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Sensex, Nifty Extend Gains For Second Day Despite Weak GDP Data
(RTTNews) - Indian shares rose notably to reach one-month highs on Monday as investors took weak Q2 GDP data as well as U.S. President-elect Donald Trump's tariff threat in their stride.
India's Q2 GDP data came in much lower at 5.4 percent against the estimate of 6.5 percent.
Analysts said there would be a rebound in the second half of the fiscal year due to higher government spending, the ongoing festival season, and robust rural consumption.
Investors also shrugged off global factors such as political uncertainty in France and Donald Trump seeking a commitment from the BRICS nations on using the dollar.
The benchmark SP/BSE Sensex climbed 445.29 points, or 0.56 percent, to 80,248.08 while the broader NSE Nifty index settled at 24,276.05, up 144.95 points, or 0.60 percent, from its previous close.
Among the top gainers, UltraTech Cement rallied 3.8 percent and Grasim Industries added 3.1 percent following reports that cement companies plan to increase prices.
JSW Steel, Shriram Finance and Apollo Hospitals Enterprise all rose around 3 percent.
On the losing side, SBI Life, Cipla, NTPC and HDFC Life fell 1-3 percent.
Australia Retail Sales Rise 0.6% In October
(RTTNews) - The value of retail sales in Australia was up a seasonally adjusted 0.6 percent on month in October, the Australian Bureau of Statistics said on Monday - coming in at A$36.702 billion.
That beat forecasts for an increase of 0.4 percent following the 0.1 percent gain in September.
Individually, sales were up for food (0.3 percent), household goods (1.4 percent), cafes and restaurants (0.3 percent) and other retailing (1.6 percent). Sales were down for clothing (-0.6 percent) and department store items (-0.3 percent).
On a yearly basis, retail sales were up 3.4 percent.
Thai Manufacturing PMI Rises To 50.2 In November - S&P Global
(RTTNews) - The manufacturing sector in Thailand moved to expansion in November, the latest survey from SP Global revealed on Monday with a manufacturing PMI score of 50.2.
That's up from 50.0 in October, which marked stagnation as the boom-or-bust line of 50 that separates expansion from contraction.
The PMI had positive contributions from output, employment and suppliers' delivery times. These were partly offset by a negative impact from stocks of purchases, while new orders was broadly neutral.
The volume of new orders was broadly unchanged in November, following a fractional decline in October. This limited growth in output which, although maintained for the seventh month running, was only marginal and the weakest over this period.
Eurozone Manufacturing Activity Contracts In November
(RTTNews) - The Eurozone manufacturing sector contracted further in November on stronger declines in factory orders, production, purchasing activity and inventories, survey results from SP Global showed on Monday.
The final HCOB factory Purchasing Managers' Index fell to 45.2 in November from 46.0 in October. The pace of decline was stronger than seen on average over the current period of decline.
"These numbers look terrible," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said. "It's like the eurozone's manufacturing recession is never going to end. As new orders fell fast and at an accelerated pace, there's no sign of a recovery anytime soon."
Factory production declined at a faster pace with investment goods segment remaining the worst performer.
There was a sharp and accelerated fall in new orders. This extended the current sequence of shrinking new business to just over two-and-a-half years.
The survey showed that the backlogs of work declined sharply and incomplete order levels fell for the thirtieth month. Job losses accelerated and employment declined at the steepest pace since August 2020.
Companies reduced their purchasing activity and pre-production inventories in response to worsening demand conditions.
Data showed a third consecutive monthly fall in operating costs faced by factories. The decline was the slowest seen over this period. This helped firms to offer discounts on their goods. Prices charged were reduced to the greatest extent since August.
Manufacturers remained optimistic of growth over the coming twelve months with the positive sentiment hitting a three-month high. However, confidence remained subdued by historical standards.
The downturn was centered on its three largest economies, namely Germany, France and Italy. Spain reported slower improvement.
The German manufacturing sector remained deep in contraction territory. The headline HCOB final manufacturing PMI held steady at 43.0, which was below the initial estimate of 43.2.
The PMI survey signaled a deepening downturn in the French manufacturing sector. The factory PMI registered 43.1 in November, down from 44.5 in October. The flash reading was 43.2.
Italy's manufacturing sector fell deeper into contraction zone in November with muted demand conditions remaining central to the downturn. The PMI dropped to 44.5 from 46.9 in the previous month.
Meanwhile, Spain's manufacturing activity continued to expand albeit at a slower pace in November. The index declined to 53.1 in November from 54.5 in October.
Official data released today showed that the euro area unemployment rate remained unchanged at seasonally adjusted 6.3 percent in October.
The number of unemployed declined 3,000 from the previous month. Compared to last year, unemployment was down 411,000.
The youth unemployment rate rose only marginally in October but remained at an elevated level. The rate came in at 15.0 percent, up from 14.9 percent in the previous month.
Thai Stock Market May Halt Losing Streak On Monday
(RTTNews) - The Thai stock market has moved lower in five straight sessions, slipping almost 20 points or 1.1 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,430-point plateau although it may stop the bleeding on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The SET finished barely lower again on Friday as losses from the resource, service and technology sectors were offset by support from the property, industrial, financial and food stocks.
For the day, the index dipped 0.47 points or 0.03 percent to finish at 1,427.54 after trading between 1,422.88 and 1,433.03. Volume was 10.109 billion shares worth 40.200 billion baht. There were 303 gainers and 168 decliners, with 184 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.35 percent, while Thailand Airport slumped 0.82 percent, Asset World lost 0.56 percent, Bangkok Bank jumped 1.70 percent, Bangkok Dusit Medical tumbled 1.94 percent, Bangkok Expressway retreated 1.35 percent, B. Grimm accelerated 1.45 percent, BTS Group gained 0.91 percent, CP All Public and Siam Concrete both sank 0.81 percent, Charoen Pokphand Foods improved 0.84 percent, Energy Absolute skyrocketed 17.59 percent, Gulf plunged 2.81 percent, Kasikornbank collected 0.33 percent, Krung Thai Bank climbed 1.01 percent, Krung Thai Card strengthened 1.63 percent, PTT Oil Retail surged 3.68 percent, PTT Global Chemical advanced 1.00 percent, Siam Commercial Bank added 0.44 percent, Thai Oil rallied 1.34 percent, True Corporation dropped 0.89 percent, TTB Bank shed 0.56 percent and SCG Packaging, Banpu, PTT and PTT Exploration and Production were unchanged.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Malaysia Bourse May Stop The Bleeding On Monday
(RTTNews) - The Malaysia stock market has moved lower in two straight sessions, dipping almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just shy of the 1,595-point plateau, although it's expected to bounce higher on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The KLCI finished slightly lower on Friday following losses from the telecoms, gains from the financials and a mixed picture from the plantations and industrials.
For the day, the index eased 3.20 points or 0.20 percent to finish at 1,594.29 after trading between 1,586.39 and 1,603.59.
Among the actives, Celcomdigi lost 0.28 percent, while Genting fell 0.28 percent, Genting Malaysia jumped 1.89 percent, IHH Healthcare and QL Resources both added 0.41 percent, IOI Corporation skidded 1.04 percent, Kuala Lumpur Kepong dropped 0.67 percent, Maxis declined 1.14 percent, MISC plunged 2.03 percent, MRDIY sank 0.55 percent, Nestle Malaysia advanced 0.73 percent, Petronas Chemicals shed 0.43 percent, PPB Group retreated 1.20 percent, Press Metal slumped 0.85 percent, Public Bank strengthened 1.36 percent, RHB Bank rallied 1.35 percent, Sime Darby stumbled 1.30 percent, SD Guthrie climbed 1.26 percent, Tenaga Nasional plummeted 2.29 percent, YTL Corporation tumbled 1.42 percent, YTL Power tanked 1.45 percent and Axiata, Sunway, Telekom Malaysia, Maybank and CIMB Group were unchanged.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Taiwan Stock Market Expected To Halt Losing Streak
(RTTNews) - The Taiwan stock market has moved lower in four straight sessions, slumping almost 700 points or 3.2 percent along the way. The Taiwan Stock Exchange now rests just above the 22,260-point plateau although it's due for support on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The TSE finished slightly lower on Friday following losses from the plastics and technology sectors, while the financial shares came in mixed.
For the day, the index slipped 36.40 points or 0.16 percent to finish at 22,262.50 after trading between 22,055.38 and 22,429.86.
Among the actives, Cathay Financial collected 0.17 percent, while Mega Financial slid 0.25 percent, CTBC Financial perked 0.16 percent, First Financial declined 0.91 percent, E Sun Financial skidded 1.10 percent, Taiwan Semiconductor Manufacturing Company slumped 0.90 percent, United Microelectronics Corporation dropped 0.80 percent, Largan Precision lost 0.41 percent, Catcher Technology added 0.26 percent, Delta Electronics sank 0.78 percent, Novatek Microelectronics rose 0.21 percent, Formosa Plastics plunged 3.16 percent, Nan Ya Plastics retreated 1.40 percent, Asia Cement shed 0.59 percent and MediaTek, Hon Hai Precision and Fubon Financial were unchanged.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Higher Open Predicted For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market bounced higher again on Friday, one day after ending the two-day winning streak in which it had advanced more than 450 points or 2.2 percent. The Hang Seng Index now sits just above the 19,420-point plateau and it's expected to extend its gains on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The Hang Seng finished modestly higher on Friday as the financials, properties and technology stocks ended mostly in the green.
For the day, the index added 56.61 points or 0.29 percent to finish at 19,423.61 after trading between 19,312.41 and 19,658.20.
Among the actives, Alibaba Group was up 0.30 percent, while Alibaba Health Info jumped 2.24 percent, ANTA Sports climbed 1.79 percent, China Life Insurance collected 0.96 percent, China Mengniu Dairy strengthened 2.04 percent, China Resources Land gained 0.44 percent, CITIC and CNOOC both gathered 0.35 percent, CSPC Pharmaceutical rose 0.40 percent, Galaxy Entertainment surged 4.07 percent, Haier Smart Home added 0.57 percent, Hang Lung Properties improved 1.61 percent, Henderson Land slumped 1.21 percent, Industrial and Commercial Bank of China picked up 0.22 percent, JD.com advanced 1.13 percent, Lenovo perked 0.33 percent, Li Auto soared 3.82 percent, Li Ning rallied 2.31 percent, Meituan tumbled 2.03 percent, New World Development plummeted 5.99 percent, Nongfu Spring spiked 3.60 percent, Techtronic Industries increased 1.20 percent, Xiaomi Corporation lost 0.36 percent, WuXi Biologics accelerated 2.32 percent and Hong Kong China Gas was unchanged.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Win Streak May Continue For Singapore Stock Market
(RTTNews) - The Singapore stock market has tracked higher in two straight sessions, collecting more than 30 points or 0.7 percent along the way. The Straits Times Index now rests just beneath the 3,740-point plateau and it may add to its winnings again on Monday.
The global forecast for Asian markets is positive, with bargain hunting expected after some heavy selling last week. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow suit.
The STI finished slightly higher on Friday following mixed performances from the financials, properties, REITs and industrials.
For the day, the index perked 2.04 points or 0.05 percent to finish at 3,739.29 after trading between 3,709.96 and 3,739.29.
Among the actives, CapitaLand Integrated Commercial Trust skidded 1.01 percent, while CapitaLand Investment lost 0.36 percent, DBS Group collected 0.43 percent, Genting Singapore dropped 0.65 percent, Hongkong Land advanced 0.66 percent, Keppel DC REIT tumbled 1.77 percent, Mapletree Pan Asia Commercial Trust slumped 0.81 percent, Mapletree Industrial Trust sank 0.43 percent, SATS retreated 1.05 percent, SembCorp Industries rallied 0.97 percent, SingTel jumped 1.64 percent, Thai Beverage climbed 0.89 percent, Wilmar International added 0.65 percent, Yangzijiang Shipbuilding shed 0.41 percent and City Developments, Comfort DelGro, Mapletree Logistics Trust, Oversea-Chinese Banking Corporation, Emperador, Keppel Ltd, Seatrium Limited, Yangzijiang Financial and Singapore Technologies Engineering were unchanged.
The lead from Wall Street is upbeat as the major averages returned from Thursday's Thanksgiving holiday by opening in the green on Friday and continuing to pick up steam as the shortened session progressed, ending near the day's highs.
The Dow jumped 188.59 points or 0.42 percent to finish at 44,910.65, while the NASDAQ rallied 157.69 points or 0.83 percent to close at 19,218.17 and the SP 500 gained 33.64 points or 0.56 percent to end at 6,032.38.
For the holiday-interrupted week, the NASDAQ and the SP 500 both jumped 1.1 percent, while the narrower Dow surged 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks led the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
Crude oil futures settled lower on Friday after OPEC postponed its meeting to Dec. 5, despite expectations the group will delay production increases. West Texas Intermediate crude oil futures for January shed $0.72 or 1.1 percent at $68.00 a barrel. WTI crude futures lost 4.5 percent in the week.
Sensex, Nifty Seen Higher At Open
(RTTNews) - Indian shares look set to open on a positive note Monday after Wall Street's main indexes inched higher in a shortened Black Friday trading session.
Overall gains, however, are likely to be remain limited after India's Q2 GDP data came in much lower at 5.4 percent against the estimate of 6.5 percent.
Global factors like political uncertainty in France, Donald Trump seeking a commitment from the BRICS nations on using the dollar and a mixed set of economic data from China may also lead to profit taking at higher levels as the session progresses.
Automotive stocks could be in focus today as companies release their monthly sales figures.
The upcoming RBI policy meeting on December 6 remains on investors' radar, with market participants awaiting clarity on the start of rate cuts and growth prospects.
Asian markets were broadly higher this morning, the dollar started the week modestly and gold prices were down nearly 1 percent while oil ticked higher after the release of Chinese data.
U.S. stocks ended Friday's abbreviated session mostly higher following the Thanksgiving Day holiday the previous day.
The Dow rose 0.4 percent, and the SP 500 added 0.6 percent to reach new record closing highs as the year-end holiday season kicked off.
The tech-heavy Nasdaq Composite climbed 0.8 percent on the prospect of softer-than-expected U.S. curbs on chip equipment sales to China.
European stocks closed higher on Friday after the release of German retail sales, unemployment, French GDP and Eurozone inflation data.
The pan European STOXX 600 advanced 0.6 percent. The German DAX rallied 1 percent, France's CAC 40 jumped 0.8 percent and the U.K.'s FTSE 100 finished marginally higher.
European Shares Seen Mixed Amid Dispute Over French Budget
(RTTNews) - European stocks are seen opening on a mixed note Monday, with the euro likely to be in focus after France's far-right leader Marine Le Pen gave the strongest indication yet that she's prepared to topple the government in the coming days.
Finance Minister Antoine Armand said the finance bill is vital for the country and artificial budget deadlines won't be accepted.
Meanwhile, in another significant development, U.S. President-elect Donald Trump has threatened the BRICS grouping with "100 percent tariffs" if they moved to create a new currency or back any other option as the world's reserve.
Asian stocks were broadly higher, with Chinese markets leading regional gains as both official and private PMI numbers released over the weekend underscored the effectiveness of Beijing's recent policy measures to bolster the Chinese economy.
Last week, Chinese government advisers reportedly called for a 5 percent growth target for 2025 and emphasized the need for additional stimulus to boost domestic demand and counter potential U.S. tariffs.
Market participants expect the Chinese government to announce new stimulus at the Central Economic Work Conference later this month.
The dollar gained strength in international markets, with the Chinese yuan hitting a four-month low.
Oil prices rose after the release of Chinese manufacturing data while gold prices fell more than 1 percent, pressured by a stronger dollar amid uncertainty over higher long-term inflation and interest rates under Trump-
Across the Atlantic, reports on manufacturing and service sector activity may garner investor attention as the week progresses.
U.S. stocks ended Friday's abbreviated session mostly higher following the Thanksgiving Day holiday the previous day.
The Dow rose 0.4 percent and the SP 500 added 0.6 percent to reach new record closing highs as the year-end holiday season kicked off.
The tech-heavy Nasdaq Composite climbed 0.8 percent on the prospect of softer-than-expected U.S. curbs on chip equipment sales to China.
European stocks closed higher on Friday after the release of German retail sales, unemployment, French GDP and Eurozone inflation data.
The pan European STOXX 600 advanced 0.6 percent. The German DAX rallied 1 percent, France's CAC 40 jumped 0.8 percent and the U.K.'s FTSE 100 finished marginally higher.
U.S. Construction Spending Climbs More Than Expected In October
(RTTNews) - Construction spending in the U.S. increased more than expected in the month of October, according to a report released by the Commerce Department on Monday.
The Commerce Department said construction spending climbed by 0.4 percent to an annual rate of $2.174 trillion in October after inching up by 0.1 percent to a rate of $2.165 trillion in September. Economists had expected construction spending to rise by 0.2 percent.
The bigger than expected increase by total construction spending came as spending on private construction grew by 0.7 percent to an annual rate of $1.676 trillion.
Spending on residential construction jumped by 1.5 percent to a rate of $934.0 billion, more than offsetting a 0.3 percent dip in spending on non-residential construction to a rate of $742.3 billion.
Meanwhile, the report said spending on public construction fell by 0.5 percent to an annual rate of $497.6 billion amid decreases in spending on both educational and highway construction.
Euro Falls Amid French Political Uncertainty
(RTTNews) - The euro weakened against other major currencies in the European session on Monday, as the threat of France's far-right party collapsing the government caused pressure on European markets.
According to media reports, France's far-right National Rally (RN) party will likely back a no-confidence motion against the government in the coming days unless the disputed draft budget meets her party's demands.
Finance Minister Antoine Armand said the finance bill is vital for the country and artificial budget deadlines won't be accepted.
Sentiment was also dented by U.S. President-elect Donald Trump's threat of 100 percent tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar.
Data from SP Global showed that the Eurozone manufacturing sector contracted further in November on stronger declines in factory orders, production, purchasing activity and inventories. The final HCOB factory Purchasing Managers' Index fell to 45.2 in November from 46.0 in October. The pace of decline was stronger than seen on average over the current period of decline.
The German manufacturing sector remained deep in contraction territory. The headline HCOB final manufacturing PMI held steady at 43.0, which was below the initial estimate of 43.2.
The PMI survey signaled a deepening downturn in the French manufacturing sector. The factory PMI registered 43.1 in November, down from 44.5 in October. The flash reading was 43.2.
In other economic news, data from Eurostat showed that the euro area unemployment rate remained unchanged in October. The jobless rate came in at seasonally adjusted 6.3 percent, the same as in September and also matched expectations. The rate was below the 6.6 percent posted in October 2023.
The number of unemployed declined 3,000 from the previous month. Compared to last year, unemployment was down 411,000.
In the European trading today, the euro fell to nearly a 2-week low of 0.8270 against the pound and nearly a 2-1/2-month low of 157.59 against the yen, from early highs of 0.8304 and 158.64, respectively. If the euro extends its downtrend, it is likely to find support around 0.81 against the pound and 155.00 against the yen.
The euro slipped to 5-day lows of 0.9289 against the Swiss franc and 1.0496 against the U.S. dollar, from early highs of 0.9322 and 1.0547, respectively. On the downside, 0.91 against the franc and 1.03 against the greenback are seen as the next support levels for the euro.
Against Australia, the New Zealand and the Canadian dollars, the euro dropped to a 6-day low of 1.6159, a 1-week low of 1.7788 and a 5-day low of 1.4736 from early highs of 1.6223, 1.7864 and 1.4785, respectively. The euro may test support near
1.58 against the aussie, 1.76 against the kiwi and 1.44 against the loonie.
Looking ahead, U.S. and Canada manufacturing PMI for November and U.S. construction spending for October are set to be released in the New York session.
European Economic News Preview: Eurozone Final Factory PMI Due
(RTTNews) - Final manufacturing Purchasing Managers' survey results from the euro area and the UK are the top economic news on Monday.
At 3.15 am ET, Spain's manufacturing PMI survey data is due. The index is expected to fall to 53.9 in November from 54.5 in the previous month.
At 3.45 am ET, manufacturing PMI survey results are due from Italy. Economists forecast the indicator to register 46.1 in November, down from 46.9 in October.
Thereafter, manufacturing PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET.
At 4.00 am ET, Eurozone final manufacturing PMI survey data is due. Economists expect the index to fall to 45.2 in November from 46.0 in October.
At 4.30 am ET, SP Global publishes UK final factory PMI data. The index is forecast to fall to 48.6 in November, in line with flash estimate, from 49.9 in October.
At 5.00 am ET, Eurostat releases euro area unemployment data for October. The jobless rate is seen unchanged 6.3 percent.
U.S. Dollar Rises Against Majors
(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Monday.
The U.S. dollar rose to 5-day highs of 1.0515 against the euro and 0.8854 against the Swiss franc, from Friday's closing quotes of 1.0575 and 0.8809, respectively.
Against the pound and the yen, the greenback edged up to 1.2680 and 150.75 from last week's closing quotes of 1.2737 and 149.75, respectively.
The greenback advanced to a 4-day high of 0.6490 against the Australian dollar, from Friday's closing value of 0.6510,
Against the New Zealand and the Canadian dollars, the greenback edged up to 0.5890 and 1.4042 from last week's closing quotes of 0.5915 and 1.4002, respectively.
If the greenback extends its uptrend, it is likely to find resistance around 1.03 against the euro, 0.89 against the franc, 1.24 against the pound, 155.00 against the yen, 0.63 against the aussie, 0.57 against the kiwi and 1.42 against the loonie.
Euro Falls Against Majors
(RTTNews) - The euro weakened against other major currencies in the European session on Monday.
The euro fell to nearly a 2-week low of 0.8270 against the pound and nearly a 2-1/2-month low of 157.59 against the yen, from early highs of 0.8304 and 158.64, respectively.
The euro slipped to 5-day lows of 0.9289 against the Swiss franc and 1.0496 against the U.S. dollar, from early highs of 0.9322 and 1.0547, respectively.
Against Australia, the New Zealand and the Canadian dollars, the euro dropped to a 6-day low of 1.6159, a 1-week low of 1.7788 and a 5-day low of 1.4736 from early highs of 1.6223, 1.7864 and 1.4785, respectively.
If the euro extends its downtrend, it is likely to find support around 0.81 against the pound, 155.00 against the yen, 0.91 against the franc, 1.03 against the greenback, 1.58 against the aussie, 1.76 against the kiwi and 1.44 against the loonie.
Bay Street Likely To Open On Mixed Note
(RTTNews) - Canadian shares may open on a mixed note on Monday. Energy stocks are likely to move higher on firm crude oil prices, while the broad market is likely to remain a bit sluggish. Data and U.S. and Canadian manufacturing activity may provide some direction.
Data on Canadian manufacturing activity in the month of November is due at 9.00 AM ET.
The SP Global Canada Manufacturing PMI rose to 51.1 in October, expanding for a second straight month after 17 consecutive monthly contractions. In September, the reading came in at 50.4.
Calibre Mining (CXB.TO) confirmed that it is not currently in discussions with Condor, nor does it have an active offer for their La India gold asset. Condor Gold initiated the sale process for their La India gold asset two years ago. Unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition.
The Canadian market posted a record closing high for the third consecutive day as technology stocks climbed higher on strong buying interest on Friday.
Expectations of further monetary easing by the central bank helped underpin sentiment. Data showing a slowdown in Canadian GDP growth limited market's upside.
The benchmark SP/TSX Composite Index climbed to 25,694.45 before settling at 25,648.00, with a gain of 104.48 points or 0.41%. The index gained about 0.8% in the week.
Asian stocks closed broadly higher on Monday after the release of robust Chinese factory activity data. A private survey showed the manufacturing sector in China expanded at a faster pace in November, with the corresponding PMI rising to 51.5 from 50.3 in October.
However, concerns over a broader trade war capped regional gains after U.S. President-elect Donald Trump demanded a commitment from the BRICS nations on using the dollar, warning they shouldn't move to create a new currency or endorse any other currency to replace the dollar.
European stocks are mostly up after struggling for direction earlier in the session after a survey showed Eurozone manufacturing PMI hit a two-month low of 45.2 in November.
Sentiment is also dented by U.S. President-elect Donald Trump's threat of 100% tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar.
In commodities, West Texas Intermediate Crude oil futures are up $0.74 or 1.09% at $68.74 a barrel.
Gold futures are down $14.70 or 0.55% at $2,666.30 an ounce, while Silver futures are lower by $0.148 or 0.48% at $30.960 an ounce.
Stellantis Shares Hit Following Resignation Of CEO Carlos Tavares
(RTTNews) - Stellantis N.V. announced that Chief Executive Officer Carlos Tavares has resigned on Sunday with immediate effect, following different views about the automaker that have emerged in recent weeks. Further, the firm maintained its fiscal 2024 outlook.
Following the announcement, Stellantis shares were losing around 8.4 percent in the morning trading in Milan, as well as in pre-market activity on the NYSE.
The carmaker in early October had announced that Tavares would retire at the conclusion of his contract in early 2026. At that time, a replacement was expected to be announced by the fourth quarter of fiscal 2025. Stellantis also had announced then various targeted management changes under the leadership of Tavares, with a view to redoubling the company's focus on its key business priorities and confronting head-on the global challenges facing the industry.
In a statement, Stellantis' Senior Independent Director, Henri de Castries, now said, "Stellantis' success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision."
The owner of Chrysler, Opel, Peugeot brands said its Board of Directors, under the Chairmanship of John Elkann, accepted Tavares' resignation with immediate effect, and that the new CEO will be appointed in the first half of 2025.
The process to appoint the new permanent CEO is "well under way" and managed by a Special Committee of the Board, the firm noted. Until then, a new Interim Executive Committee, chaired by Elkann, will be established.
Further, for fiscal 2024, Stellantis reiterated its financial guidance, expecting adjusted operating income or AOI margin of 5.5 percent to 7 percent.
The management shakeup comes after the auto major recently reported significantly lower revenues and shipments in its third quarter, amid transitional period of product upgrades and inventory reduction actions, mainly in the U.S.
The third-quarter net revenues fell 27 percent to 33.0 billion euros, and consolidated shipments dropped 20 percent to 1.15 million units. Combined shipments declined 21 percent from last year to 1.17 million units.
In North America, net revenues plunged 42 percent with a 36 percent drop in shipments. Enlarged Europe net revenues dropped 12 percent and shipments declined 17 percent.
Doug Ostermann, CFO, then had noted that the quarterly performance was below its potential, but there was progress in addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and were on track for year-end targets, as well as stabilization of U.S. market share.
In Milan, Stellantis shares were trading at 11.49 euros, down 8.38 percent.
In pre-market activity on the NYSE, the shares were at $12.09, down 8.41 percent.
Australia Company Operating Profits Sink 4.6% In Q3
(RTTNews) - Company operating profits in Australia were down a seasonally adjusted 4.6 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Monday.
That missed expectations for an increase of 0.6 percent following the downwardly revised 6.8 percent drop in the three months prior (originally -5.3 percent).
Inventories were down 0.9 percent on quarter, also missing forecasts for a decline of 0.2 percent following the 0.5 percent increase in the previous quarter.
Wages and salaries were up 1.2 percent on quarter.
On a yearly basis, company profits fell 8.5 percent, while inventories rose 0.1 percent and wages climbed 4.0 percent.
European Stocks Close Higher Despite Weak PMI Reports
(RTTNews) - After struggling for direction early on in the session, European stocks closed broadly higher on Monday as investors digested the latest batch of economic data, including reports on Eurozone and UK manufacturing activity, and continued to follow the political developments in France.
The early weakness was due to a strengthening dollar after a survey showed Eurozone manufacturing PMI hit a two-month low of 45.2 in November. Sentiment was also dented by U.S. President-elect Donald Trump's threat of 100% tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar.
French Prime Minister Michel Barnier's budget concessions to Marine Le Pen aimed at averting a no-confidence vote and stabilizing France's financial and political situation, temporarily calmed market jitters and helped French stocks to come off lower levels.
The pan European Stoxx 600 climbed 0.66%. The U.K.'s FTSE 100 gained 0.31% and Germany's DAX jumped 1.57%. France's CAC 40 edged up 0.02%, while Switzerland's SMI closed up 0.55%.
Among other markets in Europe, Belgium, Denmark, Finland, Greece, Ireland, Netherlands, Poland, Russia, Spain, Sweden and Turkiye closed higher.
Austria, Iceland and Portugal ended weak, while Norway settled flat.
In the UK market, Howden Joinery, Rolls-Royce Holdings, Spirax Group, BAE Systems, Beazley and Rentokil Initial gained 2 to 2.8%.
Associated British Foods, Hiscox, Scottish Mortgage, Admiral Group, Pershing Square Holdings, Anglo American Plc, Melrose Industries, Next, Prudential, MG, Diploma, Relx, Mondi and Bunzlo closed up 1 to 2%.
Vistry Group ended down nearly 4%. BM European Value Retail closed down 2.62% and Unite Group ended lower by 2.27%. DCC, British Land, Taylor Wimpey, Land Securities, Persimmon, Whitbread, Endeavour Mining, Croda International, EasyJet, BP and IMI also closed notably lower.
In the German market, Adidas, Fresenius Medical Care, Munich RE, BMW, Siemens, SAP, BASF and Hannover Rueck gained 2 to 4%.
Zalando, Continental, Allianz, Infineon, Siemens Healthineers and Deutsche Post closed higher by 1 to 2%.
In the French market, Hermes International rallied more than 4.5%. LVMH climbed about 2.5%, while Airbus, ArcelorMittal, Air Liquide, STMicroElectronics and L'Oreal gained 1 to 1.75%.
Stellantis tumbled more than 6% after chief executive Carlos Tavares on Sunday resigned "with immediate effect". Carrefour closed down 5%. Unibail Rodamco, Renault, Societe Generale, Vinci, Saint Gobain, Dassault Systemes, TotalEnergies and Bouygues closed down 2 to 3%.
Survey results from SP Global showed that the Eurozone manufacturing sector contracted further in November on stronger declines in factory orders, production, purchasing activity and inventories. The HCOB factory Purchasing Managers' Index fell to 45.2 in November from 46.0 in October. The pace of decline was stronger than seen on average over the current period of decline.
The euro area unemployment rate remained unchanged in October, data from Eurostat showed. The jobless rate came in at seasonally adjusted 6.3 percent, the same as in September and also matched expectations. The rate was below the 6.6 percent posted in October 2023.
The UK manufacturing sector deteriorated at the steepest pace in nine months in November, as output and new orders declined amid concerns surrounding the economic outlook, high costs, and weak demand. The manufacturing purchasing managers' index dropped to 48.0 in November from 49.9 in October. Any reading below 50 indicates contraction. The flash reading was also 48.6.
UK house prices increased at the fastest pace in two years in November underpinned by low unemployment and strong income gains, data from the Nationwide Building Society showed. House prices grew 3.7% on a yearly basis in November after rising 2.4% in October. This was the strongest growth since November 2022 and also exceeded the expected growth of 2.4%.
Swiss retail sales increased for the fourth straight month in October, though at a slightly slower-than-expected pace. Retail sales climbed 1.4% on a yearly basis, after a 1.8% increase in September.
Pound Drops On Tariff Concerns
(RTTNews) - The pound declined against its major counterparts in the New York session on Monday, as the U.S. dollar strengthened after President-elect Donald Trump threatened to impose a 100 percent tariff on BRICS nations if they moved away from the U.S. currency.
Trump warned BRICS countries to not create a new currency or back any other currency to replace the US dollar, pledging 100 percent tariffs for non-compliance.
Investors looked ahead to key economic data and comments from Federal Reserve officials, including Chair Jerome Powell, for additional clues about the outlook for interest rates.
The UK manufacturing sector deteriorated at the steepest pace in nine months in November, as output and new orders declined amid concerns surrounding the economic outlook, high costs, and weak demand, final survey data released by SP Global showed.
The manufacturing purchasing managers' index dropped to 48.0 in November from 49.9 in October. Any reading below 50 indicates contraction. The flash reading was also 48.6.
The pound fell to a 5-day low of 1.2616 against the greenback and a 2-1/2-month low of 188.47 against the yen, off its early highs of 1.2735 and 191.29, respectively. The next possible support for the currency is seen around 1.24 against the greenback and 185.00 against the yen.
The pound retreated to 1.1200 against the franc and 0.8300 against the euro, from an early more than 2-week high of 1.1262 and a 10-day high of 0.8270, respectively. The currency is seen finding support around 1.10 against the franc and 0.86 against the euro.
New Zealand Terms Of Trade Climbs 2.4% In Q3
(RTTNews) - The terms of trade in New Zealand rose a seasonally adjusted 2.4 percent on quarter in the third quarter of 2024, Statistics New Zealand said on Tuesday.
That exceeded expectations for a gain of 1.2 percent and was up from 2.1 percent in the previous three months
Export prices were up 0.7 percent on quarter, missing forecasts for an increase of 1.4 percent following the 5.2 percent gain in the second quarter.
Import prices slumped 1.7 percent on quarter versus expectations for a decline of 0.6 percent following the 3.1 percent gain in Q2.
Export volumes for goods fell 1.8 percent and import volumes rose 3.0 percent and export values for goods fell 0.3 percent and import values rose 1.1 percent.
Higher Open Called For Taiwan Stock Market
(RTTNews) - The Taiwan stock market on Monday wrote a finish to the four-day losing streak in which it had tumbled almost 700 points or 3.2 percent. The Taiwan Stock Exchange now rests just above the 22,730-point plateau although it's expected to see continued support on Tuesday.
The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The TSE finished sharply higher on Monday following gains from the technology nd cement companies, while the financials and plastics were mixed.
For the day, the index surged 474.43 points or 2.13 percent to finish at 22,736.93 after trading between 22,456.50 and 22,802.53.
Among the actives, Mega Financial sank 0.75 percent, while CTBC Financial perked 0.16 percent, Fubon Financial rose 0.17 percent, E Sun Financial collected 1.30 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.92 percent, United Microelectronics Corporation spiked 2.41 percent, Hon Hai Precision added 0.26 percent, Largan Precision rallied 2.87 percent, Catcher Technology soared 3.05 percent, MediaTek surged 4.38 percent, Delta Electronics jumped 1.97 percent, Novatek Microelectronics was up 0.10 percent, Formosa Plastics shed 0.36 percent, Nan Ya Plastics advanced 0.90 percent, Asia Cement strengthened 2.02 percent and Cathay Financial was unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.
The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the SP 500 added 14.77 points or 0.24 percent to end at 6,047.15.
Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.
In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
Swiss Market Ends On Firm Note
(RTTNews) - The Switzerland market closed higher on Monday, in line with most of the markets across Europe. Investors digested data on retail sales, and a reading on the nation's manufacturing activity.
The benchmark SMI, which edged down to 11,723.61 in early trades, climbed to a high of 11,862.41 around mid afternoon and finally settled at 11,82924 with a gain of 65.04 points or 0.55%.
Richemont rallied 2.57%. Sika climbed 1.84% and Swiss Re gained 1.58%, while Logitech International and ABB both gained nearly 1.5%.
Holcim gained 1.2% after the company agreed to sell its 83.81% interest in Lafarge Africa to Huaxin Cement for an equity value of $1 billion. The transaction is anticipated to complete in 2025.
Kuehne + Nagel closed up 1.28%. Zurich Insurance Group, Geberit, Schindler Ps, Givaudan and Lonza Group posted moderate gains.
Sandoz Group closed down by about 3.1%. VAT Group and Julius Baer ended lower by 1.45% and 1.3%, respectively. Swatch Group, Alcon and Swisscom ended modesty lower.
In economic news, Switzerland's procure.ch Manufacturing PMI fell to 48.5 in November 2024, down from 49.9 in the previous month and compared to market expectations of 49.4.
Swiss retail sales increased for the fourth straight month in October, though at a slightly slower-than-expected pace, data from the Federal Statistical Office revealed.
Retail sales climbed 1.4% on a yearly basis, after a 1.8% increase in September. Sales of food, drinks, and tobacco registered an annual growth of 0.3%, and the non-food sector posted a 3.2% gain.
Month-on-month, retail sales dropped 0.1% in October versus a 0.7% fall in September. This was the second successive monthly increase.
In nominal terms, retail turnover registered an annual growth of 0.1%, and sales were down 0.2% over the month.
Hong Kong Bourse Tipped To Open In The Green
(RTTNews) - The Hong Kong stock market has climbed higher in back-t-back sessions, collecting almost 190 points or 1 percent along the way. The Hang Seng Index now sits just above the 19,550-point plateau and it's expected to open to the upside again on Tuesday.
The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Hang Seng finished modestly higher on Monday following gains from the financial shares, property stocks and technology companies.
For the day, the index advanced 126.68 points or 0.65 percent to finish at 19,550.29 after trading between 19,387.20 and 19,690.22.
Among the actives, Alibaba Group rose 0.42 percent, while Alibaba Health Info gained 0.55 percent, ANTA Sports climbed 1.69 percent, China Life Insurance increased 1.36 percent, China Mengniu Dairy strengthened 2.00 percent, China Resources Land added 1.09 percent, CITIC advanced 1.62 percent, CNOOC slid 0.23 percent, CSPC Pharmaceutical and Henderson Land both were up 0.20 percent, Galaxy Entertainment improved 1.59 percent, Haier Smart Home gathered 0.38 percent, Hang Lung Properties accelerated 2.54 percent, Industrial and Commercial Bank of China collected 1.10 percent, JD.com rallied 2.43 percent, Li Auto plummeted 2.58 percent, Li Ning jumped 2.26 percent, Meituan sank 0.77 percent, New World Development spiked 2.80 percent, Nongfu Spring skyrocketed 8.31 percent, Techtronic Industries perked 0.27 percent, Xiaomi Corporation soared 2.88 percent, WuXi Biologics surged 3.33 percent and Hong Kong China Gas and Lenovo were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.
The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the SP 500 added 14.77 points or 0.24 percent to end at 6,047.15.
Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.
In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
