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Pound Rises After U.K. Labor Data
(RTTNews) - The British pound strengthened against most major currencies in the European session on Tuesday, after data showed that the nation's unemployment rate fell slightly in three months to August, while it was forecast to remain unchanged.
Data from the Office for National Statistics showed that the U.K. unemployment rate fell slightly to 4.0 percent in three months to August, while it was forecast to remain unchanged at 4.1 percent.
Payroll employment decreased 15,000 from the prior month to 30.3 million in September.
U.K. wage growth softened to the lowest in more than two years in the three months to August, adding support to expectations that the central bank will cut interest rates further at the next meeting.
In the three months to August, average earnings excluding bonus increased 4.9 percent from the previous year, slower than the 5.1 percent increase in the three months to July.
This was the slowest rise since June 2022 and also matched expectations.
European stocks traded higher amid investor optimism about corporate earnings.
After beats by JP Morgan and Wells Fargo, the focus now shifts to earnings from Bank of America, Citigroup, Goldman Sachs, Johnson Johnson, UnitedHealth and Walgreens later in the day.
Thursday's ECB meeting also remains on investors' radar, with the central bank likely to deliver another interest rate cut after recent data signaled continued weakness in the euro zone economy.
In the European trading today, the pound rose to nearly a 2-week high of 0.8336 against the euro and a 5-day high of 1.3087 against the U.S. dollar, from early lows of 0.8352 and 1.3035, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.81 against the euro and 1.34 against the greenback.
Against the Swiss franc, the pound edged up to 1.1276 from an early low of 1.1248. The pound may test resistance around the 1.13 region.
Meanwhile, the pound dropped to 194.67 against the yen, from an early high of 195.68. The next possible downside support for the pound is seen around the 192.00 region.
Looking ahead, Canada CPI data for September, U.S. NY Empire State manufacturing index for October, U.S. Redbook report and U.S. consumer inflation expectations for September are set to be released in the New York session.
Bay Street May Open With Negative Bias
(RTTNews) - The Canadian market may open with a negative bias Tuesday morning with energy stocks likely to be under pressure due to a sharp fall in oil prices. The focus will be on the nation's inflation data.
Canadian inflation data for the month of September is due at 8:30 AM ET. The annual inflation rate in Canada decelerated for the third month to hit 2% in August, the slowest since February 2021, and reaching the central bank's target for the first time in over three years.
Core consumer prices in Canada increased by 1.5% in August, compared to the same month in the previous year, and easing from 1.7% in July.
Data on Canadian wholesale sales fr the month of September is also due at 8:30 AM ET.
Canadian stocks showed a strong move to the upside during trading on Friday, extending the upward trend seen over the past few sessions. The benchmark SP/TSX Composite Index, which remained firmly positive throughout the day, ended with a gain of 168.91 points or 0.7% at a new record closing high of 24,471.71.
Data from Statistics Canada showed that employment in Canada rose by 46,700 jobs in September, the most in five months and well above the market consensus of a net increase of 27,000 jobs. The unemployment rate in Canada also eased to 6.5% in September from the 34-month high of 6.6% recorded in the previous month.
Kinaxis Inc (KXS.TO) announced over the weekend that it has struck a co-development deal with ExxonMobil to create supply chain solutions for the energy sector. Under the deal, the companies will collaborate to identify supply chain challenges unique to the energy sector and create a potential industry solution to mitigate them.
Primo Water Corporation (PRMW.TO) today announced that its Board of Directors declared a special dividend of US$0.82 per share on its common shares, payable in cash on November 21, 2024 to shareowners of record at the close of business on November 5, 2024.
Asian stocks closed broadly higher on Tuesday, with Japanese markets leading regional gains after Prime Minister Shigeru Ishiba reportedly said his government is aiming to compile a supplementary budget for the current fiscal year in excess of last year's 13.1 trillion yen to fund an economic support package.
Chinese and Hong Kong markets underperformed after weekend announcements from authorities about economic support failed to inspire confidence among investors.
European stocks are mostly moving lower with investors digesting a slew of mixed regional data and looking ahead to the European Central Bank's meeting later this week. Middle East concerns appear to be weighing as well on sentiment.
In commodities, West Texas Intermediate Crude oil futures are down $3.02 or about 3.1% at $70.81 a barrel.
Gold futures are up $1.50 or 0.06% at $2,667.10 an ounce, while Silver futures are up $0.014 or 0.04% at $31.330 an ounce.
TSX Ends Marginally Down
(RTTNews) - The Canadian market ended weak on Tuesday due to heavy selling in the energy sector as oil prices fell amid easing fears of a supply disruptions after reports said Israel will not strike Iranian oil and nuclear sites.
Soft Canadian inflation data helped limit the market's downside.
The benchmark SP/TSX Composite Index ended down 32.09 points or 0.13% at 24,439.08. The index, which dropped to 24,357.87 recovered to 24,479.22 before paring gains.
The Energy Capped Index tumbled 4.79%. Baytex Energy (BTE.TO), International Petroleum Corp (IPCO.TO), Kelt Exploration (KEL.TO), Vermilion Energy (VET.TO), Tamarack Valley Energy (TVE.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Nuvista Energy (NVA.TO), MEG Energy (MEG.TO) and Suncor Energy (SU.TO) lost 5 to 6.3%.
Healthcare stocks Bausch Health Companies (BHC.TO), Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living (SIA.TO) gained 5.7%, 2.7% and 2.5%, respectively.
In the utilities sector, Emera Incorporated (EMA.TO) and Hydro One (H.TO) climbed 4.1% and 3.2%, respectively. Fortis Inc (FTS.TO), Canadian Utilities (CU.TO), Innergex Renewable Energy (INE.TO) and Algonquin Power Utilities Corp (AQN.TO) gained 2 to 4.1%. Atco Ltd. (ACO.X.TO) climbed nearly 2%.
Real estate stocks Dream Industrial (DIR.UN.TO) and Crombie Real Estate Investment (CRR.UN.TO) gained about 3.2% and 2.5%, respectively. Choice Properties (CHP.UN.TO) and CT Real Estate Investment (CRT.UN.TO) both gained a little over 2%.
Primo Water Corporation (PRMW.TO) shares gained 3.3% after the company announced that its Board of Directors declared a special dividend of US$0.82 per share on its common shares, payable in cash on November 21, 2024 to shareowners of record at the close of business on November 5, 2024.
Data from Statistics Canada said the annual inflation rate in Canada fell to 1.6% in September from 2% in the previous month, the lowest since February 2021. The consumer price index decreased 0.4% in September over the previous month.
The annual core inflation rate in Canada ticked up to 1.6% in September from a 3-1/2-year low of 1.5% in the prior month. On a monthly basis, core consumer pries were flat, after falling by 0.1% in the prior month.
A separate data from Statistics Canada said wholesale sales in Canada declined 0.6% month-over-month to $81.9 billion in August, less than preliminary estimates of a 1.1% drop, following a downwardly revised 0.3% rise in July.
Malaysia Shares Tipped To Open In The Red
(RTTNews) - The Malaysia stock market has finished higher in back-to-back sessions, adding almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,640-point plateau although it may spin its wheels on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The KLCI finished modestly higher on Tuesday as gains from the financials, plantations and telecoms were capped by weakness from the industrial and entertainment companies.
For the day, the index rose 5.43 points or 0.33 percent to finish at 1,641.97 after trading between 1,636.89 and 1,643.64.
Among the actives, Axiata gained 0.42 percent, while Celcomdigi advanced 0.55 percent, Genting skidded 1.00 percent, Genting Malaysia retreated 1.76 percent, IHH Healthcare and Tenaga Nasional both perked 0.28 percent, Kuala Lumpur Kepong added 0.47 percent, Maxis spiked 2.46 percent, Maybank jumped 1.14 percent, MISC tumbled 1.80 percent, MRDIY sank 0.42 percent, Nestle Malaysia surged 3.41 percent, Petronas Chemicals rose 0.36 percent, PPB Group slumped 1.11 percent, Press Metal dropped 0.62 percent, Public Bank rallied 2.05 percent, QL Resources climbed 0.86 percent, RHB Bank collected 0.16 percent, Sime Darby declined 1.63 percent, SD Guthrie soared 2.61 percent, Sunway accelerated 2.30 percent, Telekom Malaysia gathered 0.31 percent, YTL Corporation plummeted 6.10 percent, YTL Power plunged 4.84 percent and CIMB Group, IOI Corporation and Petronas Gas were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
Yen Rises Amid BoJ Rate Hike Uncertainty
(RTTNews) - The Japanese yen strengthened against other major currencies in the European session on Tuesday, following Bank of Japan Governor Kazuo Ueda's dovish remarks and incoming Prime Minister Shigeru Ishiba's unexpected resistance to additional rate increases.
Optimism about the U.S. economic outlook, rising bets that the Bank of Japan will forgo raising interest rates again this year, also bolstered the trader's sentiment.
Prime Minister Shigeru Ishiba reportedly said his government is aiming to compile a supplementary budget for the current fiscal year in excess of last year's 13.1 trillion yen ($87.6 billion) to fund an economic support package.
Fed Governor Christopher Waller on Monday signaled that future U.S. Fed interest rate cuts will be less aggressive than the big move in September, following mixed data points in recent days.
In economic news, data from the Ministry of Economy, Trade, and Industry showed that Japan's industrial production decreased as initially estimated in August. Industrial production contracted 3.3 percent on a monthly basis, reversing a 3.1 percent rebound in July. That was in line with the flash data published earlier.
Year-on-year, industrial production declined 4.9 percent in August versus a 2.9 percent rise in the prior month.
In the European trading today, the yen rose to 4-day highs of 162.37 against the euro and 148.85 against the U.S. dollar, from early lows of 163.36 and 149.79, respectively. The yen may test resistance near 157.00 against the euro and 142.00 against the greenback.
The yen advanced to a 6-day high of 172.80 against the Swiss franc, from an early low of 173.69. On the upside, 168.00 is seen as the next resistance level for the yen.
Against Australia, the New Zealand and the Canadian dollars, the yen climbed to a 5-day high of 99.94, a 4-day high of 90.60 and nearly a 2-week high of 107.81 from early lows of 100.77, 91.22 and 108.50, respectively. If the yen extends its uptrend, it is likely to find resistance around 98.00 against the aussie, 88.00 against the kiwi and 104.00 against loonie.
The yen edged up to 194.65 against the pound, from an early low of 195.68. The next possible upside target for the yen is seen around the 190.00 region.
Looking ahead, Canada CPI data for September, U.S. NY Empire State manufacturing index for October, U.S. Redbook report and U.S. consumer inflation expectations for September are set to be released in the New York session.
Eurozone Industrial Output Recovers In August
(RTTNews) - Eurozone industrial production recovered in August largely due to the rebound in capital goods and durable consumer goods output, data from Eurostat showed on Tuesday.
Industrial output posted a monthly growth of 1.8 percent in August, reversing July's 0.5 percent decline. The growth came in line with expectations.
Despite the strongest rise in industrial output in over a year, it is probably not the start of a sustained recovery, Capital Economics' economist Elias Hilmer said.
Production is more likely to drop back over the rest of the year, the economist added.
ING economist Bert Colijn said it looks like improvements in the inventory cycle will be more of a story for next year. "For the manufacturing sector, this means that we don't expect a sustained recovery to start before 2025," said Colijn.
Production of capital goods advanced 3.7 percent, offsetting the 1.3 percent drop a month ago. At the same time, durable consumer goods output moved up 1.7 percent after a 3.1 percent fall.
Likewise, energy production gained 0.4 percent, in contrast to the 0.2 percent fall in July. The decline in intermediate goods output slowed to 0.3 percent from 1.3 percent.
Meanwhile, growth in non-durable consumer goods output softened to 0.2 percent from 1.8 percent.
On a yearly basis, euro area industrial output unexpectedly rose 0.1 percent, following a 2.1 percent fall in July. Economists had forecast a monthly decline of 1.2 percent.
Industrial production in the EU27 gained 1.3 percent on month in August and climbed 0.2 percent from the same period last year.
Yen Rises Against Majors
(RTTNews) - The Japanese yen strengthened against other major currencies in the European session on Tuesday.
The yen rose to 4-day highs of 162.37 against the euro and 148.85 against the U.S. dollar, from early lows of 163.36 and 149.79, respectively.
The yen advanced to a 6-day high of 172.80 against the Swiss franc, from an early low of 173.69.
Against Australia, the New Zealand and the Canadian dollars, the yen climbed to a 5-day high of 99.94, a 4-day high of 90.60 and nearly a 2-week high of 107.81 from early lows of 100.77, 91.22 and 108.50, respectively.
The yen edged up to 194.65 against the pound, from an early low of 195.68.
If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 142.00 against the greenback, 168.00 against the franc, 98.00 against the aussie, 88.00 against the kiwi, 104.00 against loonie and 190.00 against the pound.
Lower Open Called For Singapore Stock Market
(RTTNews) - The Singapore stock market turned lower again on Tuesday, one day after ending the two-day slide in which it had slumped almost 25 points or 0.6 percent. The Straits Times Index now sits just above the 3,595-point plateau and it's expected to open under pressure again on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The STI finished barely lower on Tuesday following losses from the properties and mixed performances from the financials, industrials and trusts.
For the day, the index eased 0.44 points or 0.01 percent to finish at 3,595.47 after trading between 3,591.15 and 3,622.71.
Among the actives, CapitaLand Integrated Commercial Trust skidded 0.95 percent, while CapitaLand Investment fell 0.66 percent, City Developments declined 1.34 percent, Comfort DelGro and Mapletree Pan Asia Commercial Trust both lost 0.69 percent, DBS Group climbed 0.69 percent, Emperador spiked 1.18 percent, Genting Singapore tumbled 1.73 percent, Hongkong Land sank 0.76 percent, Keppel DC REIT jumped 1.79 percent, Keppel Ltd slumped 1.23 percent, Mapletree Industrial Trust slid 0.41 percent, Mapletree Logistics Trust shed 0.70 percent, Oversea-Chinese Banking Corporation eased 0.39 percent, SATS rallied 1.10 percent, SembCorp Industries stumbled 1.62 percent, Singapore Technologies Engineering dropped 0.86 percent, SingTel advanced 0.63 percent, Wilmar International retreated 1.49 percent, Yangzijiang Financial soared 2.47 percent, Yangzijiang Shipbuilding surged 5.35 percent
Frasers Logistics Commercial Trust, Fraser and Centrepoint Trust, Seatrium Limited and Thai Beverage were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
South Korea Shares May Run Out Of Steam On Wednesday
(RTTNews) - The South Korea stock market has climbed higher in two straight sessions, gathering more than 35 points or 1.3 percent along the way. The KOSPI now sits just above the 2,630-point plateau although the rally may stall on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
Th KOSPI finished modestly higher on Tuesday following mixed performances from the financial shares, technology stocks and industrial issues.
For the day, the index added 10.16 points or 0.39 percent to finish at 2,633.45 after trading between 2,615.47 and 2,635.32. Volume was 430 million shares worth 9.72 trillion won. There were 445 decliners and 418 gainers.
Among the actives, Shinhan Financial shed 0.52 percent, while KB Financial stumbled 1.65 percent. Hana Financial collected 0.94 percent, Samsung Electronics rose 0.33 percent, Samsung SDI surrendered 2.23 percent, LG Electronics dipped 0.30 percent, SK Hynix rallied 2.88 percent, Naver spiked 2.22 percent, LG Chem tanked 2.43 percent, Lotte Chemical plummeted 5.08 percent, SK Innovation tumbled 2.77 percent, POSCO plunged 3.29 percent, SK Telecom lost 0.53 percent, KEPCO was up 024 percent, Hyundai Mobis perked 0.22 percent, Hyundai Motor skidded 1.01 percent and Kia Motors dropped 0.89 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
New Zealand Inflation Slows To 2.2% Annually
(RTTNews) - Consumer prices in New Zealand were up 2.2 percent on year in the third quarter of 2024, Statistics New Zealand said on Wednesday in line with expectations and down from 3.3 percent in the previous three months.
Higher prices were recorded for housing rentals, up 4.5 percent; local authority rates and payments, up 12.2 percent; and cigarettes and tobacco, up 10.0 percent.
These were partly offset by lower prices for petrol, down 8.0 percent; and vegetables, down 17.9 percent/
On a seasonally adjusted quarterly basis, inflation rose 0.6 percent - shy of expectations for 0.7 percent and up from 0.4 percent in the three months prior.
New Zealand Inflation Data Due On Wednesday
(RTTNews) - New Zealand will on Wednesday release Q3 numbers for consumer prices, highlighting a modest day for Asia-Pacific economic activity.
Inflation is expected to rise 0.7 percent on quarter and 2.2 percent on year after rising 0.4 percent on quarter and 3.3 percent on year in the three months prior.
Australia will see September results for the leading economic index from the Melbourne Institute; in August, the index was roughly flat with a slight negative bias.
South Korea will provide September figures for unemployment, imports, exports and trade balance. In August, the jobless rate was 2.4 percent, while imports added 2.2 percent on year and exports rose an annual 7.5 percent for a trade surplus of $6.66 billion.
The central bank in Thailand is scheduled to wrap up its monetary policy meeting and announce its decision on interest rates; the bank is expected to keep its benchmark lending rate unchanged at 2.50 percent.
The central bank in Indonesia is also scheduled to wrap up its monetary policy meeting and announce its decision on interest rates; the bank is expected trim its benchmark lending rate by 25 basis points, to 5.75 percent from 6.00 percent.
China Bourse May Extend Tuesday's Losses
(RTTNews) - The China stock market has alternated between positive and negative finishes through the last five trading days since the end of the 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just above the 3,200-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SCI finished sharply lower on Tuesday following heavy losses among the financial shares and resource stocks, while the property sector was mixed.
For the day, the index plummeted 83.03 points or 2.53 percent to finish at the daily low of 3,201.29 after trading as high as 3,285.21. The Shenzhen Composite Index slumped 39.73 point or 2.10 percent to end at 1,850.50.
Among the actives, Industrial and Commercial Bank of China surrendered 3.25 percent, while Bank of China dropped 2.33 percent, China Construction Bank stumbled 3.86 percent, China Merchants Bank fell 2.11 percent, Agricultural Bank of China skidded 2.19 percent, China Life Insurance plunged 3.00 percent, Jiangxi Copper plummeted 3.06 percent, Aluminum Corp of China (Chalco) crashed 6.38 percent, Yankuang Energy shed 1.92 percent, PetroChina tumbled 3.66 percent, China Petroleum and Chemical (Sinopec) retreated 2.94 percent, Huaneng Power slumped 2.48 percent, China Shenhua Energy declined 2.02 percent, Gemdale gained 0.75 percent, Poly Developments rallied 1.30 percent and China Vanke sank 1.50 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
Japan Core Machine Orders Slump 1.9% In August
(RTTNews) - The value of core machine orders in Japan was down a seasonally adjusted 1.9 percent on month in August, the Cabinet Office said on Wednesday - coming in at 858.1 billion yen.
That missed forecasts for a decline of 0.1 percent, which would have been the same as the July reading.
On a yearly basis, core machine orders dropped 3.4 percent - well shy of forecasts for an increase of 3.6 percent and down sharply from 8.7 percent in the previous month.
For the third quarter of 2024, core machine orders are forecast to add 0.2 percent on quarter and 3.9 percent on year to 2,626.7 billion yen.
The total value of machinery orders received by 280 manufacturers operating in Japan decreased by 3.0 percent on month but climbed 15.5 percent on year in August at 2,961.4 billion yen.
Taiwan Stock Market Due For Consolidation On Wednesday
(RTTNews) - The Taiwan stock market has finished higher in four straight sessions, rallying more than 680 points or 3.2 percent in that span. The Taiwan Stock Exchange now rests just shy of the 23,300-point plateau, although it's due for profit taking on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The TSE finished sharply higher on Tuesday following gains from the financials, technology stocks and cement companies, although the plastics were soft.
For the day, the index surged 316.75 points or 1.38 percent to finish at 23,292.04 after trading between 23,082.06 and 23,353.91.
Among the actives, Cathay Financial collected 1.62 percent, while Mega Financial climbed 1.03 percent, CTBC Financial accelerated 2.11 percent, First Financial strengthened 1.62 percent, Fubon Financial improved 1.55 percent, E Sun Financial advanced 1.24 percent, Taiwan Semiconductor Manufacturing Company spiked 2.39 percent, United Microelectronics Corporation perked 0.19 percent, Hon Hai Precision soared 4.02 percent, Largan Precision increased 1.41 percent, Catcher Technology gained 1.46 percent, MediaTek added 0.78 percent, Delta Electronics rallied 2.84 percent, Novatek Microelectronics skidded 1.16 percent, Formosa Plastics plunged 3.30 percent, Nan Ya Plastics slumped 1.04 percent and Asia Cement was up 1.20 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
More Pain Predicted For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved lower in consecutive trading days, stumbling almost 850 points or 4 percent along the way. The Hang Seng Index now sits just shy of the 20,320-point plateau and it may take further damage again on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The Hang Seng finished sharply lower on Tuesday with damage across the board, especially among the technology companies.
For the day, the index plunged 774.08 points or 3.67 percent to finish at 20,318.79 after trading between 20,154.71 and 21,095.01.
Among the actives, Alibaba Group tanked 5.09 percent, while Alibaba Health Info stumbled 4.77 percent, ANTA Sports dropped 2.95 percent, China Life Insurance surrendered 4.88 percent, China Mengniu Dairy plummeted 7.35 percent, China Resources Land declined 4.04 percent, CITIC sank 2.69 percent, CNOOC retreated 4.22 percent, CSPC Pharmaceutical plunged 6.15 percent, Galaxy Entertainment slumped 4.02 percent, Haier Smart Home lost 2.03 percent, Hang Lung Properties skidded 3.88 percent, Henderson Land fell 1.57 percent, Hong Kong China Gas shed 2.25 percent, Industrial and Commercial Bank of China sank 2.28 percent, JD.com tumbled 4.92 percent, Lenovo lost 1.44 percent, Li Auto plunged 6.94 percent, Li Ning stumbled 5.20 percent, Meituan plummeted 6.97 percent, New World Development retreated 4.28 percent, Nongfu Spring surrendered 5.34 percent, Techtronic Industries slid 1.22 percent, Xiaomi Corporation dropped 2.54 percent and WuXi Biologics tanked 6.81 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
Australian Market Modestly Lower
(RTTNews) - Australian shares are trading modestly lower on Wednesday, giving up some of the gains in the previous two sessions, with the benchmark SP/ASX 200 falling below the 8,300 level, following the broadly negative cues from Wall Street overnight, with weakness in iron ore miners, energy and technology stocks were nearly offset by gains in gold miners and financial stocks.
The benchmark SP/ASX 200 Index is losing 24.30 points or 0.29 percent to 8,294.10, after hitting a low of 8,274.30 and a high of 8,024.50 earlier. The broader All Ordinaries Index is down 28.30 points or 0.33 percent to 8,570.30. Australian stocks ended significantly higher on Tuesday.
Among major miners, BHP Group and Rio Tinto are losing almost 2 percent each, while Mineral Resources is declining more than 3 percent. Fortescue Metals is flat.
Oil stocks are mostly lower. Origin Energy and Beach energy are losing more than 1 percent each, while Santos are declining more than 2 percent. Woodside Energy is gaining almost 1 percent.
In the tech space, WiseTech Global is slipping almost 2 percent and Appen is losing almost 5 percent, while Zip and Xero are declining more than 1 percent each. Afterpay owner Block is edging up 0.1 percent.
Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.5 percent.
Among gold miners, Northern Star Resources and Gold Road Resources are gaining more than 1 percent each, while Evolution Mining is advancing more than almost 5 percent, Newmont is up more than 3 percent and Resolute Mining are adding 1.5 percent.
In the currency market, the Aussie dollar is trading at $0.668 on Wednesday.
On the Wall Street, stocks came under considerable selling pressure over the course of the trading day on Tuesday after moving to the upside early in the session. The major averages all moved notably lower following the strong gains posted during Monday's session.
The major averages fell to new lows late in the trading day before regaining some ground going into the close. The tech-heavy Nasdaq slumped 187.10 points or 1.0 percent to 18,315.59, the Dow slid 324.80 points or 0.8 percent to 42,740.42 and the SP 500 fell 44.59 points or 0.8 percent to 5,815.26.
The major European markets all also moved to the downside on the day. While the French CAC 40 Index slumped by 1.1 percent, the U.K.'s FTSE 100 Index fell by 0.5 percent and the German DAX Index edged down by 0.1 percent.
Crude oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
Indonesia Stock Market Due For Profit Taking On Wednesday
(RTTNews) - The Indonesia stock market has tracked higher in three straight sessions, climbing more than 140 points or 1.9 percent along the way. The Jakarta Composite Index now rests just above the 7,625-point plateau although investors may lock in gains on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The JCI finished modestly higher on Tuesday following gains from the food and financial shares, while the cement companies were mixed and the resource stocks were down.
For the day, the index advanced 67.30 points or 0.89 percent to finish at 7,626.95 after trading between 7,573.45 and 7,635.04.
Among the actives, Bank CIMB Niaga rallied 1.34 percent, while Bank Mandiri jumped 1.81 percent, Bank Danamon Indonesia collected 0.38 percent, Bank Negara Indonesia improved 1.38 percent, Bank Central Asia climbed 1.19 percent, Bank Rakyat Indonesia rose 0.41 percent, Bank Maybank Indonesia dropped 0.88 percent, Indosat Ooredoo Hutchison tumbled 1.97 percent, Indocement sank 0.68 percent, Semen Indonesia spiked 1.93 percent, Indofood Sukses Makmur accelerated 2.13 percent, United Tractors dropped 0.96 percent, Energi Mega Persada advanced 0.88 percent, Astra Agro Lestari shed 0.73 percent, Aneka Tambang stumbled 1.84 percent, Jasa Marga dipped 0.20 percent, Vale Indonesia slumped 0.95 percent, Timah plunged 3.50 percent and Bumi Resources and Astra International were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
European Economic News Preview: UK Inflation Data Due
(RTTNews) - Consumer and producer prices are due from the UK on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for September. Inflation is expected to ease to 1.9 percent from 2.2 percent in August. Economists forecast output prices to fall 0.6 percent annually, in contrast to the 0.2 percent rise a month ago.
At 3.00 am ET, producer price data is due from the Czech Republic.
At 4.00 am ET, Italy's statistical office is scheduled to publish final inflation figures for September. The flash estimate showed that inflation weakened to 0.7 percent from 1.1 percent in August.
At 6.00 am ET, foreign trade data is due from Ireland.
Thai Stock Market May Take Further Damage On Wednesday
(RTTNews) - The Thai stock market on Tuesday ended the four-day winning streak in which it had improved almost 20 points or 1.4 percent. The Stock Exchange of Thailand now rests just above the 1,465-point plateau and the losses may accelerate on Wednesday.
The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SET finished modestly lower on Tuesday following losses from the food, consumer, industrial, property and service sectors, while the technology stocks offered support.
For the day, the index slipped 5.07 points or 0.34 percent to finish at 1,465.03 after trading between 1,463.32 and 1,478.37. Volume was 14.039 billion shares worth 64.715 billion baht. There were 443 decliners and 109 gainers, with 117 stocks finishing unchanged.
Among the actives, Advanced Info gained 0.72 percent, while Thailand Airport fell 0.39 percent, Asset World shed 0.53 percent, Banpu crashed 5.93 percent, Bangkok Bank collected 0.64 percent, Bangkok Dusit Medical advanced 0.87 percent, Bangkok Expressway slid 0.61 percent, B. Grimm sank 0.85 percent, BTS Group was down 2.18 percent, CP All Public skidded 1.15 percent, Charoen Pokphand Foods climbed 1.00 percent, Energy Absolute tumbled 4.00 percent, Gulf jumped 1.16 percent, Krung Thai Card rallied 2.07 percent, PTT Oil Retail improved 1.20 percent, PTT stumbled 2.19 percent, PTT Exploration and Production declined 2.73 percent, PTT Global Chemical plunged 2.80 percent, SCG Packaging plummeted 3.67 percent, Siam Commercial Bank dropped 0.91 percent, Siam Concrete cratered 4.89 percent, Thai Oil retreated 3.02 percent and True Corporation, TTB Bank, Kasikornbank and Krung Thai Bank were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.
The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the SP 500 sank 44.59 points or 0.76 percent to end at 5,815.26.
The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and SP hit record closing highs on Monday.
Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.
On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.
Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.
Pound Slides Against Majors
(RTTNews) - The British pound weakened against other major currencies in the pre-European session on Wednesday.
The pound fell to nearly a 2-month low of 1.2986 against the U.S. dollar and a 6-day low of 193.78 against the yen, from early highs of 1.3078 and 195.30, respectively.
Against the euro and the Swiss franc, the pound dropped to a 5-day low of 0.8376 and a 2-day low of 1.1204 from early highs of 0.8327 and 1.1280, respectively.
If the pound extends its downtrend, it is likely to find support around 1.28 against the greenback, 191.00 against the yen, 0.84 against the euro and 1.11 against the franc.
Alibaba, Baidu Invest In Intel-Backed Horizon Robotics' IPO
(RTTNews) - Horizon Robotics, a Chinese developer of artificial intelligence chips used in autonomous driving systems, is seeking to raise as much as HK$5.4 billion or around $696 million in its Hong Kong initial public offering. According to its listing document, Chinese majors Alibaba Group Holding Ltd. and Baidu Inc. are investing in the IPO of the firm, which is backed by tech major Intel Corp.
If successful, Horizon Robotics' IPO would be the largest in Hong Kong in 2024.
In the offering, Horizon Robotics plans to sell 1.36 billion shares in a price range of HK$3.73 to HK$3.99 each. Hong Kong offer shares include 135.51 million shares, while number of International offer shares would be 1.22 billion shares. Shares are due to start trading on October 24.
The cornerstone investors in the offering include units of Alibaba and Baidu, as well as a fund tied to the government of a Chinese city, Ningbo.
As per the filing, cornerstone investors, led by Alibaba's Alisoft China Holding Limited and Baidu, have subscribed for $219.8 million worth of Horizon Robotics stock in the offering, bidding for $50 million each.
Bloomberg reported, citing people familiar with the matter, that order books were covered shortly after the company started taking investor orders Wednesday.
Horizon Robotics was founded in 2015 by Kai Yu, an AI scientist who previously worked with Baidu, along with several former Baidu employees.
Along with Intel, the company reportedly was funded by investors Hillhouse Investment, HongShan, Yuri Milner, Sinovation Ventures and Yunfeng Capital, among others.
As per reports, Horizon Robotics' initial plan was for an IPO in the United States to raise as much as $1 billion. However, the plan was changed in October 2021 for a Hong Kong IPO.
In 2022, German auto major Volkswagen Group invested $2.3 billion to establish a joint venture with Horizon Robotics, aiming to develop in-house vehicle software for Volkswagen.
CAC 40 Slides On Earnings
(RTTNews) - French stocks traded lower on Wednesday, with weak earnings and caution ahead of a European Central Bank (ECB) policy meeting on Thursday denting investor sentiment.
The ECB is likely to deliver another interest rate cut after recent data signaled continued weakness in the euro zone economy.
The benchmark CAC 40 was down 46 points, or 0.6 percent, at 7,476 after declining 1.1 percent in the previous session.
LVMH slumped 4 percent after sales of fashion and leather goods unexpectedly fell at its biggest unit for the first time since 2020.
Peer Kering dropped 2.3 percent and Hermes International gave up 1.7 percent.
Rexel SA plunged 4.6 percent. The distributor of electrical supplies cut its 2024 outlook due to negative trading environment in Europe.
Asian Shares Decline Amid Tech Selloff
(RTTNews) - Asian stocks fell broadly on Wednesday due to lingering Middle East tensions, shifting U.S. rate cut expectations and reports suggesting that the U.S. is mulling a cap on export licenses for AI chips to specific countries.
French luxury giant LVMH suffered its first quarterly sales drop since pandemic, fueling concerns about slowing demand in China and elsewhere.
Chipmaker shares led regional losses after Europe's biggest tech firm ASML, whose customers include TSMC, Samsung and SK Hynix, warned of weak semiconductor demand.
The dollar hovered near two-month peaks versus major peers, driven by rising bets for a second Donald Trump presidency and expectations the Federal Reserve will proceed with modest interest rate cuts.
Markets currently see a 95 percent chance of a 25-bps rate cut from the Fed next month, after an aggressive 50-bps cut in September.
Atlanta Fed's Raphael Bostic on Tuesday said he penciled in just one more interest-rate reduction of 25 basis points this year, while San Francisco Fed's Mary Daly said "one or two" cuts in 2024 would be "reasonable".
Gold edged higher for a second straight session to hover near a three-week high while oil recovered some ground after falling more than 4 percent on Tuesday.
China's Shanghai Composite index finished marginally higher after a choppy session as investors awaited concrete details on stimulus plans.
It is believed a press briefing by China's housing minister on Thursday will likely provide more details of measures to promote the "steady and healthy" development of the property sector.
Hong Kong's Hang Seng index edged down 0.16 percent to 20,286.85 after a volatile session.
Japanese markets tumbled after Bank of Japan (BoJ) board member Seiji Adachi stated that monetary policy normalization is underway, but premature hikes should be avoided due to uncertainties in global economic outlook and domestic wage growth.
Investors also reacted to data showing machinery orders in Japan fell more than expected in August.
The Nikkei average slumped 1.83 percent to 39,180.30 while the broader Topix index settled 1.21 percent lower at 2,690.66. Chip-related stocks such as Tokyo Electron, Screen Holdings and Lasertec Corp fell 9-13 percent.
Seoul stocks fell notably, with the Kospi average falling 0.88 percent to 2,610.36. Samsung Electronics fell 2.5 percent and SK Hynix dropped 2.2 percent.
Australian markets closed lower as mining stocks took a hit due to prevailing growth concerns. Gold stocks surged, with Evolution Mining rallying 6.8 percent after releasing its production figures.
The benchmark SP/ASX 200 slipped 0.41 percent to 8,284.70 while the broader All Ordinaries index ended down 0.49 percent at 8,556.60.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index dipped 1.55 percent to 12,641.32 despite data showing inflation in the country declined sharply in the third quarter - opening a path to more supersized interest-rate cuts in coming months.
U.S. stocks closed lower overnight as United Health lowered its full-year earnings outlook and data showed business activity at manufacturing firms in New York State contracted unexpectedly in October.
A disappointing outlook from ASML Holding and concerns about tighter U.S. restrictions on chip sales spurred a selloff in the tech sector while energy stocks tracked oil prices lower.
The tech-heavy Nasdaq Composite lost 1 percent, while the Dow and the SP 500 both shed around 0.8 percent.
FTSE 100 Gains As Inflation Hits Three-year Low
(RTTNews) - U.K. stocks advanced on Wednesday after official data showed U.K. inflation fell below the 2 percent target and also hit the lowest in more than three years in September, piling pressure on the Bank of England to ease policy at the November meeting.
Consumer price inflation weakened more-than-expected to 1.7 percent in September from 2.2 percent in August, the Office for National Statistics reported.
This was the lowest since April 2021. Prices were forecast to climb 1.9 percent.
The benchmark FTSE 100 was up 48 points, or 0.6 percent, at 8,296 after declining half a percent on Tuesday.
British American Tobacco rose about half a percent after saying it remains on track to deliver low-single digit organic revenue and adjusted profit from operations growth in fiscal year 2024.
Primary Health Properties rose over 2 percent. The healthcare facilities investor reported an additional £2.7m in rental income in a third quarter update.
Antofagasta jumped more than 3 percent. The Chilean miner reported a 15 percent rise in third-quarter copper output.
Property developer Hammerson rallied 2.3 percent after launching a £140m share buyback program.
DAX Drifts Lower Ahead Of ECB Rate Decision
(RTTNews) - German stocks were moving lower on Wednesday and the euro was down for a third day in a row as investors await Thursday's ECB meeting for directional cues.
Markets currently eye two more rate cuts from the euro area's central bank this year amid a weak growth outlook and lower inflation.
The benchmark DAX slipped 0.2 percent to 19,451 after closing 0.1 percent lower the previous day.
Earnings remained in focus, with sportswear giant Adidas tumbling 3.6 percent despite raising its full-year sales and profit guidance.
Dragerwerk declined 3.1 percent. The breathing equipment maker for industries and hospitals registered a decline in preliminary earnings before interest and taxes for the third quarter, reflecting a drop in sales.
