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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.
Thai Stock Market May Run Out Of Steam On Friday
(RTTNews) - The Thai stock market has moved higher in five straight sessions, gathering more than 25 points or 1.8 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,470-point plateau although the rally may stall 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 SET finished modestly higher on Thursday following gains from the food, resource and technology sectors.
For the day, the index gained 11.55 points or 0.79 percent to finish at 1,468.52 after trading between 1,458.59 and 1,474.51. Volume was 11.187 billion shares worth 50.447 billion baht. There were 235 gainers and 220 decliners, with 202 stocks finishing unchanged.
Among the actives, Advanced Info and Banpu both improved 0.74 percent, while Thailand Airport rallied 0.78 percent, Bangkok Bank fell 0.32 percent, Bangkok Dusit Medical sank 0.83 percent, B. Grimm jumped 1.72 percent, BTS Group was up 0.44 percent, CP All Public gained 0.76 percent, Charoen Pokphand Foods accelerated 2.23 percent, Energy Absolute slumped 1.12 percent, Gulf strengthened 1.62 percent, Kasikornbank rose 0.33 percent, Krung Thai Bank collected 0.48 percent, Krung Thai Card added 0.52 percent, PTT Exploration and Production increased 0.75 percent, SCG Packaging tumbled 1.77 percent, Siam Concrete dropped 0.83 percent, Thai Oil declined 0.99 percent, True Corporation soared 2.68 percent, TTB Bank skidded 1.06 percent and Siam Commercial Bank, PTT Global Chemical, Asset World, PTT Oil Retail, PTT and Bangkok Expressway 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.
Warren Buffett Cuts Stake In Bank Of America To Below 10%
(RTTNews) - Billionaire investor Warren Buffett's Berkshire Hathaway Inc. has reduced its stake in Bank of America Corp. to below the key 10 percent regulatory threshold. With this, Berkshire is no longer required to report its related transactions frequently.
In a filing with the U.S. Securities and Exchange Commission, Berkshire disclosed the sale of around 9.54 million shares in total, in three transactions made between October 8 and 10.
With the sale, the company now holds 775 million shares of the banking major, representing a stake of about 9.99 percent.
As per the SEC's requirment, shareholders who own more than 10 percent of any company's stake are required to report related transactions within two business days.
Berkshire, which began a selling spree in mid-July, reportedly has gained about $10.5 billion so far from the stake sale in the bank.
In July, Berkshire sold about 33.9 million shares for around $1.48 billion.
Despite these sales, Berkshire remains Bank of America's biggest institutional investor.
It was in 2011 that Buffett's Berkshire bought $5 billion worth preferred stock and warrants in the bank. In 2017, these were converted to common stock, making Berkshire the largest shareholder in the bank. In 2018 and 2019, Buffett reportedly bought 300 million more shares.
The news comes as the bank is preparing to report its third-quarter results next week. The company has been reporting weak earnings in the past few quarters.
Among other major company invetments, Berkshire reportedly sold nearly half of its stake in Apple Inc. in August, immediately following the release of the tech major's quarterly results, citing China risk. The sale resulted in Berkshire divesting around 390 million Apple shares, equivalent to a net value of $75.5 billion. Consequently, Buffett's cash reserves increased to about $276.9 billion.
In May also, Berkshire had trimmed a portion of its significant stake in Apple, reportedly citing tax reasons.
Despite the significant divestment, Berkshire still holds around 400 million Apple shares valued at $84.2 billion.
Sensex Falls 230 Points; Nifty Ends At 24,965
(RTTNews) - Indian shares ended slightly lower on Friday as TCS' Q2 earnings failed to impress markets.
A nearly 4 percent surge in oil prices overnight due to heightened Middle East tensions and muted cues from global markets also weighed on sentiment, heading into the weekend.
The benchmark 30-share BSE Sensex ended the session down 230.05 points, or 0.28 percent, at 81,381.36 while the broader NSE Nifty index settled 34.20 points, or 0.14 percent, lower at 24,964.25.
Among the prominent decliners, TCS fell 1.9 percent as Q2FY25 profit missed estimates.
Adani Enterprises, Cipla, ICICI Bank and Mahindra Mahindra dropped 1-2 percent.
Among the top gainers, ONGC, Tech Mahindra, HCL Technologies and Hindalco rose 1-2 percent.
Trent rallied 2.5 percent, Tata Chemicals surged 2.8 percent and Tata Investment Corp added 1.7 percent after Noel Tata was appointed chairman of Tata Trusts, succeeding his late half-brother Ratan Tata. Noel also chairs Trent.
Just Dial gained a little over 3 percent after Q2 net profit more than doubled.
Sudarshan Chemical Industries soared nearly 15 percent after the company announced acquisition of Heubach's global pigment business for Rs 1,180 crore by its unit.
Japanese Market Notably Higher
(RTTNews) - 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 is gaining 232.94 points or 0.59 percent to 39,613.83, after touching a high of 39,636.87 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.
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.
European Economic News Preview: UK GDP Data Due
(RTTNews) - Monthly GDP estimates, industrial production and foreign trade from the UK and final inflation from Germany are the top economic news due on Friday.
At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial output and foreign trade figures. The economy is forecast to grow 0.2 percent on month in August after remaining flat in July.
Economists expect UK industrial output to climb 0.2 percent in August, in contrast to the 0.8 percent decrease in July. The trade deficit is expected to narrow to GBP 18.8 billion from GBP 20.0 billion in the prior month.
In the meantime, Destatis publishes Germany's final inflation data for September. The flash estimate showed that consumer price inflation softened to 1.6 percent from 1.9 percent in August. The statistical office is expected to confirm the preliminary estimate.
At 3.00 am ET, the State Secretariat for Economic Affairs publishes Swiss consumer climate data.
CAC 40 Struggles For Direction Before China Stimulus Briefing
(RTTNews) - French stocks struggled for direction in early trade on Friday as investors waited to see whether Beijing will deliver more fiscal stimulus at a press conference by the finance ministry on Saturday.
The benchmark CAC 40 was marginally higher at 7,545 after closing 0.2 percent lower the previous day.
China-linked luxury stocks such as Kering, Hermes International and LVMH were moving lower ahead of China's policy briefing.
The dollar drifted lower as fresh signs of U.S. labour market weakness spurred hopes for more rate cuts.
The British pound was muted after new data showed the U.K. economy expanded by 0.2 percent in August, following two months of stagnation in June and July.
Asian Shares Mixed As Investors Await China Policy Briefing
(RTTNews) - Asian stocks ended mixed on Friday as investors waited to see whether Beijing will deliver more fiscal stimulus at a press conference by the finance ministry on Saturday.
The dollar weakened and gold prices surged as fresh signs of U.S. labor market weakness spurred hopes for more rate cuts.
Oil eased after a rally in the previous session but was on course for a second straight weekly gain on concerns about crude oil supply disruptions stemming from tensions in West Asia.
China's Shanghai Composite index fell 2.55 percent to 3,217.74 as investors awaited the details of the upcoming fiscal stimulus plans this weekend. Hong Kong markets remained closed on account of the Chung Yeung festival.
Japanese markets advanced on hopes for solid earning after Uniqlo clothing chain Fast Retailing reported a stronger-than-expected net profit forecast for this business year the previous day.
The Nikkei average rose 0.57 percent to 39,605.80, led by retailers and financials. The broader Topix index settled 0.24 percent lower at 2,706.20.
Seoul stocks ended little changed, with the Kospi average closing marginally lower at 2,596.91, giving up early gains after the Bank of Korea cut interest rates for the first time in four years as anticipated and flagged there was room to reduce further.
Australian markets ended slightly lower, with miners and banks underperforming. Gold miners surged supported by higher bullion prices.
The benchmark SP/ASX 200 slipped 0.10 percent to 8,214.50 while the broader All Ordinaries index finished marginally lower at 8,491.50.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index climbed 0.71 percent to 12,845.64 as a survey showed activity in the country's manufacturing sector edged up last month but remained firmly in contraction for the 19th consecutive month.
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.
DAX Little Changed After Inflation Data
(RTTNews) - German stocks were little changed on Friday after new data on U.S. consumer price inflation generated mixed reactions from analysts.
Closer home, Germany's consumer price inflation eased further as initially estimated in September to the lowest level in just over three-and-a-half years, Destatis reported earlier today.
The consumer price index registered an annual increase of 1.6 percent in September, slower than the 1.9 percent rise in August. That was in line with the flash data published on September 30.
Further, this was the lowest inflation rate since February 2021, when prices had risen 1.5 percent.
Inflation, based on the harmonized index of consumer prices, also decelerated to 1.8 percent in September from 2.0 percent a month ago.
The benchmark DAX was marginally higher at 19,219 after declining 0.2 percent on Thursday.
In corporate news, online retailer Zalando rose 1.2 percent after raising its financial outlook for 2024.
Auto major Porsche AG gained more than 1 percent despite reporting weak deliveries in the first nine months of fiscal 2024.
European Shares Lack Direction Before China Stimulus Briefing
(RTTNews) - European stocks struggled for direction on Friday as investors digested mixed regional data and looked ahead to a weekend press briefing from China's finance minister, where details on the country's fiscal policy adjustments geared towards fostering economic revival will be revealed.
Germany's consumer price inflation eased further as initially estimated in September to the lowest level in just over three-and-a-half years, Destatis reported earlier today.
The consumer price index registered an annual increase of 1.6 percent in September, slower than the 1.9 percent rise in August. That was in line with the flash data published on September 30.
Further, this was the lowest inflation rate since February 2021, when prices had risen 1.5 percent.
Inflation, based on the harmonized index of consumer prices, also decelerated to 1.8 percent in September from 2.0 percent a month ago.
Elsewhere, official data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year.
The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations.
The pan European STOXX 600 was little changed with a negative bias at 519.02 after falling 0.2 percent in the previous session.
The German DAX and France's CAC 40 were marginally higher, while the U.K.'s FTSE 100 dipped 0.2 percent.
In corporate news, Sandoz rose half a percent after launching a generic formulation of paclitaxel in the U.S.
Saga soared more than 9 percent in London after an update that it is in exclusive talks with Ageas SA/NV to form a 20-year motor and home insurance partnership and sell its underwriting business.
Likewise, Oxford Metrics jumped 5.5 percent after it announced the strategic acquisition of The Sempre Group Holdings Ltd, a measurement specialist that offers high precision metrology solutions.
Recruiter Hays rallied 2.1 percent despite forecasting fall in first-half operating profit from the previous six-month period.
Energy giant BP was half a percent lower after releasing its third quarter 2024 trading statement.
German online retailer Zalando rose 1.2 percent after raising its financial outlook for 2024.
Auto major Porsche AG gained more than 1 percent despite reporting weak deliveries in the first nine months of fiscal 2024.
FTSE 100 Little Changed After GDP Data
(RTTNews) - U.K. stocks were little changed on Friday as official data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year.
The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations.
In the three months to August, real GDP advanced 0.2 percent compared to the three months to May and gained 0.8 percent from the same period last year.
U.K. Chancellor Rachel Reeves said it is welcome news that growth has returned to the economy.
"While change will not happen overnight, we are not wasting any time on delivering on the promise of change," she said.
The benchmark FTSE 100 was marginally lower at 8,229 after finishing marginally lower the previous day.
In corporate news, Saga soared more than 9 percent after an update that it is in exclusive talks with Ageas SA/NV to form a 20-year motor and home insurance partnership and sell its underwriting business.
Likewise, Oxford Metrics jumped 5.5 percent after it announced the strategic acquisition of The Sempre Group Holdings Ltd, a measurement specialist that offers high precision metrology solutions.
Recruiter Hays rallied 2.1 percent despite forecasting fall in first-half operating profit from the previous six-month period.
Energy giant BP was half a percent lower after releasing its third quarter 2024 trading statement.
