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European Shares Likely To Open On Mixed Note Ahead Of US CPI Data
(RTTNews) - European stocks look set to open on a mixed note Wednesday, after having suffered heavy losses in the previous session amid much uncertainty over how U.S.-President-elect Trump's tariff proposals and Fed's restrictive monetary policy will impact markets.
Fed Minneapolis President Neel Kashkari on Tuesday said he'll be watching the inflation data closely to determine how far the Fed should go in cutting the benchmark for short-term borrowing costs.
Richmond Fed President Thomas Barkin called the current level of rates "somewhat less restrictive" than it had been, and said the Fed is currently in a position to respond appropriately regardless of how the economy evolves.
The highly anticipated Labour Department's report on consumer price inflation for October is due later in the day.
Trading activity in bond markets point to a stronger CPI number, which could dampen hopes for another interest-rate cut at the U.S. central bank's December meeting.
The CPI report along with reports on U.S. producer price inflation, retail sales and industrial production due later in the week may provide further insights into the state of the economy and potential interest-rate cuts.
Asian markets followed Wall Street lower, the dollar held firm and gold traded higher above $2,600 per ounce while oil steadied near its lowest level this month, as OPEC cut its forecast for global oil demand growth in 2024.
U.S. stocks fluctuated before ending slightly lower overnight as investors booked some profits from a post-election rally ahead of closely watched economic data due later in the week.
The SP 500 dipped 0.3 percent to snap a five-session winning streak and log its worst day since Oct. 31 as Treasury yields surged in anticipation that Donald Trump's pledged policies on tariffs will rekindle inflation and keep U.S. interest rates high.
The Dow shed 0.9 percent and the tech-heavy Nasdaq Composite slid 0.1 percent.
European shares fell sharply on Tuesday as ECB policymakers warned that Trump's protectionist policies would put upward pressure on inflation and hamper global growth.
The pan-European STOXX 600 plummeted 2 percent. The German DAX lost 2.1 percent, France's CAC 40 tumbled 2.7 percent and the U.K.'s FTSE 100 gave up 1.2 percent.
Steady Start Eyed For South Korea Stock Market
(RTTNews) - The South Korea stock market has finished lower in four straight sessions, slumping almost 250 points or 5.8 percent along the way. The KOSPI now sits just beneath the 2,420-point plateau although it's due for support on Thursday.
The global forecast for the Asian markets is murky on a mixed outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to follow that lead.
The KOSPI finished sharply lower on Wednesday following losses from the financial shares, technology stocks, industrials and other exporters.
For the day, the index plunged 65.49 points or 2.64 percent to finish at 2,417.08 after trading between 2,415.77 and 2,478.87. Volume was 605 million shares worth 10.8 trillion won. There were 801 decliners and 104 gainers.
Among the actives, Shinhan Financial collected 0.36 percent, while KB Financial retreated 1.83 percent, Hana Financial weakened 1.30 percent, Samsung Electronics tumbled 4.53 percent, Samsung SDI tanked 3.40 percent, LG Electronics eased 0.23 percent, SK Hynix shed 1.56 percent, Naver added 0.44 percent, LG Chem surrendered 5.40 percent, Lotte Chemical skidded 2.45 percent, SK Innovation slumped 2.95 percent, POSCO plunged 5.25 percent, SK Telecom slid 0.70 percent, KEPCO rallied 3.26 percent, Hyundai Mobis lost 0.98 percent, Hyundai Motor stumbled 3.43 percent and Kia Motors dropped 1.20 percent.
The lead from Wall Street offers little clarity as the major averages opened slightly higher on Wednesday but quickly faded and wound up mixed and little changed.
The Dow added 47.21 points or 0.11 percent to finish at 43,958.19, while the NASDAQ sank 50.66 points or 0.26 percent to close at 19,230.74 and the SP 500 perked 1.39 points or 0.02 percent to end at 5,985.38.
The choppy trading on Wall Street came following the release of closely watched consumer price inflation data that came in line with estimates.
While the data increased confidence that the Federal Reserve will continue lowering interest rates next month, inflation remaining somewhat sticky led to uncertainty about the likelihood of future rate cuts.
CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.
Oil prices climbed higher on Wednesday thanks to short covering after recent sharp losses, while a firm dollar also weighed. West Texas Intermediate crude oil futures for December closed up $0.31 or 0.46 percent at $68.43 a barrel.
U.S. Dollar Higher On Trump's Policy Outlook
(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Wednesday on hopes that President-elect Donald Trump's policies on tariffs will rekindle inflation and keep interest rates high.
Trump's policy proposals, such as tax cuts and import tariffs, would put upward pressure on inflation and prompt the central bank to adopt a restrictive monetary policy.
Dallas Federal Reserve President Lorie Logan urged caution on future rate cuts as inflation could re-acclerate, if Fed cuts too far past neutral.
The Fed will likely need more cuts, but how much and how soon are not clear.
If bond yields continue to rise, the Fed may need less-restrictive policy, Logan noted.
Data from the Labor Department showed that consumer prices in the U.S. rose in line with economist estimates in the month of October.
The consumer price index crept up by 0.2 percent in October, matching the upticks seen in each of the three previous months as well as expectations.
Excluding food and energy prices, core consumer prices climbed by 0.3 percent in October, matching the increases seen in each of the two previous months along with expectations.
The greenback moved up to near a 4-month high of 155.42 against the yen, more than 1-year high of 1.0555 against the euro and more than a 3-month high of 1.2686 against the pound, off its early lows of 154.33, 1.0653 and 1.2768, respectively. The next possible resistance for the currency is seen around 161.00 against the yen, 1.04 against the euro and 1.25 against the pound.
The greenback climbed to a 4-1/2-year high of 1.3999 against the loonie and more than 3-month highs of 0.6479 against the aussie and 0.5880 against the kiwi, from its early lows of 1.3930, 0.6545 and 0.5947, respectively. The currency is poised to challenge resistance around 1.41 against the loonie, 0.63 against the aussie and 0.57 against the kiwi.
The greenback touched a 3-1/2-month high of 0.8853 against the franc, from an early 2-day low of 0.8797. Immediate resistance for the currency is seen around the 0.90 level.
TSX Records New Closing High
(RTTNews) - The Canadian market posted a new record closing high on Wednesday thanks to strong buying in the technology sector. Energy stocks found some support, while materials shares drifted lower.
Expectations of more interest rate cuts by the Federal Reserve helped underpin sentiment.
Data from the Labor Department said the consumer price index crept up by 0.2% in October. The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% a month earlier. The rate of core consumer price growth was unchanged from the previous month at 3.3%, which was also in line with estimates.
The benchmark SP/TSX Composite Index closed up 66.01 points or 0.26% at 24,989.02. The index touched a low of 24,860.56 and a high of 25,002.96 in the session.
CAE Inc (CAE.TO) ended with a big gain of 12%. Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO), Hammond Power Solutions (HPS.A.TO), Hut 8 Corp (HUT.TO), ATS Corporation (ATS.TO) and Molson Coors Canada (TPX.B.TO) gained 3 to 6%.
Suncor Energy (SU.TO) rallied more than 4% after reporting stronger than expected quarterly earnings.
Boyd Group Services (BYD.TO), Premium Brands Holdings Corporation (PBH.TO), Constellation Software (CSU.TO), Alimentation Couche-Tard (ATD.TO), Kinaxis Inc (KXS.TO), TFI International (TFII.TO) and Descartes Systems Group (DSG.TO) gained 1 to 2.3%.
Finning International (FTT.TO) tanked 9.1%. Power Corporation of Canada (POW.TO), Bombardier Inc (BBD.B.TO), George Weston (WN.TO), Teck Resources (TECK.B.TO), Rogers Communications (RCI.A.TO) and Cameco Corporation (CCO.TO) lost 2 to 4%.
Loblaw Companies Ltd. (L.TO) shares closed down 2.4%. The company reported adjusted net earnings of $767 million for the third-quarter, an increase of $48 million, or 6.7%, compared to a year ago.
Maple Leaf Foods Inc. (MFI.TO) ended more than 5% down. The company reported earnings for the third quarter of 2024 were $18 million ($0.14 per basic share) compared to a loss of $4 million ($0.04 loss per basic share) last year.
European Stocks Close Lower For 2nd Straight Day
(RTTNews) - European stocks closed lower on Wednesday amid concerns that Donald Trump's protectionist policies would put upward pressure on inflation and hamper global growth. Investors also digested regional economic data and earnings updates.
The pan European Stoxx 600 closed down 0.13%. Germany's DAX and France's CAC 40 drifted down 0.16% and 0.14%, respectively. The U.K.'s FTSE 100 edged up 0.06%, while Switzerland's SMI settled lower by 0.07%.
Among other markets in Europe, Austria, Greece, Ireland, Netherlands, Norway, Poland, Portugal, Spain and Sweden closed weak.
Belgium, Denmark, Finland, Iceland and Russia ended higher.
In the UK market, Intermediate Capital Group closed down 7.2%. DCC ended down 3.79% and Convatec Group declined 3.03%.
Segro, BAE Systems, Experian, Land Securities Group, Spirax Group, RightMove, Barratt Redrow, Whitbread, Pearson, Intertek Group, Persimmon, British Land, National Grid and Londonmetric Property lost 1.3 to 3%.
Smiths Group zoomed 10.5% after the engineering group resumed and increased its share buyback program. Flutter Entertainment, a leading operator in the online sports betting and iGaming industry, climbed nearly 7% after reporting robust third-quarter results.
Babcock International gained 3.3% as the weapons maker reported a sharp jump in half-year profits and backed FY25 expectations. Vodafone Group gained 3% and Standard Chartered rallied 2.3%.
Fresnillo, Diploma, Scottish Mortgage, AstraZeneca, Admiral Group, Ashtead Group, Lloyds Banking Group, Sage Group, Melrose Industries and HSBC Holdings gained 1 to 1.7%.
In the German market, Infineon lost more than 4%. Bayer ended nearly 4% down, and Volkswagen drifted down almost 3%. Symrise, Qiagen, Vonovia, Sartorius, BMW, Daimler Truck Holding, Deutsche Bank, Porsche, Deutsche Post, Mercedes-Benz, Siemens Healthineers and Fresenius lost 1 to 2.2%.
Siemens Energy soared about 18% after the German utility sector supplier raised its mid-term targets and set a new record for its order book.
RWE closed up nearly 7% after the company announced a €1.5 billion share buyback program. Brenntag gained about 2.3%.
In the French market, STMicroElectronics lost more than 4%. Capgemini, Edenred, Thales, Societe Generale, Michelin, Dassault Systemes, Eurofins Scientific, Vinci, Bouygues, Renault and Airbus Group closed lower by 1 to 3.5%.
Publicis Groupe climbed 1.5%. Hermes International, Saint Gobain, Kering, Schneider Electric, Air Liquide and Safran gained 0.6 to 1.1%.
Data from the statistical office INSEE showed France's unemployment rate rose marginally in the third quarter. The ILO jobless rate rose to 7.4% from 7.3% in the second quarter. The rate was 7.4% in the same period last year and also matched expectations.
Data from the Labor Department said U.S. consumer price index crept up by 0.2% in October. The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% a month earlier. The rate of core consumer price growth was unchanged from the previous month at 3.3%, which was also in line with estimates.
Swiss Market Closes Slightly Higher
(RTTNews) - The Switzerland market closed slightly down on Wednesday, after spending almost the entire duration of the day's session in the red.
The benchmark SMI ended down 8.28 points or 0.07% at 11,703.81 after scaling a low of 11,616.57 and a high of 11,722.73 intraday.
Adecco closed nearly 2% down. Givaudan, Partners Group and VAT Group ended lower by 1.3 to 1.6%. SIG Group, Sika, Geberit, Straumann Holding, Lindt Spruengli, Julius Baer and Sonova lost 0.8 to 1.1%.
Swiss Life Holding climbed 1.52%, and Sandoz Group gained 1.46%. Richemont and Zurich Insurance closed up 1.29% and 1.01%, respectively.
Schindler Ps, Kuehne + Nagel, Swatch Group, ABB and Holcim also closed higher.
Shares of SoftwareOne climbed nearly 8% after the company confirmed its revenue growth guidance for 2024 to be in the range of 2% to 5% in constant currency terms.
Alcon edged up marginally after reporting a 6% (y-o-y) increase in third-quarter net sales to $2.43 billion.
TSX Recovers After Early Setback; Technology Stocks Shining Again
(RTTNews) - The Canadian benchmark SP/TSX Composite Index is up marginally a little past noon on Wednesday, with technology stocks once again outperforming the broad market.
Stocks from the rest of the sectors are turning in a mixed performance with investors reacting to some earnings updates, and digesting U.S. consumer price inflation data that came in line with estimates.
Data from the Labor Department said the consumer price index crept up by 0.2% in October. The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% a month earlier. The rate of core consumer price growth was unchanged from the previous month at 3.3%, which was also in line with estimates.
The benchmark SP/TSX Composite Index, which dropped to 24,860.56, has recovered to 24,962.61, up 39.60 points or 0.16% from the previous close.
The Information Technology Capped Index is up 1.53%, lifted by gains in Coveo Solutions (CVO.TO), Tecsys Inc (TCS.TO), BlackBerry (BB.TO) and Shopify Inc (SHOP.TO). These stocks are up 3 to 4.5%.
Lightspeed Commerce (LSPD.TO), Docebo Inc (DCBO.TO), Constellation Software (CSU.TO), Descartes Systems Group (DSG.TO), Kinaxis Inc (KXS.TO) and Open Text Corporation (OTEX.TO) are gaining 1.5 to 2.3%.
Hut 8 Corp (HUT.TO) is rising 11%. CAE Inc (CAE.TO) is gaining about 7.5%. Suncor Energy (SU.TO) is up 3.5%. Molson Coors Canada (TPX.A.TO), Premium Brands International (PBH.TO), TFI International (TFII.TO) and iA Financial Corporation (IAG.TO) are up 1.5 to 3%.
Finning International (FTT.TO) is down nearly 11%. Power Corporation of Canada (POW.TO) is declining 5.2% and Parkland Corporation (PKI.TO) is down 4.4%.
Bombardier Inc (BBD.B.TO), Teck Resources (TECK.B.TO), Cameco Corporation (CCO.TO), Boyd Group Services (BYD.TO) and George Weston (WN.TO) are down 1.6 to 2.8%.
Loblaw Companies (L.TO) is declining 2.5%. The company reported adjusted net earnings of $767 million for the third-quarter, an increase of $48 million, or 6.7%, compared to a year ago.
Hudbay Minerals (HBM.TO) is up nearly 1% after reporting net earnings of $49.8 million, or $0.13 per share in the third quarter of 2024, compared to net loss of $16.6 million, or $0.05 per share in the year-ago quarter.
Maple Leaf Foods Inc. (MFI.TO) is down 4.3%. The company reported earnings for the third quarter of 2024 were $18 million ($0.14 per basic share) compared to a loss of $4 million ($0.04 loss per basic share) last year.
Dollar Gains Against Major Counterparts
(RTTNews) - The U.S. dollar stayed a bit sluggish in the European session on Wednesday, but gained in strength in the New York session on bets interest rates will remain high as Donald Trump's policies might rekindle inflation. Data showing an uptick in consumer price inflation contributed as well to the dollar's rise.
Data from the Labor Department said the consumer price index crept up by 0.2% in October, matching the upticks seen in each of the three previous months as well as expectations.
The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% in September. The faster growth also came in line with economist estimates.
Excluding food and energy prices, core consumer prices climbed by 0.3% in October, matching the increases seen in each of the two previous months along with expectations. The annual rate of core consumer price growth was unchanged from the previous month at 3.3 percent, which was also in line with estimates.
The dollar index climbed to a 52-week high of 106.54 and was at 106.48 a little while ago, up 0.44% from previous close.
Against the Euro, the dollar strengthened to 1.0566 from 1.0624, and firmed to 1.2710 against Pound Sterling from 1.2749.
The dollar climbed against the Japanese currency, rising to 155.48 yen from 154.62 yen. Against the Aussie, the dollar firmed to 0.6486.
The Swiss franc weakened to 0.8858 a unit of dollar, while the Loonie eased to 1.3997 against the greenback.
Australia Unemployment Data Due On Thursday
(RTTNews) - Australia will on Thursday release October numbers for unemployment, highlighting a light day for Asia-Pacific economic activity.
The Australian economy is expected to have added 25,200 jobs last month after gaining 64,100 jobs in September. The jobless rate is seen steady at 4.1 percent and the participation rate is also called unchanged at 67.2 percent.
Little Movement Expected For Malaysia Stock Market
(RTTNews) - The Malaysia stock market on Wednesday ended the four-day slide in which it had dropped more than 25 points or 1.7 percent. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau and it's expected to remain in that neighborhood again on Thursday.
The global forecast for the Asian markets is murky on a mixed outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to follow that lead.
The KLCI finished slightly higher on Wednesday as gains from the industrials were capped by profit taking among the plantations and a mixed picture from the financial shares.
For the day, the index rose 3.07 points or 0.19 percent to finish at 1,611.50 after trading between 1,602.71 and 1,611.54.
Among the actives, Celcomdigi slumped 0.61 percent, while Genting gained 0.80 percent, Genting Malaysia improved 0.95 percent, IHH Healthcare lost 0.28 percent, IOI Corporation declined 1.23 percent, Kuala Lumpur Kepong retreated 1.42 percent, Maxis spiked 1.97 percent, Maybank sank 0.57 percent, MISC rose 0.51 percent, Nestle Malaysia was up 0.20 percent, Petronas Chemicals tumbled 1.94 percent, PPB Group shed 0.42 percent, Press Metal rallied 1.55 percent, Public Bank collected 0.68 percent, QL Resources dipped 0.21 percent, RHB Bank climbed 1.10 percent, Sime Darby increased 0.80 percent, SD Guthrie plunged 2.72 percent, Sunway fell 0.22 percent, Telekom Malaysia stumbled 1.84 percent, Tenaga Nasional surged 2.13 percent, YTL Corporation advanced 0.98 percent, YTL Power jumped 1.56 percent and Axiata, CIMB Group, MRDIY and Petronas Dagangan were unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly higher on Wednesday but quickly faded and wound up mixed and little changed.
The Dow added 47.21 points or 0.11 percent to finish at 43,958.19, while the NASDAQ sank 50.66 points or 0.26 percent to close at 19,230.74 and the SP 500 perked 1.39 points or 0.02 percent to end at 5,985.38.
The choppy trading on Wall Street came following the release of closely watched consumer price inflation data that came in line with estimates.
While the data increased confidence that the Federal Reserve will continue lowering interest rates next month, inflation remaining somewhat sticky led to uncertainty about the likelihood of future rate cuts.
CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.
Oil prices climbed higher on Wednesday thanks to short covering after recent sharp losses, while a firm dollar also weighed. West Texas Intermediate crude oil futures for December closed up $0.31 or 0.46 percent at $68.43 a barrel.
Taiwan Stock Market Due For Support On Thursday
(RTTNews) - The Taiwan stock market has moved lower in three straight sessions, tumbling almost 700 points or 3 percent along the way. The Taiwan Stock Exchange now rests just above the 22,860-point plateau and it may see mild upside on Thursday.
The global forecast for the Asian markets is murky on a mixed outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to follow that lead.
The TSE finished modestly lower on Wednesday following losses from the plastics and mixed performances from the financial shares and technology stocks.
For the day, the index retreated 121.54 points or 0.53 percent to finish at the daily low of 22,860.23 after peaking at 23,046.47.
Among the actives, Cathay Financial and CTBC Financial both perked 0.17 percent, while First Financial and Mega Financial both collected 0.38 percent, Fubon Financial lost 0.76 percent, E Sun Financial eased 0.18 percent, Taiwan Semiconductor Manufacturing Company declined 1.43 percent, United Microelectronics Corporation and Asia Cement both shed 0.65 percent, Hon Hai Precision rose 0.23 percent, Largan Precision soared 4.43 percent, Catcher Technology dipped 0.23 percent, MediaTek sank 0.79 percent, Delta Electronics dropped 0.88 percent, Novatek Microelectronics jumped 1.97 percent, Formosa Plastics fell 0.44 percent and Nan Ya Plastics slumped 0.98 percent.
The lead from Wall Street offers little clarity as the major averages opened slightly higher on Wednesday but quickly faded and wound up mixed and little changed.
The Dow added 47.21 points or 0.11 percent to finish at 43,958.19, while the NASDAQ sank 50.66 points or 0.26 percent to close at 19,230.74 and the SP 500 perked 1.39 points or 0.02 percent to end at 5,985.38.
The choppy trading on Wall Street came following the release of closely watched consumer price inflation data that came in line with estimates.
While the data increased confidence that the Federal Reserve will continue lowering interest rates next month, inflation remaining somewhat sticky led to uncertainty about the likelihood of future rate cuts.
CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.
Oil prices climbed higher on Wednesday thanks to short covering after recent sharp losses, while a firm dollar also weighed. West Texas Intermediate crude oil futures for December closed up $0.31 or 0.46 percent at $68.43 a barrel.
Asian Markets Trade Mostly Lower
(RTTNews) - Asian stock markets are trading mostly lower on Thursday, following the mixed cues from Wall Street overnight, as traders fretted about the impact of U.S. President-elect Donald Trump's proposed tariffs on inflation and interest rates. The US dollar also strengthened against major currencies in the region. Asian Markets closed mostly lower on Wednesday.
There is some uncertainty about the likelihood of future rate cuts after US consumer price inflation data came in line with estimates. CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.
The Australian market is trading slightly higher on Thursday, snapping the three-session losing streak, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,200 level, with gains in technology, energy and financial stocks partially offset by weakness in mining stocks.
The benchmark SP/ASX 200 Index is gaining 12.90 points or 0.16 percent to 8,206.30, after touching a high of 8,239.40 earlier. The broader All Ordinaries Index is up 8.00 points or 0.10 percent to 8,458.90. Australian stocks ended significantly lower on Wednesday.
Among major miners, BHP Group is edging down 0.1 percent and Fortescue Metals is losing more than 1 percent, while Rio Tinto is gaining more than 1 percent and Mineral Resources is edging up 0.5 percent.
Oil stocks are mostly higher. Beach energy is edging up 0.4 percent, while Woodside Energy, Origin Energy and Santos are adding almost 1 percent each.
In the tech space, Afterpay owner Block is gaining almost 2 percent, Appen is adding more than 1 percent and Xero is surging 6.5 percent, while WiseTech Global and Zip are losing almost 1 percent each.
Among the big four banks, Commonwealth Bank is adding almost 2 percent, while National Australia Bank, ANZ Banking and Westpac are gaining more than 1 percent each.
Among gold miners, Evolution Mining and Gold Road Resources are losing more than 1 percent each, while Resolute Mining is slipping 3.5 percent, Northern Star Resources is declining more than 2 percent and Newmont is edging down 0.4 percent.
In economic news, the unemployment rate in Australia came in at a seasonally adjusted 4.1 percent in October, the Australian Bureau of Statistics said on Thursday - unchanged from the previous month and in line with expectations. The Australian economy added 15,900 jobs, which missed forecasts for an increase of 25,200 jobs following the addition of 64,100 in September.
Full-time employment increased by 9,700 to 10,037,700 people, while part-time employment increased by 6,200 to 4,499,800 people. The participation rate was 67.1 percent, shy of expectations for 67.2 percent - which would have been unchanged. Monthly hours worked increased to 1.972 billion.
In the currency market, the Aussie dollar is trading at $0.647 on Thursday.
Reversing some of losses in the previous two sessions, the Japanese market is slightly higher on Thursday after briefly slipping in to the red, following the mixed cues from Wall Street overnight. The Nikkei 225 is staying above the 38,700 level, with gains in exporters, automakers and financial stocks partially offset by weakness in index heavyweights and technology stocks
The benchmark Nikkei 225 Index closed the morning session at 38,761.02, up 39.36 points or 0.10 percent, after touching a high of 39,084.44 and a low of 38,621.88 earlier. Japanese shares ended sharply lower on Wednesday.
Market heavyweight SoftBank Group is losing more than 2 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Toyota is gaining 1.5 percent and Honda is adding more than 1 percent.
In the tech space, Tokyo Electron is losing more than 3 percent, Advantest is down more than 1 percent and Screen Holdings is edging down 0.4 percent.
In the banking sector, Mizuho Financial is gaining almost 1 percent, Sumitomo Mitsui Financial is edging up 0.1 percent and Mitsubishi UFJ Financial is adding more than 1 percent.
Among the major exporters, Canon is adding almost 2 percent, Sony is up almost 1 percent, Mitsubishi Electric is advancing 2.5 percent and Panasonic is gaining almost 3 percent.
Among other major losers, Kansai Electric Power is plummeting more than 16 percent, Toppan Holdings is plunging more than 6 percent, Sumitomo Pharma is sliding more than 5 percent, Kuraray is slipping almost 5 percent and Lasertec is losing more than 4 percent, while Isetan Mitsukoshi and Dai Nippon Printing are declining almost 4 percent each. Sumco, JGC Holdings and Seven I Holdings are down more than 3 percent each, while ZOZO is declining almost 3 percent.
Conversely, Mercari is surging more than 7 percent and Kubota is gaining more than 6 percent, while Sumitomo Electric Industries and Sapporo Holdings are adding more than 5 percent each. Furukawa Electric, Fanuc and Fujitsu are advancing almost 4 percent each, while Kawasaki Heavy Industries, Mitsui Co. and Mitsubishi Heavy Industries are rising more than 3 percent each. Itochu, Mazda Motor and Mitsubishi Chemical Group are up almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 155 yen-range on Thursday.
Elsewhere in Asia, China, Hong Kong, Singapore, Malaysia, Taiwan and Indonesia are lower by between 0.1 and 1.0 percent each, while New Zealand and South Korea are up 0.1 and 0.4 percent, respectively.
On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday, with the major averages bouncing back and forth across the unchanged line following the pullback seen in the previous session.
The major averages eventually ended the day narrowly mixed. While the tech-heavy Nasdaq dipped 50.66 points or 0.3 percent to 19,230.74, the SP 500 crept up 1.39 points or less than a tenth of a percent to 5,985.38 and the Dow inched up 47.21 points or 0.1 percent to 43,958.19.
The major European markets also finished the day narrowly mixed. While the U.K.'s FTSE 100 Index inched up 0.1 percent, the French CAC 40 Index edged down 0.1 percent and the German DAX Index dipped 0.2 percent.
Crude oil prices climbed higher on Wednesday thanks to short covering after recent sharp losses, while a firm dollar also weighed. West Texas Intermediate crude oil futures for December closed up $0.31 or 0.46 percent at $68.43 a barrel.
Singapore Bourse May Be Stuck In Neutral On Thursday
(RTTNews) - The Singapore stock market bounced higher again on Wednesday, one day after ending the six-day winning streak in which it had surged almost 185 points or 5.1 percent. The Straits Times Index now sits just above the 3,720-point plateau and it may spin its wheels on Thursday.
The global forecast for the Asian markets is murky on a mixed outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to follow that lead.
The STI finished modestly higher on Wednesday following gains from the financials, weakness from the properties and a mixed picture from the industrials.
For the day, the index gained 8.86 points or 0.24 percent to finish at 3,720.34 after trading between 3,670.70 and 3,723.58.
Among the actives, CapitaLand Integrated Commercial Trust rose 0.51 percent, while CapitaLand Investment dropped 0.71 percent, City Developments slumped 1.15 percent, DBS Group advanced 1.04 percent, Genting Singapore tumbled 1.27 percent, Hongkong Land plunged 2.00 percent, Keppel DC REIT rallied 1.35 percent, Mapletree Industrial Trust slid 0.44 percent, Oversea-Chinese Banking Corporation collected 0.56 percent, SATS shed 0.53 percent, Seatrium Limited lost 0.52 percent, SembCorp Industries skidded 0.98 percent, Singapore Technologies Engineering gained 0.64 percent, SingTel added 0.95 percent, Thai Beverage jumped 1.96 percent, Wilmar International sank 0.65 percent, Yangzijiang Shipbuilding climbed 1.17 percent and Keppel Ltd, Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, Emperador, Yangzijiang Financial and Comfort DelGro were unchanged.
The lead from Wall Street offers little clarity as the major averages opened slightly higher on Wednesday but quickly faded and wound up mixed and little changed.
The Dow added 47.21 points or 0.11 percent to finish at 43,958.19, while the NASDAQ sank 50.66 points or 0.26 percent to close at 19,230.74 and the SP 500 perked 1.39 points or 0.02 percent to end at 5,985.38.
The choppy trading on Wall Street came following the release of closely watched consumer price inflation data that came in line with estimates.
While the data increased confidence that the Federal Reserve will continue lowering interest rates next month, inflation remaining somewhat sticky led to uncertainty about the likelihood of future rate cuts.
CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.
Oil prices climbed higher on Wednesday thanks to short covering after recent sharp losses, while a firm dollar also weighed. West Texas Intermediate crude oil futures for December closed up $0.31 or 0.46 percent at $68.43 a barrel.
Australian Dollar Falls Against Majors
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Thursday.
The Australian dollar fell to nearly a 3-1/2-month low of 0.6460 against the U.S. dollar, more than a 2-month low of 0.9053 against the Canadian dollar and a 1-week low of 1.6318 against the euro, from yesterday's closing quotes of 0.6485, 0.9076 and 1.6286, respectively.
Against the yen, the aussie edged down to 100.73 from yesterday's closing value of 100.81.
If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 0.88 against the loonie, 1.65 against the euro and 99.00 against the yen.
KFC Files Against Church's Texas Chicken Over 'Original Recipe' Ads
(RTTNews) - Fast-food restaurant chain KFC, owned by Yum! Brands, has sued rival Church's Texas Chicken in federal court for allegedly violating its trademark rights by using "Original Recipe" phrase in its ads.
In a filing with the U.S. District Court for the Eastern District of Texas, the fried chicken chain complained that the use of phrase in ads for Church's fried chicken is likely to create confusion among customers and dilute the ORIGINAL RECIPE Mark.
With its lawsuit, KFC is seeking monetary damages and an order to block Church's from using the phrase.
As per the complaint, KFC has been using trademarked "Original Recipe" phrase since 1972 to advertise its secret blend of herbs and spices used in chicken recipes. According to KFC, "That combination of 11 herbs and spices is one of the most well-known, iconic trade secrets in the food industry."
Meanwhile, Church's began using the same phrase in its ads for its chicken legs and thighs in September. Church's uses "Our Original Recipe Is Back" in its marketing in television and digital advertisements.
KFC said it sent a letter in October to Church's after finding out the usage, expressing concern that the ads will confuse consumers. The firm reportedly noted that the use of the words undoubtedly have the effect of diminishing the distinctive quality and value of KFC's famous marks. Church's is yet to respond to the letter, the company said.
Reuters quoted a KFC spokesperson as saying, "On behalf of all fried chicken lovers out there, we take it personally when another company tries to claim our iconic taste and branding as their own. We remain committed to protecting our brand's intellectual property and safeguarding the experience of our customers."
Sensex, Nifty Marginally Higher In Early Trade
(RTTNews) - Indian shares held steady on Thursday after recent string of heavy losses amid U.S. policy uncertainty and the ongoing FII selloff.
The benchmark 30-share BSE Sensex was up 56 points at 77,747 in early trade while the broader NSE Nifty index was up 25 points at 23,584.
Vodafone Idea rose about 1 percent after narrowing its Q2 net loss.
Eicher Motors jumped more than 7 percent on logging 8 percent growth in Q2 profit.
AstraZeneca Pharma slumped 5 percent after quarterly net profit declined 27 percent from last year.
Hero MotoCorp, Grasim Industries and Hindustan Aeronautics all traded lower ahead of their earnings results today.
PNB Housing Finance added 1.5 percent after Morgan Stanley, Societe Generale and another entity picked up a 6.82 percent in the company through open market transactions.
NZ Dollar Slides Against Majors
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on Thursday.
The NZ dollar fell to nearly a 3-1/2-month low of 0.5854 against the U.S. dollar, from yesterday's closing value of 0.5879.
Against the euro and the Australian dollar, the kiwi dropped to 3-day lows of 1.8007 and 1.1049 from yesterday's closing quotes of 1.7958 and 1.1025, respectively.
The kiwi edged down to 91.29 against the yen, from Wednesday's closing value of 91.39.
If the kiwi extends its downtrend, it is likely to find support around against the 0.57 against the greenback, 1.83 against the euro, 1.11 against the aussie and 89.00 against the yen.
European Economic News Preview: Eurozone GDP, Industrial Output Data Due
(RTTNews) - Flash GDP and industrial production from the euro area and the account of the monetary policy meeting from the European Central Bank are the top economic news due on Thursday.
At 3.00 am ET, Spain's INE is scheduled to issue final inflation data for October. The flash estimate showed that consumer price inflation rose to 1.8 percent from 1.5 percent in the previous month.
At 5.00 am ET, Eurostat is set to publish euro area flash GDP estimate and industrial production figures. The preliminary flash estimate showed that the Eurozone GDP grew 0.4 percent sequentially in the third quarter after rising 0.2 percent in the second quarter. The statistical office is expected to confirm the estimate published on October 30.
Eurozone industrial output is forecast to fall 1.3 percent on month in September, in contrast to the 1.8 percent increase in August.
At 7.30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the Governing Council held on October 16 and 17. At the meeting, the bank had reduced the key interest rates by 25 basis points.
U.S. Dollar Rises Against Majors
(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Thursday.
The U.S. dollar rose to more than a 1-year high of 1.0534 against the euro and more than a 3-month high of 1.2673 against the pound, from yesterday's closing quotes of 1.0563 and 1.2703, respectively.
Against the yen and the Swiss franc, the greenback climbed to nearly a 4-month high of 156.15 and 0.8879 from Wednesday's closing quotes of 155.45 and 0.8859, respectively.
The greenback advanced to nearly a 4-1/2-year high of 1.4020 against the Canadian dollar, from yesterday's closing value of 1.3996,
If the greenback extends its uptrend, it is likely to find resistance around 1.03 against the euro, 1.25 against the pound, 158.00 against the yen, 0.89 against the franc and 1.41 against the loonie.
European Shares Seen Tad Higher At Open
(RTTNews) - European stocks are seen opening a tad higher on Thursday as in-line U.S. CPI data supported the case for another interest rate cut by the Federal Reserve next month.
Kansas City Federal Reserve chief Jeffrey Schmid on Wednesday said the time is "now" to reduce U.S. interest rates, but it's still uncertain how much further interest rates will decline.
Asian stocks were mostly higher, though Chinese and Hong Kong markets were subdued on deflation worries and concerns over another possible China-U.S. trade war.
The U.S. dollar held firm near a one-year high against major peers, influenced by higher Treasury yields on expectations for deeper deficit spending during Trump's second presidential term.
Gold hovered near two-month lows while oil reversed most of the previous session's gains on fears of higher global output and slow demand growth.
In economic releases, the second reading for eurozone gross domestic product as well as reports on U.S. producer price inflation and weekly jobless claims along with remarks by Fed Chair Jerome Powell may garner investor attention later in the day.
U.S. stocks fluctuated before ending mixed overnight as longer-dated Treasury yields rose amid expectations that the Fed may not reduce rates as much as previously thought.
Data showed the consumer price index rose 0.2 percent for the fourth straight month in October, matching expectations.
The annual rate of consumer price growth accelerated to 2.6 percent from 2.4 percent in September, while the core consumer price inflation rate stood at a three-month high of 3.3 percent, unchanged from September.
The tech-heavy Nasdaq Composite shed 0.3 percent while the SP 500 and the Dow crept up marginally.
European stocks closed lower Wednesday on concerns about regional growth amid fears of inflation and tariffs in the Trump 2.0 era.
The pan European STOXX 600 slipped 0.1 percent. The German DAX dipped 0.2 percent and France's CAC 40 slipped 0.1 percent while the U.K.'s FTSE 100 finished marginally higher.
Japanese Market Slightly Lower
(RTTNews) - Adding to the losses in the previous two sessions, the Japanese market is slightly lower on Thursday after opening in the green, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 38,700 level, with weakness in index heavyweights and technology stocks partially offset by gains in exporters, automakers and financial stocks.
The benchmark Nikkei 225 Index is down 44.99 points or 0.12 percent to 38,676.67, after touching a high of 39,084.44 and a low of 38,621.88 earlier. Japanese shares ended sharply lower on Wednesday.
Market heavyweight SoftBank Group is losing more than 2 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Toyota is gaining 1.5 percent and Honda is adding more than 1 percent.
In the tech space, Tokyo Electron is losing more than 3 percent, Advantest is down more than 1 percent and Screen Holdings is edging down 0.4 percent.
In the banking sector, Mizuho Financial is gaining almost 1 percent, Sumitomo Mitsui Financial is edging up 0.1 percent and Mitsubishi UFJ Financial is adding more than 1 percent.
Among the major exporters, Canon is adding almost 2 percent, Sony is up almost 1 percent, Mitsubishi Electric is advancing 2.5 percent and Panasonic is gaining almost 3 percent.
Among other major losers, Kansai Electric Power is plummeting more than 16 percent, Toppan Holdings is plunging more than 6 percent, Sumitomo Pharma is sliding more than 5 percent, Kuraray is slipping almost 5 percent and Lasertec is losing more than 4 percent, while Isetan Mitsukoshi and Dai Nippon Printing are declining almost 4 percent each. Sumco, JGC Holdings and Seven I Holdings are down more than 3 percent each, while ZOZO is declining almost 3 percent.
Conversely, Mercari is surging more than 7 percent and Kubota is gaining more than 6 percent, while Sumitomo Electric Industries and Sapporo Holdings are adding more than 5 percent each. Furukawa Electric, Fanuc and Fujitsu are advancing almost 4 percent each, while Kawasaki Heavy Industries, Mitsui Co. and Mitsubishi Heavy Industries are rising more than 3 percent each. Itochu, Mazda Motor and Mitsubishi Chemical Group are up almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 1545 yen-range on Thursday.
On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday, with the major averages bouncing back and forth across the unchanged line following the pullback seen in the previous session.
The major averages eventually ended the day narrowly mixed. While the tech-heavy Nasdaq dipped 50.66 points or 0.3 percent to 19,230.74, the SP 500 crept up 1.39 points or less than a tenth of a percent to 5,985.38 and the Dow inched up 47.21 points or 0.1 percent to 43,958.19.
The major European markets also finished the day narrowly mixed. While the U.K.'s FTSE 100 Index inched up 0.1 percent, the French CAC 40 Index edged down 0.1 percent and the German DAX Index dipped 0.2 percent.
Crude oil prices climbed higher on Wednesday thanks to short covering after recent sharp losses, while a firm dollar also weighed. West Texas Intermediate crude oil futures for December closed up $0.31 or 0.46 percent at $68.43 a barrel.
European Stocks Close Higher On Strong GDP Data, Earnings
(RTTNews) - European stocks closed higher on Thursday, recovering from recent losses, as investors assessed the most recent global economic data, including U.S. inflation and euro area GDP reports, and reacted to a slew of quarterly earnings and other corporate news.
The pan European Stoxx 600 gained 1.08%. The U.K.'s FTSE 100 climbed 0.51%, Germany's DAX and France's CAC 40 moved up 1.37% and 1.32%, respectively, while Switzerland's SMI closed up 0.68%.
Among other markets in Europe, Austria, Belgium, Finland, Ireland, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed with sharp to moderate gains.
Iceland edged up marginally, while Denmark, Greece and Russia ended weak.
In the UK market, Burberry Group shares zoomed nearly 10% after new CEO of the fashion brand, Joshua Schulman, pledged to "stabilize the business" with a turnaround plan.
Aviva gained more than 4% after a strong Q3 update, showing continued growth across various business lines. BM European Value Retail, Spirax Group, Schrodders, Aviva, Severn Trent, 3i Group, Prudential, United Utilities and Informa gained 3 to 5%.
Centrica, BP, RightMove, BT Group, Berkeley Group Holdings, WPP, Segro, Barratt Redrow, Land Securities, Unite Group and Haleon climbed 1.5 to 2.75%.
Convatec Group dropped 3.51%. Experian, Melrose Industries, Rolls-Royce Holdings and BAE Systems lost 2 to 3%. ICG, Next, Endeavour Mining, Sainsbury (J), Weir Group and Coca-Cola also ended notably lower.
In the German market, Infineon climbed 4.7%. Siemens gained nearly 5% after Q4 earnings topped expectations. Deutsche Telekom rallied 3.5% after the telecoms group beat third-quarter profit expectations and raised its full-year core profit guidance.
BMW advanced nearly 3%. Deutsche Bank, Bayer, Mercedes-Benz, Deutsche Post, Continental, Fresenius Medical Care, Volkswagen, Vonovia, Deutsche Boerse, Daimler Truck Holding, Henkel, Porsche and Commerzbank gained 1 to 2.3%.
Merck ended more than 3% down. Zalando, Rheinmetall and RWE closed moderately lower.
In the French market, Kering, ArcelorMittal, Vivendi, Eurofins Scientific, STMicroElectronics, Stellantis, Legrand, TotalEnergies, Capgemini and Saint Gobain gained 2 to 4%.
Alstom rallied sharply. The French train maker beat expectations for its half-year cash position, helped by increased volumes and cost saving initiatives.
LVMH, Hermes International, Renault, Dassault Systemes, Essilor, Schneider Electric, Unibail Rodamco, Vinci, Veolia, Danone, Societe Generale, Publicis Groupe, Pernod Ricard, Bouygues, Michelin and AXA ended higher by 1 to 2%.
On the economic front, the euro area economy expanded at a faster pace in the third quarter, as initially estimated, flash estimate from Eurostat showed.
Gross domestic product grew 0.4% sequentially after rising 0.2% in the second quarter. The rate came in line with the preliminary flash estimate published on October 30. On a yearly basis, economic growth increased to 0.9% from 0.6% in the previous quarter. The annual rate also matched the preliminary estimate.
Meanwhile, Eurozone industrial production declined in September on decreases in energy and capital goods output. Industrial output fell 2% month-on-month in September, in contrast to the 1.5% increase in August. The decline was also bigger than forecast of -1.3%.
Year-on-year, the decline in industrial production deepened to 2.8% in September from 0.1% in August. Output was expected to drop 2%.
U.S. Weekly Jobless Claims Unexpectedly Edge Lower
(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended November 9th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims slipped to 217,000, a decrease of 4,000 from the previous week's unrevised level of 221,000. Economists had expected jobless claims to inch up to 223,000.
The unexpected decline pulled jobless claims down to their lowest level since hitting 216,000 in the week ended May 18th.
The Labor Department said the less volatile four-week moving average also dipped to 221,000, a decrease of 6,250 from the previous week's unrevised average of 227,250.
Asian Shares Mixed As China Concerns Persist
(RTTNews) - Asian stocks saw muted gains on Thursday, though Chinese and Hong Kong markets tumbled on worries of a possible trade war between China and the United States in the wake of Donald Trump's return to the White House.
Longer-dated U.S. bond yields rose alongside the dollar while gold hit an eight-week low after some Federal Reserve officials shifted their attention back to inflation risks.
It is feared that Trump's plan for lower taxes and higher tariffs will stoke inflation, result in larger U.S. deficits and reduce the Fed's scope to ease interest rates during 2025 and beyond.
Oil prices were lower in Asian trading amid concerns about rising global output and slow demand growth.
China's Shanghai Composite index fell 1.73 percent 30 3,379.84 as growth worries persisted despite the recent stimulus package.
Hong Kong's Hang Seng index dipped 1.96 percent to 19,435.81 despite Beijing unveiling tax incentives on home and land transactions on Wednesday to shore up an ailing economy.
Tech giant Tencent edged down marginally after Q3 revenue missed expectations. Peer JD.com plunged 4.7 percent and Alibaba gave up 2.9 percent.
Japanese markets ended lower in choppy trade despite repeated verbal warnings by government officials about the abrupt decline of the yen, which hit a four-month low against the dollar.
The Nikkei average fell 0.48 percent to 38,535.70 while the broader Topix index settled 0.27 percent lower at 2,701.22.
Seoul stocks fluctuated before finishing on a flat note. The Kospi average finished marginally higher at 2,418.86. Shares of Samsung Electronics fell 1.4 percent to extend losses after falling to an over four-year low of under 51000 won ($36.24) Wednesday amid worries about the impact of U.S. tariffs under a new Donald Trump administration.
Australian markets eked out modest gains after data showed the unemployment rate held steady at 4.1 percent last month but hiring gains slowed.
The benchmark SP/ASX 200 rose 0.37 percent to 8,224, led by banks as RBA Governor indicated that rate cuts are off the table until inflation aligns with target.
Technology stocks also advanced, with Xero climbing 5.9 percent on reporting robust quarterly results. The broader All Ordinaries index closed 0.34 percent higher at 8,479.90.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index closed up 0.15 percent at 12,692.94.
U.S. stocks fluctuated before ending mixed overnight as longer-dated Treasury yields rose amid expectations that the Fed may not reduce rates as much as previously thought.
Data showed the consumer price index rose 0.2 percent for the fourth straight month in October, matching expectations.
The annual rate of consumer price growth accelerated to 2.6 percent from 2.4 percent in September, while the core consumer price inflation rate stood at a three-month high of 3.3 percent, unchanged from September.
The tech-heavy Nasdaq Composite shed 0.3 percent while the SP 500 and the Dow crept up marginally.
Antipodean Currency's Slide Amid Risk Aversion
(RTTNews) - The Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Thursday, as traders fretted about the impact of U.S. President-elect Donald Trump's proposed tariffs on inflation and interest rates. The U.S. dollar also strengthened against major currencies in the region.
There is some uncertainty about the likelihood of future rate cuts after U.S. consumer price inflation data came in line with estimates. CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.
In economic news, the unemployment rate in Australia came in at a seasonally adjusted 4.1 percent in October, the Australian Bureau of Statistics said on Thursday - unchanged from the previous month and in line with expectations. The Australian economy added 15,900 jobs, which missed forecasts for an increase of 25,200 jobs following the addition of 64,100 in September.
Full-time employment increased by 9,700 to 10,037,700 people, while part-time employment increased by 6,200 to 4,499,800 people. The participation rate was 67.1 percent, shy of expectations for 67.2 percent - which would have been unchanged. Monthly hours worked increased to 1.972 billion.
In the Asian trading today, the Australian dollar fell to nearly a 3-1/2-month low of 0.6460 against the U.S. dollar, more than a 2-month low of 0.9053 against the Canadian dollar and a 1-week low of 1.6318 against the euro, from yesterday's closing quotes of 0.6485, 0.9076 and 1.6286, respectively. If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 0.88 against the loonie and 1.65 against the euro.
Against the yen, the aussie edged down to 100.73 from yesterday's closing value of 100.81. The aussie may test support near the 99.00 region.
The NZ dollar fell to nearly a 3-1/2-month low of 0.5854 against the U.S. dollar, from yesterday's closing value of 0.5879. The next possible downside support for the kiwi is seen around the 0.57 region.
Against the euro and the Australian dollar, the kiwi dropped to 3-day lows of 1.8007 and 1.1049 from yesterday's closing quotes of 1.7958 and 1.1025, respectively. If the kiwi extends its downtrend, it is likely to find support around against the 1.83 against the euro and 1.11 against the aussie.
The kiwi edged down to 91.29 against the yen, from Wednesday's closing value of 91.39. On the downside, 89.00 is seen as the next support level for the kiwi.
The U.S. dollar rose to more than a 1-year high of 1.0534 against the euro and more than a 3-month high of 1.2673 against the pound, from yesterday's closing quotes of 1.0563 and 1.2703, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.03 against the euro and 1.25 against the pound.
Against the yen and the Swiss franc, the greenback climbed to nearly a 4-month high of 156.15 and 0.8879 from Wednesday's closing quotes of 155.45 and 0.8859, respectively. The greenback is likely to find resistance around 158.00 against the yen and 0.89 against the franc.
The greenback advanced to nearly a 4-1/2-year high of 1.4020 against the Canadian dollar, from yesterday's closing value of 1.3996. On the upside, 1.41 is seen as the next resistance level for the greenback.
Looking ahead, Eurozone flash GDP estimate for the third quarter and industrial production figures for September are due to be released in the European session.
At 7:30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the Governing Council held on October 16 and 17. At the meeting, the bank had reduced the key interest rates by 25 basis points.
In the New York session, U.S. jobs data for October, PPI for October and U.S. EIA crude oil data are slated for release.
