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Bank Of England Cuts Rate For Second Time This Year
(RTTNews) - The Bank of England reduced its benchmark rate for the second time this year citing continued progress in disinflation.
The Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.
Previously, the bank had reduced the policy rate by a quarter-point in August, which was the first reduction since March 2020.
At the November meeting, eight members voted for a 25 bps cut, while Catherine Mann alone voted to maintain the rate at 5.00 percent.
The MPC said a gradual approach to removing policy restraint remains appropriate.
"Monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated further," the bank said in a statement.
The committee continues to monitor closely the risks of inflation persistence and will decide the appropriate degree of monetary policy restrictiveness at each meeting, the BoE said.
Fed Lowers Interest Rates By Quarter Point, Attentive To Risks To Both Sides Of Dual Mandate
(RTTNews) - After aggressively slashing interest rates by half a percentage point in September, the Federal Reserve on Thursday announced its widely expected decision to lower rates by another quarter point.
The Fed said it has decided to lower the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent.
The central bank said its decision to continue lowering rates comes as labor market conditions have generally eased, while inflation continues to make progress towards its 2 percent objective.
However, the Fed said the risks to achieving its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run are roughly in balance.
"The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the Fed said.
In considering future adjustments to rates, the central bank said it will continue to carefully assess incoming data, the evolving outlook, and the balance of risks.
The Fed's next monetary policy meeting is scheduled for December 17-18, with CME Group's FedWatch Tool currently indicating a 70.0 percent chance of another quarter point rate cut but a 29.0 percent chance rates will be left unchanged.
Renewed Support Anticipated For Malaysia Stock Market
(RTTNews) - The Malaysia stock market on Thursday wrote a finish to the four-day winning streak in which it had advanced more than 30 points or 2 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,625-point plateau although it's expected to bounce higher again on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The KLCI finished modestly lower on Thursday following losses from the plantation stocks, industrials and telecoms, while the financial sector was mixed.
For the day, the index lost 10.89 points or 0.67 percent to finish at 1,623.28 after trading between
79,419.34 and 80,563.42.
Among the actives, Axiata tumbled 2.58 percent, while Celcomdigi sank 1.47 percent, CIMB Group dipped 0.24 percent, Genting skidded 1.74 percent, Genting Malaysia retreated 2.17 percent, IHH Healthcare and Tenaga Nasional both eased 0.14 percent, IOI Corporation dropped 1.52 percent, Kuala Lumpur Kepong shed 1.26 percent, Maxis stumbled 2.49 percent, Maybank gave up 0.19 percent, MISC jumped 1.92 percent, MRDIY plunged 4.46 percent, Nestle Malaysia lost 1.19 percent, Petronas Chemicals declined 1.80 percent, PPB Group surrendered 2.75 percent, Press Metal tanked 3.31 percent, Public Bank collected 0.22 percent, QL Resources was down 0.21 percent, RHB Bank gained 0.78 percent, Sime Darby and Hong Leong Financial both fell 0.85 percent, SD Guthrie slid 0.80 percent, Telekom Malaysia slipped 0.30 percent, YTL Corporation plummeted 4.95 percent, YTL Power weakened 1.76 percent and Sunway and Petron as Gas were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Closer to home, Malaysia will see September data for industrial production and unemployment later today; in August, production was up 4.1 percent on year and the jobless rate was 3.2 percent.
Japan Household Spending Slips 1.1% On Year In September
(RTTNews) - The average of household spending in Japan was down 1.1 percent on year in September, the Ministry of Economy, Trade and Industry said on Friday - coming in at 287,963 yen.
That beat forecasts for a decline of 1.8 percent following the 1.9 percent drop in August.
On a monthly basis, spending fell 1.3 percent - shy of expectations for a decline of 0.7 percent following the 2.0 percent increase in the previous month.
The average of monthly income per household stood at 493,942 yen down 1.6 percent on year.
Win Streak May Continue For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has moved higher in four straight sessions, gathering more than 625 points or 2.8 percent along the way. The Taiwan Stock Exchange now rests just above the 23,400-point plateau and it may add to its winnings on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The TSE finished modestly higher again on Thursday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index advanced 191.44 points or 0.82 percent to finish at 23,408.82 after trading between 23,132.94 and 23,518.63.
Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial rose 0.26 percent, First Financial shed 0.37 percent, Fubon Financial collected 0.88 percent, E Sun Financial rallied 1.29 percent, Taiwan Semiconductor Manufacturing Company added 0.47 percent, United Microelectronics Corporation accelerated 2.84 percent, Hon Hai Precision jumped 1.64 percent, Largan Precision fell 0.21 percent, Catcher Technology stumbled 2.22 percent, Delta Electronics dropped 0.99 percent, Novatek Microelectronics eased 0.10 percent, Formosa Plastics soared 3.28 percent, Nan Ya Plastics spiked 2.85 percent, Asia Cement improved 0.74 percent and MediaTek and CTBC Financial were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Closer to home, Taiwan will provide October numbers for imports, exports and trade balance later today. In September, imports were up 17.4 percent on year and exports rose an annual 4.5 percent for a trade surplus of $7.12 billion.
U.S. Dollar Gives Back Ground After Yesterday's Surge
(RTTNews) - After surging during Wednesday's trading, the value of the U.S. dollar has shown a notable move back to the downside during trading on Thursday.
The U.S. dollar index is currently sliding 0.73 points or 0.7 percent to 104.35 after jumping by 1.6 percent to its highest levels in almost four months on Wednesday.
The greenback is trading at 152.91 yen versus the 154.63 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0802 compared to yesterday's $1.0729.
Traders may have looked to cash in on yesterday's rally, which came on the heels of former President Donald Trump's decisive victory in the presidential election.
The pullback also came as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
After aggressively slashing interest rates by half a percentage point in September, the Fed said it has decided to lower the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent.
The central bank said its decision to continue lowering rates comes as labor market conditions have generally eased, while inflation continues to make progress towards its 2 percent objective.
However, the Fed said the risks to achieving its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run are roughly in balance.
"The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the Fed said.
In considering future adjustments to rates, the central bank said it will continue to carefully assess incoming data, the evolving outlook, and the balance of risks.
Fed Chair Jerome Powell stressed during his post-meeting press conference that rates are not on "any preset course" and said the central bank will make future decisions "meeting by meeting."
Powell also said the Fed is "well positioned" to deal with the risks to both sides of its dual mandate, noting the it can cut rates more slowly or more quickly depending on the economic developments.
U.S. Weekly Jobless Claims Inch Up To 221,000
(RTTNews) - A report released by the Labor Department on Thursday showed a modest rebound by first-time claims for U.S. unemployment benefits in the week ended November 2nd.
The Labor Department said initial jobless claims crept up to 221,000, an increase of 3,000 from the previous week's revised level of 218,000.
Economists had expected jobless claims to rise to 221,000 from the 216,000 originally reported for the previous week.
The uptick came a week after jobless claims dropped to their lowest level since hitting 216,000 in the week ended May 18th.
China Stock Market Tipped To Open In The Green
(RTTNews) - The China stock market found renewed support on Thursday, one day after ending the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just above the 3,470-point plateau although it's expected to open higher again on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The SCI finished sharply higher on Thursday following gains from the financial hares, property stocks and resource and energy companies.
For the day, the index surged 86.85 points or 2.57 percent to finish at the daily high of 3,470.66 after trading as low as 3,356.26. The Shenzhen Composite Index soared 50.93 points or 2.48 percent to end at 2,100.71.
Among the actives, Industrial and Commercial Bank of China advanced 0.99 percent, while Bank of China collected 0.61 percent, China Construction Bank climbed 1.00 percent, China Merchants Bank accelerated 2.62 percent, Agricultural Bank of China added 0.63 percent, China Life Insurance skyrocketed 9.99 percent, Jiangxi Copper improved 0.73 percent, Aluminum Corp of China (Chalco) spiked 2.91 percent, Yankuang Energy rallied 2.48 percent, PetroChina strengthened 1.09 percent, China Petroleum and Chemical (Sinopec) jumped 1.59 percent, Huaneng Power increased 1.52 percent, China Shenhua Energy gained 1.19 percent, Gemdale surged 3.50 percent, Poly Developments soared 2.73 percent and China Vanke gathered 4.11 percent.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Higher Open Called For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market rebounded on Thursday, one day after halting the three-day winning streak in which it had surged almost 700 points or 3.4 percent. The Hang Seng Index now sits just above the 20,950-point plateau and it's got a positive lead again for Friday's trade.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The Hang Seng finished sharply higher on Thursday with gains across the board, especially among the financials and properties, while the technology stocks were also mostly in the green.
For the day, the index soared 414.96 points or 2.02 percent to finish at 20,053.34 after trading between 20,370.44 and 20,986.31.
Among the actives, Alibaba Group climbed 1.32 percent, while Alibaba Health Info spiked 5.21 percent, ANTA Sports jumped 3.90 percent, China Life Insurance skyrocketed 8.66 percent, China Mengniu Dairy soared 5.33 percent, China Resources Land accelerated 3.57 percent, CITIC surged 5.73 percent, CNOOC rose 0.56 percent, CSPC Pharmaceutical strengthened 2.06 percent, Galaxy Entertainment rallied 5.06 percent, Haier Smart Home advanced 1.26 percent, Hang Lung Properties improved 1,17 percent, Henderson Land added 1.16 percent, Hong Kong China Gas gained 0.99 percent, Industrial and Commercial Bank of China jumped 3.16 percent, JD.com increased 1.05 percent, Lenovo tumbled 2.60 percent, Li Auto accelerated 2.19 percent, Li Ning surged 5.76 percent, Meituan soared 5.60 percent, New World Development climbed 2.02 percent, Nongfu Spring spiked 4.12 percent, Techtronic Industries slumped 1.63 percent, Xiaomi Corporation collected0.91 percent and WuXi Biologics strengthened 2.10 percent.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Japan Household Spending Data Due On Friday
(RTTNews) - Japan will on Friday release September figures for household spending, highlighting a light day for Asia-Pacific economic activity.
Spending is expected to sink 0.7 percent on month and 1.8 percent on year after adding 20 percent on month and falling 1.9 percent on year in August.
Japan also will see September figures for its leading and coincident indexes; in August, they were down 2.4 percent and 3.2 percent on month, respectively.
Malaysia will see September data for industrial production and unemployment; in August, production was up 4.1 percent on year and the jobless rate was 3.2 percent.
Taiwan will provide October numbers for imports, exports and trade balance. In September, imports were up 17.4 percent on year and exports rose an annual 4.5 percent for a trade surplus of $7.12 billion.
Bank Of England Cuts Rate By 25 Bps; Future Easing To Be Gradual
(RTTNews) - The Bank of England reduced its benchmark rate for the second time this year citing continued progress in disinflation but suggested that further easing is set to be gradual as the last week's budget has upward impact on inflation.
The Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.
Previously, the U.K. central bank had reduced the policy rate by a quarter-point in August, which was the first reduction since March 2020.
At the November meeting, Governor Andrew Bailey and seven other members voted for a 25 basis points cut, while policymaker Catherine Mann alone voted to maintain the rate at 5.00 percent.
The MPC said a 'gradual approach' to removing policy restraint remains appropriate.
Bailey said, "We need to make sure inflation stays close to target, so we can't cut interest rates too quickly or by too much."
The BoE repeated that the monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2 percent target in the medium term have dissipated further.
Headline CPI inflation is forecast to rise to 2.5 percent by December and it is projected to peak at 2.8 percent in the third quarter of 2025. In two years' time, inflation is seen at 2.2 percent. The Autumn budget is expected to boost inflation by just under half a percentage point at its peak.
The BoE estimated that the budget will boost the level of GDP by 0.75 percent next year.
The future path of U.K. interest rates was complicated by Chancellor Rachel Reeves Autumn Budget announcement a week ago and the outcome of the US presidential election this week.
The increase in British government spending, as planned by Reeves, has limited the ability of the central bank to cut the policy rate further.
ING economist James Smith said the BoE will keep rates on hold in December but accelerate the pace of cuts from February.
The U.S. Federal Reserve is also expected to cut its key interest rate later today, a day after Donald Trump won the presidential race.
European Shares Slide As China Approves $838bn Debt Swap
(RTTNews) - European stocks drifted lower on Friday as China's top legislative body - the National People's Congress (NPC) - approved the State Council's proposal to increase local government debt limit by $838 billion after a week-long session.
There was some disappointment as the hotly anticipated stimulus was not as broad or immediate as initially presumed.
The pan European STOXX 600 dropped 0.2 percent to 509.11 after rising 0.6 percent on Thursday.
The German DAX dipped 0.3 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 was down 0.3 percent.
Eurozone bond yields dipped after a busy week of central bank meetings and amid the collapse of the German government.
Germany's opposition leader Friedrich Merz has accused Chancellor Olaf Scholz of seeking to delay an early election until March purely for party political advantage.
Merz not only rejected Scholz's approach and reiterated his demand for a January vote, given that Europe's biggest economy urgently needs additional measures to restore meaningful growth.
In corporate news, Vistry Group shares plummeted 16 percent. The British housebuilder announced today that it has revised down its expectations for annual adjusted profit before tax because of issues in its South Division, adjustments in other regions, and reduced expectations for completions.
Property portal Rightmove edged up slightly after releasing its first trading update since rejecting the final of four takeover offers by Australia's REA Group.
AstraZeneca rallied nearly 2 percent. It was said the Phase III WAYPOINT study of AstraZeneca and Amgen's Tezspire in patients with chronic rhinosinusitis with nasal polyps met its both co-primary endpoints.
British Airways-owner IAG jumped almost 7 percent after reporting a bigger-than-expected quarterly profit.
Cartier owner Richemont tumbled 4 percent after posting a 20 percent drop in net profit for the first half of the year. French rivals LVMH, Kering and Hermes were down 2-3 percent.
German telecom service provider Freenet surged 6 percent after lifting its full-year outlook.
Sensex, Nifty End Marginally Lower
(RTTNews) - Indian shares moved in a narrow range before finishing marginally lower on Friday after a busy week of central bank meetings and Donald Trump's victory in the U.S. presidential election.
The benchmark 30-share BSE Sensex ended the session down 55.47 points, or 0.07 percent, at 79,486.32, extending declines for a second straight session.
The broader NSE Nifty index dropped 51.15 points, or 0.21 percent, to 24,148.20.
Second-line stocks faced heavy selling pressure, with the mid-cap and small-cap indexes on the BSE closing down 1.2 percent and 1.5 percent, respectively.
SBI, Tata Steel, Asian Paints, Coal India and Trent fell 2-4 percent in the Nifty pack while Infosys, Nestle India, Tech Mahindra, Titan Company and Mahindra Mahindra rose 1-2 percent.
Other Asian markets ended mixed earlier in the day while European markets drifted lower following stimulus announcements from China.
The $1.4 trillion plan announced today by the Standing Committee of the National People's Congress was substantial but analysts said the country needs to do more to stabilize the economy.
Oil prices traded lower in European trade, but were set to gain around 3 percent for the week following OPEC+'s decision for a month's delay in plans to increase output and amid speculation the Trump administration may enforce tighter sanctions on oil-producing countries such as Iran and Venezuela.
Gold prices edged lower after climbing more than 1 percent in the previous session as Fed Chair Jerome Powell said the central bank will evaluate data to adjust the "pace and destination" of rates.
FTSE 100 Drifts Lower In Lackluster Trade
(RTTNews) - U.K. stocks were subdued on Friday, a day after the Bank of England cut interest rates as expected but signaled stickier inflation.
The benchmark FTSE 100 was down 21 points, or 0.3 percent, at 8,119 after declining 0.3 percent on Thursday.
Vistry Group shares plummeted 16 percent. The housebuilder announced today that it has revised down its expectations for annual adjusted profit before tax because of issues in its South Division, adjustments in other regions, and reduced expectations for completions.
Property portal Rightmove edged up slightly after releasing its first trading update since rejecting the final of four takeover offers by Australia's REA Group.
AstraZeneca rallied nearly 2 percent. It was said the Phase III WAYPOINT study of AstraZeneca and Amgen's Tezspire in patients with chronic rhinosinusitis with nasal polyps met its both co-primary endpoints.
British Airways-owner IAG jumped almost 7 percent after reporting a bigger-than-expected quarterly profit.
Yen Rises After Fed Rate Cut
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Friday, after the U.S. Fed delivered the widely expected decision to lower interest rates by a quarter point and signaled no intention to skip cutting rates. The Bank of England also cut interest rates.
Fed Chair Jerome Powell stressed during his post-meeting press conference that rates are not on "any preset course" and that the central bank will make future decisions "meeting by meeting" to deal with the risks to both sides of the dual mandate.
Powell added that the central bank will evaluate data to adjust the "pace and destination" of rates.
Katsunobu Kato, Japan's finance minister, stated Friday that he "will closely monitor the impact of Trump's policies on Japan's economy."
In economic news, the average of household spending in Japan was down 1.1 percent on year in September, the Ministry of Economy, Trade and Industry said on Friday - coming in at 287,963 yen. That beat forecasts for a decline of 1.8 percent following the 1.9 percent drop in August. On a monthly basis, spending fell 1.3 percent - shy of expectations for a decline of 0.7 percent following the 2.0 percent increase in the previous month. The average of monthly income per household stood at 493,942 yen down 1.6 percent on year.
In the Asian trading today, the yen rose to nearly a 2-week high of 164.50 against the euro and a 4-day high of 174.80 against the Swiss franc, from yesterday's closing quotes of 165.23 and 175.26, respectively. The yen may test resistance near 160.00 against the euro and 171.00 against the franc.
Against the pound, the U.S. dollar and the Canadian dollar, the yen advanced to 2-day highs of 197.83, 152.55 and 109.91 from Thursday's closing quotes of 198.59, 152.93 and 110.32, respectively. If the yen extends its uptrend, it is likely to find resistance around 191.00 against the pound, 145.00 against the greenback and 105.00 against the loonie.
Against the Australia and the New Zealand dollars, the yen edged up to 101.46 and 91.62 from yesterday's closing quotes of 102.13 and 92.13, respectively. The next possible upside target for the yen is seen around 98.00 against the aussie and 90.00 against the kiwi.
Looking ahead, Canada jobs data for October, U.S. University of Michigan's consumer sentiment data for November and U.S. Baker Hughes oil rig count data are slated for release in the New York session.
Indonesia Stock Market May Halt Losing Streak
(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, stumbling almost 250 points or 3.3 percent along the way. The Jakarta Composite Index now rests just above the 7,240-point plateau although it may stop the bleeding on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The JCI finished sharply lower on Thursday following losses from the financial shares and energy companies, while the cement companies were mixed.
For the day, the index tumbled 140.01 points or 1.90 percent to finish at the daily low of 7,243.86 after peaking at 7,381.76.
Among the actives, Bank CIMB Niaga shed 0.55 percent, while Bank Mandiri tumbled 1.91 percent, Bank Negara Indonesia surrendered 1.95 percent, Bank Central Asia tanked 2.63 percent, Bank Rakyat Indonesia skidded 1.09 percent, Bank Maybank Indonesia dropped 0.90 percent, Indosat Ooredoo Hutchison jumped 1.78 percent, Indocement slumped 1.10 percent, Semen Indonesia rose 0.27 percent, Indofood Sukses Makmur strengthened 1.28 percent, United Tractors perked 0.09 percent, Astra International sank 0.99 percent, Energi Mega Persada plummeted 8.40 percent, Astra Agro Lestari fell 0.37 percent, Aneka Tambang rallied 2.27 percent, Jasa Marga advanced 0.85 percent, Timah gained 0.69 percent, Bumi Resources plunged 3.70 percent and Bank Danamon Indonesia and Vale Indonesia were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
CAC 40 Edges Lower As Investors React To China's Stimulus Announcement
(RTTNews) - French stocks were little changed on Friday as China's top legislative body - the National People's Congress (NPC) - approved the State Council's proposal to increase local government debt limit by $839 billion after a week-long session.
There was some disappointment as the hotly anticipated stimulus was not as broad or immediate as initially presumed.
The benchmark CAC 40 was down 11 points, or 0.2 percent, at 7,414 after climbing 0.8 percent the previous day.
Eurozone bond yields dipped after a busy week of central bank meetings and amid the collapse of the German government.
Luxury stocks LVMH, Kering and Hermes fell 2-3 percent after Cartier owner Richemont posted a 20 percent drop in net profit for the first half of the year.
Asian Shares Mixed With China NPC Meeting In Focus
(RTTNews) - Asian stocks ended mixed on Friday after the Bank of England and the U.S. Federal Reserve cut interest rates by a quarter point.
Focus shifted to stimulus announcements from China later in the day as the meeting in the Standing Committee of the National People's Congress ends.
The dollar sagged in Asian trading after Fed Chair Jerome Powell said the central bank will evaluate data to adjust the "pace and destination" of rates.
Gold prices were notably lower after rising more than 1 percent on Thursday. Oil prices dipped but were on track for a weekly gain.
Chinese and Hong Kong markets ended lower as investors awaited details of a much-anticipated economic stimulus package to rev up the slowing Chinese economy.
China's Shanghai Composite ended down 0.53 percent at 3,452.30 after a choppy session. Hong Kong's Hang Seng fell 1.07 percent to 20,728.19, giving up early gains.
Japanese markets eked out modest gains as tech stocks followed their U.S. peers higher. The upside was capped by weak household spending data and a relatively stronger yen.
The Nikkei average edged up by 0.30 percent to 39,500.37 while the broader Topix index finished marginally lower at 2,742.15.
AI-focused startup investor SoftBank Group gained 1.6 percent and Tokyo Electron added 0.9 percent.
Nissan Motor shares slumped more than 6 percent as the automaker announced plans to cut 9000 jobs and 20 percent of its global manufacturing capacity after net income plummeted in the first half.
Seoul stocks ended slightly lower on lingering concerns regarding a second presidential term for Donald Trump. The Kospi average slid 0.14 percent to 2,561.15.
Australian markets climbed to over a two-week high, with mining and gold stocks leading the surge. The benchmark SP/ASX 200 jumped 0.84 percent to 8,295.10 while the broader All Ordinaries index closed up 0.84 percent at 8,552.60.
Lender ANZ rose 1.3 percent despite posting a 9 percent drop in annual profit.
Across the Tasman, New Zealand's benchmark SP/NZX 50 index jumped 1.50 percent to 12,770.33.
U.S. stocks closed higher overnight while Treasury yields fell alongside the dollar after the Fed delivered a 25-basis point interest-rate cut and signaled no intention to skip cutting rates.
Fed Chair Jerome Powell stressed during his post-meeting press conference that rates are not on "any preset course" and that the central bank will make future decisions "meeting by meeting" to deal with the risks to both sides of the dual mandate.
Investors also prepared for a "Trump 2.0 era" and "America First" economic stance, but there were some concerns about the effect planned tariff increases will have on inflation and interest rates.
The tech-heavy Nasdaq Composite surged 1.5 percent, and the SP 500 added 0.7 percent to score the second record finish in a row while the Dow finished marginally lower.
Australian Market Significantly Higher
(RTTNews) - The Australian stock market is significantly higher on Friday, adding to the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,300 level, with gains across most sectors led by mining and technology stocks. Energy stocks were the only weak spot.
The benchmark SP/ASX 200 Index is gaining 86.50 points or 1.05 percent to 8,312.80, after touching a high of 8,319.40 earlier. The broader All Ordinaries Index is up 90.10 points or 1.06 percent to 8,571.70. Australian markets ended modestly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are gaining almost 2 percent each, while Fortescue Metals is advancing more than 2 percent. Mineral Resources is losing more than 2 percent.
Oil stocks are mostly lower. Woodside Energy and Santos are edging down 0.5 percent each, while Beach energy is losing more than 1 percent. Origin Energy is gaining almost 1 percent.
Among tech stocks, Zip is adding almost 4 percent and Appen is surging almost 7 percent, while WiseTech Global and Xero are gaining almost 2 percent each. Afterpay-owner Block is tumbling almost 7 percent after its results missed market expectations.
Among the big four banks, Commonwealth Bank and ANZ Banking are gaining almost 1 percent each, while Westpac is adding more than 1 percent. National Australia Bank is edging down 0.3 percent.
Gold miners are mostly higher. Evolution Mining is advancing almost 4 percent, Northern Star Resources is adding more than 3 percent, Newmont is up almost 2 percent, Resolute Mining is gaining almost 1 percent and Gold Road Resources is rising more than 2 percent.
In the currency market, the Aussie dollar is trading at $0.666 on Friday.
On Wall Street, stocks showed another strong move to the upside during trading on Thursday after moving sharply higher over the two previous sessions. With the continued advance, the Nasdaq and the SP 500 reached new record closing highs.
The tech-heavy Nasdaq led the charge, surging by 285.99 points or 1.5 percent to 19,269.46, while the SP 500 climbed 44.06 points or 0.7 percent to 5,973.10. The narrower Dow, on the other hand, spent the day lingering near the unchanged line before closing down just 0.59 points at 43,729.34.
Meanwhile, European stocks moved mostly higher on the day. The German DAX Index surged by 1.7 percent and the French CAC 40 Index advanced by 0.8 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and declined by 0.3 percent.
Crude oil prices settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Pound Falls Against Majors
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday.
The pound fell to a 3-day low of 197.19 against the yen, from an early high of 198.83.
Against the Swiss franc, the U.S. dollar and the euro, the pound edged down to 1.1288, 1.2936 and 0.8325 from early highs of 1.1334, 1.2983 and 0.8308, respectively.
If the pound extends its downtrend, it is likely to find support around 195.00 against the yen, 1.11 against the franc, 1.27 against the greenback and 0.84 against the euro.
Thai Bourse Tipped To Open To The Upside
(RTTNews) - The Thai stock market has moved higher in two of tree trading days since the end of the two-day slide in which it had eased just over 3 points or 0.2 percent. The Stock Exchange of Thailand now sits just beneath the 1,470-point plateau and it may see additional support on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The SET finished slightly higher on Thursday as gains from the financial, industrial and technology stocks were offset by weakness from the property, consumer and service sectors.
For the day, the index rose 2.30 points or 0.16 percent to finish at 1,469.72 after trading between 1,468.56 and 1,478.77. Volume was 12.693 billion shares worth 55.622 billion baht. There were 310 decliners and 185 gainers, with 173 stocks finishing unchanged.
Among the actives, Advanced Info soared 4.01 percent, while Thailand Airport shed 0.40 percent, Banpu spiked 2.59 percent, Bangkok Bank and Kasikornbank both climbed 1.02 percent, Bangkok Dusit Medical retreated 1.83 percent, Bangkok Expressway lost 0.65 percent, B. Grimm tumbled 1.86 percent, BTS Group accelerated 2.51 percent, Bumrungrad Hospital crashed 8.78 percent, Charoen Pokphand Foods advanced 0.83 percent, Energy Absolute sank 0.71 percent, Gulf strengthened 1.55 percent, Krung Thai Bank collected 0.97 percent, Krung Thai Card skidded 1.07 percent, PTT Exploration and Production fell 0.39 percent, PTT Global Chemical surged 5.71 percent, SCG Packaging plummeted 6.00 percent, Siam Commercial Bank rallied 1.32 percent, Thai Oil stumbled 1.73 percent, True Corporation improved 0.82 percent, TTB Bank added 0.56 percent and Siam Concrete, Asset World, PTT Oil Retail, PTT and CP All Public were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Indonesia Bourse May Reclaim 7,300-Point Level
(RTTNews) - The Indonesia stock market on Friday ended the two-day slide in which it had plunged almost 250 points or 3.3 percent. The Jakarta Composite Index now rests just beneath the 7,290-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly higher on Friday following gains from the energy companies and mixed performances from the financial, cement and resource stocks.
For the day, the index added 43.33 points or 0.60 percent to finish at 7,287.19 after trading between 7,265.58 and 7,350.36.
Among the actives, Bank CIMB Niaga sank 0.83 percent, while Bank Mandiri retreated 1.56 percent, Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia dropped 0.90 percent, Bank Central Asia slumped 0.98 percent, Bank Rakyat Indonesia shed 0.66 percent, Indosat Ooredoo Hutchison plunged 4.80 percent, Indocement climbed 1.11 percent, Semen Indonesia lost 0.82 percent, Indofood Sukses Makmur tanked 2.53 percent, United Tractors and Energi Mega Persada both advanced 0.83 percent, Astra International skidded 0.80 percent, Astra Agro Lestari slid 0.38 percent, Aneka Tambang added 0.63 percent, Jasa Marga rose 0.42 percent, Vale Indonesia rallied 2.41 percent, Timah spiked 2.07 percent, Bumi Resources stumbled 2.31 percent and Bank Maybank Indonesia was unchanged,
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Closer to home, Indonesia will provide October results for its consumer confidence index later today; in September, the index score was 123.5.
Malaysia Stock Market May Find Traction On Monday
(RTTNews) - The Malaysia stock market has tracked lower in back-to-back sessions, dropping almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,620-point plateau although it may stop the bleeding on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Friday as losses from the financials, telecoms and industrials were mitigated by support from the plantations.
For the day, the index eased 2.04 points or 0.13 percent to finish at the daily low of 1,621.24 after peaking at 1,627.62.
Among the actives, Axiata and MISC both retreated 0.88 percent, while Celcomdigi fell 0.30 percent, CIMB Group collected 0.49 percent, Genting tanked 2.03 percent, Genting Malaysia tumbled 0.89 percent, IHH Healthcare shed 0.55 percent, IOI Corporation rallied 1.03 percent, Kuala Lumpur Kepong was up 0.27 percent, Maxis jumped 1.42 percent, Maybank dropped 0.76 percent, MRDIY climbed 0.93 percent, Nestle Malaysia eased 0.02 percent, Petronas Chemicals and QL Resources both rose 0.41 percent, PPB Group advanced 0.85 percent, Press Metal lost 0.43 percent, Public Bank slid 0.22 percent, RHB Bank sank 0.52 percent, SD Guthrie gained 0.60 percent, Sunway added 0.65 percent, Telekom Malaysia gathered 0.31 percent, Tenaga Nasional perked 0.28 percent, YTL Corporation plunged 2.84 percent, YTL Power plummeted 2.99 percent and Sime Darby, Petronas Dagangan and Hong Leong Bank were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Bay Street Likely To Open On Negative Note
(RTTNews) - Lower Canadian and U.S. stock futures, weak commodity prices and European stocks point to a negative start for the Canadian market Friday morning. The focus will be on Canadian employment data.
Once again, investors will be reacting to a slew of corporate earnings announcements.
Canadian employment data for the month of October is due at 8:30 AM ET. Employment in Canada rose by 46,700 in September, the most in five months, after rising by 22,100 in August.
The unemployment rate in Canada eased to 6.5% in September from the 34-month high of 6.6% recorded in August.
Data on average hourly wages for the month of October is also due at 8:30 AM ET. In September, average hourly earnings in Canada came in at $36.54, edging up marginally from a month earlier.
In earnings news, Telus Corporation (T.TO) reported a net income of $257 million for the quarter ended September 30, 2024, up 87.6% compared to net income of $137 million in the corresponding quarter last year.
Onex Corporation (ONEX.TO) reported third-quarter net earnings of $127 million, compared to $256 million a year ago.
Docebo Inc (DCBO.TO) reported net income of $5.0 million, or $0.16 per share, for the third quarter of this financial year, compared to net income of $4.0 million, or $0.12 per share for the comparative period in the prior year.
Brookfield Business Partners (BBU.UN.TO) reported net income of $301 million for the three months ended September 30, 2024, compared to net loss of $44 million in the corresponding quarter of the previous year.
The Canadian market ended on a firm note on Thursday, extending the upward move seen over the two previous sessions. The benchmark SP/TSX Composite Index ended the day up 208.48 points or 0.9% at a new record closing high of 24,845.93.
The continued strength on Bay Street came as the Federal Reserve announced its widely expected decision to lower interest rates by another quarter point.
Asian stocks ended mixed on Friday after the Bank of England and the U.S. Federal Reserve cut interest rates by a quarter point. Focus shifted to stimulus announcements from China later in the day as the meeting in the Standing Committee of the National People's Congress ends.
European stocks are notably lower on Friday as China's top legislative body - the National People's Congress (NPC) - approved the State Council's proposal to increase local government debt limit by $838 billion after a week-long session. There is some disappointment as the hotly anticipated stimulus is not as broad or immediate as initially presumed.
In commodities, West Texas Intermediate Crude oil futures are down $0.84 or 1.16% at $71.52 a barrel.
Gold futures are down $9.10 or 0.33% at $2,696.70 an ounce, while Silver futures are lower by $0.260 or 0.82% at $31.595 an ounce.
Disappointing Stimulus May Weigh On China Shares
(RTTNews) - The China stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just above the 3,450-point plateau and it may open under pressure again on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished modestly lower on Friday following losses among the financial shares, property stocks and resource and energy companies.
For the day, the index shed 18.36 points or 0.53 percent to finish at 3,452.30 after trading between 3,443.19 and 3,509.82. The Shenzhen Composite Index slipped 6.02 points or 0.29 percent to end at 2,094.69.
Among the actives, Industrial and Commercial Bank of China lost 0.65 percent, while Bank of China declined 1.22 percent, China Construction Bank skidded 0.99 percent, China Merchants Bank tumbled 1.95 percent, Agricultural Bank of China dropped 0.83 percent, China Life Insurance fell 0.31 percent, Jiangxi Copper shed 0.56 percent, Aluminum Corp of China (Chalco) rose 0.24 percent, Yankuang Energy eased 0.06 percent, PetroChina slumped 1.20 percent, China Petroleum and Chemical (Sinopec) sank 0.78 percent, Huaneng Power slipped 0.41 percent, China Shenhua Energy retreated 1.52 percent, Gemdale plummeted 5.77 percent, Poly Developments plunged 4.03 percent and China Vanke tanked 3.84 percent.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
