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Australian Market Modestly Lower
(RTTNews) - Australian shares are trading modestly lower on Wednesday, snapping a four-session winning streak, with the benchmark SP/ASX 200 staying above the 8,300 level, following the mixed cues from Wall Street overnight, with weakness in technology, financial and energy stocks partially offset by gains in mining stocks.
The benchmark SP/ASX 200 Index is losing 26.10 points or 0.31 percent to 8,347.90, after hitting a low of 8,336.60 earlier. The broader All Ordinaries Index is down 29.40 points or 0.34 percent to 8,599.80. Australian stocks ended significantly higher on Tuesday.
Among major miners, Rio Tinto is edging up 0.5 percent, Fortescue Metals is gaining more than 1 percent and Mineral Resources is advancing more than 3 percent, while BHP Group is edging down 0.1 percent.
Oil stocks are mostly lower. Woodside Energy and Santos are edging down 0.1 or 0.3 percent each, while Beach energy is losing almost 2 percent. Origin Energy is edging up 0.1 percent.
In the tech space, Afterpay owner Block is gaining almost 2 percent, while Zip is slipping 1.5 percent, WiseTech Global is losing almost 1 percent, Xero is down more than 1 percent and Appen is tumbling more than 9 percent.
Among the big four banks, Commonwealth Bank is edging up 0.5 percent, while Westpac, ANZ Banking and National Australia Bank are edging down 0.1 or 0.4 percent each.
Among gold miners, Evolution Mining, Northern Star Resources, Resolute Mining, Gold Road Resources and Newmont are all gaining more than 1 percent each.
In other news, shares in PWR Holdings are tumbling 30 percent after the automotive cooling parts provider flagged its profit after tax in the first half of FY25 will be around $3.5 million, one-third of what it reported in the same half last year.
In the currency market, the Aussie dollar is trading at $0.653 on Wednesday.
On the Wall Street, stocks moved to the downside early in the session on Tuesday but showed a significant rebound over the course of the trading day. The Nasdaq and the SP 500 climbed well off their early lows and into positive territory, although the narrower Dow remained stuck in the red.
The major averages eventually ended the day mixed. While the Dow fell 120.66 points or 0.3 percent to 43,268.94, the SP 500 rose 23.36 points or 0.4 percent to 5,916.98 and the Nasdaq jumped 195.66 points or 1.0 percent to 18,987.47.
Meanwhile, the major European markets moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both slide by 0.7 percent.
Crude oil prices settled higher on Tuesday amid the rising possibility of supply disruptions after Ukraine launched long-range U.S. made missiles to hit a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.
Additional Support Called For Indonesia Stock Market
(RTTNews) - The Indonesia stock market on Tuesday snapped the four-day losing streak in which it had dropped almost 190 points or 2.5 percent. The Jakarta Composite Index now rests just beneath the 7,200-point plateau and it's expected to open in the green again on Wednesday.
The global forecast for the Asian markets is mixed to higher, with support again expected from the oil and technology sectors. The European markets were down and the U.S. bourses were mostly higher and the Asian markets are tipped to follow the latter lead.
The JCI finished modestly higher on Tuesday following gains from the telecoms and cement companies, while the financials and resource stocks were mixed.
For the day, the index advanced 61.44 points or 0.86 percent to finish at 7,195.71 after trading between 7,136.69 and 7,229.83.
Among the actives, Bank Mandiri slumped 1.19 percent, while Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia fell 0.41 percent, Bank Central Asia declined 0.75 percent, Bank Rakyat Indonesia rose 0.23 percent, Bank Maybank Indonesia advanced 0.92 percent, Indosat Ooredoo Hutchison skyrocketed 9.38 percent, Indocement strengthened 1.45 percent, Semen Indonesia rallied 3.66 percent, Indofood Sukses Makmur climbed 0.97 percent, United Tractors jumped 1.93 percent, Astra International gained 0.81 percent, Energi Mega Persada plunged 3.05 percent, Astra Agro Lestari sank 0.79 percent, Aneka Tambang surged 5.73 percent, Jasa Marga shed 0.44 percent, Vale Indonesia added 0.54 percent, Timah soared 3.46 percent, Bumi Resources tumbled 1.96 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street is cautiously optimistic after the major averages opened lower on Tuesday, although the NASDAQ and SP 500 managed to finish in the green.
The Dow slumped 120.66 points or 0.28 percent to finish at 43,268.94, while the NASDAQ rallied 195.66 points or 1.04 percent to close at 18.987.47 and the SP added 23.36 points or 0.40 percent to end at 5,916.98.
The early weakness on Wall Street came amid concerns about escalating tensions between the U.S. and Russia over the war in Ukraine.
After President Joe Biden gave Ukraine permission to attack Russian territory using U.S.-made long-range missiles, Russian President Vladimir Putin has signed a decree amending the country's nuclear doctrine.
Selling pressure waned shortly after the start of trading, however, with an advance by shares of Nvidia (NVDA) helping lead the turnaround by the NASDAQ. Nvidia will release Q3 results later today.
Oil futures settled higher on Tuesday amid the rising possibility of supply disruptions after Ukraine launched long-range U.S. made missiles to hit a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.
U.S. Crude Oil Inventories Edge Modestly Higher
(RTTNews) - Crude oil inventories in the U.S. saw a modest increase in the week ended November 15th, according to a report released by the Energy Information Administration on Wednesday.
The EIA said crude oil inventories crept up by 0.5 million barrels last week after rising by 2.1 million barrels in the previous week. The uptick by crude oil inventories was roughly in line with economist estimates.
At 430.3 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA.
The report also said gasoline inventories rose by 2.1 million barrels last week but are about 4 percent below the five-year average for this time of year.
Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, edged down by 0.1 million barrels last week and are about 4 percent below the five-year average for this time of year.
Commodity Currencies Rise On Upbeat Crude Oil Prices
(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Wednesday, as the crude oil prices rose amid concerns about escalating tensions between the U.S. and Russia over the war in Ukraine after Russian President Vladimir Putin updated the nuclear doctrine.
West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.
Putin has signed a decree amending the country's nuclear doctrine after President Joe Biden gave Ukraine permission to attack Russian Bryansk region using U.S.-made long-range missiles. Kremlin has warned that it would consider a nuclear strike if it was subject to a conventional missile assault supported by a nuclear power.
Shortly before the Kremlin updated its nuclear weapons doctrine, Ukraine reportedly used U.S.-made long-range missiles to attack a Russian military facility in the Bryansk border region.
In economic news, the People's Bank of China left its benchmark lending rates unchanged, as it monitors the impact of recent policy adjustments. The PBoC maintained its one-year loan prime rate at 3.10 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was retained at 3.60 percent.
The bank had cut its both LPRs by 25 basis points each in October.
In the Asian trading today, the Australian dollar rose to 1-week highs of 0.6544 against the U.S. dollar and 101.33 against the yen, from yesterday's closing quotes of 0.6531 and 101.00, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.67 against the greenback and 103.00 against the yen.
Against the euro and the NZ dollar, the aussie edged up to 1.6209 and 1.1056 from yesterday's closing quotes of 1.6220 and 1.1045, respectively. The aussie may test resistance around 1.61 against the euro and 1.11 against the kiwi.
The NZ dollar rose to a 1-week high of 0.5922 against the U.S. dollar and a 5-day high of 91.68 against the yen, from yesterday's closing quotes of 0.5912 and 91.41, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback and 92.00 against the yen.
Against the euro, the kiwi edged up to 1.7912 from a recent low of 1.7940. The kiwi may test resistance around the 1.76 region.
The Canadian dollar rose to a 1-week high of 1.3951 low of 1.3967 against the U.S. dollar and a 5-day high of 111.12 against the yen, from recent lows of 1.3967 and 110.81, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.36 against the greenback and 113.00 against the yen.
Against the euro and the Australian dollar, the loonie edged up to 1.4783 and 0.9107 from recent lows of 1.4804 and 0.9130, respectively. The loonie is likely to find resistance around 1.47 against the euro and 0.90 against the aussie.
Looking ahead, U.S. mortgage approvals data and U.S. EIA crude oil data are due to be released in the New York session.
Yen Falls Amid BoJ Rate Hike Uncertainty
(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Wednesday, due to uncertainties over the timing of the Bank of Japan's (BoJ) next interest rate hike.
Earlier this week, Bank of Japan Governor Kazuo Ueda issued a warning against keeping borrowing prices too low and hinted at a potential interest rate hike in December, but he was evasive about the timeframe.
Data from the Ministry of Finance showed that Japan posted a merchandise trade deficit of 461,2 billion yen in October. That missed forecasts for a shortfall of 360.4 billion yen following the upwardly revised 294.1-billion-yen deficit in September.
Exports were up 3.1 percent on year at 9.426 trillion-yen, exceeding expectations for an increase of 2.2 percent following the 1.7 percent decline in the previous month.
Imports rose an annual 0.4 percent to 9.887 trillion yen versus forecasts for a decline of 0.3 percent following the 1.8 percent increase a month earlier.
In the Asian trading today, the yen fell to 5-day low of 164.72 against the euro and 197.68 against the pound, from recent highs of 163.97 and 196.24, respectively. If the yen extends its downtrend, it is likely to find support around 167.00 against the euro and 200.00 against the pound.
Against the U.S. dollar and the Swiss franc, the yen slipped to 5-day lows of 155.53 and 175.94 from recent highs of 154.59 and 175.27, respectively. The yen may test support around 157.00 against the greenback and 177.00 against the yen.
Looking ahead, U.S. mortgage approvals data and U.S. EIA crude oil data are due to be released in the New York session.
Thai Stock Market May Add To Its Winnings On Wednesday
(RTTNews) - The Thai stock market has moved higher in two straight sessions, gathering almost 20 points or 1.4 percent along the way. The Stock Exchange of Thailand now sits just above the 1,460-point plateau and it's likely to open to the upside again on Wednesday.
The global forecast for the Asian markets is mixed to higher, with support again expected from the oil and technology sectors. The European markets were down and the U.S. bourses were mostly higher and the Asian markets are tipped to follow the latter lead.
The SET finished modestly higher on Tuesday following gains from the food, consumer, industrial, property, resource and service sectors.
For the day, the index added 7.33 points or 0.50 percent to finish at 1,460.11 after trading between 1,458.91 and 1,471.48. Volume was 14.481 billion shares worth 46.064 billion baht. There were 330 gainers and 167 decliners, with 168 stocks finishing unchanged.
Among the actives, Advanced Info slumped 0.70 percent, while Thailand Airport jumped 0.82 percent, Asset World improved 1.12 percent, Banpu retreated 0.88 percent, Bangkok Bank dropped 0.99 percent, Bangkok Dusit Medical declined 0.93 percent, Bangkok Expressway was down 0.65 percent, B. Grimm advanced 0.98 percent, CP All Public gathered 0.79 percent, Charoen Pokphand Foods rose 0.41 percent, Energy Absolute skyrocketed 10.34 percent, Gulf increased 0.80 percent, Kasikornbank collected 0.34 percent, Krung Thai Bank shed 0.49 percent, Krung Thai Card sank 0.54 percent, PTT Oil Retail accelerated 2.05 percent, PTT gained 0.78 percent, PTT Exploration and Production soared 3.24 percent, PTT Global Chemical spiked 2.00 percent, Siam Commercial Bank lost 0.43 percent, Siam Concrete strengthened 1.55 percent, Thai Oil added 0.61 percent, TTB Bank climbed 1.13 percent and SCG Packaging, True Corporation and BTS Group were unchanged.
The lead from Wall Street is cautiously optimistic after the major averages opened lower on Tuesday, although the NASDAQ and SP 500 managed to finish in the green.
The Dow slumped 120.66 points or 0.28 percent to finish at 43,268.94, while the NASDAQ rallied 195.66 points or 1.04 percent to close at 18.987.47 and the SP added 23.36 points or 0.40 percent to end at 5,916.98.
The early weakness on Wall Street came amid concerns about escalating tensions between the U.S. and Russia over the war in Ukraine.
After President Joe Biden gave Ukraine permission to attack Russian territory using U.S.-made long-range missiles, Russian President Vladimir Putin has signed a decree amending the country's nuclear doctrine.
Selling pressure waned shortly after the start of trading, however, with an advance by shares of Nvidia (NVDA) helping lead the turnaround by the NASDAQ. Nvidia will release Q3 results later today.
Oil futures settled higher on Tuesday amid the rising possibility of supply disruptions after Ukraine launched long-range U.S. made missiles to hit a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.
Mixed Trend In Asian Markets
(RTTNews) - Equity markets in Asia closed on a mixed note on Wednesday ahead of the much-anticipated earnings update from NVIDIA Corp. People's Bank of China holding rates steady as well as worries about the escalation in the Russia-Ukraine conflict also impacted market sentiment.
China's Shanghai Composite Index rallied 0.67 percent to finish trading at 3,368.56. The day's trading ranged between 3,375.25 and 3,333.00. The Shenzhen Component Index gained 0.78 percent to close at 10,875.45.
The Japanese benchmark Nikkei 225 slipped 62 points or 0.16 percent to close at 38,352.34. The day's trading range was between 38,520.45 and 38,180.15.
Tokyo Gas surged close to 13 percent amidst reports of American activist investor Elliott Management taking a 5 percent stake. Sompo Holdings also rallied 11.4 percent. Seven 1 Holdings gained 6.5 percent followed by DeNA Co that added 5.3 percent. Mercari also recorded an increase of 3.8 percent.
Tokio Marine Holdings declined close to 7 percent followed by MSAD Insurance Group Holdings that lost 4.9 percent. Keisei Electric Railway, Odakyu Electric Railway and Sumitomo Osaka Cement, all lost more than 3 percent in the day's trading.
The Hang Seng Index of the Hong Kong Stock Exchange added 41 points or 0.21 percent from the previous close to finish trading at 19,623.39. The day's trading range was between a high of 19,752.93 and a low of 19,575.91.
Korean Stock Exchange's Kospi Index edged up 0.42 percent or 10.3 points to close trading at 2,482.29. The day's trading range was between 2,471.79 and 2,489.15.
Australia's SP/ASX200 closed trading at 8,326.30, dropping 48 points or 0.57 percent, after setting a new 52-week high. The day's trading range was between 8,318.20 and 8,379.80.
Tabcorp Holdings, West African Resources, Healius and Genesis Minerals gained more than 2 percent. Block followed with gains of a little less than 2 percent.
Neuren Pharmaceuticals extended losses with a decline of 7.5 percent. New Hope Corporation, Karoon Energy, Brambles and Netwealth Group, all shed more than 3 percent.
The NZX 50 of the New Zealand Stock Exchange shed 79 points or 0.62 percent to close trading at 12,737.06, versus the previous close of 12,816.32. Trading ranged between 12,700.26 and 12,824.32.
EROAD topped with gains of 5.7 percent. Healthcare business Pacific Edge followed closely with gains of 5.6 percent. Synlait Milk and Genesis Energy, both rallied more than 5 percent. Summerset Group added 2.9 percent.
ANZ Holdings topped losses with a decline of 3.6 percent. Skellerup and Mercury NZ, both slipped more than 3 percent. Fisher Paykel Healthcare declined 2.6 percent whereas Kiwi Property lost more than 2 percent.
Wall Street had closed on a mixed note on Tuesday amidst anticipation ahead of key earnings updates as well as geopolitical concerns. The Nasdaq Composite added 1.04 percent to close trading at 18,987.47 whereas the Dow Jones Industrial Average slipped 0.28 percent to finish trading at 43,268.94.
European Stocks Modestly Higher In Cautious Trade
(RTTNews) - European stocks are up in positive territory on Wednesday, recovering a bit after posting sharp losses in the previous session. Despite persisting concerns about Russia - Ukraine conflict, investors are picking up stocks, focusing on earnings and other corporate news, in addition to assessing the regional economic outlook.
The pan European Stoxx 600 is up 0.5%. Germany's DAX, France's CAC 40 and the U.K.'s FTSE 100 are higher by 0.43%, 0.35% and 0.21%, respectively. Switzerland's SMI is climbing up 0.6%.
On the geopolitical front, the U.S. Embassy in Kyiv said it would stay closed Wednesday after receiving a warning of a potentially significant Russian air attack on the Ukrainian capital.
The precautionary step came after Russian officials promised a response to President Joe Biden's decision to let Ukraine strike targets on Russian soil with U.S.-made missiles — a move that angered the Kremlin.
The Greek and Spanish embassies in Kyiv have closed to the public today, after air raid sirens were activated in the Ukrainian capital several times overnight.
In the UK market, Sage Group shares are up nearly 20% after the company reported strong annual results and announced a new share buyback program.
Severn Trent is rising 3.5% thanks to a significant turnaround in interim profits. United Utilities, Anglo American Plc, Beazley, IAG, Prudential, Mondi, Imperial Brands, Barclays Group and Standard Chartered are up 1 to 2.5%.
Convatec Group is down nearly 3%. Persimmon, British Land Company, Admiral Group, Entain, Taylor Wimpey, Segro, Marks Spencer, Vistry Group, EasyJet and Howden Joinery are down 1 to 2.3%.
In the German market, Rheinmetall is up 2.7%, extending gains from the previous session. Brenntag is up nearly 2%, while HeidelbergCement, Zalando, SAP, Deutsche Bank, Deutsche Telekom and Adidas are gaining 1 to 1.3%.
Porsche is down more than 3%. Symrise, Sartorius, Fresenius, Merck and Mercedes-Benz are moderately lower.
In Paris, Edenred is climbing nearly 4% following a rating upgrade. Kering is up 2.3% and Teleperformance is advancing 1.8%. Dassault Systemes, Airbus, LVMH and Societe Generale are up 1 to 1.2%.
STMicroElectronics, Thales, Capgemini, Renault and Stellantis are down with sharp to moderate losses.
In the Swiss market, shares of private equity firm Partners Group are up 1.5% after the group purchased a majority stake in Spain-based hospitality platform Bluesea Hotels. As part of the deal, Partners Group will join Bluesea's board and manage the latter's renovations, expansion, and hotel acquisitions in partnership with Portobello Capital.
On the economic front, UK consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December.
The consumer price index rose 2.3% on a yearly basis, following September's 1.7% increase, which was the lowest since April 2021, the Office for National Statistics reported today.
The rate again exceeded the Bank of England's 2% target and also remained above economists' forecast of 2.2%.
Core inflation edged up unexpectedly to 3.3% from 3.2% in September. The core rate was seen at 3.1%.
Germany's producer prices dropped 1.1% in October on a yearly basis, following a 1.4% fall in the prior month, data from Destatis showed. Month-on-month, producer prices rebounded 0.2% in October after falling 0.5% in September.
Eurozone construction output dropped 0.1% monthly after remaining flat in in August, data from Eurostat showed. The yearly decline in construction output eased to 1.6% from 2.5%.
Pound Rises Against Majors
(RTTNews) - The British pound strengthened against other major currencies in the European session on Wednesday.
The pound rose to a 6-day high of 1.2715 against the U.S. dollar, from an early low of 1.2673.
Against the euro, the Swiss franc and the yen, the pound advanced to 5-day highs of 0.8327, 197.80 and 1.1240 from early lows of 0.8360, 196.24 and 1.1193, respectively.
If the pound extends its uptrend, it is likely to find resistance around 1.29 against the greenback, 0.82 against the euro, 200.00 against the yen and 1.13 against the franc.
Pound Rises As U.K. Inflation Accelerates More Than Forecast
(RTTNews) - The British pound strengthened against other major currencies in the European session on Wednesday, after U.K. consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December.
Markets expect the hot U.K. inflation figures could diminish the odds of the BoE delivering another interest-rate cut in December.
Data from the Office for National Statistics showed that the consumer price index rose 2.3 percent on a yearly basis, following September's 1.7 percent increase, which was the lowest since April 2021.
The rate again exceeded the Bank of England's 2 percent target and also remained above economists' forecast of 2.2 percent.
Core inflation that strips out prices of energy, food, alcohol and tobacco, edged up unexpectedly to 3.3 percent from 3.2 percent in September. The core rate was seen at 3.1 percent.
At the November meeting, the Bank of England had reduced its benchmark rate for the second time this year citing continued progress in disinflation but suggested that further easing is set to be gradual due to the upward impact on inflation from the Autumn budget.
On a monthly basis, the CPI climbed 0.6 percent after remaining unchanged in September.
Another data from the statistical office showed that input prices fell 2.3 percent on a yearly basis in October, down from a revised drop of 1.9 percent in September.
Monthly input prices gained only 0.1 percent in October, reversing September's revised fall of 0.5 percent. Prices were expected to climb 0.5 percent.
Factory gate prices were down 0.8 percent in October compared to a revised fall of 0.6 percent a month ago.
Monthly output prices were flat in October after posting a revised decline of 0.4 percent in September. Economists had forecast a 0.1 percent fall.
European stock markets recovered a bit after posting sharp losses in the previous session. Despite persisting concerns about Russia - Ukraine conflict, investors are picking up stocks, focusing on earnings and other corporate news, in addition to assessing the regional economic outlook.
On the geopolitical front, the U.S. Embassy in Kyiv said it would stay closed Wednesday after receiving a warning of a potentially significant Russian air attack on the Ukrainian capital.
The precautionary step came after Russian officials promised a response to President Joe Biden's decision to let Ukraine strike targets on Russian soil with U.S.-made missiles — a move that angered the Kremlin.
The Greek and Spanish embassies in Kyiv have closed to the public today, after air raid sirens were activated in the Ukrainian capital several times overnight.
In the European trading now, the pound rose to a 6-day high of 1.2715 against the U.S. dollar, from an early low of 1.2673. On the upside, 1.29 is seen as the next resistance level for the pound.
Against the euro, the Swiss franc and the yen, the pound advanced to 5-day highs of 0.8327, 197.80 and 1.1240 from early lows of 0.8360, 196.24 and 1.1193, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.82 against the euro, 200.00 against the yen and 1.13 against the franc.
Looking ahead, U.S. mortgage approvals data and U.S. EIA crude oil data are due to be released in the New York session.
DAX Rises As War Fears Ease
(RTTNews) - The DAX benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange rose on Wednesday, amidst an easing in the tensions between Ukraine and Russia.
The forty-scrip DAX index is currently trading 0.17 percent higher at 19,116.31, versus the previous close of 19,083.28. The day's trading ranged between a high of 19,191.83 and a low of 19,108.17.
In the 40-scrip index, 23 scrips are trading in the overnight green zone.
Zalando has surged 2.1 percent followed by Heidelberg Cement that has gained a little less than 2 percent. Airbus Group gained 1.9 percent. Deutsche Bank rallied 1.5 percent whereas SAP recorded an increase of 1.1 percent.
Porsche topped losses with a decline of close to 4 percent. Rheinmetall declined 2.5 percent. Porsche Automobil Holding, Sartorius and Brenntag have all declined more than 1 percent.
The EUR/USD pair has slipped 0.42 percent and is currently trading at 1.0551 after ranging between 1.0610 and 1.0547. The EUR/GBP pair has dropped 0.27 percent to 0.8333 whereas the EUR/JPY pair has spiked 0.31 percent to 164.36.
In tandem with the global hardening in bond yields that followed the easing in geopolitical tensions, German bond yields increased 0.68 percent. The same is at 2.3550 percent versus 2.3390 percent at the previous close. Yields ranged between 2.3700 percent and 2.3345 percent in the day's trading.
The surge in Euro Area wage growth to 5.4 percent in the third quarter from 3.5 percent in the second quarter and attributed to a great extent to Germany also contributed to the spike in bond yields.
Data released earlier in the day had showed producer prices in Germany declining by 1.1 percent on a year-on-year basis in October, in line with expectations. Prices had fallen 1.4 percent in the previous month.
Bay Street May Open On Mixed Note
(RTTNews) - It's likely to be a mixed start for the Canadian market Wednesday morning, with investors tracking global stocks and following the developments on the geopolitical front.
Concerns about the outlook for interest rates and global economic growth may weigh on sentiment and market's upside.
The Canadian market pared early losses and settled marginally up on Tuesday. Stocks fell early on, hurt by hot inflation data and escalating geopolitical tensions, but recovered gradually to eventually end the day's session on a slightly positive note.
Data from Statistics Canada showed the annual inflation rate in Canada rose to 2% in October from an over-three-year low of 1.6% in the previous month. The consumer price index increased 0.4% in October over the previous month.
The annual core inflation rate in Canada increased to 1.7% in October, up from 1.6% a month earlier. On a monthly basis, core consumer prices rose by 0.4% in October, after being flat in the prior month.
The benchmark SP/TSX Composite Index, which dropped nearly 200 points to 24,787.79 in early trades, settled at 25,010.77, gaining 33.83 points or 0.14%.
Asian markets closed on a mixed note on Wednesday ahead of the much-anticipated earnings update from NVIDIA Corp. People's Bank of China holding rates steady as well as worries about the escalation in the Russia-Ukraine conflict also impacted market sentiment.
European stocks are up in positive territory on Wednesday, recovering a bit after posting sharp losses in the previous session. Despite persisting concerns about Russia - Ukraine conflict, investors are picking up stocks, focusing on earnings and other corporate news, in addition to assessing the regional economic outlook.
On the geopolitical front, the U.S. Embassy in Kyiv said it would stay closed Wednesday after receiving a warning of a potentially significant Russian air attack on the Ukrainian capital.
The precautionary step came after Russian officials promised a response to President Joe Biden's decision to let Ukraine strike targets on Russian soil with U.S.-made missiles — a move that angered the Kremlin.
The Greek and Spanish embassies in Kyiv have closed to the public today, after air raid sirens were activated in the Ukrainian capital several times overnight.
In commodities, West Texas Intermediate Crude oil futures are up $0.41 or 0.59% at $69.80 a barrel.
Gold futures are down $4.10 or 0.16% at $2,626.60 an ounce, while Silver futures are down $0.362 or 1.16% at $30.900 an ounce.
Little Movement Expected For Malaysia Bourse
(RTTNews) - The Malaysia stock market has moved lower in two straight sessions, slipping more than 5 points or 0.3 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it's likely to remain in that neighborhood again on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
The KLCI finished slightly lower on Wednesday following losses from the financials, gains from the plantations and a mixed picture from the telecoms.
For the day, the index slipped 4.16 points or 0.26 percent to finish at 1,598.18 after trading between 1,594.51 and 1,606.28.
Among the actives, Axiata rallied 1.33 percent, while Celcomdigi surged 3.82 percent, CIMB Group slid 0.36 percent, Genting shed 0.78 percent, Genting Malaysia skidded 0.92 percent, Kuala Lumpur Kepong rose 0.18 percent, Maxis fell 0.55 percent, Maybank slumped 1.17 percent, MISC sank 0.79 percent, MRDIY added 0.54 percent, Nestle Malaysia declined 1.31 percent, PPB Group retreated 1.43 percent, Press Metal jumped 1.08 percent, Public Bank lost 0.68 percent, QL Resources advanced 0.84 percent, RHB Bank perked 0.15 percent, Sime Darby soared 3.14 percent, SD Guthrie gained 0.20 percent, Sunway climbed 1.03 percent, Telekom Malaysia dipped 0.31 percent, Tenaga Nasional dropped 0.83 percent, YTL Corporation tumbled 2.00 percent and YTL Power, IHH Healthcare, IOI Corporation, Petronas Chemicals and Petronas Gas were unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Australian Market Slightly Lower
(RTTNews) - The Australian market is trading slightly lower on Thursday after opening in the green, adding to the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is staying above the 8,300 level, with weakness in technology stocks nearly offset by gains in mining and energy stocks amid firmer commodity prices.
The benchmark SP/ASX 200 Index is losing 2.60 points or 0.03 percent to 8,323.70, after touching a high of 8,362.80 and a low of 8,320.70 earlier. The broader All Ordinaries Index is down 7.50 points or 0.09 percent to 8,571.60. Australian stocks ended notably lower on Wednesday.
Among major miners, Rio Tinto is edging up 0.3 percent and Fortescue Metals is gaining almost 2 percent, while BHP Group and Mineral Resources are losing almost 1 percent each.
Oil stocks are mostly higher. Beach energy, Santos and Woodside Energy are gaining almost 1 percent each, while Origin Energy is adding almost 2 percent.
In the tech space, Afterpay owner Block is losing more than 2 percent, WiseTech Global is edging down 0.2 percent and Zip is declining 2.5 percent, while Appen is edging up 0.5 percent. Xero is flat.
Among the big four banks, National Australia Bank is gaining almost 1 percent, ANZ Banking is edging up 0.4 percent and Westpac is adding more than 1 percent, while Commonwealth Bank is edging down 0.2 percent.
Among gold miners, Evolution Mining is gaining almost 1 percent and Newmont is edging up 0.5 percent, while Northern Star Resources and Gold Road Resources are adding more than 2 percent each. Resolute Mining is losing almost 2 percent.
In other news, shares in Accent Group are tumbling almost 14 percent after warning its gross margins were coming under pressure as retailers place heavy discounts on products to tempt back shoppers.
Shares in Sayona Mining are sinking almost 8 percent to 3.5¢ after it wrapped a $40 million equity raise as it prepares to merge with fellow lithium player Piedmont Lithium, which is also down more than 8 percent.
In the currency market, the Aussie dollar is trading at $0.651 on Thursday.
On Wall Street, stocks recovered in the latter part of the trading day on Wednesday after seeing weakness throughout much of the session. The major averages climbed well off their worst levels before eventually ending the session narrowly mixed.
The Dow ended the day up 139.53 points or 0.3 percent at 43,408.47, while the SP 500 closed little changed, up just 0.13 points at 5,917.11. The tech-heavy Nasdaq closed down 21.32 points or 0.1 percent at 18,966.14 but staged a notable recovery attempt after tumbling by as much as 1.4 percent.
Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index fell by 0.4 percent, the German DAX Index slipped by 0.3 percent and the U.K.'s FTSE 100 Index edged down by 0.2 percent.
Crude oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Major European Markets Pare Early Gains, Close Slightly Weak
(RTTNews) - The major European markets closed lower on Wednesday as persisting concerns about the Ukraine - Russia war weighed on sentiment and rendered the mood cautious. The markets witnessed some strong buying early on in the session, but investors chose to lighten commitments as the day progressed.
On the geopolitical front, the U.S. Embassy in Kyiv said it would stay closed Wednesday after receiving a warning of a potentially significant Russian air attack on the Ukrainian capital.
The precautionary step came after Russian officials promised a response to President Joe Biden's decision to let Ukraine strike targets on Russian soil with U.S.-made missiles — a move that angered the Kremlin.
The Greek and Spanish embassies in Kyiv have closed to the public today, after air raid sirens were activated in the Ukrainian capital several times overnight.
The pan European Stoxx 600 edged down 0.02%. The U.K.'s FTSE 100 closed down 0.17%, Germany's DAX settled lower by 0.29% and France's CAC 40 ended 0.43% down. Switzerland's SMI settled with a marginal loss of 0.02%.
Other markets in Europe closed on a mixed note. Netherlands, Russia, Sweden and Turkiye closed with sharp to moderate losses. Austria, Iceland and Portugal edged down marginally.
Belgium, Denmark, Greece, Ireland, Norway and Poland ended higher, while Spain closed flat.
In the UK market, Vistry Group closed down 4.6%. BM European Value Retail ended lower by 4.6%, while Convatec Group and Admiral Group closed lower by about 4.1% and 4%, respectively.
JD Sports Fashion, Berkeley Group Holdings, Persimmon, Howden Joinery, Airtel Africa, Segro, Marks Spencer, Taylor Wimpey and Melrose Industries lost 2.1 to 3.3%.
Sage Group shares zoomed nearly 18% after the company reported strong annual results and announced a new share buyback program.
Severn Trent climbed about 1.4% thanks to a significant turnaround in interim profits.
Imperial Brands gained 1.6%. Anglo American Plc, Prudential, Natwest Group, Barclays Group and IAG also ended notably higher.
In the German market, Porsche closed down nearly 4%. Bayer ended 2.7% down. Mercedes-Benz, Fresenius, Commerzbank, Fresenius Medical Care, Sartorius, Rheinmetall, RWE, Volkswagen, Puma, BASF and Symrise lost 1 to 2%.
Brenntag rallied more than 2%. Siemens Healthineers, SAP, Zaland and Qiagen posted modest gains.
In Paris, Renault closed down by about 2.5%. Capgemini, BNP Paribas, Stellantis, Thales, STMicroElectronics, Saint Gobain and Pernod Ricard lost 1 to 2%.
Edenred gained about 2.5% following a rating upgrade. Societe Generale climbed 1.6%, while Unibail Rodamco, Dassault Systemes, Kering, Eurofins Scientifica posted modest gains.
On the economic front, UK consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December.
The consumer price index rose 2.3% on a yearly basis, following September's 1.7% increase, which was the lowest since April 2021, the Office for National Statistics reported today.
The rate again exceeded the Bank of England's 2% target and also remained above economists' forecast of 2.2%.
Core inflation edged up unexpectedly to 3.3% from 3.2% in September. The core rate was seen at 3.1%.
Germany's producer prices dropped 1.1% in October on a yearly basis, following a 1.4% fall in the prior month, data from Destatis showed. Month-on-month, producer prices rebounded 0.2% in October after falling 0.5% in September.
Eurozone construction output dropped 0.1% monthly after remaining flat in in August, data from Eurostat showed. The yearly decline in construction output eased to 1.6% from 2.5%.
Hong Kong Shares May Run Out Of Steam On Thursday
(RTTNews) - The Hong Kong stock market has climbed higher in three straight sessions, rallying more than 275 points or 1.4 percent along the way. The Hang Seng Index now sits just above the 19,700-point plateau although the rally may stall on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
The Hang Seng finished slightly higher on Wednesday following gains from the properties, weakness from the energy companies and a mixed picture from the resource stocks.
For the day, the index added 41.34 points or 0.21 percent to finish at 19,705.01 after trading between 19,575.91 and 19,752.93.
Among the actives, Alibaba Group shed 0.59 percent, while Alibaba Health Info rose 0.52 percent, ANTA Sports was up 0.19 percent, China Life Insurance collected 0.26 percent, China Mengniu Dairy climbed 1.06 percent, China Resources Land slid 0.21 percent, CITIC gained 0.56 percent, CNOOC fell 0.35 percent, CSPC Pharmaceutical increased 0.58 percent, Galaxy Entertainment jumped 1.07 percent, Hang Lung Properties improved 0.63 percent, Henderson Land added 0.60 percent, Hong Kong China Gas lost 0.50 percent, Industrial and Commercial Bank of China sank 0.63 percent, JD.com perked 0.22 percent, Lenovo eased 0.11 percent, Li Auto dropped 0.77 percent, Li Ning soared 1.37 percent, Meituan surged 1.69 percent, New World Development gathered 0.42 percent, Nongfu Spring tumbled 1.87 percent, Techtronic Industries rallied 1.33 percent, Xiaomi Corporation slumped 1.06 percent, WuXi Biologics advanced 1.05 percent and Haier Smart Home was unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Closer to home, Hong Kong will see October figures for consumer prices later today; in September, overall inflation was up 0.1 percent on month and 2.2 percent on year.
FTSE 100 Gains Despite Inflation Uptick
(RTTNews) - Cooling geopolitics helped FTSE 100 overcome the pain of hotter-than-expected inflation to rise above the flatline and track gains across other European markets.
Data released by the Office for National Statistics earlier in the day showed annual headline inflation jumping to 2.3 percent from 1.7 percent in the previous month. Markets had expected inflation to record 2.2 percent, breaching Bank of England's 2 percent target. Core annual inflation, month-on-month headline inflation and month-on-month core inflation, all exceeded market expectations.
FTSE 100 oscillated between 8,128.44 and 8,087.74 as compared with the previous day's closing level of 8,099.02.
The benchmark index of the London Stock Exchange is currently trading at 8,110.67, having added 0.14 percent on an overnight basis.
In the 100-scrip index, 35 are trading in the overnight positive zone.
Sage Group jumped more than 19 percent amidst the launch of a 400- million-pound buyback programme and strong annual results. Anglo American and Severn Trent, both gained more than 2 percent.
Vistry Group erased close to 7 percent amidst a senior level official's exit. Admiral Group declined 3.8 percent. Persimmon, Barratt Redrow, Convatec Group and JD Sports Fashion, all lost more than 2 percent.
The GBP/USD pair slipped 0.10 percent overnight to 1.2669. The sterling ranged between $1.2715 and $1.2649 in the day's trade. The EUR/GBP pair has declined 0.23 percent to 0.8336. The GBP/JPY pair has surged 0.55 percent to 197.21.
Bond yields in the U.K. hardened more than peers as markets grappled with the prospect of higher-than-expected inflation derailing Bank of England's plans for further monetary easing. Ten-year bond yields hardened 2.2 percent to 4.5430 percent. The yields ranged between 4.5530 percent and 4.5170 percent over the course of the day. The same was 4.4460 percent a day earlier.
Taiwan Stock Market May Extend Wednesday's Losses
(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day losing streak in which it had tumbled almost 850 points or 3.6 percent. The Taiwan Stock Exchange now rests just beneath the 22,690-point plateau and it may tick lower again on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
The TSE finished modestly lower on Wednesday following losses from the financial shares, technology stocks and plastics companies.
For the day, the index sank 160.44 points or 0.70 percent to finish at 22,688.36 after trading between 22,622.47 and 22,977.56.
Among the actives, Cathay Financial collected 0.51 percent, while CTBC Financial dipped 0.16 percent, First Financial skidded 1.25 percent, Fubon Financial and Formosa Plastics both dropped 0.98 percent, E Sun Financial eased 0.18 percent, Taiwan Semiconductor Manufacturing Company declined 1.44 percent, United Microelectronics Corporation lost 0.66 percent, Hon Hai Precision climbed 1.23 percent, Largan Precision tumbled 1.89 percent, Catcher Technology weakened 0.73 percent, MediaTek sank 0.78 percent, Delta Electronics fell 0.39 percent, Novatek Microelectronics slumped 0.93 percent, Nan Ya Plastics retreated 1,33 percent, Asia Cement shed 0.57 percent and Mega Financial was unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Steady Start Seen For Indonesia Stock Market
(RTTNews) - The Indonesia stock market headed south again on Wednesday, one day after ending the four-day losing streak in which it had dropped almost 190 points or 2.5 percent. The Jakarta Composite Index now rests just above the 7,180-point plateau and it's likely to see limited movement again on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
The JCI finished slightly lower on Wednesday following losses from the cement companies and mixed performances from the financial shares and resource stocks.
For the day, the index lost 15.38 points or 0.21 percent to finish at 7,180.33 after trading between 7,171.27 and 7,229.71.
Among the actives, Bank Mandiri shed 0.40 percent, while Bank Central Asia jumped 1.51 percent, Bank Rakyat Indonesia lost 0.69 percent, Bank Maybank Indonesia dropped 0.91 percent, Indosat Ooredoo Hutchison tanked 2.86 percent, Indocement stumbled 1.79 percent, Semen Indonesia retreated 1.63 percent, United Tractors rose 0.28 percent, Astra International added 0.60 percent, Energi Mega Persada rallied 2.36 percent, Astra Agro Lestari sank 0.80 percent, Aneka Tambang fell 0.34 percent, Jasa Marga advanced 0.88 percent, Vale Indonesia perked 0.27 percent, Timah declined 1.49 percent, Bumi Resources slumped 2.00 percent and Bank CIMB Niaga, Bank Danamon Indonesia, Bank Negara Indonesia and Indofood Sukses Makmur were unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Closer to home, Indonesia will provide Q3 numbers for current account later today; in the three months prior, the current account deficit was IDR0.6 billion, with a GDP percentage of 0.9 percent.
Singapore Shares Tipped To Remain Rangebound
(RTTNews) - The Singapore stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had collected more than 30 points or 0.8 percent. The Straits Times Index now sits just above the 3,740-point plateau and it may inch higher on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
The STI finished modestly lower on Wednesday following losses from the telecoms and mixed performances from the financials, properties and industrials.
For the day, the index fell 14.33 points or 0.38 percent to finish at 3,743.64 after trading between 3,741.72 and 3,766.79.
Among the actives, CapitaLand Integrated Commercial Trust shed 0.51 percent, while CapitaLand Investment advanced 0.71 percent, City Developments lost 0.31 percent, Comfort DelGro sank 0.68 percent, DBS Group skidded 0.85 percent, DFI Retail soared 2.42 percent, Frasers Logistics retreated 1.05 percent, Genting Singapore added 0.65 percent, Hongkong Land jumped 1.72 percent, Keppel DC REIT surged 4.11 percent, Keppel Ltd slumped 1.04 percent, Mapletree Industrial Trust gained 0.44 percent, Mapletree Logistics Trust dropped 0.79 percent, SATS fell 0.26 percent, Seatrium Limited climbed 1.05 percent, SembCorp Industries spiked 2.12 percent, Singapore Technologies Engineering dipped 0.22 percent, SingTel tumbled 3.10 percent, Venture Corporation perked 0.08 percent, Yangzijiang Shipbuilding rallied 1.53 percent and Thai Beverage, Wilmar International, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, Oversea-Chinese Banking Corporation, Emperador and Jardine Cycle were unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Soft Start Seen For China Stock Market
(RTTNews) - The China stock market has tracked higher in two straight sessions, collecting almost 35 points or 1 percent along the way. The Shanghai Composite now sits just beneath the 3,370-point plateau although it may open in the red on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
The SCI finished modestly higher on Friday following gains from the energy companies and mixed performances from the financial, property and resource stocks.
For the day, the index gained 21.98 points or 0.66 percent to finish at 3,367.99 after trading between 3,333.00 and 3,375.25. The Shenzhen Composite Index rallied 27.80 points or 1.38 percent to end at 2,037.66.
Among the actives, Industrial and Commercial Bank of China dipped 0.16 percent, while Bank of China shed 0.40 percent, China Merchants Bank lost 0.64 percent, Agricultural Bank of China collected 0.42 percent, China Life Insurance slid 0.29 percent, Jiangxi Copper perked 0.14 percent, Aluminum Corp of China (Chalco) fell 0.38 percent, Yankuang Energy sank 0.45 percent, China Petroleum and Chemical (Sinopec) improved 0.79 percent, Huaneng Power advanced 0.84 percent, China Shenhua Energy eased 0.17 percent, Gemdale rose 0.19 percent, Poly Developments declined 0.29 percent, China Vanke was up 0.11 percent and China Construction Bank and PetroChina were unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
CAC 40 In The Green As War Clouds Fade
(RTTNews) - The CAC 40 index that tracks the 40 largest French stocks based on the Euronext Paris is trading in green territory as geopolitical concerns surrounding the Russia-Ukraine conflict eased.
The CAC-40 is currently trading at 7236.66, edging up 0.10 percent from the previous close of 7,229.64. The day's trading has been between 7,280.39 and 7,232.61.
Amidst the diminishing risk aversion, only 15 of the 40 scrips in the index are trading below the flatline.
Edenred topped gains with a surge of 3.3 percent after a brokerage upgraded the stock from 'Underperform' to 'Hold'. Kering rallied more than 2 percent. Dassault Systemes and Teleperformance, both gained more than 1 percent.
Thales topped losses with a decline of 1.9 percent. Renault, Vivendi, Stellantis and Capgemini, have all lost more than 1 percent.
Amidst the Dollar's rebound, the EUR/USD pair has slipped 0.38 percent to 1.0554 percent after ranging between 1.0610 and 1.0542. With the British pound strengthening after higher-than-expected inflation readings, the EUR/GBP pair also slipped 0.23 percent to 0.8336. With fading safe haven demand dragging down the Japanese yen, the EUR/JPY pair however increased 0.36 percent to 164.44.
With war clouds fading and safe haven bids shrinking, yields on bonds too hardened worldwide. Yields on France's ten-year bonds spiked to 3.113 percent recording an increase of 1.14 percent from the level of 3.078 percent at the previous close. The day's trading ranged between 3.114 percent and 3.076 percent.
Bay Street Likely To Open Higher
(RTTNews) - Canadian shares are likely to open on a positive note on Thursday as resources stocks may move higher on firm crude oil and metal prices. Geopolitical tensions may weigh on sentiment.
Data on Canadian producer prices and raw materials prices are due at 8:30 AM ET.
Industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in August. On yearly basis, producer prices decreased by 0.9% in September, after a 0.2% rise in the prior month.
The Raw Materials Price Index in Canada was down 3.1% month-over-month in September, following an upwardly revised 3% fall in August. Year-on-year prices of raw materials declined 8.8% in September, the largest drop since July 2023.
Silvercorp Metals Inc. (SVM.TO, SVM), a Canadian miner, on Thursday announced the pricing of a previously announced private offering of $130 million aggregate principal amount of 4.75% convertible senior notes, due 2029. The offering is expected to be closed on or about November 25.
Africa Oil Corporation (AOI.TO) announced that it has acquired an additional 7% of Impace Oil Gas for US$ 60.4 million. With this, Africa Oil holds 39.5% of Imperial Oil on a fully diluted basis.
Real Matters Inc., (REAL.TO) reported consolidated revenue of $45.6 million for the fourth quarter, up 8% compared to the previous year's revenue.
The Canadian market closed slightly up on Wednesday after a cautious session as investors awaited quarterly results from U.S. megacap NVIDIA due after trading hours, and some crucial economic data due later in the week.
Worries about escalating tensions between Ukraine and Russia and uncertainty about the Federal Reserve's interest rate moves rendered the mood cautious.
The benchmark SP/TSX Composite Index closed up 25.69 points or 0.1% at 25,036.46, slightly off the day's high. The index dropped to a low of 24,909.72 a little before noon.
Asian stocks closed lower on Thursday, weighed down by disappointing guidance from tech giant Nvidia, and uncertainty over Bank of Japan's monetary policy plans.
European stocks are turning in a mixed performance with investors reacting to corporate news and digesting the latest batch of economic data, in addition to following the developments on the geopolitical front.
In commodities, West Texas Intermediate Crude oil futures are up $1.44 or 2.03% at $70.31 a barrel.
Gold futures are up $16.30 or 0.61% at $2,668.00 an ounce, while Silver futures are up $0.120 or 0.39% at $31.125 an ounce.
Thai Shares May Be Stuck In Neutral On Thursday
(RTTNews) - The Thai stock market has moved higher in three straight sessions, gathering more than 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now sits just above the 1,460-point plateau although it may spin its wheels on Thursday.
The global forecast for the Asian markets is murky, with mild downside likely from the oil and technology stocks. The European markets were slightly lower and the U.S. bourses were mixed and flat and the Asian markets also figure to see little movement.
For the day, the index rose 2.37 points or 0.16 percent to finish at 1,462.48 after trading between 1,459.69 and 1,462.77. Volume was 10.538 billion shares worth 34.816 billion baht. There were 319 decliners and 142 gainers, with 199 stocks finishing unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday's trade in negative territory before a late push saw them finish mixed and little changed.
The Dow added 139.53 points or 0.32 percent to finish at 43,408.47, while the NASDAQ slipped 21.33 points or 0.11 percent to close at 18,966.14 and the SP 500 perked 0.13 points or 0.00 percent to end at 5,917.11.
The late rally was fueled by optimism ahead of the release of earnings results from tech darling Nvidia (NVDA); the results, which came after the markets closed, were solid but fell short of their lofty expectations.
The volatility seen late in the session also came as trading activity was somewhat subdued amid a lack of major U.S. economic data.
Traders may also have been reluctant to make more significant moves as they kept an eye on developments overseas amid escalating tensions between Ukraine and Russia.
Oil prices drifted lower on Wednesday on weak demand concerns and data showing an increase in U.S. crude inventories last week. West Texas Intermediate crude oil futures for December slipped $0.52 or 0.75 percent at $68.87 a barrel.
Nvidia Stock Down On Weak Q4 Margin View, Despite Upbeat Q3
(RTTNews) - Shares of Nvidia Corp. dropped around 3 percent in the extended trading on Wednesday after the AI chipmaker warned on weak gross margin in its fourth quarter, while revenues are projected to be significantly higher than last year on booming AI demand.
In its third quarter, the world's most valuable company by market capitalization reported a surge in profit, above the Street view, with strong growth in revenues. Sequentially, net profit grew 16 percent and revenues went up 17 percent.
Jensen Huang, founder and CEO of Nvidia, said, "The age of AI is in full steam, propelling a global shift to NVIDIA computing. Demand for Hopper and anticipation for Blackwell — in full production — are incredible as foundation model makers scale pretraining, post-training and inference. AI is transforming every industry, company and country. Enterprises are adopting agentic AI to revolutionize workflows. Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure."
Looking ahead to the fourth quarter, reported and adjusted gross margins are expected to be 73.0 percent and 73.5 percent, respectively, plus or minus 50 basis points. The prior year's reported gross margin was 76 percent and adjusted gross margin was 76.7 percent.
Revenue is expected to be $37.50 billion, plus or minus 2 percent for the quarter. Revenue was $22.10 billion in the same period last year.
Analysts on average expect the company to record revenues of $37.61 billion for the quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Further, Nvidia said it will pay its next quarterly cash dividend of $0.01 per share on December 27, to all shareholders of record on December 5.
In its third quarter, the company's net income surged 109 percent to $19.31 billion from $9.243 billion a year ago. Earnings per share grew 111 percent to $0.78 from $0.37 a year ago.
Adjusted net income was $20.01 billion or $0.81 per share, compared to prior year's $10.02 billion or $0.40 per share. Analysts had expected the company to earn $0.75 per share.
Gross margin for the quarter improved to 74.6 percent from last year's 74.0 percent.
The company's revenue for the quarter surged 93.6 percent to $35.082 billion from $18.120 billion last year.
Data Center revenue of $30.8 billion, grew 112 percent from a year ago, and Gaming revenues climbed 15 percent to $3.3 billion. In the quarter, Professional Visualization revenue increased 17 percent, and Automotive and Robotics revenue surged 72 percent from a year ago.
On the Nasdaq, Nvidia shares closed Wednesday's regular trading at $145.89, down 0.76 percent. In the extended trading, the shares dropped 2.5 percent to $142.25.
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