技术峰会
Indian Markets Closed For Public Holiday
(RTTNews) - Indian stock markets remain closed today on account of Guru Nanak Jayanti.
Benchmark indexes Sensex and Nifty ended marginally lower on Thursday, extending losses for a sixth straight session as foreign investors continued selling domestic equities. The rupee settled at a new low of 84.41 against the dollar.
Domestic institutional investors (DIIs) bought shares worth Rs 2,482 crore on a net basis Thursday, while foreign institutional investors (FIIs) sold shares to the extent of Rs 1,850 crore, according to provisional data from NSE.
In the year so far, FIIs have net sold shares worth Rs 2.83 lakh crore, while DIIs have bought Rs 5.52 lakh crore shares.
Asian stocks traded mostly higher this morning even as regional gains remained very modest after the U.S. Federal Reserve said it would slash interest rates carefully amid inflation pressures.
The dollar extended its broad rally to hover near one-year highs while gold edged up slightly after falling over 1 percent on Thursday to hit a two-month low. Oil prices dipped due to concerns over oversupply and a stronger dollar.
U.S. stocks ended lower overnight after data showed producer price inflation rose in October and Fed Chair Jerome Powell said the U.S. central bank does not need to rush to lower interest rates and can approach decisions carefully.
Data showed a higher-than-expected annual wholesale inflation rate of 2.4 percent in October, marking the highest level in three months.
Weekly jobless claims fell last week, suggesting the weak October government payrolls report was an anomaly.
Powell lauded the economy as "remarkably good", the labor market as "solid" and noted that inflation was "running much closer" to the bank's target.
The Dow dipped half a percent while the tech-heavy Nasdaq Composite and the SP 500 both shed around 0.6 percent.
The German DAX rallied 1.4 percent, France's CAC 40 climbed 1.3 percent and the U.K.'s FTSE 100 added half a percent.
European Shares Slide As Powell Signals Careful Approach To Rate Cuts
(RTTNews) - European stocks declined on Friday as Federal Reserve Chair Jerome Powell signaled a cautious approach on rate cuts and mixed Chinese data stoked concerns about slowing demand in the country.
Powell said the U.S. central bank does not need to rush to lower interest rates and can approach decisions carefully, given persistent inflationary pressures.
Data showed earlier today that China's industrial output expanded at a slower-than-anticipated 5.3 percent in October, while retail sales jumped an annual 4.8 percent to surpass expectations boosted by a week-long holiday and the annual Singles' Day shopping festival.
Property investment fell 10.3 percent year-on-year in January-October and fixed asset investment growth in the first ten months of 2024 came in below expectations, keeping alive calls for Beijing to unveil more stimulus.
Closer home, Destatis reported that Germany's wholesale prices continued to decline in October, though at a slower pace.
German wholesale prices decreased 0.8 percent year-on-year in October, slower than the 1.1 percent drop in September.
Wholesale prices have been falling since May 2023, and the latest drop was the weakest in three months.
The British pound hovered near a four-month low after data showed Britain's economy contracted unexpectedly in September and growth slowed to a crawl over the third quarter.
GDP grew 0.1 percent sequentially, following growth of 0.5 percent in the second quarter. That was also weaker than the forecast of 0.2 percent.
In September, GDP edged down 0.1 percent, in contrast to the 0.2 percent expansion in August.
The pan-European STOXX 600 dropped half a percent to 504.77 and was on track for its fourth successive weekly drop.
The German DAX slipped 0.3 percent, France's CAC 40 eased 0.2 percent and the U.K.'s FTSE 100 was little changed with a negative bias.
Vaccine makers were coming under selling pressure, with GSK and Sanofi falling 2-3 percent, after U.S. President-elect Donald Trump tapped anti-vaccine activist and conspiracy theorist Robert F. Kennedy as his secretary of health.
Danish biotech Bavarian Nordic plunged 16 percent after announcing its interim results for the first nine months of 2024.
Generali Group shares were up 5 percent. The Italian insurer beat estimates with nine-month profits, despite a 930 million euro ($980.22 million) hit from natural disasters.
Dutch insurer Aegon added 2 percent after launching a share buyback worth 150 million euros.
Chipmaker ASML tumbled 3 percent after U.S. firm Applied Materials reported fiscal fourth-quarter earnings that missed analysts' expectations.
Evotec SE shares jumped 20 percent after Halozyme Therapeutics has put forth a non-binding proposal to acquire the German drug developer Evotec for about 2 billion euros ($2.10 billion).
Domino's, Pool Corp. Climb After Buffett's Berkshire Buys Stake
(RTTNews) - Shares of Domino's Pizza Inc. and swimming pool supplier Pool Corp. gained significantly in the extended trading in New York on Thursday after billionaire investor Warren Buffett's Berkshire Hathaway Inc. took stake in them. In the pre-market activity, Domino's shares were moving up 8 percent and Pool shares were up 7 percent.
Meanwhile, the Omaha, Nebraska-based conglomerate continued to cut its long-held investments in Apple Inc. and Bank of America Corp.
As per its quarterly 13F filing with the U.S. Securities and Exchange Commission on Thursday, Berkshire acquired about 1.28 million shares in the pizza major valued about $549 million as of September 30. The company also initiated a holding in the pool equipment maker, buying 404,057 shares valued at $152.25 million.
Berkshire also sold nearly all its stake in cosmetics retailer Ulta Beauty Inc., following which the shares fell 4 percent in after-hours trading, and are down 6 percent in the pre-market activity as of this writing.
Meanwhile, Berkshire cut its stake in Apple in the third quarter to 300 million shares as on September 30 from 400 million.
Berkshire reportedly sold nearly half of its stake in Apple in August, immediately following the release of the tech major's quarterly results, citing China risk. The sale resulted in Berkshire divesting around 390 million Apple shares, equivalent to a net value of $75.5 billion.
In May also, Berkshire had trimmed a portion of its significant stake in Apple, reportedly citing tax reasons.
Berkshire had held 907.6 million, or 5.7 percent, of Apple's shares outstanding at the end of last year, valued at approximately $174.3 billion.
Further, the company sold 235 million shares of Bank of America stock. In October, Berkshire reduced its stake in the company to below the key 10 percent regulatory threshold. With this, Berkshire is no longer required to report its related transactions frequently.
Irrespective of these sales, Berkshire still remains Bank of America's biggest institutional investor.
For the year, Berkshire has sold $133.2 billion of stocks, mainly in Apple and Bank of America, among others, while it bought $5.8 billion worth shares.
The news comes as Berkshire is having a record cash pile of $325.2 billion as of September 30. The company had also halted repurchases of its own stock, for the first time since 2018.
On the NYSE, Domino's Pizza shares gained 7.8 percent in the after-hours trading to $469.99. In pre-market activity, the shares were at $471.50, up 8.15 percent.
On the Nasdaq, Pool Corp. was up 6.1 percent in the extended trading to reach $379.25. In pre-market activity, the shares were at $381.88, up 6.82 percent.
New York Manufacturing Index Soars Into Positive Territory November
(RTTNews) - A report released by the Federal Reserve Bank of New York on Friday showed regional manufacturing activity has seen a substantial turnaround in the month of November.
The New York Fed said its general business conditions index skyrocketed to a positive 31.2 in November from a negative 11.9 in October, with a positive reading indicating growth. Economists had expected the index to jump to a negative 0.7.
With the much bigger than expected increase, the general business conditions index reached its highest level since December 2021.
Looking ahead, the New York Fed said firms remained optimistic that conditions would continue to improve in the months ahead.
Pound Slides On Disappointing U.K. GDP Data
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday, after data showed a sharp slowdown in the third quarter growth.
Data from the Office for National Statistics showed that the U.K. economy grew only marginally in the third quarter on weak services output.
Gross domestic product grew 0.1 percent sequentially, following growth of 0.5 percent in the second quarter and was also weaker than the forecast of 0.2 percent.
On a yearly basis, economic growth improved to 1.0 percent in the third quarter from 0.7 percent in the preceding period.
In September, GDP edged down 0.1 percent, in contrast to the 0.2 percent expansion in August, data showed. The economy was expected to grow again by 0.2 percent.
Earlier this month, the Bank of England had reduced its benchmark rate by a quarter-point and signaled a gradual easing as the Autumn Budget is forecast to boost inflation.
Month-on-month, industrial production slid unexpectedly by 0.5 percent in September but slower than the 0.7 percent drop in August. Output was expected to rise 0.1 percent. Manufacturing contracted 1.0 percent, partially offsetting the 1.3 percent rise in August. Economists had forecast nil growth.
In a separate communiqué, the ONS today said the deficit on goods trade widened in September due to a sharp 12.6 percent decline in exports. At the same time, imports were down 6.3 percent.
The visible trade deficit rose to GBP 16.3 billion from GBP 15.2 billion in the previous month.
The total trade balance, covering both goods and services, registered a deficit of GBP 3.47 billion compared to a GBP 2.02 billion shortfall a month ago.
European stocks declined as Federal Reserve Chair Jerome Powell signaled a cautious approach on rate cuts and mixed Chinese data stoked concerns about slowing demand in the country.
Powell said the U.S. central bank does not need to rush to lower interest rates and can approach decisions carefully, given persistent inflationary pressures.
Data showed earlier today that China's industrial output expanded at a slower-than-anticipated 5.3 percent in October, while retail sales jumped an annual 4.8 percent to surpass expectations boosted by a week-long holiday and the annual Singles' Day shopping festival.
Property investment fell 10.3 percent year-on-year in January-October and fixed asset investment growth in the first ten months of 2024 came in below expectations, keeping alive calls for Beijing to unveil more stimulus.
In the European trading today, the pound fell to a 9-day low of 0.8350 against the euro and a 2-day low of 1.1229 against the Swiss franc, from early high of 0.8312 and 1.1281, respectively. If the pound extends its downtrend, it is likely to find support around 0.84 against the euro and 1.11 against the franc.
Against the yen, the pound slid to a 2-week low of 196.47 from an early 4-day high of 198.45. On the downside, 193.00 is seen as the next support level for the pound.
The pound edged down to 1.2649 against the U.S. dollar, from an early high of 1.2691. The next possible downside target for the pound is seen around the 1.22 region.
Looking ahead, Canada manufacturing sales, new motor vehicle sales and wholesale sales data, all for September, U.S. retail sales data for October, import and export prices for October, U.S. NY Empire State manufacturing index for November, U.S. industrial and manufacturing production for October, business inventories for September and U.S. Baker Hughes oil rig count data are slated for release in the New York session.
U.S. Retail Sales Climb Slightly More Than Expected In October
(RTTNews) - Partly reflecting a jump in sales by motor vehicle and parts dealers, the Commerce Department released a report on Friday showing retail sales in the U.S. increased by slightly more than expected in the month of October.
The Commerce Department said retail sales rose by 0.4 percent in October after growing by an upwardly revised 0.8 percent in September.
Economists had expected retail sales to climb by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.
Excluding the surge in sales by motor vehicle and parts dealers, retail sales inched up by 0.1 percent in October after jumping by 1.0 percent in September. Ex-auto sales were expected to rise by 0.3 percent.
U.S. Import Prices Unexpectedly Increase In October
(RTTNews) - The Labor Department released a report on Friday showing an unexpected increase by import prices in the U.S. in the month of October.
The report said import prices rose by 0.3 percent in October after falling by 0.4 percent in September. Economists had expected import prices to edge down by 0.1 percent.
Meanwhile, the Labor Department said export prices climbed by 0.8 percent in October following a revised 0.6 percent decrease in September.
Export prices were expected to slip to 0.1 percent compared to the 0.7 percent decline originally reported for the previous month.
U.S. Retail Sales Climb 0.4% In October, Slightly More Than Expected
(RTTNews) - Partly reflecting a jump in sales by motor vehicle and parts dealers, the Commerce Department released a report on Friday showing retail sales in the U.S. increased by slightly more than expected in the month of October.
The Commerce Department said retail sales rose by 0.4 percent in October after growing by an upwardly revised 0.8 percent in September.
Economists had expected retail sales to climb by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.
"The solid rise in retail sales in October comes on the heels of a sharply revised higher spending splurge in September, which indicates that consumers maintained upbeat spending momentum at the start of Q4," said Nationwide Chief Economist Kathy Bostjancic.
She added, "This supports our forecast that GDP growth expands a solid 2% this quarter, albeit a moderation from the 2.8% growth in Q3."
The slightly stronger than expected retail sales growth came as sales by motor vehicle and parts dealers shot up by 1.6 percent in October after rising by 0.2 percent in September.
Excluding the increase by auto sales, retail sales inched up by 0.1 percent in October after jumping by 1.0 percent in September. Ex-auto sales were expected to rise by 0.3 percent.
The uptick by ex-auto sales came as a sharp increase in sales by electronics and appliance stores and a notable advance in sales by food services and drinking places were partly offset by significant decreases in other areas.
Sales by sporting goods, hobby, musical instrument and book stores; health and personal care stores; furniture and home furnishing stores and miscellaneous store retailers all saw steep drops during the month.
The Commerce Department also said core retail sales, which exclude automobiles, gasoline, building materials and food services, edged down by 0.1 percent in October after surging by an upwardly revised 1.2 percent in September.
Pound Slides Against Majors
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday.
The pound fell to a 9-day low of 0.8350 against the euro and a 2-day low of 1.1229 against the Swiss franc, from early high of 0.8312 and 1.1281, respectively.
Against the yen, the pound slid to a 2-week low of 196.47 from an early 4-day high of 198.45.
The pound edged down to 1.2649 against the U.S. dollar, from an early high of 1.2691.
If the pound extends its downtrend, it is likely to find support around 0.84 against the euro, 1.11 against the franc, 193.00 against the yen and 1.22 against the greenback.
EU Forecasts Eurozone Growth To Pick Up Despite Heightened Uncertainty
(RTTNews) - The Eurozone economic growth is projected to pick up next year with acceleration of domestic demand despite risks to global trade from protectionist measures.
In the Autumn Forecast, the European Commission retained the economic growth outlook for 2024 at 0.8 percent. The currency bloc continued to grow at a subdued pace through the second and third quarters amid easing inflationary pressures.
In 2025, growth is set to attain 1.3 percent as consumption shift up a gear and investment to rebound from the contraction in 2024. In the previous Spring report, growth was estimated at 1.4 percent.
Further, growth is set to improve to 1.6 percent in 2026 on continued improvement in demand.
The EU noted that the economic outlook remains highly uncertain, with risks largely tilted to the downside. In addition to the risks related to the wars in Ukraine and the Middle East, a further increase in protectionist steps by trading partners could weigh on global trade, the EU cautioned.
The German economy is forecast to shrink 0.1 percent this year, weighed down by consumption and investment. Going forward, growth is forecast to pick up to 0.7 percent next year and 1.3 percent in 2026.
In France, economic activity remained resilient in 2024 due to public expenditures and foreign trade. From an estimated 1.1 percent growth this year, GDP is forecast to post slower expansion of 0.8 percent next year. Activity is then forecast to pick up to 1.4 percent in 2026.
Meanwhile, Spain is set to expand strongly this year, by 3.0 percent before gradually decelerating to 2.3 percent in 2025 and to 2.1 percent in 2026.
Italy's real GDP is expected to grow 0.7 percent in 2024, supported by investment and falling imports. Economic activity is forecast to expand 1 percent and 1.2 percent in 2025 and 2026, respectively, as consumption picks up.
The EU said the disinflationary process that started towards end-2022 continued over the summer. Headline inflation in the euro area is set to more than halve this year, from 5.4 percent in 2023 to 2.4 percent.
It is seen easing more gradually to 2.1 percent in 2025 and 1.9 percent in 2026.
The EU downgraded its inflation outlook for this year from 2.5 percent, while the projection for next year was left unchanged.
With inflationary pressures largely under control, interest rate cuts by the European Central Bank are not only set to be larger but also more frontloaded than just a few months ago, the EU said.
By the end of 2025, the policy rate is projected to fall further to around 2 percent, some 60 basis points lower than expected in spring, and to stabilize around that level for the rest of the forecast horizon.
The unemployment rate is expected to ease to 6.3 percent next year from 6.5 percent in 2024. The rate is forecast to remain at 6.3 percent in 2026.
CPSC Recalls: Bicycles, DeNova Alarms, Planter Boxes, YOYO3 Strollers
(RTTNews) - The U.S. Consumer Product safety Commission or CPSC has announced recalls including woom Bikes USA's children's bicycles, New Cosmos USA's combination Natural Gas and Carbon Monoxide Alarms, Outdoor Essentials' Cultivar Planter Boxes, Stokke's YOYO3 Strollers, Hallmark's Cad Bane Christmas Tree Ornaments, as well as Petidoux's Children's Pajamas.
In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair, replacement, or refund, depending on each product.
Children's Bicycles
Austin, Texas-based woom Bike USA LLC is calling back about 2,500 units of children's OFF, OFF AIR and ORIGINAL 6 bicycles citing fall and crash hazards.
The recall involves the ORIGINAL 6 bicycles from model years 2016 to 2020 and OFF 5 OFF AIR 5 and OFF 6 OFF AIR 6 bicycles from model years 2019 to 2020.
The bicycles, manufactured in Cambodia, were sold online exclusively at http://www.woom.com U.S. from September 2016 through October 2020 for between $500 and $900.
According to the agency, the crank can break, due to fatigue fractures, causing the rider to lose control, posing fall and crash hazards.
The recall was initiated after the firm received five reports of the crank breaking, including one report of an injury to a child.
Consumers are urged to immediately stop using the recalled bicycles and contact woom bikes USA to get a free replacement crankset.
DeNova Alarms
Lisle, Illinois-based New Cosmos USA Inc. is recalling about 26,360 units of DeNova Detect Brand combination natural gas and carbon monoxide alarms citing failure to alert consumers to the presence of natural gas and to the risk of carbon monoxide poisoning.
The recall involves alarms with model number DD622NCV.
They were manufactured in Japan and sold at Lowe's stores nationwide and online at Amazon.com, Lowes.com and Denovadetect.com from December 2023 through July 2024 for between $90 and $102.
The recalled alarm can go into sleep mode when the alert lasts less than four minutes. During this time, the alarms can fail to detect and alert consumers to a new incidence of natural gas or carbon monoxide. This could pose a risk of carbon monoxide poisoning.
However, no incidents or injuries have been reported to date related to the recalled alarms.
Consumers can contact the firm to receive a prepaid shipping package and replacement alarm.
Planter Boxes
Saginaw, Texas-based UFP Saginaw LLC, dba Outdoor Essentials has called back about 7,400 units of Cultivar planter boxes, intended to be used for gardening, citing risk of injury.
The impacted model name is "70INX27IN Comp Elevated Planter".
The planter boxes were manufactured domestically, and sold exclusively at Tractor Supply Company stores nationwide and online from December 2023 through September 2024 for about $300.
The agency noted that the recalled planter box frame can break, posing an injury hazard.
The recall was initiated after the firm received 23 reports of the planter box frame breaking, including one injury involving a consumer who broke their toes.
Consumers are urged to immediately stop using the recalled planter boxes and contact Outdoor Essentials for a full refund.
YOYO3 Strollers
Stamford, Connecticut-based Stokke LLC is calling back about 2,890 units of YOYO3 Strollers due to injury hazard.
The recall involves YOYO3 strollers with serial numbers starting with "142AA" followed by numbers that fall below "0062239." The compact four-wheel foldable strollers are designed for children aged approximately 0 to 48 months.
Manufactured in China, the strollers were sold at Bloomingdale's, Crate and Barrel, Nordstrom, Albee Baby and Macro baby and online at stokke.com, Amazon.com and Babylist.com from September 2024 through October 2024 for about $450.
The parking brake on the recalled strollers can disengage, posing an injury hazard. However, no injuries have been reported to date.
Consumers are asked to register their product with the company to receive a full refund in the form of a refund check.
Christmas Tree Ornaments
Kansas City, Missouri-based Hallmark Cards is recalling about 11,100 units of Cad Bane Christmas Tree Ornaments citing the risk of mold exposure.
The recall involves the Hallmark Keepsake Christmas Tree Ornament featuring a figurine of Cad Bane character from Star Wars: The Book of Boba Fett. The affected code is 2199QXE3341.
The products were made in Sri Lanka and sold at Hallmark Gold Crown stores nationwide and online at Hallmark.com from September 2024 through October 2024 for about $22.
The brown paint on the exterior of the recalled Christmas tree ornaments did not fully dry before packaging, causing mold to grow on the exterior surface of the ornament. This could cause respiratory issues to consumers due to mold exposure.
The firm received 16 consumer reports of the recalled tree ornaments having mold on them when they were taken out of the box. No injuries have been reported so far.
Consumers are asked to immediately stop using the recalled ornament and return it to their Hallmark Gold Crown store for a full refund.
Children's Pajama
New York-based Petidoux called back about 620 units of Celebration Girl's Summer Pajama Sets due to risk of burn.
They were manufactured in Peru and sold at various stores and online from April 2021 through May 2024 for between $56 and $58.
The recalled children's pajamas violate the flammability regulations for children's sleepwear, posing a risk of burn injuries to children. However, no incidents or injuries have been reported so far.
Consumers should immediately take the recalled pajamas away from children, and contact Petidoux for a full refund.
U.S. Industrial Production Decreases In Line With Estimates In October
(RTTNews) - With the effects of recent hurricanes and the strike at Boeing (BA) continuing to weigh on growth, the Federal Reserve released a report on Friday showing U.S. industrial production decreased in line with economist estimates in the month of October.
The report said industrial production fell by 0.3 percent in October after sliding by a downwardly revised 0.5 percent in September.
Economists had expected industrial production to dip by 0.3 percent, matching the decline originally reported for the previous month.
The Fed said the Boeing strike held down industrial production growth by an estimated 0.2 percentage points in October, while Hurricane Milton and the lingering effects of Hurricane Helene together reduced growth by 0.1 percentage point.
Dollar Turns In Mixed Performance Against Major Counterparts
(RTTNews) - The U.S. dollar turned in a sluggish performance on Friday with investors assessing the Federal Reserve's likely moves with regard to interest rate reductions in the wake of most recent economic data, and Fed Chair Jerome Powell's somewhat hawkish comments.
Powell said the U.S. central bank does not need to rush to lower interest rates and can approach decisions carefully, given persistent inflationary pressures.
He lauded the economy as "remarkably good", the labor market as "solid" and noted that inflation was "running much closer" to the bank's target.
In economic news, the Commerce Department said retail sales rose by 0.4% in October after growing by an upwardly revised 0.8% in September. Economists had expected retail sales to climb by 0.3% compared to the 0.4% increase originally reported for the previous month.
The Labor Department also released a report showing an unexpected 0.3% increase by import prices in the U.S. in the month of October, which may added to recent worries about sticky inflation.
Meanwhile, the Fed released a report showing industrial production decreased in October, falling by 0.3%, as the effects of recent hurricanes and the since-resolved strike at Boeing (BA) continued to weigh on growth.
The dollar index, which dropped to 106.33 in the European session, climbed to 106.96 around mid morning, and despite a subsequent setback, recovered to 106.78, netting a marginal gain.
Against the Euro, the dollar firmed up slightly to 1.0525, and strengthened to 1.2606 against Pound Sterling.
The dollar weakened against the Japanese currency, dropping to 154.37 yen a unit, down 1.22% from Thursday's close. Against the Aussie, the dollar edged down marginally to 0.6455.
The Swiss franc strengthened to 0.8884 a unit of the U.S. currency, while the Loonie weakened to 1.4091.
Bay Street Likely To Open On Mixed Note
(RTTNews) - Canadian shares are likely to see a mixed start Friday morning, tracking commodity prices, and subdued European stocks. Waning hopes of aggressive interest rate cuts by the Federal Reserve may weigh on sentiment.
Gold hovered near $2,560 per ounce in Asian trading, as the dollar consolidated weekly gains ahead of the release of U.S. retail sales data due later in the day. Oil prices were set for a weekly loss on concerns over slowing demand in China, the world's biggest crude importer.
Data on manufacturing sales, wholesale sales, and new motor vehicles sales, all for the month of September, are due at 8:30 AM ET.
Atkins Realis (ATRL.TO) announced that its joint venture Candu Energy has received a contract from EnergoNuclear to build two new CANDU reactors at the Cernavoda Nuclear Generating Station in Romania.
Birchcliff Energy Ltd. (BIR.TO) reported a net loss of $1.51 million for the quarter ended September 30, 2024, as against a net income of $2.21 million in the year-ago quarter.
The Canadian market settled higher on Thursday with the benchmark SP/TSX Composite Index moving on to a new record high, riding on strong gains in the energy sector. In addition to reacting to a slew of earnings updates, investors also digested a mixed batch of economic data from the U.S.
Profit taking in technology stocks and fading hopes of aggressive interest rate cuts by the Federal Reserve limited market's upside.
The benchmark SP/TSX Composite Index, which climbed to a new all-time high of 25,137.70, settled with a gain of 60.65 points or 0.24% at 25,049.67, closing past the 25,000 mark for the first time.
Asian stocks ended mixed on Friday, as Federal Reserve Chair Jerome Powell's remarks poured cold water on rate cut optimism and mixed economic data highlighted China's uneven economic recovery.
China's Shanghai Composite Index ended sharply lower on concerns around slowing economic growth.
European stocks are turning in a mixed performance following Fed Chair Powell signaling a cautious approach on rate cuts, and data from China stoking conerns about slowing demand in the world's second largest economy.
In commodities, West Texas Intermediate Crude oil futures are down $0.19 or 0.28% at $68.47 a barrel.
Gold futures are up $2.30 at $2,575.20, while Silver futures are gaining $0.156 at $30.725 an ounce.
Canadian Market Settles Lower; TSX Sheds 0.6%
(RTTNews) - The Canadian market ended notably lower on Friday, weighed down by losses in energy, industrials and materials sectors, and on uncertainty about Federal Reserve's interest rate trajectory.
The benchmark SP/TSX Composite Index, which opened at 25,004.49 and dropped to a low of 24,814.91 around mid afternoon, ended the day's session at 24,890.68 with a loss of 158.99 points or 0.63%. The index posted a modest gain for the week.
Capital Power Corporation (CPX.TO), Dayforce (DAY.TO), Canadian Natural Resources (CNQ.TO), Alimentation Couche-Tard (ATD.TO), Tourmaline Oil Corp (TOU.TO), Canadian Pacific Kansas City (CP.TO) and CCL Industries (CCL.B.TO) lost 2 to 3%.
Hut 8 Corp (HUT.TO) zoomed more than 9%. Aya Gold Silver (AYA.TO) climbed 7.8%. Celestica Inc (CLS.TO), Russel Metals (RUS.TO), GFL Environmental (GFL.TO), Keyera Corp (KEY.TO), Cameco Corporation (CCO.TO), BRP Inc (DOO.TO) and Boyd Group Services (BYD.TO) also posted strong gains.
Data from Statistics Canada showed manufacturing sales in Canada decreased 0.5% month-over-month in September, less than initial estimates of a 0.8% drop and following a 1.3% fall in August.
Wholesale sales in Canada declined 0.8% month-over-month in September, less than preliminary estimates of a 0.9% rise, and reversing the 0.6% decline in August.
Another report from Statistics Canada showed car registrations in Canada decreased to 168,620 Units in August from 169,327 Units in July.
U.S. Import Prices Unexpectedly Rise 0.3% In October
(RTTNews) - The Labor Department released a report on Friday showing an unexpected increase by import prices in the U.S. in the month of October.
The report said import prices rose by 0.3 percent in October after falling by 0.4 percent in September. Economists had expected import prices to edge down by 0.1 percent.
The unexpected increase by import prices was partly due to a notable rebound by prices for fuel imports, which jumped by 1.5 percent in October after plunging by 7.5 percent in September.
Excluding fuel imports, import prices rose by 0.2 percent for the second consecutive month amid higher prices for non-fuel industrial supplies and materials, capital goods, consumer goods and automotive vehicles.
The Labor Department also said import prices in October were up by 0.8 percent compared to the month a year ago after edging down by 0.1 percent year-over-year in September.
"Import prices surprised to the upside in October, with a larger than expected rise in fuel prices driving the gain," said Matthew Martin, Senior U.S. Economist at Oxford Economics. "Given the downward trend in oil prices in recent weeks, the increase will be reversed in next month's report."
Meanwhile, the report said export prices climbed by 0.8 percent in October following a revised 0.6 percent decrease in September.
Export prices were expected to slip to 0.1 percent compared to the 0.7 percent decline originally reported for the previous month.
The unexpected advance by export prices came as prices for agricultural exports surged by 2.0 percent in October after climbing by 0.9 percent in September.
Prices for non-agricultural exports also rose by 0.6 percent in October after falling by 0.8 percent in the previous month.
Despite the monthly increase, export prices were down by 0.1 percent year-over-year in October, although that compares to a 2.1 percent slump in September.
Lower Open Predicted For China Stock Market
(RTTNews) - The China stock market has finished lower in consecutive trading days, slumping almost 110 points or 3.5 percent along the way. The Shanghai Composite now sits just above the 3,330-point plateau and it may take further damage on Monday.
The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European and U.S. markets were own and the Asian bourses are expected to open in similar fashion.
The SCI finished sharply lower on Friday following losses from the properties and mixed performances from the financial shares and resource stocks.
For the day, the index stumbled 49.11 points or 1.45 percent to finish at the daily low of 3,330.73 after peaking at 3,391.32. The Shenzhen Composite Index plummeted 49.62 points or 2.41 percent to end at 2,010.61.
Among the actives, Industrial and Commercial Bank of China fell 0.33 percent, while Bank of China collected 0.41 percent, China Merchants Bank shed 0.63 percent, Agricultural Bank of China rose 0.21 percent, China Life Insurance tanked 2.34 percent, Jiangxi Copper dropped 0.95 percent, Aluminum Corp of China (Chalco) added 0.38 percent, Yankuang Energy eased 0.06 percent, China Petroleum and Chemical (Sinopec) advanced 0.80 percent, Huaneng Power retreated 1.25 percent, China Shenhua Energy rallied 1.34 percent, Gemdale plunged 4.70 percent, Poly Developments stumbled 2.60 percent, China Vanke plummeted 2.68 percent and China Construction Bank and PetroChina were unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Friday and only weakened further as the day progressed.
The Dow plunged 305.87 points or 0.70 percent to finish at 43,444.99, while the NASDAQ plummeted 427.53 points or 2.24 percent to close at 18,680.12 and the SP 500 dropped 78.55 points or 1.32 percent to end at 5,870.62. For the week, the NASDAQ shed 3.2 percent, the SP sank 2.1 percent and the Dow fell 1.2 percent.
The sell-off on Wall Street came amid concerns about the outlook for interest rates following Federal Reserve Chair Powell's recent remarks suggesting the central bank doesn't need to hurry to lower rates. Citing the strength of the U.S. economy, Powell said the Fed can take a careful approach to future monetary policy decisions.
Potentially adding to concerns economic strength will lead the Fed to hold off on future rate cuts, the Commerce Department released a report showing retail sales increased by slightly more than expected in October.
Oil futures plummeted Friday on concerns about the outlook for demand, recent data showing an increase in U.S. crude inventories and a stronger dollar. West Texas Intermediate Crude oil futures for December sank $1.68 or 2.45 percent at $67.02 a barrel; they shed 5 percent in the week.
Japan Core Machinery Order Data Due On Monday
(RTTNews) - Japan will on Monday release September figures for core machine orders, highlighting a modest day for Asia-Pacific economic activity. In August, orders were down 1.9 percent on month and 3.4 percent on year.
Singapore will see October numbers for non-oil domestic exports; in September, NODX was up 1.1 percent on month and 2.7 percent on year for a trade surplus of SGD5.250 billion.
Thailand is scheduled to release Q3 data for gross domestic product; in the three months prior, GDP was up 0.8 percent on quarter and 2.3 percent on year.
Hong Kong will provide October figures for unemployment; in September, the jobless rate was 3.0 percent.
Malaysia Shares Tipped To Open To The Downside Again On Monday
(RTTNews) - The Malaysia stock market has moved lower in consecutive trading days, slumping almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,590-point plateau and it's expected to open under pressure again on Monday.
The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European and U.S. markets were own and the Asian bourses are expected to open in similar fashion.
The KLCI finished modestly lower on Friday as losses from the plantations and retailers were offset by support from the financials and telecoms.
For the day, the index slipped 8.24 points or 0.51 percent to finish at the daily low of 1,592.44 after peaking at 1,604.51.
Among the actives, Axiata rallied 1.36 percent, while Celcomdigi rose 0.30 percent, CIMB Group fell 0.12 percent, Genting perked 0.27 percent, Genting Malaysia sank 0.47 percent, IHH Healthcare gained 0.42 percent, IOI Corporation skidded 0.78 percent, Kuala Lumpur Kepong retreated 2.23 percent, Maxis tumbled 2.27 percent, Maybank collected 0.58 percent, MISC plunged 4.40 percent, MRDIY plummeted 13.33 percent, Nestle Malaysia lost 0.30 percent, Petronas Chemicals added 0.44 percent, QL Resources tanked 2.66 percent, RHB Bank advanced 0.78 percent, Sime Darby shed 0.45 percent, SD Guthrie slumped 0.82 percent, Sunway climbed 1.09 percent, Tenaga Nasional dropped 0.70 percent, YTL Corporation stumbled 1.98 percent, YTL Power declined 1.56 percent and PPB Group, Press Metal, Public Bank and Telekom Malaysia were unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Friday and only weakened further as the day progressed.
The Dow plunged 305.87 points or 0.70 percent to finish at 43,444.99, while the NASDAQ plummeted 427.53 points or 2.24 percent to close at 18,680.12 and the SP 500 dropped 78.55 points or 1.32 percent to end at 5,870.62. For the week, the NASDAQ shed 3.2 percent, the SP sank 2.1 percent and the Dow fell 1.2 percent.
The sell-off on Wall Street came amid concerns about the outlook for interest rates following Federal Reserve Chair Powell's recent remarks suggesting the central bank doesn't need to hurry to lower rates. Citing the strength of the U.S. economy, Powell said the Fed can take a careful approach to future monetary policy decisions.
Potentially adding to concerns economic strength will lead the Fed to hold off on future rate cuts, the Commerce Department released a report showing retail sales increased by slightly more than expected in October.
Oil futures plummeted Friday on concerns about the outlook for demand, recent data showing an increase in U.S. crude inventories and a stronger dollar. West Texas Intermediate Crude oil futures for December sank $1.68 or 2.45 percent at $67.02 a barrel; they shed 5 percent in the week.
Rally May Stall For Singapore Stock Markets
(RTTNews) - The Singapore stock market has moved higher in three straight sessions, collecting more than 30 points or 0.8 percent along the way. The Straits Times Index now sits just beneath the 3,745-point plateau although it may run out of steam on Monday.
The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European and U.S. markets were own and the Asian bourses are expected to open in similar fashion.
The STI finished slightly higher on Friday following mixed performances from the property and industrial sectors, while the financials were soft.
For the day, the index rose 6.54 points or 0.17 percent to finish at 3,744.70 after trading between 3,722.24 and 3,748.72.
Among the actives, CapitaLand Integrated Commercial Trust added 0.51 percent, while CapitaLand Investment slid 0.36 percent, City Developments lost 0.59 percent, Comfort DelGro tumbled 1.34 percent, DBS Group was down 0.19 percent, DFI Retail plunged 1.68 percent, Genting Singapore strengthened 1.31 percent, Hongkong Land rallied 2.41 percent, Keppel DC REIT plummeted 3.08 percent, Keppel Ltd soared 2.82 percent, Mapletree Pan Asia Commercial Trust dropped 0.81 percent, Mapletree Industrial Trust slumped 0.87 percent, Mapletree Logistics Trust sank 0.78 percent, Oversea-Chinese Banking Corporation eased 0.18 percent, SATS spiked 2.67 percent, Seatrium Limited tanked 1.59 percent, SembCorp Industries jumped 1.99 percent, Singapore Technologies Engineering gained 0.21 percent, SingTel shed 0.63 percent, Thai Beverage skidded 0.96 percent, Venture Corporation surged 3.06 percent, Wilmar International dipped 0.33 percent, Yangzijiang Financial stumbled 1.23 percent, Yangzijiang Shipbuilding fell 0.39 percent and Emperador was unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Friday and only weakened further as the day progressed.
The Dow plunged 305.87 points or 0.70 percent to finish at 43,444.99, while the NASDAQ plummeted 427.53 points or 2.24 percent to close at 18,680.12 and the SP 500 dropped 78.55 points or 1.32 percent to end at 5,870.62. For the week, the NASDAQ shed 3.2 percent, the SP sank 2.1 percent and the Dow fell 1.2 percent.
The sell-off on Wall Street came amid concerns about the outlook for interest rates following Federal Reserve Chair Powell's recent remarks suggesting the central bank doesn't need to hurry to lower rates. Citing the strength of the U.S. economy, Powell said the Fed can take a careful approach to future monetary policy decisions.
Potentially adding to concerns economic strength will lead the Fed to hold off on future rate cuts, the Commerce Department released a report showing retail sales increased by slightly more than expected in October.
Oil futures plummeted Friday on concerns about the outlook for demand, recent data showing an increase in U.S. crude inventories and a stronger dollar. West Texas Intermediate Crude oil futures for December sank $1.68 or 2.45 percent at $67.02 a barrel; they shed 5 percent in the week.
Closer to home, Singapore will see October numbers for non-oil domestic exports later this morning; in September, NODX was up 1.1 percent on month and 2.7 percent on year for a trade surplus of SGD5.250 billion.
New Zealand Performance Of Services Index Improves To 46.0 - BusinessNZ
(RTTNews) - The services sector in New Zealand continued to contract in October, albeit at a slower pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 46.0.
That was up from 45.7 in September, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, sales (44.3), employment (46.4), new orders (48.1), inventories (47.2) and supplier deliveries (46.9) were all solidly in contraction territory.
"Although it is contracting at a much slower pace than it was in June when the PSI was 41.1, the PSI has been hovering between 45 and 46 over the last four months. The activity outlook for the sector has improved in recent business surveys, but the here and now remains extremely challenging," said BNZ Senior Economist Doug Steel.
Tech Shares May Weigh On Taiwan Stock Market
(RTTNews) - The Taiwan stock market on Friday wrote a finish to the four-day losing streak in which it had tumbled almost 850 points or 3.6 percent. The Taiwan Stock Exchange now rests just above the 22,740-point plateau although it's expected to head south again on Monday.
The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European and U.S. markets were own and the Asian bourses are expected to open in similar fashion.
The TSE finished slightly higher on Friday following gains from the financial shares and plastics, while the technology companies were mixed and volatile.
For the day, the index perked 27.39 points or 0.12 percent to finish at 22,742.77 after trading between 22,690.77 and 22,940.80.
Among the actives, Cathay Financial collected 0.34 percent, while Mega Financial added 0.64 percent, CTBC Financial perked 0.16 percent, First Financial soared 4.20 percent, Fubon Financial gained 0.78 percent, E Sun Financial rose 0.56 percent, Hon Hai Precision tanked 2.13 percent, Largan Precision surged 4.54 percent, Catcher Technology plummeted 6.07 percent, MediaTek spiked 2.83 percent, Delta Electronics sank 0.77 percent, Novatek Microelectronics strengthened 1.25 percent, Formosa Plastics rallied 2.42 percent, Nan Ya Plastics jumped 1.89 percent, Asia Cement improved 1.32 percent and United Microelectronics Corporation and Taiwan Semiconductor Manufacturing Company were unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Friday and only weakened further as the day progressed.
The Dow plunged 305.87 points or 0.70 percent to finish at 43,444.99, while the NASDAQ plummeted 427.53 points or 2.24 percent to close at 18,680.12 and the SP 500 dropped 78.55 points or 1.32 percent to end at 5,870.62. For the week, the NASDAQ shed 3.2 percent, the SP sank 2.1 percent and the Dow fell 1.2 percent.
The sell-off on Wall Street came amid concerns about the outlook for interest rates following Federal Reserve Chair Powell's recent remarks suggesting the central bank doesn't need to hurry to lower rates. Citing the strength of the U.S. economy, Powell said the Fed can take a careful approach to future monetary policy decisions.
Potentially adding to concerns economic strength will lead the Fed to hold off on future rate cuts, the Commerce Department released a report showing retail sales increased by slightly more than expected in October.
Oil futures plummeted Friday on concerns about the outlook for demand, recent data showing an increase in U.S. crude inventories and a stronger dollar. West Texas Intermediate Crude oil futures for December sank $1.68 or 2.45 percent at $67.02 a barrel; they shed 5 percent in the week.
South Korea Stock Market Poised To Extend Friday's Losses
(RTTNews) - The South Korea stock market headed south again on Friday, one day after ending the four-day losing streak in which it had plunged almost 250 points or 5.8 percent. The KOSPI now sits just beneath the 2,420-point plateau and the losses may accelerate on Monday.
The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European and U.S. markets were own and the Asian bourses are expected to open in similar fashion.
The KOSPI finished slightly lower on Friday following losses from the financial shares and chemicals, while the technology and automobile sectors were mixed.
For the day, the index eased 2.00 points or 0.08 percent to finish at 2,416.86 after trading between 2,390.56 and 2,433.18. Volume was 607 million shares worth 11.7 trillion won. There were 505 gainers and 390 decliners.
Among the actives, Shinhan Financial surrendered 4.96 percent, while KB Financial fell 0.33 percent, Hana Financial skidded 1.17 percent, Samsung Electronics skyrocketed 7.21 percent, Samsung SDI plummeted 6.81 percent, LG Electronics retreated 1.34 percent, SK Hynix spiked 3.01 percent, Naver advanced 0.80 percent, LG Chem tanked 3.30 percent, Lotte Chemical crashed 8.14 percent, SK Innovation tumbled 6.43 percent, POSCO plunged 10.48 percent, SK Telecom sank 0.89 percent, KEPCO declined 2.16 percent, Hyundai Mobis stumbled 1.57 percent, Hyundai Motor accelerated 2.23 percent and Kia Motors dropped 0.97 percent.
The lead from Wall Street is broadly negative as the major averages opened lower on Friday and only weakened further as the day progressed.
The Dow plunged 305.87 points or 0.70 percent to finish at 43,444.99, while the NASDAQ plummeted 427.53 points or 2.24 percent to close at 18,680.12 and the SP 500 dropped 78.55 points or 1.32 percent to end at 5,870.62. For the week, the NASDAQ shed 3.2 percent, the SP sank 2.1 percent and the Dow fell 1.2 percent.
The sell-off on Wall Street came amid concerns about the outlook for interest rates following Federal Reserve Chair Powell's recent remarks suggesting the central bank doesn't need to hurry to lower rates. Citing the strength of the U.S. economy, Powell said the Fed can take a careful approach to future monetary policy decisions.
Potentially adding to concerns economic strength will lead the Fed to hold off on future rate cuts, the Commerce Department released a report showing retail sales increased by slightly more than expected in October.
Oil futures plummeted Friday on concerns about the outlook for demand, recent data showing an increase in U.S. crude inventories and a stronger dollar. West Texas Intermediate Crude oil futures for December sank $1.68 or 2.45 percent at $67.02 a barrel; they shed 5 percent in the week.
Japan Core Machine Orders Slip 0.7% In September
(RTTNews) - The total value of core machine orders in Japan was down a seasonally adjusted 0.7% on Month in September, the Cabinet Office said on Monday - coming in at 852.0 billion yen.
That missed forecasts for an increase of 1.4 percent following the 1.9 percent contraction in August.
On a yearly basis, core machine orders fell 4.8 percent after slumping 3.4 percent in the previous month.
For the third quarter of 2024, core machine orders fell 1.3 percent on quarter and 0.4 percent on year.
For the fourth quarter of 2024, core machine orders are seen higher by 5.7 percent on quarter and 8.0 percent on year.
Continued Consolidation Likely For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved lower in six straight sessions, slumping more than 1,610 points or 7.6 percent along the way. The Hang Seng Index now sits just above the 19,425-point plateau and it's got another negative lead for Monday's trade.
The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European and U.S. markets were own and the Asian bourses are expected to open in similar fashion.
The Hang Seng finished slightly lower on Friday following losses from the technology stocks and financial shares, while the properties and energy companies were mixed.
For the day, the index dipped 9.46 points or 0.05 percent to finish at 19,426.34 after trading between 19,332.34 and 19,608.24.
Among the actives, Alibaba Group dropped 0.85 percent, while Alibaba Health Info plummeted 5.94 percent, ANTA Sports retreated 1.17 percent, China Life Insurance plunged 2.54 percent, China Mengniu Dairy rallied 1.20 percent, China Resources Land stumbled 1.66 percent, CITIC gained 0.34 percent, CNOOC added 0.48 percent, CSPC Pharmaceutical declined 1.16 percent, Galaxy Entertainment perked 0.15 percent, Haier Smart Home climbed 0.90 percent, Hang Lung Properties lost 0.47 percent, Henderson Land increased 0.20 percent, Hong Kong China Gas added 0.50 percent, Industrial and Commercial Bank of China fell 0.22 percent, JD.com tanked 1.85 percent, Lenovo tumbled 1.82 percent, Li Auto soared 2.04 percent, Li Ning skidded 0.87 percent, Meituan rose 0.18 percent, New World Development improved 0.28 percent, Nongfu Spring jumped 1.98 percent, Techtronic Industries sank 0.76 percent, Xiaomi Corporation advanced 0.54 percent, WuXi Biologics slumped 1.05 percent and Hengan International was unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Friday and only weakened further as the day progressed.
The Dow plunged 305.87 points or 0.70 percent to finish at 43,444.99, while the NASDAQ plummeted 427.53 points or 2.24 percent to close at 18,680.12 and the SP 500 dropped 78.55 points or 1.32 percent to end at 5,870.62. For the week, the NASDAQ shed 3.2 percent, the SP sank 2.1 percent and the Dow fell 1.2 percent.
The sell-off on Wall Street came amid concerns about the outlook for interest rates following Federal Reserve Chair Powell's recent remarks suggesting the central bank doesn't need to hurry to lower rates. Citing the strength of the U.S. economy, Powell said the Fed can take a careful approach to future monetary policy decisions.
Potentially adding to concerns economic strength will lead the Fed to hold off on future rate cuts, the Commerce Department released a report showing retail sales increased by slightly more than expected in October.
Oil futures plummeted Friday on concerns about the outlook for demand, recent data showing an increase in U.S. crude inventories and a stronger dollar. West Texas Intermediate Crude oil futures for December sank $1.68 or 2.45 percent at $67.02 a barrel; they shed 5 percent in the week.
Closer to home, Hong Kong will provide October figures for unemployment later today; in September, the jobless rate was 3.0 percent.
