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Sensex, Nifty Modestly Higher In Early Trade
(RTTNews) - Indian shares were modestly higher on Thursday after minutes from the Federal Reserve's September meeting indicated more rate cuts.
The benchmark SP/BSE Sensex was up 153 points, or 0.2 percent, at 81,620 while the broader NSE Nifty index was up 31 points, or 0.1 percent, at 25,013.
Among the prominent gainers, Larsen Toubro, Axis Bank, NTPC, Power Grid Corp and Kotak Mahindra Bank all were up around 1 percent.
Adani Enterprises fell 2.6 percent after launching its 1st tranche of QIP issue to raise $500 million.
TCS was marginally higher, Tata Elxsi rallied 3.1 percent and IREDA added 0.7 percent ahead of their earnings results.
GR Infraprojects surged 4 percent on winning a contract worth Rs. 904 crores from Maharashtra Metro Rail Corp. Ltd., Nagpur.
PNC Infratech jumped 3.7 percent after it has been declared the lowest (L1) bidder by the City Industrial Development Corporation of Maharashtra (CIDCO) for an EPC project.
Sensex, Nifty May Follow Global Peers Higher; TCS Results Eyed
(RTTNews) - Indian shares look set to open on a positive note Thursday, though volatility cannot be ruled out due to lingering Middle East tensions and ahead of key U.S. consumer and producer price inflation readings due this week.
Tata Group stocks could be in focus after veteran industrialist and Group's chairman emeritus Ratan Tata passed away at a Mumbai hospital on Wednesday night.
India's largest IT services company Tata Consultancy Services (TCS) is set to declare its financial results today, with analysts expecting Q2 earnings growth to be in low single digit.
Defense-related stocks may also see increased activity after the Cabinet Committee on Security cleared major deals worth Rs 80,000 with the U.S. which would see India boost its surveillance capabilities of its defense forces.
Benchmark indexes Sensex and Nifty gave up early gains to end marginally lower on Wednesday after RBI Governor Shaktikanta Das warned of significant risks to inflation. The rupee ended up by 1 paise at 83.96 against the dollar.
Asian markets followed Wall Street higher this morning in the run-up to the crucial U.S. CPI report later in the day that might decide the size of the next rate cut by the U.S. central bank.
The dollar hovered near a two-month peak and gold held steady close to $2,600 levels, while oil prices were up around half a percent in Asian trading due to supply concerns in the Middle East and higher fuel demand due to a major storm in Florida.
Media reports suggest that U.S. President Biden and Israeli Prime Minister Benjamin Netanyahu discussed Israel's expected military retaliation against Iran in their first call in over a month Wednesday.
U.S. stocks climbed overnight as minutes from the Fed's September meeting showed a "substantial majority" of Fed officials at the meeting favored the larger half-point rate cut, but were divided over the economic outlook, and are in no rush for another half-point cut.
The Dow and SP 500 rose 1 percent and 0.7 percent, respectively to close at record levels while the tech-heavy Nasdaq Composite gained 0.6 percent.
European stocks closed higher on Wednesday ahead of the release of Fed meeting minutes and amid hopes that the Chinese government will announce more fiscal stimulus at a Saturday briefing on fiscal policy.
The pan European STOXX 600 climbed 0.7 percent. The German DAX rallied 1 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 advanced 0.7 percent.
UK House Prices Rise For First Time In 2 Years: RICS
(RTTNews) - UK house prices increased for the first time in two years in September as expectations about future interest rate cuts lifted housing market activity, survey data published by Royal Institution of Chartered Surveyors, or RICS, showed Thursday.
The house price balance rose to 16 percent in September from a flat result in August. The balance turned positive for the first time since October 2022.
The survey also showed that demand, sales and new listings all returned to growth in September. Demand from buyers posted +14 percent, which was the third positive growth in a row.
Sales sentiment increased in September, but the balance was moderate at 5 percent. A net balance of 23 percent said the sales market will continue to grow over the next three months, while longer-term twelve month growth sentiment was even stronger at 45 percent.
Suggesting a readily available supply of property for sale, the balance for new listing rose to 22 percent from 9 percent in the previous month. Respondents cited potential increase in Capital Gains Tax encouraging homeowners to list their properties for sale.
Regarding the lettings market, the survey showed growing difficulties for renters as demand continued to grow and outstrip supply.
RICS Head of Market Analytics Tarrant Parsons said, "The latest survey results once again convey a brighter picture for housing market activity, with the recent easing in mortgage interest rates continuing to support a recovery in buyer demand."
"Critical for the outlook, a further unwinding in monetary policy is anticipated over the months ahead, which should create a more favorable backdrop for the market moving forward," Parsons added.
The Bank of England had kept its benchmark rate at 5.00 percent in September after cutting the rate by a quarter-point at the August meeting. The bank is expected to lower the rate by another 25 basis points at its next meeting in November.
European Economic News Preview: ECB Minutes Due
(RTTNews) - The account of monetary policy meeting of the European Central Bank is due on Thursday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany's retail sales data for May. Sales had declined 1.2 percent on month in April.
At 4.00 am ET, Italy's statistical office ISTAT publishes industrial production for August. Economists expect industrial output to grow 0.2 percent on month, in contrast to the 0.9 percent decline in July.
At 4.30 am ET, the Bank of England is slated to release Credit Conditions survey results.
At 7.30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the governing council held on September 11 and 12. At the meeting, the bank had lowered its key interest rates by 25 basis points.
NZ Dollar Advances Against Majors
(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday.
The NZ dollar rose to a 3-day high of 91.06 against the yen, from yesterday's closing value of 90.51.
Against the U.S. and the Australian dollars, the kiwi edged up to 0.6093 and 1.1051 from Wednesday's closing quotes of 0.6063 and 1.1075, respectively.
The kiwi climbed to 1.7957 against the euro, from yesterday's closing value of 1.8036.
If the kiwi extends its uptrend, it is likely to find resistance around 92.00 against the yen, 0.63 against the greenback, 1.08 against the aussie and 1.75 against the euro.
Canadian Dollar Slides As Crude Oil Prices Slide
(RTTNews) - The Canadian dollar weakened against other major currencies in the early European session on Thursday, as crude oil prices fell extending recent losses, as data showing an unexpected big jump in crude inventories outweighed possible supply disruptions due to Hurricane Milton and Middle East tensions.
West Texas Intermediate Crude oil futures for November ended down $0.33 or about 0.45% at $73.24 a barrel.
Brent crude futures settled at $76.58 a barrel, down $0.60 or about 0.78%.
Data from the Energy Information Administration (EIA) showed crude inventories jumped by 5.8 million barrels to 422.7 million barrels last week, nearly three times the expected increase of about 2 million barrels.
A downward revision by EIA in its demand forecast for 2025 weighed as well on oil prices. The EIA is citing economic slowdowns in China and North America as the reasons for the downward revision in its oil demand forecast.
Traders remain cautious ahead of the release of key U.S. inflation readings that could influence the Fed's rate trajectory. Fed Minutes said a 50-bps rate cut was backed by the majority of officials. Meanwhile, investors now see the Fed lowering interest rates by a quarter point in November instead of a jumbo rate cut.
In the European trading now, the Canadian dollar fell to nearly a 2-month low of 1.3723 against the U.S. dollar, from an early high of 1.3705. The loonie may test support near the 1.39 region.
Against the euro and the Australian dollar, the loonie slid to a 9-day low of 1.5008 and a 3-day low of 0.9240 from early highs of 1.4992 and 0.9204, respectively. If the loonie extends its downtrend, it is likely to find support around 1.51 against the euro and 0.94 against the aussie.
The loonie edged down to 108.63 against the yen, from an early high of 109.09. On the downside, 110.00 is seen as the next support levels for the loonie.
Looking ahead, the European Central Bank publishes the account of the monetary policy meeting of the governing council held on September 11 and 12, at 7:30 am ET. At the meeting, the bank had lowered its key interest rates by 25 basis points.
In the New York session, U.S. CPI data for September and U.S. weekly jobless claims data are slated for release.
Yen Rises Against Majors
(RTTNews) - The Japanese yen strengthened against other major currencies in the European session on Thursday.
The yen rose to 162.69 against the euro, 194.52 against the pound and 148.78 against the U.S. dollar, from an early near 2-month low of 163.61, a 3-day low of 195.50 and more than a 2-month low of 149.55, respectively.
Against the Swiss franc, the yen edged up to 179.09 from an early low of 173.73.
If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 191.00 against the pound, 140.00 against the greenback and 169.00 against the franc.
Yen Rises After BoJ Himino Comments
(RTTNews) - The Japanese yen strengthened against other major currencies in the European session on Thursday, after the Bank of Japan deputy Governor Himino said that the central bank would hike rates if it had more confidence in forecasts.
Ryozo Himino, deputy governor of the Bank of Japan, stated that if the board has "greater confidence" in the realization of its pricing and economic projections, the central bank will take interest rate hikes into consideration.
Himino also said that the "totality" of the facts presented at each policy meeting will be taken into consideration by the BOJ when determining when to hike interest rates.
Investors remain cautious 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.
In other 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 European trading today, the yen rose to 162.69 against the euro, 194.52 against the pound and 148.78 against the U.S. dollar, from an early near 2-month low of 163.61, a 3-day low of 195.50 and more than a 2-month low of 149.55, respectively. If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 191.00 against the pound and 140.00 against the greenback.
Against the Swiss franc, the yen edged up to 179.09 from an early low of 173.73. On the upside, 169.00 is seen as the next resistance level for the yen.
Looking ahead, U.S. CPI data for September and U.S. weekly jobless claims data are slated for release in the New York session.
U.S. Consumer Prices Rise Slightly More Than Expected In September
(RTTNews) - Consumer prices in the U.S. increased by slightly more than expected in the month of September, according to a report released by the Labor Department on Thursday.
The Labor Department said its consumer price index rose by 0.2 percent in September, matching the increase seen in August. Economists had expected consumer prices to inch up by 0.1 percent.
The report also said core consumer prices, which exclude food and energy prices, climbed by 0.3 percent for the second consecutive month. Core prices were expected to rise by 0.2 percent.
Meanwhile, the Labor Department said the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August. Economists had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent in September from 3.2 percent in August, while economists had expected the price of growth to remain unchanged.
U.S. Jobless Claims Climb To Highest Level In Over A Year
(RTTNews) - The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits increased by much more than expected in the week ended October 5th.
The report said initial jobless claims climbed to 258,000, an increase of 33,000 from the previous week's unrevised level of 225,000. Economists had expected jobless claims to edge up to 230,000.
With the much bigger than expected increase, jobless claims reached their highest level since hitting a matching figure in the week ended August 5th, 2023.
The Labor Department said the less volatile four-week moving average also rose to 231,000, an increase of 6,750 from the previous week's unrevised average of 224,250.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 42,000 to 1.861 million in the week ended September 28th.
The four-week moving average of continuing claims also edged up to 1,832,000, an increase of 4,500 from the previous week's revised average of 1,827,500.
Last Friday, the Labor Department released a more closely watched report showing employment in the U.S. increased by much more than expected in the month of September.
The Labor Department said non-farm payroll employment jumped by 254,000 jobs in September after climbing by an upwardly revised 159,000 jobs in August.
Economists had expected employment to rise by 140,000 jobs compared to the addition of 142,000 jobs originally reported for the previous month.
The report also showed the unemployment rate edged down to 4.1 percent in September from 4.2 percent in August. Economists had expected the unemployment rate to remain unchanged.
U.S. Weekly Jobless Claims Climb Much More Than Expected
(RTTNews) - The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits increased by much more than expected in the week ended October 5th.
The report said initial jobless claims climbed to 258,000, an increase of 33,000 from the previous week's unrevised level of 225,000. Economists had expected jobless claims to edge up to 230,000.
With the much bigger than expected increase, jobless claims reached their highest level since hitting a matching figure in the week ended August 5th, 2023.
Renewed Selling Pressure Likely For Malaysia Stock Market
(RTTNews) - The Malaysia stock market moved back to the upside again on Thursday, one day after ending the two-day winning streak in which it had picked up almost 6 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just above the 1,640-point plateau although it figures to head south again on Friday.
The global forecast for the Asian markets is soft on ebbing optimism over the outlook for interest rates. The European and U.S. markets finished slightly lower and the Asian bourses are expected to follow that lead.
The KLCI finished modestly higher on Thursday following gains from the plantation stocks, industrial companies and financial shares.
For the day, the index rose 6.03 points or 0.37 percent to finish at 1,640.94 after trading between 1,638.67 and 1,646.14.
Among the actives, Celcomdigi spiked 1.70 percent, while CIMB Group gained 0.62 percent, Genting improved 0.73 percent, Genting Malaysia gathered 0.42 percent, IHH Healthcare rose 0.55 percent, IOI Corporation perked 0.27 percent, Kuala Lumpur Kepong added 0.67 percent, Maxis advanced 0.82 percent, Maybank collected 0.38 percent, MISC rallied 1.17 percent, Nestle Malaysia tumbled 1.24 percent, Petronas Chemicals picked up 0.18 percent, Petronas Gas dipped 0.23 percent, Press Metal strengthened 0.20 percent, QL Resources sank 0.43 percent, RHB Bank increased 0.32 percent, Sime Darby soared 1.63 percent, SD Guthrie climbed 0.87 percent, Telekom Malaysia was up 0.15 percent, Tenaga Nasional fell 0.28 percent, YTL Corporation surged 2.46 percent, YTL Power accelerated 1.37 percent and Axiata, PPB Group, MRDIY, Public Bank, Sunway and Hong Leong Bank were unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened slightly under water on Thursday and pretty much stayed that way throughout the session.
The Dow shed 57.88 points or 0.14 percent to finish at 42,454.12, while the NASDAQ dipped 9.57 points or 0.05 percent to close at 18,282.05 and the SP 500 sank 11.99 points or 0.21 percent to end at 5,780.05.
The modest weakness on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The bigger than expected increase by consumer prices further offset optimism that the Federal Reserve will continue to aggressively lower interest rates in the coming months.
Negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected last week.
Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
Closer to home, Malaysia will see August figures for industrial production later today; in July, production was up 5.3 percent on year.
Bay Street May Open Slightly Higher; U.S. Inflation Data In Focus
(RTTNews) - Higher crude oil and metal prices indicate a slightly positive start for the Canadian market on Thursday, but the more likely pointer for stocks could be U.S. consumer price inflation data, due before the opening bell.
On the Canadian economic front, employment data for the month of September is due Friday morning. A report on Canadian building permits is also due tomorrow.
Boralex Inc. (BLX.TO) announced that it has acquired the yet to be constructed Sallachy Wind Farm project from German wind developer WKN, a subsidiary of the PNE Group. The terms of the deal were not provided. Upon completion of construction, the wind farm will consist of nine wind turbines with a blade tip height of up to 149.9 metres and a combined installed generating capacity of up to 50MW, Boralex said.
The Canadian market climbed to a new record high on Wednesday, lifted by gains in technology and consumer discretionary stocks. The mood remained positive amid continued optimism about more interest rate cuts by the Federal Reserve, and several other central banks.
Investors digested the minutes of the Federal Reserve's monetary policy meeting, and looked ahead to U.S. consumer price inflation data, due on Thursday.
The benchmark SP/TSX Composite Index ended with a gain of 152.39 points or 0.63% at 24,224.90, slightly off the new all-time high of 24,230.05.
Asian stocks closed higher on Thursday, with Chinese and Hong Kong markets leading the surge on hopes that policymakers will announce more stimulus to revive growth at a press briefing by China's finance ministry on Saturday.
Also, a survey showed China's average daily home sales during the Golden Week holiday leapt 23% by floor area from the same period last year, spurring hopes of a property market recovery.
European stocks are weak as investors await U.S. consumer price inflation data for clues about the size of interest-rate cuts by the Federal Reserve. The downside is limited thanks to data showing an increase in Germany's retail sales in the month of August. UK house prices turned positive on expectations of more interest rate cuts by the Bank of England.
In commodities, West Texas Intermediate Crude oil futures are up $0.92 or 1.24% at $74.16 a barrel.
Gold futures are gaining $4.50 or 0.18% at $2,630.50 an ounce, while Silver futures are up $0.130 or 0.41% at $30.800 an ounce.
World Bank Raises South Asia Growth Outlook
(RTTNews) - The World Bank lifted its growth projection for South Asia citing strong domestic demand in India and faster recoveries in most other countries in the region.
In its twice-yearly regional outlook, released Thursday, the World Bank said South Asia will expand 6.4 percent in 2024 compared to 6.0 percent estimated previously in April. The growth outlook for the next year was raised to 6.2 percent from 6.1 percent.
The region is forecast to expand again by 6.2 percent in 2026.
However, the lender cautioned that the forecast is subject to downside risks including extreme weather, debt distress, and social unrest.
South Asia's outlook is undoubtedly promising, but the region could do more to realize its full economic potential," World Bank Vice President for South Asia Martin Raiser said.
"Key policy reforms to integrate more women into the workforce and remove barriers to global investment and trade can accelerate growth," Raiser added.
Growth in India is projected to reach 7.0 percent in FY24/25 with larger-than-expected agricultural output and policies to foster employment growth contributing to strong private consumption growth.
In Bangladesh, output growth is expected to slow to the range of 3.2 to 5.2 percent in FY24/25.
Bhutan's economy is expected to grow 7.2 percent in FY24/25, boosted by faster-than-expected recovery in tourism and strong public investment at the beginning of a new five-year plan.
Growth in Maldives is projected to remain moderate at 4.7 percent in 2025. In Nepal, growth is projected to improve to 5.1 percent in FY24/25 amid an expanding hotel sector, growing tourist arrivals and strengthening industrial sector.
Pakistan continued its economic recovery as the relaxation of import controls and projected policy rate cuts are expected to lift growth to 2.8 percent in FY24/25, the lender said.
In Sri Lanka, output is expected to grow 3.5 percent next year, on the back of stronger-than-expected rebound in industrial activity and tourism, if debt restructuring and planned reforms remain on track.
Amazon To Expand Same-Day Prescription Deliveries To 20 More US Cities
(RTTNews) - Amazon revealed its plan to expand same-day delivery of medications to nearly half the US in 2025 by opening new pharmacies.
Amazon Pharmacy, a digital-first pharmacy, will offer fast, free delivery of prescription medications in 20 more U.S. cities next year, more than doubling the number of cities, where customers can get Same-Day Delivery of their medications.
The fast, free delivery of medications will now be offered in Boston, Dallas, Minneapolis, Philadelphia, San Diego, and other metropolitan areas. Other cities will be announced in the coming months.
At present, Amazon Pharmacy customers receive their medications in two days or less on average. By the end of 2025, around 45 percent of U.S. customers are expected to be eligible for Same-Day of their prescription medications.
The company noted that the new pharmacies will be embedded in Amazon Same-Day Delivery sites, to offer faster delivery of medication directly to a customer's door.
Amazon noted that as per a recent study, nearly half of U.S. counties have communities over 10 miles from the nearest pharmacy, limiting their access to medications and pharmacist care.
Amazon Pharmacy, since launching in 2020, offers rapid delivery of medications and 24/7 access to a pharmacist, to ensure that customers can get care within hours, bridging healthcare accessibility divides.
Amazon's RxPass, a $5-a-month subscription program, offers access to 60 common medications, and the Prime prescription savings benefit provides up to 80 percent off generic medications and 40 percent off brand-name medications.
The company said its new, smaller pharmacies complement Amazon Pharmacy's existing, highly automated pharmacy fulfillment sites that feature robotic arms and other automation.
U.S. Consumer Prices Rise 0.2% In September, Slightly More Than Expected
(RTTNews) - Consumer prices in the U.S. increased by slightly more than expected in the month of September, according to a report released by the Labor Department on Thursday.
The Labor Department said its consumer price index rose by 0.2 percent in September, matching the increases seen in August and July. Economists had expected consumer prices to inch up by 0.1 percent.
Prices for shelter rose by 0.2 percent and prices for food climbed by 0.4 percent, contributing over 75 percent of the monthly increase by consumer prices.
A steep drop by energy prices helped limit the upside, with energy prices plunging by 1.9 percent amid a 4.1 percent nosedive by gasoline prices.
The report said core consumer prices, which exclude food and energy prices, climbed by 0.3 percent for the second consecutive month. Core prices were expected to rise by 0.2 percent.
The increase by core prices reflected the higher prices for shelter as well as higher prices for motor vehicle insurance, medical care, apparel, and airline fares. Prices for recreation and communication were among those that decreased.
Meanwhile, the Labor Department said the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August. Economists had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent in September from 3.2 percent in August, while economists had expected the pace of growth to remain unchanged.
"Disinflation continues, but anyone who thought the Fed was going to lower rates by another .50 basis points in November is dead wrong," said Jamie Cox, Managing Partner, Harris Financial Group.
"When interest rates aren't high enough to lower growth, they aren't high enough to stifle inflation completely either," he added. "The Fed will lower rates, but at a measured pace from here."
On Friday, the Labor Department is scheduled to release a separate report on producer price inflation in the month of September.
Economists expect producer prices to rise by 0.2 percent in September, matching the increase in August, while the annual rate of producer price growth is expected to slow to 1.6 percent from 1.7 percent.
Japan M2 Money Stock Climbs 1.3% On Year In September
(RTTNews) - The M2 money stock in Japan was up 1.3 percent on year in September, the Bank of Japan said on Friday - coming in at 1,252.0 trillion yen.
That was unchanged from the August reading, although shy of forecasts for 1.5 percent.
On a monthly basis, M2 was up 1.0 percent - accelerating from 0.6 percent in the previous month.
The M3 money stock added 0.8 percent on year and 0.7 percent on month, while the L money stock rose 3.2 percent on year and 1.8 percent on month.
For the third quarter of 2024, M2 was up 0.3 percent on quarter and 1.3 percent on year, while M3 was flat on quarter and up 0.8 percent on year and L gained 2.3 percent on quarter and 3.2 percent on year.
Soft Start Anticipated For South Korea Shares
(RTTNews) - The South Korea stock market ticked higher again on Thursday, one session after ending the two-day winning streak in which it had picked up almost 50 points or 2 percent. The KOSPI now sits just beneath the 2,600-point plateau although it may turn lower again on Friday.
The global forecast for the Asian markets is soft on ebbing optimism over the outlook for interest rates. The European and U.S. markets finished slightly lower and the Asian bourses are expected to follow that lead.
The KOSPI finished slightly higher on Thursday following gains from the financial shares and mixed performances from the industrial, technology and chemical companies.
For the day, the index perked 4.80 points or 0.19 percent to finish at 2,599.16.
Among the actives, Shinhan Financial rallied 2.53 percent, while KB Financial collected 0.56 percent, Hana Financial perked 0.16 percent, Samsung Electronics tanked 2.32 percent, Samsung SDI fell 0.40 percent, LG Electronics sank 0.82 percent, SK Hynix surged 4.89 percent, Naver soared 3.73 percent, LG Chem retreated 1.25 percent, Lotte Chemical strengthened 1.33 percent, S-Oil tumbled 1.90 percent, SK Innovation accelerated 3.89 percent, POSCO declined 1.20 percent, SK Telecom climbed 1.10 percent, KEPCO shed 0.50 percent, Hyundai Mobis spiked 2.07 percent, Kia Motors advanced 1.20 percent and Hyundai Motor was unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened slightly under water on Thursday and pretty much stayed that way throughout the session.
The Dow shed 57.88 points or 0.14 percent to finish at 42,454.12, while the NASDAQ dipped 9.57 points or 0.05 percent to close at 18,282.05 and the SP 500 sank 11.99 points or 0.21 percent to end at 5,780.05.
The modest weakness on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The bigger than expected increase by consumer prices further offset optimism the Federal Reserve will continue to aggressively lower interest rates in the coming months.
Negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected last week.
Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
Closer to home, the Bank of Korea will wrap up its monetary policy meeting later this morning and then announce its decision on interest rates; the BoK is expected to keep its benchmark lending rate unchanged at 3.50 percent.
Singapore Shares May Take Further Damage On Friday
(RTTNews) - The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 20 points or 0.6 percent. The Straits Times Index now sits just above the 3,585-point plateau and it may extend Thursday's losses on Friday.
The global forecast for the Asian markets is soft on ebbing optimism over the outlook for interest rates. The European and U.S. markets finished slightly lower and the Asian bourses are expected to follow that lead.
The STI finished modestly lower on Thursday following losses from the industrials and mixed performances from the financials and properties.
For the day, the index sank 10.37 points or 0.29 percent to finish at 3,585.29 after trading between 3,578.48 and 3,620.78.
Among the actives, CapitaLand Integrated Commercial Trust plunged 1.42 percent, while City Developments shed 0.38 percent, Comfort DelGro and Mapletree Pan Asia Commercial Trust both tanked 1.36 percent, DBS Group and Keppel Ltd both fell 0.15 percent, Hongkong Land added 0.25 percent, Keppel DC REIT soared 2.30 percent, Mapletree Logistics Trust dropped 0.70 percent, Oversea-Chinese Banking Corporation lost 0.33 percent, SATS jumped 0.80 percent, Seatrium Limited slumped 0.98 percent, SembCorp Industries tumbled 1.09 percent, Singapore Technologies Engineering skidded 0.85 percent, SingTel sank 0.63 percent, Wilmar International advanced 0.60 percent, Yangzijiang Financial rallied 1.23 percent, Yangzijiang Shipbuilding plummeted 2.75 percent and Emperador, Genting Singapore, CapitaLand Investment, Thai Beverage, Mapletree Industrial Trust, DFI Retail Group and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened slightly under water on Thursday and pretty much stayed that way throughout the session.
The Dow shed 57.88 points or 0.14 percent to finish at 42,454.12, while the NASDAQ dipped 9.57 points or 0.05 percent to close at 18,282.05 and the SP 500 sank 11.99 points or 0.21 percent to end at 5,780.05.
The modest weakness on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The bigger than expected increase by consumer prices further offset optimism that the Federal Reserve will continue to aggressively lower interest rates in the coming months.
Negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected last week.
Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
Taiwan Stock Market May Hand Back Thursday's Gains
(RTTNews) - Ahead of Thursday's holiday for National Day, the Taiwan stock market had alternated between positive and negative finishes through the last five trading days since the end of the two-day slide in which it had dropped more than 630 points or 2.9 percent. The Taiwan Stock Exchange now rests just beneath the 22,660-point plateau and it's expected to remain rangebound again on Friday.
The global forecast for the Asian markets is soft on ebbing optimism over the outlook for interest rates. The European and U.S. markets finished slightly lower and the Asian bourses are expected to follow that lead.
The TSE finished modestly higher on Wednesday following mixed performances from the financial shares and technology stocks.
For the day, the index rose 47.69 points or 0.21 percent to finish at 22,659.08 after trading between 22,637.17 and 22,885.95.
Among the actives, Cathay Financial perked 0.15 percent, while Mega Financial shed 0.51 percent, CTBC Financial sank 0.85 percent, First Financial lost 0.56 percent, Fubon Financial dropped 0.88 percent, E Sun Financial collected 0.36 percent, Taiwan Semiconductor Manufacturing Company advanced 0.99 percent, United Microelectronics Corporation slumped 1.33 percent, Hon Hai Precision spiked 2.58 percent, Largan Precision declined 1.41 percent, MediaTek rallied 1.63 percent, Delta Electronics dipped 0.13 percent, Novatek Microelectronics rose 0.20 percent, Formosa Plastics stumbled 2.46 percent, Nan Ya Plastics surrendered 2.35 percent, Asia Cement retreated 1.58 percent and Catcher Technology was unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened slightly under water on Thursday and pretty much stayed that way throughout the session.
The Dow shed 57.88 points or 0.14 percent to finish at 42,454.12, while the NASDAQ dipped 9.57 points or 0.05 percent to close at 18,282.05 and the SP 500 sank 11.99 points or 0.21 percent to end at 5,780.05.
The modest weakness on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The bigger than expected increase by consumer prices further offset optimism that the Federal Reserve will continue to aggressively lower interest rates in the coming months.
Negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected last week.
Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
Sensex, Nifty Seen Lower As Oil Prices Surge
(RTTNews) - Indian shares are seen opening lower on Friday as Tata Consultancy Services missed Q2 profit estimates and oil headed for a second weekly gain after surging by more than 3 percent on Thursday on geopolitical woes.
At least 22 people were killed and almost 120 got wounded as Israeli air strikes hit two residential blocks in heart of Beirut.
Benchmark indexes Sensex and Nifty posted marginal gains on Wednesday despite overseas investors extending their selling streak. The rupee fell by 2 paise to close at 83.98 against the dollar.
Asian stocks were muted this morning, with China's Shanghai Composite index falling more than 1 percent as investors await potential fiscal stimulus announcements from a finance ministry press conference scheduled on Saturday.
Gold prices surged while the U.S. dollar fell from two-month highs as signs of weakness in the labor market boosted the case for quicker Federal Reserve rate cuts.
U.S. stocks ended marginally lower overnight while longer-dated U.S. Treasury yields edged up in choppy trading, as data showed slightly stickier inflation for September and a big jump in the initial jobless claims to its highest level in a year last week.
Data showed the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August while economists had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent from 3.2 percent in August.
Investors also digested comments from Fed officials and looked forward to earnings from big banks.
The Dow slipped 0.1 percent and the SP 500 dipped 0.2 percent after hitting record closing highs the previous day. The tech-heavy Nasdaq Composite ended flat with a negative bias.
European stocks also closed on a weak note Thursday due to lingering geopolitical tensions and uncertainty over the U.S. rate outlook.
The pan European STOXX 600 dropped 0.2 percent. The German DAX and France's CAC 40 both dipped by 0.2 percent while the U.K.'s FTSE 100 finished marginally lower.
Asian Markets Trade Mostly Higher
(RTTNews) - Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from Wall Street overnight, as data showing the bigger-than-expected increase in US consumer prices further offset optimism the US Fed will continue to aggressively lower interest rates in the coming months. China is also falling as the markets await potential fiscal stimulus announcements on Saturday. Asian markets ended mostly higher on Thursday.
Following the data, Atlanta Fed President Raphael Bostic told the Wall Street Journal he was "definitely open" to leaving interest rates unchanged in November.
CME Group's FedWatch Tool is currently indicating an 84.0 percent chance the Fed will lower rates by 25 basis points next month after slashing rates by 50 basis points last month.
The Australian stock market is modestly lower in choppy trading on Friday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark SP/ASX 200 is falling to near the 8,200 level, with weakness in iron ore miners and financial stocks partially offset by gains in gold miners, technology and energy stocks amid spike in crude oil and bullion prices.
The benchmark SP/ASX 200 Index is losing 10.60 points or 0.13 percent to 8,212.40, after hitting a low of 8,200.00 earlier. The broader All Ordinaries Index is down 8.40 points or 0.10 percent to 8,490.30. Australian markets ended modestly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are losing almost 1 percent each, while Fortescue Metals is down more than 1 percent, while Mineral Resources is gaining almost 1 percent.
Oil stocks are mostly higher. Woodside Energy is advancing more than 1 percent and Santos is adding almost 1 percent, while Origin Energy and Beach energy are edging up 0.1 to 0.4 percent each.
Among tech stocks, Afterpay owner Block is advancing more than 3 percent, while Xero and Zip are adding almost 1 percent. WiseTech Global is declining almost 1 percent. Appen is flat.
Among the big four banks, Commonwealth Bank is losing almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging down 0.2 to 0.4 percent each.
Gold miners are mostly higher. Evolution Mining, Newmont and Northern Star Resources are gaining almost 2 percent each, while Resolute Mining is advancing more than 3 percent and Gold Road Resources is adding more than 2 percent.
In the currency market, the Aussie dollar is trading at $0.674 on Friday.
Extending the gains in the previous two sessions, the Japanese stock market is notably higher on Friday, despite the broadly negative cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 39,600 level, with gains across most sectors led by index heavyweights and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,612.82, up 231.93 points or 0.59 percent, after touching a high of 39,662.42 earlier. Japanese stocks closed modestly higher on Thursday.
Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining more than 3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.5 percent.
In the tech space, Advantest is gaining more than 1 percent, while Tokyo Electron and Screen Holdings are adding almost 1 percent each.
In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining 1.5 percent, while Sumitomo Mitsui Financial is adding more than 2 percent.
Among major exporters, Mitsubishi Electric and Canon are losing almost 1 percent each, while Sony is more than 1 percent and Panasonic is edging up 0.4 percent.
Among other major gainers, Fujikura is adding more than 3 percent, while Dai-ichi Life Holdings and Chugai Pharmaceutical are advancing almost 3 percent each.
Conversely, there are no other major losers.
In economic news, the M2 money stock in Japan was up 1.3 percent on year in September, the Bank of Japan said on Friday - coming in at 1,252.0 trillion yen. That was unchanged from the August reading, although shy of forecasts for 1.5 percent. On a monthly basis, M2 was up 1.0 percent - accelerating from 0.6 percent in the previous month.
In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Friday.
Elsewhere in Asia, Taiwan is up 1.2 percent, while New Zealand, Singapore, South Korea and Indonesia are higher by between 0.1 and 0.6 percent each. China and Malaysia are down 1.5 and 0.2 percent, respectively. Hong Kong is closed for the Double Ninth Festival.
On Wall Street, stocks saw modest weakness during trading on Thursday after turning in a strong performance in the previous session. The major averages all gave back ground, with the Dow and the SP 500 pulling back off yesterday's record closing highs.
The major averages moved to the upside going into the close of trading but remained in the red. The Dow slipped 57.88 points or 0.1 percent to 42,454.12, the Nasdaq edged down 9.57 points or 0.1 percent to 18,282.05 and the SP 500 dipped 11.99 points or 0.2 percent to 5,780.05.
The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both dipped by 0.2 percent.
Crude oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
Australian Market Modestly Lower
(RTTNews) - The Australian stock market is modestly lower on Friday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark SP/ASX 200 is falling to near the 8,200 level, with weakness in iron ore miners and financial stocks partially offset by gains in gold miners, technology and energy stocks amid spike in crude oil and bullion prices.
The benchmark SP/ASX 200 Index is losing 15.60 points or 0.19 percent to 8,207.40, after hitting a low of 8,201.70 earlier. The broader All Ordinaries Index is down 13.60 points or 0.16 percent to 8,485.10. Australian markets ended modestly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are losing almost 1 percent each, while Fortescue Metals is down more than 1 percent, while Mineral Resources is gaining almost 1 percent.
Oil stocks are mostly higher. Woodside Energy is advancing more than 1 percent and Santos is adding almost 1 percent, while Origin Energy and Beach energy are edging up 0.1 to 0.4 percent each.
Among tech stocks, Afterpay owner Block is advancing more than 3 percent, while Xero and Zip are adding almost 1 percent. WiseTech Global is declining almost 1 percent. Appen is flat.
Among the big four banks, Commonwealth Bank is losing almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging down 0.2 to 0.4 percent each.
Gold miners are mostly higher. Evolution Mining, Newmont and Northern Star Resources are gaining almost 2 percent each, while Resolute Mining is advancing more than 3 percent and Gold Road Resources is adding more than 2 percent.
In the currency market, the Aussie dollar is trading at $0.674 on Friday.
On Wall Street, stocks saw modest weakness during trading on Thursday after turning in a strong performance in the previous session. The major averages all gave back ground, with the Dow and the SP 500 pulling back off yesterday's record closing highs.
The major averages moved to the upside going into the close of trading but remained in the red. The Dow slipped 57.88 points or 0.1 percent to 42,454.12, the Nasdaq edged down 9.57 points or 0.1 percent to 18,282.05 and the SP 500 dipped 11.99 points or 0.2 percent to 5,780.05.
The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both dipped by 0.2 percent.
Crude oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
Losing Streak May Continue For Indonesia Stock Market
(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, dropping almost 80 points or 1.1 percent along the way. The Jakarta Composite Index now rests just above the 7,490-point plateau and it's looking at another soft start again on Friday.
The global forecast for the Asian markets is soft on ebbing optimism over the outlook for interest rates. The European and U.S. markets finished slightly lower and the Asian bourses are expected to follow that lead.
The JCI finished slightly lower on Thursday following mixed performances from the financial shares and resource stocks.
For the day, the index slipped 21.21 points or 0.28 percent to finish at 7,480.08 after trading between 7,467.82 and 7,528.95.
Among the actives, Bank CIMB Niaga dropped 0.80 percent, while Bank Central Asia collected 0.72 percent, Bank Rakyat Indonesia retreated 1.42 percent, Indosat Ooredoo Hutchison rallied 2.51 percent, Indocement rose 0.36 percent, Semen Indonesia climbed 1.00 percent, Indofood Sukses Makmur strengthened 1.44 percent, United Tractors stumbled 2.63 percent, Astra International advanced 0.99 percent, Energi Mega Persada sank 0.89 percent, Astra Agro Lestari skidded 1.14 percent, Aneka Tambang improved 1.32 percent, Jasa Marga gained 1.02 percent, Vale Indonesia slid 0.24 percent, Timah added 0.40 percent, Bumi Resources soared 2.34 percent and Bank Mandiri, Bank Danamon Indonesia, Bank Negara Indonesia and Bank Maybank Indonesia were unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened slightly under water on Thursday and pretty much stayed that way throughout the session.
The Dow shed 57.88 points or 0.14 percent to finish at 42,454.12, while the NASDAQ dipped 9.57 points or 0.05 percent to close at 18,282.05 and the SP 500 sank 11.99 points or 0.21 percent to end at 5,780.05.
The modest weakness on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The bigger than expected increase by consumer prices further offset optimism that the Federal Reserve will continue to aggressively lower interest rates in the coming months.
Negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected last week.
Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
China Bourse Still Overdue For Profit Taking
(RTTNews) - The China stock market bounced higher again on Thursday, one day after ending the 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just above the 3,300-point plateau and it may open under pressure on Friday.
The global forecast for the Asian markets is soft on ebbing optimism over the outlook for interest rates. The European and U.S. markets finished slightly lower and the Asian bourses are expected to follow that lead.
The SCI finished sharply higher on Thursday following gains from the financial shares, resource stocks and energy companies, while the property sector was soft.
For the day, the index rallied 43.07 points or 1.32 percent to finish at 3,301.93 after trading between 3,228.12 and 3,379.81. The Shenzhen Composite Index slipped 7.04 points or 0.37 percent to end at 1,910.27.
Among the actives, Industrial and Commercial Bank of China jumped 3.81 percent, while Bank of China added 4.16 percent, China Construction Bank collected 3.32 percent, China Merchants Bank strengthened 4.65 percent, Agricultural Bank of China rallied 3.21 percent, China Life Insurance advanced 0.90 percent, Jiangxi Copper gathered 2.73 percent, Aluminum Corp of China (Chalco) accelerated 6.26 percent, Yankuang Energy surged 9.11 percent, PetroChina gained 3.43 percent, China Petroleum and Chemical (Sinopec) improved 4.56 percent, Huaneng Power rose 1.61 percent, China Shenhua Energy spiked 6.44 percent, Gemdale stumbled 3.91 percent, Poly Developments increased 1.42 percent and China Vanke dropped 2.36 percent.
The lead from Wall Street suggests mild consolidation as the major averages opened slightly under water on Thursday and pretty much stayed that way throughout the session.
The Dow shed 57.88 points or 0.14 percent to finish at 42,454.12, while the NASDAQ dipped 9.57 points or 0.05 percent to close at 18,282.05 and the SP 500 sank 11.99 points or 0.21 percent to end at 5,780.05.
The modest weakness on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The bigger than expected increase by consumer prices further offset optimism that the Federal Reserve will continue to aggressively lower interest rates in the coming months.
Negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected last week.
Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.
