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Japan Services PMI Falls To 49.7 In October - Jibun
(RTTNews) - The services sector in Japan fell into contraction territory in October, the latest survey from Jibun Bank revealed on Wednesday with a services PMI of 49.7.
That's down from 53.1 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.
Business activity fell for the first time in four months, while new business inflows slowed, owed in part to a renewed and moderate contraction in exports. Outstanding business contracted for the second time in three months.
The stagnation in activity weighed on the 12-month outlook, as optimism dropped to a 31-month low. Input cost inflation strengthened, but charges rose at a broadly similar pace to the previous month, placing pressure on profitability.
Australian Market Significantly Higher
(RTTNews) - Australian shares are trading significantly higher on Wednesday, reversing the losses in the previous session, with the benchmark SP/ASX 200 moving a tad above the 8,200 level, following the broadly positive cues from Wall Street overnight, with gains across all sectors led by technology and financial stocks.
The benchmark SP/ASX 200 Index is gaining 68.70 points or 0.85 percent to 8,200.50, after touching a high of 8,206.80 earlier. The broader All Ordinaries Index is up 69.70 points or 0.83 percent to 8,457.50. Australian stocks ended notably lower on Tuesday.
Among major miners, BHP Group is gaining almost 1 percent, Rio Tinto is adding more than 1 percent and Fortescue Metals is edging up 0.5 percent, while Mineral Resources is edging down 0.5 percent.
Oil stocks are mostly higher. Woodside Energy is edging up 0.1 percent and Origin Energy is gaining more than 1 percent, while Santos is edging down 0.1 percent. Beach energy is flat.
In the tech space, Zip is surging almost 7 percent, Appen is advancing more than 6 percent, WiseTech Global is adding more than 1 percent and Xero is gaining more than 4 percent, while Afterpay owner Block is edging down 0.2 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while National Australia Bank is adding more than 1 percent and ANZ Banking is edging up 0.2 percent.
Among gold miners, Evolution Mining and Newmont are gaining more than 1 percent each, while Gold Road Resources and Northern Star Resources are edging up 0.3 to 0.4 percent each. Resolute Mining is adding almost 1 percent.
In the currency market, the Aussie dollar is trading at $0.659 on Wednesday.
On the Wall Street, stocks showed a lack of direction over the course of Monday's session before closing moderately lower but showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq helped lead the way higher.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq surged 259.19 points or 1.4 percent to 18,439.17, the SP 500 shot up 70.07 points or 1.2 percent to 5,782.76 and the Dow jumped 427.28 points or 1.0 percent to 42,221.88.
The major European markets also moved to the upside on the day. The German DAX Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edged down by 0.1 percent.
Crude oil prices settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Australian Dollar Falls Against Majors
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Wednesday.
The Australian dollar fell to nearly a 3-month low of 0.6512 against the U.S. dollar, from an early nearly a 2-week high of 0.6642.
Against the Canadian dollar, the aussie slid to nearly a 2-month low of 0.9073 from yesterday's closing value of 0.9174.
The aussie edged down to 1.1002 against the NZ dollar, from Tuesday's closing value of 1.1045.
Against the euro and the yen, the aussie edged down to 1.6494 and 100.28 from an early 8-day highs of 1.6416 and 101.02, respectively.
If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 0.93 against the loonie, 1.11 against the kiwi, 1.67 against the euro and 98.00 against the yen.
Additional Support Predicted For Thai Stock Market
(RTTNews) - The Thai stock market on Tuesday snapped the two-day slide in which it had eased just over 3 points or 0.2 percent. The Stock Exchange of Thailand now sits just above the 1,480-point plateau and it's tipped to open higher again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The SET finished sharply higher on Tuesday following gains from the financial, food, property, energy and resource sectors.
For the day, the index gained 18.72 points or 1.28 percent to finish at 1,481.67.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Higher Open Predicted For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved higher in three straight sessions, advancing almost 700 points or 3.4 percent along the way. The Hang Seng Index now sits just above the 21,000-point plateau and it's got a positive lead again for Wednesday's trade.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply higher on Tuesday with gains across the board.
For the day, the index surged 439/45 points or 2.14 percent to finish at the daily high of 21,006.97 after trading as low as 20,409.94.
Among the actives, Alibaba Group and China Resources Land both strengthened 2.45 percent, while Alibaba Health Info surged 5.75 percent, ANTA Sports rallied 3.91 percent, China Life Insurance soared 5.16 percent, China Mengniu Dairy spiked 4.65 percent, CITIC jumped 2.85 percent, CNOOC gained 1.55 percent, CSPC Pharmaceutical accelerated 4.39 percent, Galaxy Entertainment advanced 2.30 percent, Haier Smart Home rose 0.69 percent, Hang Lung Properties rallied 3.87 percent, Henderson Land rose 1.17 percent, Hong Kong China Gas increased 0.33 percent, Industrial and Commercial Bank of China collected 1.46 percent, JD.com added 1.60 percent, Lenovo gathered 1.16 percent, Li Auto slumped 0.81 percent, Li Ning soared 7.04 percent, Meituan strengthened 3.25 percent, New World Development spiked 3.43 percent, Nongfu Spring surged 9.56 percent, Techtronic Industries was up 0.35 percent, Xiaomi Corporation jumped 3.30 percent and WuXi Biologics climbed 3.22 percent.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Indonesia Bourse May Crack Resistance At 7,500 Points
(RTTNews) - The Indonesia stock market on Tuesday ended the two-day slide in which it had slumped almost 100 points or 1.4 percent. The Jakarta Composite Index now rests just above the 7,490-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.
The JCI finished modestly higher on Tuesday following gains from the cement and resource sectors, while the financials came in mixed.
For the day, the index rose 12.40 points or 0.17 percent to finish at 7,491.90.
Among the actives, Bank CIMB Niaga dropped 0.81 percent, while Bank Mandiri spiked 2.59 percent, Bank Negara Indonesia climbed 1.89 percent, Bank Central Asia collected 1.20 percent, Bank Rakyat Indonesia dipped 0.21 percent, Bank Maybank Indonesia sank 0.89 percent, Indosat Ooredoo Hutchison shed 0.83 percent, Indocement improved 1.09 percent, Semen Indonesia added 0.55 percent, Indofood Sukses Makmur surged 5.70 percent, United Tractors stumbled 1.28 percent, Astra International advanced 0.98 percent, Energi Mega Persada strengthened 1.47 percent, Astra Agro Lestari rose 0.37 percent, Aneka Tambang rallied 3.28 percent, Jasa Marga perked 0.21 percent, Vale Indonesia jumped 1.86 percent, Timah skyrocketed 11.36 percent, Bumi Resources accelerated 2.22 percent and Bank Danamon Indonesia was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.
The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the SP 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.
The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.
Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.
In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.
Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
India Services Growth Strengthens In October
(RTTNews) - India's services activity growth recovered from September's ten-month low on sharper expansion in output and new business, final data from SP Global showed on Wednesday.
The HSBC final services Purchasing Managers' Index registered 58.5 in October, up from 57.7 in September. The flash score was 57.9.
New business growth accelerated from a ten-month low seen in September. Driven by strengthening demand from Africa, Asia, the US, the Middle East and the UK, new export sales recovered in October.
Services employment increased at the quickest pace in 26 months. A sustained improvement in new business induced firms to hire full and part-time workers.
Capacity pressures also boosted job creation. Outstanding business volumes grew for the thirty-fourth straight month, with the rate of accumulation quickening to the highest since July.
Regarding prices, the survey showed that input price inflation hit a three-month high and output price inflation picked up to the strongest since July and outpaced the series trend.
Business sentiment remained positive in October despite receding a little from September.
Indian private sector activity increased to a greater extent in October, owing to stronger growth at both goods producers and service providers. The HSBC composite output index rose to 59.1 from September's ten-month low of 58.3. The final score was above the initial estimate of 58.6.
Asian Markets Track Wall Street Higher
(RTTNews) - Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid optimism over the U.S. presidential election as early results show Republican candidate Donald Trump surging ahead of Democratic candidate Kamala Harris. Traders also remain cautious ahead of the US Fed's interest rate decision tomorrow. Asian markets closed mostly higher on Tuesday.
The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts.
Australian shares are trading significantly higher on Wednesday, reversing the losses in the previous session, with the benchmark SP/ASX 200 moving above the 8,200 level, following the broadly positive cues from Wall Street overnight, with gains across all sectors led by technology and financial stocks.
The benchmark SP/ASX 200 Index is gaining 84.70 points or 1.04 percent to 8,216.50, after touching a high of 8,219.10 earlier. The broader All Ordinaries Index is up 86.10 points or 1.03 percent to 8,473.90. Australian stocks ended notably lower on Tuesday.
Among major miners, BHP Group is gaining almost 1 percent, Rio Tinto is adding more than 1 percent and Fortescue Metals is edging up 0.5 percent, while Mineral Resources is edging down 0.5 percent.
Oil stocks are mostly higher. Woodside Energy is edging up 0.1 percent and Origin Energy is gaining more than 1 percent, while Santos is edging down 0.1 percent. Beach energy is flat.
In the tech space, Zip is surging almost 7 percent, Appen is advancing more than 6 percent, WiseTech Global is adding more than 1 percent and Xero is gaining more than 4 percent, while Afterpay owner Block is edging down 0.2 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while National Australia Bank is adding more than 1 percent and ANZ Banking is edging up 0.2 percent.
Among gold miners, Evolution Mining and Newmont are gaining more than 1 percent each, while Gold Road Resources and Northern Star Resources are edging up 0.3 to 0.4 percent each. Resolute Mining is adding almost 1 percent.
In the currency market, the Aussie dollar is trading at $0.656 on Wednesday.
The Japanese stock market is trading sharply higher on Wednesday, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is surging more than 2 percent to above the 39,300 level, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,341.44, up 866.54 points or 2.25 percent, after touching a high of 39,341.44 earlier. Japanese stocks ended significantly higher on Tuesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.4 percent.
In the tech space, Advantest is advancing more than 5 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is gaining more than 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are advancing almost 4 percent each, while Mitsubishi UFJ Financial is gaining more than 3 percent.
Among the major exporters, Sony is gaining more than 1 percent, Canon is edging up 0.2 percent and Mitsubishi Electric is advancing almost 2 percent, while Panasonic are edging down 0.3 percent.
Among other major gainers, DeNA, IHI and Resona Holdings are gaining more than 5 percent each, while Kawasaki Heavy Industries is adding almost 5 percent. Mitsubishi Heavy Industries, TDK, CyberAgent and Japan Steel Works are adding more than 4 percent each, while Tosoh, Isetan Mitsukoshi, J. Front Retailing and Yamaha are advancing almost 4 percent each.
Conversely, Mercari is plummeting more than 14 percent and Konica Minolta is declining more than 3 percent.
In economic news, the services sector in Japan fell into contraction territory in October, the latest survey from Jibun Bank revealed on Wednesday with a services PMI of 49.7. That's down from 53.1 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.
Meanwhile, members of the Bank of Japan's Monetary Policy Board agreed that Japan's economy has recovered modestly, and is expected to continue to do so, minutes from the board's September 19-20 monetary policy meeting revealed on Wednesday. At the meeting, the BoJ kept its benchmark interest rate unchanged at 0.25 percent, as widely expected. The BoJ ended its negative interest rate policy in March.
In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Wednesday.
Elsewhere in Asia, Taiwan is up 1.0 percent, while New Zealand, China, South Korea and Malaysia are higher by between 0.1 and 0.5 percent each. Hong Kong and Indonesia are down 1.9 and 0.2 percent, respectively. Singapore is relatively flat.
On the Wall Street, stocks showed a lack of direction over the course of Monday's session before closing moderately lower but showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq helped lead the way higher.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq surged 259.19 points or 1.4 percent to 18,439.17, the SP 500 shot up 70.07 points or 1.2 percent to 5,782.76 and the Dow jumped 427.28 points or 1.0 percent to 42,221.88.
The major European markets also moved to the upside on the day. The German DAX Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edged down by 0.1 percent.
Crude oil prices settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Sensex, Nifty Seen Opening Up As US Election Results Trickle In
(RTTNews) - Indian shares are likely to open a tad higher on Wednesday as new U.S. data signaled a solid economy and Republican candidate Donald Trump surged ahead of Democratic candidate Kamala Harris in the early U.S. presidential election results.
Benchmark indexes Sensex and Nifty jumped around 0.9 percent each on Tuesday after staging a smart recovery in the afternoon session, led by financials and metal stocks.
The rupee hit a record low of 84.13 against the dollar before settling 1 paise higher at 84.10 against the dollar on the back of suspected intervention by the Reserve Bank of India.
Asian stocks were broadly higher this morning, with Hong Kong markets falling sharply as investors await the outcome of a meeting of top policymakers in Beijing this week that could approve local government debt refinancing and spending.
The dollar index rose, and Treasury yields climbed, pushing gold prices lower as some betting sites swung to favor Trump. Oil prices were down in early Asian trade as industry data showed a bigger than expected build in U.S. inventories.
U.S. stocks rose sharply in a broad rally overnight as Americans voted in one of the tightest presidential elections in decades and data showed the U.S. services sector accelerated to a more than two-year high in October.
The tech-heavy Nasdaq Composite surged 1.4 percent, the SP 500 rallied 1.2 percent and the Dow added 1 percent.
European stocks closed higher on Tuesday as focus shifted to the U.S. election and upcoming monetary policy announcements from the Bank of England and the Federal Reserve.
The pan European STOXX 600 ended flat with a positive bias. The German DAX rose 0.6 percent and France's CAC 40 gained half a percent while the U.K.'s FTSE 100 slipped 0.1 percent.
Japanese Market Notably Higher
(RTTNews) - The Japanese stock market is trading sharply higher on Wednesday, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 39,000 mark, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index is up 564.57 or 1.47 percent at 39,039.47, after touching a high of 39,040.77 earlier. Japanese stocks ended significantly higher on Tuesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.4 percent.
In the tech space, Advantest is advancing more than 5 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is gaining more than 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are advancing almost 4 percent each, while Mitsubishi UFJ Financial is gaining more than 3 percent.
Among the major exporters, Sony is gaining more than 1 percent, Canon is edging up 0.2 percent and Mitsubishi Electric is advancing almost 2 percent, while Panasonic are edging down 0.3 percent.
Among other major gainers, DeNA, IHI and Resona Holdings are gaining more than 5 percent each, while Kawasaki Heavy Industries is adding almost 5 percent. Mitsubishi Heavy Industries, TDK, CyberAgent and Japan Steel Works are adding more than 4 percent each, while Tosoh, Isetan Mitsukoshi, J. Front Retailing and Yamaha are advancing almost 4 percent each.
Conversely, Mercari is plummeting more than 14 percent and Konica Minolta is declining more than 3 percent.
In economic news, he Bank of Japan will on Wednesday release the minutes from its September 19-20 monetary policy meeting. At the meeting, the BoJ kept its benchmark interest rate unchanged at 0.25 percent, as widely expected. The BoJ ended its negative interest rate policy in March.
In the currency market, the U.S. dollar is trading in the higher 152 yen-range on Wednesday.
On the Wall Street, stocks showed a lack of direction over the course of Monday's session before closing moderately lower but showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq helped lead the way higher.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq surged 259.19 points or 1.4 percent to 18,439.17, the SP 500 shot up 70.07 points or 1.2 percent to 5,782.76 and the Dow jumped 427.28 points or 1.0 percent to 42,221.88.
The major European markets also moved to the upside on the day. The German DAX Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edged down by 0.1 percent.
Crude oil prices settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.
Home Depot Co-founder Bernard Marcus Dies At 95
(RTTNews) - Bernard Bernie Marcus, who co-founded retail chain the Home Depot Inc., has died, aged 95.
The Billionaire, said to be a major donor to Republican politicians and a supporter of Donald Trump, breathed his last on the U.S. Election day.
In a statement announcing the news, the company, which is now mainly owned by institutional investors, said, "Bernie was an inspiration in many ways. He was a master merchant and a genius with customer service... He also loved the associates who made the company what it is today. More than anything, he deeply believed in the company's core values, particularly that of giving back...In business and in charity, Bernie was unparalleled in generosity and goodwill."
Bernie started the Home Depot with Arthur Blank and others in 1978, which has now turned to become a retail major, operating 2,300 stores and employs more than 500,000. He was the company's first CEO and first Chairman until retiring in 2002.
Born in 1929 to Russian Jewish immigrants, he grew up in a tenement in Newark, New Jersey. After college, he worked at manufacturing conglomerate O'Dell's and retail chain Vornado, Inc. By 1972, Bernie was the chairman of the Board and president of Handy Dan Improvement Centers, Inc., a chain that was part of the Daylin conglomerate, where he met Blank.
Home Depot was created after Bernie was fired from Handy Dan in April 1978, along with Blank. With his vision of a one-stop shop for do-it-yourselfers, he and Blank, along with others, started the retail firm, with financial support from Investment banker Ken Langone.
Bernie, together with his wife Billi, also was very active in various philanthropic efforts. They also joined the Giving Pledge in 2010, a commitment to give away most of their money during their lifetime.
According to Home Depot, Bernie's philanthropic work will be continued by the Marcus Foundation, with a focus on Jewish causes, children, medical research, free enterprise and the community.
BMW Stock Hits On Weak Q3 Profit, Volume; Backs FY24 View
(RTTNews) - Shares of BMW Group were losing around 5 percent in the morning trade on Germany's XETRA after the luxury auto major reported Wednesday sharply lower profit and revenues for its third quarter with weak volume in all regions, mainly in China. Further, BMW Group confirmed its recently adjusted fiscal 2024 guidance.
According to the firm, delivery stops related to the supplied Integrated Brake System or IBS component caused the delivery volumes to fall significantly in the quarter.
The challenging market environment in China, despite the stimulus measures implemented by the Chinese government, amid the low consumer confidence is having a knock-on effect on sales volumes, BMW said.
Chairman of the Board of Management of BMW AG, Oliver Zipse, said, "After the extraordinary challenges in the third quarter, we are looking ahead: In the fourth quarter, we are back on track for stronger earnings in order to achieve our annual targets, despite planned high upfront expenditures. We are striking a balance between securing short-term earnings and long-term success..."
For fiscal 2024, Group earnings before taxes are still expected to decrease significantly. Vehicle deliveries in the Automotive Segment will be slightly lower than the previous year due to the ongoing low level of demand in China and delivery stops.
The share of all-electric cars relative to total deliveries will increase significantly.
The Automotive segment's EBIT margin for 2024 is forecast to be within the range of 6 percent to 7 percent.
In its third quarter, net profit plunged 83.8 percent to 476 million euros from last year's 2.93 billion euros.
Earnings per share of common stock was 0.64 euro, down 84.8 percent 4.20 euro last year.
Group earnings before tax in the third quarter declined 79.4 percent to 838 million euros from 4.06 billion euros in the prior year. Group operating profit or EBIT was 1.70 billion euros, down 61 percent from the prior year.
In the quarter, Group research and development expenditure climbed 35.4 percent year-over-year to 2.47 billion euros.
BMW Group posted revenues of 32.41 billion euros, a decline of 15.7 percent from last year's 38.46 billion euros. Adjusted for currency translation effects, revenues fell 15.3 percent.
Automotive revenues declined 13.2 percent year-over-year to 27.85 billion euros, while revenues from Motorcycles grew 8 percent and the increase was 2.5 percent in financial Services.
Automotive production volume edged up 0.3 percent from last year to 640,747 units.
Meanwhile, the premium manufacturer delivered 540,881 BMW, MINI and Rolls-Royce vehicles in the quarter, down 13 percent from last year's 621,699 automobiles.
Deliveries of BMW brand fell 11.4 percent to 487,080 units, MINI dropped 25.2 percent to 52,650 units, and Rolls-Royce fell 16.2 percent to 1,151 units.
Among regions, deliveries in Europe dropped 1 percent to 219,488 units, mainly with a 3 percent drop in Germany. In Americas, deliveries declined 10.8 percent with a 9.2 percent drop in USA. In Asia, deliveries fell 24.1 percent, with 29.8 percent fall in China.
However, BMW Group BEV deliveries grew significantly by 10.1 percent compared to the previous year, and the share of sales of fully electric vehicles rose to 19.1 percent from last year's 15.1 percent.
Motorcycles' deliveries fell 3.2 percent from last year to 50,364 units.
On Germany's XETRA, BMW shares were trading at 68.80 euros, down 5.3 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
European Shares Rally On Trump Election Lead
(RTTNews) - European stocks were sharply higher on Wednesday as former U.S. President Donald Trump neared the majority mark of 270 electoral votes after taking comfortable position in four of the seven swing states.
Speaking to his supporters early today, Trump expressed that this moment would "help this country heal."
Investors also cheered the results of a survey that showed Eurozone business activity held steady last month, a small improvement from September's modest decline.
A separate report revealed Germany's factory orders rebounded in September on strong growth in aircraft and other transport equipment orders.
Factory orders advanced 4.2 percent on a monthly basis in September, in contrast to the revised 5.4 percent decline in August, Destatis reported.
The pan European STOXX 600 rallied 1.5 percent to 517.10 after ending flat with a positive bias on Tuesday.
The German DAX climbed 1.2 percent, France's CAC 40 surged 1.7 percent and the U.K.'s FTSE 100 added 1.1 percent.
Shares of Lancashire Holdings jumped more than 10 percent in London. The British specialty insurance and reinsurance group has reported a 9 percent year-on-year increase in GWP to $1.7bn for the first nine months of 2024.
Lloyd's of London insurer Beazley rallied 3.6 percent after reiterating its full-year undiscounted combined ratio guidance of around 80 percent.
Prudential surged 5 percent after it posted a 11 percent rise in new business profit for the first nine months of fiscal 2024.
Homebuilder Persimmon slumped 5.2 percent as it flagged concerns around signs of build costs emerging in price negotiations for 2025.
Retail giant Marks and Spencer soared 5.2 percent after beating first-half profit expectations.
French lender Credit Agricole fell nearly 4 percent after reporting mixed Q3 results as weakness at some of its retail businesses overshadowed record revenues at its investment banking unit.
Siemens Healthineers jumped almost 7 percent after the German medical technology company reported revenue growth and full year adjusted earnings before interest and taxes (EBIT) in line with estimates.
Evotec SE, a pharmaceutical drug discovery and development company, slumped 14 percent after reporting declines in revenues and profits in the first nine months of the year.
Sports brand PUMA fell 5 percent after Q3 sales came in below expectations.
Automaker BMW declined 3.7 percent on reporting a 61 percent drop in its quarterly third-quarter profit.
Software developer TeamViewer lost over 9 percent after trimming its revenue forecast.
European Shares Poised To Open Mixed As Trump Extends Lead In Swing States
(RTTNews) - European stocks may open on a mixed note Wednesday as investors ponder over what a Trump presidency could mean for the region. A proposed 10 percent U.S. tariffs risk hitting European exports like autos and chemicals.
According to early trends, Republican candidate Donald Trump holds a slim lead over Democratic nominee Kamala Harris in key battleground states.
Asian markets traded mixed, with Hong Kong's Hang Seng falling 2.6 percent on fears over the fallout from heightened trade tensions.
Investors also await the outcome of a meeting of top policymakers in Beijing this week that could approve local government debt refinancing and spending.
Japan's Nikkei index was up nearly 2 percent as the yen plummeted to its lowest level since late July, boosting export-related stocks
The dollar index and Treasury yields climbed, denting demand for bullion ahead of interest-rate decision from the Federal Reserve and the Bank of England due this week.
Eurozone final composite PMI figures and Germany factory orders data may also garner some attention as the day progresses.
Oil prices were down more than 1 percent in Asian trade as industry data showed a bigger than expected build in U.S. inventories.
Overnight, U.S. stocks rose sharply in a broad rally as Americans voted in one of the tightest presidential elections in decades and data showed the U.S. services sector accelerated to a more than two-year high in October.
The tech-heavy Nasdaq Composite surged 1.4 percent, the SP 500 rallied 1.2 percent and the Dow added 1 percent.
European stocks closed higher on Tuesday as focus shifted to the U.S. election and upcoming monetary policy announcements.
The pan European STOXX 600 ended flat with a positive bias. The German DAX rose 0.6 percent and France's CAC 40 gained half a percent while the U.K.'s FTSE 100 slipped 0.1 percent.
Bay Street Looks Headed For Positive Start
(RTTNews) - Higher Canadian and U.S. futures and firm European stocks following Donald Trump's victory in the U.S. Presidential Election point to a positive start for the Canadian market on Wednesday.
Energy and materials stocks may be a bit volatile due to weak commodity prices. Investors will be reacting to a slew of corporate earnings announcements, and also look ahead to the Federal Reserve's monetary policy announcement, due on Thursday.
CGI Inc. (GIB.A.TO) reported net earnings of $435.9 million for the fourth quarter, up 5.2% year-over-year, for a margin 1 of 11.9%.
Stella-Jones Inc. (SJ.TO) reported net earnings of $80 million, or $1.42 per share for the third quarter of the current financial year, compared with $110 million, or $1.91 per share a year ago.
ATS Corporation (ATS.TO) posted a net loss of $0.9 million in the second quarter ended September 29, 2024, as against net income of $50.7 million in the second quarter of the previous year.
The Ivey Business School will release the Ivey Purchasing Managers Index reading for the month of October at 10 AM ET. The Ivey Purchasing Managers Index in Canada soared to 53.1 in September 2024, up from an over 3-1/2-year low of 48.2 in August.
The Canadian market closed higher on Tuesday, riding on strong gains in utilities, consumer staples and healthcare sectors. In addition to digesting a slew of corporate earnings announcements, investors eyed the outcome of U.S. Presidential Election, and the Federal Reserve's monetary policy announcement, due later in the week.
The benchmark SP/TSX Composite Index closed up 131.84 points or 0.54% at 24,387.90, near the day's high of 24,393.82.
Asian stocks ended mixed on Wednesday, while the dollar and bond yields edged up as U.S. Republican candidate Donald Trump won two crucial swing states, North Carolina and Georgia, and tightened his hold on key battlegrounds in the race for the White House.
While Japanese markets rallied on the back of a weaker yen, Hong Kong shares led losses on concerns that Trump's tariff plans could reignite U.S.-China trade tensions.
European stocks are up firmly with investors reacting positively to Donald Trump's victory in the U.S. Presidential Election.
Investors are also cheering the results of a survey that showed Eurozone business activity held steady last month, a small improvement from September's modest decline, and data showing an increase in Germany's factory orders in the month of September.
In commodities, West Texas Intermediate Crude oil futures are down $1.11 or 1.54% at $70.88 a barrel.
Gold futures are down $36.80 or 1.34% at $2,712.90 an ounce, as the dollar moved higher on Trump's victory. Silver futures are down $0.815 or 2.5% at $31.960 an ounce.
Sensex, Nifty Rally On Trump's Victory; IT Stocks Lead
(RTTNews) - Indian shares posted strong gains on Wednesday, with firm global cues boosting sentiment after U.S. Republican Donald Trump claimed victory in the 2024 presidential contest.
Trump is on course to return to power in the United States winning 266 electoral votes.
He is leading in key battleground states, and just four seats short of majority, while his Democratic rival Kamala Harris has won only 219 electoral votes.
Indian Prime Minister Narendra Modi extended his congratulations to Trump on his election victory and expressed his eagerness to renew collaboration between India and the U.S., aiming to strengthen their partnership.
The benchmark SP/BSE Sensex surged 901.50 points, or 1.13 percent, to 80,378.13 while the NSE Nifty index settled up by 270.75 points, or 1.12 percent, at 24,484.05.
IT stocks topped the gainers list, with HCL Technologies, Wipro and TCS all climbing around 4 percent.
Bharat Electronics jumped 5.3 percent and Adani Enterprises advanced 4.5 percent.
Financials succumbed to selling pressure, with IndusInd Bank, HDFC Life and SBI Life falling 1-2 percent.
German Factory Orders Log Stronger Than Expected Rebound
(RTTNews) - Germany's factory orders rebounded at a faster than expected pace in September on robust demand for aircraft, ships, trains and military vehicles, data from Destatis showed on Wednesday.
Factory orders advanced 4.2 percent on a monthly basis in September, in contrast to the revised 5.4 percent decline in August.
Economists had forecast orders to grow moderately by 1.6 percent after September's initially estimated decline of 5.8 percent. Moreover, this was the fastest increase in three months.
When large-scale orders are excluded, new orders gained 2.2 percent from the previous month.
In the third quarter, new orders rose 4.2 percent from the previous quarter, while total orders excluding large-scale orders were down 0.6 percent.
Destatis said the growth in new orders in manufacturing was mainly attributable to the substantial growth in the "manufacture of other transport equipment" sector. This sector posted a significant of 117.1 percent expansion.
The increase of 2.9 percent in orders in the automotive industry also had a positive effect. Meanwhile, the manufacture of basic metals dropped 10.0 percent and that of machinery and equipment slid 3.6 percent.
Domestic orders climbed 3.6 percent and foreign orders grew 4.4 percent, with orders from the euro area rising 14.6 percent. Meanwhile, new orders from the rest of the world declined 1.6 percent.
On a yearly basis, new orders in manufacturing gained 1.0 percent, reversing a 3.4 percent decrease in the prior month.
Real manufacturing turnover was down 1.4 percent on the previous month, following an increase of 3.0 percent in August. Year-on-year, turnover decreased 4.4 percent.
UK Construction Sector Growth Weakens In October
(RTTNews) - The UK construction sector growth slowed notably in October but overall industry activity remained solid on civil engineering work, survey results from SP Global showed on Wednesday.
The construction Purchasing Managers' Index posted 54.3 in October, down from 57.2 in September. The index signaled expansion for the eighth consecutive month.
Civil engineering was the best-performing category. Commercial work also increased but the growth was the weakest since the current sequence of expansion began in April.
House building was the only category to post a fall in output in October. This was the first fall in residential activity since June as high borrowing costs and uncertainty ahead of the Autumn Budget constrained demand.
Although new work increased at a solid pace, the growth was softer than the two-and-a-half year high seen in September. Political uncertainty and subdued household demand due to cost-of-living pressures limited new order growth.
In order to meet higher activity, firms recruited additional staff. The rate of job creation rose to a three-month high.
Construction companies continued to support their purchasing activity in October, which was mainly linked to greater workloads and forthcoming new project starts.
Suppliers' delivery times improved marginally in October and lead times shortened in each of the past three months.
On the price front, the survey showed that average cost burdens increased at a solid pace. The rate of inflation remained stronger than seen on average in the first half of 2024 but moderated since September.
Eurozone Private Sector Stagnates In October
(RTTNews) - The euro area private sector stagnated in October as the contraction in manufacturing was offset by the services activity growth, final survey results published by SP Global showed on Wednesday.
The HCOB composite output index registered 50.0 in October signalling no change in private sector output. The reading was up from 49.6 in September and above the flash score of 49.7.
The stagnation of the economy masked considerably different trends at the sector level. Services activity posted growth for a ninth straight month, while manufacturing production decreased solidly.
New work received by private sector firms shrank for a fifth consecutive month as a sharp fall in demand for goods was accompanied by the quickest drop in sales at services companies since January.
The volume of outstanding business contracted as lower demand allowed firms to focus more resources on backlogged orders. Consequently, firms lowered their staffing capacity. The rate of job shedding was the quickest since December 2020.
Companies were less optimistic towards the 12-month outlook for business activity. Business confidence weakened for the fifth successive month and hit its lowest in the year-to-date period.
Input price inflation remained close to that seen in September and was the third-softest for nearly four years. Companies raised their prices charged but at the second-slowest extent since February 2021.
The survey showed that the currency bloc's two biggest economies, Germany and France continued to drag on the union's performance. France fell deeper into contraction, while Germany's downturn cooled.
Spain remained the fastest-growing country despite a slight loss of momentum. Italy reported a moderate upturn with a renewed expansion.
Germany's private sector shrank for a fourth straight month in October but it ticked up from September as stronger growth in services activity coincided with a slower fall in manufacturing.
The HCOB final composite PMI improved to 48.6 in October from 47.5 in the prior month and also stayed above the flash reading of 48.4. Similarly, the services PMI climbed to 51.6 from 50.6 a month ago. The initial estimate was 51.4.
France's private sector activity declined at the fastest pace since February. The composite output index fell to 48.1 in October from 48.6 in September. The flash score was 47.3.
Factory production as well as services activity both registered quicker declines at the start of the fourth quarter. The services PMI decreased to 49.2 in October from 49.6 in September but well above the flash level of 48.3.
Italy's private sector rose back into growth territory as growth in services more than outweighed a deeper contraction seen at manufacturers. At 51.0, the composite output index climbed from 49.7 in September. The services PMI posted 52.4, up from 50.5 in September.
Spain's private sector economy continued to perform strongly in October, with both manufacturing and service sectors expanding again. The HCOB composite output index fell to 55.2 from 56.3 in September. The services PMI posted 54.9 compared to 57.0 in the previous month.
Spanish Services Sector Expands For 14th Month - PMI Survey
(RTTNews) - Spain's services industry grew for the fourteenth month in a row in October led by strong improvement in sales and demand and firms increased hiring markedly in response to better business, results of the purchasing managers' survey by SP Global showed on Wednesday.
The HCOB services purchasing managers' index came in at 54.9 in October, which was weaker than September's 57, but remained above the neutral mark of 50. Economists had forecast a reading of 56.6.
The PMI survey data was collected from October 10 to 28.
New business grew for an eleventh month in a row, underpinned by increased demand at home and from abroad.
Increased hiring led staffing levels up to the strongest degree since April 2023. Official data released on Tuesday showed that joblessness in Spain increased in October but logged the smallest gain for the month since 2006.
Despite a growth in workforce, capacity constraints remained, with backlogs of work rising for a tenth successive month.
Meanwhile, higher salary costs drove input cost inflation higher in October and these were passed on to customers due to strong market conditions, leading to an increase in output charges.
Business confidence remained high in October as survey participants hoped market conditions to stay positive.
Survey data released earlier in the week showed that production in manufacturing rose at the steepest pace since September 2021.
The HCOB Spain Composite PMI fell to 55.2 in October from 56.3 in September.
"While the Composite HCOB PMI showed a slight slowdown in June and July, it displayed solid growth signals again in September and October," Jonas Feldhusen, an economist at Hamburg Commercial Bank, said.
"This trend suggests that [GDP] growth of up to 3.0 percent could be achievable for 2024. The HCOB PMIs, in particular in services, indicate a strong start to the fourth quarter."
Feldhusen pointed out that the discrepancy of core inflation exceeding headline inflation illustrates how persistent cost increases in the services sector significantly contribute to higher core inflation.
"Rising wages are a primary driver of this trend, with many service companies continuing to report wage pressures," the economist said.
"To mitigate these burdens, companies often pass on the additional costs to consumers, further intensifying price increases in this sector."
U.S. Dollar Rallies On Trump's Victory
(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Wednesday, as Donald Trump's win in the presidential election renewed optimism about economic growth policies that could drive bond yields higher and boost inflation.
Trump is projected to win far more than the 270 Electoral College votes needed to secure his return to the White House after claiming victory in several key swing states.
Trump is seen by the markets as better for corporations and is likely to renew the tax cut package enacted during his first term, which was due to expire at the end of 2025.
A Trump administration is also expected to scale back government regulations and be less hostile to mergers and acquisitions.
However, Trump has also called for increased tariffs on China and other countries, which could lead to renewed inflation concerns.
The greenback advanced to more than a 4-month high of 1.0682 against the euro and more than a 3-month high of 0.8773 against the franc, from its early lows of 1.0934 and 0.8620, respectively. The next possible resistance for the currency is seen around 1.06 against the euro and 0.89 against the franc.
The greenback climbed to near a 3-month high of 1.2833 against the pound and more than a 3-month high of 154.47 against the yen, from its early 2-week lows of 1.3044 and 151.29, respectively. The currency is poised to challenge resistance around 1.26 against the pound and 156.00 against the yen.
The greenback rose to a 5-day high of 1.3959 against the loonie, from an early low of 1.3823. Immediate resistance for the currency is seen around the 1.40 level.
In contrast, the greenback eased to 0.6596 against the aussie, from an early nearly 3-month high of 0.6512. This may be compared to the previous session's 2-week low of 0.6642. If the currency falls further, it is likely to test support around the 0.68 region.
The greenback retreated to 0.5975 against the kiwi, from an early 3-month high of 0.5912. This may be compared to the Asian session's 2-week low of 0.6021. The currency is likely to locate support around the 0.62 level.
Canadian Market Up Firmly, Looks Set End On Strong Note
(RTTNews) - The Canadian market looks well on course to end on a strong note on Wednesday with stocks from across several sectors moving higher on sustained buying interest as investors react positively to Donald Trump's victory in the U.S. presidential election.
Technology, energy, financials, industrials and consumer staples stocks are up with impressive gains. Healthcare, materials, real estate, utilities and communications shares are week.
The benchmark SP/TSX Composite Index was up 220.81 points or 0.91% at 24,608.71 a little while ago.
iA Financial Corporation (IAG.TO) is soaring nearly 16%, after reporting a whopping 414% jump in net inome to $288 million in the third-quarter of current financial year, from a year ago.
TFI International (TFII.TO) is rising 10.3%. Celestica Inc (CLS.TO) is up more than 7%. Dayforce (DAY.TO) and Descartes Systems Group (DSG.TO) are gaining 4.7% and 4.2%, respectively.
RB Global Inc (RBA.TO), Canadian National Railway (CNR.TO) and Kinaxis Inc (KXS.TO) are up 3 to 3.5%. Constellation Software (CSU.TO) is climbing about 1.2%.
Stella-Jones Inc (SJ.TO) is plunging 13.7%. The company reported net earnings of $80 million, or $1.42 per share for the third quarter of the current financial year, compared with $110 million, or $1.91 per share a year ago.
Ero Copper (ERO.TO) is down 8.6% after the company reduced its full-year copper production guidance due to delays in achieving commercial production at the Tucumã operation in Pará, Brazil, stemming from power disruptions in the third quarter.
Premium Brands Holdings Corporation (PBH.TO) is down 7.1%. The company reported earnings of $25.4 million for the 13 weeks ended September 28, 2024, compared with $39.4 million in the 13 weeks ended September 30, 2023.
Sprott Inc (SII.TO), Boralex Inc (BLX.TO), Wheaton Precious Metals (WPM.TO), Intact Financial Corporation (IFC.TO), Boyd Group Services (BYD.TO) and Thomson Reuters (TRI.TO) are also down sharply.
On the economic front, the Ivey Purchasing Managers Index in Canada eased to 52 in October 2024, down from 53.1 in the prior month and missing market estimates of 54.2., according to a report from the Ivey Business School.
Higher Open Expected For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market on Wednesday snapped the three-day winning streak in which it had surged almost 700 points or 3.4 percent. The Hang Seng Index now sits just above the 20,530-point plateau and it's got a positive lead again for Thursday's trade.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply lower as investors locked in gains across the board, but especially in the technology and property sectors.
For the day, the index plunged 468.59 points or 2.23 percent to finish at 20,538.38 after trading between 20,361.92 and 20,859.66.
Among the actives, Alibaba Group plummeted 4.07 percent, while Alibaba Health Info was down 0.24 percent, ANTA Sports and Li Ning both sank 2.11 percent, China Life Insurance plunged 3.98 percent, China Mengniu Dairy declined 2.28 percent, China Resources Land skidded 2.21 percent, CITIC tanked 3.41 percent, CNOOC retreated 2.50 percent, CSPC Pharmaceutical tumbled 2.56 percent, Galaxy Entertainment surrendered 2.95 percent, Haier Smart Home tanked 4.13 percent, Hang Lung Properties shed 1.72 percent, Henderson Land eased 0.19 percent, Hong Kong China Gas lost 1.47 percent, Industrial and Commercial Bank of China slumped 2.26 percent, JD.com plunged 4.16 percent, Lenovo plummeted 4.58 percent, Li Auto stumbled 2.69 percent, Meituan retreated 2.32 percent, New World Development tumbled 2.70 percent, Nongfu Spring fell 1.35 percent, Techtronic Industries surrendered 3.34 percent, Xiaomi Corporation dropped 2.13 percent and WuXi Biologics slid 0.69 percent.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Australia Building Approvals Rise 4.4% In September
(RTTNews) - The total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics said on Friday - coming in at 14,842.
That was in line with expectations following the 3.9 percent drop in August.
On a yearly basis, overall approvals climbed 6.8 percent.
Private sector houses rose 2.2 percent on month and 16.7 percent on year to 9,745, while private sector dwellings excluding houses rose 4.7 percent on month and fell 12.2 percent on year to 4,653.
The value of total residential building was flat at A$8.04 billion. The value of non-residential building rose 3.6 percent to A$5.57 billion.
Rebound Predicted For China Stock Market
(RTTNews) - The China stock market on Wednesday ended the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just beneath the 3,385-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished slightly lower on Wednesday following losses from the financials, gains from the properties and a mixed picture from the resource stocks.
For the day, the index slipped 3.18 points or 0.09 percent to finish at 3,383.81 after trading between 3,367.08 and 3,421.00. The Shenzhen Composite Index perked 2.01 points or 0.10 percent to end at 2,049.78.
Among the actives, Industrial and Commercial Bank of China slumped 0.98 percent, while Bank of China and Huaneng Power both lost 0.41 percent, China Construction Bank declined 1.36 percent, China Merchants Bank retreated 1.33 percent, Agricultural Bank of China shed 0.63 percent, China Life Insurance tanked 2.08 percent, Jiangxi Copper skidded 1.07 percent, Aluminum Corp of China (Chalco) jumped 1.85 percent, Yankuang Energy dropped 0.82 percent, PetroChina fell 0.24 percent, China Shenhua Energy tumbled 1.71 percent, Gemdale rallied 2.44 percent, Poly Developments jumped 1.80 percent, China Vanke spiked 1.71 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
