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Europe New Car Registrations Fall For Second Month: ACEA
(RTTNews) - Europe's new car registrations declined for the second straight month in September due to the fall in sales across France, Germany and Italy, data published by the European Automobile Manufacturers' Association, or ACEA, showed Tuesday.
New car sales decreased 6.1 percent in September from a year ago. However, this was much slower than the 18.3 percent fall posted in August. This was the second consecutive decrease.
There were negative results across three of the four major markets in September. Sales in France plunged 11.1 percent and that in Italy decreased 10.7 percent. The German market was down 7.0 percent. By contrast, Spain posted a robust 6.3 percent expansion.
Battery-electric cars that accounted for 17.3 percent of the EU car market showed that sales volume rose 9.8 percent.
Meanwhile, plug-in hybrid car sales declined by a sizeable 22.3 percent with decreases recorded in all major markets. Plug-in-hybrids accounted for 6.8 percent of the car market.
Hybrid-electric registrations advanced 12.5 percent and its market share improved to 32.8 percent. On the other hand, petrol car sales dropped 17.9 percent and the diesel car market contracted 23.5 percent.
During January to September, new car registrations rose only 0.6 percent and almost hit 8 million units, data showed.
Japanese Market Sharply Lower
(RTTNews) - The Japanese stock market is sharply lower on Tuesday, adding to the slight losses in the previous session, with the Nikkei 225 falling to stay a tad above the 38,400 level, following the mixed cues from Wall Street overnight, with weakness across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index is down 549.66 points or 1.41 percent at 38,404.94, after hitting a low of 38,200.82 earlier. Japanese shares ended slightly lower on Monday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is declining more than 2 percent. Among automakers, Honda is losing almost 1 percent, while Toyota is edging up 0.3 percent.
In the tech space, Advantest is losing almost 2 percent, Screen Holdings is declining 1.5 percent and Tokyo Electron is slipping more than 2 percent.
In the banking sector, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial are losing more than 1 percent each.
The major exporters are mostly lower. Mitsubishi Electric is losing more than 2 percent, Panasonic is declining more than 1 percent and Sony is down almost 1 percent, while Canon is edging up 0.3 percent.
Among the other major losers, M3 is losing more than 4 percent and Ebara is slipping almost 4 percent, while Ryohin Keikaku and Toto are slipping more than 3 percent each. Minebea Mitsumi, Mercari, Tokyo Tatemono, Socionext, Mitsubishi Electric, Renesas Electronics and Keisei Electric Railway are declining almost 3 percent each.
Conversely, there are no other major gainers.
In the currency market, the U.S. dollar is trading in the higher 150 yen-range on Tuesday.
On Wall Street, stocks turned in a mixed performance during trading on Monday following recent strength on Wall Street. While the Dow showed a notable pullback, the tech-heavy Nasdaq managed to end the day in positive territory.
The Dow slid 344.31 points or 0.8 percent to 42,931.60 and the SP 500 dipped 10.69 points or 0.2 percent to 5,853.98, but the Nasdaq rose 50.45 points or 0.3 percent to 18,540.01.
Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.5 percent, the German DAX Index and the French CAC 40 Index both slumped by 1.0 percent.
Crude oil prices moved higher on Monday on possible disruptions in supplies due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November ended up by $1.34 or 1.94 percent at $70.56 a barrel.
Sensex, Nifty Modestly Higher In Early Trade
(RTTNews) - Indian shares were slightly higher on Tuesday despite weak cues from global markets due to lingering Middle East tensions and uncertainty over the upcoming U.S. presidential election.
The benchmark 30-share BSE Sensex was up 268 points, or 0.3 percent, at 81,419 in early trade while the broader NSE Nifty index was up 70 points, or 0.3 percent, at 24,851.
Financials and IT stocks traded higher, with Wipro, ICICI Bank, Tech Mahindra and Shriram Finance rising 1-2 percent.
Bajaj Housing Finance added 1.7 percent on reporting a 21 percent year-on-year rise in Q2 net profit.
Zomato rose over 1 percent and Bajaj Finance edged up slightly, while Paytm fell 1.3 percent ahead of their earnings results due today.
City Union Bank soared 12 percent on reporting modest growth in quarterly profit.
Cyient DLM slumped 4.5 percent as it reported 6 percent growth in Q2 net profit.
NELCO lost 3.8 percent after consolidated net profit declined nearly 28 percent in the September quarter.
RVNL tumbled 3 percent after establishing a new subsidiary in Saudi Arabia.
Australian Market Sharply Lower
(RTTNews) - Reversing the gains in the previous session, the Australian stock market is trading sharply lower on Tuesday, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is falling well below the 8,300 level, with weakness across most sectors led by energy and technology stocks. Gold miner stocks were the only bright spot.
The benchmark SP/ASX 200 Index is losing 120.00 points or 1.44 percent to 8,224.40, after hitting a low of 8,215.10 earlier. The broader All Ordinaries Index is down 119.80 points or 1.40 percent to 8,484.30. Australian stocks closed notably higher on Monday.
Among the major miners, BHP Group is losing almost 1 percent and Mineral Resources is slipping almost 5 percent, while Rio Tinto and Fortescue Metals are declining more than 1 percent each.
Oil stocks are mostly lower. Origin Energy is losing almost 2 percent each, while Woodside Energy and Santos are down almost 1 percent each. Beach energy is edging up 0.4 percent.
Among tech stocks, Zip is losing more than 2 percent, WiseTech Global is declining almost 3 percent, Afterpay owner Block is edging down 0.5 percent, Xero is down more than 1 percent and Appen is slipping almost 2 percent.
Gold miners are mostly higher. Gold Road Resources and Resolute Mining are gaining almost 1 percent each, while Newmont and Northern Star resources are edging up 0.2 to 0.3 percent each. Evolution Mining is down almost 1 percent.
Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are losing more than 1 percent each, while ANZ Banking is declining almost 1 percent.
In other news, shares in Audinate Group sank more than 9 percent after the software maker warned it will not meet its full-year gross profit target, saying "headwinds" are expected to continue into Q2.
In the currency market, the Aussie dollar is trading at $0.666 on Tuesday.
On Wall Street, stocks turned in a mixed performance during trading on Monday following recent strength on Wall Street. While the Dow showed a notable pullback, the tech-heavy Nasdaq managed to end the day in positive territory.
The Dow slid 344.31 points or 0.8 percent to 42,931.60 and the SP 500 dipped 10.69 points or 0.2 percent to 5,853.98, but the Nasdaq rose 50.45 points or 0.3 percent to 18,540.01.
Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.5 percent, the German DAX Index and the French CAC 40 Index both slumped by 1.0 percent.
Crude oil prices moved higher on Monday on possible disruptions in supplies due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November ended up by $1.34 or 1.94 percent at $70.56 a barrel.
European Economic News Preview: UK Public Sector Finance Data Due
(RTTNews) - Public sector finance data from the UK and new car registrations from Europe are the top economic news due on Tuesday.
At 2.00 am ET, the Office for National Statistics publishes UK public sector finance data. The public sector net borrowing is seen at GBP 17.4 billion in September compared to GBP 13.7 billion in August.
In the meantime, the European Automobile Manufacturers' Association is scheduled to issue Europe new car registrations data for September.
At 4.00 am ET, retail sales data is due from Poland.
At 8.00 am ET, Hungary's central bank announces its monetary policy decision. The bank is expected to hold the benchmark rate at 6.5 percent.
Sensex, Nifty Seen Lower As Bond Yields Surge
(RTTNews) - Indian shares are likely to open lower on Tuesday as investors react to weak global cues and an uptrend in oil prices overnight amid heightened tensions in the Middle East.
In spite of the rising geopolitical tensions, India's growth outlook is supported by robust domestic consumption and investment demand, the October Bulletin from the Reserve Bank said and projected real GDP growth to come in at 7.2 percent for the fiscal 2025.
Benchmark indexes ended Monday's session slightly lower after a choppy session. The rupee ended flat at 84.07 against the dollar.
Asian markets were broadly lower this morning as bond yields surged on cooling expectations of Federal Reserve rate cuts.
The U.S. dollar clung to a two-and-half-month high, and gold held near record levels while oil dipped slightly after climbing almost 2 percent on Monday.
U.S. Secretary of State Antony Blinken has arrived in Israel to revive Gaza ceasefire talks following the death of Hamas leader Yahya Sinwar, but any breakthrough looks elusive.
Israel is accelerating military operations to push Hezbollah away from its northern border while thrusting into Gaza's densely packed Jabalia refugee camp in an attempt to seal off northern Gaza from the rest of the enclave.
U.S. stocks ended mostly lower overnight as bond yields jumped and investors geared up for key earnings. In economic news, data showed the leading economic index fell more than expected in September.
The 10- and 30-year Treasury yields hit almost three-month closing highs on growing worries about the prospects of a rising U.S. deficit and fears about higher-for-longer interest rates.
The Dow gave up 0.8 percent to log its biggest fall in two weeks and snap a three-session winning streak. The SP 500 slid 0.2 percent while the tech-heavy Nasdaq Composite edged up 0.3 percent.
European stocks closed lower on Monday, with earnings, Middle East tensions and the looming U.S. presidential election garnering investor attention.
The pan European STOXX 600 dropped 0.7 percent. The German DAX and France's CAC 40 both fell around 1 percent while the U.K.'s FTSE 100 dipped half a percent.
TSX Recovers From Early Setback, Settles Flat
(RTTNews) - After a weak start and a subsequent drop to lower levels, the Canadian market recovered gradually on Tuesday and eventually settled marginally down. The mood was cautious with investors awaiting the Canadian central bank's interest rate decision on Wednesday.
The benchmark SP/TSX Composite Index ended down 6.63 points or 0.03% at 24,716.70. The index, which dropped to 24,565.21 in early trades, briefly moved into positive territory, rising to 24,724.53 in the closing minutes.
Healthcare and materials stocks moved higher. Consumer discretionary and utilities stocks were a bit weak, while shares from the rest of the sectors turned in a mixed performance.
Healthcare stock Tilray Inc (TLRY.TO) gained about 7.3%. Seabridge Gold (SEA.TO), up 6%, was the biggest gainer in the Materials index. Sandstorm Gold (SSL.TO) climbed 5.7%. Ssr Mining (SSRM.TO), First Majestic Silver (AG.TO), Pan American Silver Corp (PAAS.TO), Triple Flag Precious Metals (TFPM.TO) and Fortuna Silver Mines (FVI.TO) gained 3 to 5%.
Teck Resources (TECK.A.TO), Franco-Nevada Corporation (FNV.TO) and Wheaton Precious Metals (WPM.TO) climbed 2.2 to 2.5%. Agnico Eagle Mines (AEM.TO) gained nearly 1.5%.
Dye Durham (DND.TO) soared 9.5% after the company responded to a media report that its is exploring a sale after receiving takeover interest. The company said in a statement that it has "expanded the scope of its previously commenced strategic review process to consider additional opportunities to enhance shareholder value that may include, but are not limited to, a sale of the company, merger, divestiture of assets, or other strategic transactions."
Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO), George Weston (WN.TO) and TFI International (TFII.TO) posted moderate gains.
goeasy (GSY.TO) ended down 9.4%. BRP Inc (DOO.TO) closed lower by 7.6%. Toromont Industries (TIH.TO), Stantec Inc (STN.TO), Cameco Corporation (CCO.TO), Bombardier Inc (BBD.B.TO) and Shopify Inc (SHOP.TO) also closed notably lower.
Thomson Reuters (TRI) ended 0.7% down. The company has acquired Materia, a US-based startup that specializes in the development of an agentic AI assistant for the tax, audit and accounting profession.
On the economic front, data from Statistics Canada showed industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in the prior period. On yearly basis, producer prices fell by 0.9% in September, after a 0.2% rise in the prior month.
Meanwhile, the raw materials price index in Canada dropped 3.1% month-over-month in September following an upwardly revised 3% fall in August. Year-on-year, prices of raw materials declined 8.8%, the largest year-over-year decrease since July 2023.
Canadian Stocks Turning In Mixed Performance
(RTTNews) - Canadian stocks are turning in a mixed performance on Tuesday with investors digesting Canadian producer prices data and some earnings updates, and awaiting the Bank of Canada's interest rate decision on Wednesday.
The Canadian central bank is widely expected to reduce interest rates by 50 basis points.
The benchmark SP/TSX Composite Index was down 37.37 points or 0.16% at 24,685.96 a little while ago.
On the economic front, data from Statistics Canada showed industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in the prior period. On yearly basis, producer prices fell by 0.9% in September, after a 0.2% rise in the prior month.
Meanwhile, the raw materials price index in Canada dropped 3.1% month-over-month in September following an upwardly revised 3% fall in August. Year-on-year, prices of raw materials declined 8.8%, the largest year-over-year decrease since July 2023.
Healthcare and materials shares are in demand. Technology, consumer discretionary and communications shares are mostly subdued.
Dye Durham (DND.TO) is gaining nearly 10% after the company responded to a media report that its is exploring a sale after receiving takeover interest. The company said in a statement that it has "expanded the scope of its previously commenced strategic review process to consider additional opportunities to enhance shareholder value that may include, but are not limited to, a sale of the company, merger, divestiture of assets, or other strategic transactions."
Seabridge Gold Inc (SEA.TO) is up 5.3% and Pan American Silver Corp (PAAS.TO) is gaining 4%. Franco-Nevada Corporation (FNV.TO), Teck Resources (TECK.A.TO), Newmont Corporation (NGT.TO), Agnico Eagle Mines (AEM.TO), EQB Inc (EQB.TO), TFI International (TFII.TO) and Kinaxis Inc (KXS.TO) are up with sharp to moderate gains.
Goeasy (GSY.TO) is down nearly 10%. BRP Inc (DOO.TO) is declining more than 6%. Toromont Industries (TIH.TO) is lower by about 3.5%. Cameco Corporation (CCO.TO), Stantec Inc (STN.TO), Shopify Inc (SHOP.TO), Bombardier Inc (BBD.B.TO), Cargojet (CJT.TO), FirstService Corporation (FSV.TO) and CGI Inc (GIB.A.TO) are also notably lower.
UK Budget Deficit Widens More Than Estimated
(RTTNews) - The UK budget deficit widened more than officially estimated in September and also hit the highest level for the month since 2021, the Office for National Statistics reported Tuesday.
Public sector net borrowing increased to GBP 16.6 billion in September from GBP 14.5 billion in the previous year. This was the third highest September borrowing since monthly records began in January 1993.
Data suggested that the government borrowing was higher than the GBP 15.1 billion forecast by the Office for Budget Responsibility. However, this was below economists' forecast of GBP 17.4 billion.
The interest payable on central government debt increased by GBP 4.6 billion from the last year to GBP 5.6 billion in September. This increase reflects the exceptionally low payment in September 2023 because of movements in the retail price index, rather than September 2024's interest being unusually high.
In the financial year to September, borrowing rose by GBP 1.2 billion to GBP 79.6 billion. This was the third highest year-to-September borrowing since monthly records began in January 1993. The OBR had estimated a deficit of GBP 73.0 billion for this period.
"While tax revenue increased, this was outweighed by increased spending, partly due to higher debt interest and public sector pay rises," said ONS deputy director for public sector finances Jessica Barnaby.
Chancellor Rachel Reeves is set to deliver the Autumn Budget 2024 on October 30. The budget is expected to hike taxes and reduce spending worth GBP 40 billion.
Chief Secretary to the Treasury Darren Jones said the budget would require difficult decisions to fix the foundations of the economy and begin delivering on the promise of change.
ONS data showed that public sector net debt excluding banks was estimated at 98.5 percent of gross domestic product at the end of September.
Central government net cash requirement was GBP 13.2 billion in September, which was GBP 1.9 billion less than in September 2023.
Swiss Market Ends Notably Lower
(RTTNews) - After opening marginally down, the Switzerland market slipped deeper into the red Tuesday morning, and stayed weak right through the day's session as investors largely stayed cautious and looked for directional clues.
The benchmark SMI closed down 98.54 points or 0.8% at 12,163.03. The index dropped to a low of 12,120.99 in the session.
Logitech International tumbled 6.5%, failing to hold early gains. The stock surged higher earlier in the session after raising its full-year outlook.
Geberit, Swiss Re and Novartis lost 1.6 to 2%. Sandoz Group ended down 1.4%, while Swiss Life Holding, Givaudan, Lindt Spruengli and Zurich Insurance Group closed down 1 to 1.17%.
Nestle, Schindler Ps, Swisscom, SGS, Julius Baer, Lonza Group, Sika, Straumann Holding and Sonova ended lower by 0.5 to 1%.
SIG Group climbed more than 2%. Adecco gained about 1.1% and Swatch Group closed up 0.52%.
European Stocks Close Broadly Lower On Growth Worries, Rate Uncertainty
(RTTNews) - European stocks closed lower on Tuesday with investors largely reacting to quarterly earnings and other corporate news. Uncertainty about the size of future interest rate cuts by the Federal Reserve and upcoming U.S. presidential election, and persisting tensions in the Middle East weighed as well on stocks.
With about two weeks left before the Nov. 5 election, Treasury yields remained elevated on concerns about the path of the U.S. deficit regardless of which candidate wins the race for the White House.
Data showed earlier in the day that the U.K. budget deficit widened more than estimated in September and also hit the highest level for the month since 2021.
Chancellor Rachel Reeves is set to deliver the Autumn Budget 2024 on October 30. The budget is expected to hike taxes and reduce spending worth GBP 40 billion.
Chief Secretary to the Treasury Darren Jones said the budget would require difficult decisions to fix the foundations of the economy and begin delivering on the promise of change.
The pan European Stoxx 600 ended down 0.21%. The U.K.'s FTSE 100 closed down 0.14%, Germany's DAX drifted down by 0.2% and France's CAC 40 edged down 0.01%, while Switzerland's SMI lost 0.8%.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Poland, Portugal, Russia, Spain and Sweden closed weak.
Iceland, Ireland, Norway and Turkiye ended higher.
In the UK market, Admiral Group, Persimmon, Taylor Wimpey, British Land, Barratt Redrow, Diploma, Land Securities, Relx, National Grid, Reckitt Benckiser, Next, Halma and Rolls-Royce Holdings lost 1 to 2%.
Mulberry Group shares tumbled more than 8% after the luxury fashion brand rejected a second takeover proposal from Mike Ashley's Frasers Group, saying it was "untenable".
Fresnillo climbed nearly 3%. Melrose Industries gained 2% and IHG closed up 1.73%. British American Tobacco, Entain, Standard Chartered, EasyJet, Smith (DS), Croda International, Spirax Group and Barclays gained 1 to 1.5%.
In the German market, Munich RE ended down by about 2.7%. Vonovia, Brenntag, Allianz, RWE, Hannover Rueck, E.ON, Siemens Healthineers, Henkel, Adidas, Infineon and Deutsche Telekom lost 1 to 2%.
SAP climbed 2.15% after the software giant raised its full-year targets on a strong cloud business in the third quarter.
Deutsche Bank gained about 1.25%, while Rheinmetall, Mercedes-Benz, Sartorius, BMW and Commerzbank posted moderate gains.
In the French market, Eurofins Scientific dropped more than 11%.
Saint-Gobain, Sanofi, Safran, Publicis Groupe, Unibail Rodamco, Engie, Credit Agricole and Legrand closed lower by 0.7 to 1.6%.
Edenred, Essilor, STMicroElectronics, Airbus Group and Accor gained 1.5 to 2.2%. Capgemini, L'Oreal, Dassault Systemes, Kering, LVMH and Stellantis also ended notably higher.
The UK budget deficit widened more than officially estimated in September and also hit the highest level for the month since 2021, the Office for National Statistics reported today. Public sector net borrowing increased to GBP 16.6 billion in September from GBP 14.5 billion in the previous year. This was the third highest September borrowing since monthly records began in January 1993.
Europe's new car registrations declined for the second straight month in September due to the fall in sales across France, Germany and Italy, data published by the European Automobile Manufacturers' Association, or ACEA, showe. New car sales decreased 6.1% in September from a year ago. However, this was much lower than the 18.3% drop seen in August.
CAC 40 Slides As US Deficit Worries Grow
(RTTNews) - French stocks were slightly lower on Tuesday amid rising inflation expectations and concerns over U.S. fiscal deficit.
With about two weeks left before the Nov. 5 election, Treasury yields remained elevated on concerns about the path of the U.S. deficit regardless of which candidate wins the race for the White House.
The benchmark CAC 40 was down 21 points, or 0.3 percent, at 7,515 after falling around 1 percent the previous day.
Banks BNP Paribas, Credit Agricole and Societe Generale were down between half a percent and 0.8 percent.
Automaker Renault was moving higher even as industry data showed Europe's new car registrations declined for the second straight month in September due to the fall in sales across France, Germany and Italy.
New car sales decreased 6.1 percent in September from a year ago, according to data published by the European Automobile Manufacturers' Association.
However, this was much slower than the 18.3 percent fall posted in August.
Asian Shares Mostly Lower As Yields Climb
(RTTNews) - Asian stocks ended broadly lower on Tuesday as Middle East tensions persisted and rising bond yields made investors rethink about rate cut chances.
The dollar index remained elevated and approached the next psychological mark of 104, supported by strong U.S. treasury yields.
Gold held near record levels amid geopolitical uncertainties and ahead of the U.S. election that's less than two weeks away.
Oil prices fell about 1 percent in Asian trade on concerns about slowing demand growth in China.
Chinese and Hong Kong markets ended with modest gains after the People's Bank of China conducted its first operation of the Securities, Funds, and Insurance Companies Swap Facility (SFISF), aiming to leverage the role of financial institutions better in stabilizing China's capital market.
China's Shanghai Composite index rose 0.54 percent to 3,285.87 while Hong Kong's Hang Seng index edged up 0.10 percent to 20,498.95.
Japanese stocks tumbled amid concerns the ruling party may lose its lower house majority in the Oct. 27 election.
The Nikkei average fell 1.39 percent to 38,411.96 while the broader Topix index settled 1.06 percent lower at 2,651.47.
Tech stocks suffered heavy losses, with Advantest and Tokyo Electron falling around 3 percent each. Uniqlo-brand owner Fast Retailing lost 3.2 percent.
Seoul stocks fell sharply on the back of selling by foreign investors. The Kospi average ended 1.31 percent lower at 2,570.70.
Australian markets lost ground, with banks and miners leading losses on higher U.S. Treasury yields.
The benchmark SP/ASX 200 dipped 1.66 percent to 8,205.70 while the broader All Ordinaries index finished down 1.57 percent at 8,469.
Wise Tech Global surged 2.8 percent after settling a lawsuit involving its CEO. Coal miners performed well, with Yancoal Australia climbing 3 percent and Stanmore Resources rallying 3.4 percent on China stimulus optimism.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index dropped 0.85 percent to 12,813.15.
U.S. stocks ended mostly lower overnight as bond yields jumped and investors geared up for key earnings. In economic news, data showed the leading economic index fell more than expected in September.
The 10- and 30-year Treasury yields hit almost three-month closing highs on growing worries about the prospects of a rising U.S. deficit and fears about higher-for-longer interest rates.
The Dow gave up 0.8 percent to log its biggest fall in two weeks and snap a three-session winning streak. The SP 500 slid 0.2 percent while the tech-heavy Nasdaq Composite edged up 0.3 percent.
Dollar Turns In Mixed Performance Against Major Counterparts
(RTTNews) - The U.S. dollar turned in a mixed performance against its major counterparts on Tuesday with investors awaiting some crucial economic data, including reports on U.S. manufacturing and services sector activity.
The greenback found some support on expectations of a victory for former president Donald Trump in the upcoming presidential election on November 5. Trump's tariff and tax policies are seen as inflationary.
Recent polls indicated Trump leading US Vice President and Democratic candidate Kamala Harris in key battleground states.
The dollar index, which was down at 103.82 in the Asian session, recovered slowly and was at 104.08 a little while ago, recording a marginal gain.
Against the Euro, the dollar firmed to 1.0799 from 1.0817. The dollar was little changed against Pound Sterling at 1.2986.
Against the Japanese currency, the dollar climbed to 151.10 yen, gaining from 150.84 yen. The dollar edged down to 0.7784 against the Aussie.
The Swiss franc gained slightly against the greenback at CHF 0.8654. The Loonie edged up against the Loonie to C$ 1.3817, gaining slightly after settling at C$ 1.3831 on Monday.
DAX Rises As SAP Raises Annual Outlook
(RTTNews) - German stocks traded higher on Tuesday after software giant SAP raised its full-year targets on a strong cloud business in the third quarter.
The benchmark DAX was up 86 points, or 0.4 percent, at 19,548 after declining 1 percent in the previous session.
SAP jumped 5.5 percent after raising its full-year outlook.
Automakers BMW, Mercedes Benz and Volkswagen were seeing modest gains even as industry data showed Europe's new car registrations declined for the second straight month in September due to the fall in sales across France, Germany and Italy.
New car sales decreased 6.1 percent in September from a year ago, according to data published by the European Automobile Manufacturers' Association.
However, this was much slower than the 18.3 percent fall posted in August.
Euro Lower Against Most Majors
(RTTNews) - The euro declined against its most major counterparts in the New York session on Tuesday, amid dovish comments from European Central Bank President Lagarde.
Lagarde said at a Bloomberg Newsmaker event that she is absolutely confident that inflation could fall back to 2 percent by 2025.
The ECB will continue lowering its key interest rates, but the pace of cuts will be data-dependent.
A strength in the US dollar on expectations of gradual rate cuts by the Fed also weighed on the currency.
Europe's new car registrations declined for the second straight month in September due to the fall in sales across France, Germany and Italy, data published by the European Automobile Manufacturers' Association, or ACEA, showed.
New car sales decreased 6.1 percent in September from a year ago. However, this was much slower than the 18.3 percent fall posted in August. This was the second consecutive decrease.
The euro fell to a 2-1/2-month low of 1.0800 against the greenback and near a 2-week low of 0.9349 against the franc, off its early highs of 1.0837 and 0.9376, respectively. The currency is seen finding support around 1.06 against the greenback and 0.925 against the franc.
The euro dropped to a 4-day low of 1.6149 against the aussie and a 5-day low of 1.4929 against the loonie, from its early highs of 1.6260 and 1.4985, respectively. The currency may challenge support around 1.59 against the aussie and 1.46 against the loonie.
The euro weakened to a 5-day low of 1.7836 against the kiwi, reversing from an early 6-day high of 1.7962. The currency is likely to locate support around the 1.74 level.
The euro eased to 0.8320 against the pound, from an early 5-day high of 0.8346. This may be compared to an early 4-day low of 0.8319. If the currency falls further, it is likely to test support around the 0.82 region.
In contrast, the euro recovered to 163.45 against the yen. This may be compared to an early more than a 2-month high of 163.66. The currency is poised to challenge resistance around the 167.0 level.
South Korea Bourse May Remain Stuck In Neutral
(RTTNews) - The South Korea stock market headed south again on Tuesday, one day after ending the three-day slide in which it had slumped almost 40 points or 1.6 percent. The KOSPI now sits just above the 2,570-point plateau and it may tick lower again on Wednesday.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The KOSPI finished sharply lower on Tuesday following losses from the technology stocks and industrials, while the financial sector came in mixed.
For the day, the index dropped 34.22 points or 1.31 percent to finish at 2,570.70 after trading between 2,564.46 and 2,604.16. Volume was 337.43 million shares worth 8.75 trillion won. There were 688 decliners and 195 gainers.
Among the actives, Shinhan Financial collected 0.36 percent, while KB Financial added 0.64 percent, Hana Financial fell 0.46 percent, Samsung Electronics tanked 2.20 percent, Samsung SDI plummeted 3.14 percent, LG Electronics sank 0.93 percent, SK Hynix slumped 1.62 percent, Naver tumbled 3.17 percent, LG Chem plunged 3.87 percent, Lotte Chemical lost 0.87 percent, SK Innovation declined 1.75 percent, POSCO stumbled 3.49 percent, SK Telecom rallied 2.13 percent, KEPCO spiked 2.59 percent, Hyundai Mobis jumped 1.43 percent, Hyundai Motor shed 1.05 percent and Kia Motors retreated 2.63 percent.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the SP 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that China's latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.
Hang Seng Index Likely To Remain Rangebound
(RTTNews) - The Hong Kong stock market has moved higher in two of three days since the end of the four-day losing streak in which it had stumbled almost 1,100 points or 5.2 percent. The Hang Seng Index now sits just beneath the 20,500-point plateau and it's expected to remain in that neighborhood again on Wednesday.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The Hang Seng finished slightly higher on Tuesday following gains from the financial shares and technology companies, while the properties were mixed.
For the day, the index picked up 20.49 points or 0.10 percent to finish at 20,498.95 after trading between 20,380.04 and 20,629.48.
Among the actives, Alibaba Group sank 0.56 percent, while Alibaba Health Info slid 0.25 percent, ANTA Sports jumped 1.75 percent, China Life Insurance slumped 0.61 percent, China Mengniu Dairy soared 2.64 percent, China Resources Land dropped 0.57 percent, CITIC eased 0.11 percent, CSPC Pharmaceutical gained 0.31 percent, Galaxy Entertainment fell 0.29 percent, Haier Smart Home accelerated 1.94 percent, Hang Lung Properties and Henderson Land both tumbled 0.76 percent, Hong Kong China Gas was down 0.16 percent, Industrial and Commercial Bank of China collected 0.21 percent, JD.com lost 0.32 percent, Lenovo plunged 2.77 percent, Li Auto surged 4.99 percent, Li Ning rallied 1.13 percent, Meituan spiked 1.99 percent, New World Development tanked 1.11 percent, Nongfu Spring advanced 0.66 percent, Techtronic Industries shed 0.44 percent, Xiaomi Corporation climbed 0.82 percent, WuXi Biologics added 0.61 percent and CNOOC, CLP Holdings, Hengan International and CK Infrastructure were unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the SP 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that China's latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.
Singapore Inflation Data Due On Wednesday
(RTTNews) - Singapore will on Wednesday release consumer price data for September, highlighting a light day for Asia-Pacific economic activity.
Overall inflation is expected to rise 0.5 percent on month and 1.9 percent on year, easing from 0.7 percent on month and 2.2 percent on year in August. Core CPI is called steady at an annual 2.7 percent.
Taiwan will see September figures for industrial production; in August, industrial production was up 13.42 percent on year.
Finally, the markets in Thailand are closed on Wednesday for Chulalongkorn Day and will re-open on Thursday.
European Shares Seen Opening Mixed
(RTTNews) - European stocks are seen opening on a mixed note Wednesday following a quiet day on Wall Street overnight as traders grapple with Middle East tensions, a rising dollar and uncertainties over the upcoming U.S. presidential election.
Asian stocks traded mixed, with Japan's Nikkei falling about 1 percent due to election jitters.
Chinese, Hong Kong and South Korean markets were seeing significant gains as Beijing intensifies efforts to bolster the world's second-largest economy.
A state-backed think tank has reportedly proposed issuing 2 trillion yuan ($281 billion) in special government bonds to help create a market stabilization fund that would promote market stability through the buying and selling of blue-chip stocks and exchange-traded funds.
In a report published Tuesday, the International Monetary Fund trimmed its forecast for growth in China for this year to 4.8 percent from 5 percent previously, citing weakness in the real estate sector and low consumer confidence.
The Japanese yen fell to its lowest level in three months as the dollar and U.S. Treasury yields continued to rise on rising chances of Trump winning the presidency and the higher inflation and fiscal spending it will bring,
The euro hovered near a two-month low amid bets the European Central Bank will keep lowering rates.
Gold held steady near a record high despite Fed officials urging a cautious approach to interest rate cuts.
Oil prices traded lower in Asian trading as industry data signaled a rise in U.S. oil inventories and the Biden administration renewed efforts to secure a cease-fire in the Middle East.
Earnings news is likely to be in the spotlight later today, with ATT, Boeing and Coca-Cola among the companies due to release their quarterly results before the U.S. opening bell.
U.S. stocks ended narrowly mixed overnight as Treasury yields continued to climb on prospects for a slower pace of Federal Reserve rate cuts and amid concerns about the possible fiscal impact of U.S. presidential election results.
The Dow and the SP 500 finished marginally lower while the tech-heavy Nasdaq Composite edged up 0.2 percent.
European stocks closed lower Tuesday on worries about the U.S. fiscal deficit and comments from Federal Reserve officials hinting at gradual rate cuts.
The pan-European STOXX 600 dipped 0.2 percent. The German DAX dipped 0.2 percent, France's CAC 40 ended little changed and the U.K.'s FTSE 100 slid 0.1 percent.
Soft Start Seen For Singapore Stock Market
(RTTNews) - The Singapore stock market has ended lower in consecutive trading days, shedding more than 50 points or 1.4 percent along the way. The Straits Times Index now sits just shy of the 3,590-point plateau and it may extend its losses again on Wednesday.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The STI finished modestly lower on Tuesday following losses from the financial shares, property stocks and industrial issues.
For the day, the index sank 27.17 points or 0.75 percent to finish at the daily low of 3,587.41 after peaking at 3,615.16.
Among the actives, CapitaLand Integrated Commercial Trust tanked 1.43 percent, while CapitaLand Investment skidded 0.67 percent, City Developments stumbled 0.94 percent, Comfort DelGro advanced 0.68 percent, DBS Group lost 0.46 percent, DFI Retail spiked 1.34 percent, Genting Singapore retreated 1.18 percent, Keppel DC REIT rallied 1.32 percent, Keppel Ltd declined 1.09 percent, Mapletree Pan Asia Commercial Trust tumbled 1.39 percent, Mapletree Industrial Trust fell 0.41 percent, Mapletree Logistics Trust slumped 0.70 percent, Oversea-Chinese Banking Corporation dropped 0.65 percent, SATS shed 0.53 percent, SembCorp Industries plummeted 2.00 percent, Singapore Technologies Engineering eased 0.21 percent, SingTel sank 0.62 percent, Wilmar International plunged 1.51 percent, Yangzijiang Shipbuilding slid 0.39 percent and Hongkong Land, Yangzijiang Financial, Thai Beverage, Seatrium Limited and Emperador were unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the SP 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that China's latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.
Closer to home, Singapore will release consumer price data for September later today. Overall inflation is expected to rise 0.5 percent on month and 1.9 percent on year, easing from 0.7 percent on month and 2.2 percent on year in August. Core CPI is called steady at an annual 2.7 percent.
China Stock Market May Spin Its Wheels On Wednesday
(RTTNews) - The China stock market has finished higher in three straight sessions, gathering almost 120 points or 3.5 percent along the way. The Shanghai Composite now sits just above the 3,285-point plateau although the rally may stall on Wednesday.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The SCI finished modestly higher again on Tuesday following gains from the energy companies, while the financial shares and property stocks were mixed.
For the day, the index gained 17.76 points or 0.54 percent to finish at 3,285.87 after trading between 3,255.14 and 3,294.96. The Shenzhen Composite Index improved 16.68 points or 0.86 percent to end at 1,953.64.
Among the actives, Industrial and Commercial Bank of China fell 0.32 percent, while Bank of China dipped 0.20 percent, China Construction Bank eased 0.12 percent, China Merchants Bank advanced 0.82 percent, Agricultural Bank of China collected 0.41 percent, China Life Insurance was down 0.14 percent, Jiangxi Copper perked 0.09 percent, Aluminum Corp of China (Chalco) improved 0.91 percent, Yankuang Energy rose 0.31 percent, China Petroleum and Chemical (Sinopec) gained 0.76 percent, Huaneng Power soared 4.42 percent, China Shenhua Energy added 0.29 percent, Gemdale rallied 2.00 percent, Poly Developments jumped 1.86 percent, China Vanke increased 0.54 percent and PetroChina was unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the SP 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that China's latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.
Malaysia Bourse May Extend Losing Streak
(RTTNews) - The Malaysia stock market has moved lower in back-to-back sessions, slipping almost 4 points or 0.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,640-point plateau and it may take further damage again on Wednesday.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The KLCI finished slightly lower on Tuesday following losses from the plantations, support from the telecoms and a mixed picture from the financial sector.
For the day, the index slipped 3.14 points or 0.19 percent to finish at 1,642.54 after trading between 1,642.35 and 1,648.31.
Among the actives, Axiata spiked 1.25 percent, while Celcomdigi advanced 0.84 percent, CIMB Group lost 0.49 percent, Genting slumped 0.98 percent, Genting Malaysia dropped 0.86 percent, Hong Leong Bank collected 0.38 percent, Hong Leong Financial climbed 1.06 percent, IHH Healthcare rose 0.42 percent, Kuala Lumpur Kepong shed 0.57 percent, Maxis surged 2.96 percent, Maybank dipped 0.38 percent, MISC eased 0.26 percent, Nestle Malaysia rallied 1.17 percent, Petronas Chemicals sank 0.70 percent, Petronas Dagangan tumbled 1.86 percent, PPB Group slid 0.42 percent, Press Metal perked 0.41 percent, Public Bank fell 0.44 percent, SD Guthrie soared 2.33 percent, Sunway gained 0.45 percent, Telekom Malaysia added 0.61 percent, Tenaga Nasional declined 1.23 percent, YTL Corporation retreated 1.34 percent, YTL Power skidded 0.87 percent and QL Resources, RHB Bank, Sime Darby, IOI Corporation and MRDIY were unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the SP 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that China's latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.
McDonald's Stock Hit By E. Coli Outbreak Link To Quarter Pounders
(RTTNews) - McDonald's Corp.'s shares lost around 6 percent in the after-hours trading on Tuesday and are currently trading down around 6 percent in pre-market activity on the NYSE after the U.S. Centers for Disease Control and Prevention or CDC linked severe E. coli outbreak in Mountain West states to the fast food chain's Quarter Pounder hamburgers.
The agency has issued a food safety alert against McDonald's Quarter Pounders after one died and 49 people from 10 states got sick from the same strain of E. coli O157:H7.
CDC, the U.S. Food and Drug Administration, USDA FSIS, and public health officials in multiple states are investigating the outbreak of E. coli O157:H7 infections to identify the ingredient causing illness.
While collaborating with the probe, McDonald's has pulled the suspect ingredients, the slivered onions and beef patties, used for the Quarter Pounder hamburgers temporarily from stores in the affected states. Fresh slivered onions are primarily used on Quarter Pounder hamburgers and not other menu items.
The company added that Quarter Pounder hamburgers won't be available for sale in some states as the investigation is ongoing.
Escherichia coli or E. coli are bacteria found in many places like the intestines of people and animals. Most kinds of E. coli are harmless and are part of a healthy intestinal tract, but certain strains can make people sick.
Most people infected with Shiga toxin-producing E. coli experience severe stomach cramps, diarrhea - often bloody, and vomiting.
Symptoms usually start 3 to 4 days after swallowing the bacteria, and most people recover without treatment after 5 to 7 days.
Meanwhile, some people may develop serious kidney problems, known as hemolytic uremic syndrome or HUS, and would need to be hospitalized.
In the latest E. coli outbreak, most sick people are from Colorado, where 27 got sick, and Nebraska, where 9 got sick. Among them, 10 people have been hospitalized, while one older person in Colorado has died. Additionally, one child is hospitalized with complications of hemolytic uremic syndrome.
All impacted people were reported eating at McDonald's before their illness started, and most specifically mentioned eating a Quarter Pounder hamburger.
Though the specific ingredient linked to illness has not yet been identified, CDC investigators are focused on two ingredients in particular, such as fresh slivered onions, and fresh beef patties.
CDC urged customers, who have severe symptoms of E. coli infection after eating a Quarter Pounder hamburger at McDonald's, to seek health care.
McDonald's stock closed Tuesday's regular trading on the NYSE at $314.69, down 0.06 percent.
Following the news, the shares fell 5.8 percent in the extended trading to $296.44. In pre-market activity, the shares are at $295.99, down 5.94 percent.
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Little Movement Expected For Taiwan Stock Market
(RTTNews) - The Taiwan stock market on Wednesday ended the three-day winning streak in which it had advanced more than 530 points or 2.4 percent. The Taiwan Stock Exchange now rests just above the 23,535-point plateau and it's looking at a fairly flat lead for Wednesday's trade.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The TSE finished barely lower on Tuesday as losses from the plastics and technology stocks were offset by support from the financial sector.
For the day, the index eased 7.10 points or 0.03 percent to finish at the daily high of 23,535.43 after moving as low as 23,269.86.
Among the actives, Cathay Financial rallied 1.46 percent, while Mega Financial perked 0.25 percent, CTBC Financial improved 1.39 percent, First Financial advanced 0.92 percent, Fubon Financial spiked 2.64 percent, E Sun Financial collected 0.18 percent, Taiwan Semiconductor Manufacturing Company dropped 0.92 percent, United Microelectronics Corporation fell 0.39 percent, Hon Hai Precision soared 2.62 percent, Catcher Technology dipped 0.21 percent, MediaTek and Novatek Microelectronics both retreated 1.50 percent, Delta Electronics climbed 1.13 percent, Formosa Plastics slumped 1.27 percent, Nan Ya Plastics declined 1.19 percent and Largan Precision was unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the SP 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that China's latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.
Closer to home, Taiwan will see September figures for industrial production later today; in August, industrial production was up 13.42 percent on year.
