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U.S. Dollar Falls As ISM Services PMI Disappoints
(RTTNews) - The U.S. dollar dropped against its major counterparts in the New York session on Wednesday, after a data showed that the nation's service sector growth slowed more than anticipated in the month of November.
Data from the Institute for Supply Management showed that the services PMI fell to 52.1 in November from 56.0 in October. While a reading above 50 still indicates growth, economists had expected the index to show a much more modest decrease to 55.5.
Data from payroll processor ADP showed that private sector employment in the U.S. increased slightly less than expected in the month of November.
ADP said private sector employment climbed by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.
Economists had expected private sector employment to grow by 165,000 jobs compared to the surge of 233,000 jobs originally reported for the previous month.
The greenback dropped to 2-day lows of 1.0543 against the euro and 1.2721 against the pound, off its early 2-day highs of 1.0471 and 1.2629, respectively. The next possible support for the currency is seen around 1.08 against the euro and 1.28 against the pound.
The greenback touched a 2-day low of 0.8826 against the franc. If the currency falls further, it is likely to test support around the 0.87 region.
The greenback eased to 149.98 against the yen, from an early 5-day high of 151.22. The currency is seen finding support around the 144.00 level.
The greenback retreated to 0.6440 against the aussie and 0.5868 against the kiwi, from an early 4-month high of 0.6399 and a 1-week high of 0.5829, respectively. The currency is likely to locate support around 0.66 against the aussie and 0.60 against the kiwi.
The greenback held steady against the loonie, after climbing to a 2-day high of 1.4083 in the previous session.
Eurozone Private Sector Re-Enters Contraction Zone
(RTTNews) - The euro area private sector fell back into the contraction territory in the penultimate month of the year as business activity dropped the most since January amid a renewed fall in services output, final data from SP Global showed on Wednesday.
The HCOB final composite output index fell to 48.3 in November from 50.0 in October. The flash reading was 48.1.
The decline in overall activity was driven by the service sector, which registered the first decline in output since the beginning of the year. Factory output decreased for the twentieth consecutive month, marking the longest sequence of contraction in the survey history.
The HCOB services PMI posted below the 50.0 no-change mark for the first time since January. Falling to 49.5, from 51.6 in October, the index signaled the first decrease in service sector output for ten months.
The European Central Bank is in a tough spot, Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.
The economy is struggling and really needs some monetary support. On the other hand, inflation is stubbornly high, as highlighted by significant wage increases in the third quarter, the economist noted.
"So, the ECB is likely to avoid aggressive rate cuts and instead might carefully lower rates by 25 basis points on December 12," said de la Rubia.
Data showed that big-three economies, namely Germany, France and Italy all registered contractions in business activity.
Germany's private sector activity contracted at the fastest pace in nine months in November. The composite output index slid to 47.2 from 48.6 in the previous month. The score was slightly below the flash score of 47.3.
At the same time, the services PMI posted a nine-month low score of 49.3, down from 51.6 a month ago and the preliminary reading of 49.4.
Elsewhere, France's private sector logged its worst decline since January, the survey showed. The composite output index decreased to 45.9 from 48.1 in the previous month. The flash reading was 44.8.
At 46.9, the services PMI dropped from 49.2 a month ago. However, this was above the initial estimate of 45.7.
Italy's private sector activity declined at the fastest rate in 13 months, as services joined manufacturing in registering decline. The composite output index came in at 47.7 compared to 51.0 in October.
Services activity logged its first fall so far this year in November. The services PMI declined to 49.2 from 52.4 in October. The score was forecast to drop moderately to 51.1.
Meanwhile, Spain sustained growth in November, albeit at a reduced rate as the adverse impact of flooding in some regions limited the pace of expansion. The HCOB composite output index fell to 53.2 in November from 55.2 a month ago.
The services PMI remained above the crucial 50.0 no-change mark. The index posted 53.1, down from 54.9 in October.
U.S. Private Sector Job Growth Falls Modestly Short Of Estimates In November
(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly less than expected in the month of November.
ADP said private sector employment climbed by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.
Economists had expected private sector employment to grow by 165,000 jobs compared to the surge of 233,000 jobs originally reported for the previous month.
"While overall growth for the month was healthy, industry performance was mixed," said ADP chief economist Nela Richardson. "Manufacturing was the weakest we've seen since spring. Financial services and leisure and hospitality were also soft."
The report said employment in the manufacturing sector fell by 26,000, while employment in the financial activities sector crept up by 5,000 jobs and employment in the leisure and hospitality sector rose by 15,000 jobs.
ADP also said year-over-year pay gains for job-stayers edged up for the first time in 25 months, rising to 4.8 percent. Year-over-year pay gains for job-changers also increased to 7.2 percent
On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.
Economists currently expect employment to jump by 200,000 jobs in November after inching up by 12,000 jobs in October, while the unemployment rate is expected to tick up to 4.2 percent from 4.1 percent.
Pound Falls As BoE Governor Bailey Signals Four Rate Cuts Next Year
(RTTNews) - The British pound weakened against most major currencies in the European session on Wednesday, after the Bank of England (BoE) Governor Baily predicted four interest rate cuts in 2025.
While speaking at an interview at the Global Boardroom Digital Conference hosted by the Financial Times (FT), the BoE Governor Andrew Bailey said that the policymakers expect four UK rate cuts next year as inflation eases.
"We always condition what we publish in terms of the projection on market rates, and so as you rightly say, that was effectively the view the market had," Bailey said.
When asked how U.S. President-elect Donald Trump's tariffs will affect inflation in the United Kingdom (UK), Bailey responded that these effects "are not straightforward to predict".
In the European trading now, the pound fell to a 2-day low of 1.2630 against the U.S. dollar, from an early 2-day high of 1.2702. If the pound extends its downtrend, it is likely to find support around the 1.25 region.
Against the euro and the Swiss franc, the pound edged down to 0.8302 and 1.1206 from an early 2-day highs of 0.8277 and 1.1257, respectively. The pound may test support near 0.84 against the euro and 1.11 against the franc.
Meanwhile, the pound advanced to a 5-day high of 191.43 against the yen, from a slight fall of 190.07. The pound is likely to find resistance around the 194.00 region.
Looking ahead, U.S. MBA weekly mortgage approvals data, U.S. and Canada services PMI data for November, U.S. EIA weekly crude oil data and U.S. Fed Beige report are slated for release in the New York session.
South Korea GDP Adds 0.1% In Q3
(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 0.1 percent on quarter in the third quarter of 2024, the Bank of Korea said on Thursday - unchanged from Q2 but missing expectations for an increase of 0.5 percent.
Real gross national income (real GNI) increased by 1.4 percent on quarter in Q3. On the production side, manufacturing increased by 0.2 percent mainly due to increases in transportation equipment and machinery and equipment.
Construction fell by 1.4 percent, as building construction decreased. Services expanded by 0.2 percent, with increases in human health social work and information and communication, despite decreases in wholesale and retail trade, accommodation and food services, and cultural other services.
On the expenditure side, private consumption rose by 0.5 percent, as expenditures on goods (e.g., electricity, gas and other fuels, and motor vehicles) and services (e.g., health services and transport services) both increased.
On an annualized basis, GDP was up 1.5 percent - in line with expectations and also unchanged.
Singapore Stock Market May Add To Its Winnings
(RTTNews) - The Singapore stock market has tracked higher in five straight sessions, collecting more than 90 points or 2.4 percent along the way. The Straits Times Index now rests just beneath the 3,800-point plateau and it's tipped to open in the green again on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The STI finished modestly higher on Wednesday as gains from the financials and industrials were capped by weakness from the REITs and a mixed picture from the property sector.
For the day, the index improved 13.81 points or 0.36 percent to finish at 3,799.94 after trading between 3,790.47 and 3,812.04.
Among the actives, CapitaLand Investment gathered 0.36 percent, while City Developments gained 0.76 percent, DBS Group rose 0.71 percent, Emperador skidded 1.19 percent, Genting Singapore tumbled 1.27 percent, Hongkong Land dropped 0.88 percent, Keppel DC REIT plunged 2.65 percent, Keppel Ltd perked 0.29 percent, Mapletree Industrial Trust sank 0.87 percent, Mapletree Logistics Trust shed 0.77 percent, Oversea-Chinese Banking Corporation collected 0.56 percent, SATS added 0.80 percent, Seatrium Limited rallied 1.00 percent, SembCorp Industries spiked 1.66 percent, Singapore Technologies Engineering advanced 0.88 percent, SingTel climbed 0.96 percent, Thai Beverage plummeted 4.20 percent, Wilmar International slumped 0.96 percent, Yangzijiang Financial jumped 1.25 percent, Yangzijiang Shipbuilding surged 2.79 percent and CapitaLand Integrated Commercial Trust, Comfort DelGro and Mapletree Pan Asia Commercial Trust were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.
The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the SP gained 36.61 points or 0.61 percent to end at 6,086.49.
The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.
Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.
Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.
Closer to home, Singapore will see October data for retail sales later today; in September, sales were up 0.4 percent on month and 2.0 percent on year.
Australia October Trade Surplus A$5.953 Billion
(RTTNews) - Australia posted a seasonally adjusted merchandise trade surplus of A$5.953 billion in October, the Australian Bureau of Statistics said on Thursday.
That beat expectations for a surplus of A$4.530 billion following the downwardly revised A$4.532 billion surplus in September (originally A$4.609 billion).
Exports rose 3.6 percent on month to A$42.148 billion after falling a downwardly revised 4.7 percent in the previous month (originally -4.3 percent).
Imports were up 0.1 percent on month to A$36.195 billion after dropping an upwardly revised 2.8 percent a month earlier (originally -3.1 percent).
European Shares Likely To Drift Lower As French Government Collapses
(RTTNews) - European stocks may open on a sluggish note Thursday after France's Prime Minister Michel Barnier lost a no-confidence vote - just three months after he was appointed by President Emmanuel Macron.
The development plunged the country into a deeper crisis that threatens its capacity to legislate and tame a massive budget deficit.
The euro is attempting to rebound while the greenback was little changed as weak U.S. economic data augmented the chances that the Federal Reserve could lower rates at the December meeting.
The South Korean won steadied ahead of President Yoon's impeachment motion on Dec 7.
Gold ticked lower as the yield on 10-year U.S. Treasuries edged up slightly after sliding on Wednesday. Oil steadied after a steep decline the previous day and ahead of an OPEC+ meeting.
Asian markets fluctuated, with Hong Kong stocks leading regional losses, pressured by stimulus concerns and U.S.-China trade war fears.
Ahead of a key economic meeting next week, Chinese state media have warned against blindly chasing faster growth and signaled more focus on boosting consumption.
In economic releases, factory orders and construction Purchasing Managers' survey results from Germany along with industrial output figures from France are awaited later in the day.
Across the Atlantic, U.S. weekly jobless claims data may attract some attention, although activity may be somewhat subdued ahead of the release of the more closely watched monthly jobs report on Friday.
U.S. stocks rose overnight to reach new record highs after ending mixed for two straight days.
The tech-heavy Nasdaq Composite climbed 1.3 percent, the Dow gained 0.7 percent and the SP 500 edged up by 0.6 percent following upbeat results from Salesforce and Marvell Technology, and positive comments by Federal Reserve Chair Jerome Powell on the growth and inflation outlook.
Weaker-than-expected private sector employment and service sector activity data also contributed to optimism about the outlook for interest rates.
European stocks closed higher for a fifth consecutive session on Wednesday ahead of the no-confidence vote in France.
The pan European STOXX 600 advanced 0.4 percent. The German DAX rallied 1.1 percent and France's CAC 40 added 0.7 percent while the U.K.'s FTSE 100 dipped 0.3 percent.
Malaysia Bourse May Extend Winning Streak
(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,615-point plateau and it may tick higher again on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The KLCI finished modestly higher on Wednesday following gains from the industrials and mixed performances from the financials, telecoms and plantations.
For the day, the index added 7.13 points or 0.44 percent to finish at 1,614.09 after trading between 1,606.53 and 1,616.03.
Among the actives, Axiata shed 0.42 percent, while Celcomdigi advanced 0.82 percent, CIMB Group eased 0.12 percent, Genting dropped 0.82 percent, Genting Malaysia retreated 1.40 percent, IHH Healthcare and Nestle Malaysia both climbed 1.11 percent, IOI Corporation rallied 1.80 percent, Kuala Lumpur Kepong slumped 0.84 percent, Maxis added 0.57 percent, MRDIY tumbled 2.67 percent, Petronas Chemicals soared 2.07 percent, PPB Group jumped 1.69 percent, Press Metal sank 0.60 percent, Public Bank gained 0.44 percent, QL Resources declined 1.23 percent, RHB Bank collected 0.77 percent, SD Guthrie fell 0.39 percent, Sunway lost 0.41 percent, Telekom Malaysia rose 0.31 percent, Tenaga Nasional spiked 1.94 percent, YTL Corporation surged 3.24 percent, YTL Power accelerated 1.62 percent and Maybank, MISC, Sime Darby and Petronas Gas were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.
The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the SP gained 36.61 points or 0.61 percent to end at 6,086.49.
The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.
Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.
Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.
Higher Open Anticipated For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has tracked higher in three straight sessions, improving almost 1,000 points or 4.3 percent in that span. The Taiwan Stock Exchange now rests just above the 23,250-point plateau and it may move to the upside again on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The TSE finished modestly higher on Wednesday following gains from the technology stocks, weakness from the plastics and a mixed performance from the financials.
For the day, the index jumped 227.87 points or 0.99 percent to finish at the daily high of 23,255.33 after trading as low as 23,034.70.
Among the actives, First Financial collected 0.36 percent, while Fubon Financial fell 0.33 percent, E Sun Financial dropped 0.90 percent, Taiwan Semiconductor Manufacturing Company strengthened 1.42 percent, United Microelectronics Corporation sank 0.78 percent, Hon Hai Precision rallied 2.29 percent, Largan Precision climbed 1.20 percent, Catcher Technology shed 0.75 percent, MediaTek added 0.38 percent, Delta Electronics advanced 1.02 percent, Novatek Microelectronics improved 0.94 percent, Formosa Plastics slumped 0.96 percent, Nan Ya Plastics tumbled 2.40 percent, Asia Cement plunged 2.53 percent and Cathay Financial, Mega Financial and CTBC Financial were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.
The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the SP gained 36.61 points or 0.61 percent to end at 6,086.49.
The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.
Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.
Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.
Closer to home, Taiwan will release November numbers for consumer prices later today; in October, inflation was up 0.25 percent on month and 1.69 percent on year.
Political Chaos May Weigh On South Korea Shares
(RTTNews) - The South Korea stock market turned lower again on Wednesday, one day after snapping the two-day slide in which it had stumbled more than 50 points or 2 percent. The KOSPI now sits just above the 2,460-point plateau although it has a positive lead for Thursday's trade.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
South Korea Might be the exception here, however, after the country fell into political chaos on Tuesday when President Yoon Suk Yeol declared martial law but lifted the decree hours later. Officials have pledged unlimited support to stabilize markets.
As a result, the KOSPI finished sharply lower on Wednesday with damage across the board, especially among the financials, chemicals and technology stocks.
For the day, the index tumbled 36.10 points or 1.44 percent to finish at 2,464.00 after trading between 2,442.46 and 2,483.04. Volume was 661.09 million shares worth 13.07 trillion won. There were 733 decliners and 175 gainers.
Among the actives, Shinhan Financial plunged 6.56 percent, while KB Financial crashed 5.73 percent, Hana Financial plummeted 6.67 percent, Samsung Electronics dropped 0.93 percent, Samsung SDI sank 0.77 percent, LG Electronics tumbled 1.91 percent, SK Hynix jumped 1.88 percent, Naver retreated 3.11 percent, LG Chem declined 2.30 percent, Lotte Chemical slumped 2.33 percent, SK Innovation surrendered 3.83 percent, POSCO shed 0.91 percent, SK Telecom lost 2.00 percent, KEPCO cratered 8.82 percent, Hyundai Mobis skidded 1.65 percent, Hyundai Motor stumbled 2.56 percent and Kia Motors perked 0.10 percent.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.
The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the SP gained 36.61 points or 0.61 percent to end at 6,086.49.
The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.
Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.
Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.
Closer to home, South Korea will release Q3 figures for gross domestic product later this morning. GDP is expected to rise 0.5 percent on quarter and 1.5 percent on year after added 0.1 percent on quarter and 1.5 percent on year in the previous three months.
South Korea GDP Data Due On Thursday
(RTTNews) - South Korea will on Thursday release Q3 figures for gross domestic product, highlighting a modest day for Asia-Pacific economic activity.
GDP is expected to rise 0.5 percent on quarter and 1.5 percent on year after added 0.1 percent on quarter and 1.5 percent on year in the previous three months.
Australia will provide October figures for imports, export and trade balance; in September, imports were down 3.1 percent on month and exports fell 4.3 percent on month for a trade surplus of A$4.609 billion.
Singapore will see October data for retail sales; in September, sales were up 0.4 percent on month and 2.0 percent on year.
Taiwan will release November numbers for consumer prices; in October, inflation was up 0.25 percent on month and 1.69 percent on year.
Finally, the markets in Thailand are closed on Thursday for King Bhumibol's birthday and will re-open on Friday.
Hong Kong Shares May Bounce Higher On Thursday
(RTTNews) - The Hong Kong stock market on Wednesday ended the three-day winning streak in which it had collected almost 380 points or 2 percent. The Hang Seng Index now sits just above the 19,740-point plateau although it may find renewed support on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The Hang Seng finished barely lower on Wednesday following losses from the technology stocks and a mixed picture from the properties and financials.
For the day, the index eased 3.86 points or 0.02 percent to finish at 19,742.46 after trading between 19,615.61 and 19,823.09.
Among the actives, Alibaba Group sank 0.53 percent, while Alibaba Health Info dropped 0.54 percent, ANTA Sports was up 0.06 percent, China Life Insurance shed 0.39 percent, China Mengniu Dairy declined 1.15 percent, China Resources Land gained 0.42 percent, CITIC added 0.45 percent, CNOOC rallied 2.30 percent, CSPC Pharmaceutical tumbled 1.58 percent, Galaxy Entertainment perked 0.14 percent, Haier Smart Home rose 0.38 percent, Hang Lung Properties plummeted 2.27 percent, Henderson Land retreated 1.39 percent, Hong Kong China Gas gathered 0.17 percent, Industrial and Commercial Bank of China collected 0.21 percent, JD.com tanked 2.00 percent, Lenovo stumbled 1.48 percent, Li Auto lost 0.23 percent, Li Ning dipped 0.12 percent, Meituan fell 0.18 percent, New World Development plunged 2.29 percent, Nongfu Spring skidded 0.71 percent, Techtronic Industries slumped 0.97 percent, WuXi Biologics advanced 0.60 percent and Xiaomi Corporation and CLP Holdings were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.
The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the SP gained 36.61 points or 0.61 percent to end at 6,086.49.
The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.
Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.
Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.
Rebound Anticipated For China Stock Market
(RTTNews) - The China stock market on Wednesday snapped the three-day winning streak in which it had advanced almost 85 points or 2.6. The Shanghai Composite now sits just beneath the 3,365-point plateau although it may bounce higher again on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly lower on Wednesday following losses from the properties, gains from the financials and a mixed performance from the resource and energy companies.
For the day, the index shed 14.16 points or 0.42 percent to finish at 3,364.65 after trading between 3,352.94 and 3,388.02. The Shenzhen Composite Index slumped 25.06 points or 1.22 percent to end at 2,024.41.
Among the actives, Industrial and Commercial Bank of China advanced 0.81 percent, while Bank of China gained 0.39 percent, China Construction Bank improved 1.49 percent, China Merchants Bank sank 0.84 percent, Agricultural Bank of China collected 0.41 percent, China Life Insurance declined 1.39 percent, Jiangxi Copper was down 0.05 percent, Aluminum Corp of China (Chalco) added 0.66 percent, Yankuang Energy strengthened 1.35 percent, PetroChina soared 4.20 percent, China Petroleum and Chemical (Sinopec) jumped 2.05 percent, Huaneng Power eased 0.14 percent, China Shenhua Energy surged 4.65 percent, Gemdale plunged 3.28 percent, Poly Developments retreated 1.94 percent and China Vanke stumbled 2.17 percent.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.
The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the SP gained 36.61 points or 0.61 percent to end at 6,086.49.
The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.
Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.
Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.
European Shares Gain After France's No-confidence Vote
(RTTNews) - European stocks hovered near one-month highs on Thursday as President Emmanuel Macron seeks a way out of France's political crisis.
Prime Minister Michel Barnier is expected to resign later today after being ousted in a no-confidence vote over a budget dispute. That makes him the shortest serving prime minister in modern French history.
It is likely that the country will remain without a government for several weeks, if not months, until Macron appoints a new prime minister, who will have to form a new government.
The State budget and the social security budget for 2025 will not be voted on, but the constitution allows special measures that would avert a U.S.-style government shutdown.
The pan European STOXX 600 was up 0.3 percent at 519.16 after rising 0.4 percent on Wednesday.
The German DAX gained 0.3 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 was marginally higher.
Shell fell around 1 percent while Equinor rose half a percent after they have announced plans to merge their British offshore oil and gas assets, creating what will become the U.K.'s largest independent energy company.
Unibail-Rodamco-Westfield SE, a French real estate company, added 1 percent after it acquired a 38.9 percent stake in URW Germany GmbH and its related entities from its joint venture partner Canada Pension Plan Investment Board in an off-market transaction.
Vodafone shares rose about 1 percent in London after the country's antitrust authority approved the company's $19 billion merger with Hutchison's Three UK.
Paper and packaging firm DS Smith fell 1.2 percent after reporting declines in half-year revenue and profits.
AstraZeneca rose half a percent as Imfinzi receives FDA approval for limited-stage small cell lung cancer.
Future Plc soared 15 percent after reporting its full-year results for 2-24.
Frasers Group plummeted 12 percent as the sportswear and fashion retailer lowered the upper end of its full-year profit forecasts.
French aircraft equipment manufacturer Safran SA plunged 5 percent after issuing new financial targets.
Banks BNP Paribas, Credit Agricole and Societe Generale climbed 2-3 percent on hopes that the government can avoid a shutdown.
Oil firm TotalEnergies added 1.7 percent after RBC upgraded its rating on the stock.
Aurubis AG shares jumped 14 percent after the German supplier of non-ferrous metals and copper recycler reported robust full-year results in a volatile market environment.
Sensex Rises For Fifth Day, Nifty Ends Above 24,700
(RTTNews) - Indian shares rallied on Thursday as weaker-than-expected U.S. private sector employment and service sector activity data contributed to optimism about the outlook for interest rates.
Traders now expect a third consecutive interest-rate cut at the U.S. central bank's Dec. 17-18 meeting.
Investor sentiment was also supported by foreign institutional investors (FIIs) turning net buyers in Indian equities in recent sessions and expectations of a dovish monetary policy by RBI.
The benchmark SP BSE Sensex jumped 809.53 points, or 1.00 percent, to 81,765.86, extending gains for a fifth day running.
The broader NSE Nifty index closed at 24,708.50, up 240.05 points, or 0.98 percent, from its previous close.
IT stocks topped the gainers list, with TCS and Infosys rising over 2 percent each.
Dr Reddy's Laboratories, Titan Company and Trent climbed 2-3 percent while NTPC, Bajaj Auto, HDFC Life and SBI Life all fell around 1 percent.
Pound Rises As European Shares Gain
(RTTNews) - The British pound strengthened against other major currencies in the European session on Thursday, as investor sentiment boosted after the French President Emmanuel Macron seeks a way out of France's political crisis.
Prime Minister Michel Barnier is expected to resign later today after being ousted in a no-confidence vote over a budget dispute. That makes him the shortest serving prime minister in modern French history.
It is likely that the country will remain without a government for several weeks, if not months, until Macron appoints a new prime minister, who will have to form a new government.
The State budget and the social security budget for 2025 will not be voted on, but the constitution allows special measures that would avert a U.S.-style government shutdown.
The U.S. Federal Reserve Chair Jerome Powell delivered slightly hawkish remarks in his commentary at the New York Times DealBook Summit on Wednesday.
Powell said the U.S. economy is "in remarkably good shape," and that downside risks from the labor market had receded.
The dollar was slightly softer as weaker-than-expected private sector employment and service sector activity data contributed to optimism about the outlook for interest rates.
Traders now expect a third consecutive interest-rate cut at the U.S. central bank's Dec. 17-18 meeting.
CME Group's FedWatch Tool currently indicates a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
U.S. weekly jobless claims data may attract some attention later in the day, although activity may be somewhat subdued ahead of the release of the more closely watched monthly jobs report on Friday, followed by inflation data for November expected next week.
In the European trading today, the pound rose to 3-day highs of 1.2740 against the U.S. dollar and 1.1264 against the Swiss franc, from early lows of 1.2693 and 1.1222, respectively. If the pound extends its uptrend, it is likely to find resistance around 1.30 against the greenback and 1.14 against the franc.
Against the euro and the yen, the pound edged up to 0.8273 and 191.21 from early lows of 0.8281 and 190.35, respectively. The pound is likely to find resistance around 0.80 against the euro and 198.00 against the yen.
Looking ahead, Canada and U.S. trade data for October, U.S. weekly jobless claims data and Canada Ivey PMI for November are slated for release in the New York session.
FTSE 100 Little Changed In Lackluster Trade
(RTTNews) - U.K. stocks were little changed on Thursday amid political turmoil in France, where Prime Minister Michel Barnier lost a no-confidence vote.
The benchmark FTSE 100 was marginally higher at 8,343 after falling 0.3 percent on Wednesday.
Vodafone shares rose about 1 percent after the country's antitrust authority approved the company's $19 billion merger with Hutchison's Three UK.
Paper and packaging firm DS Smith fell 1.2 percent after reporting declines in half-year revenue and profits.
AstraZeneca rose half a percent as Imfinzi receives FDA approval for limited-stage small cell lung cancer.
Shell dropped more than 1 percent after it joined hands with Equinor UK to combine their UK offshore oil gas assets to form a new company.
Future Plc soared 15 percent after reporting its full-year results for 2-24.
Frasers Group plummeted 12 percent as the sportswear and fashion retailer lowered the upper end of its full-year profit forecasts.
DAX Edges Higher As Factory Orders Fall Less Than Expected
(RTTNews) - German stocks edged up slightly on Thursday after data showed factory orders fell less than expected in October after an upwardly revised surge the previous month.
Destatis reported that factory orders fell 1.5 percent month-on-month after the revised 7.2 percent jump reported in September. Analysts had expected orders to fall by 2 percent.
Industrial orders rose 5.7 percent on an annual basis in October, compared to the revised growth of 4.2 percent.
The benchmark DAX was up 49 points, or 0.2 percent, at 20,280 after rallying 1.1 percent in the previous session.
In corporate news, Aurubis AG shares jumped more than 9 percent after the supplier of non-ferrous metals and copper recycler reported robust full-year results in a volatile market environment.
CAC 40 Gains Led By Banks
(RTTNews) - French stocks advanced on Thursday as President Emmanuel Macron seeks a way out of France's political crisis.
Prime Minister Michel Barnier is expected to resign later today after being ousted in a no-confidence vote over a budget dispute. That makes him the shortest serving prime minister in modern French history.
It is likely that the country will remain without a government for several weeks, if not months, until Macron appoints a new prime minister, who will have to form a new government.
The State budget and the social security budget for 2025 will not be voted on, but the constitution allows special measures that would avert a U.S.-style government shutdown.
The benchmark CAC 40 was up 42 points, or 0.6 percent, at 7,345 after gaining 0.7 percent the previous day.
In corporate news, aircraft equipment manufacturer Safran SA plunged 5.2 percent after issuing new financial targets.
Banks BNP Paribas, Credit Agricole and Societe Generale climbed 2-3 percent on hopes that the government can avoid a shutdown.
Oil firm TotalEnergies added 1.5 percent after RBC upgraded its rating on the stock.
German Factory Orders Fall Less Than Expected In October
(RTTNews) - Manufacturing new orders in Germany declined at a slower than expected pace in October amid a slump in domestic demand, while the gain for September was revised up significantly due to a big order in the shipbuilding industry, preliminary data from the statistical office Destatis showed Thursday.
Orders shrunk a seasonally and calendar-adjusted 1.5 percent from the previous month, which was less severe a fall than the 2.0 percent slump economists had forecast.
Excluding bookings for big-ticket items, factory order edged up 0.1 percent in October.
The September gain in new orders was revised up to 7.2 percent from the originally reported 4.2 percent.
Destatis attributed the relatively high revision in September to a large-scale order in the manufacture of ships which was reported late.
Large-scale orders in the manufacture of ships also strongly impacted the overall result for October, the statistical office said.
Core orders that exclude large orders continue to move sideways at a low level suggesting that there are still no signs of an upturn in the manufacturing sector, Commerzbank economist Ralph Solveen said.
"After all, a large majority of companies in the Ifo survey rate their order backlogs as too low, and the sentiment indicators give no indication that companies expect a rapid improvement here," Solveen noted.
"So there is hardly any reason for them to ramp up production quickly. This speaks against an imminent recovery of the German economy, which is likely to stagnate at best in the winter half-year."
Domestic orders shrunk 5.3 percent in October. Foreign orders rose 0.8 percent as a 7.6 percent slump in demand from the euro area was partly offset by a 6.3 percent increase in orders from outside the single currency bloc.
Among the different industrial sectors, the manufacture of machinery and equipment logged a 7.6 percent decline in orders and automotive industry registered a 3.7 percent fall in demand, Destatis data showed.
Demand grew 10.2 percent for basic metals and 8.0 percent for computer, electronic and optical products.
Intermediate goods orders grew 0.9 percent and demand for consumer goods rose 4.2 percent. Meanwhile, capital goods production logged a 3.6 percent fall in orders.
Asian Shares Mixed In Lackluster Trade
(RTTNews) - Asian stocks ended mixed on Thursday as traders took stock of the political crises in France and South Korea as well as comments by Federal Reserve Chair Jerome Powell indicating that the U.S. central bank will cut rates again when it meets later this month.
Chinese shares ended on a firm note as investors awaited cues from an upcoming annual policy meeting that could roll out new stimulus measures.
The benchmark Shanghai Composite index rose 0.12 percent to 3,368.86 while Hong Kong's Hang Seng index fell 0.92 percent to 19,560.44.
Japanese stocks rose modestly to extend gains for a fourth day running as tech stocks tracked their U.S. peers higher.
The Nikkei average ended the session up 0.30 percent at 339,395.60, paring some initial gains. The broader Topix index settled marginally higher at 2,742.24. Advantest surged 3.4 percent and SoftBank Group added 1.2 percent.
The yen saw modest gains amid expectations for a Bank of Japan interest-rate hike this month.
Seoul stocks extended losses from the previous session as opposition parties moved to impeach President Yoon Suk Yeol after short-lived martial law declaration that stunned the nation. The Kospi average dropped 0.90 percent to 2,441.85.
Automaker Hyundai Motor and leading battery maker LG Energy Solution both fell around 2 percent while market behemoth Samsung Electronics rose 1.1 percent and No. 2 chipmaker SK Hynix rallied 3 percent.
Australian markets advanced, led by gold miners and technology companies. The benchmark SP/ASX 200 edged up by 0.15 percent to 8,474.90 while the broader All Ordinaries index settled 0.18 percent higher at 8,744.50.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index finished marginally higher at 12,896.95.
U.S. stocks rose overnight to reach new record highs after ending mixed for two straight days.
The tech-heavy Nasdaq Composite climbed 1.3 percent, the Dow gained 0.7 percent and the SP 500 edged up by 0.6 percent following upbeat results from Salesforce and Marvell Technology, and positive comments by Federal Reserve Chair Jerome Powell on the growth and inflation outlook.
Weaker-than-expected private sector employment and service sector activity data also contributed to optimism about the outlook for interest rates.
Pound Rises Against Majors
(RTTNews) - The British pound strengthened against other major currencies in the European session on Thursday.
The pound rose to 3-day highs of 1.2740 against the U.S. dollar and 1.1264 against the Swiss franc, from early lows of 1.2693 and 1.1222, respectively.
Against the euro and the yen, the pound edged up to 0.8273 and 191.21 from early lows of 0.8281 and 190.35, respectively.
If the pound extends its uptrend, it is likely to find resistance around 1.30 against the greenback, 1.14 against the franc, 0.80 against the euro and 198.00 against the yen.
Walmart Recalls Marketside Fresh Cut Cucumber Slices
(RTTNews) - Retail giant Walmart Inc. has recalled Marketside branded Fresh Cut Cucumber Slices possibly made with recalled whole cucumbers supplied by SunFed Produce, LLC due to the potential for Salmonella contamination, according to the U.S. Food and Administration.
The Marketside Fresh Cut Cucumber Slices, produced in select stores, were available at 34 Walmart stores located in Texas.
Rio Rico, Arizona -based SunFed Produce recently initiated a recall of its whole cucumbers after the FDA notified that they were associated with reported salmonellosis illnesses between October 12 and November 15.
Salmonella is an organism that can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea, nausea, vomiting and abdominal pain. Meanwhile, infection with Salmonella in rare circumstances can result in the organism entering the bloodstream and producing more severe illnesses such as arterial infections, endocarditis and arthritis.
Walmart's recall involves Marketside Fresh Cut Cucumber Slices with average unit weight of 1.5lbs, UPC/PLU of 62969, and all date codes up to 12/1/2024.
Consumers are asked to throw out or destroy the impacted products or return to the point of purchase. They are also urged to clean and sanitize surfaces that could have come into contact with the recalled product to reduce cross-contamination.
Earlier this week, Baloian Farms of Arizona Co., Inc. called back all sizes of whole fresh American cucumbers because of possible health risks due to Salmonella. Further, Wadena, Minnesota -based Russ Davis Wholesale called back multiple products that contained recalled cucumbers from Baloian Farms.
For More Such Health News, visit rttnews.com
Bay Street Seen Opening On Subdued Note
(RTTNews) - The Canadian market is likely to open on a somewhat subdued note Thursday morning. Bank stocks are likely to be in focus, with investors reacting to earnings updates from BMO and CIBC.
Bank of Montreal (BMO.TO) reported a net income of $2,304 million for the fourth-quarter of fiscal 2024, compared with $1,710 million in the year-ago quarter. Adjusted net income was $1,542 million in the latest quarter, compared with $2,243 million a year ago.
Canadian Imperial Bank of Commerce (CM.TO) reported adjusted net income of $1,889 million for the fourth quarter of fiscal 2024, compare with $1,522 million.
Tecsys Inc (TCS.TO) announced that it posted a net profit of $0.8 million or $0.05 per share on a fully diluted basis in the second quarter of fiscal 2025, compared to a net loss of $0.3 million or $0.02 per share for the same period in fiscal 2024.
On the economic front, Canadian trade data for the month of October is due at 8:30 AM ET.
The Ivey PMI reading for November is due at 10 AM ET.
The Canadian market hit a new high, but failed to hold early gains and settled just marginally up on Wednesday as losses in energy and consumer discretionary stocks outweighed gains in technology and industrials sectors.
The mood remained cautious with investors digesting earnings updates from major banks and economic data, and looking ahead to U.S. non-farm payroll data due this week.
The benchmark SP/TSX Composite Index, which posted a new intraday high at 25,743.53 in early trades, dropped to a low of 25,573.61 and finally ended the session at 25,641.18, up 5.45 points or 0.02%.
Asian stocks ended mixed on Thursday as traders took stock of the political crises in France and South Korea as well as comments by Federal Reserve Chair Jerome Powell indicating that the U.S. central bank will cut rates again when it meets later this month.
Chinese shares ended on a firm note as investors awaited cues from an upcoming annual policy meeting that could roll out new stimulus measures.
European stocks are hovering near one-month highs as President Emmanuel Macron seeks a way out of France's political crisis. Prime Minister Michel Barnier has been ousted in a no-confidence vote over a budget dispute. That makes him the shortest serving prime minister in modern French history.
It is likely that the country will remain without a government for several weeks, if not months, until Macron appoints a new prime minister, who will have to form a new government.
In commodities, West Texas Intermediate Crude oil futures are down $0.33 or 0.48% at $68.21 a barrel.
Gold futures are down marginally at $2,676.00 an ounce, while Silver futures are lower by $0.040 or 0.13% at $31.875 an ounce.
