技术峰会
Indonesia Bourse May See Additional Support On Wednesday
(RTTNews) - The Indonesia stock market on Tuesday halted the four-day losing streak in which it had tumbled almost 270 points or 3.9 percent. The Jakarta Composite Index now sits just beneath the 7,200-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is mixed to higher, supported by oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished sharply higher on Tuesday following gains from the financial shares, food companies and telecoms, while the resource stocks were mixed.
For the day, the index soared 149.03 points or 2.11 percent to finish at 7,196.02 after trading between 7,102.22 and 7,196.02.
Among the actives, Bank CIMB Niaga collected 0.58 percent, while Bank Mandiri soared 4.58 percent, Bank Danamon Indonesia slumped 1.17 percent, Bank Negara Indonesia strengthened 1.49 percent, Bank Central Asia accelerated 4.62 percent, Bank Rakyat Indonesia jumped 1.68 percent, Bank Maybank Indonesia spiked 1.87 percent, Indosat Ooredoo Hutchison surged 5.46 percent, Indocement added 0.73 percent, Semen Indonesia plunged 3.80 percent, Indofood Sukses Makmur improved 2.98 percent, United Tractors dropped 0.91 percent, Astra International rallied 3.74 percent, Energi Mega Persada sank 0.85 percent, Aneka Tambang gained 2.84 percent, Jasa Marga advanced 0.90 percent, Vale Indonesia skidded 1.13 percent, Timah increased 2.87 percent, Bumi Resources lost 0.72 percent and Astra Agro Lestari was unchanged.
The lead from Wall Street is mixed as the major averages opened slightly lower on Tuesday, although the NASDAQ and the SP 500 were able to break into the green to record closing highs by the day's end.
The Dow sank 76.47 points or 0.17 percent to finish at 44,705.53, while the NASDAQ added 76.96 points or 0.40 percent to close at 19,480.91 and the SP rose 2.73 points or 0.05 percent to end at 6,049.
A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department reported that job openings increased by more than expected in October.
Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
China Shares May Open To The Upside On Wednesday
(RTTNews) - The China stock market has finished higher in three straight sessions, advancing almost 85 points or 2.6 percent along the way. The Shanghai Composite now sits just beneath the 3,380-point plateau and it's got a positive lead again on Wednesday.
The global forecast for the Asian markets is mixed to higher, supported by oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished modestly higher on Tuesday following gains from the financial shares and resource and energy companies, while the properties were mixed.
For the day, the index gained 14.82 points or 0.44 percent to finish at 3,378.81 after trading between 3,348.37 and 3,386.62. The Shenzhen Composite Index slipped 2.96 points or 0.14 percent to end at 2,049.47.
Among the actives, Industrial and Commercial Bank of China strengthened 1.31 percent, while Bank of China jumped 1.60 percent, China Construction Bank rallied 1.64 percent, China Merchants Bank accelerated 1.67 percent, Agricultural Bank of China improved 1.45 percent, China Life Insurance climbed 1.39 percent, Jiangxi Copper rose 0.28 percent, Yankuang Energy advanced 0.82 percent, PetroChina increased 1.00 percent, China Petroleum and Chemical (Sinopec) added 0.63 percent, Huaneng Power gained 0.57 percent, China Shenhua Energy spiked 1.57 percent, Gemdale shed 0.52 percent, Poly Developments gathered 0.68 percent, China Vanke was up 0.69 percent and Aluminum Corp of China (Chalco) was unchanged.
The lead from Wall Street is mixed as the major averages opened slightly lower on Tuesday, although the NASDAQ and the SP 500 were able to break into the green to record closing highs by the day's end.
The Dow sank 76.47 points or 0.17 percent to finish at 44,705.53, while the NASDAQ added 76.96 points or 0.40 percent to close at 19,480.91 and the SP rose 2.73 points or 0.05 percent to end at 6,049.
A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department reported that job openings increased by more than expected in October.
Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
China Services Sector Slows In November - Caixin
(RTTNews) - The services sector in China continued to expand in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 51.5.
That's down from 52.0 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Services activity growth slowed in line with the trend for new business. While improvements in underlying demand and market conditions supported another rise in new business, the rate of growth eased from October and was below average. Export business rose at a faster pace compared with overall new business but also saw the rate of growth moderate from October.
Despite the slowdown in new business growth, the level of outstanding business increased for a fourth straight month in November. This resulted in further job creation in the Chinese service sector as firms sought to hire additional staff to cope with higher workloads. The rates at which outstanding business and employment rose were marginal, however.
Japanese Market Modestly Lower
(RTTNews) - The Japanese stock market is trading modestly lower on Wednesday, reversing to the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,200 level, with weakness in index heavyweights, financial and automaker stocks.
The benchmark Nikkei 225 Index is down 122.30 or 0.31 percent at 39,126.56, after touching a high of 39,417.08 and a low of 39,123.55 earlier. Japanese stocks ended sharply higher on Tuesday.
Market heavyweight SoftBank Group is losing almost 2 percent, while Uniqlo operator Fast Retailing is up almost 1 percent. Among automakers, Honda is losing almost 2 percent and Toyota is edging down 0.4 percent.
In the tech space, Advantest is gaining almost 2 percent, while Screen Holdings is losing almost 1 percent, while Tokyo Electron is flat.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are losing almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.1 percent.
Among the major exporters, Canon is losing more than 1 percent, while Mitsubishi Electric and Panasonic are edging down 0.3 to 0.5 percent each. Sony is gaining more than 1 percent.
Among other major losers, Eisai and Keisei Electric Railway are losing more than 4 percent each, while Nikon is down more than 3 percent and Otsuka Holdings is declining almost 3 percent.
Conversely, Ryohin Keikaku is surging almost 6 percent, DeNA is gaining almost 5 percent, ZOZO is adding more than 4 percent and Fujikura is up more than 3 percent, while Mitsubishi Heavy Industries and IHI are advancing almost 3 percent each.
In economic news, the services sector in Japan moved back into expansion territory in November, the latest survey from Jibun Bank revealed on Tuesday with a service PMI score of 50.5. That's up from 49.7 in October, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Wednesday.
On the Wall Street, stocks showed a lack of direction over the course of the trading day on Tuesday following the mixed performance seen during Monday's session. Despite the choppy trading, the Nasdaq and the SP 500 once again reached new record closing highs.
The major averages eventually ended the day mixed. While the Dow dipped 76.47 points or 0.2 percent to 44,705.53, the Nasdaq rose 76.96 points or 0.4 percent to 19,480.91 and the SP 500 crept up 2.73 points or 0.1 percent to 6,049.88.
Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.6 percent, the German DAX Index climbed by 0.4 percent and the French CAC 40 Index increased by 0.3 percent.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
Hong Kong Private Sector Ebbs In November
(RTTNews) - The private sector in Hong Kong continued to expand in November, albeit at a slower pace, the latest survey from SP Global showed on Tuesday with a PMI score of 51.2.
That's down from 52.2 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Business activity growth was sustained for a second straight month as new business inflows expanded, with better local client interests and business development efforts bearing fruit. The wholesale retail segment experienced the quickest expansion in both new business and activity.
That said, rates of output and new business growth across the private sector eased from October as export demand softened. Incoming new business from mainland China and abroad both fell in November, with anecdotal evidence pointing to reduced client budgets and rising competition.
Thai Stock Market May Run Out Of Steam On Wednesday
(RTTNews) - The Thai stock market has tracked higher in back-to-back sessions, advancing almost 30 points or 2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,455-point plateau although the rally may stall on Wednesday.
The global forecast for the Asian markets is mixed to higher, supported by oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished sharply higher on Tuesday following gains from the food, consumer, finance, property, resource, service and technology sectors.
For the day, the index climbed 17.65 points or 1.23 percent to finish at 1,454.76 after trading between 1,441.43 and 1,455.84. Volume was 10.636 billion shares worth 46.734 billion baht. There were 313 gainers and 164 decliners, with 187 stocks finishing unchanged.
Among the actives, Advanced Info soared 3.50 percent, while Thailand Airport gained 0.40 percent, Asset World added 0.55 percent, Bangkok Bank collected 0.67 percent, Bangkok Dusit Medical picked up 2.97 percent, B. Grimm jumped 2.37 percent, BTS Group rallied 1.80 percent, CP All Public was up 2.41 percent, Charoen Pokphand Foods strengthened 1.26 percent, Energy Absolute plummeted 12.82 percent, Gulf skyrocketed 6.94 percent, Kasikornbank improved 1.32 percent, Krung Thai Bank rallied 1.50 percent, Krung Thai Card accelerated 2.67 percent, PTT Oil Retail gained 1.42 percent, PTT Exploration and Production advanced 0.99 percent, PTT Global Chemical perked 1.98 percent, SCG Packaging increased 0.93 percent, Siam Commercial Bank rose 0.43 percent, Siam Concrete gathered 1.10 percent, Thai Oil surged 3.33 percent, True Corporation spiked 2.59 percent, TTB Bank climbed 1.13 percent and Banpu, PTT and Bangkok Expressway were unchanged.
The lead from Wall Street is mixed as the major averages opened slightly lower on Tuesday, although the NASDAQ and the SP 500 were able to break into the green to record closing highs by the day's end.
The Dow sank 76.47 points or 0.17 percent to finish at 44,705.53, while the NASDAQ added 76.96 points or 0.40 percent to close at 19,480.91 and the SP rose 2.73 points or 0.05 percent to end at 6,049.
A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department reported that job openings increased by more than expected in October.
Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
Singapore Private Sector PMI Eases To 53.9 In November - S&P Global
(RTTNews) - The private sector in Singapore continued to expand in November, albeit at a slower pace, the latest survey from SP Global showed on Tuesday with a PMI score of 53.9.
That's down from 55.5 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Promotional efforts and rising client interests led to a twenty-third successive monthly expansion in new business. Despite softening to a 16-month low, the rate at which new business rose remained solid. This contributed to a strong rise in private sector output midway through the final quarter of the year.
Detailed sector data revealed that the consumer services sector experienced the sharpest increases in both activity and new sales. Consequent of the solid uptick in new business inflows, backlogs accumulated.
Japan Service Sector Swings To Expansion In November - Jibun
(RTTNews) - The services sector in Japan moved back into expansion territory in November, the latest survey from Jibun Bank revealed on Tuesday with a service PMI score of 50.5.
That's up from 49.7 in October, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.
Japanese service providers registered a modest rise in new business volumes in the penultimate month of 2024. The uptick was above the long-run average but unchanged from that seen in the prior month and the joint-softest in the current five-month sequence. Firms signaled stronger confidence and business expansions had boosted order books.
In contrast, foreign demand for Japanese services contracted for the second month running, though the contraction was only fractional. Japanese services companies recorded a sustained improvement in employment levels during November.
Australian Market Notably Lower
(RTTNews) - Australian shares are trading notably lower on Wednesday, giving up some of the gains in the previous two sessions, with the benchmark SP/ASX 200 falling well below the 8,500 level from all-time highs, following the mixed cues from Wall Street overnight, after domestic GDP data misses expectations, with weakness in financial stocks partially offset by gains in technology, mining and energy stocks amid higher commodity prices.
The benchmark SP/ASX 200 Index is losing 41.30 points or 0.49 percent to 8,453.90, after hitting a low of 8,449.30 earlier. The broader All Ordinaries Index is down 34.80 points or 0.40 percent to 8,719.90. Australian stocks ended notably higher on Tuesday.
Among major miners, BHP Group is edging up 0.1 percent, Fortescue Metals is adding 1.5 percent and Rio Tinto is gaining almost 1 percent, while Mineral Resources is edging down 0.2 percent.
Oil stocks are mixed. Woodside Energy and Origin Energy are edging down 0.1 to 0.5 percent each, while Beach energy is gaining more than 1 percent and Santos is edging up 0.2 percent.
In the tech space, Zip is gaining 1.5 percent, Appen is adding almost 2 percent, WiseTech Global is advancing 2.5 percent and Xero is edging up 0.4 percent, while Afterpay owner Block is flat.
Among the big four banks, Commonwealth Bank and ANZ Banking are losing almost 1 percent each, while National Australia Bank is declining more than 1 percent and Westpac is edging down 0.3 percent.
Among gold miners, Evolution Mining is gaining 2.5 percent and Newmont is adding more than 2 percent, while Resolute Mining and Gold Road Resources are edging up 0.5 percent each, Northern Star Resources is losing almost 1 percent.
In economic news, Australia's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday. That missed expectations for an increase of 0.5 percent, although it was up from 0.2 percent in the previous three months. On an annualized basis, GDO was up 0.8 percent - again missing forecasts for a gain of 1.1 percent and down from 1.0 percent in the three months prior.
Meanwhile, the services sector in Australia continued to expand in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday, with a services PMI score of 50.5. That's down from 51.0 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the Aussie dollar is trading at $0.646 on Wednesday.
On the Wall Street, stocks showed a lack of direction over the course of the trading day on Tuesday following the mixed performance seen during Monday's session. Despite the choppy trading, the Nasdaq and the SP 500 once again reached new record closing highs.
The major averages eventually ended the day mixed. While the Dow dipped 76.47 points or 0.2 percent to 44,705.53, the Nasdaq rose 76.96 points or 0.4 percent to 19,480.91 and the SP 500 crept up 2.73 points or 0.1 percent to 6,049.88.
Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.6 percent, the German DAX Index climbed by 0.4 percent and the French CAC 40 Index increased by 0.3 percent.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
Sensex, Nifty Extend Gains For Fourth Day; Financials Top Gainers
(RTTNews) - Indian shares ended slightly higher on Wednesday despite political uncertainties in France and South Korea.
Sentiment was underpinned by firm global cues and foreign institutional investors (FIIs) slowing down their selling spree.
There was also some cheer on the data front as a survey showed India's services PMI remained strong at 58.4 in November.
The benchmark SP/BSE Sensex closed up 110.58 points, or 0.14 percent, at 80,956.33 after having hit a high of 81,245.39 earlier.
The broader NSE Nifty index hit an intraday high of 24,573.20 before settling 10.30 points, or 0.04 percent, higher at 24,467.45.
NTPC, Apollo Hospitals Enterprise, Bajaj FinServ, HDFC Bank and HDFC Life rose 1-3 percent in the Nifty pack while Adani Ports, Tata Motors, Bajaj Auto, Cipla and Bharti Airtel all fell around 2 percent.
CAC 40 Edges Higher Ahead Of No-confidence Vote
(RTTNews) - French stocks rose slightly on Wednesday ahead of a crucial no-confidence vote by lawmakers in parliament against Prime Minister Michel Barnier's government over a budget dispute.
Barnier kept his hopes alive by expressing willingness to negotiate the budget with Marine Le Pen's far-right National Rally and other parties.
The benchmark CAC 40 was up 24 points, or 0.3 percent, at 7,280 after rising 0.3 percent in the previous session.
Banks traded higher, with BNP Paribas and Credit Agricole rising over 1 percent each.
Automaker Renault, which is enhancing its EV segment with an expansion into China, rallied 2.7 percent.
Sanofi SA edged down slightly after the company announced plans to invest around 1 billion euros ($1.05 billion) to build a new insulin production base in Beijing.
FTSE 100 Little Changed In Lackluster Trade
(RTTNews) - U.K. stocks were little changed on Wednesday as investors kept a close eye on the latest political developments in France and South Korea.
The benchmark FTSE 100 was marginally lower at 8,352 after climbing 0.6 percent on Tuesday.
Monks Investment Trust rose about 1 percent after it reported a net asset value return of 6.3 percent for the first half of their financial year.
Rio Tinto shares fell about 1 percent. The mining giant has entered into a partnership agreement with the Swedish investment company Vargas, Mitsubishi Corporation and other international and local industry partners to study a low carbon aluminium greenfield opportunity in Finland.
Zigup shares slumped 7.3 percent after the vehicle rental specialist reported mixed half-year results.
Yen Falls Against Majors
(RTTNews) - The Japanese yen weakened against other major currencies in the European session on Wednesday.
The yen fell to 5-day lows of 191.35 against the pound and 151.05 against the U.S. dollar, from early highs of 189.37 and 149.53, respectively.
Against the euro, the Swiss franc and the Canadian dollar, the yen slipped to 2-day lows of 158.63, 170.33 and 107.39 from early highs of 156.99, 168.67 and 106.27, respectively.
If the yen extends its downtrend, it is likely to find support around 195.00 against the pound, 155.00 against the greenback, 163.00 against the euro, 173.00 against the franc and 109.00 against the loonie.
Pound Falls Against Most Majors
(RTTNews) - The British pound weakened against most major currencies in the European session on Wednesday.
The pound fell to a 2-day low of 1.2630 against the U.S. dollar, from an early 2-day high of 1.2702.
Against the euro and the Swiss franc, the pound edged down to 0.8302 and 1.1206 from an early 2-day highs of 0.8277 and 1.1257, respectively.
If the pound extends its downtrend, it is likely to find support around 1.25 against the greenback, 0.84 against the euro and 1.11 against the franc.
Sensex, Nifty Set To Follow Asian Peers Lower
(RTTNews) - Indian shares look set to open on a weak note Wednesday as investors await this week's key U.S. jobs report and Fed Chair Jerome Powell's remarks for clues on whether officials will cut interest rates in December.
South Korea's political turmoil triggered by a brief imposition of martial law also caught global investors off guard.
Benchmark indexes Sensex and Nifty jumped 0.7 percent and 0.8 percent respectively on Tuesday to extend gains for a third straight session, while the rupee recovered all losses to end 2 paise stronger at 84.68 after touching a new intraday low of 84.76 per dollar.
Asian markets were broadly lower amid the political turmoil in South Korea, a deepening political crisis in France and China's economic woes.
The dollar recovered from a three-week low versus the Japanese yen and gold held steady while oil prices were little changed after the biggest advance in more than two weeks as Israel threatened to attack Lebanon if the truce with Hezbollah collapses, and OPEC+ made progress toward a deal to delay further the restoration of shuttered supply.
U.S. stocks ended mixed overnight as data showed job openings picked up and layoffs eased in October. Fed Bank of San Francisco President Mary Daly said a rate cut this month isn't certain but remains on the table.
The tech-heavy Nasdaq Composite rose 0.4 percent and the SP 500 finished marginally higher to reach new record closing highs while the Dow eased 0.2 percent.
European stocks closed higher on Tuesday after new U.S. curbs on tech exports to China fell short of earlier proposals.
The pan European STOXX 600 rose 0.4 percent. The German DAX gained 0.4 percent to close at a record high, France's CAC 40 added 0.3 percent and the U.K.'s FTSE 100 climbed 0.6 percent.
Thanksgiving Holiday Weekend Shoppers Drop Despite Growth On Black Friday
(RTTNews) - An estimated 197 million people shopped during the five-day holiday weekend from Thanksgiving through Cyber Monday in the United States, but lower than last year's record of 200.4 million, an annual survey by the National Retail Federation or NRF shows.
However, Black Friday shoppers grew from last year, and remained the most popular day for both in-store and online shopping. Cyber Monday was the second most popular day for online shopping, but the number of shoppers were lower than last year.
During the holiday season of November 1 through December 31, NRF forecasts holiday spending to grow between 2.5 percent and 3.5 percent over 2023, totaling $979.5 billion to $989 billion.
A recent report by Mastercard SpendingPulse indicated that U.S. Black Friday retail sales, excluding automotive, were up 3.4 percent. Online Retail sales increased 14.6 percent, while in-store sales were up 0.7 percent, compared to Black Friday last year.
As per the NRF survey of 3,055 adult consumers, conducted together with Prosper Insights Analytics, total shoppers over the five-day holiday weekend still surpassed the agency's initial expectations of 183.4 million.
A total of 126 million consumers shopped in-store, up from 121.4 million in 2023. Meanwhile, online shoppers dropped to 124.3 million from 134.2 million shoppers last year.
Black Friday shoppers totaled 169 million, higher than prior year's 166.8 million. For the most popular shopping day of the year, 81.7 million consumers shopped in stores, up from 76.2 million a year ago, recording the highest level since the pandemic. Meawhile, around 87.3 million shopped online, down slightly from 90.6 million in 2023.
Cyber Monday, which used to be the most popular day for online shopping historically, recorded 64.4 million consumers, down from 73.1 million in 2023. Of the Cyber Monday online shoppers, 63 percent opted to use their mobile device, up from 55 percent last year.
During Thanksgiving weekend, the top shopping destinations were department stores and online, each 42 percent, while 40 percent opted grocery stores and supermarkets, 37 percent clothing and accessories stores, and 32 percent discount stores.
A good number of shoppers were more focused on picking up holiday gifts. Consistent with last year, 86 percent of shoppers purchased gifts during the five-day period, spending $235 on average, $8 more than 2023.
The top gifts purchased included clothing and accessories, toys, gift cards, food and candy and personal care or beauty items.
According to Mastercard, jewelry, electronics, and apparel remained the top gift sectors for the holidays, with particular strength in e-commerce for apparel on Black Friday.
NRF President and CEO Matthew Shay commented, "Thanksgiving weekend retains its prominence among holiday spending events and continues to play a significant role in the holiday season for both consumers and retailers. Even with this year's shortened shopping period and the multitude of early sales promotions from retailers, this past weekend exceeded expectations in terms of the sheer volume of shoppers."
European Shares Rise As OECD Lifts Global Growth Outlook For Next Year
(RTTNews) - European stocks were moving higher on Wednesday after Eurozone November final services PMI was confirmed at 49.5 versus 49.2 preliminary.
Meanwhile, the global economy is projected to remain resilient despite significant challenges, according to the latest economic outlook report from the Organization for Economic Co-operation and Development (OECD).
The report projects global GDP growth of 3.3 percent in 2025, up from 3.2 percent in 2024, and 3.3 percent in 2026.
The single European currency held in a narrow trading range near 1.05 levels ahead of a crucial no-confidence vote by French lawmakers in parliament against Prime Minister Michel Barnier's government over a budget dispute.
Barnier kept his hopes alive by expressing willingness to negotiate the budget with Marine Le Pen's far-right National Rally and other parties.
The pan European STOXX 600 was up 0.3 percent at 517.08 after rising 0.4 percent on Tuesday.
The German DAX climbed 0.8 percent and France's CAC 40 added 0.4 percent while the U.K.'s FTSE 100 was down 0.2 percent.
French-Italian car maker Stellantis NV rose about 1 percent after denying reports it planned to pick Apple's Maestri as its new CEO.
German automakers BMW and Mercedes Benz were up 1-2 percent and France's Renault, which is enhancing its EV segment with an expansion into China, was up nearly 4 percent.
Monks Investment Trust rose about 1 percent in London after it reported a net asset value return of 6.3 percent for the first half of their financial year.
Rio Tinto shares fell about 1 percent. The mining giant has entered into a partnership agreement with the Swedish investment company Vargas, Mitsubishi Corporation and other international and local industry partners to study a low carbon aluminium greenfield opportunity in Finland.
Zigup shares slumped 7.3 percent after the vehicle rental specialist reported mixed half-year results.
Australian Dollar Falls Against Majors
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Wednesday.
The Australian dollar fell to more than a 2-1/2-month low of 95.92 against the yen and nearly a 1-month low of 1.6368 against the euro, from yesterday's closing quotes of 96.99 and 1.6195, respectively.
Against the U.S., the Canada and the New Zealand dollars, the aussie slipped to a 4-month low of 0.6409, nearly a 3-month low of 0.9023 and a 2-day low of 1.0981 from Tuesday's closing quotes of 0.6483, 0.9118 and 1.1022, respectively.
If the aussie extends its downtrend, it is likely to find support around 94.00 against the yen, 1.66 against the euro, 0.62 against the greenback, 0.89 against the loonie and 1.08 against the kiwi.
Asian Markets Trade Mixed
(RTTNews) - Asian stock markets are trading mixed on Wednesday, following the mixed cues from Wall Street overnight, as traders react to the political turmoil in South Korea, a deepening political crisis in France and faltering economic growth in China, with the South Korean market plunging over 2 percent. They also remain optimistic about an interest rate cut by the US Fed in December. Asian markets closed mostly higher on Tuesday.
Traders will keep an eye on the release of the closely watched monthly US jobs report on Friday that could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting in mid-December.
CME Group's FedWatch Tool is currently indicating a 72.1 percent chance the Fed cuts rates by another 25 basis points but a 27.9 percent chance the central bank leaves rates unchanged.
Australian shares are trading notably lower on Wednesday, giving up some of the gains in the previous two sessions, with the benchmark SP/ASX 200 falling well below the 8,500 level from all-time highs, following the mixed cues from Wall Street overnight, after domestic GDP data misses expectations, with weakness in financial stocks partially offset by gains in technology, mining and energy stocks amid higher commodity prices.
The benchmark SP/ASX 200 Index is losing 42.20 points or 0.50 percent to 8,453.00, after hitting a low of 8,429.20 earlier. The broader All Ordinaries Index is down 35.00 points or 0.40 percent to 8,719.70. Australian stocks ended notably higher on Tuesday.
Among major miners, BHP Group is edging up 0.1 percent, Fortescue Metals is adding 1.5 percent and Rio Tinto is gaining almost 1 percent, while Mineral Resources is edging down 0.2 percent.
Oil stocks are mixed. Woodside Energy and Origin Energy are edging down 0.1 to 0.5 percent each, while Beach energy is gaining more than 1 percent and Santos is edging up 0.2 percent.
In the tech space, Zip is gaining 1.5 percent, Appen is adding almost 2 percent, WiseTech Global is advancing 2.5 percent and Xero is edging up 0.4 percent, while Afterpay owner Block is flat.
Among the big four banks, Commonwealth Bank and ANZ Banking are losing almost 1 percent each, while National Australia Bank is declining more than 1 percent and Westpac is edging down 0.3 percent.
Among gold miners, Evolution Mining is gaining 2.5 percent and Newmont is adding more than 2 percent, while Resolute Mining and Gold Road Resources are edging up 0.5 percent each, Northern Star Resources is losing almost 1 percent.
In economic news, Australia's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday. That missed expectations for an increase of 0.5 percent, although it was up from 0.2 percent in the previous three months. On an annualized basis, GDO was up 0.8 percent - again missing forecasts for a gain of 1.1 percent and down from 1.0 percent in the three months prior.
Meanwhile, the services sector in Australia continued to expand in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday, with a services PMI score of 50.5. That's down from 51.0 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the Aussie dollar is trading at $0.644 on Wednesday.
The Japanese stock market is trading modestly lower on Wednesday, reversing to the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,200 level, with weakness in index heavyweights, financial and automaker stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,077.04, down 171.82 points or 0.44 percent, after touching a high of 39,417.08 and a low of 39,062.03 earlier. Japanese stocks ended sharply higher on Tuesday.
Market heavyweight SoftBank Group is losing almost 2 percent, while Uniqlo operator Fast Retailing is up almost 1 percent. Among automakers, Honda is losing almost 2 percent and Toyota is edging down 0.4 percent.
In the tech space, Advantest is gaining almost 2 percent, while Screen Holdings is losing almost 1 percent, while Tokyo Electron is flat.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are losing almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.1 percent.
Among the major exporters, Canon is losing more than 1 percent, while Mitsubishi Electric and Panasonic are edging down 0.3 to 0.5 percent each. Sony is gaining more than 1 percent.
Among other major losers, Eisai and Keisei Electric Railway are losing more than 4 percent each, while Nikon is down more than 3 percent and Otsuka Holdings is declining almost 3 percent.
Conversely, Ryohin Keikaku is surging almost 6 percent, DeNA is gaining almost 5 percent, ZOZO is adding more than 4 percent and Fujikura is up more than 3 percent, while Mitsubishi Heavy Industries and IHI are advancing almost 3 percent each.
In economic news, the services sector in Japan moved back into expansion territory in November, the latest survey from Jibun Bank revealed on Tuesday with a service PMI score of 50.5. That's up from 49.7 in October, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Wednesday.
Elsewhere in Asia, South Korea is down 2.0 percent and New Zealand is down 1.5 percent, while China and Hong Kong are down 0.3 percent each. Singapore, Malaysia, Indonesia and Taiwan are higher by between 0.3 and 0.7 percent each.
On the Wall Street, stocks showed a lack of direction over the course of the trading day on Tuesday following the mixed performance seen during Monday's session. Despite the choppy trading, the Nasdaq and the SP 500 once again reached new record closing highs.
The major averages eventually ended the day mixed. While the Dow dipped 76.47 points or 0.2 percent to 44,705.53, the Nasdaq rose 76.96 points or 0.4 percent to 19,480.91 and the SP 500 crept up 2.73 points or 0.1 percent to 6,049.88.
Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.6 percent, the German DAX Index climbed by 0.4 percent and the French CAC 40 Index increased by 0.3 percent.
Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.
Dollar Recovers After Setback, Posts Gains Against Some Counterparts
(RTTNews) - After holding firm in the European session, the U.S. dollar fell on Wednesday, weighed down by data showing a slowdown in service sector growth in the month of November.
The Institute for Supply Management's report showed that the services PMI dropped to 52.1 in November from 56.0 in October. Economists had expected the index to drop to 55.5.
A report from payroll processor ADP showed less than expected increase in U.S. private sector employment in the month of November. The report said private sector employment climbed by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.
Economists had expected private sector employment to grow by 165,000 jobs compared to the surge of 233,000 jobs originally reported for the previous month.
The Commerce Department released a report showing a modest increase by new orders for U.S. manufactured goods in the month of October. The report said factory orders rose by 0.2% in October after dipping by a revised 0.2% in September. Economists had expected factory orders to rise by 0.2%.
Traders also noted Federal Reserve Chair Jerome Powell's speech at the New York Times DealBook Summit. Powel painted a rosy picture of the U.S. economy ahead of key jobs data due Friday. Powell stressed that the current state of the economy allows the Fed to exercise caution in moving rates back down to a more neutral level.
The dollar index, which fell to 106.09 from 106.72, recovered gradually and was last seen at 106.38, up slightly from the previous close.
Against the Euro, the dollar weakened to 1.0545 early on in the New York session, but recovered to 1.0513, gaining marginally. The dollar was down against Pound Sterling at 1.2699, despite firming from 1.2722.
The dollar strengthened to 0.6431 against the Aussie. Against Swiss franc, the dollar weakened to CHF 0.8845, and edged up to C$ 1.4076 against the Loonie.
Dollar Tree Q3 Beats Market, Updates FY24 View, CFO To Resign; Stock Up
(RTTNews) - Shares of Dollar Tree, Inc. were gaining around 5 percent in the pre-market activity on the Nasdaq, after the discount retail chain on Wednesday reported higher third-quarter results, above market estimates. The company also issued fourth-quarter outlook and updated fiscal 2024 forecast.
Further, Dollar Tree said its Chief Financial Officer Jeff Davis has agreed to step down from the role. The company has launched an external search, while Davis will remain with the firm through the filing of its fiscal 2024 Form 10-K.
Regarding the Family Dollar business segment's review of strategic alternatives, the company said the process is moving forward as planned. The proposed strategic alternatives could include, among others, a potential sale, spin-off, or other disposition of the business. There is no set deadline or definitive timeline for the completion of the review process.
Mike Creedon, Interim Chief Executive Officer, said, "Our Dollar Tree and Family Dollar merchandising efforts produced tangible results, and our third quarter sales came in at the high-end of our expected range. As an organization, our top priorities remain accelerating the growth of the Dollar Tree segment, completing the Family Dollar strategic review process, ..."
Looking ahead, to the fourth quarter, the company projects adjusted earnings per share to be in the range of $2.10 to $2.30 and consolidated net sales to range from $8.1 billion to $8.3 billion.
Analysts on average expect the company to report earnings of $2.23 per share on sales of $8.24 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Comparable store net sales growth for the quarter is projected to be in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.
Further, for fiscal 2024, Dollar Tree now projects adjusted earnings per share in the range $5.31 to $5.51, compared to previous estimate of $5.20 to $5.60.
Consolidated net sales are now expected in the range of $30.7 billion to $30.9 billion, compared to previous expected $30.6 billion to $30.9 billion,
The company still expects to deliver comparable store net sales growth in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.
The Street is looking for earnings of $5.41 per share on sales of $30.71 billion for the year.
In its third quarter, Dollar Tree's earnings increased from the same period last year and beat the Street estimates.
The company's earnings came in at $233.3 million or $1.08 per share, compared to $212.0 million, or $0.97 per share, in last year's third quarter.
Adjusted earnings were $240.6 million or $1.12 per share for the period. Analysts had expected the company to earn $1.08 per share.
The company's revenue for the quarter rose 3.5 percent to $7.568 billion from $7.314 billion last year. The Street projected sales of $7.44 billion for the quarter.
In the quarter, same-store net sales of Dollar Tree grew 1.8 percent, Family Dollar increased 1.9 percent, and Enterprise grew 1.8 percent.
In pre-market activity on the Nasdaq, Dollar Tree shares were gaining around 4.9 percent to trade at $76.05.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Canadian Market Remains Weak After Paring Early Gains
(RTTNews) - The Canadian market is down in negative territory Wednesday afternoon with investors digesting some quarterly earnings updates, including from Royal Bank of Canada and the National Bank of Canada, and Canadian manufacturing and services sector activity data.
The benchmark SP/TSX Composite Index, which climbed to 25,743.53 after opening modestly higher at 25,666.43, was down 59.97 points or 0.24% at 25,575.76 a little while ago.
Data from SP Global showed that the SP Global Canada Composite PMI rose to 51.5 in November 2024, up from 50.7 in October, marking the fastest private sector growth since May 2022 and a second consecutive month of expansion.
The SP Global Canada Services PMI rose to 51.2 in November 2024, the highest since April 2023, up from 50.4 in the prior month. Although the services sector posted a second month of growth, the expansion remained modest overall with new business largely unchanged since October.
A report from Statistics Canada said productivity in Canada decreased to 101.37 points in the third quarter of 2024 from 101.77 points in the second quarter of 2024.
Energy and consumer discretionary stocks are the major losers, and technology stocks are turning in a good performance, while shares from the rest of the sectors are turning in a mixed performance.
Royal Bank of Canada (RY.TO) reported net income of $16.2 billion for the year ended October 31, 2024, up $1.6 billion or 11% from the prior year. The stock is up by about 0.5%.
National Bank of Canada (NA.TO) is down 3.4% after reporting adjusted profit of C$928 million ($659.93 million), or C$2.58 per share, for the three months ended Oct. 31, from C$850 million, or C$2.39 per share, a year earlier.
Dollarama Inc (DOL.TO) is down nearly 6%. The company announced that its net earnings increased by 5.6% to $275.8 million in the third quarter of fiscal 2025, compared to $261.1 million in the third quarter of fiscal 2024, reflecting an increase in diluted net earnings per common share of 6.5% to $0.98 per diluted common share, in the third quarter of fiscal 2025.
TSX Retreats After Posting New High, Settles Marginally Up
(RTTNews) - The Canadian market hit a new high, but failed to hold early gains and settled just marginally up on Wednesday as losses in energy and consumer discretionary stocks outweighed gains in technology and industrials sectors.
The mood remained cautious with investors digesting earnings updates from major banks and economic data, and looking ahead to U.S. non-farm payroll data due this week.
The benchmark SP/TSX Composite Index, which posted a new intraday high at 25,743.53 in early trades, dropped to a low of 25,573.61 and finally ended the session at 25,641.18, up 5.45 points or 0.02%.
Hut 8 Corp (HUT.TO) climbed nearly 8%. Spin Master Corp (TOY.TO), MDA Space (MDA.TO), Descartes Systems Group (DSG.TO), Winpak (WPK.TO) and Guardian Capital Group (GCG.TO) gained 3 to 5%.
Capital Power Corporation (CPX.TO), TerraVest Industries (TVK.TO), Kinaxis Inc (KXS.TO), Thomson Reuters (TRI.TO), Atkins Realis (ATRL.TO), Stella-Jones (SJ.TO), Premium Brands Holdings Corporation (PBH.T), WSP Global (WSP.TO) and Stantec (STN.TO) closed up 2 to 3%.
Royal Bank of Canada (RY.TO) reported net income of $16.2 billion for the year ended October 31, 2024, up $1.6 billion or 11% from the prior year. The stock closed modestly higher.
National Bank of Canada (NA.TO) closed nearly 4% down. The bank reported adjusted profit of C$928 million ($659.93 million), or C$2.58 per share, for the three months ended Oct. 31, from C$850 million, or C$2.39 per share, a year earlier.
Dollarama Inc (DOL.TO) settled more than 5% down. The company announced that its net earnings increased by 5.6% to $275.8 million in the third quarter of fiscal 2025, compared to $261.1 million in the third quarter of fiscal 2024, reflecting an increase in diluted net earnings per common share of 6.5% to $0.98 per diluted common share, in the third quarter of fiscal 2025.
Coveo Solutions (CVO.TO) tanked more than 11%. Quebecor Inc (QBR.TO) closed down 9.4%. Tenaz Energy (TNZ.TO), Canadian Western Bank (CWB.TO), Precision Drilling Corporation (PD.TO), Canadian Natural Resources (CNQ.TO), Ero Copper (ERO.TO), Cenovus Energy (CVE.TO), Tourmaline Oil Corp (TOU.TO), Imperial Oil (IMO.TO) and MEG Energy Corp (MEG.TO) lost 2 to 4.3%.
Data from SP Global showed that the SP Global Canada Composite PMI rose to 51.5 in November 2024, up from 50.7 in October, marking the fastest private sector growth since May 2022 and a second consecutive month of expansion.
The SP Global Canada Services PMI rose to 51.2 in November 2024, the highest since April 2023, up from 50.4 in the prior month. Although the services sector posted a second month of growth, the expansion remained modest overall with new business largely unchanged since October.
A report from Statistics Canada said productivity in Canada decreased to 101.37 points in the third quarter of 2024 from 101.77 points in the second quarter of 2024.
U.S. Private Sector Employment Climbs Slightly Less Than Expected November
(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly less than expected in the month of November.
ADP said private sector employment climbed by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.
Economists had expected private sector employment to grow by 165,000 jobs compared to the surge of 233,000 jobs originally reported for the previous month.
"While overall growth for the month was healthy, industry performance was mixed," said ADP chief economist Nela Richardson. "Manufacturing was the weakest we've seen since spring. Financial services and leisure and hospitality were also soft."
Bay Street Likely To Open On Firm Note
(RTTNews) - Canadian shares look headed for a positive start Wednesday morning thanks to strong quarterly earnings updates from Royal Bank of Canada and National Bank of Canada, and firm European stocks.
Royal Bank of Canada (RY.TO) reported net income of $16.2 billion for the year ended October 31, 2024, up $1.6 billion or 11% from the prior year.
National Bank of Canada (NA.TO) reported adjusted profit of C$928 million ($659.93 million), or C$2.58 per share, for the three months ended Oct. 31, from C$850 million, or C$2.39 per share, a year earlier.
Dollarama Inc (DOL.TO) announced that its net earnings increased by 5.6% to $275.8 million in the third quarter of fiscal 2025, compared to $261.1 million in the third quarter of fiscal 2024, reflecting an increase in diluted net earnings per common share of 6.5% to $0.98 per diluted common share, in the third quarter of fiscal 2025.
On the economic front, data on Canadian manufacturing and services sector activity for the month of November is due at 9:30 AM ET.
The Labor Productivity data for the third-quarter is due at 8:30 AM ET.
The Canadian market closed modestly higher on Tuesday, supported by gains in materials, healthcare and consumer staples sectors.
The benchmark SP/TSX Composite Index, which climbed more than 100 points to 25,693.68 at the start but dropped to 25,578.72 soon thereafter, ended the day's session at 25,635.73 with a gain of 45.40 points or 0.18%.
Asian stocks closed broadly lower on Wednesday as South Korea plunged into political chaos and data showed China's services activity expansion eased in November. Geopolitical tension also remained on investors' radar after Israel threatened to attack the Lebanese state if its truce with Hezbollah fails.
European stocks are mostly up in positive territory after Eurozone November final services PMI was confirmed at 49.5 versus 49.2 preliminary. A report from the Organization for Economic Co-operation and Development (OECD) pojecting global GDP growth of 3.3% in 2025, up from 3.2% in 2024, and 3.3% in 2026, is aiding sentiment.
In commodities, West Texas Intermediate Crude oil futures are up $0.07 or 0.1% at $70.01 a barrel.
Gold futures are down slightly at $2,667.20 an ounce, while Silver futures are lower by $0.137 or 0.44% at $31.355 an ounce.
