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U.S. Housing Starts Show Modest Pullback In September
(RTTNews) - After reporting a sharp increase in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Friday showing a modest pullback by housing starts in the month of September.
The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August.
Economists had expected housing starts to dip by 0.4 percent to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.
The report also showed a sharp pullback by building permits, which tumbled by 2.9 percent to an annual rate of 1.428 million in September after surging by 4.6 percent to a revised rate of 1.470 million in August.
Building permits, an indicator of future housing demand, were expected to slump by 1.0 percent to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.
Overbought Jakarta Market Nonetheless Called Higher Again On Monday
(RTTNews) - The Indonesia stock market has tracked higher in six straight sessions, climbing more than 275 points or 3.7 percent along the way. The Jakarta Composite Index now rests just above the 7,760-point plateau and it's got a firm lead again for Monday's trade.
The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.
The JCI finished modestly higher on Friday following gains from the food sector and mixed performances from the financial shares and resource stocks.
For the day, the index added 25.02 points or 0.32 percent to finish at 7,760.06 after trading between 7,718.68 and 7,790.71.
Among the actives, Bank Mandiri shed 0.69 percent, while Bank Danamon Indonesia sank 0.76 percent, Bank Negara Indonesia spiked 2.73 percent, Bank Central Asia collected 0.23 percent, Bank Rakyat Indonesia dipped 0.20 percent, Bank Maybank Indonesia tumbled 1.72 percent, Indosat Ooredoo Hutchison strengthened 1.66 percent, Indocement dropped 0.95 percent, Semen Indonesia skidded 1.09 percent, Indofood Sukses Makmur rallied 3.48 percent, Astra International lost 0.61 percent, Energi Mega Persada tanked 2.52 percent, Astra Agro Lestari improved 0.74 percent, Aneka Tambang rose 0.31 percent, Timah surrendered 2.20 percent, Bumi Resources plunged 4.79 percent and Bank CIMB Niaga, United Tractors, Jasa Marga and Vale Indonesia were unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.
The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the SP 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the SP gained 0.9 percent and the NASDAQ rose 0.8 percent.
The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.
Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.
In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.
Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
Japanese Market Slightly Higher
(RTTNews) - The Japanese stock market is trading slightly higher on Monday, adding to the gains in the previous session. The benchmark SP/ASX 200 is moving a tad above the 39,000 mark, following the broadly positive cues from Wall Street on Friday, with gains is index heavyweights and technology stocks partially offset by weakness in financial stocks.
The benchmark Nikkei 225 Index is up 27.11 or 0.07 percent at 39,008.86, after touching a high of 39,048.44 earlier. Japanese shares ended modestly higher on Friday.
Market heavyweight SoftBank Group is edging up 0.3 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.4 percent.
In the tech space, Screen Holdings and Tokyo Electron are edging up 0.3 to 0.4 percent each, while Advantest is adding more than 1 percent.
In the banking sector, Sumitomo Mitsui Financial is losing almost 2 percent, Mitsubishi UFJ Financial is down more than 1 percent and Mizuho Financial is edging down 0.5 percent.
The major exporters are mostly higher. Sony and Mitsubishi Electric are edging up 0.5 percent each, while Panasonic is gaining almost 1 percent. Canon is edging down 0.5 percent.
Among other major gainers, Rakuten Group is gaining almost 4 percent and M3 is adding more than 3 percent, while Kawasaki Kisen Kaisha and LY are advancing almost 3 percent each.
Conversely, Sumitomo Pharma is losing more than 4 percent, while Tokyo Electric Power and NEC are down almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Monday.
On Wall Street, stocks moved mostly higher during trading on Friday after ending the previous session little changed. The tech-heavy Nasdaq led the charge, while the Dow ended the day modestly higher at a new record closing high.
The Nasdaq climbed 115.94 points or 0.6 percent to 18,489.55 and the SP 500 rose 23.20 points or 0.4 percent to a new record closing high of 5,864.67. The narrower Dow recovered from an initial pullback to end the day up by 36.86 points or 0.1 percent at 43,275.91.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index fell by 0.3 percent, the French CAC 40 Index and German DAX Index both climbed by 0.4 percent.
Crude oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
Sensex, Nifty Seen Higher At Open
(RTTNews) - Indian shares look set to open a tad higher on Monday as investors react to earnings from HDFC Bank, Kotak Mahindra Bank and Tech Mahindra Bank released over the weekend.
Over 400 companies are scheduled to report their quarterly earnings results this week, including HUL, Coal India and Godrej Consumer Products.
The release of minutes from the RBI's October policy meeting and private surveys on domestic manufacturing and services may influence trading sentiment as the week progresses.
Meanwhile, according to an official announcement, NSE and BSE will hold their annual Diwali Muhurat trading session on Friday, November 1, 2024, from 6:00 PM to 7:00 PM.
Asian markets were moving in a tight range this morning despite China lowering its key benchmark lending rates by 25 basis points in the monthly fixing to boost economic growth.
While rising odds of former President Donald Trump winning the Nov. 5 election boosted the dollar, oil prices steadied after tumbling nearly 8 percent last week on worries about demand in China, the world's top oil importer.
Gold traded near record levels due to geopolitical tensions and U.S. election uncertainties.
U.S. stocks advanced on Friday as economic optimism prevailed, and markets gunned for a Donald Trump victory in the upcoming presidential elections.
The Nasdaq gained 0.6 percent after streaming giant Netflix topped Wall Street estimates for subscriber additions.
The Dow finished marginally higher and the SP 500 added 0.4 percent to reach new record closing highs and seal six straight week of gains despite weak housing data.
European stocks ended broadly higher on Friday to post second straight week of gains as an ECB survey showed inflation could return to the central bank's target sooner than earlier thought.
The pan-European STOXX 600 inched up 0.2 percent. The German DAX and France's CAC 40 both rose about 0.4 percent while the U.K.'s FTSE 100 slipped 0.3 percent.
European Shares Poised For Mixed Open
(RTTNews) - European stocks are likely to open on a mixed note Monday as investors ponder over the health of the U.S. and Chinese economies and await a slew of corporate results for directional cues.
Global finance ministers and central bank chiefs face a major uncertainty as they gather in Washington this week for the annual meeting of the International Monetary Fund and World Bank.
Trade policies and tariffs will be a focal point at the meetings due to uncertainty over the outcome of the U.S. presidential election.
Asian markets traded higher after China's loan prime rate announcement and ahead of Japan's general election at the end of this week, with the ruling Liberal Democratic Party facing the risk of losing its majority.
China's yuan held steady as China's central bank cut two key interest rates to historic lows in the latest move by Beijing to boost sluggish spending and kickstart the world's second-largest economy.
As the week progresses, the focus will be mostly on earnings and economic data releases.
Earnings from high profile U.S. companies such as Tesla, Boeing, Verizon, GE Aerospace, Honeywell and General Motors are due this week.
On the economic front, flash PMI numbers on the U.S. manufacturing and the services sectors, durable goods orders, housing market data, the Federal Reserve's Beige Book on regional economic activity and speeches by several Fed officials may influence investor sentiment.
While higher yields and rising odds of former President Donald Trump winning the Nov. 5 election boosted the dollar, oil prices steadied after tumbling nearly 8 percent last week on worries about demand in China, the world's top oil importer.
Gold traded near record levels due to geopolitical tensions and U.S. election uncertainties.
U.S. stocks advanced on Friday as economic optimism prevailed, and markets gunned for a Donald Trump victory in the upcoming presidential elections.
The Nasdaq gained 0.6 percent after streaming giant Netflix topped Wall Street estimates for subscriber additions.
The Dow finished marginally higher and the SP 500 added 0.4 percent to reach new record closing highs and seal six straight week of gains despite weak housing data.
European stocks ended broadly higher on Friday to post second straight week of gains as an ECB survey showed inflation could return to the central bank's target sooner than earlier thought.
The pan-European STOXX 600 inched up 0.2 percent. The German DAX and France's CAC 40 both rose about 0.4 percent while the U.K.'s FTSE 100 slipped 0.3 percent.
Asian Markets Trade Mixed
(RTTNews) - Asian stock markets are trading mixed on Monday, following the broadly positive cues from Wall Street on Friday, as traders trimmed their bets on US Fed interest rate cuts this year amid following the largely upbeat batch of US economic data last week. A slew of Chinese data last week backed calls for more stimulus to boost the economy. Persisting worries about geopolitical tensions weighed on the markets. Asian markets closed mixed on Friday.
Last week, U.S. retail sales increased slightly more than expected in September and jobless claims unexpectedly fell, while industrial production decreased in September, reversing output growth in August, separate reports showed.
The Australian stock market is currently trading notably higher on Monday, reversing the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark SP/ASX 200 index is moving above the 8,300.00 level, with gains across most sectors led by gold miner stock and technology stocks.
The benchmark SP/ASX 200 Index is gaining 53.20 points or 0.64 percent to 8,336.40, after touching of 8,349.70 earlier. The broader All Ordinaries Index is up 50.40 points or 0.59 percent to 8,601.60. Australian stocks closed significantly lower on Friday.
Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are gaining more than 1 percent, Mineral dived almost 11 percent as the board said it had "full confidence" in managing director Chris Ellison following an investigation by The Australian Financial Review that uncovered how he allegedly evaded tax for years.
Oil stocks are mostly higher. Origin Energy is edging up 0.1 percent, Beach energy is gaining more than 2 percent and Santos is adding more than 1 percent. Woodside Energy is up almost 1 percent.
Among tech stocks, Afterpay owner Block is gaining more than 2 percent, Xero is adding more than 1 percent and Zip is edging up 0.4 percent, while Appen is declining almost 4 percent and WiseTech Global is tumbling more than 11 percent after its board initiated a review of allegations against founder and chief executive Richard White by a sexual partner, which ended up in him paying her millions of dollars to settle the matter.
Gold miners are mostly higher. Evolution Mining is gaining 3.5 percent, Resolute Mining is advancing almost 4 percent and Gold Road Resources rising more than 3 percent, while Northern Star Resources and Newmont are adding almost 2 percent each.
Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging up 0.1 to 0.5 percent each.
In the currency market, the Aussie dollar is trading at $0.672 on Monday.
The Japanese stock market is trading modestly higher on Monday, adding to the gains in the previous session. The benchmark SP/ASX 200 is moving above the 39,000 mark, following the broadly positive cues from Wall Street on Friday, with gains is index heavyweights and technology stocks partially offset by weakness in financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,110.95, up 129.20 or 0.33 percent, after touching a high of 39,048.44 earlier. Japanese shares ended modestly higher on Friday.
Market heavyweight SoftBank Group is edging up 0.3 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.4 percent.
In the tech space, Screen Holdings and Tokyo Electron are edging up 0.3 to 0.4 percent each, while Advantest is adding more than 1 percent.
In the banking sector, Sumitomo Mitsui Financial is losing almost 2 percent, Mitsubishi UFJ Financial is down more than 1 percent and Mizuho Financial is edging down 0.5 percent.
The major exporters are mostly higher. Sony and Mitsubishi Electric are edging up 0.5 percent each, while Panasonic is gaining almost 1 percent. Canon is edging down 0.5 percent.
Among other major gainers, Rakuten Group is gaining almost 4 percent and M3 is adding more than 3 percent, while Kawasaki Kisen Kaisha and LY are advancing almost 3 percent each.
Conversely, Sumitomo Pharma is losing more than 4 percent, while Tokyo Electric Power and NEC are down almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Monday.
Elsewhere in Asia, New Zealand, Indonesia, Hong Kong and Singapore are lower by between 0.1 and 0.7 percent each, while China, South Korea and Taiwan are higher by between 0.1 and 0.8 percent each. Malaysia is respectively flat.
On Wall Street, stocks moved mostly higher during trading on Friday after ending the previous session little changed. The tech-heavy Nasdaq led the charge, while the Dow ended the day modestly higher at a new record closing high.
The Nasdaq climbed 115.94 points or 0.6 percent to 18,489.55 and the SP 500 rose 23.20 points or 0.4 percent to a new record closing high of 5,864.67. The narrower Dow recovered from an initial pullback to end the day up by 36.86 points or 0.1 percent at 43,275.91.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index fell by 0.3 percent, the French CAC 40 Index and German DAX Index both climbed by 0.4 percent.
Crude oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.
ECB's Simkus Says Rates To Go Lower If Inflation Slows Further
(RTTNews) - The European Central Bank could cut interest rates further if inflation continues to slow and the economy remains sluggish, Governing Council member Gediminas Simkus said on Monday, but he refrained from predicting the December move.
Citing the projection that the Eurozone inflation will hit 2 percent next year, Simkus, who is the Lithuanian central bank chief, told reporters in Vilnius, "The direction [of monetary policy] is clear."
That said, the policymaker stressed on the need to remain flexible as new ECB staff projections will be made available in December.
"I don't know what will be the decision in December," Simkus added.
Elsewhere, Bank of Latvia President Martins Kazaks also said ECB rates will continue to decrease as inflation is on a sustainable path of return to the 2 percent target.
"…falling inflation and a weak economy - allow for further gradual lowering of interest rates," Kazaks said in a blog.
In June, the ECB cut interest rates for the first time since 2019, citing an improvement in the inflation outlook.
The ECB cut interest rates by 25 basis points last week, as expected, following a similar reduction in September. The policy statement as well as the post-decision comments from ECB President Christine Lagarde suggested that the bank is increasingly concerned over the weak economic performance in the euro area.
The central bank is widely expected to lower rates again in December.
Asian Shares Mixed After China Rate Cut
(RTTNews) - Asian stocks turned in a mixed performance on Monday as China's central bank once again cut interest rates and the country's banks slashed borrowing costs to combat the country's stubborn economic slump.
The dollar fell as global finance chiefs gather in Washington this week amid intense uncertainty over wars in the Middle East and Europe, and uncertainty around the U.S. presidential election.
Gold reached another record high while oil prices recovered some ground, after having fallen nearly 8 percent last week on China demand concerns.
Israel opened up a fresh military assault on Hezbollah's strongholds in Lebanon, a day after a drone exploded next to Prime Minister Benjamin Netanyahu's private home.
Israel has already vowed to retaliate against Iran for a missile attack at the start of October.
China's Shanghai Composite index ended 0.20 percent higher at 3,268.11 after a volatile session as the People's Bank of China cut the one- and five-year LPRs by 25 basis points to 3.1 percent and 3.6 percent, respectively.
Hong Kong's Hang Seng index fell 1.57 percent to 20,478.46 as tech stocks declined and investors awaited earnings from prominent companies, including Ping An and HKEX.
Japanese markets ended little changed on fading BoJ rate hike bets and ahead of the general election at the end of this week. The Nikkei average finished marginally lower at 38,954.60 while the broader Topix index settled 0.34 percent lower at 2,679.91.
Seoul stocks eked out modest gains to snap a three-day losing streak. The Kospi average inched up 0.43 percent to 2,604.92, with Hyundai Motor, Korean Air and Jeju Air climbing 1-3 percent.
Australian markets rose notably as higher commodity prices boosted mining and energy stocks. The benchmark SP/ASX 200 jumped 0.74 percent to 8,344.40 while the broader All Ordinaries index closed 0.62 percent higher at 8,604.10.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index rose 0.77 percent to 12,923.22, nearing the 13,000 points mark for the first time since 2021.
U.S. stocks advanced on Friday as economic optimism prevailed, and markets gunned for a Donald Trump victory in the upcoming presidential elections.
The Nasdaq gained 0.6 percent after streaming giant Netflix topped Wall Street estimates for subscriber additions.
The Dow finished marginally higher and the SP 500 added 0.4 percent to reach new record closing highs and seal six straight week of gains despite weak housing data.
Dollar Firms Up With Rising Trump Bets
(RTTNews) - The U.S. Dollar extended gains against major currencies during the week ended October 18 amidst growing expectations of a Trump presidency, widely perceived as boosting the U.S. dollar.
The greenback has gained amidst perception that Trump's tariff and tax policies would keep U.S. interest rates high. The greenback strengthened against the euro, the British pound, the Japanese yen, the Australian dollar, the Canadian Dollar, the Swedish Krona and the Swiss franc over the course of the week.
The Dollar Index, which measures the U.S. Dollar's strength against a basket of 6 currencies gained 0.58 percent during the week ended October 18, recording the third week of gains. The Index had added 0.36 percent during the week ended October 11 and 2.13 percent during the week ended October 4.
Data released by the U.S. Census Bureau on Thursday showed month-on-month Retail Sales in the U.S. rising 0.4 percent in September versus market expectation of a rise of 0.3 percent. Retail sales had grown only 0.1 percent in August.
Also, data released on Thursday showed the number of people claiming unemployment benefits in the U.S. unexpectedly decreasing to 241 thousand in the week ended October 18 whereas markets had expected it to be at 260 thousand, the previous week's level.
Amidst the strong economic data, the DXY touched a weekly low of 102.93 on Monday and climbed to a weekly high of 103.87 on Thursday, before slipping and eventually closing at 103.49 on Friday. The Index was at 102.89 a week before.
The euro slipped against the U.S. Dollar during the week ended October 18 amidst the ECB's widely expected 25-basis points cut in interest rates on Thursday. The EUR/USD pair declined to 1.0866 on October 18, from 1.0937 a week earlier, recording a decrease of 0.65 percent as markets priced in increased likelihood of back-to-back rate cuts at the ECB's upcoming meetings. The pair ranged between the high of 1.0936 recorded on Monday and the low of 1.0810 touched on Thursday.
The U.S. Dollar surged against the British pound also during the week ended October 18 amidst a higher-than-expected softening in inflation in the U.K. that triggered hopes of aggressive rate cuts by the Bank of England. The GBP/USD pair which had closed at 1.3066 on October 11, dropped to 1.3048 by October 18. The pair ranged between Tuesday's high of 1.3102 and Thursday's low of 1.2971. Data released on Wednesday showed annual inflation in the U.K. declining to 1.7 percent in September from 2.2 percent in the previous month and pleasantly surprising markets that had expected a level of 1.9 percent.
The Australian Dollar too plunged 0.65 percent against the U.S. Dollar during the week ended October 18, amidst diminishing expectations regarding stimulus measures from China, the toning down of aggressive rate cut prospects from the Federal Reserve as well as weakness in global commodity prices. The AUD/USD pair which had closed at 0.6750 on October 11 climbed to a high of 0.6746 on Monday before dropping to 0.6656 on Wednesday. The pair finally closed at 0.6706 on Friday.
The past week also saw the Japanese yen extending losses against the U.S. Dollar. The USD/JPY pair which was at 149.13 on October 11 climbed to 149.52 in a week's time. The pair had touched a low of 148.84 on Tuesday and a more than 2-month high of 150.32 on Thursday. The yen's weakness came amidst inflation in Japan declining to 2.5 percent in September from 3 percent in the previous month. The lowest reading since April cast doubts on the headroom available to Bank of Japan to hike rates aggressively.
With the U.S. presidential elections only two weeks away, political dimensions have again assumed preeminence and currency markets appear to be positioning for a Trump victory. Coupled with the lingering tensions in the Middle East that continues unabated, the six-currency Dollar Index has risen to 103.63 from 103.49 on Friday.
The EUR/USD pair has decreased to 1.0852 amidst weak PPI readings from Germany. Rate cut expectations have driven the GBP/USD pair to 1.3022. The AUD/USD pair has slipped to 0.6687. Ahead of Sunday's general election in Japan, the USD/JPY pair has firmed up all the way to 149.95.
China Cuts Benchmark Lending Rates To Revive Growth
(RTTNews) - China reduced its benchmark lending rates by 25 basis points on Monday as the economic growth slowed further amid persistent deflationary pressures.
The People's Bank of China cut its one-year loan prime rate to 3.10 percent from 3.35 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was lowered to 3.60 percent from 3.85 percent.
The bank had previously lowered the rates by 10 basis points in July.
The announcement was widely expected as PBoC Governor Pan Gongsheng last week said the bank will cut the LPR by 0.2-0.25 percentage points today.
The governor also said that the bank could further cut the reserve requirement ratio by 0.2-0.5 percentage points at appropriate time depending on the market liquidity before the year-end.
The PBoC fixes the LPR monthly based on the submission of 18 designated banks. However, Beijing has influence over the fixing. The LPR replaced the traditional benchmark lending rate in August 2019.
The reduction in the LPR will lower interest payments of existing loans, taking some pressure off indebted firms, Capital Economics' economist Zichun Huang said.
Although additional easing is likely to follow in the coming quarter, this is unlikely to boost loan demand much, the economist added. A meaningful turnaround in economic growth would require a larger fiscal response.
Data released last week showed that the second-largest economy expanded at the slowest pace in more than a year with property market continuing to be the biggest drag on growth. GDP growth eased to 4.6 percent in the third quarter from 4.7 percent in the preceding period. Beijing aims to achieve around 5 percent growth this year.
Sensex, Nifty Open Lower With Earnings In Focus
(RTTNews) - Indian shares opened lower on Monday despite positive cues from global markets.
The benchmark SP/BSE Sensex was down 290 points, or 0.4 percent, at 80,936 in early trade while the broader NSE Nifty index was down 140 points, or 0.6 percent, at 24,713.
HDFC Bank rallied 2.6 percent on posting a modest 5 percent rise in Q2 net profit, beating Street estimates.
Tech Mahindra climbed 2.5 percent as quarterly profit jumped 153 percent year-on-year.
Kotak Mahindra Bank slumped 4.5 percent after Q2 profit came in slightly below estimates.
UltraTech Cement dropped 1 percent ahead of its earnings release.
Manappuram Finance plunged 4.2 percent after the Reserve Bank of India asked its subsidiary Asirvad Micro Finance to stop sanctions and disbursals of loans.
Reliance infrastructure was slightly lower after receiving shareholder approval for a Rs. 6,000-crore fundraising plan.
Bay Street Likely To Open Higher On Firm Commodity Prices
(RTTNews) - The Canadian market may open higher Monday morning as some strong buying is likely in energy and materials sectors thanks to rising oil and metal prices.
However, the mood is likely to remain cautious amid persisting worries about tensions in the Middle East.
The Bank of Canada's interest rate decision is due on Wednesday. The central bank is widely expected to reduce its key policy rate by 50 basis points, marking its fourth cut in a row.
The Canadian market climbed to a new record high on Friday, rising for a third straight day, thanks to strong gains in materials stocks as metal prices surged to record highs. Continued optimism about interest rate cuts by the Bank of Canada also aided sentiment.
The benchmark SP/TSX Composite Index, which marched to a new intra-day high at 24,850.15, settled with a gain of 132.06 points or 0.53% at 24,822.54, a new closing high. The index gained nearly 1.5% in the week.
Asian stocks turned in a mixed performance on Monday as China's central bank once again cut interest rates and the country's banks slashed borrowing costs to combat the country's stubborn economic slump.
Uncertainty over wars in the Middle East and Europe, and uncertainty around the U.S. presidential election weighed on stocks. Israel opened up a fresh military assault on Hezbollah's strongholds in Lebanon, a day after a drone exploded next to Prime Minister Benjamin Netanyahu's private home.
Israel has already vowed to retaliate against Iran for a missile attack at the start of October.
European stocks are notably lower in cautious trade as investors look for directional cues.
ECB policymaker Gediminas Simkus said today that rates could get lower than the natural level between 2% and 3%, if a fall in inflation becomes entrenched.
In commodities, West Texas Intermediate crude oil futures are up $1.48 or 2.14% at $70.70 a barrel.
Gold futures are gaining $19.10 or 0.7% at $2,749.10 an ounce, while Silver futures are up $0.961 or 2.89% at $34.195 an ounce.
U.S. Dollar Strengthens As Trump Leads In Polls
(RTTNews) - The U.S. dollar firmed against its major counterparts in the New York session on Monday, amid rising odds of former President Donald Trump winning the November election.
Recent polls indicated Trump leading US Vice President and Democratic candidate Kamala Harris in key battleground states.
Expectations that the Federal Reserve will deliver smaller rate cuts also boosted the dollar.
Dallas Fed President Logan said that she supported gradual rate cuts to help manage the risks and accomplish the goals.
On the economic front, flash PMI numbers on the U.S. manufacturing and the services sectors, durable goods orders, housing market data, the Federal Reserve's Beige Book on regional economic activity and speeches by several Fed officials may influence investor sentiment.
The greenback touched 1.2978 against the pound, setting a 4-day high. If the greenback rises further, it is likely to test resistance around the 1.26 region.
The greenback rose to a 4-day high of 1.0819 against the euro and a 2-1/2-month high of 150.49 against the yen, from an early 4-day low of 1.0871 and a 5-day low of 149.08, respectively. The currency is poised to challenge resistance around 1.06 against the euro and 152.00 against the yen.
The greenback recovered to 0.8660 against the franc, from an early 4-day low of 0.8633. The currency is likely to locate resistance around the 0.90 level.
The greenback advanced to 1.3849 against the loonie, its highest level since August 6. Immediate resistance for the currency is seen around the 1.40 level.
The greenback firmed to near a 6-week high of 0.6654 against the aussie and more than a 2-month high of 0.6028 against the kiwi, from an early 6-day low of 0.6723 and a 5-day low of 0.6084, respectively. The next possible resistance for the greenback is seen around 0.64 against the aussie and 0.58 against the kiwi.
New Zealand Trade Data Due On Tuesday
(RTTNews) - New Zealand will on Tuesday release September figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
South Korea will see September numbers for producer prices; in August, producer prices were down 0.1 percent on month and up 1.6 percent on year.
Hong Kong will provide September data for consumer prices; in August, overall inflation was flat on month and up 2.5 percent on year.
Dollar Rises Against Major Counterparts
(RTTNews) - The U.S. traded firm against its major counterparts on Monday after recent pools indicated a victory for former President Donald Trump in the upcoming Presidential election.
According to recent polls, Trump was leading Vice President and Democratic candidate Kamala Harris in some key battleground states.
The also found some support on bets the Federal Reserve will not be aggressive with regard to rate cuts. Dallas Fed President Logan said that she supported gradual rate cuts to help manage the risks and accomplish the goals.
The Conference Board released a report today showing its reading on leading U.S. economic indicators fell by more than expected in the month of September.
The report said the leading economic index slid by 0.5% in September after falling by a revised 0.3% in August.
Economists had expected the leading economic index to decrease by 0.3% compared to the 0.2% dip originally reported for the previous month.
Investors are looking ahead to flat PMI reading on activities in U.S. manufacturing and the services sectors, a slew of speeches from Fed officials this week.
The dollar index climbed to 104.02 gaining about 0.5%.
Against the Euro, the dollar firmed to 1.0818 from 1.0869. Against Pound Sterling, the dollar strengthened to 1.2985 from 1.3051.
The Japanese currency Yen weakened to 150.78 against the dollar. The Aussie eased to US$0.6659 a unit, from US$0.6659.
The dollar firmed against Swiss franc, fetching CHF 0.8660 a unit, and strengthened the Loonie as well, trading at C$ 1.3833 a unit.
ECB's Kazaks Says Falling Inflation, Weak Economy Allow For Lowering Rates Further
(RTTNews) - Eurozone inflation rates continue to fall and growth in the single currency economy remains sluggish, thus allowing for a gradual reduction in interest rates, European Central Bank Governing Council member Martins Kazaks said on Monday.
The ECB has lowered interest rates thrice this year, the latest being the 25 basis points cut this month, and is widely expected to announce another reduction in December as policymakers grow increasingly worried over the euro area growth.
Household consumption in the euro area has so far been weaker than expected and is one of the main reasons for the sluggish economy, Kazaks, who is the chief of the Bank of Latvia, said in a blog.
"Risks to growth remain on the downside," Kazaks said. "If the recovery is delayed, this could lead to layoffs (as it becomes too expensive to keep workers), risking inflation to be driven significantly below target."
Despite this risk, the ECB continues to look for a "soft landing" without a rapid rise in unemployment and recession, Kazaks said, echoing remarks made by ECB President Christine Lagarde last week.
Kazaks said ECB rates will continue to decrease as inflation is on a sustainable path of return to the 2 percent target.
Elsewhere, the Bank of Lithuania chief Gediminas Simkus also signaled on Monday that the future direction for ECB rates is lower.
Meanwhile, the Slovakia central bank governor Peter Kazimir was hesitant to give a clear signal on easing in December, saying he wanted more evidence of an accelerating pace of disinflation.
"All options remain on the table," Kazimir said in a blog, with regard to the ECB decision in December.
European Stocks Close Lower After Cautious Session
(RTTNews) - European stocks closed lower on Monday as a lack of significant triggers, and rising tensions in the Middle East and uncertainty over the outcome of the upcoming U.S. presidential election rendered the mood cautious.
The pan European Stoxx 600 dropped 0.66%. The U.K.'s FTSE 100 ended down 0.48%, while Germany's DAX and France's CAC 40 lost 1% and 1.01%, respectively. Switzerland's SMI closed down 0.53%.
Among other markets in Europe, Austria, Belgium, Finland, Greece, Ireland, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed weak.
Iceland, Norway and Russia ended higher, while Denmark closed flat.
In the UK market, Intertek Group ended nearly 4% down. Entain, Easyjet, Prudential, Pershing Square Holdings and Airtel Africa closed down 2.3 to 2.7%. Spirax Group, DCC, Frasers Group, Admiral Group, Persimmon, Convatec Group, Weir Group, IMI and Taylor Wimpey also ended notably lower.
Fresnillo rallied 6.3%. Smith (DS) gained about 2.4%. BP, Endeavour Mining and Reckitt Benckiser advanced 1 to 1.3%.
In the German market, Sartorius tumbled nearly 5%. Munich RE ended lower by about 3% after Jefferies cut its rating on the stock.
Vonovia, Infineon, Adidas, Beiersdorf, Merck, Hannover Rueck, Commerzbank, Brenntag, Deutsche Telekom, Qiagen, Henkel and Bayer lost 1 to 3%.
Fresenius Medical Care climbed nearly 4%. Fresenius, Puma, Rheinmetall and Porsche posted moderate gains.
In the French market, Eurofins Scientific ended down 4.7%. L'Oreal, STMicroElectronics, Kering, Stellantis, LVMH, Michelin, Capgemini, Vinci, Unibail Rodamco, ArcelorMittal, Pernod Ricard, Teleperformance, Edenred, Veolia, Bouygues, Hermes International, Publicis Groupe and AXA closed lower by 1 to 2.5%.
In economic news, Germany's producer prices declined at a faster pace in September due to the sharp fall in energy prices, data from Destatis showed. Producer prices dropped 1.4% on a yearly basis, following a 0.8% fall in August and July.
UK house prices increased at a below seasonal average pace in October due to the rise in buyer choice and increasing seller competition, property website Rightmove said. House prices grew 0.3% month-on-month in October, which was much lower than the average seasonal 1.3% increase at this time of year. Prices had increased 0.8% in September.
Eurozone inflation rates continue to fall and growth in the single currency economy remains sluggish, thus allowing for a gradual reduction in interest rates, European Central Bank Governing Council member Martins Kazaks said today.
The ECB has lowered interest rates thrice this year, the latest being the 25 basis points cut this month, and is widely expected to announce another reduction in December as policymakers grow increasingly worried over the euro area growth.
Household consumption in the euro area has so far been weaker than expected and is one of the main reasons for the sluggish economy, Kazaks, who is the chief of the Bank of Latvia, said in a blog. "Risks to growth remain on the downside," Kazaks said. "If the recovery is delayed, this could lead to layoffs (as it becomes too expensive to keep workers), risking inflation to be driven significantly below target."
Despite this risk, the ECB continues to look for a "soft landing" without a rapid rise in unemployment and recession, Kazaks said, echoing remarks made by ECB President Christine Lagarde last week.
The European Central Bank could cut interest rates further if inflation continues to slow and the economy remains sluggish, Governing Council member Gediminas Simkus said today, but he refrained from predicting the December move.
Swiss Market Ends Moderately Lower
(RTTNews) - The Switzerland market recovered and moved into positive territory after a weak start Monday morning, but retreated soon and spent the rest of the day's session in negative territory.
The benchmark SMI, which advanced to 12,355.26, ended the session with a loss of 64.89 points or 0.53% at 12,261.87, about 10 points off the day's low of 12,251.99.
SGS and VAT Group ended down by about 2.3% and 2.2%, respectively. UBS Group shares ended down 1.55% after the lender agreed to sell Credit Suisse's 50% interest in credit card company Swisscard to joint venture partner American Express for undisclosed terms.
Swiss Re, Kuehne + Nagel, Lonza Group, UBS Group, Lindt Spruengli, Straumann Holding, Givaudan, Geberit, Adecco and Sika lost 1 to 2%.
Shares of biopharmaceutical company Relief Therapeutics soared nearly 16% after an announcement that the firm has received a notice of allowance from the European Patent Office for its proprietary hypochlorous acid solutions.
Sandoz Group climbed 4.62%. Swatch Group gained about 1.25%, while Logitech International and Nestle gained 0.87% and 0.44%, respectively.
U.S. Leading Economic Index Falls More Than Expected In September
(RTTNews) - The Conference Board released a report on Monday showing its reading on leading U.S. economic indicators fell by more than expected in the month of September.
The report said the leading economic index slid by 0.5 percent in September after falling by a revised 0.3 percent in August.
Economists had expected the leading economic index to decrease by 0.3 percent compared to the 0.2 percent dip originally reported for the previous month.
Over the six-month period between March and September, the index tumbled by 2.6 percent compared to the 2.2 percent slump over the previous six-month period, the Conference Board said.
"Weakness in factory new orders continued to be a major drag on the US LEI in September as the global manufacturing slump persists," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "Additionally, the yield curve remained inverted, building permits declined, and consumers' outlook for future business conditions was tepid."
She added, "Overall, the LEI continued to signal uncertainty for economic activity ahead and is consistent with The Conference Board expectation for moderate growth at the close of 2024 and into early 2025."
The Conference Board said the lagging economic index also fell by 0.3 percent in September after coming in unchanged in August.
Meanwhile, the coincident economic index inched up by 0.1 percent in September after rising by a downwardly revised 0.2 percent in August.
Canadian Market Moderately Lower In Cautious Trade
(RTTNews) - The Canadian market, which fell after a slightly positive start and a subsequent rise to a new record high Monday morning, continues to languish in negative territory in cautious trade and looks headed for a weak close.
Technology, real estate and financial shares are among the notable losers. Energy and materials stocks are finding some support thanks to higher commodity prices.
The mood remains cautious due to a lack of significant triggers. Investors are awaiting the Bank of Canada's policy announcement on Wednesday. The Canadian central bank is widely expected to lower interest rates by 50 basis points.
The benchmark SP/TSX Composite Index, which climbed to a new record high of 24,922.22 this morning, was down 123.17 points or 0.5% at 24,669.37 a little while ago.
Goeasy (GSY.TO) is declining 4.6%. Magna International (MG.TO) is down 3.7% and Teck Resources (TECK.A.TO) is lower by nearly 3%.
Cargojet (CJT.TO), BRP Inc (DOO.TO), Stella-Jones (SJ.TO), Morguard Corporation (MRC.TO), EQB Inc (EQB.TO), Bank of Montreal (BMO.TO), Loblaw Companies (L.TO), West Fraser Timber (WFG.TO), Constellation Software (CSU.TO) are down 1 to 2.5%.
Among the gainers, RB Global Inc (RBA.TO) is up more than 6%. Hut 8 Corp (HUT.TO), Brookfield Renewable Corporation (BEPC.TO) and MAG Silver Corp (MAG.TO) are gaining 4.7 to 5%.
Restaurant Brands International (QSR.TO), Bombardier Inc (BBD.A.TO), Atkins Realis Group (ATRL.TO), Stantec (STN.TO), Franco-Nevada Corporation (FNV.TO) and Wheaton Precious Metals (WPM.TO) are up 1 to 3%.
ECB's Kazimir Says All Options Remain On Table For December
(RTTNews) - The European Central Bank could have waited till December to lower interest rates, but the economic data since the September policy session signaled a shift in risks to inflation to the downside, and thus policymakers opted for a rate cut this month, Governing Council member Peter Kazimir said on Monday.
"It's an insurance cut and confidence boost, not a declaration of victory," Kazimir, who is the governor of the National Bank of Slovakia, said in a blog post.
Kazimir, who is among the conservative policymakers on the ECB's rate-setting body, said he would have been comfortable waiting till December and not cutting rates in October.
He expressed increasing confidence that the disinflation path is on solid footing. "But the doubting Thomas in me still needs to see further proof of a sustainable return to target," Kazimir said.
"Our decision to lower rates in October leaves the December meeting wide open," the policymaker said. "All options remain on the table."
Fellow ECB policymakers like the Bank of Lithuania governor Gediminas Simkus and the Bank of Latvia chief Martins Kazaks signaled the scope for lowering interest rates further in separate instances on Monday.
ECB rate-setters will be equipped with the latest set of staff macroeconomic projections and a lot more economic data by December to help in deciding the next move.
The central bank for the single currency economy has already cut interest rates thrice, the latest being the 25 basis points reduction last week that was mainly due to increasing concerns over the sluggish growth in Eurozone.
Such worries are unlikely to go away by the end of the year, as suggested by some of the recent surveys and hence, the ECB is widely expected to lower rates again in December.
Kazimir pointed out that survey data signal slowing employment growth, joining the league of ECB policymakers like Bank of Portugal governor Mario Centeno who has already voiced concern over the softening labor market.
"If new data and forecasts confirm an accelerated pace in disinflation, we will be in a strong and comfortable position to continue the easing cycle," Kazimir said.
Citing the expected decline in wage growth and services inflation, the rate-setter said he is looking for more "evident signs of this materializing" before declaring victory over inflation.
He also pointed out that the highly tense geopolitical environment now also poses a significant threat to inflation.
"If new information points in the direction of higher inflation (risks), we can still slow down the pace at which we remove restrictions in the coming meetings," Kazimir wrote. "Even with three cuts delivered, we still remain in restrictive territory."
European Shares Set To Open Mostly Higher
(RTTNews) - European stocks are seen opening mostly higher on Tuesday, even as a cautious undertone may prevail as investors await cues from the latest batch of earnings and speeches by Federal Reserve officials.
3M, Comcast, General Motors, Lockheed Martin and Verizon are among the prominent U.S. companies due to report their quarterly results before the U.S. opening bell.
EV maker Tesla, Boeing, Coca-Cola, IBM Corp and United Parcel Service are among the other companies that will report their quarterly results this week.
Outside of earnings, reports on durable goods orders, new and existing home sales, the Federal Reserve's Beige Book, weekly jobless claims figures and the final reading of consumer sentiment from the University of Michigan will be on top of mind for investors.
Asian stocks were deep in the red due to concerns stemming from geopolitical tensions, the approaching U.S. presidential election and uncertainty over the Fed rate path.
Chinese and Hong Kong markets bucked the weak trend and were seeing marginal gains after the People's Bank of China conducted its first operation of the Securities, Funds, and Insurance Companies Swap Facility (SFISF), boosting liquidity for financial institutions.
The dollar held steady near recent highs after bond yields surged on cooling expectations of Federal Reserve rate cuts. Gold continued its record winning streak despite elevated U.S. bond yields.
Oil prices were moving lower in Asian trading after climbing almost 2 percent on Monday.
U.S. Secretary of State Antony Blinken has arrived in Israel to revive Gaza ceasefire talks following the death of Hamas leader Yahya Sinwar, but any breakthrough looks elusive.
Israel is accelerating military operations to push Hezbollah away from its northern border while thrusting into Gaza's densely packed Jabalia refugee camp in an attempt to seal off northern Gaza from the rest of the enclave.
U.S. stocks ended mostly lower overnight as bond yields jumped and investors geared up for key earnings. In economic news, data showed the leading economic index fell more than expected in September.
The 10- and 30-year Treasury yields hit almost three-month closing highs on growing worries about the prospects of a rising U.S. deficit and fears about higher-for-longer interest rates.
The Dow gave up 0.8 percent to log its biggest fall in two weeks and snap a three-session winning streak. The SP 500 slid 0.2 percent while the tech-heavy Nasdaq Composite edged up 0.3 percent.
European stocks closed lower on Monday, with earnings, Middle East tensions and the looming U.S. presidential election garnering investor attention.
The pan European STOXX 600 dropped 0.7 percent. The German DAX and France's CAC 40 both fell around 1 percent while the U.K.'s FTSE 100 dipped half a percent.
Thai Stock Market May Take Further Damage On Tuesday
(RTTNews) - The Thai stock market has tracked lower in two straight sessions, slipping more than 6 points or 0.4 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,490-point plateau and it's looking at another soft start again on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The SET finished slightly lower on Monday as losses from the industrials, technology stocks and properties were offset by support from the resource and financial sectors.
For the day, the index eased 1.08 points or 0.07 percent to finish at 1,488.74 after trading between 1,482.75 and 1,494.67. Volume was 9.827 billion shares worth 41.652 billion baht. There were 265 decliners and 207 gainers, with 191 stocks finishing unchanged.
Among the actives, Advanced Info improved 0.71 percent, while Thailand Airport was down 0.39 percent, Asset World slid 0.53 percent, Bangkok Bank fell 0.32 percent, Bangkok Dusit Medical jumped 1.72 percent, Bangkok Expressway increased 0.61 percent, BTS Group rallied 0.88 percent, CP All Public slumped 0.74 percent, Charoen Pokphand Foods advanced 0.97 percent, Energy Absolute declined 1.79 percent, Gulf added 0.73 percent, Kasikornbank dropped 0.99 percent, Krung Thai Bank lost 0.47 percent, PTT Oil Retail sank 0.60 percent, PTT gained 0.74 percent, PTT Exploration and Production dipped 0.39 percent, PTT Global Chemical skidded 0.98 percent, Siam Commercial Bank soared 3.64 percent, Siam Concrete shed 0.47 percent, Thai Oil tanked 2.62 percent, True Corporation retreated 1.68 percent, TTB Bank collected 0.55 percent and Krung Thai Card, SCG Packaging, Banpu and B. Grimm were unchanged.
The lead from Wall Street is mixed to soft as the major averages opened lower on Monday and largely stayed that way, although the NASDAQ broke into the green late in the day.
The Dow stumbled 344.25 points or 0.80 percent to finish at 42,931.25, while the NASDAQ gained 50.45 points or 0.27 percent to close at 18,540.01 and the SP 500 fell 10.69 points or 0.18 percent to end at 5,853.98.
The mixed performance on Wall Street came as profit taking brought the Dow down from a record closing high, while tech shares boosted the NASDAQ to a three-month closing high.
Overall trading activity was relatively subdued as traders looked ahead to the release of a slew of corporate earnings news from big-name companies later this week.
In economic news, the Conference Board said its reading on leading U.S. economic indicators fell by more than expected in the month of September.
Oil prices moved higher on Monday on possible disruptions in supplies due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November ended up by $1.34 or 1.94 percent at $70.56 a barrel.
Asian Markets Trade Mostly Lower
(RTTNews) - Asian stock markets are trading mostly lower on Tuesday, following the mixed cues from Wall Street overnight, as bond yields surged on cooling expectations on US Fed interest rate cuts. Traders also booked some profits after the recent up surge in the markets. The uncertainty over wars in the Middle East and Europe as well as the U.S. presidential election is weighing on market sentiment. Asian markets closed mixed on Monday.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 87.0 chance of just a 25 basis point rate cut next month. Dallas Fed President Lorie Logan said that she supported gradual rate cuts to help manage the risks and accomplish the goals.
Reversing the gains in the previous session, the Australian stock market is trading sharply lower on Tuesday, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is falling well below the 8,300 level, with weakness across most sectors led by energy and technology stocks. Gold miner stocks were the only bright spot.
The benchmark SP/ASX 200 Index is losing 114.00 points or 1.37 percent to 8,230.40, after hitting a low of 8,215.10 earlier. The broader All Ordinaries Index is down 109.20 points or 1.27 percent to 8,494.90. Australian stocks closed notably higher on Monday.
Among the major miners, BHP Group is losing almost 1 percent and Mineral Resources is slipping almost 5 percent, while Rio Tinto and Fortescue Metals are declining more than 1 percent each.
Oil stocks are mostly lower. Origin Energy is losing almost 2 percent each, while Woodside Energy and Santos are down almost 1 percent each. Beach energy is edging up 0.4 percent.
Among tech stocks, Zip is losing more than 2 percent, WiseTech Global is declining almost 3 percent, Afterpay owner Block is edging down 0.5 percent, Xero is down more than 1 percent and Appen is slipping almost 2 percent.
Gold miners are mostly higher. Gold Road Resources and Resolute Mining are gaining almost 1 percent each, while Newmont and Northern Star resources are edging up 0.2 to 0.3 percent each. Evolution Mining is down almost 1 percent.
Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are losing more than 1 percent each, while ANZ Banking is declining almost 1 percent.
In other news, shares in Audinate Group sank more than 9 percent after the software maker warned it will not meet its full-year gross profit target, saying "headwinds" are expected to continue into Q2.
In the currency market, the Aussie dollar is trading at $0.667 on Tuesday.
The Japanese stock market is sharply lower on Tuesday, adding to the slight losses in the previous session, with the Nikkei 225 falling to a tad below the 38,400 level, following the mixed cues from Wall Street overnight, with weakness across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 38,399.47, down 555.13 points or 1.43 percent, after hitting a low of 38,200.82 earlier. Japanese shares ended slightly lower on Monday.
Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is declining more than 2 percent. Among automakers, Honda is losing almost 1 percent, while Toyota is edging up 0.3 percent.
In the tech space, Advantest is losing almost 2 percent, Screen Holdings is declining 1.5 percent and Tokyo Electron is slipping more than 2 percent.
In the banking sector, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial are losing more than 1 percent each.
The major exporters are mostly lower. Mitsubishi Electric is losing more than 2 percent, Panasonic is declining more than 1 percent and Sony is down almost 1 percent, while Canon is edging up 0.3 percent.
Among the other major losers, M3 is losing more than 4 percent and Ebara is slipping almost 4 percent, while Ryohin Keikaku and Toto are slipping more than 3 percent each. Minebea Mitsumi, Mercari, Tokyo Tatemono, Socionext, Mitsubishi Electric, Renesas Electronics and Keisei Electric Railway are declining almost 3 percent each.
Conversely, there are no other major gainers.
In the currency market, the U.S. dollar is trading in the higher 150 yen-range on Tuesday.
Elsewhere in Asia, South Korea is down 1.0 percent, while New Zealand, Singapore, Taiwan and Indonesia are lower by between 0.1 and 0.6 percent each. China, Hong Kong and Malaysia are higher by between 0.1 and 0.5 percent each.
On Wall Street, stocks turned in a mixed performance during trading on Monday following recent strength on Wall Street. While the Dow showed a notable pullback, the tech-heavy Nasdaq managed to end the day in positive territory.
The Dow slid 344.31 points or 0.8 percent to 42,931.60 and the SP 500 dipped 10.69 points or 0.2 percent to 5,853.98, but the Nasdaq rose 50.45 points or 0.3 percent to 18,540.01.
Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.5 percent, the German DAX Index and the French CAC 40 Index both slumped by 1.0 percent.
Crude oil prices moved higher on Monday on possible disruptions in supplies due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November ended up by $1.34 or 1.94 percent at $70.56 a barrel.
TSX Turns Weak After Hitting New High, Ends 0.4% Down
(RTTNews) - The Canadian market rose to a new record high Monday morning, but retreated soon and stayed weak right through the session as investors turned cautious ahead of earnings updates and some key economic events, including the Bank of Canada's monetary policy meeting due this week.
The Canadian central bank is widely expected to reduce its key policy rate by 50 basis points, marking its fourth cut in a row.
The benchmark SP/TSX Composite Index, which hit a new record high at 24,922.92 in early trades, ended the session with a loss of 99.21 points or 0.4% at 24,723.33.
Real estate, utilities, technology and consumer staples shares were among the notable losers. Energy and materials stocks found some support as commodity prices rose.
Magna International (MG.TO), goeasy (GSY.TO), Teck Resources (TECK.A.TO), BRP Inc (DOO.TO), Cargojet (CJT.TO) and Stella-Jones (SJ.TO) ended lower by 2 to 3.6%.
Loblaw Companies (L.TO), Morguard Corporation (MRC.TO), TFI International (TFII.TO), West Fraser Timber (WFG.TO), Constellation Software (CSU.TO), CGI Inc (GIB.A.TO), Dollarama Inc (DOL.TO) and George Weston (WN.TO) lost 1 to 2%.
RB Global (RBA.TO) climbed 6.6%. Hut 8 Corp (HUT.TO) ended nearly 6% up. Brookfield Renewable Corporation (BEPC.TO) and MAG Silver Corp (MAG.TO) gained about 5% and 4.7%, respectively.
Restaurant Brands International (QSR.TO), Seabridge Gold (SEA.TO), Bombardier Inc (BBD.B.TO), AtkinsRealis Group (ATRL.TO) and Ag Growth International (AFN.TO) were among the other major gainers in the session.
