percent to 44,642.52
The major European markets also ended the day mixed. The French CAC 40 Index jumped by 1.3 percent and the German DAX Index inched up by 0.1 percent, but the U.K.'s FTSE 100 Index fell by 0.5 percent.
Crude oil prices fell on Friday, weighed down by prospects of excess supply in the market. West Texas Intermediate Crude oil futures for January shed $1.10 or 1.61 percent at $67.20 a barrel. WTI crude futures fell nearly 1 percent in the week.
Canadian Market Remains Positive After Hitting New Record High
(RTTNews) - The Canadian market is up in positive territory in late morning trade on Friday with stocks from consumer discretionary and communications sectors contributing to the upmove. A few stocks from technology sector are also notably higher.
Data showing a much bigger than expected increase in Canadian jobs growth in the month of November is aiding sentiment.
Investors are also reacting to some quarterly earnings updates.
The benchmark SP/TSX Composite Index, which moved on to a new record high at 25,826.98 earlier in the session, is up 88.70 points or 0.35% at 25,768.74 nearly half an hour before noon.
Data from Statistics Canada said employment in Canada rose by 51,000 in November of 2024, the most in seven months, extending the slight change of 14,500 from the previous month and well above the market consensus of 25,000.
Meanwhile, the unemployment rate in Canada rose to 6.8% in November, from 6.5% in the previous month. The unemployment rate was expected to come in at 6.6%.
A separate report from Statistics Canada said average hourly earnings in Canada increased to C$ 36.73 in October over the previous month.
The Ivey Business School said that the Ivey Purchasing Managers Index in Canada rose to 52.3 in November, up from 52.0 in October. The Index was expected to rise to 53.1.
Laurentian Bank of Canada (LB.TO) is gaining about 5.2% after reporting an increase in quarterly earnings. For the fourth quarter of fiscal 2024, Laurentian Bank reported net income of $40.7 million and diluted earnings per share of $0.88, compared with net income of $30.6 million and diluted earnings per share of $0.67 for the fourth quarter of 2023.
Canadian Western Bank (CWB.TO), which was scheduled to report its earnings today, has announced that it will announce its earnings in mid-December. The stock is down more than 11%.
BRP Inc (DOO.TO) is rising more than 7% despite reporting lower earnings. The company reported a net income of $27.3 million for the third-quarter, a decrease of 69.7% compared to the year-ago quarter.
Newmont (NGT.TO) is gaining nearly 2%. The company has agreed to sell its Cripple Creek Victor operation in Colorado, USA, to SSR Mining Inc. for up to $275 million in cash.
German Industrial Production Declines Unexpectedly
(RTTNews) - Germany's industrial output decreased unexpectedly in October on weak energy and auto production, darkening economic outlook, official data revealed on Friday.
Industrial output registered a 1.0 percent decrease in October, data from Destatis showed. The decline confounded expectations for an increase of 1.0 percent. Production was down by revised 2.0 percent in September.
On a yearly basis, industrial production slid 4.5 percent after a 4.3 percent fall.
The monthly fall was largely driven by the sharp 8.9 percent decrease in energy production. The automotive industry also made a negative contribution with output falling 1.9 percent.
Industrial production excluding energy and construction fell only 0.3 percent from September, data showed. On a yearly basis, production fell 4.5 percent in October.
By sectors, the production of consumer goods declined 1.0 percent and output of capital goods dropped 0.4 percent. By contrast, intermediate goods production gained 0.4 percent.
Outside industry, construction output remained at the level of the previous month.
Data released on Thursday showed that manufacturing new orders shrunk 1.5 percent in October on weaker domestic demand.
ING economist Carsten Brzeski said there is still no end in sight to the industrial slump in Germany as industrial production dropped once again in October.
Data showed a very weak start to the fourth quarter, increasing the risk of a winter recession in Germany, the economist added.
The International Monetary Fund forecast the German economy to remain flat this year and to expand 0.8 percent in 2025.
European Shares Extend Gains On French Budget Optimism
(RTTNews) - European stocks traded higher for a seventh straight session on Friday amid optimism that a new French budget could be passed within a matter of weeks.
French President Emmanuel Macron said he will appoint a new prime minister in the coming days and will get the 2025 budget adopted by parliament.
Meanwhile, investors also awaited the release of U.S. payrolls data later in the day that could alter the odds of a Federal Reserve rate cut later this month.
Closer home, Germany's industrial output decreased unexpectedly in October on weak energy and auto production, official data revealed.
Industrial output registered a 1.0 percent decrease in October, data from Destatis showed - darkening economic outlook. The decline confounded expectations for an increase of 1.0 percent.
On a yearly basis, industrial production slid 4.5 percent after a 4.3 percent fall.
Elsewhere, Halifax reported that Britain's property sector gathered more pace in November, with house prices rising by a faster-than-expected 1.3 percent in November from October, the biggest increase this year.
On an annual basis property prices were up 4.8 percent, the highest rate of increase since November 2022.
The European Central Bank (ECB) meets next Thursday for the last time in 2024 and economists overwhelmingly expect another 25-basis-point rate cut - which would be the fourth such move this year.
The pan European STOXX 600 was up 0.2 percent at 520.60 after rising 0.4 percent on Thursday.
The German DAX gained 0.2 percent and France's CAC 40 rallied 1 percent while the U.K.'s FTSE 100 was marginally lower.
In corporate news, Direct Line Insurance shares jumped nearly 7 percent in London.
The Insurer said it will recommend a sweetened £3.61 billion takeover bid from Aviva, valuing the company at 275 pence per share. Aviva shares were down half a percent.
Housebuilder Berkeley Group fell 1.4 percent after reporting a fall in half-year profits.
