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Indonesia Bourse May Take Further Damage On Monday
(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, dropping almost 100 points or 1.3 percent along the way. The Jakarta Composite Index now rests just beneath the 7,700-point plateau and it may extend its losing streak on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The JCI finished modestly lower on Friday as losses from the resource stocks were mitigated by support from the financial sector.
For the day, the index slumped 21.89 points or 0.28 percent to finish at 7,694.66 after trading between 7,678.18 and 7,752.25.
Among the actives, Bank CIMB Niaga skidded 1.04 percent, while Bank Mandiri climbed 1.08 percent, Bank Danamon Indonesia collected 0.77 percent, Bank Negara Indonesia added 0.44 percent, Bank Central Asia gained 0.47 percent, Bank Rakyat Indonesia dropped 1.04 percent, Bank Maybank Indonesia sank 0.87 percent, Indosat Ooredoo Hutchison plummeted 5.74 percent, Indocement retreated 1.62 percent, Semen Indonesia spiked 2.33 percent, Indofood Sukses Makmur fell 0.33 percent, United Tractors dipped 0.28 percent, Astra International slumped 0.95 percent, Energi Mega Persada plunged 4.20 percent, Astra Agro Lestari tumbled 1.81 percent, Aneka Tambang tanked 2.16 percent, Jasa Marga declined 1.67 percent, Vale Indonesia weakened 1.21 percent, Timah tumbled 3.75 percent and Bumi Resources lost 3.42 percent.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Target Cuts Thanksgiving Meal Price, Offers Free Frozen Pizza
(RTTNews) - Target Corp. announced it is lowering the price of its Thanksgiving meal by $5 than last year's offering. At $20, the retail major's popular Thanksgiving meal featuring turkey, stuffing and five additional side dishes can feed four people.
In addition, between November 13 and 16, Target is offering a free frozen pizza with a same-day delivery order for all members of the Target Circle 360 paid program to celebrate Thanksgiving eve, one of the most popular pizza days of the year.
In a statement, the company also announced further ways to making Thanksgiving affordable, easy and delicious, offering turkey for just 79 cents per pound, which is 20% lower per pound than the prior year.
The Minneapolis-based retailer also offers a value-packed array of side dishes, pies and desserts under $5, plus nearly 700 new food, beverage and entertaining items.
According to the firm, the $20 Thanksgiving meal includes everything for a traditional Thanksgiving feast that serves four, which can easily be doubled to serve eight.
It contains Good Gather Premium Basted Young Turkey (Frozen), Good Gather Russet Potatoes, Del Monte Cut Green Beans, Campbell's Cream of Mushroom Soup, Ocean Spray Jellied Cranberry Sauce, Stove Top Turkey Stuffing Mix, and Heinz Home Style Roasted Turkey Gravy.
Target is also bringing even more options including side dishes like Good Gather Cheddar Mac and Cranberry Goat Cheese, and desserts including Favorite Day apple and pumpkin pie for under $5.
Hosting and gift-giving options including fresh flowers, wines, Good Gather charcuterie entertaining tray, apps, desserts and more.
Further, all season long, designer and longtime Target collaborator John Derian offers limited-time-only Thanksgiving home collection, including ornate dinnerware and novelty pillows, all under $40, available now in stores and on Target.com.
British retailer Marks Spencer offers 12 exclusive gourmet food and beverage gifts like the Gingerbread Tin and Salted Caramel Pinecones, and 11 new home items like London-themed ornaments and mugs — for easy, no-wrapping-necessary gifting, all under $20.
In addition, owned and exclusive brands including Figmint kitchenware, Threshold and Hearth Hand with Magnolia feature new, only-at-Target gift and home decor options starting at $5.
Ahead of the upcoming holiday season, Target last week had announced its plan to reduce regular prices on more than 2,000 items across owned and national brands, to remain competitive in markets. These new price reductions are on top of the retailer's everyday low prices.
In total, the company would be offering lower prices than last year on more than 10,000 items during the holidays, including food and beverages, everyday essentials, holiday gifts and more. The company in May had announced that it would cut prices on about 5,000 items.
Among peers, Walmart Inc. in mid-October officially launched its holiday meal, offering customers a Thanksgiving meal for less than $7 per person. The offer, which comes earlier than last year, and at an even lower price, is available from October 14 through December 25. The retail behemoth's this year's meal features 29 items and serves eight people for less than $7 per person.
FTSE 100 Marginally Higher Ahead Of Budget
(RTTNews) - U.K. stocks were slightly higher on Monday ahead of Prime Minister Sir Keir Starmer's new government's first budget to be unveiled on Wednesday and the release of the widely watched monthly U.S. jobs report due on Friday.
In the run-up to the Budget, a survey showed business confidence in the U.K. dropped to a four-month low in October.
The benchmark FTSE 100 was up 12 points, or 0.1 percent, at 8,261 after dropping 0.3 percent on Friday.
Energy stocks traded lower, with BP Plc falling 1.7 percent and peer Shell losing more than 2 percent as crude prices plunged to four-week lows amid easing fears of a Middle East war.
Investors heaved a sigh of relief as Israeli strikes on Iran over the weekend avoided the OPEC member's oil facilities.
CAC 40 Rallies After Israel's Calibrated Attack On Iran
(RTTNews) - French stocks rallied on Monday after Israel pounded Iran with a series of airstrikes early Saturday in retaliation for the barrage of ballistic missiles the Islamic Republic fired upon Israel on October 1.
There was no immediate indication that oil or nuclear sites were hit.
Tehran said it will "use all available tools" to respond to the weekend attack on military targets in Iran.
The benchmark CAC 40 was up 72 points, or nearly 1 percent, at 7,569 after finishing marginally lower on Friday.
In corporate news, Eurofins Scientific SE gained 1.3 percent. The company focused on bio-analytical testing said that it has inked a deal with Synlab to acquire its clinical diagnostics operations in Spain for an undisclosed amount.
TotalEnergies dropped 1.1 percent as oil prices fell sharply to a four-week low on easing fears of a Middle East war.
Asian Shares Rise; Nikkei Outperforms On Weaker Yen
(RTTNews) - Asian stocks rose broadly on Monday, with Japanese markets leading regional gains after the country's ruling Liberal Democratic party lost its majority in Parliament's lower house in weekend elections, triggering a sharp fall in the yen to a three-month low and boosting export-related shares.
The dollar firmed up and gold inched lower amid heightened global uncertainties and ahead of key U.S. inflation, GDP and labor market data due later in the week.
Oil prices were down more than 4 percent in Asian trading after Israel's attack on Iran at the weekend avoided oil and nuclear facilities and Tehran signaled a measured response.
China's Shanghai Composite index rose 0.68 percent to 3,322.20 ahead of key economic activity readings due this week.
Investors shrugged off data that showed China's industrial profits in September dropped at its fastest pace since the pandemic.
Hong Kong's Hang Seng index finished marginally higher at 20,599.36 after a volatile session.
Japanese markets logged strong gains as a weaker yen lifted exporters like Honda Motor, Toyota, Sony and Nintendo up by 2-4 percent.
The Nikkei average jumped 1.82 percent to 38,605.53 as the ruling party defeat had been greatly factored in by markets. The broader Topix index closed 1.51 percent higher at 2,657.78.
Seoul stocks rallied on the back of gains in the technology sector, with heavyweight Samsung Electronics rising 3.9 percent.
Korea Zinc jumped 3.8 percent after announcing it has secured 9.85 percent of the company's shares in a $1.5 billion buyback. The Kospi average closed up 1.13 percent at 2,612.43.
Australian markets ended modestly higher as financials lagged behind, offsetting gains in the mining sector propelled by spiking iron ore prices.
The benchmark SP/ASX 200 inched up 0.12 percent to 8,221.50 ahead of upcoming domestic inflation data. The broader All Ordinaries index settled 0.13 percent higher at 8,478.20.
The New Zealand market was closed for Labour Day holiday.
U.S. stocks ended mixed on Friday as investors braced for a busy week of earnings and economic data releases.
Adding to optimism over the economic outlook, a survey showed U.S. consumer sentiment unexpectedly improved in October.
The Dow shed 0.6 percent to close lower for the fifth straight day and the SP 500 edged down marginally while the tech-heavy Nasdaq Composite gained 0.6 percent due to strong performance of Tesla shares.
Thai Stock Market May See Renewed Selling Pressure
(RTTNews) - The Thai stock market on Friday snapped the four-day losing streak in which it had dropped almost 35 points or 2.5 percent. The Stock Exchange of Thailand now sits just above the 1,460-point plateau although it may hand back those gains on Monday.
The global forecast for the Asian markets is murky amid concerns over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat and the Asian markets are expected to follow suit.
The SET finished slightly higher on Friday as gains from the finance, service and technology stocks were offset by weakness from the food, consumer and resource sectors.
For the day, the index rose 2.78 points or 0.19 percent to finish at 1,463.42 after trading between 1,456.59 and 1,468.79. Volume was 12.615 billion shares worth 41.356 billion baht. There were 240 decliners and 208 gainers, with 216 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.36 percent, while Thailand Airport perked 0.41 percent, Asset World gained 0.55 percent, Banpu improved 0.81 percent, Bangkok Bank shed 0.67 percent, Bangkok Dusit Medical advanced 0.88 percent, Bangkok Expressway rallied 1.27 percent, B. Grimm shed 0.44 percent, BTS Group soared 3.10 percent, CP All Public was up 0.39 percent, Gulf skidded 1.13 percent, Kasikornbank collected 0.68 percent, Krung Thai Card added 0.52 percent, PTT Oil Retail strengthened 1.28 percent, PTT sank 0.75 percent, PTT Exploration and Production increased 0.40 percent, PTT Global Chemical rose 0.42 percent, SCG Packaging dropped 0.96 percent, Siam Commercial Bank climbed 1.32 percent, Siam Concrete retreated 1.45 percent, Thai Oil plummeted 4.35 percent, True Corporation soared 2.54 percent and TTB Bank, Charoen Pokphand Foods, Krung Thai Bank and Energy Absolute were unchanged.
The lead from Wall Street again offers little clarity as the major averages opened slightly higher on Friday but slumped as the day progressed to end mixed.
The Dow stumbled 259.96 points or 0.61 percent to finish at 42,114.40, while the NASDAQ added 103.12 points or 0.56 percent to close at 18,518.61 and the SP 500 eased 1.74 points or 0.03 percent to end at 5,808.12.
For the week, the Dow tumbled 2.7 percent and the SP 500 slumped 1.0 percent, but the NASDAQ rose 0.2 percent.
Stocks moved mostly higher early in the session amid ongoing optimism about the outlook for the economy after the University of Michigan said consumer sentiment unexpectedly improved in October.
Buying interest waned over the course of the session, however, as treasury yields rebounded following Thursday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.
Oil prices rose sharply on Friday amid worries about geopolitical tensions and for potential output adjustments from OPEC. West Texas Intermediate Crude oil futures for December closed up $1.69 or 2.3 percent at $71.78 a barrel. WTI crude futures gained 3.8 percent in the week.
Closer to home, Thailand is scheduled to see September numbers for imports, exports and trade balance later today. In August, imports were up 8.9 percent on year and exports rose an annual 7.0 percent for a trade surplus of $0.260 billion.
UK Consumers Held Back Spending Ahead Of Autumn Budget - CBI Survey
(RTTNews) - British retailers saw sales volumes decline in October as consumers hesitated to spend due to the uncertainty surrounding the new chancellor Rachel Reeves' budget later this week, results of a survey by the Confederation of British Industry showed on Monday.
The retail sales volumes modestly declined in the year to October after a marginal growth in September, the CBI Distributive Trades Survey showed. The headline survey balance decreased to -6 from +4 in September. The reading was slightly better than the -9 economists had forecast.
Retailers expect sales to be broadly flat next month as suggested by a survey balance of -1.0 percent.
The latest survey was conducted between September 26 and October 15 and covered 177 respondents, of which 70 were retailers and 91 were wholesalers.
"Retail sales volumes slipped back slightly in October, with some firms highlighting increased consumer caution ahead of this week's Autumn Budget as a key factor," CBI Principal Economist Martin Sartorius said.
"This weakness in activity was reflected across the broader distribution sector, with wholesale and motor trade firms also reporting declining sales. Looking ahead, retailers aren't expecting an immediate turnaround, with annual sales set to be flat in November."
The CBI survey showed that retailers reported disappointing sales for the time of year, to a greater extent than in September and expect seasonal sales to remain similarly weak in November.
Meanwhile, internet sales volumes in the year to October grew at solidly for the second month in a row and are expected to grow at a faster pace next month.
Earlier on Monday, the Lloyds Business Barometer survey showed that UK business confidence sunk to a four-month low in October as employers adopted a cautious stance ahead of the new government's first budget that is scheduled to be delivered on October 30.
Singapore Bourse May Halt Its Slide On Tuesday
(RTTNews) - The Singapore stock market has finished lower in two straight sessions, sinking more than 20 points or 0.6 percent along the way. The Straits Times Index now sits just beneath the 3,585-point plateau and it may stop the bleeding on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The STI finished modestly lower again on Monday following losses from the industrials and mixed performances from the financial shares and property stocks.
For the day, the index slipped 9.33 points or 0.26 percent to finish at 3,584.08 after trading between 3,583.89 and 3,599.70.
Among the actives, CapitaLand Integrated Commercial Trust jumped 1.48 percent, while CapitaLand Investment dropped 0.70 percent, City Developments shed 0.58 percent, Comfort DelGro advanced 0.69 percent, DBS Group eased 0.18 percent, Emperador tumbled 1.18 percent, Genting Singapore climbed 1.21 percent, Hongkong Land added 0.51 percent, Keppel DC REIT declined 0.85 percent, Keppel Ltd lost 0.46 percent, Mapletree Pan Asia Commercial Trust slumped 0.75 percent, Mapletree Industrial Trust rallied 1.25 percent, Mapletree Logistics Trust skidded 0.73 percent, Oversea-Chinese Banking Corporation fell 0.33 percent, SATS tanked 1.50 percent, Seatrium Limited plummeted 2.06 percent, SembCorp Industries stumbled 1.14 percent, Singapore Technologies Engineering retreated 1.06 percent, SingTel slid 0.31 percent, Wilmar International sank 0.62 percent, Yangzijiang Financial strengthened 1.23 percent, Yangzijiang Shipbuilding plunged 1.56 percent and Thai Beverage, Frasers Logistics Commercial Trust and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Sensex, Nifty Snap Five-day Losing Streak
(RTTNews) - Indian shares rose notably on Monday as concerns over Middle East tensions eased and private sector lender ICICI Bank posted robust Q2 numbers.
Oil prices plummeted nearly 6 percent to hit four-week lows in European trade after Israel's attack on Iran at the weekend avoided oil and nuclear facilities, and Tehran signaled a measured response.
There was no immediate indication that oil or nuclear sites were hit, and Iranian state media said the country's oil industry activities were working normally.
The benchmark SP/BSE Sensex rose 602.75 points, or 0.76 percent, to 80,005.04, snapping a week-long losing streak on the back of gains across the board.
The broader NSE Nifty index closed up 158.35 points, or 0.65 percent, at 24,339.15, even as a firmer dollar and higher U.S. Treasury yields triggered some profit taking at higher levels.
Among the prominent gainers, Shriram Finance, Adani Enterprises, ICICI Bank, JSW Steel, Adani Ports, Mahindra Mahindra, Wipro, Tata Steel and Sun Pharma surged 2-5 percent.
UK Business Confidence Sinks To 4-month Low Ahead Of Budget
(RTTNews) - Confidence among U.K. businesses fell to its lowest in four months in October as they adopted a cautious stance ahead of the first budget presentation by the new chancellor Rachel Reeves later this week, results of a survey showed Monday.
The Lloyds Business Barometer fell three points to 44 percent, the lowest score since June, the survey that covered 1,200 companies between October 1 - 15 revealed.
Chancellor Reeves is set to present the new government's first budget on October 30.
"While overall business confidence dipped in October, it follows a sustained period of significant optimism, and business sentiment remains above historical levels," Lloyds Bank economist Hann-Ju Ho said.
"Encouragingly, many businesses remain confident in their own trading prospects, and the increase in hiring intentions suggests more employers want to grow their workforce."
Business confidence weakened for a second consecutive month but remained above the survey's long-term average of 29 percent.
The latest decline in confidence was a result of equal falls in firms' trading prospects and optimism about the economy, the survey said.
Optimism about the economy continued to erode and the corresponding balance fell three points this month to 35 percent, the lowest since March.
The net balance for firms' trading prospects eased in October after rising in the previous month, to 53 percent, the lowest since June. Businesses continued to look forward to strong output growth for the next twelve months, the survey said.
Despite the weakening in sentiment, hiring intentions among U.K. businesses edged up, the report added. The net balance edged up 1 point to 37 percent, offsetting September's decline.
Businesses' pay expectations for the next 12 months eased slightly in October yet remained higher than the pre-pandemic levels. Price expectations also moderated to partially reverse the rise in the previous month.
Among the various economic sectors, trading prospects eroded in manufacturing, retail and services, but improved in construction.
Japan Jobless Rate Falls To 2.4% In September
(RTTNews) - The unemployment rate in Japan came in at a seasonally adjusted 2.4 percent in September, the Ministry of Internal Affairs and Communications said on Tuesday.
That was below expectations for 2.5 percent, which would have been unchanged from the August reading.
The jobs-to-applicant ratio was 1.24 - beating forecasts for 1.23, which again would have been unchanged from the previous month.
The participation rate was 63.5 percent, shy of forecasts for 63.6 percent, which would have been steady from a month prior.
European Shares Gain Ahead Of Busy Week
(RTTNews) - European stocks were broadly higher on Monday ahead of a busy week for earnings and economic releases.
The Eurozone will reveal preliminary flash GDP, consumer confidence and economic sentiment data on Wednesday, with investors looking for clues on how aggressively the European Central Bank will cut interest rates going forward.
Euro zone yields climbed, and the British pound was seeing a sideways movement ahead of British Prime Minister Sir Keir Starmer's new government's first budget to be unveiled on Wednesday and the release of the widely watched monthly U.S. jobs report due on Friday.
In the run-up to the U.K. Budget, a survey showed business confidence in the U.K. dropped to a four-month low in October.
The pan European STOXX 600 was up 0.4 percent at 520.64 after ending flat with a negative bias on Friday.
The German DAX added half a percent, France's CAC 40 climbed 1 percent and the U.K.'s FTSE 100 was up 0.1 percent.
Energy stocks traded lower, with BP Plc falling 1.7 percent and peer Shell losing more than 2 percent in London as crude prices plunged to four-week lows amid easing fears of a Middle East war.
Investors heaved a sigh of relief as Israeli strikes on Iran over the weekend avoided the OPEC member's oil facilities.
Philips shares plunged 16 percent after the Dutch medical devices maker cut its annual sales outlook, citing deteriorating demand from consumers and hospitals in China.
Telecommunications company KPN fell nearly 2 percent despite reiterating its full-year 2024 outlook.
Eurofins Scientific SE gained 1.7 percent in Paris. The company, which is focused on bio-analytical testing said that it has inked a deal with Synlab to acquire its clinical diagnostics operations in Spain for an undisclosed amount.
European Stocks Close On Firm Note
(RTTNews) - European stocks closed higher on Monday with investors closely following the developments on the geopolitical front, and looking ahead to a slew of economic data from the region for clues on the European Central Bank's interest rate trajectory.
Eurozone preliminary flash GDP, consumer confidence and economic sentiment data are due on Wednesday.
Confidence among U.K. businesses fell to its lowest in four months in October as they adopted a cautious stance ahead of the first budget presentation by the new chancellor Rachel Reeves later this week, results of a survey showed today.
The Lloyds Business Barometer fell three points to 44%, the lowest score since June, the survey that covered 1,200 companies between October 1 - 15 revealed.
Euro zone yields climbed, and the British pound was seeing a sideways movement ahead of British Prime Minister Sir Keir Starmer's new government's first budget to be unveiled on Wednesday and the release of the widely watched monthly U.S. jobs report due on Friday.
In the run-up to the U.K. Budget, a survey showed business confidence in the U.K. dropped to a four-month low in October.
Shares of oil companies were under pressure as crude prices plunged to four-week lows amid easing fears of a Middle East war. Investors heaved a sigh of relief as Israeli strikes on Iran over the weekend avoided the OPEC member's oil facilities.
The pan European Stoxx 600 gained 0.46%. The U.K.'s FTSE 100 climbed 0.53%, Germany's DAX closed up 0.34% and France's CAC 40 ended stronger by 0.89%, while Switzerland's SMI ended 0.44% up.
Among other markets in Europe, Austria, Belgium, Finland, Iceland, Ireland, Spain, Sweden and Turkiye closed higher. Poland edged up marginally.
Denmark, Netherlands, Norway, Portugal and Russia ended weak.
In the UK market, Melrose Industries soared nearly 10%.
Easyjet and Pearson climbed 2.8% and 2.69%, respectively. Halma, Natwest Group, Convatec Group and Informa advanced 2 to 2.75%.
Diploma, Entain, Barratt Developments, Taylor Wimpey, Standard Chartered, Persimmon, Anglo American Plc, Smith Nephew, ICG, Howden Joinery, WPP, Frasers Group and IAG gained 1.5 to 1.8%.
Lloyds Banking Group ended down 2.7%. Whitbread, Endeavour Mining, BP, Shell and BT Group lost 1 to 1.7%.
In the German market, Fresenius climbed more than 2%. HeidelbergCement, Puma, Munich RE, Deutsche Boerse, Bayer, Deutsche Bank, Deutsche Post, Hannover Rueck, E.On, Sartorius, Rheinmetall and Allianz gained 0.7 to 1.8%.
Porsche dropped about 5.5%. Siemens Healthineers closed down 3.4% and Adidas ended 1.6% down.
In the French market, ArcelorMittal, Vinci and Danone gained 2.8 to 3.2%.Veolia gained nearly 2.5% following a rating upgrade by RBC.
Kering, Publicis Groupe, Edenred, Bouygues, Air Liquide, Michelin, Saint Gobain, AXA, Accor and Legrand climbed 1.3 to 2.4%.
Eurofins Scientific closed modestly higher. The company, which is focused on bio-analytical testing said that it has inked a deal with Synlab to acquire its clinical diagnostics operations in Spain for an undisclosed amount.
TotalEnergies ended notably lower, after Israel refrained from retaliating to Iran's missile strike by attacking its oil infrastructure, tempering supply concerns from the Middle East.
Philips shares plunged nearly 17% after the Dutch medical devices maker cut its annual sales outlook, citing deteriorating demand from consumers and hospitals in China.
Malaysia Stock Market Due For Support On Tuesday
(RTTNews) - The Malaysia stock market has moved lower in six straight sessions, slipping more than 35 points or 2.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau although it may finally find traction on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KLCI finished modestly lower on Monday following mixed performances from the financial shares, plantation stocks, industrials and telecoms.
For the day, the index shed 7.83 points or 0.48 percent to finish at 1,610.47 after trading between 1,609.87 and 1,630.39.
Among the actives, Axiata lost 0.43 percent, while Celcomdigi added 0.58 percent, CIMB Group slumped 1.23 percent, Genting Malaysia skidded 0.88 percent, IHH Healthcare tanked 1.87 percent, IOI Corporation gained 0.53 percent, Kuala Lumpur Kepong soared 2.09 percent, Maxis tumbled 1.36 percent, Maybank retreated 1.33 percent, MISC improved 0.67 percent, MRDIY gathered 0.45 percent, Nestle Malaysia surged 2.79 percent, Petronas Chemicals strengthened 1.46 percent, Petronas Gas declined 1.25 percent, PPB Group rallied 1.69 percent, Press Metal fell 0.42 percent, Public Bank advanced 1.13 percent, QL Resources climbed 1.27 percent, RHB Bank sank 0.78 percent, Sime Darby jumped 1.70 percent, SD Guthrie shed 0.63 percent, Sunway plummeted 3.14 percent, Telekom Malaysia perked 0.31 percent, Tenaga Nasional plunged 2.64 percent, YTL Corporation rose 0.51 percent, YTL Power spiked 2.00 percent and Genting was unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Australian Market Modestly Higher
(RTTNews) - Adding to the gains in the previous two sessions, the Australian stock market is trading modestly higher on Tuesday, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is staying well above the 8,200 level, with gains in mining, financial and technology stocks partially offset by weakness in energy stocks amid tumbling crude oil prices.
The benchmark SP/ASX 200 Index is gaining 29.40 points or 0.36 percent to 8,250.90, after touching a high of 8,262.80 earlier. The broader All Ordinaries Index is up 29.70 points or 0.35 percent to 8,507.90. Australian stocks closed slightly higher on Monday.
Among the major miners, BHP Group, Rio Tinto and Fortescue Metals are edging up 0.3 to 0.5 percent each, while Mineral Resources is surging more than 5 percent.
Oil stocks are mostly lower. Origin Energy and Santos are edging down 0.3 percent each, while Woodside Energy is losing almost 1 percent and Beach energy is declining more than 1 percent.
Among tech stocks, Appen is gaining almost 4 percent, WiseTech Global is adding almost 3 percent, Afterpay owner Block rising 1.5 percent, Xero is edging up 0.2 percent and Zip is soaring more than 9 percent.
Gold miners are mostly higher. Gold Road Resources and Resolute Mining are edging up 0.2 to 0.3 percent each, while Evolution Mining is gaining almost 1 percent, Newmont is adding more than 2 percent and Northern Star resources is advancing almost 2 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while ANZ Banking and National Australia Bank are edging up 0.1 to 0.5 percent each.
In other news, shares in Premier Investment are rallying more than 11 precent after it agreed to sell its apparel brands business in Australia and New Zealand to Myer.
In the currency market, the Aussie dollar is trading at $0.658 on Tuesday.
On Wall Street, stocks gave back ground over the course of the trading day on Monday but managed to end the day mostly higher after showing a strong move to the upside early in the session. The major averages all finished the day in positive territory after turning in mixed performances over the two previous sessions.
The Dow advanced 273.17 points or 0.7 percent to 42,387.57, the Nasdaq climbed 48.58 points or 0.3 percent to 18,567.19 and the SP 500 rose 15.40 points or 0.3 percent to 5,821.52.
The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.'s FTSE 100 Index and the German DAX Index rose by 0.5 percent and 0.4 percent, respectively.
Crude oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Election, Economy, Escalation And Expectations Enhance Dollar's Appeal
(RTTNews) - Uncertainty surrounding the presidential election in the U.S., data underscoring the resilience of the U.S. economy, the escalation in geopolitical tensions in the Middle East as well as the sobering rate cut expectations boosted the U.S. dollar during the week ended October 25. The greenback gained against the euro, the British pound, the Australian dollar, the Japanese yen, the Canadian dollar, the Swedish Krona as well as the Swiss franc.
The six-currency Dollar Index rose for the fourth week in a row as world markets braced for the Presidential election scheduled for November 5 and the Fed's monetary policy decision on November 7.
The Dollar Index jumped 0.74 percent during the week spanning October 21 to 25, rising to 104.26 from 103.49 a week earlier. From the low of 103.42 recorded on Monday, the index jumped to a weekly high of 104.57 on Wednesday.
The SP Global PMI readings from the U.S. released on Thursday showed both the manufacturing and services sector performing better than expected. Data from the U.S. Census Bureau showed sales of new single-family homes jumping 4.1 percent in contrast to a 2.3 percent fall in August.
The initial jobless claims data released by the U.S. department of labor on Thursday showed initial jobless claims for the week ended October 19 unexpectedly decreasing to 227 thousand from 242 thousand in the previous week. Markets had expected a level of 242 thousand. The decline in claims triggered fears of the Fed delaying rate cuts as concerns about the labor market diminished.
New orders for manufactured durable goods decreased 0.8 percent in September, following a revised 0.8 percent decline in August and far better than market expectations of a 1 percent decline. The University of Michigan's consumer sentiment reading was also revised upward to 70.5 in October from a preliminary of 68.9. With a third consecutive month of rises, the measure reached the highest level in six months.
The economic data helped sober Fed rate cut expectations that were reinforced with the release of the Fed's Beige book on Wednesday. The commentary on current economic conditions across the 12 Federal Reserve Districts had pointed to continued sluggishness in the U.S. economy. The report showed that economic activity was little changed in nearly all Districts since early September, though two Districts reported modest growth.
Expectation of a Trump Presidency boosted bond yields also. Yields on ten-year U.S. treasuries surged from 4.075 percent on October 18 to 4.232 percent on October 25, bolstering the greenback further.
The EUR/USD pair plunged 0.67 percent during the week ended October 25 amidst deepening rate cut expectations from the European Central Bank. The pair slipped to 1.0793 from 1.0866 in the week earlier amidst data that showed producer prices in Germany dropping 1.4 percent year-on-year in September versus a decrease of 0.8 percent in the previous two months. The weekly trading ranged between the high of 1.0872 recorded on Monday and the low of 1.0760 touched on Wednesday.
Bank of England Governor Andrew Bailey's acknowledgement that disinflation in the U.K. was happening faster than expected boosted rate cut expectations from the Bank of England causing the sterling to drop 0.68 percent against the greenback during the week ended October 25. The GBP/USD pair declined to 1.2959 on October 25, from 1.3048 a week earlier. The sterling's weekly trading range was between $1.3058 recorded on Monday and $1.2904 recorded on Wednesday.
Expectations that consumer price inflation in Australia would fall into the Reserve Bank of Australia's band of 2 to 3 percent in September contributed to the AUD's weakness. The AUD/USD pair tumbled 1.54 percent during the week spanning October 21 to 25. From the level of 0.6706 recorded on October 18, the pair dropped to 0.6603 in a week's time. The pair touched a high of 0.6723 on Monday and a low of 0.6599 on Friday.
Anxiety ahead of the general elections in Japan triggered a weakness in the Japanese yen. The greenback's strength amidst an improved outlook on the U.S. economy as well as expectations of sticky interest rates in the U.S. aided the Japanese yen's decline against the U.S. Dollar. The USD/ JPY pair rallied 1.86 percent during the week ended October 25 as it closed at 152.30 versus 149.52 a week earlier. The pair ranged between the low of 149.07 on Monday and the three-month high of 153.18 on Wednesday.
Currency market sentiment remains on edge ahead of elections in the U.S. as well as key economic data scheduled for release. Ahead of the release of U.S. GDP data on Wednesday and the jobs data on Friday, the Dollar Index has edged down to 104.21 from the level of 104.26 recorded at close on Friday.
Ahead of inflation data from the Euro Zone due on Thursday, which is expected to show an uptick, the EUR/USD pair has rallied to 1.0819. The GBP/USD pair has also increased to 1.2988 as market spotlight turns on the new U.K. government's budget and fears of additional govt borrowing.
The AUD/USD pair has edged up 0.07 percent to 0.6608 amidst anticipation ahead of the releases of the CPI update on Tuesday.
Despite political uncertainty limiting the headroom available to Bank of Japan to raise rates further, markets are keenly watching out for the Bank of Japan's interest rate decision due on Wednesday. The yen has retreated further against the greenback, lifting the USD/JPY pair to 152.68 versus 152.30 at close on Friday.
Higher Open Called For Thai Stock Market
(RTTNews) - The Thai stock market turned lower again on Monay, one session after ending the four-day losing streak in which it had dropped almost 35 points or 2.5 percent. The Stock Exchange of Thailand now sits just above the 1,450-point plateau and it figured to see renewed support on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The SET finished modestly lower on Monday as losses from the food, property, service and technology sectors were tempered by support from the consumer, finance, resource and industry companies.
For the day, the index lost 10.39 points or 0.71 percent to finish at 1,453.03 after trading between 1,449.73 and 1,464.12. Volume was 10.990 billion shares worth 45.979 billion baht. There were 246 decliners and 225 gainers, with 187 stocks finishing unchanged.
Among the actives, Advanced Info skidded 1.09 percent, Bangkok Bank jumped 1.69 percent, Bangkok Dusit Medical declined 0.88 percent, Bangkok Expressway gained 0.63 percent, B. Grimm dropped 0.89 percent, BTS Group rallied 5.15 percent, CP All Public slid 0.39 percent, Charoen Pokphand Foods tanked 2.18 percent, Energy Absolute tumbled 1.92 percent, Gulf sank 0.76 percent, Kasikornbank climbed 1.02 percent, Krung Thai Card shed 0.51 percent, PTT Oil Retail added 0.63 percent, PTT soared 3.01 percent, PTT Global Chemical surged 5.21 percent, SCG Packaging spiked 1.94 percent, Thai Oil plummeted 5.68 percent, True Corporation stumbled 1.65 percent and TTB Bank, Krung Thai Bank, Siam Commercial Bank, Siam Concrete, Asset World, Banpu and Thailand Airport were unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Asian Shares Rise On China Optimism
(RTTNews) - Asian stocks ended mostly higher on Tuesday after Chinese Premier Li Qiang expressed confidence that his government can pull off an economic recovery.
Additionally, a private survey showed China's services activity expanded at the fastest pace in three months in October.
The dollar was on the defensive and gold was little changed as the U.S. presidential election got underway, with polls predicting a tight race.
Oil prices were subdued in Asian trade after rallying almost 3 percent on Monday following OPEC+'s decision to delay restoring barrels to the market.
China's Shanghai Composite index jumped 2.32 percent to 3,386.99 and Hong Kong's Hang Seng index added 2.14 percent to close at 21,006.97 after Chinese Premier Li Qiang said he is confident of meeting this year's growth target and that there was room for more stimulus.
Observers hope a specific figure for the stimulus could emerge from this week's meeting of the Standing Committee of National People's Congress, the top body of China's rubber stamp parliament.
There was also some cheer on the data front. China's service activity expanded at the fastest pace since July, a private survey showed today in a sign that consumer demand may be on the mend.
Japanese markets rallied as trading resumed after a long holiday weekend. The Nikkei average climbed 1.11 percent to 38,474.90 while the broader Topix index settled 0.76 percent higher at 2,664.26.
Nintendo shares fell 3.9 percent. The gaming company today cut its annual operating profit forecast by 10 percent to 360 billion yen ($2.36 billion), as its ageing Switch console loses steam.
Seoul stocks ended lower as caution crept in ahead of the U.S. election and the Federal Reserve's interest-rate decision due later this week, with the U.S. central bank widely expected to cut its main interest rate for a second straight time.
Geopolitical tensions also weighed after North Korea launched a salvo of ballistic missiles towards the sea off the east coast of the Korean Peninsula. The Kospi average dropped 0.47 percent to 2,576.88.
Data showed earlier today that South Korea's October headline inflation slowed further to the weakest level in almost four years.
Australian markets fell slightly as the Reserve Bank of Australia held the official cash rate at 4.35 percent and signaled no immediate plans for rate cuts.
The benchmark SP/ASX 200 dipped 0.40 percent to 8,131.80, with financials and consumer stocks leading losses. The broader All Ordinaries index closed 0.42 percent lower at 8,387.80.
Domino's Pizza Enterprises slumped 6.3 percent after an announcement that long-time chief executive and managing director Don Meij will retire effective 6 November.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index rose 0.54 percent to 12,658.30.
U.S. stocks drifted lower overnight as investors refrained from making big bets ahead of the presidential election and the Fed's interest-rate decision.
The Dow shed 0.6 percent, while the tech-heavy Nasdaq Composite and the SP 500 both dipped around 0.3 percent.
Japanese Market Is Notably Higher
(RTTNews) - Adding to the sharp gains in the previous session, the Japanese stock market is trading notably higher on Tuesday after opening in the red, with the Nikkei 225 moving well above the 38,800 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by index heavyweights and financial stocks.
The markets reacted to domestic data showing unemployment rate edged lower to 2.4 percent in September from 2.5 percent in August, the lowest in eight months.
The benchmark Nikkei 225 Index is up 242.80 points or 0.63 percent at 38,848.33, after touching a high of 38,881.86 earlier. Japanese shares ended sharply higher on Monday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is edging down 0.4 percent. Among automakers, Honda is edging down 0.1 percent and Toyota is also edging down 0.2 percent.
In the tech space, Advantest is gaining more than 1 percent, while Screen Holdings and Tokyo Electron are edging up 0.1 to 0.3 percent each.
In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining almost 3 percent each, while Sumitomo Mitsui Financial is adding more than 2 percent.
The major exporters are mostly higher. Mitsubishi Electric is adding more than 1 percent, while Panasonic and Sony are gaining almost 1 percent each. Canon is edging down 0.4 percent.
Among the other major gainers, M3 is surging almost 5 percent, Shionogi Co. is gaining more than 4 percent and Nitto Denko is adding almost 4 percent, while Furukawa Electric, IHI and Kawasaki Heavy Industries are advancing more than 3 percent each. Astellas Pharma and Renesas Electronics are rising almost 3 percent each.
Conversely, Toto is plummeting almost 13 percent and Tokuyama is losing 3.5 percent.
In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2.4 percent in September, the Ministry of Internal Affairs and Communications said on Tuesday. That was below expectations for 2.5 percent, which would have been unchanged from the August reading.
The jobs-to-applicant ratio was 1.24 - beating forecasts for 1.23, which again would have been unchanged from the previous month. The participation rate was 63.5 percent, shy of forecasts for 63.6 percent, which would have been steady from a month prior.
In the currency market, the U.S. dollar is trading in the higher 152 yen-range on Tuesday.
On Wall Street, stocks gave back ground over the course of the trading day on Monday but managed to end the day mostly higher after showing a strong move to the upside early in the session. The major averages all finished the day in positive territory after turning in mixed performances over the two previous sessions.
The Dow advanced 273.17 points or 0.7 percent to 42,387.57, the Nasdaq climbed 48.58 points or 0.3 percent to 18,567.19 and the SP 500 rose 15.40 points or 0.3 percent to 5,821.52.
The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.'s FTSE 100 Index and the German DAX Index rose by 0.5 percent and 0.4 percent, respectively.
Crude oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Indonesia Bourse May Halt Its Slide On Tuesday
(RTTNews) - The Indonesia stock market has finished lower in four straight sessions, dropping almost 160 points or 2.1 percent along the way. The Jakarta Composite Index now rests just beneath the 7,635-point plateau although it's due for support on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The JCI finished modestly lower on Monday following losses from the financial shares and cement companies, while the resource sector was mixed.
For the day, the index sank 60.03 points or 0.78 percent to finish at 7,634.63 after trading between 7,599.62 and 7,714.74.
Among the actives, Bank CIMB Niaga sank 0.79 percent, while Bank Mandiri tanked 3.19 percent, Bank Danamon Indonesia fell 0.38 percent, Bank Negara Indonesia stumbled 2.65 percent, Bank Central Asia retreated 1.40 percent, Bank Rakyat Indonesia dipped 0.21 percent, Bank Maybank Indonesia dropped 0.88 percent, Indosat Ooredoo Hutchison plunged 4.78 percent, Indocement declined 1.64 percent, Semen Indonesia plummeted 5.69 percent, Indofood Sukses Makmur rose 0.33 percent, Astra International added 0.48 percent, Energi Mega Persada improved 0.73 percent, Astra Agro Lestari skidded 1.11 percent, Aneka Tambang rallied 1.58 percent, Jasa Marga slumped 0.85 percent, Vale Indonesia weakened 1.23 percent, Timah surged 3.50 percent, Bumi Resources tumbled 1.42 percent and United Tractors was unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Rebound Anticipated For Taiwan Stock Market
(RTTNews) - The Taiwan stock market headed south again on Monday, one session after ending the three-day losing streak in which it had dropped almost 350 points or 1.5 percent. The Taiwan Stock Exchange now rests just beneath the 23,200-point plateau although it's likely to bounce higher again on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The TSE finished modestly lower on Monday as the financial shares and technology stocks were mostly in the red, while the plastics companies offered support.
For the day, the index sank 150.38 points or 0.64 percent to finish at 23,198.07 after trading between 23,164.42 and 23,547.12.
Among the actives, Cathay Financial collected 0.43 percent, while Mega Financial advanced 0.90 percent, CTBC Financial shed 0.55 percent, Fubon Financial fell 0.33 percent, E Sun Financial lost 0.54 percent, Taiwan Semiconductor Manufacturing Company retreated 1.41 percent, United Microelectronics Corporation skidded 1.10 percent, Hon Hai Precision slid 0.46 percent, Largan Precision stumbled 1.69 percent, Catcher Technology was down 0.42 percent, MediaTek rallied 1.52 percent, Delta Electronics improved 0.75 percent, Novatek Microelectronics perked 0.19 percent, Formosa Plastics soared 3.63 percent, Nan Ya Plastics spiked 2.30 percent and Asia Cement and First Financial were unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
China Shares May Extend Winning Streak
(RTTNews) - The China stock market has finished higher in back-to-back sessions, gathering more than 40 points or 1.2 percent along the way. The Shanghai Composite now sits just above the 3,320-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The SCI finished modestly higher as gains from the properties and resource stocks were offset by weakness from the financials and oil companies.
For the day, the index added 22.50 points or 0.68 percent to finish at the daily high of 3,322.20 after trading as low as 3,279.72. The Shenzhen Composite Index improved 27.93 points or 1.41 percent to end at 2,002.58.
Among the actives, Industrial and Commercial Bank of China sank 0.82 percent, while Bank of China lost 0.61 percent, China Construction Bank slumped 1.23 percent, China Merchants Bank stumbled 1.48 percent, Agricultural Bank of China declined 1.24 percent, China Life Insurance retreated 1.46 percent, Jiangxi Copper strengthened 1.53 percent, Aluminum Corp of China (Chalco) improved 1.06 percent, Yankuang Energy climbed 1.01 percent, PetroChina fell 0.24 percent, China Petroleum and Chemical (Sinopec) dipped 0.16 percent, Huaneng Power accelerated 2.75 percent, China Shenhua Energy rose 0.42 percent, Gemdale surged 4.24 percent, Poly Developments jumped 1.87 percent and China Vanke spiked 2.74 percent.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Hong Kong Stock Market May See Additional Support On Tuesday
(RTTNews) - The Hong Kong stock market has moved higher in two straight sessions, gathering more than 100 points or 0.4 percent along the way. The Hang Seng Index now sits just beneath the 20,600-point plateau and it's tipped to open in the green again on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The Hang Seng finished slightly higher on Monday following gains from the properties, weakness from the financials and a mixed picture from the technology companies.
For the day, the index rose 9.21 points or 0.04 percent to finish at 20,599.36 after trading between 20,428.94 and 20,669.41.
Among the actives, Alibaba Group and Nongfu Spring both strengthened 1.36 percent, while Alibaba Health Info jumped 1.53 percent, ANTA Sports gained 0.63 percent, China Life Insurance slumped 1.07 percent, China Mengniu Dairy and Hang Lung Properties both surged 2.76 percent, China Resources Land and Galaxy Entertainment both soared 2.19 percent, CITIC added 0.65 percent, CNOOC declined 1.16 percent, CSPC Pharmaceutical dropped 0.64 percent, Haier Smart Home stumbled 1.32 percent, Henderson Land rose 0.39 percent, Hong Kong China Gas and Meituan both perked 0.16 percent, Industrial and Commercial Bank of China skidded 0.84 percent, JD.com climbed 1.28 percent, Lenovo retreated 1.27 percent, Li Auto advanced 0.90 percent, Li Ning rallied 1.39 percent, New World Development improved 0.86 percent, Techtronic Industries sank 0.35 percent, Xiaomi Corporation tumbled 1.73 percent, WuXi Biologics dipped 0.11 percent and ENN Energy was unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the SP 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Yen Falls Amid BoJ Rate Hike Uncertainty
(RTTNews) - The Japanese yen weakened against other major currencies during the European session on Tuesday, as traders remain cautious amid a rare political crisis following a Japanese snap election that raises doubts about the Bank of Japan's capacity to raise interest rates further and the U.S. election.
Former BOJ board member Makoto Sakurai said that the Bank of Japan is likely to raise interest rates in coming months with January emerging as the most likely timing, when there will be more clarity on political and market developments.
By the end of Governor Kazuo Ueda's term in April 2028, the central bank would eventually aim to increase short-term borrowing costs, which are presently at 0.25%, to 1.5% or 2%, he added.
Investors reacted to mixed earnings updates and awaited interest-rate decisions from the Bank of England and the Federal Reserve later this week.
Meanwhile, all attention is focused on what is being called the "closest race in history" of the 2024 U.S. Presidential election, with Donald Trump facing off against Kamala Harris.
In the European trading today, the yen fell to a 4-day low of 176.61 against the Swiss franc, from an early high of 176.06. On the downside, 178.00 is seen as the next support level for the yen.
Against the euro and the pound, yen slid to 165.94 and 197.73 from early highs of 165.41 and 197.01, respectively. The next possible downside target for the yen is seen around 170.00 against the euro and 200.00 against the pound.
Against the U.S., the Australia, the New Zealand and the Canadian dollars, the yen edged down to 152.55, 100.78, 91.38 and 109.75 from early highs of 152.09, 100.13, 90.84 and 109.42, respectively. If the yen extends its downtrend, it is likely to find support around 155.00 against the greenback, 102.00against the aussie, 93.00 against the kiwi and 112.00 against the loonie.
Looking ahead, U.S. and Canada trade data for September and PMI reports for October, are slated for release in the New York session.
Sensex, Nifty Decline; Auto And Pharma Stocks Lead Losses
(RTTNews) - Indian shares drifted lower again on Tuesday, after having snapped a five-day losing streak the previous day.
The benchmark SP/BSE Sensex was down 370 points, or half a percent, at 79,633 in early trade while the broader NSE Nifty index was down 125 points, or half a percent, at 24,213.
Automakers traded lower, with Bajaj Auto and Tata Motors falling around 3 percent each.
Hero Moto Corp declined 1.7 percent after revealing its 2024 EICMA plans.
Indian Oil Corp fell 2.5 percent after Q2 net profit slumped 98 percent.
Bharti Airtel dropped 2.7 percent despite second-quarter profit surging 168 percent year-on-year led by tariff hikes.
Sun Pharma gave up 1.4 percent despite reporting a 28 percent rise in quarterly profit. Peer Cipla was down nearly 3 percent.
