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European Economic News Preview: Germany Foreign Trade Data Due
(RTTNews) - Foreign trade from Germany is the only major economic report due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is slated to release Germany's foreign trade data for August. Exports are forecast to fall 1.0 percent on month, reversing a rise of 1.7 percent in July. Economists expect imports to drop 2.5 percent after a 5.4 percent gain.
In the meantime, foreign trade data is due from Denmark.
At 4.30 am ET, European Central Bank board member Frank Elderson is set to speak at an event in Geneva, Switzerland.
India Central Bank Policy Stance Shift To Neutral Opens Door For Rate Cuts
(RTTNews) - The Reserve Bank of India maintained its interest rate for the tenth straight meeting on Wednesday, and shifted its monetary policy stance to neutral, paving the way for the first interest rate cut in four years as inflation is expected to moderate.
The RBI Monetary Policy Committee, led by Governor Shaktikanta Das, voted 5-1 to keep the policy repo rate unchanged at 6.50 percent.
New MPC member Nagesh Kumar voted to reduce the policy repo rate by 25 basis points. The repo has been at 6.50 percent since February 2023.
The central bank had lowered rates last in May 2020, when the repo rate was reduced by 40 basis points to 4.00 percent.
The rate-setting body unanimously decided to change the monetary policy stance from the "withdrawal of accommodation" to "neutral" and to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth.
The change in stance provides flexibility to the MPC while enabling it to monitor the progress on disinflation which is still incomplete, the bank said.
Policymakers observed that the domestic growth outlook remained resilient underpinned by private consumption and investment. This provides headroom for monetary policy to focus on the goal of attaining a durable alignment of inflation with the target.
They said enduring price stability strengthens the foundations of a sustained period of high growth. After a transient spike in the near-term, headline inflation is forecast to moderate.
Das said headline inflation is on a downward trajectory, though its pace has been slow and uneven. The slowdown in headline inflation is expected to reverse in September and likely to remain elevated in the near-term due to adverse base effects, among other factors, he added.
Food inflation pressures could see some easing later in this financial year. But he cautioned that adverse weather events continue to pose contingent risks to food inflation. On the other hand, core inflation appeared to have bottomed out, Das noted.
The CPI inflation for 2024-25 is projected at 4.5 percent, unchanged from the previous outlook.
The bank retained its real GDP growth projection for 2024-25 at 7.2 percent.
A less hawkish tone in RBI's communication strengthens the view that the easing cycle will begin in December, Capital Economics' economist Shilan Shah said. The economist expects 100 basis points of cuts in the upcoming cycle, taking the repo rate down to 5.50 percent before the end of 2025.
German Trade Surplus Increases As Exports Rise Unexpectedly, Imports Fall
(RTTNews) - Germany's trade surplus increased in August on an unexpected increase in exports amid a bigger-than-expected decline in imports, official data showed on Wednesday.
Exports posted a monthly growth of 1.3 percent in August following July's 1.7 percent increase, Destatis reported. This was the second consecutive increase. Shipments were forecast to fall 1.0 percent.
Meanwhile, imports declined 3.4 percent, reversing an increase of 5.3 percent in July. Imports dropped for the first time in three months and came in larger than the expected fall of 2.5 percent.
As a result, the trade surplus rose to EUR 22.5 billion from EUR 16.9 billion in July. In the same period last year, the surplus totaled EUR 18.9 billion.
On a yearly basis, exports registered an annual fall of 3.1 percent, in contrast to the 5.6 percent gain seen in July. Likewise, imports slid 5.3 percent after an increase of 4.8 percent in the prior month.
Consequently, the unadjusted trade balance was in a EUR 18.9 billion surplus compared to a EUR 16.9 billion surplus in August 2023.
Exports to the EU-States grew 0.8 percent and imports from these states decreased 3.7 percent. Similarly, shipments to the Eurozone states gained 0.6 percent, while imports from these states declined 7.2 percent.
Germany exported 5.5 percent more goods to the US than in July. Exports to China gained 1.9 percent and that to the UK moved up 5.7 percent.
Imports from the US were up 0.7 percent. Meanwhile, imports from China were 1.4 percent less than in the previous month and that to the UK slid 0.1 percent, data showed.
Track market moving Economic Events that impact Commodities, Stock, and Forex by using realtime RTTNews Economic Calendar this week.
U.S. Justice Department Weighs Breakup Of Google
(RTTNews) - The U.S. Department of Justice said it is considering behavioral and structural remedies for Google LLC, noting that its anticompetitive conduct resulted in interlocking and pernicious harms that present unprecedented complexities. The move indicates that the DOJ was considering a possible breakup of Google as an antitrust remedy, reports said.
The latest recommendations follow a U.S. judge's ruling on August 5 that Google maintains monopolies in the U.S. general search services and U.S. general search text advertising.
The DOJ said it has duty to seek — and the Court has the authority to impose — "an order that not only addresses the harms that already exist as a result of Google's illegal conduct, but also prevents and restrains recurrence of the same offense of illegal monopoly maintenance going forward."
In a latest filing with the U.S. District Court For The District Of Columbia, the DOJ said it was considering remedies that would prevent Google from using products such as Chrome, Play, and Android to advantage Google search and related products and features over rivals or new entrants. These include emerging search access points and features, such as artificial intelligence.
It was noted that Google's longstanding control of the Chrome browser, with its preinstalled Google search default, "significantly narrows the available channels of distribution and thus disincentivizes the emergence of new competition."
The DOJ, with the governing legal framework and complex market dynamics in mind, and consistent with the Court's September 18 Order, is currently considering remedies to address four categories of harms. These are related to Google's search distribution and revenue sharing, generation and display of search results, advertising scale and monetization, as well as accumulation and use of data.
The remedies necessary to prevent and restrain monopoly maintenance could include contract requirements and prohibitions, non-discrimination product requirements, data and interoperability requirements, and structural requirements, the department said.
The DOJ also suggested remedies that would, among other things, limit or prohibit default agreements, preinstallation agreements, and other revenue-sharing arrangements related to search and search-related products, potentially with or without the use of a choice screen.
According to the department, fully remedying these harms would end Google's control of distribution today, and ensure Google cannot control the distribution of tomorrow.
Elon Musk's X Returns To Brazil As Supreme Court Lifts Ban
(RTTNews) - Billionaire Elon Musk's social media platform X has been cleared by Brazil's Supreme Court to resume services in the South American country after it had complied with the given orders and paid the imposed fine.
The platform, formerly known as Twitter, now has settled R$28.6 million or $5.2 million as fines, blocked profiles that disseminated false information, and appointed a legal representative in Brazil, as required by Brazilian law.
In his decision to lift the month-long ban, Justice Alexandre de Moraes said the authorization is for the immediate return of X's activities in the country. Justice determined that the National Telecommunications Agency, i.e., Anatel, take steps to resume the platform's service.
Responding to the court order, X's Global Government Affairs team in a post said, "X is proud to return to Brazil. Giving tens of millions of Brazilians access to our indispensable platform was paramount throughout this entire process. We will continue to defend freedom of speech, within the boundaries of the law, everywhere we operate."
It was on August 30 that the Federal Supreme Court or STF ordered immediate and complete suspension of the operation of X Brasil throughout the national territory due to repeated non-compliance with STF decisions. The platform earlier had refused to ban several accounts deemed by the government to be spreading misinformation about the Brazilian Presidential election in 2022.
In the investigation, which began in April 2024 after Musk stated that he would not suspend the accounts, the court noted that the illicit conduct was repeated, making it clear that X Brasil failed to comply with several court orders.
While blocking the social network, the minister in August had highlighted that the resumption of activities was conditioned solely on full compliance with Brazilian legislation, payment of the imposed fines, and until a representative of the company in the country is appointed.
A daily fine of R$50,000 was also set for individuals and companies that use 'technological subterfuges' to maintain the use of X, without prejudice to other sanctions in the civil and criminal spheres.
The court also had ordered Apple and Google to take steps to block the use of the X application by iOS and Android systems, in addition to removing it from their virtual stores.
Meanwhile, on September 27, X proved that it had fully complied with the conditions for resuming its activities, by deactivating accounts and paying the ordered fine.
The STF in its statement now noted that the Attorney General's Office, in its opinion, did not find any reason that would prevent the company from resuming its activities.
Sensex, Nifty Give Up Intra-day Gains
(RTTNews) - Indian shares gave up early gains to end on a flat note Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.
Earlier in the day, the Reserve Bank of India (RBI) left the repo rate steady at 6.50 percent but opened the door for future rate cuts by changing its policy stance to 'neutral' from 'withdrawal of accommodation'.
"The prevailing and expected inflation-growth balance has created congenial conditions for a change in monetary policy stance to neutral. Even as there is greater confidence in navigating the last mile of disinflation, significant risks - I repeat significant risks - to inflation from adverse weather events, accentuating geopolitical conflicts, and the very recent increase in certain commodity prices continue to stare at us. The adverse impact of these risks cannot be underestimated," RBI Governor Shaktikanta Das said.
The benchmark SP/BSE Sensex ended the session down 167.71 points, or 0.21 percent, at 81,467.10 after rising to 82,319.21 in intraday trade.
The broader NSE Nifty index hit a high of 25,234.05 earlier before closing down 31.20 points, or 0.12 percent, at 24,981.95.
Hindustan Unilever, Reliance Industries, ONGC, Nestle India and ITC fell 1-3 percent while Tech Mahindra, SBI, Tata Motors, Trent and Cipla rallied 2-3 percent.
Global cues were mixed while the dollar was on track for its best run in more than two years as traders scaled back their bets for more aggressive rate cuts by the Federal Reserve.
Gold extended losses for a sixth day running, while oil prices recovered some ground after tumbling the most in more than a year the previous day on worries over Chinese demand.
Swiss Market Ends On Firm Note
(RTTNews) - After a weak start and a subsequent struggle for support Wednesday morning, the Switzerland market edged higher in late morning trade and kept moving up as the day progressed to finally end the session on a strong note.
The benchmark SMI ended with a gain of 111.94 points or 0.93% at 12,122.93, the day's high. The index touched a low of 11,988.06 in early trades.
Sandoz Group rallied 4.52%. Julius Baer gained nearly 3.5% and SIG Group ended 2.2% up. Adecco, Swiss Re, Swatch Group, Novartis and Partners Group ended higher by 1.6 to 2%.
UBS Group, Richemont, ABB and Holcim closed higher by 1 to 1.5%. Roche Holding, Nestle, Alcon, Swiss Life Holding, Lonza Group, Swisscom and Sonova also ended on a firm note.
Straumann Holding ended down 1.35%. VAT Group, Kuehne + Nagel, Givaudan, Geberit, Sika and Lindt Spruengli also closed weak.
European Stocks Close Higher Ahead Of Fed Minutes
(RTTNews) - European stocks closed higher on Wednesday with traders building up some long positions ahead of the release of the minutes of the Federal Reserve's most recent policy meeting, and the crucial U.S. inflation data for further clarity on the Fed interest-rate trajectory. Also, investors looked ahead to the earnings season.
The mood was a bit positive as investors hoped the Chinese government will announce more fiscal stimulus as the economic planning agency's emergency briefing raised skepticism over the sufficiency of previously planned measures.
The pan European Stoxx 600 climbed 0.66%. The U.K.'s FTSE 100 ended higher by 0.65%, Germany's DAX gained 0.99% and France's CAC 40 ended 0.52% up, while Switzerland's SMI settled 0.93% up.
Among other markets in Europe, Austria, Belgium, Finland, Iceland, Netherlands, Norway, Poland, Portugal, Sweden and Turkiye closed higher.
Greece and Russia ended weak, while Denmark and Spain settled flat.
In the UK market, Mondia climbed more than 4% after it agreed to acquire the Western European packaging assets of Schumacher Packaging for an enterprise value of 634 million euros.
Centrica ended 3.3% up and Marks Spencer advanced nearly 3%. Ashtead Group, Fresnillo, Beazley, Kingfisher, Informa, Lloyds Banking Group, IMI, British Land Company, Unite Group and Reckitt Benckiser gained 1.5 to 2.3%. Anglo American Plc, Whitbread and 3i Group also ended notably higher.
Vistry Group shares dropped nearly 2%. Persimmon, Taylor Wimpey, Next and National Grid ended modestly lower.
In the German market, Continental rallied more than 7%. HeidelbergCement, Infineon, Siemens, Daimler Truck Holding, Zalando, Porsche, BASF, Henkel, Munich RE, Qiagen, SAP, Hannover Rueck, BMW, Mercedes-Benz, Volkswagen, Fresenius and Deutsche Bank gained 1 to 3%.
Bayer closed nearly 7% down. Rheinmettal, Symrise and Commerzbank closed modestly lower.
In the French market, Renault gained more than 3%. Legrand ended 2.2% up. Stellantis gained nearly 2%.
Vinci, STMicroElectronics, Edenred, Unibail Rodamco, Schneider Electric, Kering, Accor, Bouygues, Carrefour, AXA and Airbus Group ended with sharp to moderate gains.
Teleperformance, Michelin and Hermes International ended sharply lower.
Germany's trade surplus increased in August on an unexpected increase in exports amid a bigger-than-expected decline in imports, official data showed on Wednesday. Exports posted a monthly growth of 1.3% in August following July's 1.7% increase, Destatis reported. This was the second consecutive increase. Shipments were forecast to fall 1%.
U.S. Dollar Rises Against Majors
(RTTNews) - The U.S. dollar strengthened against other major currencies in the European session on Wednesday.
The U.S. dollar rose to nearly a 3-week high of 1.3056 against the pound, from an early low of 1.3104.
Against the euro and the yen, the greenback advanced to a 5-day high of 1.0951 and a 2-day high of 148.74 from early lows of 1.0979 and 148.01, respectively.
The greenback edged up to 0.8583 against the Swiss franc, from an early low of 0.8565.
If the greenback extends its uptrend, it is likely to find resistance around 1.29 against the pound, 1.06 against the euro, 152.00 against the yen and 0.88 against the franc.
Bay Street Likely To Open Slightly Weak
(RTTNews) - Canadian shares may open a bit weak on Wednesday, weighed down by lower metal prices and caution ahead of the release of the minutes from the Federal Reserve's most recent policy meeting.
Alimentation Couche-Tard Inc (ATD.TO) will be in focus on reports Japan's Seven I Holdings received a revised takeover bid of around $47 billion from the company, compared with $38.5 billion earlier.
Canopy Growth Corporation (WEED.TO) announced that Canopy USA has completed its acquisition of Wana. Canopy USA now owns 100% of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products.
The Canadian market ended marginally down on Tuesday after languishing in negative territory right through the day's trading session, as investors awaited fresh economic data, and quarterly earnings updates.
Weak crude oil and gold prices weighed on energy and materials shares, contributing to market's weakness.
The benchmark SP/TSX Composite Index ended down 30.20 points or 0.13% at 24,072.51. The index touched a low of 23,969.27 and a high of 24,083.13 in the session.
Asian stocks turned in a mixed performance on Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.
Chinese stocks plunged as investors booked profits after recent rallies. The benchmark Shanghai Composite index slumped 6.6% after officials failed to boost confidence in stimulus plans aimed at reviving the economy.
European stocks are modestly higher in cautious trade ahead of Fed minutes.
In commodities, West Texas Intermediate crude oil futures are down slightly at $73.53 a barrel.
Gold futures are up $4.50 or 0.17% at $2,639.90 an ounce, while Silver futures are gaining $0.375 or 1.2% at $30.975 an ounce.
Canadian Modestly Modestly Higher As Tech Stocks Rally
(RTTNews) - After opening weak and drifting down further subsequently, the Canadian market moved higher Wednesday morning, thanks to some brisk buying in the technology sector. The mood is cautious with investors awaiting the minutes of the Federal Reserve's most recent policy meeting later today, and U.S. inflation data due later in the week.
A few stocks from financial, real estate, consumer and industrials sectors are also moving higher.
The benchmark SP/TSX Composite Index is up 99.00 points or 0.41% at 24,171.51 about a quarter before noon.
Technology stocks Celestica Inc (CLS.TO) and BlackBerry (BB.TO) are gaining 4.5% and 4.1%, respectively. Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO), Shopify Inc (SHOP.TO), Open Text Corporation (OTEX.TO), Computer Modelling Group (CMG.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO) and CGI Inc (GIB.A.TO) are up 1 to 2.5%.
Consumer discretionary stocks BRP Inc (DOO.TO), Magna International (MG.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO) and MTY Food Group (MTY.TO) are up 1 to 3.2%.
Consumer staples stocks Primo Water Corp (PRMW.TO), Loblaw (L.TO) and George Weston (WN.TO) are gaining 1 to 2.3%.
Alimentation Couche-Tard Inc (ATD.TO) is down 0.8%. Japan's Seven I Holdings received a revised takeover bid of around $47 billion from the company, compared with $38.5 billion earlier.
Canopy Growth Corporation (WEED.TO) announced that Canopy USA has completed its acquisition of Wana. Canopy USA now owns 100% of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products. The stock is down 1.4%.
U.S. Stocks Close On Firm Note; Dow, S&P Post New Record Highs
(RTTNews) - U.S. stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00. The SP 500 closed up 40.91 points or 0.71 percent at 5,792.04, while the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
Apple Inc, Amazon, JPMorgan Chase, Oracle Corporation, Costco Wholesale Corporation, Merck, IBM, Caterpillar, Qualcomm and Texas Instruments gained 1 to 3 percent.
Morgan Stanley, Amgen, Uber Technologies, Goldman Sachs, Honeywell International and Palo Alto Networks also ended notably higher.
Alphabet closed down 1.6 percent, after the U.S. Department of Justice said it may ask a judge to force Google to divest parts of its business, including the Chrome browser and Android operating system, to curtail its search monopoly.
Tesla ended down 1.4 percent. Meta Platforms, Advanced Micro Devices, Salesforce and Adobe Inc. also closed weak.
The minutes from the Federal Reserve's September meeting showed official agreed to cut interest rates but were unsure how aggressive to get, and ultimately decided on a half percentage point move, aiming to balance confidence on inflation with worries over the labor market.
The minutes said that policymakers decided to approve a jumbo rate cut of 50 basis points for the first time in more than four years, and also showed members divided over the economic outlook.
Some officials hoped for a smaller, quarter percentage point reduction as they sought assurance that inflation was moving sustainably lower and were less worried about the jobs picture.
The minutes noted that the vote to approve the 50 basis point cut came "in light of the progress on inflation and the balance of risks" against the labor market. The minutes noted that "a substantial majority of participants" favored the larger move, without specifying how many were opposed. The term "participants" suggests involvement of the full FOMC rather than just the 12 voters.
The minutes also noted that some members favored a reduction at the July meeting that never materialized.
In economic news, data from the Commerce Department said U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports shot up by 2.0 percent to $271.8 billion, while the value of imports decreased by 0.9 percent to $342.2 billion.
In overseas trading, Asian stocks ended mixed on Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.
Chinese stocks plunged as investors booked profits after recent rallies. The benchmark Shanghai Composite Index slumped 6.6 percent to 3,258.86 after officials failed to boost confidence in stimulus plans aimed at reviving the economy.
European stocks closed higher on Wednesday with traders building up some long positions ahead of the release of the minutes of the Federal Reserve's most recent policy meeting.
The mood was positive as investors hoped the Chinese government will announce more fiscal stimulus as the economic planning agency's emergency briefing raised skepticism over the sufficiency of previously planned measures.
The pan European Stoxx 600 climbed 0.66 percent. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent, and France's CAC 40 ended 0.52 percent up.
Indonesia Bourse: Support Expected At 7,500 Points
(RTTNews) - The Indonesia stock market on Wednesday ended the two-day winning streak in which it had advanced more than 60 points or 0.8 percent. The Jakarta Composite Index now rests just above the 7,500-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The JCI finished modestly lower on Wednesday following losses from the financials, telecoms, cement companies and resource stocks.
For the day, the index sank 55.86 points or 0.74 percent to finish at 7,501.29 after trading between 7,501.22 and 7,595.58.
Among the actives, Bank CIMB Niaga collected 0.80 percent, while Bank Mandiri tumbled 1.77 percent, Bank Danamon Indonesia fell 0.38 percent, Bank Negara Indonesia shed 0.47 percent, Bank Central Asia rose 0.24 percent, Bank Rakyat Indonesia retreated 1.40 percent, Bank Maybank Indonesia dropped 0.88 percent, Indosat Ooredoo Hutchison plummeted 6.13 percent, Indocement slid 0.36 percent, Semen Indonesia dipped 0.25 percent, Indofood Sukses Makmur skidded 1.07 percent, United Tractors added 0.66 percent, Astra International tanked 2.87 percent, Energi Mega Persada plunged 4.27 percent, Astra Agro Lestari sank 0.75 percent, Aneka Tambang was down 0.66 percent, Jasa Marga lost 0.61 percent, Vale Indonesia gained 0.48 percent, Timah rallied 1.63 percent and Bumi Resources stumbled 4.48 percent.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Win Streak May Continue For Thai Stock Market
(RTTNews) - The Thai stock market has moved higher in four straight sessions, gathering almost 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,455-point plateau and it's tipped to open in the green again on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The ST finished modestly higher again on Wednesday as gains from the resource and technology sectors were capped by weakness from the industrial and finance shares.
For the day, the index gained 4.17 points or 0.29 percent to finish at 1,456.97 after trading between 1,453.33 and 1,460.33. Volume was 15.492 billion shares worth 49.383 billion baht. There were 270 decliners and 216 gainers, with 177 stocks finishing unchanged.
Among the actives, Advanced Info gained 0.75 percent, while Thailand Airport lost 0.78 percent, Asset World improved 1.09 percent, Banpu tanked 2.88 percent, Bangkok Bank fell 0.32 percent, Bangkok Dusit Medical advanced 0.84 percent, B. Grimm rallied 1.75 percent, BTS Group shed 0.88 percent, CP All Public rose 0.38 percent, Charoen Pokphand Foods slumped 1.20 percent, Energy Absolute spiked 1.71 percent, Gulf skyrocketed 5.56 percent, Krung Thai Bank collected 0.48 percent, PTT Oil Retail skidded 1.18 percent, PTT sank 0.74 percent, PTT Exploration and Production declined 1.48 percent, PTT Global Chemical dropped 0.86 percent, SCG Packaging plummeted 5.83 percent, Siam Concrete shed 0.41 percent, Thai Oil stumbled 1.46 percent, True Corporation jumped 1.82 percent, TTB Bank climbed 1.07 percent and Kasikornbank, Siam Commercial Bank, Krung Thai Card and Bangkok Expressway were unchanged.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Japan Overall Bank Lending Climbs 2.7% On Year In September
(RTTNews) - The value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen.
That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August.
Excluding trusts, lending was up an annual 3.1 percent at 546.61 trillion yen, while lending from trusts added 0.6 percent on year to 77.62 trillion yen.
Lending from foreign banks surged 24.8 percent on year to 5.284 trillion yen.
For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent.
Hong Kong Shares May Find Traction On Thursday
(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, plummeting more than 2,400 points or 11 percent along the way. The Hang Seng Index now sits just above the 20,630-point plateau although it may cut into some of those losses on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The Hang Seng finished sharply lower again on Wednesday with damage across the board, led lower by the financials, properties, oil companies and technology stocks.
For the day, the index stumbled 289.55 points or 1.38 percent to finish at 20,637.24 after trading between 20,190.53 and 21,417.75.
Among the actives, Alibaba Group slid 1.53 percent, while Alibaba Health Info plunged 7.08 percent, ANTA Sports fell 1.61 percent, China Life Insurance declined 3.32 percent, China Mengniu Dairy stumbled 3.02 percent, China Resources Land weakened 2.70 percent, CITIC plummeted 8.20 percent, CNOOC tanked 5.16 percent, CSPC Pharmaceutical surrendered 4.55 percent, Galaxy Entertainment advanced 0.39 percent, Haier Smart Home retreated 3.40 percent, Hang Lung Properties tumbled 3.50 percent, Henderson Land dipped 0.39 percent, Hong Kong China Gas sank 1.90 percent, Industrial and Commercial Bank of China skidded 1.95 percent, JD.com slipped 0.86 percent, Li Auto was down 0.76 percent, Li Ning slumped 2.79 percent, Meituan rallied 2.33 percent, New World Development shed 1.84 percent, Nongfu Spring dropped 1.92 percent, Techtronic Industries jumped 1.89 percent, Xiaomi Corporation lost 1.69 percent, WuXi Biologics crashed 6.09 percent and Lenovo was unchanged.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
U.S. Dollar Higher After Fed Minutes
(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Wednesday, after the minutes of the Federal Reserve's latest policy meeting showed a split among policymakers for lowering the policy rate by 50 basis points at the meeting.
In light of the progress on inflation and the balance of risks, all participants agreed that it was appropriate to ease the stance of monetary policy, the minutes from the September 17-18 meeting showed.
A substantial majority of participants supported lowering the target range for the federal funds rate by 50 basis points observing that this adjustment in monetary policy would help align it more closely with recent inflation and labour market indicators.
Some participants noted that there had been a plausible case for a 25 basis point rate cut at the previous meeting and that data over the intermeeting period had provided further evidence that inflation was on a sustainable path toward 2 percent while the labor market continued to cool.
Fed officials noted that if the data came in about as expected, with inflation moving down sustainably to 2 percent and the economy near maximum employment, it would likely be appropriate to move toward a more neutral stance of policy over time.
The greenback climbed to near 2-month highs of 1.0935 against the euro, 0.8609 against the franc, 149.35 against the yen and 1.3710 against the loonie, off its early lows of 1.0980, 0.8565, 148.00 and 1.3643, respectively. The currency is seen finding resistance around 1.08 against the euro, 0.89 against the franc, 150.00 against the yen and 1.38 against the loonie.
The greenback appreciated to more than a 3-week high of 0.6707 against the aussie and near a 2-month high of 0.6052 against the kiwi, from its early lows of 0.6761 and 0.6143, respectively. The currency is poised to challenge resistance around 0.65 against the aussie and 0.58 against the kiwi.
The greenback rebounded to 1.3061 against the pound. This may be compared to an early nearly 4-week high of 1.3055. The currency is poised to challenge resistance around the 1.29 level.
U.S. Stocks Extending Gains, Look Set To End Session On Firm Note
(RTTNews) - The major averages all remain firmly up in positive territory on Wall Street with just about an hour to go for the closing bell on Wednesday as investors continue to pick up stocks, digesting the minutes from the Federal Reserve's latest monetary policy meeting, and looking ahead to consumer price and producer price inflation data, due later in the week.
The Dow is up 369.04 points or 0.88 percent at 42,449.41. The SP 500, which moved to a new record high, is at 5,782.47, up 31.34 points or 0.54 percent, while the Nasdaq is up 85.33 points or 0.47 percent at 18,268.25.
The minutes from the Federal Reserve's September meeting showed official agreed to cut interest rates but were unsure how aggressive to get, and ultimately decided on a half percentage point move, aiming to balance confidence on inflation with worries over the labor market.
The minutes said that policymakers decided to approve a jumbo rate cut of 50 basis points for the first time in more than four years, and also showed members divided over the economic outlook.
Some officials hoped for a smaller, quarter percentage point reduction as they sought assurance that inflation was moving sustainably lower and were less worried about the jobs picture.
The minutes noted that the vote to approve the 50 basis point cut came "in light of the progress on inflation and the balance of risks" against the labor market. The minutes noted that "a substantial majority of participants" favored the larger move, without specifying how many were opposed. The term "participants" suggests involvement of the full FOMC rather than just the 12 voters.
The minutes also noted that some members favored a reduction at the July meeting that never materialized.
Nike, Caterpillar, IBM, Honeywell, Goldman Sachs, JPMorgan Chase, Microsoft and Apple Inc. are gaining 1 to 2 percent.
Palo Alto Networks, ASML, Airbnb, Costco Wholesale and Cadence Design Systems are gaining 2 to 3.4 percent.
Alphabet shares are down more than 2 percent, after the U.S. Department of Justice said it may ask a judge to force Google to divest parts of its business, including the Chrome browser and Android operating system, to curtail its search monopoly.
Boeing is down by about 2 percent. Salesforce is declining 1.4 percent. Illumina, Micron Technology and AMD are down 1.1 percent, 1 percent and 0.8 percent, respectively. Tesla is moderately lower.
Data from the Commerce Department said U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports shot up by 2.0 percent to $271.8 billion, while the value of imports decreased by 0.9 percent to $342.2 billion.
China Shares May Shrug Off Upbeat Lead
(RTTNews) - The China stock market on Wednesday ended the absurd 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just beneath the 3,260-point plateau - and by all rights, it ought to move lower again on Thursday despite a firm lead.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The SCI finished sharply lower on Wednesday with some overdue profit taking across the board, especially among the property and insurance stocks.
For the day, the index plunged 230.92 points or 6.62 percent to finish at 3,258.86 after trading between 3,249.16 and 3,437.16. The Shenzhen Composite Index plummeted 181.45 points or 8.65 percent to end at 1,917.31.
Among the actives, China Life Insurance, Gemdale, Poly Developments and China Vanke all plummeted by the 10 percent daily limit, while Industrial and Commercial Bank of China retreated 1.31 percent, Bank of China surrendered 3.22 percent, China Construction Bank dropped 2.12 percent, China Merchants Bank tanked 7.48 percent, Agricultural Bank of China tumbled 1.89 percent, Jiangxi Copper plunged 9.14 percent, Aluminum Corp of China (Chalco) crashed 8.27 percent, Yankuang Energy stumbled 8.08 percent, PetroChina declined 9.63 percent, China Petroleum and Chemical (Sinopec) sank 6.27 percent, Huaneng Power slumped 6.17 percent and China Shenhua Energy lost 4.92 percent.
The lead from Wall Street is upbeat as the major averages opened flat on Wednesday but tracked consistently higher as the day progressed, ending near session highs.
The Dow surged 431.63 points or 1.03 percent to finish at a record 42,512.00, while the NASDAQ jumped 108.70 points or 0.60 percent to close at 18,291.62 and the SP 500 rallied 40.91 points or 0.71 percent to also end at a record high 5,792.04.
The strength on Wall Street followed the release of the minutes from the Federal Reserve's September meeting, which showed that most members favored the larger rate cut rather than a smaller one, generating optimism for future cuts.
In economic news, the Commerce Department said the U.S. trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July. Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Japanese Market Modestly Higher
(RTTNews) - Adding to the gains in the previous session, the Japanese market is modestly higher on Thursday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 39,400 level, with gains in index heavyweights and financial stocks partially offset by weakness in technology stocks.
The benchmark Nikkei 225 Index is up 125.01 points or 0.32 percent to 39,402.97, after touching a high of 39,616.59 earlier. Japanese shares ended significantly higher on Wednesday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is gaining almost 1 percent and Honda is also adding almost 1 percent.
In the tech space, Tokyo Electron is losing almost 1 percent, while Advantest and Screen Holdings are declining more than 1 percent each.
In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 2 percent.
Among the major exporters, Canon is adding almost 1 percent, Sony is edging up 0.1 percent and Mitsubishi Electric is gaining almost 2 percent, while Panasonic is edging down 0.4 percent.
Among other major gainers, Nikon is gaining more than 3 percent.
Conversely, Aeon is plummeting more than 9 percent, Kawasaki Heavy Industries is declining almost 5 percent and Fujikura is losing more than 3 percent.
In economic news, producer prices in Japan were unchanged in September, the Bank of Japan or BoJ said on Thursday - versus expectations for a decline of 0.3 percent following the 0.2 percent drop in August. On a yearly basis, producer prices rose 2.8 percent - exceeding forecasts for an increase of 2.3 percent and up from 2.6 percent in the previous month.
Export prices fell 0.4 percent on month and rose 0.5 percent on year, the bank said, while import prices slumped 1.3 percent on month and 0.4 percent on year. The foreign exchange rate slumped 2.0 percent on month.
The BoJ also said the value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen. That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August. For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Thursday.
On Wall Street, stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00, the SP 500 closed up 40.91 points or 0.71 percent at 5,792.04 and the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
The major European markets also ended the day higher on the day. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent and France's CAC 40 ended 0.52 percent up.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Australian Market Modestly Higher
(RTTNews) - The Australian market is trading modestly higher on Thursday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,200 level, with gains across most sectors led by mining, energy and technology stocks.
The benchmark SP/ASX 200 Index is gaining 31.10 points or 0.38 percent to 8,218.50, after touching a high of 8,236.20 earlier. The broader All Ordinaries Index is up 33.90 points or 0.40 percent to 8,490.70. Australian stocks ended slightly higher on Wednesday.
Among major miners, and Fortescue Metals is adding almost 2 percent and Mineral Resources is advancing almost 3 percent, while BHP Group and Rio Tinto are gaining almost 1 percent each.
Oil stocks are mostly higher. Beach energy is gaining almost 2 percent, Woodside Energy is adding almost 1 percent and Santos is edging up 0.5 percent, while Origin Energy is edging down 0.4 percent.
In the tech space, Afterpay owner Block and Xero are edging up 0.4 to 0.5 percent each, while Appen is surging more than 7 percent and Zip is advancing 3.5 percent. WiseTech Global is edging down 0.1 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging up 0.5 percent each, while ANZ Banking is gaining more than 1 percent. National Australia Bank is flat.
Among gold miners, Evolution Mining and Gold Road Resources are edging up 0.1 to 0.3 percent each, while Resolute Mining is gaining 2.5 percent and Northern Star Resources is up almost 1 percent. Newmont is losing almost 1 percent.
In other news, shares in Arcadium Lithium are skyrocketing 31 percent after Rio Tinto agreed to buy it in a $9.9 billion deal.
In the currency market, the Aussie dollar is trading at $0.672 on Thursday.
On Wall Street, stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00, the SP 500 closed up 40.91 points or 0.71 percent at 5,792.04 and the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
The major European markets also ended the day higher on the day. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent and France's CAC 40 ended 0.52 percent up.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
Asian Markets Track Wall Street Higher
(RTTNews) - Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic about more interest rate cuts by the US Fed, and several other central banks. The minutes from the US Fed's September meeting showed officials agreed to cut interest rates, but were unsure how aggressive to get. Asian Markets closed mixed on Wednesday.
Traders now look ahead to the release of US consumer price and producer price inflation data for more clarity on how aggressively the Fed will lower rates in the coming months.
New York Fed President John Williams said on Tuesday that it will be appropriate again for the central bank to reduce rates 'over time.' Separately, Fed Governor Adriana Kugler said there is a case for more easing if inflation keeps easing.
The Australian market is trading notably higher on Thursday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,200 level, with gains across most sectors led by mining, energy and technology stocks.
The benchmark SP/ASX 200 Index is gaining 44.10 points or 0.54 percent to 8,231.50, after touching a high of 8,242.80 earlier. The broader All Ordinaries Index is up 48.10 points or 0.57 percent to 8,504.90. Australian stocks ended slightly higher on Wednesday.
Among major miners, Fortescue Metals is adding almost 2 percent and Mineral Resources is advancing almost 3 percent, while BHP Group and Rio Tinto are gaining almost 1 percent each.
Oil stocks are mostly higher. Beach energy is gaining almost 2 percent, Woodside Energy is adding almost 1 percent and Santos is edging up 0.5 percent, while Origin Energy is edging down 0.4 percent.
In the tech space, Afterpay owner Block and Xero are edging up 0.4 to 0.5 percent each, while Appen is surging more than 7 percent and Zip is advancing 3.5 percent. WiseTech Global is edging down 0.1 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging up 0.5 percent each, while ANZ Banking is gaining more than 1 percent. National Australia Bank is flat.
Among gold miners, Evolution Mining and Gold Road Resources are edging up 0.1 to 0.3 percent each, while Resolute Mining is gaining 2.5 percent and Northern Star Resources is up almost 1 percent. Newmont is losing almost 1 percent.
In other news, shares in Arcadium Lithium are skyrocketing 31 percent after Rio Tinto agreed to buy it in a $9.9 billion deal.
In the currency market, the Aussie dollar is trading at $0.673 on Thursday.
Adding to the gains in the previous session, the Japanese market is modestly higher on Thursday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving to near the 39,400 level, with gains in index heavyweights and financial stocks partially offset by weakness in technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,395.05, up 117.09 points or 0.30 percent, after touching a high of 39,616.59 earlier. Japanese shares ended significantly higher on Wednesday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is gaining almost 1 percent and Honda is also adding almost 1 percent.
In the tech space, Tokyo Electron is losing almost 1 percent, while Advantest and Screen Holdings are declining more than 1 percent each.
In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 2 percent.
Among the major exporters, Canon is adding almost 1 percent, Sony is edging up 0.1 percent and Mitsubishi Electric is gaining almost 2 percent, while Panasonic is edging down 0.4 percent.
Among other major gainers, Nikon is gaining more than 3 percent.
Conversely, Aeon is plummeting more than 9 percent, Kawasaki Heavy Industries is declining almost 5 percent and Fujikura is losing more than 3 percent.
In economic news, producer prices in Japan were unchanged in September, the Bank of Japan or BoJ said on Thursday - versus expectations for a decline of 0.3 percent following the 0.2 percent drop in August. On a yearly basis, producer prices rose 2.8 percent - exceeding forecasts for an increase of 2.3 percent and up from 2.6 percent in the previous month.
Export prices fell 0.4 percent on month and rose 0.5 percent on year, the bank said, while import prices slumped 1.3 percent on month and 0.4 percent on year. The foreign exchange rate slumped 2.0 percent on month.
The BoJ also said the value of overall bank lending in Japan was up 2.7 percent on year in September, the Bank of Japan said on Thursday - coming in at 624.24 trillion yen. That was shy of expectations for an increase of 2.9 percent and down from 3.0 percent in August. For the third quarter of 2024, overall lending was up 3.0 percent on year, lending excluding trusts rose 3.3 percent and lending from trusts was up 0.6 percent.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Thursday.
Elsewhere in Asia, Hong Kong is up 2.5 percent, while New Zealand, Singapore, South Korea and Malaysia are higher by between 0.3 and 0.4 percent each. China and Indonesia are down 0.3 and 0.1 percent, respectively. Taiwan is closed for National Day holiday.
On Wall Street, stocks started off on a somewhat flat note on Wednesday, but gained in strength as the day progressed, as investors assessed the minutes of the Federal Reserve's most recent policy meeting, and looked ahead to the nation's consumer price and producer price inflation data for more clarity on interest-rate trajectory.
The major averages all closed on a buoyant note, with the Dow and SP 500 moving on to fresh record highs. The Dow ended with a gain of 431.63 points or 1.03 percent at 42,512.00, the SP 500 closed up 40.91 points or 0.71 percent at 5,792.04 and the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62.
The major European markets also ended the day higher on the day. The U.K.'s FTSE 100 ended higher by 0.65 percent, Germany's DAX gained 0.99 percent and France's CAC 40 ended 0.52 percent up.
Crude oil prices fell Wednesday after data showed a big jump in crude inventories which outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions. West Texas Intermediate Crude oil futures for November fell $0.33 or 0.45 percent at $73.24 a barrel.
FTSE 100 Little Changed; GSK Shares Surge Over 5%
(RTTNews) - U.K. stocks were little changed on Thursday despite a closely watched gauge of U.K. house prices turning positive for the first time in almost two years, boosted by expectations of more interest rate cuts by the Bank of England.
The benchmark FTSE 100 was marginally lower at 8,238 ahead of key U.S. CPI report due later in the day.
GSK jumped 5.5 percent after the drug maker agreed to pay up to $2.2 billion to settle most lawsuits in U.S. state courts.
BAE Systems was marginally higher after receiving a $184 million contract modification to produce an additional 48 Armored Multi-Purpose Vehicles (AMPV) for the U.S. Army.
Direct Line Insurance rose half a percent after appointing Jane Poole as its Group CFO and Executive Director.
Australian Dollar Rises Against Majors
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Thursday.
The Australian dollar rose to 3-day highs of 100.67 against the yen and 0.9232 against the Canadian dollar, from Wednesday's closing quotes of 100.28 and 0.9209, respectively.
Against the U.S. dollar and the euro, the aussie edged up to 0.6737 and 1.6243 from yesterday's closing quotes of 0.6717 and 1.6281, respectively.
If the aussie extends its uptrend, it is likely to find resistance around 102.00 against the yen, 0.94 against the loonie, 0.69 against the greenback and 1.60 against the euro.
European Shares Subdued Before US Inflation Test
(RTTNews) - European stocks were subdued on Thursday and the dollar held near a two-month high ahead of the U.S. CPI data later in the day that could influence the pace and size of interest-rate cuts by the Federal Reserve.
The downside remained capped after official data showed Germany's retail sales increased in August underpinned by food and non-food turnover.
Retail sales grew 1.6 percent on a monthly basis in August after a 1.5 percent gain in July and a 1.1 percent drop seen in June, Destatis reported.
On a yearly basis, retail sales posted a growth of 2.1 percent in real terms and 3.1 percent in nominal terms.
Elsewhere, a closely watched gauge of U.K. house prices turned positive for the first time in almost two years, boosted by expectations of more interest rate cuts by the Bank of England.
The pan European STOXX 600 slid 0.2 percent to 518.81 after climbing 0.7 percent on Wednesday.
The German DAX dropped 0.4 percent, France's CAC 40 shed 0.3 percent and the U.K.'s FTSE 100 was down 0.1 percent.
In corporate news, GSK jumped 5.5 percent after the British drug maker agreed to pay up to $2.2 billion to settle most lawsuits in U.S. state courts.
SCOR SE shares advanced 1.5 percent. The French reinsurance giant said it has entered exclusive negotiations with Huyghens de Participations, the holding company of the Albin Michel group, regarding the sale of its stake in Humensis.
German automaker BMW was moving lower after sales fell the third quarter, weighed down by weak performance in China and delivery stops.
Likewise, sugar producer Sudzucker traded lower after registering a significant decline in result from operations for the second quarter, amidst higher costs and lower prices.
Deutsche Telekom rose 1.2 percent. The telecom major said it plans to propose a buyback program of as much as €2 billion ($2.2 billion) in 2025.
