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South Korea Interest Rate Decision Due On Thursday
(RTTNews) - The Bank of Korea will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The BoK is expected to keep its benchmark lending rate unchanged at 3.25 percent.
Australia will release Q3 numbers for private new capital expenditure, with forecasts calling for an increase of 0.9 percent on quarter following the 2.2 percent decline in the previous three months.
New Zealand will see November results for the business confidence index from ANZ and the activity index from NBNZ; in October, the confidence index had a score of 65.7 and the activity index was at 45.9 percent.
Tech Shares May Drag KOSPI Lower Again On Thursday
(RTTNews) - The South Korea stock market has moved lower in two straight sessions, sinking more than 30 points or 1.2 percent along the way. The KOSPI now sits just above the 2,500-point plateau and it may see continued selling pressure on Thursday.
The global forecast for the Asian markets suggests mild consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly soft and the Asian markets figure to follow the latter lead.
The KOSPI finished modestly lower on Wednesday as losses from the technology and automobile companies were mitigated by support from the financial and telecom sectors.
For the day, the index lost 17.30 points or 0.69 percent to finish at 2,503.06. Volume was 406.3 million shares worth 8.4 trillion won. There were 516 decliners and 372 gainers.
Among the actives, Shinhan Financial strengthened 1.47 percent, while KB Financial rallied 2.81 percent, Hana Financial spiked 2.90 percent, Samsung Electronics tumbled 3.43 percent, Samsung SDI stumbled 3.77 percent, LG Electronics retreated 2.54 percent, SK Hynix plummeted 4.97 percent, Naver soared 3.78 percent, LG Chem declined 1.95 percent, Lotte Chemical shed 0.60 percent, SK Innovation and S-Oil both surrendered 2.86 percent, POSCO dropped 1.65 percent, SK Telecom surged 4.63 percent, KEPCO lost 0.41 percent, Hyundai Mobis slumped 1.20 percent, Hyundai Motor skidded 1.12 percent and Kia Motors plunged 3.08 percent.
The lead from Wall Street is soft as the major averages opened mixed on Wednesday but all trended lower as the day progressed and ended in the red.
The Dow dropped 138.25 points or 0.31 percent to finish at 44,722.06, while the NASDAQ slumped 115.10 points or 0.60 percent to close at 19,060.48 and the SP 500 sank 22.89 points or 0.38 percent to end at 5,998.74.
The pullback by the NASDAQ was fueled by substantial weakness among computer hardware stocks, led lower by PC makers Dell Technologies (DELL) and HP Inc. (HPQ) after providing disappointing earnings guidance.
Weakness among semiconductor and networking stocks also weighed on the NASDAQ, while biotechnology stocks showed a strong move to the upside.
The weakness in the broader markets came after the Commerce Department released closely watched inflation data that matched expectations. While the faster annual price growth was in line with estimates, the acceleration raised concerns about the outlook for interest rates.
Crude oil moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
European Shares Set To Open On Firm Note
(RTTNews) - European stocks look set to open higher on Thursday, though trading volumes may remain thin due to the Thanksgiving Day holiday in the U.S.
Asian markets were mixed as solid U.S. economic data along with an uptick in inflation supported recent comments by many Fed officials that there's no rush to cut rates.
Traders also continued to fret about the possibility of a tariff war sparked by U.S. President-elect Donald Trump's tariff policies.
Earlier today, the Bank of Korea cut its key policy rate for the second straight month and lowered its growth forecasts, citing weaker global demand, higher tariffs and more policy uncertainty.
The dollar was on the defensive while the euro held steady after rising in the previous session as ECB board member Isabel Schnabel sounded hawkish, saying that rate cuts should be gradual and move to neutral, not accommodative, territory.
Oil and gold prices were marginally lower amid easing geopolitical tensions after a ceasefire deal between Israel and Hezbollah.
In economic releases, Destatis is set to publish Germany's preliminary consumer and harmonized prices for November later in the day. Inflation is forecast to rise to 2.3 percent from 2.0 percent in October.
Also, the European Commission is due to publish its euro area economic sentiment survey data.
U.S. stocks retreated from record highs overnight as PC makers Dell Technologies (DELL) and HP Inc. (HPQ) provided disappointing earnings guidance and new data showed an uptick in inflation.
The annual rate of growth in the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September, while the core personal consumption expenditure index climbed 2.8 percent from the corresponding period last year, reaching a six-month high, the Commerce Department said.
In other economic news, the American economy expanded at a healthy 2.8 percent annual pace from July through September while weekly jobless claims fell again last week, separate reports showed.
The SP 500 slid 0.4 percent to snap a seven-session winning streak and the tech-heavy Nasdaq Composite shed 0.6 percent while the Dow dipped 0.3 percent to end a three-day streak of record highs.
European stocks ended mixed on Wednesday, shrugging off early weakness on concerns about potential inflationary pressures arising from Donald Trump's proposed tariff policies.
Investor sentiment was also dented as the risk premium investors demand to hold French debt rose to its highest level since 2012 amid fiscal and political turbulence and angst over the fate of the new government.
The pan-European STOXX 600 eased 0.2 percent. The German DAX dropped 0.2 percent and France's CAC 40 gave up 0.7 percent while the U.K.'s FTSE 100 edged up by 0.2 percent.
Profit Taking May Dent Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved higher in two straight sessions, advancing more than 450 points or 2.2 percent along the way. The Hang Seng Index now sits just above the 19,600-point plateau although it may run out of steam on Thursday.
The global forecast for the Asian markets suggests mild consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly soft and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply higher on Wednesday with gains across the board, especially among the technology companies.
For the day, the index surged 443.93 points or 2.32 percent to finish at 19,603.13 after trading between 19,061.60 and 19,660.99.
Among the actives, Alibaba Group improved 1.98 percent, while Alibaba Health Info advanced 2.22 percent, ANTA Sports added 1.56 percent, China Life Insurance and Haier Smart Home both soared 3.64 percent, China Mengniu Dairy rallied 2.87 percent, China Resources Land accelerated 2.65 percent, CITIC jumped 2.78 percent, CNOOC gained 0.82 percent, CSPC Pharmaceutical climbed 2.57 percent, Galaxy Entertainment strengthened 2.60 percent, Hang Lung Properties spiked 1.95 percent, Henderson Land increased 1.86 percent, Hong Kong China Gas rose 0.17 percent, Industrial and Commercial Bank of China collected 1.09 percent, JD.com soared 5.01 percent, Lenovo jumped 3.39 percent, Li Auto climbed 2.55 percent, Li Ning spiked 4.15 percent, Meituan skyrocketed 7.24 percent, New World Development advanced 2.53 percent, Nongfu Spring strengthened 2.68 percent, Techtronic Industries surged 5.11 percent, Xiaomi Corporation rallied 4.04 percent and WuXi Biologics accelerated 3.50 percent.
The lead from Wall Street is soft as the major averages opened mixed on Wednesday but all trended lower as the day progressed and ended in the red.
The Dow dropped 138.25 points or 0.31 percent to finish at 44,722.06, while the NASDAQ slumped 115.10 points or 0.60 percent to close at 19,060.48 and the SP 500 sank 22.89 points or 0.38 percent to end at 5,998.74.
The pullback by the NASDAQ was fueled by substantial weakness among computer hardware stocks, led lower by PC makers Dell Technologies (DELL) and HP Inc. (HPQ) after providing disappointing earnings guidance.
Weakness among semiconductor and networking stocks also weighed on the NASDAQ, while biotechnology stocks showed a strong move to the upside.
The weakness in the broader markets came after the Commerce Department released closely watched inflation data that matched expectations. While the faster annual price growth was in line with estimates, the acceleration raised concerns about the outlook for interest rates.
Crude oil moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
Singapore Shares May Take Further Damage On Thursday
(RTTNews) - The Singapore stock market has moved lower in three straight sessions, dropping almost 40 points or 1.1 percent along the way. The Straits Times Index now sits just beneath the 3,710-point plateau and it's looking at another soft start again on Thursday.
The global forecast for the Asian markets suggests mild consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly soft and the Asian markets figure to follow the latter lead.
The STI finished slightly lower on Wednesday following losses from the properties and industrials, while the financials and trusts were mixed.
For the day, the index dipped 4.30 points or 0.12 percent to finish at 3,708.09 after trading between 3,699.77 and 3,727.39.
Among the actives, CapitaLand Investment tumbled 1.47 percent, while City Developments and SembCorp Industries both sank 0.19 percent, Comfort DelGro retreated 0.68 percent, DBS Group collected 0.34 percent, Genting Singapore and Wilmar International both declined 0.65 percent, Hongkong Land tanked 1.71 percent, Keppel DC REIT rallied 1.33 percent, Keppel Ltd lost 0.15 percent, Mapletree Industrial Trust added 0.43 percent, Oversea-Chinese Banking Corporation fell 0.12 percent, SATS advanced 0.52 percent, Singapore Technologies Engineering plunged 1.98 percent, SingTel rose 0.33 percent, Thai Beverage jumped 1.85 percent, Yangzijiang Shipbuilding plummeted 3.56 percent and CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust, Seatrium Limited, Emperador, Mapletree Logistics Trust, Yangzijiang Financial and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Wednesday but all trended lower as the day progressed and ended in the red.
The Dow dropped 138.25 points or 0.31 percent to finish at 44,722.06, while the NASDAQ slumped 115.10 points or 0.60 percent to close at 19,060.48 and the SP 500 sank 22.89 points or 0.38 percent to end at 5,998.74.
The pullback by the NASDAQ was fueled by substantial weakness among computer hardware stocks, led lower by PC makers Dell Technologies (DELL) and HP Inc. (HPQ) after providing disappointing earnings guidance.
Weakness among semiconductor and networking stocks also weighed on the NASDAQ, while biotechnology stocks showed a strong move to the upside.
The weakness in the broader markets came after the Commerce Department released closely watched inflation data that matched expectations. While the faster annual price growth was in line with estimates, the acceleration raised concerns about the outlook for interest rates.
Crude oil moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
Australia Capex Value Climbs 1.1% In Q3
(RTTNews) - The value of new capital expenditure in Australia was up a seasonally adjusted 1.1 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Thursday - coming in at A$43.838 billion.
That beat forecasts for an increase of 0.9 percent following the 2.2 percent decline in the three months prior.
On a yearly basis, overall capex was up 1.0 percent.
Capex for buildings and structures rose 1.1 percent on quarter and fell 1.1 percent on year at A$23.023 billion. Capex for equipment, plant and machinery was up 1.1 percent on quarter and 3.4 percent on year at A$20.816 billion.
China Bourse May Hand Back Wednesday's Gains
(RTTNews) - The China stock market on Wednesday wrote a finish to the three-day slide in which it had slipped just 10 points or 0.3 percent. The Shanghai Composite now sits just beneath the 3,310-point plateau although if figures to head south again on Thursday.
The global forecast for the Asian markets suggests mild consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly soft and the Asian markets figure to follow the latter lead.
The SCI finished sharply higher on Wednesday following gains from the financial shares, resource stocks and properties.
For the day, the index jumped 50.02 points or 1.53 percent to finish at 3,309.78 after trading between 3,227.36 and 3,309.88. The Shenzhen Composite Index spiked 40.57 points or 2.07 percent to end at 1,996.71.
Among the actives, Industrial and Commercial Bank of China collected 0.65 percent, while Bank of China and China Construction Bank both advanced 1.00 percent, China Merchants Bank gained 0.58 percent, Agricultural Bank of China added 0.42 percent, China Life Insurance rallied 2.47 percent, Jiangxi Copper added 0.88 percent, Aluminum Corp of China (Chalco) advanced 0.92 percent, Yankuang Energy increased 1.09 percent, PetroChina perked 0.12 percent, China Petroleum and Chemical (Sinopec) rose 0.31 percent, Huaneng Power improved 1.16 percent, China Shenhua Energy accelerated 2.01 percent, Gemdale soared 3.93 percent, Poly Developments strengthened 1.52 percent and China Vanke climbed 1.08 percent.
The lead from Wall Street is soft as the major averages opened mixed on Wednesday but all trended lower as the day progressed and ended in the red.
The Dow dropped 138.25 points or 0.31 percent to finish at 44,722.06, while the NASDAQ slumped 115.10 points or 0.60 percent to close at 19,060.48 and the SP 500 sank 22.89 points or 0.38 percent to end at 5,998.74.
The pullback by the NASDAQ was fueled by substantial weakness among computer hardware stocks, led lower by PC makers Dell Technologies (DELL) and HP Inc. (HPQ) after providing disappointing earnings guidance.
Weakness among semiconductor and networking stocks also weighed on the NASDAQ, while biotechnology stocks showed a strong move to the upside.
The weakness in the broader markets came after the Commerce Department released closely watched inflation data that matched expectations. While the faster annual price growth was in line with estimates, the acceleration raised concerns about the outlook for interest rates.
Crude oil moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
Malaysia Shares May Run Out Of Steam On Thursday
(RTTNews) - The Malaysia stock market has moved higher in four straight sessions, collecting almost 17 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although the rally may stall on Thursday.
The global forecast for the Asian markets suggests mild consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly soft and the Asian markets figure to follow the latter lead.
The KLCI finished slightly higher on gains from the industrials and mixed performances from the financials, telecoms and plantations.
For the day, the index perked 1.10 points or 0.07 percent to finish at 1,604.25 after trading between 1,600.83 and 1,609.41.
Among the actives, Axiata tumbled 0.86 percent, while Celcomdigi gained 0.28 percent, CIMB Group increased 0.24 percent, Genting gathered 0.27 percent, Genting Malaysia improved 0.47 percent, IHH Healthcare advanced 0.55 percent, IOI Corporation spiked 1.32 percent, Kuala Lumpur Kepong plummeted 5.18 percent, Maxis fell 0.28 percent, Maybank lost 0.39 percent, MISC tanked 2.12 percent, MRDIY added 0.54 percent, Nestle Malaysia climbed 0.96 percent, Petronas Chemicals plunged 2.47 percent, PPB Group dropped 0.45 percent, Public Bank collected 0.23 percent, QL Resources shed 0.41 percent, RHB Bank soared 1.65 percent, SD Guthrie eased 0.21 percent, Sunway slumped 0.81 percent, Telekom Malaysia rallied 1.25 percent, Tenaga Nasional sank 0.43 percent, YTL Corporation skyrocketed 7.18 percent, YTL Power surged 6.88 percent and Press Metal, Sime Darby, Hong Leong Bank and Petronas Gas were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Wednesday but all trended lower as the day progressed and ended in the red.
The Dow dropped 138.25 points or 0.31 percent to finish at 44,722.06, while the NASDAQ slumped 115.10 points or 0.60 percent to close at 19,060.48 and the SP 500 sank 22.89 points or 0.38 percent to end at 5,998.74.
The pullback by the NASDAQ was fueled by substantial weakness among computer hardware stocks, led lower by PC makers Dell Technologies (DELL) and HP Inc. (HPQ) after providing disappointing earnings guidance.
Weakness among semiconductor and networking stocks also weighed on the NASDAQ, while biotechnology stocks showed a strong move to the upside.
The weakness in the broader markets came after the Commerce Department released closely watched inflation data that matched expectations. While the faster annual price growth was in line with estimates, the acceleration raised concerns about the outlook for interest rates.
Crude oil moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
Taiwan Stock Market Tipped To Open Under Pressure On Thursday
(RTTNews) - The Taiwan stock market has finished lower in back-to-back sessions, slumping more than 610 points or 2.8 percent along the way. The Taiwan Stock Exchange now rests just above the 22,330-point plateau and it may be in store for more pain on Thursday.
The global forecast for the Asian markets suggests mild consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly soft and the Asian markets figure to follow the latter lead.
The TSE finished sharply lower on Wednesday following losses from the financial shares, technology stocks and plastics companies.
For the day, the index stumbled 343.98 points or 1.52 percent to finish at the daily low of 22,334.78 after peaking at 22,743.99.
Among the actives, Cathay Financial retreated 1.34 percent, while Mega Financial collected 0.25 percent, CTBC Financial fell 0.33 percent, First Financial shed 0.54 percent, Fubon Financial stumbled 1.44 percent, E Sun Financial dipped 0.36 percent, Taiwan Semiconductor Manufacturing Company dropped 0.99 percent, United Microelectronics Corporation and Largan Precision both tanked 2.20 percent, Hon Hai Precision surrendered 2.96 percent, Catcher Technology added 0.51 percent, MediaTek tumbled 2.34 percent, Delta Electronics slid 0.39 percent, Novatek Microelectronics lost 0.41 percent, Formosa Plastics declined 1.25 percent, Nan Ya Plastics slumped 1.87 percent and Asia Cement plunged 1.96 percent.
The lead from Wall Street is soft as the major averages opened mixed on Wednesday but all trended lower as the day progressed and ended in the red.
The Dow dropped 138.25 points or 0.31 percent to finish at 44,722.06, while the NASDAQ slumped 115.10 points or 0.60 percent to close at 19,060.48 and the SP 500 sank 22.89 points or 0.38 percent to end at 5,998.74.
The pullback by the NASDAQ was fueled by substantial weakness among computer hardware stocks, led lower by PC makers Dell Technologies (DELL) and HP Inc. (HPQ) after providing disappointing earnings guidance.
Weakness among semiconductor and networking stocks also weighed on the NASDAQ, while biotechnology stocks showed a strong move to the upside.
The weakness in the broader markets came after the Commerce Department released closely watched inflation data that matched expectations. While the faster annual price growth was in line with estimates, the acceleration raised concerns about the outlook for interest rates.
Crude oil moved slightly lower on Wednesday as traders weighed news of a ceasefire between Israel and Hezbollah against data showing a bigger than expected drop by U.S. crude oil inventories. West Texas Intermediate for January delivery eased $0.05 or 0.1 percent to $68.72 a barrel.
U.S. Dollar Retreats Against Franc
(RTTNews) - The U.S. dollar pulled back against the Swiss franc in the New York session on Thursday.
The greenback retreated to 0.8825 against the franc, from an early high of 0.8848. The currency is likely to locate support around the 0.88 level.
Japan Household Spending Data Due On Friday
(RTTNews) - Japan will on Friday release October figures for household spending, highlighting a light day for Asia-Pacific economic activity. Spending is expected to rise 0.4 percent on month and fall 2.6 percent on year after slumping 1.3 percent on month and 1.1 percent on year in September.
Japan also will see October results for its leading and coincident indexes; in September, they were up 2.2 percent and 1.3 percent on month, respectively.
South Korea will provide October data for current account; in September, the current account surplus was $11.12 billion.
Thailand will release November numbers for consumer prices; in October, overall inflation was up 0.83 percent on year and core CPI rose an annual 0.77 percent.
Asian Shares Mixed; Chinese And Hong Kong Markets Underperform
(RTTNews) - Asian stocks ended mixed in thin cautious trade on Thursday amid the Thanksgiving holiday in the U.S.
Amid much uncertainty about U.S. President-elect Donald Trump's tariff policies and the Federal Reserve's interest-rate path, investors looked ahead to a key economic meeting of Chinese policymakers next month, where there could be more stimulus actions to boost the struggling economy.
China's Shanghai Composite index dropped 0.43 percent to 3,295.70 due to prevailing uncertainty around U.S. policies against China. Hong Kong's Hang Seng index fell 1.20 percent to 19,366.96.
Japanese markets swung between gains and losses before finishing notably higher as the dollar rebounded back up to the lower 151-yen range and reports emerged that U.S. restrictions on sales of semiconductor technology and AI memory chips to China would not be as severe as previously expected.
The Nikkei average rose 0.56 percent to 38,349.06 while the broader Topix index settled 0.82 percent higher at 2,687.28.
Seoul stocks fluctuated before ending on a flat note as the Bank of Korea cut its key policy rate for a second consecutive meeting and lowered its growth forecasts, citing weaker global demand, higher tariffs and more policy uncertainty.
The Kospi average finished marginally higher at 2,504.67 despite heavy selling in the tech space. Samsung Electronics dropped 1.4 percent and SK Hynix slumped 4.3 percent while LG Chem added 1.3 percent.
Australian markets soared to new highs, helped by a sustained rally in the banking sector. The benchmark SP/ASX 200 rose 0.45 percent to 8,444.30 while the broader All Ordinaries index settled 0.47 percent higher at 8,700.
Commonwealth Bank of Australia, the country's biggest bank, rose 0.6 percent to extend recent sharp gains while Westpac added 0.8 percent, and NAB climbed 0.9 percent.
Healthcare stocks extended gains for a fifth consecutive session, with biotech CSL adding 1.6 percent.
Across the Tasman, New Zealand's benchmark SP/NZX 50 index fell 1.21 percent to 13,053.56.
Fisher Paykel Healthcare declined 1.5 percent after the respiratory care business posted half-year profits and revenues at the lower end of guidance.
U.S. stocks retreated from record highs overnight as PC makers Dell Technologies (DELL) and HP Inc. (HPQ) provided disappointing earnings guidance and new data showed an uptick in inflation.
The annual rate of growth in the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September, while the core personal consumption expenditure index climbed 2.8 percent from the corresponding period last year, reaching a six-month high, the Commerce Department said.
In other economic news, the American economy expanded at a healthy 2.8 percent annual pace from July through September while weekly jobless claims fell again last week, separate reports showed.
The SP 500 slid 0.4 percent to snap a seven-session winning streak and the tech-heavy Nasdaq Composite shed 0.6 percent while the Dow dipped 0.3 percent to end a three-day streak of record highs.
Sensex Plunges 1,190 Points; Nifty Nears 23,900 On F&O Expiry
(RTTNews) - Indian shares ended sharply lower on Thursday after a modest start.
Weak global cues, profit booking after recent gains and volatility as a result of the expiry of monthly derivative contracts weighed on domestic markets.
Global cues were tepid as uncertainty prevailed over U.S. President-elect Donald Trump's tariff policies and the Federal Reserve's interest rate path.
The U.S. inflation outlook has become cloudier as another solid monthly core inflation for November challenged the FOMC's view of bringing inflation to the 2 percent target.
The benchmark SP/BSE Sensex slumped 1,190.34 points, or 1.48 percent, to 79,043.74 while the broader NSE Nifty index closed at 23,914.15, down 360.75 points, or 1.49 percent, from its previous close.
Infosys, Mahindra Mahindra, HDFC Life and SBI Life fell 3-5 percent in the Nifty pack while SBI, Shriram Finance and Cipla ended with modest gains.
Adani Group stocks rallied for a second straight day, with Adani Green, Adani Energy Solutions and Adani Total Gas rising 10-15 percent.
European Markets Rebound Led By Technology Stocks
(RTTNews) - European shares rebounded on Thursday, with technology stocks rising after reports emerged that U.S. restrictions on sales of semiconductor technology and AI memory chips to China would not be as severe as previously expected.
The upside remained capped somewhat amid worries that a French budget standoff may topple the government.
The pan-European STOXX 600 was up 0.6 percent at 508.06 after falling 0.2 percent on Wednesday.
The German DAX and France's CAC 40 both jumped around 0.7 percent, while the U.K.'s FTSE 100 edged up by 0.2 percent.
In the tech space, Infineon Technologies rose about 1 percent and ASM International surged over 3 percent.
Volkswagen rose about 1 percent after the German car giant said that it would sell its factory and test track in Xinjiang for "economic reasons."
Heidelberg Materials added 0.6 percent after it struck a deal to buy U.S. company Giant Cement Holding and its subsidiaries for $600 million.
U.K.'s Direct Line Insurance jumped 39 percent after rejecting Aviva's massive takeover bid.
British Airways owner IAG advanced 1.7 percent as the insurance giant agreed to buy 90 percent of Royal Automobile Club of Queensland's (RACQ's) existing insurance underwriting business.
Air France KLM gained 1.4 percent on reports the airline is considering acquiring 20 percent of Air Europa.
TSX Closes At New High; BMO, CIBC Post Strong Gains On Results
(RTTNews) - The Canadian market hit new intraday and closing highs on Thursday even as the mood remained somewhat cautious with investors looking ahead to crucial Canadian and U.S. employment data due on Friday.
Energy, utilities and consumer staples stocks contributed to market's positive close. Consumer discretionary, real estate and materials stocks were a bit subdued. Financials stocks witnessed some brisk activity with investors reacting to quarterly earnings updates from major banks.
The benchmark SP/TSX Composite Index, which posted a new high 25,760.15 around mid afternoon, gave up some gains, and settled at 25,680.04, up 38.86 points or 0.15% from Wednesday's close.
Bank of Montreal (BMO.TO) gained about 4.2%. The bank reported a net income of $2,304 million for the fourth-quarter of fiscal 2024, compared with $1,710 million in the year-ago quarter. Adjusted net income was $1,542 million in the latest quarter, compared with $2,243 million a year ago.
Canadian Imperial Bank of Commerce (CM.TO) climbed nearly 4.5%. The bank reported adjusted net income of $1,889 million for the fourth quarter of fiscal 2024, compare with $1,522 million.
Toronto-Dominion Bank (TD.TO) fell 7% on lower earnings. The bank reported adjusted net income of $3,205 million in the fourth quarter of fiscal 2024, compared with $3,485 million in the fourth quarter of the previous year.
TransAlta Corporation (TA.TO), Quebecor Inc (QBR.A.TO) and Molson Coors Canada (TPX.A.TO) closed up 9 to 9.25%.
Capital Power Corporation (CPX.TO) climbed 6%. First Quantum Minerals (FM.TO) rallied 5.2%. Cineplex (CGX.TO) gained nearly 4.5%. Bombardier Inc (BBD.B.TO), Loblaw Companies (L.TO), Celestica Inc (CLS.TO), Cameco Corporation (CCO.TO), George Weston (WN.TO), iA Financial Corporation (IAG.TO) and Hut 8 Corp (HUT.TO) closed up 2 to 3.5%.
Finning International (FTT.TO), Royal Bank of Canada (RY.TO), Imperial Oil (IMO.TO), ATS Corporation (ATS.TO), Aritzia Inc (ATZ.TO) and Suncor Energy (SU.TO) also posted strong gains.
EQB Inc (EQB.TO), Dayforce (DAY.TO), MDA Space (MDA.TO), Restaurant Brands International (QSR.TO), Colliers International (CIGI.TO) and Teck Resources (TECK.A.TO) lost 2 to 5%.
Pound Rises Against Majors
(RTTNews) - The British pound strengthened against other major currencies in the European session on Thursday.
The pound rose to 3-day highs of 0.8324 against the euro and 1.1200 against the Swiss franc, from early lows of 0.8339 and 1.1179, respectively.
Against the U.S. dollar and the yen, the pound edged up to 1.2674 and 192.47 from early lows of 1.2645 and 191.61, respectively.
If the pound extends its uptrend, it is likely to find resistance around 0.82 against the euro, 1.13 against the franc, 1.29 against the greenback and 198.00 against the yen.
South African Rand Off Near 2-week Low Against U.S. Dollar
(RTTNews) - The South African rand recovered against the U.S. dollar in the New York session on Thursday.
The South African rand rose to 18.09 against the greenback, from an early nearly 2- week low of 18.26. If the currency rises further, it is likely to test resistance around the 17.5 region.
Eurozone Economic Confidence Rises Unexpectedly
(RTTNews) - Eurozone economic confidence rose unexpectedly in November on improving sentiment among industrial managers and retailers, survey results from the European Commission revealed on Thursday.
The economic confidence index rose slightly to 95.8 in November from revised 95.7 in the previous month. The score was expected to fall to 95.1 from October's initially estimated value of 95.6.
The index registered only a marginal improvement in November as higher confidence in industry and retail trade was offset by lower confidence in services and among consumers.
Industrial confidence recovered some of its lost ground from previous two months. The corresponding index improved to -11.1 from -12.6 a month ago. The expected score was -13.2.
Retail trade confidence strengthened as views on changes in the past business situation improved considerably. The retail trade confidence declined to -4.4 from -7.2 a month ago.
Services confidence worsened in November due to a broad-based deterioration in the assessment of all three components. The indicator registered 5.3 compared to 6.8 in October. Economists had forecast the index to drop moderately to 6.2.
Likewise, the consumer sentiment index dropped to -13.7 in November from -12.5 in the prior month. The reading matched the flash estimate.
At the same time, the construction sentiment index remained unchanged at -4.8 in November.
Further, data showed that the Employment Expectations Indicator eased for the second consecutive month. The index slid to 98.9 from 99.2 in October.
Indian Rupee Falls To 6-day Low Against U.S. Dollar
(RTTNews) - The Indian rupee weakened against the U.S. dollar in the Asian session on Thursday.
Against the U.S. dollar, the rupee fell to a 6-day low of 84.498 from yesterday's closing value of 84.410.
If the rupee extends its downtrend, it is likely to find support around the 85.00 area.
CAC 40 Subdued On Budget Worries
(RTTNews) - French stocks traded lower on Friday, a day after the country's borrowing costs rose above those of Greece for the first time amid ongoing issues in politics and a weakening economy.
Meanwhile, preliminary data showed France's harmonized inflation rate rose 1.7 percent in November from 1.6 percent in October -matching expectations and remaining well below the European Central Bank's 2 percent target. Euro zone inflation data is due later in the day.
The benchmark CAC 40 was down 12 points, or 0.2 percent, at 7,168 after adding half a percent the previous day.
Automaker Renault was moving lower on concerns that Donald Trump's tariffs may destabilize the auto industry supply chains and raise costs.
China-related LVMH and Hermes were seeing modest losses despite growing expectations for new stimulus ahead of a key policy meeting in China next month.
FTSE 100 Muted In Cautious Trade
(RTTNews) - U.K. stocks were muted on Friday ahead of the release of euro zone inflation data later in the day.
The benchmark FTSE 100 was down 10 points, or 0.1 percent, at 8,271 after closing up 0.1 percent on Thursday.
Mining stocks traded higher amid growing expectations for new stimulus ahead of a key policy meeting in China next month.
Glencore and Antofagasta were seeing modest gains, while Anglo American rallied nearly 3 percent as Jefferies raised its rating on the stock to buy from hold.
Insurer Aviva was marginally higher on reports that it has approached shareholders of its smaller rival, Direct Line, signaling a hostile takeover bid.
Caffyns, a motor retailer, fell 2.6 percent after reporting flat revenue growth for the first half.
DAX Slips As Retail Sales Disappoint
(RTTNews) - German stocks traded lower on Friday after data showed retail sales in the country fell more than expected in October, falling 1.5 percent month-on-month.
Investors await the release of euro zone inflation data later in the day for clues on interest rates ahead of the European Central Bank's last meeting of the year on Dec. 12.
The benchmark DAX was down 25 points, or 0.1 percent, at 19,400 after climbing 0.9 percent in the previous session.
Automakers BMW, Mercedes Benz and Volkswagen were down between 0.3 percent and 0.6 percent on concerns that Donald Trump's tariffs may destabilize the auto industry supply chains and raise costs.
Delivery Hero SE, an online food delivery platform, was marginally higher after it has set the price for its Middle Eastern unit's initial public offering at the top of its range.
U.S. Dollar Falls Against Majors
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Friday.
The U.S. dollar fell to nearly a 1-1/2-month low of 149.76 against the U.S. dollar and more than a 2-week low of 1.2720 against the pound, from yesterday's closing quotes of 151.44 and 1.2687, respectively.
Against the euro and the Swiss franc, the greenback dropped to 2-day lows of 1.0577 and 0.8801 from Thursday's closing quotes of 1.0553 and 0.8828, respectively.
Against Australia, the New Zealand and the Canadian dollars, the greenback slid to a 4-day low of 0.6524, a 9-day low of 0.5919 and a 3-day low of 1.3981 from yesterday's closing quotes of 0.6499, 0.5888 and 1.4011, respectively.
If the greenback extends its downtrend, it is likely to find support around 144.00 against the yen, 1.30 against the pound, 1.10 against the euro, 0.86 against the franc, 0.66 against the aussie, 0.60 against the kiwi and 1.38 against the loonie.
TSX Keeps Hitting New Highs, Ends 0.22% Up
(RTTNews) - The Canadian market recorded a new closing high Thursday with energy stocks contributing significantly to the rise. The volume of business was thin due to Thanksgiving holiday in the U.S.
The benchmark SP/TSX Composite Index posted a new all-time high of 25,593.47 and closed up 55.22 points or 0.22% at 25,543.52.
Energy stocks Ces Energy Solutions (CEU.TO), Veren Inc (VRN.TO), Arc Resources (ARX.TO), Imperial Oil (IMO.TO) and Canadian Natural Resources (CNQ.TO) gained 1 to 1.4%. Parex Resources (PXT.TO) gained nearly 1%.
Dye Durham (DND.TO), ATS Corporation (ATS.TO), Morguard Corporation (MRC.TO) and Rogers Communications (RCI.A.TO) climbed 2.3 to 4%.
Celestica Inc (CLS.TO), Parkland Corporation (PKI.TO), TFI International (TFII.TO), Bombardier Inc (BBD.B.TO), goeasy (GSY.TO), Cameco Corporation (CCO.TO), Dayforce (DAY.TO) and GFL Environmental (GFL.TO) also closed notably higher.
Data from Statistics Canada showed that average weekly earnings of non-farm payroll employees in Canada rose by 5.2% year-on-year to $1,280.3 in September 2024, the largest increase since March 2021, following a 4.9% increase in August.
Another report from Statistics Canada said Canada's current account deficit narrowed to C$ 3.2 billion in the third quarter, down from an upwardly revised C$ 4.7 billion in the second-quarter.
European Economic News Preview: German Unemployment, Retail Sales Data Due
(RTTNews) - Unemployment and retail sales from Germany and flash inflation from the euro area are due on Friday, headlining a hectic day for the European economic news.
At 2.00 am ET, Destatis releases Germany's import prices and retail sales figures for October. Sales are forecast to fall 0.5 percent on month, following a 1.2 percent rise in September. Import prices are seen easing 1.2 percent annually after a 1.3 percent decrease.
At 2.45 am ET, France's statistical office INSEE publishes GDP, flash inflation, consumer spending and producer price figures. The statistical office is expected to confirm 0.4 percent sequential GDP growth for the third quarter. Consumer price inflation is seen at 1.5 percent in November compared to 1.2 percent in October.
At 3.00 am ET, GDP data is due from Switzerland. The economy is forecast to grow 0.4 percent sequentially in the third quarter, slower than the 0.7 percent increase in the preceding period.
At 3.55 am ET, the Federal Labor Agency publishes Germany's unemployment data. The jobless rate is forecast to remain unchanged at 6.1 percent in November.
At 4.30 am ET, the Bank of England is slated to release UK mortgage approvals for October. The number of approvals is expected to fall to 65,000 from 65,650 in the prior month.
At 5.00 am ET, Eurostat releases euro area inflation data for November. Flash inflation is expected to climb to 2.3 percent from 2.0 percent in October.
