技术峰会
Australian Market Modestly Lower
(RTTNews) - The Australian stock market is modestly lower on Friday, giving up some of the gains in the previous two sessions, following the lack of cues from Wall Street and despite the positive cues from European markets overnight. The benchmark SP/ASX 200 is falling to near the 8,400 level, with weakness across most sectors led by mining and financial stocks.
The benchmark SP/ASX 200 Index is losing 29.40 points or 0.35 percent to 8,414.90, after hitting a low of 8,390.10 earlier. The broader All Ordinaries Index is down 25.50 points or 0.29 percent to 8,674.50. Australian markets ended notably higher on Thursday.
Among major miners, BHP Group is edging down 0.3 percent and Mineral Resources is declining 1.5 percent, while Fortescue Metals and Rio Tinto are losing almost 1 percent each, while is advancing more than 2 percent.
Oil stocks are mostly lower. Woodside Energy, Origin Energy and Santos are edging down 0.1 to 0.4 percent each, while Beach energy is losing almost 1 percent.
Among tech stocks, Afterpay-owner Block is edging up 0.1 percent and WiseTech Global is gaining more than 1 percent, while Appen is edging down 0.4 percent and Xero is losing more than 1 percent. Zip is flat.
Among the big four banks, Commonwealth Bank and National Australia Bank are losing almost 1 percent each, while Westpac is edging down 0.4 percent and ANZ Banking is down more than 1 percent.
Gold miners are mixed. Evolution Mining and Northern Star Resources are edging down 0.2 to 0.3 percent each, while Gold Road Resources is losing almost 1 percent. Newmont is edging up 0.3 percent and Resolute Mining is advancing more than 5 percent.
In the currency market, the Aussie dollar is trading at $0.651 on Friday.
The Wall Street was closed on account of Thanksgiving holiday on Thursday. The shares closed notably higher on Wednesday.
The major European markets moved to the upside on the day. The U.K.'s FTSE 100 edged up 0.08 percent, Germany's DAX climbed 0.85 percent and France's CAC 40 closed up 0.51 percent.
Asian Shares Mixed; China Leads Gains On Stimulus Hopes
(RTTNews) - Asian stocks ended mixed on Friday, with a stronger yen amid BOJ rate hike bets weighing on Japanese markets while Chinese stocks logged strong gains on stimulus expectations, heading into a key economic meeting next month.
The Japanese yen briefly breached the key level of 150 against the dollar after core inflation in the capital region came in above the 2 percent target, boosting expectations for an interest rate hike in the near-term.
On the contrary, Japanese industrial production and retail sales registered weaker-than-expected growth in November.
The dollar fell alongside yields, helping gold prices push higher by nearly 1 percent in Asian trade. Brazil's real tumbled to a record low due to uncertainty over the fiscal outlook.
Oil prices drifted lower after OPEC+ announced a postponement of its highly anticipated meeting to discuss production strategies.
China's Shanghai Composite index rallied 0.93 percent to 3,326.46 amid speculation that Beijing will provide more support for the economy at a key policy meeting in December.
Also, in a significant move, Beijing said it will extend tariff exemptions for the import of some U.S. products until Feb. 28, 2025, signifying a potential easing in trade barriers amid U.S. trade tensions.
Hong Kong's Hang Seng index edged up by 0.29 percent to 19,423.61 after a choppy session.
Japanese markets declined as the yen strengthened on BOJ rate hike speculation in response to hotter-than-expected inflation data.
Markets, however, ended off their day's lows after reports that Japan may delay a decision on raising taxes to help cover rising defense spending.
The Nikkei average closed 0.37 percent lower at 38,208.03 and fell 0.2 percent for the week, marking its third consecutive week of losses. The broader Topix index settled 0.24 percent lower at 2,680.71.
Exporters Sony, Toyota Motor and Nissan shed 2-4 percent while tech stocks like SoftBank and Tokyo Electron dripped 1-2 percent.
Seoul stocks fell the most in the region, a day after the Bank of Korea surprised markets with an interest-rate cut, citing slower-than-expected economic growth.
An increasingly tense geopolitical environment on the Korean Peninsula also weighed on investors' risk appetite, sending the benchmark Kospi down 1.95 percent to 2,455.91.
Australian markets finished marginally lower and bond yields fell across the curve as Reserve Bank Governor Michele Bullock warned of prolonged restrictive monetary policy, saying inflation is "too high" to consider interest-rate cuts.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index inched up 0.10 percent to close at 13,066.92.
U.S. markets were closed Thursday for the Thanksgiving holiday and will open for half a day today.
Yen Rises As Strong Tokyo CPI Spurs BoJ Rate Hike Bets
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Friday, after data showed that Tokyo's faster-than-expected inflation bolstered speculation that the Bank of Japan might raise interest rates next month.
Data from the Ministry of Internal Affairs and Communications that the Tokyo consumer price inflation advanced to 2.6 percent in November from 1.8 percent in October. Core inflation that excludes fresh food climbed to 2.2 percent from 1.8 percent.
The Ministry of Economy, Trade and Industry reported that industrial production expanded at a faster pace of 3.0 percent in October and marked the second consecutive increase. However, the rate was weaker than the expected growth of 3.8 percent. Output was up 1.6 percent in September.
In October, retail sales grew 1.6 percent from a year ago, which was more than double the 0.7 percent growth posted in September, the METI said in a separate report. Still, this was slower than the 2.1 percent forecast.
Elsewhere, the Ministry of Internal Affairs and Communications reported that the jobless rate rose marginally to a seasonally adjusted 2.5 percent in October from 2.4 percent in September.
The number of unemployed decreased 50,000 from the previous year to 1.7 million.
Another report showed that the decline in housing starts worsened more than expected in October. Housing starts were down 2.9 percent on year after falling 0.6 percent in September, the Ministry of Land, Infrastructure, Transport, and Tourism said. Economists had forecast a 2.0 percent annual fall.
Construction orders received by 50 big contractors surged 44.6 percent annually, in contrast to the 21.3 percent decrease in September.
Asian stock markets traded lower, as traders react to a slew of economic data from Japan and manufacturing data from South Korea. The developments in the Middle East are also hurting market sentiment.
In the Asian trading today, the yen rose to near 2-month highs of 158.24 against the euro, 190.33 against the pound and 170.01 against the Swiss franc, from yesterday's closing quotes of 159.92, 192.26 and 171.56, respectively. If the yen extends its uptrend, it is likely to find resistance around 154.00 against the euro, 184.00 against the pound and 167.00 against the franc.
Against the U.S. and the Canadian dollars, the yen advanced to nearly a 1-1/2-month high of 149.76 and nearly a 2-month high of 107.04 from Thursday's closing quotes of 151.54 and 108.13, respectively. The yen may test resistance around 144.00 against the greenback and 104.00 against the loonie.
Against the Australia and the New Zealand dollars, the yen climbed to more than 2-month highs of 97.53 and 88.47 from yesterday's closing quotes of 98.49 and 89.23, respectively. On the upside, 96.00 against the aussie and 87.00 against the kiwi are seen as the next resistance levels for the yen.
Looking ahead, Germany's unemployment data for November, U.K. mortgage approvals for October and Eurozone inflation data for November are slated for release in the European session.
In the New York session, Canada GDP data for September, Canada budget balance for September and U.S. Federal Reserve's monthly balance sheet are set to be released.
Japan Industrial Output, Retail Sales Grow Less Than Forecast; Tokyo Inflation Rises
(RTTNews) - Japan's industrial production and retail sales registered weaker-than-expected growth in November and core inflation in the capital came in above the 2 percent target, boosting expectations for an interest rate hike in the near-term.
The Ministry of Economy, Trade and Industry on Friday reported that industrial production expanded at a faster pace of 3.0 percent in October and marked the second consecutive increase. However, the rate was weaker than the expected growth of 3.8 percent. Output was up 1.6 percent in September.
The METI said industrial production fluctuates indecisively. According to the Survey of Production Forecast in Manufacturing, production is expected to fall in November and December.
In October, retail sales grew 1.6 percent from a year ago, which was more than double the 0.7 percent growth posted in September, the METI said in a separate report. Still, this was slower than the 2.1 percent forecast.
Tokyo consumer price inflation advanced to 2.6 percent in November from 1.8 percent in October, the Ministry of Internal Affairs and Communications said today. Core inflation that excludes fresh food climbed to 2.2 percent from 1.8 percent.
Economists at Capital Economics said consumer prices are gaining renewed momentum after the lull in the middle of the year.
With the yen set to remain around current levels, core goods inflation is unlikely to slow as strongly as anticipated. Moreover, services inflation is expected to remain elevated as next year's spring wage negotiations will likely result in another large pay hike.
Economists said inflation is set to average 2.7 percent next year, which was up from the previous forecast of 2.0 percent. This would prompt the central bank to lift rates further towards neutral level and the BoJ's policy rate will reach 1.25 percent by mid-2026.
Elsewhere, the Ministry of Internal Affairs and Communications reported that the jobless rate rose marginally to a seasonally adjusted 2.5 percent in October from 2.4 percent in September.
The number of unemployed decreased 50,000 from the previous year to 1.7 million.
Another report showed that the decline in housing starts worsened more than expected in October. Housing starts were down 2.9 percent on year after falling 0.6 percent in September, the Ministry of Land, Infrastructure, Transport, and Tourism said. Economists had forecast a 2.0 percent annual fall.
Construction orders received by 50 big contractors surged 44.6 percent annually, in contrast to the 21.3 percent decrease in September.
European Shares Muted Ahead Of Key Inflation Reading
(RTTNews) - European stocks slipped into the red on Friday ahead of the release of flash euro zone inflation data for November, due later in the day.
Amid worries over trade tariffs and recent political turmoil in France, the reading may offer additional clues on the interest rate outlook ahead of the European Central Bank's last meeting of the year on Dec. 12.
Preliminary data showed earlier today that France's harmonized inflation rate rose 1.7 percent in November from 1.6 percent in October -matching expectations and remaining well below the European Central Bank's 2 percent target.
Elsewhere, official data showed German retail sales fell more than expected in October, falling 1.5 percent month-on-month.
The pan European Stoxx 600 was marginally lower at 507.02 after rising half a percent on Thursday to snap two days of declines.
The German DAX and France's CAC 40 also traded flat with negative bias while the U.K.'s FTSE 100 was down 0.2 percent.
Mining stocks traded higher amid growing expectations for new stimulus ahead of a key policy meeting in China next month.
Glencore and Antofagasta were seeing modest gains, while Anglo American rallied nearly 3 percent as Jefferies raised its rating on the stock to buy from hold.
Insurer Aviva was marginally higher on reports that it has approached shareholders of its smaller rival, Direct Line, signaling a hostile takeover bid.
Caffyns, a motor retailer, fell 2.6 percent after reporting flat revenue growth for the first half.
Delivery Hero SE, an online food delivery platform, rose about 1 percent after it has set the price for its Middle Eastern unit's initial public offering at the top of its range.
Australia Data Due On Monday
(RTTNews) - Australia is scheduled to release a batch of data on Monday, headlining a busy day for Asia-Pacific economic activity. On tap are October figures for building approvals and retail sales, November numbers for commodity prices and Q3 data for company operating profits.
Building approvals are tipped to add 1.2 percent on month, slowing from 4.4 percent in September. Retail sales are seen higher by 0.4 percent on month, up from 0.1 percent in the previous month. Commodity prices were down 7.8 percent on year in October. Profits are expected to add 0.6 percent on quarter after losing 5.3 percent in the three months prior.
Japan will see Q3 numbers for capital spending, with forecasts suggesting an increase of 6.7 percent on year - moderating from 7.4 percent in the previous three months.
Indonesia will provide November numbers for consumer prices, with overall inflation expected to add 0.26 percent on month and 1.50 percent on year following the 0.08 percent monthly increase and the 1.71 percent annual gain in October. Core CPI is seen higher by 2.21 percent on year, easing from 2.20 percent in the previous month.
Finally, a number of the regional nations will see December results for their respective manufacturing PMIs from SP Global, including Australia (Judo) Indonesia, Japan (Jibun), Malaysia, the Philippines, South Korea, Taiwan, Thailand, Vietnam and China (Caixin).
Bay Street May Open Higher On Firm Metal Prices; GDP Data In Focus
(RTTNews) - Canadian shares may open higher on Friday with materials stocks set to ride on strong gold and silver prices. As the U.S. market will close early today, volume of business on Bay Street will be thin for a second straight day. Wall Street remained closed on Thursday for Thanksgiving holiday.
Data on Canadian GDP data for the third quarter is due out at 8:30 AM ET.
The Canadian economy advanced by 0.5% in the second quarter, following a 0.4% rise in the previous quarter. On an annualized basis, Canadian GDP grew by 2.1% in the second quarter, the highest since the first quarter of 2023. The economy grew by an upwardly revised 1.8% in the first quarter of 2024.
A report from the Canadian Federation of Independent Business said small business sentiment in Canada increased to 59.70 points in November from 55.80 points in October of 2024. Small Business Sentiment in Canada reached an all time high of 74.07 points in April of 2002 and a record low of 30.84 points in March of 2020.
The Canadian market recorded a new closing high Thursday with energy stocks contributing significantly to the rise. The volume of business was thin due to Thanksgiving holiday in the U.S.
The benchmark SP/TSX Composite Index posted a new all-time high of 25,593.47 and closed up 55.22 points or 0.22% at 25,543.52.
Asian stocks ended mixed on Friday, with a stronger yen amid BOJ rate hike bets weighing on Japanese markets while Chinese stocks logged strong gains on stimulus expectations, heading into a key economic meeting next month.
The Japanese yen briefly breached the key level of 150 against the dollar after core inflation in the capital region came in above the 2 percent target, boosting expectations for an interest rate hike in the near-term.
On the contrary, Japanese industrial production and retail sales registered weaker-than-expected growth in November.
China's Shanghai Composite index rallied 0.93 percent to 3,326.46 amid speculation that Beijing will provide more support for the economy at a key policy meeting in December.
European stocks are down in negative territory with investors reacting to regional economic data, and on worries about trade tariffs and recent political turmoil in France.
The annual inflation rate in the Eurozone accelerated for a second month to 2.3% in November 2024 from 2% in October, matching market expectations, preliminary estimates showed.
Preliminary data showed earlier today that France's harmonized inflation rate rose 1.7% in November from 1.6% in October -matching expectations and remaining well below the European Central Bank's 2 percent target.
Elsewhere, official data showed German retail sales fell more than expected in October, falling 1.5% month-on-month.
In commodities, West Texas Intermediate Crude oil futures are down $0.11 or 0.16% at $68.61 a barrel.
Gold futures are gaining $19.80 or 0.75% at $2,684.60 an ounce, while Silver futures are up $0.654 or 2.14% at $31.210 an ounce.
New Zealand Building Permits Sink 5.2% In October
(RTTNews) - The total number of building permits issued in New Zealand was down a seasonally adjusted 5.2 percent on month in October, Statistics New Zealand said on Monday - coming in at 2,850.
That follows the 2.4 percent increase in September.
Individually, permits were issued for 1,363 stand-alone houses; 1,174 townhouses, flats, and units; 183 apartments; and 130 retirement village units.
In the year ended October 2024, the actual number of new dwellings consented was 33,467, down 16 percent on year.
The annual value of non-residential building work consented was NZ$9.3 billion, down 3.5 percent from the year ended October 2023.
Sensex, Nifty Rebound Sharply; Airtel And Pharma Stocks Top Gainers
(RTTNews) - Indian shares rebounded on Friday, after having seen steep declines the previous day on account of FO expiry.
The benchmark SP/BSE Sensex jumped 759.05 points, or 0.96 percent, to close at 79,802.79 after seeing its steepest drop in almost two months on Thursday.
The broader NSE Nifty index ended the week's last trading session up 216.95 points, or 0.91 percent, at 24,131.10.
Bharti Airtel soared 4.4 percent after ICICI Securities upgraded its rating on the stock to 'buy.'
Among other prominent gainers, Tata Consumer Products, Mahindra Mahindra, Cipla and Sun Pharma climbed 2-3 percent.
On the losing side, Power Grid Corp and Shriram Finance both fell around 1 percent.
Enviro Infra Engineers shares made a strong debut and got listed at 49 percent premium over its IPO price. Later, some profit booking sent the shares down 6 percent.
Easy Trip Planners shares soared more than 10 percent on becoming ex-bonus.
Dollar Drifts Lower Against Major Currencies
(RTTNews) - The U.S. dollar shed ground against its major counterparts on Friday as the yield on long-term Treasury Notes dropped. Also, with investors choosing to pick up riskier assets such as equities, the dollar struggled for support almost right through the day's session.
The dollar index weakened to 105.74, losing about 0.3% from previous closing value of 106.05.
Against the Euro, the dollar was down at 1.0580, and against Pound Sterling, weakened to 1.2743 from 1.2687 a unit of the British currency.
The dollar gained against the Japanese currency, fetching 149.66 yen a unit, compared to 149.47 yen a unit on Thursday. Against the Aussie, the dollar weakened to 0.6521.
The Swiss franc strengthened to CHF 0.8808 against the greenback, while the Loonie firmed to 1.4003 a unit of the U.S. currency.
French GDP Growth Accelerates; Inflation Rises Marginally
(RTTNews) - The French economic growth accelerated as estimated in the third quarter on the Paris Olympic and Paralympic Games and inflation rose only marginally in November, official data revealed on Friday.
Gross domestic product logged a quarterly growth of 0.4 percent in the third quarter, which was unchanged from the previous estimate, the statistical office INSEE reported. This follows a 0.2 percent rise in the second quarter.
Household consumption rebounded 0.6 percent after being stable a quarter ago largely reflecting the registration of ticket sales for the Olympic and Paralympic Games.
By contrast, the gross fixed capital formation continued to fall in the third quarter, down 0.7 percent as a result of a sharp decrease in manufactured goods.
Overall, the contribution of final domestic demand excluding inventories to GDP growth was positive in the third quarter at 0.3 points.
Exports slid 0.8 percent and imports dropped 0.6 percent. As a result, the contribution of foreign trade to GDP growth was negative at 0.1 points.
Finally, the contribution of inventory changes to GDP growth was slightly positive, at 0.1 points.
Another data showed that household consumption declined in October due to the decrease in engineered goods spending and energy consumption. Household spending fell 0.4 percent on month in October, in contrast to the 0.1 percent rise in September.
Consumption of engineered goods decreased 1.3 percent and energy consumption was down 1.2 percent. Meanwhile, food consumption grew 1.2 percent.
In a separate report, the INSEE showed that consumer price inflation edged up to 1.3 percent in November from 1.2 percent in October. It was seen rising to 1.5 percent.
The statistical office said the near stability in inflation came from a slowdown in prices of food offset by acceleration in prices of services and a less marked fall in prices of energy.
Likewise, EU harmonized inflation moved up to 1.7 percent from 1.6 percent in October. Inflation figure matched expectations.
Monthly consumer price inflation softened to 0.1 percent from 0.3 percent in October. Meanwhile, the harmonized index of consumer prices posted a monthly fall of 0.1 percent after a 0.3 percent gain.
In a separate communiqué, the statistical office said producer prices declined for the eleventh consecutive month in October. Producer prices fell 5.7 percent on a yearly basis after easing 6.9 percent in September. On month, producer prices were up 0.9 percent following a 0.1 percent fall.
Another report on job market showed that payroll employment rose 0.2 percent or 48,700 in the third quarter after a 0.1 percent or a 15,200 decline in the second quarter.
Australia Manufacturing PMI Improves To 49.4 In November - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to contract in November, albeit at a slower pace, the latest survey from SP Global revealed on Monday with a manufacturing PMI score of 49.4.
That's up from 47.3 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing production remained in contraction midway through the final quarter of the year on the back of slower new work inflows. November marked two complete years of sustained declines in output and new orders.
Anecdotal evidence suggested that subdued market conditions dampened demand for Australian manufactured goods. The rates at which new orders and export orders fell eased from October, however, resulting in only a modest reduction in output.
TSX Hits New Record High Again, Ends 0.41% Up
(RTTNews) - The Canadian market posted a record closing high for the third consecutive day as technology stocks climbed higher on strong buying interest on Friday.
Communications, industrials and consumer discretionary stocks were among the other notable gainers.
Expectations of further monetary easing by the central bank helped underpin sentiment. Data showing a slowdown in Canadian GDP growth limited market's upside.
The benchmark SP/TSX Composite Index climbed to 25,694.45 before settling at 25,648.00, with a gain of 104.48 points or 0.41%. The index gained about 0.8% in the week.
Data from Statistics Canada showed the Canadian GDP expanded by 0.3% from the earlier quarter in the three months to September of 2024, slowing from 0.5% expansions in the first two quarters of the year.
The Canadian economy expanded an annualized 1% in the third quarter, following an upwardly revised 2.2% growth in the second quarter.
A report from the Canadian Federation of Independent Business said small business sentiment in Canada increased to 59.70 points in November from 55.80 points in October of 2024. Small Business Sentiment in Canada reached an all time high of 74.07 points in April of 2002 and a record low of 30.84 points in March of 2020.
Atco Ltd. (ACO.Y.TO) shares rallied 6.7% and Telesat Corporation (TSAT.TO) climbed 6%. Cogeco Communications (CCA.TO) closed up 4.7%, while Quebecor (QBR.A.TO) and Hut 8 Corp (HUT.TO) gained 3.8% and 3.3%, respectively.
Cogeco Inc (CGO.TO) advanced by about 3.1%. Ag Growth Corporation (AFN.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO), Shopify Inc (SHOP.TO), Cameco Corporation (CCO.TO), Aritzia Inc (ATZ.TO), AtkinsRealis (ATRL.TO), TFI International (TFII.TO), Magna International (MG.TO), Celestica Inc (CLS.TO), Precision Drilling Corporation (PD.TO) and Cargojet (CJT.TO) ended higher by 1 to 2.5%.
Morguard Corporation (MRC.TO), Rogers Communications (RCI.A.TO), Maple Leaf Foods (MFI.TO), Parkland Corporation (PKI.TO) and Metro Inc (MRU.TO) were among the notable losers.
German Unemployment Rises Less Than Forecast
(RTTNews) - German unemployment increased less than expected in November despite companies reporting job cuts, figures from the Federal Employment Agency revealed Friday.
The jobless rate came in at 6.1 percent, the same as in September and October. Also, the rate matched expectations.
The number of people out of work increased only 7,000 after rising 26,000 in the previous month. Unemployment was forecast to climb sharply by 20,000.
Federal Employment Agency chairwoman Andrea Nahles said the economic weakness continues to have a firm grip on the labor market.
The labor force survey results from Destatis today showed that the unemployment rate remained unchanged at 3.4 percent in October. The number of unemployed declined 10,000 from September to 1.51 million.
On an unadjusted basis, the jobless rate rose slightly to 3.3 percent in October from 3.2 percent in the previous year.
ING economist Carsten Brzeski said this week's macro data have once again illustrates why betting on a strong return of private consumption in Germany is a risky game.
Data from Destatis today showed that German retail sales declined by more-than-expected 1.5 percent in October on falling non-food retail trade. Sales were forecast to fall 0.5 percent.
German consumer sentiment plunged to the lowest since May as income expectations fell to a nine-month low on growing fears of recession and job losses, survey data from the market research group GfK showed this week. The consumer sentiment index slid to -23.3 in December from revised -18.4 a month ago.
The ING economist said the gradual weakening of the labor market looks set to continue. Layoffs in Germany are hardly imminent but take time before they become effective and show up in labor market statistics, he noted.
China Shares Expected To Open In The Green
(RTTNews) - The China stock market has finished higher in two of three trading days since the end of the three-day slide in which it had slipped just 10 points or 0.3 percent. The Shanghai Composite now sits just above the 3,325-point plateau and it's tipped to open higher again on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The SCI finished modestly higher on Friday as gains from the properties and resource stocks were capped by weakness from the financial sector.
For the day, the index advanced 30.76 points or 0.93 percent to finish at 3,326.46 after trading between 3,293.69 and 3,357.50. The Shenzhen Composite Index jumped 33.15 points or 1.67 percent to end at 2,016.94.
Among the actives, Industrial and Commercial Bank of China was down 0.65 percent, while Bank of China slid 0.40 percent, China Construction Bank lost 0.75 percent, China Merchants Bank fell 0.36 percent, Agricultural Bank of China dropped 0.82 percent, China Life Insurance improved 1.15 percent, Jiangxi Copper advanced 0.91 percent, Yankuang Energy rose 0.14 percent, PetroChina perked 0.12 percent, China Petroleum and Chemical (Sinopec) shed 0.62 percent, Huaneng Power climbed 1.01 percent, China Shenhua Energy sank 0.77 percent, Gemdale soared 4.31 percent, Poly Developments accelerated 2.09 percent, China Vanke strengthened 1.42 percent and Aluminum Corp of China (Chalco) was unchanged.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Australia Building Approvals Rise 4.2% In October
(RTTNews) - The total number of building permits issued in Australia was up a seasonally adjusted 4.2 percent on month in October, the Australian Bureau of Statistics said on Monday - coming in at 15,498.
That beat forecasts for a gain of 1.2 percent following the upwardly revised 5.8 percent increase in September (originally 4.4 percent).
Permits for private sector houses sank 5.2 percent on month to 9,191, while permits for private sector dwellings excluding houses surged 24.8 percent to 5,859.
The value of total residential building rose 3.2 percent to A$8.33 billion, while the value of non-residential building fell 13.4 percent to A$4.89 billion.
Sensex, Nifty Struggle For Direction; Financials Underperform
(RTTNews) - Indian shares struggled for direction in early trade on Monday despite Wall Street's main indexes inching higher to reach new record closing highs in a shortened Black Friday trading session.
Investors sentiment was dented after India's Q2 GDP data came in much lower at 5.4 percent against the estimate of 6.5 percent.
Global factors like political uncertainty in France, Donald Trump seeking a commitment from the BRICS nations on using the dollar and a mixed set of economic data from China also weighed on sentiment.
The benchmark SP/BSE Sensex was down 60 points at 79,743 while the broader NSE Nifty index was up 5 points at 24,135.
Grasim, Adani Ports, UltraTech, Shriram Finance and Maruti Suzuki India all rose about 2 percent in the Nifty pack while HDFC Bank, Cipla, Bajaj Finance, IndusInd Bank and HDFC Life all fell around 1 percent.
Dollar Tumbled Last Week After An Eight-week Rally
(RTTNews) - After a gaining streak that extended for eight weeks, the U.S. Dollar slipped against major currencies during the week ended November 29. The U.S. Dollar plummeted against the euro, the British pound, the Australian dollar, the Japanese yen, the Swiss franc as well as the Swedish krona.
It however gained against the Canadian dollar amidst recent threats of higher trade tariffs by U.S. on Canada. The Dollar Index also recorded heavy losses amidst renewed Fed rate cut expectations, easing geopolitical tensions in the Middle East and a reassessment of the trade and fiscal policy under the new regime.
The Dollar Index, a measure of the Dollar's strength against a basket of 6 currencies, dropped 1.7 percent during the week ended November 29. From the level of 107.55 recorded at close on November 22, the index declined to close at 105.74 a week later. The Index recorded the week's high of 107.50 on Tuesday and the week's low of 105.61 on Friday.
At the onset of the new week, the dollar retreated from two-year highs after U.S. President-elect Donald Trump nominated hedge fund manager Scott Bessent for the post of Treasury Secretary. The news appeared to suggest milder shifts from existing policy, reassuring bond markets, dragging down bond yields and weakening the greenback.
Minutes of the FOMC released on Tuesday showed participants being concerned about easing policy too quickly or too slowly. They noted that monetary policy would need to balance the risks of easing policy too quickly, thereby possibly hindering further progress on inflation with the risks of easing policy too slowly, thereby unduly weakening economic activity and employment. The participants also deemed it appropriate to reduce policy restraint gradually given the uncertainties concerning the level of the neutral rate of interest.
However, renewed tariff threats helped the Dollar rebound to the week's high on Tuesday. U.S. President-elect Donald Trump warned on Tuesday about imposing additional trade tariffs on China, Mexico, and Canada.
Data released by the U.S. Bureau of Economic Analysis on Wednesday morning showed the Annual PCE Price index increasing as expected to 2.3 percent from 2.1 percent in the previous month. The core component thereof also rose as expected to 2.8 percent from 2.7 percent in the previous month. The month-on-month PCE price index was steady at 0.2 percent and its core constituent was steady at 0.3 percent, both matching expectations.
With no negative surprises in the PCE-based inflation readings released on Wednesday, rate cut expectations got a boost, dragging down the dollar. According to the CME FedWatch tool that tracks the expectations of interest rate traders, the likelihood of a quarter-point rate cut in December increased to 66 percent by Friday from 52 percent on Monday.
The dollar's weakness and hawkish comments from ECB officials lifted the EUR/USD pair to a high of 1.0597 on Friday from the week's low of 1.0424 recorded on Tuesday. Despite a weak economic outlook for the region, the pair added 1.52 percent during the week, closing at 1.0575 on Friday, versus 1.0417 a week earlier. Data released during the week had shown the region's inflation rising in November in line with expectations but further above the ECB's target.
The GBP/USD pair jumped 1.64 percent during the week ended November 29, lifting the sterling to $1.2737, from $1.2531 a week earlier. The pair climbed from the low of 1.2503 touched on Tuesday to the high of 1.2749 recorded on Friday amidst renewed inflation fears and not-so-dovish hints from Bank of England officials.
The Australian Dollar added 0.14 percent against the U.S. Dollar during the week ended November 29. The pair which touched the week's high of 0.6549 on Monday dropped to the week's low of 0.6432 on Tuesday. The pair eventually closed at 0.6510 versus 0.6501 a week earlier. The Aussie's moves came amidst the monthly CPI indicator remaining steady at 2.1 percent in October.
The USD/JPY pair slipped 3.2 percent during the past week amidst an uptick in Tokyo CPI and comments from BoJ officials that renewed bets of the next rate hike by the Bank of Japan in December. The pair dropped to 149.75, from 154.74 a week earlier. The weekly trading range was a bit wider, between a high of 154.72 recorded on Monday and 149.46 recorded on Friday. Trade tensions between U.S. and other nations too supported the safe haven yen's climb to a six-week high.
Despite the massive tumble during the past week, the Dollar has rebounded on Monday, lifting the six-currency Dollar Index 0.59 percent higher to 106.36. On the U.S. economic data horizon are the ISM Manufacturing PMI on Monday, JOLTs jobs data on Tuesday, ISM Services PMI and Fed Chair Jerome Powell's speech on Wednesday, and the monthly non-farm payrolls data on Friday.
The EUR/USD pair has decreased to 1.0504 amidst concerns about the political situation in France. The GBP/USD pair dropped to 1.2676. The AUD/USD pair slipped to 0.6472. The USD/JPY pair has however increased to 150.31.
Japanese Market Slightly Lower
(RTTNews) - The Japanese stock market is trading slightly lower on Monday after opening in the green, adding to the losses in the previous session. The benchmark SP/ASX 200 is falling below the 39,100 level, despite the broadly positive cues from Wall Street on Friday, with weakness in some index heavyweights were partially offset by gains in financial and technology stocks.
The benchmark Nikkei 225 Index is down 16.70 or 0.04 percent at 38,191.33, after touching a high of 38,365.01 and a low of 37,958.55 earlier. Japanese shares ended modestly lower on Friday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is almost 4 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 1 percent.
In the tech space, Screen Holdings is gaining almost 5 percent, Tokyo Electron is adding almost 1 percent and Advantest is edging up 0.2 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 4 percent, Mizuho Financial is adding more than 2 percent and Mitsubishi UFJ Financial is up more than 1 percent.
The major exporters are mixed. Panasonic is losing more than 1 percent and Sony is down almost 1 percent, while Canon and Mitsubishi Electric are edging up 0.2 percent each.
Among other major losers, Shiseido is tumbling almost 8 percent, while Mercari, Oriental Land and Dai Nippon Printing are losing almost 3 percent each.
Conversely, Dai-ichi Life is gaining more than 5 percent and Aozora Bank is adding more than 3 percent, while Seiko Epson, Kuraray, Fuji Electric, Kansai Electric Power, Hitachi and Resona Holdings are all advancing almost 3 percent each.
In economic news, the manufacturing sector in Japan continued to contract in November, and at a faster pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 49.0. That's down from 49.2 in October, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. The reduction was modest, yet the strongest seen since March.
In the currency market, the U.S. dollar is trading in the lower 150 yen-range on Monday.
On Wall Street, stocks moved back to the upside on Friday as trading resumed following the Thanksgiving Day holiday on Thursday following the pullback seen during Wednesday's session. With the rebound, the major averages more than offset the previous session's losses, lifting the Dow and the SP 500 to new record closing highs.
The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow rose 188.59 points or 0.4 percent to 44,910.65, the Nasdaq advanced 157.69 points or 0.8 percent to 19,218.17 and the SP 500 climbed 33.64 points or 0.6 percent to 6,032.38.
The major European markets all also moved to the upside over the course of the session. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index climbed by 0.8 percent and the U.K.'s FTSE 100 Index crept up by 0.1 percent.
Crude oil prices settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Philippines Manufacturing Sector Accelerates In November - S&P Global
(RTTNews) - The manufacturing sector in the Philippines continued to expand in November, and at a faster pace, the latest survey from SP Global revealed on Monday with a manufacturing PMI score of 53.8.
That's up from 52.9 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturers eagerly anticipated a sales boost in the months ahead, prompting a notable ramp-up in production during the latest survey period, with growth accelerating from October.
A portion of this production was directed towards supporting the growth of current new sales. Demand conditions improved for the fifteenth straight month. While the pace of increase moderated to a three-month low, it remained solid and historically strong.
Indian Rupee Falls To Record Low Against U.S. Dollar
(RTTNews) - The Indian rupee weakened against the U.S. dollar in the European session on Monday, as Trump's tariff threat bolstered the dollar.
The U.S. President-elect Donald Trump has threatened the BRICS grouping with "100 percent tariffs" if they moved to create a new currency or back any other option as the world's reserve.
In economic news, data from SP Global showed that India's manufacturing sector growth remained strong in November, but the pace of expansion softened due to slower increases in orders and production amid inflationary pressures.
The HSBC final manufacturing Purchasing Managers' Index dropped to 56.5 in November from 57.5 in October. The flash reading was 57.3. A score above 50.0 indicates expansion.
Against the U.S. dollar, the rupee fell to a record low of 84.728 from an early high of 84.564.
If the rupee extends its downtrend, it is likely to find support around the 85.00 region.
Asian Markets A Sea Of Green
(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, as traders react to a slew of domestic economic data from the region and they also look to pick up stocks at relatively reduced levels following pullback seen last week. Traders also remain optimistic of a further interest rate cut by the US Fed in December. Asian markets closed mixed on Friday.
The Fed is widely expected to ease interest rates. The CME FedWatch tool is now showing the likelihood of a quarter-point Fed rate cut in December at 66 percent and the probability of a pause at 34 percent.
The Australian stock market is currently trading modestly higher on Monday, reversing the slight losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark SP/ASX 200 index is staying well above the 8,400.00 level, with gains in iron ore miners and financial stocks were partially offset by weakness in gold miner stocks.
The benchmark SP/ASX 200 Index is gaining 14.50 points or 0.17 percent to 8,450.70, after touching a high of 8,466.40 earlier. The broader All Ordinaries Index is up 11.10 points or 0.13 percent to 8,710.20. Australian stocks closed slightly lower on Friday.
Among the major miners, BHP Group is edging up 0.1 percent, Rio Tinto is gaining almost 1 percent, Fortescue Metals is adding more than 1 percent and Mineral Resources is advancing almost 4 percent.
Oil stocks are mixed. Woodside Energy is edging up 0.5 percent, while Origin Energy and Santos are edging down 0.2 to 0.3 percent each. Beach energy is flat.
Among tech stocks, Afterpay owner Block is losing 1.5 percent, while Appen and Zip are down almost 1 percent each. Xero is edging up 0.5 percent and WiseTech Global is adding almost 1 percent.
Gold miners are mostly lower. Evolution Mining is down 1.5 percent, Northern Star Resources is declining more than 6 percent, Newmont is slipping almost 2 percent and Resolute Mining is losing more than 4 percent, while Gold Road Resources is soaring more than 12 percent as it's the largest shareholder in De Grey, which agreed to be acquired by Northern Star Resources.
Among the big four banks, National Australia Bank and ANZ Banking are gaining almost 1 percent each, while Westpac and Commonwealth Bank are relatively flat.
In other news, shares in De Grey are skyrocketing almost 29 percent after it agreed to a $5 billion acquisition deal from Northern Star Resources.
In economic news, the manufacturing sector in Australia continued to contract in November, albeit at a slower pace, the latest survey from SP Global revealed on Monday with a manufacturing PMI score of 49.4. That's up from 47.3 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the Aussie dollar is trading at $0.650 on Monday.
The Japanese stock market is slightly higher in choppy trading on Monday after opening in the green, reversing some of the losses in the previous session. The benchmark SP/ASX 200 is staying above the 38,200 level, following the broadly positive cues from Wall Street on Friday, with gains in financial and technology stocks partially offset weakness in some index heavyweights as traders react to a slew of domestic economic data.
The benchmark Nikkei 225 Index closed the morning session at 38,220.01, up 11.98 or 0.03 percent, after touching a high of 38,365.01 and a low of 37,958.55 earlier. Japanese shares ended modestly lower on Friday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is almost 4 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 1 percent.
In the tech space, Screen Holdings is gaining almost 5 percent, Tokyo Electron is adding almost 1 percent and Advantest is edging up 0.2 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 4 percent, Mizuho Financial is adding more than 2 percent and Mitsubishi UFJ Financial is up more than 1 percent.
The major exporters are mixed. Panasonic is losing more than 1 percent and Sony is down almost 1 percent, while Canon and Mitsubishi Electric are edging up 0.2 percent each.
Among other major losers, Shiseido is tumbling almost 8 percent, while Mercari, Oriental Land and Dai Nippon Printing are losing almost 3 percent each.
Conversely, Dai-ichi Life is gaining more than 5 percent and Aozora Bank is adding more than 3 percent, while Seiko Epson, Kuraray, Fuji Electric, Kansai Electric Power, Hitachi and Resona Holdings are all advancing almost 3 percent each.
In economic news, the value of retail sales in Australia was up a seasonally adjusted 0.6 percent on month in October, the Australian Bureau of Statistics said on Monday - coming in at A$36.702 billion. That beat forecasts for an increase of 0.4 percent following the 0.1 percent gain in September. On a yearly basis, retail sales were up 3.4 percent.
The Australian Bureau of Statistics or ABS said the total number of building permits issued in Australia was up a seasonally adjusted 4.2 percent on month in October, coming in at 15,498. That beat forecasts for a gain of 1.2 percent following the upwardly revised 5.8 percent increase in September (originally 4.4 percent).
The ABS also said company operating profits in Australia were down a seasonally adjusted 4.6 percent on quarter in the third quarter of 2024. That missed expectations for an increase of 0.6 percent following the downwardly revised 6.8 percent drop in the three months prior (originally -5.3 percent).
Meanwhile, the latest survey from Jibun Bank revealed that the manufacturing sector in Japan continued to contract in November, and at a faster pace, with a manufacturing PMI score of 49.0. That's down from 49.2 in October, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. The reduction was modest, yet the strongest seen since March.
In the currency market, the U.S. dollar is trading in the higher 150 yen-range on Monday.
Elsewhere in Asia, Taiwan is up 1.82 percent, while New Zealand, China, Hong Kong, Singapore, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.8 percent each.
On Wall Street, stocks moved back to the upside on Friday as trading resumed following the Thanksgiving Day holiday on Thursday following the pullback seen during Wednesday's session. With the rebound, the major averages more than offset the previous session's losses, lifting the Dow and the SP 500 to new record closing highs.
The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow rose 188.59 points or 0.4 percent to 44,910.65, the Nasdaq advanced 157.69 points or 0.8 percent to 19,218.17 and the SP 500 climbed 33.64 points or 0.6 percent to 6,032.38.
The major European markets all also moved to the upside over the course of the session. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index climbed by 0.8 percent and the U.K.'s FTSE 100 Index crept up by 0.1 percent.
Crude oil prices settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Rebound Anticipated For South Korea Stock Market
(RTTNews) - The South Korea stock market headed south again on Friday, one day after snapping the two-day slide in which it had dropped more than 30 points or 1.2 percent. The KOSPI now sits just above the 2,450-point plateau, although it's expected to cut into those losses on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The KOSPI finished sharply lower on Friday with damage across the board, especially among the chemicals, industrials and financials.
For the day, the index plunged 48.76 points or 1.95 percent to finish at 2,455.91. Volume was 377.33 million shares worth 8.91 trillion won. There were 723 decliners and 170 gainers.
Among the actives, Shinhan Financial dropped 0.93 percent, while KB Financial retreated 1.84 percent, Hana Financial declined 2.35 percent, Samsung Electronics stumbled 2.34 percent, Samsung SDI tanked 3.48 percent, LG Electronics slumped 2.39 percent, SK Hynix sank 0.74 percent, Naver advanced 0.98 percent, LG Chem plunged 6.89 percent, Lotte Chemical plummeted 7.06 percent, SK Innovation crashed 3.20 percent, POSCO surrendered 4.40 percent, SK Telecom eased 0.16 percent, KEPCO skidded 1.44 percent, Hyundai Mobis lost 2.44 percent, Hyundai Motor dipped 0.23 percent and Kia Motors tumbled 2.21 percent.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
China Manufacturing PMI Rallies In November - Caixin
(RTTNews) - The manufacturing sector in China continued to expand in November, and at a faster pace, the latest survey from Caixin revealed on Monday with a manufacturing PMI score of 51.5.
That's up from 50.3 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Central to the latest advancement in manufacturing sector conditions was greater new business inflows. Incoming new orders placed with Chinese manufacturers increased amongst the fastest rate in three-and-a-half years. A renewed rise in export orders also supported the rise in overall new orders.
Panelists revealed that better underlying demand conditions, new product launches and stockpiling following the US election were amongst the reasons for the rise in new work. Production levels increased on the back of higher new work, rising at the quickest rate since June, with intermediate goods makers recording the fastest rate of growth among the monitored segments.
Taiwan Manufacturing Sector Picks Up Steam In November - S&P Global
(RTTNews) - The manufacturing sector in Taiwan continued to expand in November, and at a faster pace, the latest survey from SP Global revealed on Monday with a manufacturing PMI score of 51.5.
That's up from 50.2 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing production and new orders continued to rise during November, with rates of expansion accelerating to four- and three-month highs respectively. Panelists noted a generally better demand environment, with gains reported in both domestic and international markets.
New export order growth was noticeable in being the highest since February 2022. Companies reported stronger sales to Asian, European and North American clients during November.
