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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.
Pound Rises Against Majors
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday.
The pound rose to 1.3082 against the U.S. dollar and 0.8369 against the euro, from early lows of 1.3041 and 0.8385, respectively.
Against the Swiss franc and the yen, the pound edged up to 1.1206 and 194.58 from early lows of 1.1181 and 193.87, respectively.
If the pound extends its downtrend, it is likely to find support around 1.33 against the greenback, 0.82 against the euro, 1.13 against the franc and 197.00 against the yen.
South Korea Shares May Remain Rangebound
(RTTNews) - The South Korea 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 almost 50 points or 2 percent. The KOSPI now sits just beneath the 2,600-point plateau although it may bounce higher again on Monday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The KOSPI finished slightly higher on Friday following gains from the automobile producers and technology stocks, losses from the chemicals and a mixed picture from the financial sector.
For the day, the index dipped 2.25 points or 0.09 percent to finish 2,596.91. Volume was 470.8 million shares worth 9.26 trillion won. There were 487 decliners and 367 gainers.
Among the actives, Shinhan Financial strengthened 1.23 percent, while KB Financial jumped 1.56 percent, Hana Financial sank 0.65 percent, Samsung Electronics added 0.68 percent, Samsung SDI accelerated 1.35 percent, LG Electronics increased 1.34 percent, SK Hynix fell 0.37 percent, Naver gained 0.52 percent, LG Chem lost 0.56 percent, Lotte Chemical plunged 4.05 percent, S-Oil shed 0.65 percent, SK Innovation stumbled 3.66 percent, POSCO retreated 1.21 percent, SK Telecom improved 0.72 percent, Hyundai Mobis rallied 1.35 percent, Hyundai Motor climbed 1.02 percent, Kia Motors rose 0.30 percent and KEPCO was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
Additional Support Predicted For Indonesia Shares
(RTTNews) - The Indonesia stock market on Friday snapped the two-day slide in which it had dropped almost 80 points or 1.1 percent. The Jakarta Composite Index now rests just above the 7,520-point plateau and it may extend its gains on Monday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The JCI finished modestly higher on Friday following gains from the resource and cement companies, while the financials came in mixed.
For the day, the index added 40.52 points or 0.54 percent to finish at 7,520.60 after trading between 7,506.28 and 7,549.54.
Among the actives, Bank CIMB Niaga rose 0.27 percent, while Bank Danamon Indonesia skidded 1,15 percent, Bank Negara Indonesia advanced 0.94 percent, Bank Central Asia slumped 1.19 percent, Bank Rakyat Indonesia collected 0.82 percent, Bank Maybank Indonesia improved 0.89 percent, Indosat Ooredoo Hutchison jumped 1.96 percent, Indocement soared 4.71 percent, Semen Indonesia surged 6.42 percent, Indofood Sukses Makmur fell 0.36 percent, United Tractors climbed 0.97 percent, Astra International dropped 0.98 percent, Energi Mega Persada accelerated 5.41 percent, Astra Agro Lestari added 0.77 percent, Aneka Tambang spiked 1.95 percent, Jasa Marga dipped 0.20 percent, Vale Indonesia gained 0.48 percent, Timah rallied 4.78 percent, Bumi Resources strengthened 2.29 percent and Bank Mandiri was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
U.S. Producer Prices Unexpectedly Flat In September, Annual Growth Slows Modestly
(RTTNews) - With a decrease in prices for goods offsetting an increase in prices for services, the Labor Department released a report on Friday showing producer prices in the U.S. were unexpectedly unchanged in September.
The Labor Department said its producer price index for final demand came in flat in September after rising by 0.2 percent in August. Economists had expected producer prices to inch up by 0.1 percent.
The report also said the annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August.
Economists had expected the annual rate of producer price growth to dip to 1.6 percent from the 1.7 percent originally reported for the previous month.
Producer prices came in unchanged on a monthly basis as prices for goods fell by 0.2 percent, offsetting a 0.2 percent rise by prices for services.
The dip by prices for goods came as energy prices plunged by 2.7 percent, although the slump was partly offset by a 1.0 percent jump by food prices.
Meanwhile, the uptick by prices for services came as prices for transportation and warehousing services increased by 0.3 percent, prices for trade services rose by 0.2 percent and prices for other services inched up by 0.1 percent.
Excluding prices for food, energy and trade services, core producer prices crept up by 0.1 percent in September after rising by 0.2 percent in August.
The report also said the annual rate of growth by core producer prices slowed to 3.2 percent in September from 3.3 percent in August.
"After an upside surprise from the September CPI report, producer prices came in below expectations and provide support for a 25bps rate cut in November," said Matthew Martin, Senior U.S. Economist at Oxford Economics.
On Thursday, the Labor Department released a separate report showing consumer prices in the U.S. increased by slightly more than expected in the month of September.
The Labor Department said its consumer price index rose by 0.2 percent in September, matching the increase seen in August. Economists had expected consumer prices to inch up by 0.1 percent.
The report also said core consumer prices, which exclude food and energy prices, climbed by 0.3 percent for the second consecutive month. Core prices were expected to rise by 0.2 percent.
Meanwhile, the Labor Department said the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August. Economists had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent in September from 3.2 percent in August, while economists had expected the pace of growth to remain unchanged.
Pound Rises On Upbeat U.K. Factory Data
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday, after the release of upbeat U.K. monthly factory data and an expected GDP growth in August.
Data from the Office for National Statistics showed that the U.K. industrial output rebounded 0.5 percent, following a revised fall of 0.7 percent in the previous month and also came in better than forecast of 0.2 percent increase.
The growth was underpinned by the 1.1 percent increase in manufacturing output. Output was forecast to grow 0.3 percent after July's 1.2 percent decrease.
Moreover, construction output climbed 0.4 percent, offsetting the 0.4 percent fall in July.
Data showed that the annual fall in industrial production slowed to 1.6 percent from 2.2 percent and the decline in manufacturing eased to 0.3 percent from 2.0 percent.
The visible trade deficit narrowed to GBP 15.06 billion from GBP 18.87 billion in the previous month. At the same time, the surplus on trade in services decreased to GBP 14.1 billion from GBP 14.2 billion a month ago.
At the same time, 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.
The Bank of England (BoE) has two policy meetings left this year, and traders anticipate that at least one of them will see an interest rate reduction.
In the European trading today, the pound rose to 1.3082 against the U.S. dollar and 0.8369 against the euro, from early lows of 1.3041 and 0.8385, respectively. The pound may test resistance near 1.33 against the greenback and 0.82 against the euro.
Against the Swiss franc and the yen, the pound edged up to 1.1206 and 194.58 from early lows of 1.1181 and 193.87, respectively. If the pound extends its downtrend, it is likely to find support around 1.13 against the franc and 197.00 against the yen.
Looking ahead, Canada jobs data for September, U.S. PPI for September, U.S. University of Michigan's consumer sentiment for October, U.S. WASDE report and U.S. weekly Baker Hughes oil rig count data are slated for release in the New York session.
Tesla Unveils Robotaxi Cybercab, But Stock Down
(RTTNews) - Shares of Tesla Inc. were losing more than 8 percent in the early morning trading on the Nasdaq on Friday following the electric vehicle maker's long-awaited robotaxi event, which showcased Cybercab self-driving concept car. The event perhaps failed to impress investors and Wall Street analysts.
Tesla founder and CEO Elon Musk unveiled the Cybercab robotaxi concept vehicle during the event on Thursday night at Warner Bros. Studios in Burbank, California. It showcased a silver two-seater, without any steering wheels or pedals.
Tesla said it is hoping to produce the Cybercab before 2027. Musk noted that the car would be capable of driving itself autonomously when it launches, and that consumers would be able to buy one for a price tag under $30,000.
Musk further said that he expects Tesla to have unsupervised Full Self-Driving or FSD up and running in Texas and California next year in the company's Model 3 and Model Y electric vehicles.
FSD, Tesla's premium driver assistance system, is currently available in a supervised version for Tesla electric vehicles, and requires a human driver at the wheel.
Musk previously was expecting to unveil the new CyberCab robotaxi model on August 8 during a public event.
Meanwhile, Bloomberg had earlier reported that the company postponed the planned unveiling by two months to October so that teams working on the project would get more time to build additional prototypes. The design team reportedly was asked to rework certain elements of the car.
In 2019, Musk had promised that Tesla would have one million robotaxi-ready vehicles on the road in 2020.
The company is also expecting to ramp up its production of Optimus humanoid robot. Further, in early September, Morgan Stanley said Tesla's Dojo supercomputer could add $500 billion in the electric vehicle maker's market value.
These new projects are expected to revive the weakening financial performance of the automaker amid increasing competition.
In July, Musk had sent a warning to Bill Gates and the EV maker's short sellers for holding a position against the company after reports emerged that short sellers believed about Tesla being on the verge of financial decline.
In a post on social media platform X, Musk then said, "Once Tesla fully solves autonomy and has Optimus in volume production, anyone still holding a short position will be obliterated. Even Gates."
Among Tesla's peers, auto giant General Motors Co., through its autonomous vehicle company Cruise LLC, and tech major Alphabet Inc., through its autonomous driving unit Waymo LLC, are already offering robotaxi services.
On the Nasdaq, Tesla shares were losing around 8.3 percent to trade at $218.94.
Bay Street Seen Opening On Mixed Note; Canada Job Data, U.S. PPI Report Eyed
(RTTNews) - Canadian shares are likely to open on a mixed note Friday morning, tracking the trend in commodities markets and reacting to the nation's employment data and U.S. producer price inflation report, as well earnings updates from Goldman Sachs and Wells Fargo.
Goldman Sachs and Wells Fargo reported a drop in third quarter earnings, despite the numbers beating estimates.
Canadian employment data for the month of September is due at 8:30 AM ET. Data on average hourly earnings and Canadian building permits are also due at 8:30 AM ET.
Employment in Canada rose by 22,100 in August 2024, following a 2,800 decline in the previous month. The unemployment rate in the country rose to 6.6% in August from 6.4% in the earlier month.
Average hourly earnings in Canada increased to C$36.39 in August over the previous month.
MTY Food Group Inc. (MTY.TO) reported third-quarter net income of $34.9 million, or $1.46 per diluted share compared to $38.9 million, or $1.59 per diluted share in the third-quarter of the previous financial year.
Aritzia Inc (ATZ.TO) reported after trading hours on Thursday that its net income increased 404.6% to $18.2 million, or 3.0% as a percentage of net revenue in the second quarter of 2024.
The Canadian market climbed to a new record high on Thursday, lifted by gains in energy and materials sectors. The mood remained positive amid continued optimism about interest rate cuts by the Federal Reserve, although prospects of a 50-basis point cut dimmed after data showed a bigger than expected increase in U.S. consumer price inflation in the month of September.
The benchmark SP/TSX Composite Index, which dropped to 24,134.87 after opening with a negative gap of nearly 50 points at 24,176.40, climbed to a new high at 24,315.49 before settling at 24,302.26 with a gain of 77.36 points or 0.32%.
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.
European stocks are turning in a mixed performance with investors digesting mixed regional data and looking 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.
In commodities, West Texas Intermediate Crude oil futures are down 0.72 or 0.95% at $75.13 a barrel.
Gold futures are gaining $16.50 or 0.62% at $2,655.80 an ounce, while Silver futures are up $0.105 or 0.34% at $31.345 an ounce.
Malaysia Bourse May Reverse Friday's Losses
(RTTNews) - The Malaysia 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 almost 6 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,635-point plateau although it figures to rebound on Monday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The KLCI finished modestly lower on Friday following mixed performances from the financial shares, plantation stocks and telecoms.
For the day, the index lost 7.39 points or 0.45 percent to finish at 1,633.55 after trading between 1,631.89 and 1,643.07.
Among the actives, Axiata added 0.42 percent, while Celcomdigi and Genting Malaysia both clumped 0.84 percent, CIMB Group jumped 1.73 percent, Genting tumbled 1.45 percent, IHH Healthcare eased 0.14 percent, IOI Corporation climbed 0.80 percent, Kuala Lumpur Kepong shed 0.47 percent, Maxis dropped 0.82 percent, Maybank gathered 0.19 percent, MISC perked 0.13 percent, MRDIY increased 0.46 percent, Nestle Malaysia rallied 0.87 percent, Petronas Chemicals gained 0.36 percent, PPB Group improved 0.55 percent, Press Metal fell 0.20 percent, Public Bank plummeted 5.69 percent, QL Resources lost 0.21 percent, RHB Bank collected 0.48 percent, Sime Darby plunged 2.40 percent, SD Guthrie sank 0.65 percent, Sunway surged 2.34 percent, Telekom Malaysia slid 0.15 percent, Tenaga Nasional advanced 0.56 percent, YTL Corporation tanked 2.00 percent, YTL Power rose 0.27 percent and Hong Leong Bank was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
Singapore Shares May Halt Losing Streak On Monday
(RTTNews) - The Singapore stock market has moved lower in two straight sessions, slumping almost 25 points or 0.6 percent along the way. The Straits Times Index now sits just beneath the 3,575-point plateau although it may stop the bleeding on Monday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The STI finished modestly lower on Friday following losses from the financial shares and property stocks, while the industrials were mixed.
For the day, the index slid 11.53 points or 0.32 percent to finish at the daily low of 3,573.76 after peaking at 3,603.50.
Among the actives, CapitaLand Integrated Commercial Trust dropped 0.48 percent, while CapitaLand Investment gained 0.33 percent, City Developments sank 0.38 percent, DBS Group eased 0.13 percent, Hongkong Land plunged 2.97 percent, Keppel DC REIT improved 0.90 percent, Keppel Ltd fell 0.15 percent, Mapletree Pan Asia Commercial Trust slumped 0.69 percent, Mapletree Industrial Trust tumbled 1.21 percent, Oversea-Chinese Banking Corporation lost 0.27 percent, SATS plummeted 4.22 percent, Seatrium Limited added 0.50 percent, SembCorp Industries advanced 0.92 percent, SingTel shed 0.32 percent, Wilmar International retreated 1.20 percent, Yangzijiang Financial tanked 2.44 percent, Yangzijiang Shipbuilding was up 0.81 percent and Emperador, Genting Singapore, Singapore Technologies Engineering, Comfort DelGro, Thai Beverage, Mapletree Logistics Trust and Frasers Logistics Commercial Trust were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
Closer to home, Singapore will see preliminary Q3 data for gross domestic product later this morning; in the three month prior, GDP was up 1.6 percent on quarter and 2.9 percent on year.
U.S. Producer Prices Unexpectedly Unchanged In September
(RTTNews) - With a decrease in prices for goods offsetting an increase in prices for services, the Labor Department released a report on Friday showing producer prices in the U.S. were unexpectedly unchanged in September.
The Labor Department said its producer price index for final demand came in flat in September after rising by 0.2 percent in August. Economists had expected producer prices to inch up by 0.1 percent.
The report also said the annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August.
Economists had expected the annual rate of producer price growth to dip to 1.6 percent from the 1.7 percent originally reported for the previous month.
China Shares May Bounce Higher Again On Monday
(RTTNews) - The China stock market has moved lower in two of three trading days since the end of the 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just beneath the 3,220-point plateau although it's got a firm lead for Monday's trade.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The SCI finished sharply lower on Friday as investors locked in gains among the energy and resource stocks, while the financials and properties were mixed.
For the day, the index tumbled 84.19 points or 2.55 percent to finish at 3,217.74 after trading between 3,187.99 and 3,297.75. The Shenzhen Composite Index plunged 75.33 points or 3.94 percent to end at 1,834.94.
Among the actives, Bank of China collected 0.20 percent, while China Construction Bank improved 0.74 percent, China Merchants Bank sank 0.77 percent, Agricultural Bank of China rose 0.21 percent, China Life Insurance tanked 2.84 percent, Jiangxi Copper retreated 1.50 percent, Aluminum Corp of China (Chalco) added 0.35 percent, Yankuang Energy plunged 5.53 percent, PetroChina shed 0.46 percent, China Petroleum and Chemical (Sinopec) tumbled 1.89 percent, Huaneng Power stumbled 3.43 percent, China Shenhua Energy dropped 0.81 percent, Gemdale soared 3.26 percent, Poly Developments rallied 2.19 percent, China Vanke was down 0.22 percent and Industrial and Commercial Bank of China was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
Closer to home, China will release September figures for imports, exports and trade balance later this morning. In August, imports were up 0.5 percent on year and exports jumped an annual 8.7 percent for a trade surplus of $91.02 billion.
Win Streak May Continue For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, gathering almost 300 points or 1.3 percent along the way. The Taiwan Stock Exchange now rests just above the 22,900-point plateau and it's expected to open in the green again on Monday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply higher on Friday following gains from the financial shares and technology stocks.
For the day, the index rallied 242.54 points or 1.07 percent to finish at 22,901.64 after trading between 22,726.19 and 23,011.11.
Among the actives, Cathay Financial rose 0.29 percent, while Mega Financial collected 0.39 percent, CTBC Financial improved 0.72 percent, First Financial perked 0.19 percent, Fubon Financial was up 0.11 percent, E Sun Financial gathered 0.36 percent, Taiwan Semiconductor Manufacturing Company accelerated 2.45 percent, United Microelectronics Corporation dipped 0.19 percent, Hon Hai Precision added 0.50 percent, Catcher Technology slid 0.21 percent, MediaTek soared 4.42 percent, Delta Electronics shed 0.39 percent, Novatek Microelectronics gained 0.20 percent, Formosa Plastics increased 0.10 percent, Nan Ya Plastics lost 0.34 percent, Asia Cement slumped 1.29 percent and Largan Precision was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
Singapore GDP Grows 2.1% In Q3
(RTTNews) - Singapore's gross domestic product expanded a seasonally adjusted 2.1 percent on quarter in the third quarter of 2024, Statistics Singapore said in Monday's advance estimate.
That accelerated sharply from the 0.4 percent growth in the second quarter.
On an annualized basis, GDP climbed 4.1 percent - up from 2.9 percent in the three months prior.
Asian Markets Track Wall Street Higher
(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, as traders react to the report showing producer prices in the U.S. were unexpectedly unchanged in September, reinforcing optimism the US Fed will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month largely evaporated. Asian markets closed mixed on Friday.
"After an upside surprise from the September CPI report, producer prices came in below expectations and provide support for a 25bps rate cut in November," said Matthew Martin, Senior U.S. Economist at Oxford Economics.
Markets in China and Hong Kong are weak after China's finance ministry flagged more fiscal stimulus over the weekend but left out key details on the overall size of the package. Meanwhile, China's consumer inflation unexpectedly eased in September, while producer price deflation deepened, raising concerns about weak domestic demand.
The Australian stock market is currently trading notably higher on Monday, reversing the slight losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark SP/ASX 200 index is moving well above the 8,200.00 level, with gains in mining and financial stocks partially offset by weakness in energy stocks.
The benchmark SP/ASX 200 Index is gaining 37.40 points or 0.46 percent to 8,251.90, after touching of 8,254.10 earlier. The broader All Ordinaries Index is up 35.90 points or 0.42 percent to 8,527.40. Australian stocks closed slightly lower on Friday.
Among the major miners, BHP Group and Rio Tinto are edging up 0.1 to 0.5 percent each, while Fortescue Metals is gaining more than 1 percent. Mineral Resources is losing almost 2 percent.
Oil stocks are mostly lower. Origin Energy Energy is edging down 0.4 percent and Santos is down more than 1 percent, while Beach energy and Woodside Energy are losing almost 1 percent each.
Among tech stocks, Afterpay owner Block is losing almost 2 percent and Zip is declining more than 1 percent, while Appen is gaining almost 3 percent and Xero is adding almost 1 percent. WiseTech Global is flat.
Gold miners are mostly higher. Evolution Mining and Northern Star Resources are gaining more than 1 percent each, while Resolute Mining is adding more than 2 percent and Newmont is edging up 0.4 percent. Gold Road Resources is flat.
Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging up 0.4 to 0.5 percent each, while ANZ Banking is gaining almost 1 percent.
In other news, shares in Web Travel Group are tumbling 31 percent after it said subdued margins in its European WebBeds business led to disappointing results and weak outlook.
In the currency market, the Aussie dollar is trading at $0.673 on Monday.
The Japanese stock market is closed for Sports Day on Monday. Japanese shares ended notably higher on Friday.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Monday.
Elsewhere in Asia, Singapore, South Korea, Malaysia, Taiwan and Indonesia are higher by between 0.2 and 0.5 percent each. Hong Kong is down 2.5 percent, while New Zealand and China are down 0.6 and 0.2 percent, respectively.
On Wall Street, stocks showed a strong move back to the upside during trading on Friday following the modest pullback seen in the previous session. The major averages more than offset yesterday's losses, with the Dow and the SP 500 reaching new record closing highs.
The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow jumped 409.74 points or 1.0 percent to 42,863.86, the SP 500 climbed 34.96 points or 0.6 percent to 5,815.03 and the Nasdaq rose 60.89 points or 0.3 percent to 18,342.94.
The major European markets all also moved to the upside over the course of the session. While the German DAX Index advanced by 0.9 percent, the French CAC 40 Index climbed by 0.5 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
Hang Seng Has Positive Lead For Monday's Trade
(RTTNews) - Ahead of Friday's holiday for the Double Ninth Festival, the Hong Kong stock market had ended the two-day slide in which it had plummeted more than 2,400 points or 11 percent. The Hang Seng Index now sits just above the 21,250-point plateau and it may open to the upside again on Monday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The Hang Seng finished sharply higher on Thursday with gains across the board amidst continued volatility, particularly among the financial, property, oil and technology sectors.
For the day, the index surged 614.74 points or 2.98 percent to finish at 21,251.98 after trading between 20,983.94 and 21,622.65.
Among the actives, Alibaba Group jumped 2.82 percent, while Alibaba Health Info rose 1.15 percent, ANTA Sports surged 5.37 percent, China Life Insurance soared 4,71 percent, China Mengniu Dairy strengthened 2.66 percent, China Resources Land added 1.78 percent, CITIC accelerated 3.75 percent, CNOOC spiked 4.15 percent, CSPC Pharmaceutical rallied 4.02 percent, Galaxy Entertainment improved 2.23 percent, Haier Smart Home advanced 2.24 percent, Hang Lung Properties gathered 0.87 percent, Henderson Land gained 1.38 percent, Hong Kong China Gas was up 0.49 percent, Industrial and Commercial Bank of China strengthened 3.09 percent, JD.com jumped 3.40 percent, Lenovo spiked 4.06 percent, Li Auto advanced 2.88 percent, Li Ning spiked 3.44 percent, Meituan surged 5.04 percent, New World Development eased 0.12 percent, Nongfu Spring soared 4.58 percent, Techtronic Industries climbed 2.92 percent, Xiaomi Corporation increased 1.93 percent and WuXi Biologics perked 0.67 percent.
The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.
The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the SP 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and SP both gained 1.1 percent.
The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.
The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.
On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.
Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.
