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Xerox Shares Hit On Cautious Outlook After Q3 Miss Street
(RTTNews) - Shares of Xerox Holdings Corp. were plunging around 21 percent in the early morning trading on the Nasdaq, as the workplace technology company trimmed its fiscal 2024 margin and revenue forecast, after reporting a hefty loss in its third quarter, compared to prior year's profit, with weak revenues. Adjusted earnings and top line missed market estimates.
Steve Bandrowczak, chief executive officer at Xerox, said, "While equipment revenue fell short of expectations, we continue to see steady progress from Reinvention initiatives taken to date. … Operational improvements and enterprise-wide efficiencies are driving services signings momentum, improved
decision-making and a sustainably lower cost base. These gains give us confidence Reinvention will enable long-term profitable growth as we continue this multi-year journey."
For fiscal 2024, the company now expects adjusted operating margin of around 5 percent, lower than previously expected at least 6.5 percent.
Revenue for the year is now expected to be down around 10 percent in constant currency, while the previous outlook was a decline of 5 percent to 6 percent in constant currency.
The outlook was lowered to reflect additional reductions in non-strategic revenue and lower-than-expected equipment sales.
Due to lower-than-expected revenue in 2024, Xerox said it no longer expects to grow adjusted operating income $300 million above 2023 levels by 2026. However, the firm continues to expect growth in adjusted operating income and a return to double-digit adjusted operating income margin over the course of its Reinvention.
In its third quarter, Xerox reported net loss attributable to shareholders of $1.21 billion or $9.71 per share, compared to last year's profit of $45 million or $0.28 per share.
The latest result were hurt by a non-cash goodwill impairment charge of approximately $1.0 billion or $8.16 per share.
Adjusted earnings were $34 million or $0.25 per share for the period, compared to $77 million or $0.46 per share a year ago.
Revenue for the quarter declined 7.5 percent to $1.528 billion from $1.652 billion in the same period last year. The drop was 7.3 percent at constant currency rates.
Analysts on average expected the company to report earnings of $0.51 per share on sales of $1.63 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Print and Other revenues fell 7.5 percent from last year to $1.46 billion.
On the Nasdaq, Xerox shares were trading at $8.16, down 20.62 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Novartis Lifts FY24 Outlook After Q3 Beats Market; But Stock Down
(RTTNews) - Swiss drug major Novartis AG on Tuesday raised its core operating income and sales guidance for fiscal 2024 after reporting significantly higher profit in its third quarter, driven by sales growth in key drugs. The third-quarter core earnings and topline beat market estimates.
Meanwhile, the shares were losing around 3 percent in the Swiss trading as well as in early morning trading on the NYSE.
Vas Narasimhan, CEO of Novartis, said, "Novartis delivered another quarter of strong operational performance in Q3, with sales up 10 percent and core operating income up 20 percent. All key growth drivers contributed to the momentum. With the momentum in our business and pipeline, we were able to once again upgrade our full-year guidance and remain highly confident in our mid-term outlook."
For the full year, Novartis now expects its core operating income growth in high teens against prior outlook for a growth from mid to high teens.
Annual sales are now projected to grow in low double-digits, compared with previous expectation for a high single to low double-digit growth.
In its third quarter, net earnings of the drug maker stood at $3.185 billion, up from last year's $1.763 billion. Earnings per share surged to $1.58 from $0.85 in the prior year.
Excluding prior year's discontinued operations, net income grew 111 percent from last year's $1.513 billion, and earnings per share surged 116 percent from $0.73 in the prior year.
Core net income on a continuing operations was $4.13 billion, compared to $3.59 billion last year. Core earnings per share were $2.06, compared to $1.74 a year ago.
Analysts on average expected the company to report earnings of $1.96 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Operating income grew 106 percent from last year to $3.63 billion, and core operating income went up 17 percent to $5.15 billion.
Core operating income margin was 40.1 percent, 340 basis points higher than last year, mainly driven by higher net sales.
Net sales improved 9 percent to $12.823 billion from prior year's $11.782 billion. At constant currency rates, net sales went up 10 percent. The Street was looking for sales of $12.76 billion for the quarter.
Entresto brand generated sales of $1.865 billion, up 26 percent at CC from last year. Sales of Cosentyx brand rose by 27 percent to $1.693 billion.
In Switzerland, Novartis shares were trading at 97.17 francs, down 2.65 percent.
On the NYSE, the shares were at $111.68, down 3.42 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Rally May Stall For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved higher in three straight sessions, gathering more than 200 points or 0.9 percent along the way. The Hang Seng Index now sits just above the 20,700-point plateau although it may be stuck in neutral on Wednesday.
The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Hang Seng finished modestly higher on Tuesday following gains from the insurance companies, weakness from the properties and a mixed picture from the technology stocks.
For the day, the index added 101.78 points or 0.49 percent to finish at 20,701.14 after trading between 20,563.74 and 20,890.08.
Among the actives, Alibaba Group climbed 0.93 percent, while Alibaba Health Info added 0.50 percent, ANTA Sports lost 0.63 percent, China Life Insurance rallied 1.08 percent, China Mengniu Dairy skidded 1.05 percent, China Resources Land and Henderson Land both stumbled 1.56 percent, CITIC fell 0.54 percent, CNOOC declined 1.50 percent, CSPC Pharmaceutical and Hong Kong China Gas both gained 0.16 percent, Galaxy Entertainment rose 0.14 percent, Hang Lung Properties dropped 0.90 percent, JD.com surged 2.72 percent, Lenovo slumped 1.10 percent, Li Auto shed 0.71 percent, Meituan soared 2.21 percent, New World Development sank 0.73 percent, Nongfu Spring retreated 1.85 percent, Techtronic Industries advanced 0.79 percent, Xiaomi Corporation jumped 1.37 percent, WuXi Biologics tumbled 1.95 percent and Haier Smart Home, Li Ning and Industrial and Commercial Bank of China were unchanged.
The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.
The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the SP 500 rose 9.40 points or 0.16 percent to end at 5,832.92.
The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).
Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.
In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
U.S. Job Openings Decrease To 7.44 Million In September
(RTTNews) - The Labor Department released a report on Tuesday showing a decrease by job openings in the U.S. in the month of September.
The report said job openings fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Economists had expected job openings to edge down to 7.99 million from the 8.04 million originally reported for the previous month.
Hires changed little over the month at 5.6 million, while the number of total separations was unchanged at 5.2 million, the Labor Department.
Within separations, quits and layoffs and discharges were both little changed at 3.1 million and 1.8 million, respectively.
U.S. Consumer Confidence Improves Much More Than Expected In October
(RTTNews) - A report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of October.
The Conference Board said its consumer confidence index surged to 108.7 in October after tumbling to a revised 99.2 in September.
Economists had expected the consumer confidence index to inch up to 99.1 from the 98.7 originally reported for the previous month.
"Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years," said Dana M. Peterson, Chief Economist at The Conference Board.
She added, "The proportion of consumers anticipating a recession over the next 12 months dropped to its lowest level since the question was first asked in July 2022, as did the percentage of consumers believing the economy was already in recession."
The Conference Board said the present situation index, which is based on consumers' assessment of current business and labor market conditions, spiked to 138.0 in October from 123.8 in September.
The expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, also jumped to 89.1 in October from 82.8 in September, coming in well above the threshold of 80 that usually signals a recession ahead.
Last Friday, the University of Michigan released revised data showing consumer sentiment in the U.S. unexpectedly improved in the month of October.
The University of Michigan said its consumer sentiment index for October was upwardly revised to 70.5 from a preliminary reading of 68.9. Economists had expected the index to be upwardly revised slightly to 69.0.
With the bigger than expected upward revision, the consumer sentiment index is now modestly above the final September reading of 70.1.
The consumer sentiment index has now increased for the third consecutive month, reaching its highest level since hitting 77.2 in April.
Singapore Bourse May Be Stuck In Neutral On Wednesday
(RTTNews) - The Singapore stock market on Tuesday snapped the two-day losing streak in which it had slipped more than 20 points or 0.6 percent. The Straits Times Index now sits just above the 3,590-point plateau although it may spin its wheels on Wednesday.
The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The STI finished slightly higher on Tuesday following mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index added 6.28 points or 0.18 percent to finish at the daily high of 3,590.36 after trading as low as 3,568.70.
Among the actives, CapitaLand Integrated Commercial Trust skidded 0.97 percent, while CapitaLand Investment slid 0.35 percent, City Developments fell 0.39 percent, DBS Group collected 0.54 percent, Emperador and Yangzijiang Shipbuilding both jumped 1.19 percent, Genting Singapore climbed 0.60 percent, Hongkong Land tumbled 1.52 percent, Keppel Ltd added 0.31 percent, Mapletree Pan Asia Commercial Trust dropped 0.75 percent, Mapletree Industrial Trust plunged 1.65 percent, Mapletree Logistics Trust retreated 1.47 percent, Oversea-Chinese Banking Corporation rallied 1.05 percent, SATS lost 0.51 percent, SembCorp Industries declined 1.34 percent, Singapore Technologies Engineering sank 0.64 percent, SingTel shed 0.62 percent, Wilmar International was down 0.31 percent, Yangzijiang Financial slumped 1.22 percent and Comfort DelGro, Frasers Centrepoint Trust, DFI Retail Group, Seatrium Limited, Keppel DC REIT and Thai Beverage were unchanged.
The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.
The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the SP 500 rose 9.40 points or 0.16 percent to end at 5,832.92.
The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).
Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.
In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
Pound Advances Ahead Of Budget
(RTTNews) - The pound climbed against its major counterparts in the New York session on Tuesday ahead of the budget announcement due on Wednesday.
Analysts expect the Autumn Budget to introduce key fiscal reforms, including tax changes and wage adjustments that could significantly impact the industry landscape.
Google parent Alphabet is due to unveil its earnings later in the day, with investors keen to see how growth at its key search business is progressing during a time of rising competition.
Markets also keep a close eye on the upcoming Nov. 5 U.S. presidential election.
A Trump victory may be on the horizon, but most major polls currently show him locked in a tight race with Vice President Kamala Harris.
The CBI's monthly retail sales survey showed U.K. retail sales volumes slipped back slightly in October due to consumer caution ahead of this week's budget announcement by finance minister Rachel Reeves.
The pound firmed to a 1-week high of 1.3007 against the greenback and more than a 3-month high of 199.69 against the yen, off its early lows of 1.2957 and 198.04, respectively. The next possible resistance for the currency is seen around 1.32 against the greenback and 203.00 against the yen.
The pound moved up to near 2-week highs of 0.8298 against the euro and 1.1298 against the franc, from an early low of 0.8340 and a 5-day low of 1.1209, respectively. The currency is poised to challenge resistance around 0.82 against the euro and 1.14 against the franc.
Australia Inflation Adds 0.2% On Quarter In Q3
(RTTNews) - Consumer prices in Australia were up a seasonally adjusted 0.2 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday.
That was shy of expectations for an increase of 0.3 percent and down from 1.0 percent in the previous three months.
On an annualized basis, inflation climbed 2.8 percent - exceeding forecasts for 2.3 percent and down from 3.8 percent in the second quarter.
The trimmed mean was up 0.8 percent on quarter and 3.5 percent on year, while the weighted mean was up 0.9 percent on quarter and 3.8 percent on year.
Tech Shares May Lift Taiwan Stock Market
(RTTNews) - The Taiwan stock market has moved lower in back-to-back sessions, stumbling almost 425 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 22,925-point plateau although it's due for support on Wednesday.
The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The TSE finished sharply lower on Tuesday following losses from the financial shares, technology stocks and plastics companies.
For the day, the index dropped 271.48 points or 1.17 percent to finish at 22,926.59 after trading between 22,711.10 and 23,056.57.
Among the actives, Cathay Financial lost 1.15 percent, while Mega Financial shed 0.38 percent, CTBC Financial eased 0.14 percent, First Financial declined 0.91 percent, Fubon Financial dipped 0.33 percent, E Sun Financial sank 0.73 percent, Taiwan Semiconductor Manufacturing Company dropped 0.95 percent, United Microelectronics Corporation stumbled 1.73 percent, Hon Hai Precision plunged 2.56 percent, Largan Precision slumped 1.29 percent, Catcher Technology perked 0.21 percent, MediaTek tanked 2.62 percent, Delta Electronics rose 0.25 percent, Novatek Microelectronics surrendered 2.14 percent, Formosa Plastics tumbled 1.75 percent, Nan Ya Plastics skidded 1.06 percent and Asia Cement fell 0.32 percent.
The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.
The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the SP 500 rose 9.40 points or 0.16 percent to end at 5,832.92.
The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).
Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.
In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
Australian Market Modestly Lower
(RTTNews) - Australian shares are trading modestly lower on Wednesday, giving up some of the gains in the previous three sessions, with the benchmark SP/ASX 200 staying above the 8,200 level, following the mixed cues from Wall Street overnight, with weakness in energy and financial stocks partially offset by gains in iron ore miners.
The benchmark SP/ASX 200 Index is losing 29.00 points or 0.35 percent to 8,220.20, after hitting a low of 8,218.00 and a high of 8,024.50 earlier. The broader All Ordinaries Index is down 23.70 points or 0.28 percent to 8,482.20. Australian stocks ended modestly higher on Tuesday.
Among major miners, Rio Tinto and Mineral Resources are rising almost 1 percent each, while Fortescue Metals is adding more than 1 percent and BHP Group is gaining 1.5 percent.
Oil stocks are mostly lower. Origin Energy and Woodside Energy are edging down 0.2 to 0.3 percent each, while Beach energy is losing more than 1 percent and Santos is down almost 1 percent.
In the tech space, Afterpay owner Block is losing more than 1 percent, Zip is declining almost 1 percent and Xero is edging down 0.1 percent, while Appen is surging almost 6 percent and WiseTech Global is edging up 0.4 percent.
Among the big four banks, Commonwealth Bank, National Australia Bank and ANZ Banking are losing almost 1 percent each, while Westpac is edging down 0.3 percent.
Among gold miners, Evolution Mining and Northern Star Resources are advancing more than 1 percent each, while Gold Road Resources is edging up 0.4 percent. Newmont is losing almost 2 percent and Resolute Mining is down almost 1 percent.
In economic news, consumer prices in Australia were up a seasonally adjusted 0.2 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday. That was shy of expectations for an increase of 0.3 percent and down from 1.0 percent in the previous three months.
On an annualized basis, inflation climbed 2.8 percent - exceeding forecasts for 2.3 percent and down from 3.8 percent in the second quarter. The trimmed mean was up 0.8 percent on quarter and 3.5 percent on year, while the weighted mean was up 0.9 percent on quarter and 3.8 percent on year.
In the currency market, the Aussie dollar is trading at $0.656 on Wednesday.
On the Wall Street, stocks moved higher during trading on Monday but returned to the mixed performance seen to close out the previous week on Tuesday. While the tech-heavy Nasdaq showed a notable advance to reach a new record closing high, the Dow closed lower for the sixth time in the past seven sessions.
The Nasdaq climbed 145.56 points or 0.8 percent to 18,712.75, extending its winning streak to four days. The SP 500 also rose 9.40 points or 0.2 percent to 5,832.92, but the Dow fell 154.52 points or 0.4 percent to 42,233.05.
Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid 0.8 percent, the French CAC 40 Index fell by 0.6 percent and the German DAX Index dipped by 0.3 percent.
Crude oil prices settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
China Stock Market May Reverse Tuesday's Losses
(RTTNews) - The China stock market on Tuesday snapped the two-day winning streak in which it had climbed more than 40 points or 1.2 percent. The Shanghai Composite now sits just above the 3,285-point plateau although it may bounce higher again on Wednesday.
The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished sharply lower on Tuesday following losses from the resource, energy and property sectors, while the financials came in mixed.
For the day, the index skidded 35.79 point or 1.08 percent to finish at 3,286.41 after trading between 3,284.21 and 3,340.46. The Shenzhen Composite Index declined 29.65 points or 1.48 percent to end at 1,972.93.
Among the actives, Industrial and Commercial Bank of China dipped 0.16 percent, while Bank of China collected 0.41 percent, China Merchants Bank rose 0.21 percent, Agricultural Bank of China added 0.63 percent, China Life Insurance perked 0.14 percent, Jiangxi Copper tanked 2.54 percent, Aluminum Corp of China (Chalco) surrendered 2.68 percent, Yankuang Energy stumbled 2.87 percent, PetroChina retreated 2.03 percent, China Petroleum and Chemical (Sinopec) plunged 3.26 percent, Huaneng Power tumbled 2.81 percent, China Shenhua Energy fell 0.29 percent, Gemdale slumped 1.95 percent, Poly Developments declined 2.66 percent, China Vanke lost 2.77 percent and China Construction Bank was unchanged.
The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.
The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the SP 500 rose 9.40 points or 0.16 percent to end at 5,832.92.
The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).
Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.
In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
Sensex, Nifty Open Lower With Earnings In Focus
(RTTNews) - Indian shares opened on a sluggish note Wednesday as caution prevailed ahead of next week's U.S. presidential election and Federal Reserve rate decision.
The benchmark SP/BSE Sensex was down 260 points, or 0.3 percent, at 80,107 in early trade while the broader NSE Nifty index was down 62 points, or 0.3 percent, at 24,405.
Cipla plunged 4.2 percent after analysts highlighted near term challenges for the pharmaceutical giant.
Torrent Pharma tumbled 2.7 percent after a block deal.
Voltas slumped 6 percent despite posting stellar Q2 earnings.
Maruti Suzuki rallied 2.1 percent despite the company flagging falling demand for small cars.
Adani Enterprises jumped more than 3 percent after it posted a nearly eight-fold rise in net profit in the September quarter.
Marico soared 5.4 percent on reporting a 20 percent increase in consolidated net profit for the September quarter.
Indonesia Stock Market Due For Support On Wednesday
(RTTNews) - The Indonesia stock market has finished lower in five straight sessions, dropping almost 190 points or 2.5 percent along the way. The Jakarta Composite Index now rests just above the 7,600-point plateau although it may stop the bleeding on Wednesday.
The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished modestly lower on Tuesday following losses from the cement and finance sectors, while the food stocks were up and the resource companies were mixed.
For the day, the index shed 28.03 points or 0.37 percent to finish at 7,606.60 after trading between 7,587.21 and 7,666.43.
Among the actives, Bank CIMB Niaga retreated 1.33 percent, while Bank Danamon Indonesia slumped 1.15 percent, Bank Negara Indonesia surrendered 3.64 percent, Bank Central Asia dropped 0.94 percent, Bank Rakyat Indonesia stumbled 1.26 percent, Indosat Ooredoo Hutchison surged 5.94 percent, Indocement fell 0.33 percent, Semen Indonesia sank 0.72 percent, Indofood Sukses Makmur added 0.66 percent, United Tractors tumbled 1.68 percent, Astra International tanked 2.38 percent, Energi Mega Persada spiked 3.62 percent, Astra Agro Lestari climbed 1.12 percent, Aneka Tambang rose 0.31 percent, Jasa Marga rallied 2.78 percent, Vale Indonesia shed 0.75 percent, Timah tumbled 1.88 percent and Bumi Resources, Bank Mandiri and Bank Maybank Indonesia were unchanged.
The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.
The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the SP 500 rose 9.40 points or 0.16 percent to end at 5,832.92.
The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).
Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.
In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
DAX Edges Lower As Investors Watch Earnings
(RTTNews) - German stocks were slightly lower on Wednesday as investors awaited a raft of earnings and economic readings this week for directional cues.
Germany's unemployment rate remained unchanged in September, the labor force survey results from Destatis showed earlier today.
The unemployment rate came in at adjusted 3.5 percent, the same as in August. The number of unemployed declined 9,000 on month to 1.55 million.
The benchmark DAX was down 70 points, or 0.4 percent, at 19,408 after declining 0.3 percent in the previous session.
Automaker Volkswagen rallied 2 percent after backing its annual sales guidance.
Daimler Truck Holding fell 1.2 percent after an announcement that it is writing off some of its receivables in China.
BASF rose about 1 percent as the chemicals company reported slightly higher earnings in the third quarter.
Japanese Market Significantly Higher
(RTTNews) - The Japanese stock market is trading significantly higher on Wednesday, extending the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving well above the 39,300 level, with gains across most sectors led by index heavyweights, financial and technology stocks.
The benchmark Nikkei 225 Index is up 440.20 or 1.13 percent at 39,343.88, after touching a high of 39,352.58 earlier. Japanese stocks ended notably higher on Tuesday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is edging down 0.2 percent, while Toyota is gaining almost 1 percent.
In the tech space, Advantest is advancing almost 3 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings are gaining more than 2 percent.
In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.5 percent each, while Mizuho Financial is flat.
Among the major exporters, Sony is gaining almost 2 percent and Panasonic is edging up 0.2 percent, while Mitsubishi Electric and Canon are adding almost 1 percent each.
Among other major gainers, Disco is skyrocketing almost 11 percent and Fujikura is surging more than 5 percent, while Lasertech, Keyence and Tokyo Electric Power are gaining more than 4 percent each. Furukawa Electric, Kansai Electric Power, Nikon, Renesas Electronics and SMC are adding more than 3 percent each, while Chubu Electric Power, Hoya, Toppan Holdings and Daiichi Sankyo are up almost 3 percent each.
Conversely, Hino Motors is plummeting more than 11 percent.
In the currency market, the U.S. dollar is trading in the lower 153 yen-range on Wednesday.
On the Wall Street, stocks moved higher during trading on Monday but returned to the mixed performance seen to close out the previous week on Tuesday. While the tech-heavy Nasdaq showed a notable advance to reach a new record closing high, the Dow closed lower for the sixth time in the past seven sessions.
The Nasdaq climbed 145.56 points or 0.8 percent to 18,712.75, extending its winning streak to four days. The SP 500 also rose 9.40 points or 0.2 percent to 5,832.92, but the Dow fell 154.52 points or 0.4 percent to 42,233.05.
Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid 0.8 percent, the French CAC 40 Index fell by 0.6 percent and the German DAX Index dipped by 0.3 percent.
Crude oil prices settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
Sensex, Nifty Likely To Follow Asian Peers Lower
(RTTNews) - Indian shares are likely to open a tad lower on Wednesday amid mixed cues from global markets.
Range-bound trading activity may be witnessed as investors get into festive mood and look forward to next week's U.S. presidential election and Federal Reserve rate decision.
Stock-specific action is likely, with Adani Group stocks in focus after Adani Enterprises posted a nearly eight-fold rise in net profit in the September quarter.
Benchmark indexes Sensex and Nifty recovered from an early slide to end higher by about half a percent on Tuesday, extending gains for a second straight session.
Asian markets were mostly lower this morning after mixed results from U.S. technology companies.
Google parent Alphabet's earnings beat estimates as the company saw strong quarterly revenue growth from its cloud business.
On the other hand, chipmaker AMD's fourth-quarter revenue guidance failed to impress investors.
Meta Platforms and Microsoft are set to report their earnings later today, while Apple and Amazon are due to publish their results on Thursday.
Japan's Nikkei traded up more than 1 percent to extend gains despite political uncertainty.
Treasury yields edged lower while gold climbed to a new record high due to U.S. election jitters and persisting Middle East tensions.
The dollar index was little changed after reaching the highest since July 30. Oil prices steadied after two previous sessions of losses.
U.S. stocks ended mixed overnight ahead of earnings from big technology companies.
Economic reports painted a mixed picture, with job openings dropping to more than a 3-1/2-year low in September, while a measure of consumer confidence rose to a nine-month high.
The SP 500 gained 0.2 percent, and the tech-heavy Nasdaq Composite climbed 0.8 percent to reach a new record closing high, while the Dow dipped 0.4 percent to close lower for the sixth time in the past seven sessions.
European stocks closed lower on Tuesday as earnings from heavyweights BP Plc and Novartis AG disappointed.
The pan European STOXX 600 declined 0.6 percent. The German DAX slid 0.3 percent, France's CAC 40 shed 0.6 percent and the U.K.'s FTSE 100 gave up 0.8 percent.
Asian Markets Trade Mostly Lower
(RTTNews) - Asian stock markets are trading mostly lower on Wednesday, following the mixed cues from Wall Street overnight, as traders are cautious and reluctant to take positions ahead of the next week's U.S. presidential election and the US Fed's monetary policy decision. Concern about the tension in the Middle East is also weighing on the markets. Asian markets closed mostly higher on Tuesday.
Traders also looked ahead to a slew of U.S. economic data as well as tech megacap earnings for directional cues.
Australian shares are trading modestly lower on Wednesday, giving up some of the gains in the previous three sessions, with the benchmark SP/ASX 200 falling below the 8,200 level, following the mixed cues from Wall Street overnight, with weakness in energy and financial stocks partially offset by gains in iron ore miners.
The benchmark SP/ASX 200 Index is losing 64.30 points or 0.78 percent to 8,184.90, after hitting a low of 8,182.20 earlier. The broader All Ordinaries Index is down 61.80 points or 0.73 percent to 8,444.10. Australian stocks ended modestly higher on Tuesday.
Among major miners, Rio Tinto and Mineral Resources are rising almost 1 percent each, while Fortescue Metals is adding more than 1 percent and BHP Group is gaining 1.5 percent.
Oil stocks are mostly lower. Origin Energy and Woodside Energy are edging down 0.2 to 0.3 percent each, while Beach energy is losing more than 1 percent and Santos is down almost 1 percent.
In the tech space, Afterpay owner Block is losing more than 1 percent, Zip is declining almost 1 percent and Xero is edging down 0.1 percent, while Appen is surging almost 6 percent and WiseTech Global is edging up 0.4 percent.
Among the big four banks, Commonwealth Bank, National Australia Bank and ANZ Banking are losing almost 1 percent each, while Westpac is edging down 0.3 percent.
Among gold miners, Evolution Mining and Northern Star Resources are advancing more than 1 percent each, while Gold Road Resources is edging up 0.4 percent. Newmont is losing almost 2 percent and Resolute Mining is down almost 1 percent.
In economic news, consumer prices in Australia were up a seasonally adjusted 0.2 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday. That was shy of expectations for an increase of 0.3 percent and down from 1.0 percent in the previous three months.
On an annualized basis, inflation climbed 2.8 percent - exceeding forecasts for 2.3 percent and down from 3.8 percent in the second quarter. The trimmed mean was up 0.8 percent on quarter and 3.5 percent on year, while the weighted mean was up 0.9 percent on quarter and 3.8 percent on year.
In the currency market, the Aussie dollar is trading at $0.656 on Wednesday.
The Japanese stock market is trading significantly higher on Wednesday, extending the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving up to be a tad below the 39,300 level, with gains across most sectors led by index heavyweights, financial and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at the day's high of 39,390.49, up 486.81 points or 1.25 percent. Japanese stocks ended notably higher on Tuesday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is edging down 0.2 percent, while Toyota is gaining almost 1 percent.
In the tech space, Advantest is advancing almost 3 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings are gaining more than 2 percent.
In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.5 percent each, while Mizuho Financial is flat.
Among the major exporters, Sony is gaining almost 2 percent and Panasonic is edging up 0.2 percent, while Mitsubishi Electric and Canon are adding almost 1 percent each.
Among other major gainers, Disco is skyrocketing almost 11 percent and Fujikura is surging more than 5 percent, while Lasertech, Keyence and Tokyo Electric Power are gaining more than 4 percent each. Furukawa Electric, Kansai Electric Power, Nikon, Renesas Electronics and SMC are adding more than 3 percent each, while Chubu Electric Power, Hoya, Toppan Holdings and Daiichi Sankyo are up almost 3 percent each.
Conversely, Hino Motors is plummeting more than 11 percent.
In the currency market, the U.S. dollar is trading in the lower 153 yen-range on Wednesday.
Elsewhere in Asia, New Zealand, China, Hong Kong, Singapore, South Korea, Malaysia and Indonesia are lower by between 0.1 and 1.0 percent each. Taiwan is bucking the trend and is up 0.3 percent.
On the Wall Street, stocks moved higher during trading on Monday but returned to the mixed performance seen to close out the previous week on Tuesday. While the tech-heavy Nasdaq showed a notable advance to reach a new record closing high, the Dow closed lower for the sixth time in the past seven sessions.
The Nasdaq climbed 145.56 points or 0.8 percent to 18,712.75, extending its winning streak to four days. The SP 500 also rose 9.40 points or 0.2 percent to 5,832.92, but the Dow fell 154.52 points or 0.4 percent to 42,233.05.
Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid 0.8 percent, the French CAC 40 Index fell by 0.6 percent and the German DAX Index dipped by 0.3 percent.
Crude oil prices settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
Steady Start Eyed For Thai Stock Market
(RTTNews) - The Thai stock market has moved lower in back-to-back sessions, slumping more than a dozen points or 0.9 percent along the way. The Stock Exchange of Thailand now sits just above the 1,450-point plateau although it may find traction on Wednesday.
The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished slightly lower on Tuesday following losses from the industrial, resource and technology sectors.
For the day, the index dipped 1.87 points or 0.13 percent to finish at 1,451.16 after trading between 1,449.24 and 1,461.93. Volume was 9.850 billion shares worth 40.897 billion baht. There were 248 decliners and 226 gainers, with 189 stocks finishing unchanged.
Among the actives, Advanced Info tumbled 1.85 percent, while Thailand Airport advanced 0.81 percent, Asset World climbed 1.10 percent, Banpu retreated 1.60 percent, Bangkok Expressway increased 0.63 percent, CP All Public dropped 0.78 percent, Charoen Pokphand Foods improved 1.21 percent, Energy Absolute surged 3.92 percent, Gulf rose 0.38 percent, Kasikornbank fell 0.34 percent, Krung Thai Card lost 0.52 percent, PTT Oil Retail declined 1.26 percent, PTT sank 0.73 percent, PTT Exploration and Production added 0.40 percent, SCG Packaging plunged 2.86 percent, Siam Commercial Bank shed 0.43 percent, Siam Concrete rallied 1.47 percent, Thai Oil gained 0.60 percent, True Corporation jumped 1.68 percent, TTB Bank collected 0.56 percent and Bangkok Bank, Krung Thai Bank, PTT Global Chemical, B. Grimm, Bangkok Dusit Medical and BTS Group were unchanged.
The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.
The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the SP 500 rose 9.40 points or 0.16 percent to end at 5,832.92.
The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).
Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.
In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.
Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.
European Economic News Preview: Eurozone GDP Data Due
(RTTNews) - Preliminary GDP estimates from the euro area and other European economies and budget announcement from the UK are due on Wednesday.
At 2.30 am ET, France's statistical office INSEE publishes flash GDP and consumer spending figures. The second largest euro area economy is forecast to grow 0.3 percent in the third quarter after expanding 0.2 percent in the preceding period.
At 4.00 am ET, flash GDP and inflation figures are due from Spain. Gross domestic product is expected to post a slower growth of 0.6 percent following second quarter's 0.8 percent expansion. Economists forecast consumer price inflation to rise to 1.7 percent in October from 1.5 percent in September.
At 4.55 am ET, unemployment data is due from Germany. The jobless rate is expected to rise to 6.1 percent in October from 6.0 percent in September.
At 5.00 am ET, Italy's statistical office ISTAT publishes GDP data for the third quarter. The growth is seen easing to 0.7 percent from 0.9 percent.
At 6.00 am ET, Eurostat publishes euro area flash GDP data. The currency bloc is expected to log a steady growth of 0.2 percent in the third quarter.
Also, Eurozone economic sentiment survey results are due. The economic sentiment indicator is seen at 96.4 in October, up from 96.2 in the previous month.
At 8.30 am ET, UK Chancellor of the Exchequer will present her Autumn Budget 2024 to Parliament.
At 9.00 am ET, Destatis is slated to release Germany's flash consumer and harmonized prices for October. Consumer price inflation is seen rising to 1.8 percent from 1.6 percent in September.
CAC 40 Falls As Earnings Dampen Mood
(RTTNews) - French stocks fell sharply on Wednesday, with mixed earnings from U.S. big technology companies and uncertainty around the upcoming U.S. presidential election weighing on markets.
Meanwhile, France's economic growth doubled in the third quarter as the Paris Olympic and Paralympic Games boosted consumption, official data revealed.
Gross domestic product posted a quarterly growth of 0.4 percent after expanding 0.2 percent in the second quarter, according to the first estimate from the statistical office INSEE. This was also better than economists' forecast of 0.3 percent.
Separate data from INSEE showed that household spending growth weakened in September on lower food and energy consumption.
Household consumption edged up 0.1 percent, slower than the 0.4 percent increase in August.
The benchmark CAC 40 dropped 71 points, or 1 percent, to 7,439 after losing 0.6 percent the previous day.
Luxury stocks fell, with LVMH, Kering and Hermes falling 1-3 percent on concerns about demand growth in China.
Energy-management and automation group Schneider Electric rose about 1 percent after third-quarter revenue rose to record levels.
Capgemini plunged 6 percent as the IT consulting group cut its 2024 revenue target for the second time this year.
Spain GDP Expands More Than Forecast
(RTTNews) - The Spanish economy logged a faster-than-expected growth in the third quarter on domestic demand, advance estimates from the statistical office INE showed on Wednesday.
Gross domestic product grew 0.8 percent on a sequential basis, the same rate of growth as seen in the second quarter. Growth was forecast to ease to 0.6 percent.
The expenditure-side of GDP showed that domestic demand contributed 0.9 points to growth, while external demand contributed negatively by 0.1 points.
Household consumption moved up 1.1 percent and government spending climbed 2.2 percent. Meanwhile, gross capital formation fell 0.7 percent.
Exports of goods and services expanded 0.9 percent and imports grew 1.2 percent.
Further, data showed that all major sectors of the economy logged positive growth, except construction. Industry grew 0.2 percent and services by 1.1 percent. Meanwhile, construction shrank 1.4 percent.
On a yearly basis, economic growth accelerated unexpectedly to 3.4 percent from 3.2 percent in the previous quarter. Economists had forecast the rate to ease to 2.9 percent.
Economists at Capital Economics said Spain's rapid growth over the past couple of years was partly due to the expansion of the tourism sector but also due to rapid immigration which has lifted the labour supply and household consumption. The economists expect this virtuous circle to continue for some time.
Euro Rises As German Economy Expands Unexpectedly
(RTTNews) - The euro strengthened against other major currencies in the European session on Wednesday, after the German economy expanded unexpected in the third quarter, underpinned by household and government consumption.
The preliminary estimate data from Destatis showed that the gross domestic product grew 0.2 percent from a quarter ago, in contrast to the revised 0.3 percent contraction posted in the second quarter. GDP was expected to fall 0.1 percent.
With the latest growth, the largest euro area economy avoided a technical recession.
On a yearly basis, calendar-adjusted GDP logged an expansion of 0.2 percent, reversing the second quarter's 0.3 percent decline.
Meanwhile, the price-adjusted GDP grew 0.2 percent on year, following a 0.1 percent rise in the prior quarter.
The surprising positive Q3 German GDP data dampened expectations of the European Central Bank's (ECB) larger-than-usual interest rate cut of 50 basis points (bps) in December.
In economic news, a preliminary flash estimate published by Eurostat showed that Eurozone economic growth accelerated in the third quarter. Gross domestic product increased 0.4 percent on a quarterly basis. GDP was expected to log 0.2 percent growth, the same rate as seen in the second quarter.
Year-on-year, economic growth improved to 0.9 percent from 0.6 percent in the second quarter. This was also better than economists' forecast of 0.8 percent.
Meanwhile, traders remain caution ahead of next week's U.S. presidential election and Federal Reserve rate decision.
In the European trading now, the euro rose to a 3-month high of 166.21 against the yen and a 2-day high of 0.8343 against the pound, from early lows of 165.59 and 0.8314, respectively. If the euro extends its uptrend, it is likely to find resistance around 167.00 against the yen and 0.84 against the pound.
Against the U.S. dollar and the Swiss franc, the euro advanced to 9-day highs of 1.0859 and 0.9405 from early lows of 1.0813 and 0.9371, respectively. The euro may test resistance around 1.10 against the greenback and 0.95 against the franc.
Looking ahead, U.S. MBA weekly mortgage approvals data, U.S. GDP data for the third quarter, U.S. core price index for the third quarter, pending home sales data for September and U.S. EIA crude oil data are slated for release in the New York session.
U.S. Private Sector Employment Surges Much More Than Expected In October
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. shot up by much more than anticipated in the month of October.
ADP said private sector employment surged by 233,000 jobs in October after jumping by an upwardly revised 159,000 jobs in September.
Economists had expected private sector employment to climb by 115,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.
"Even amid hurricane recovery, job growth was strong in October," said ADP chief economist Nela Richardson. "As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient."
Pound Falls Ahead Of U.K. Autumn Budget Statement
(RTTNews) - The British pound weakened against other major currencies in the European session on Wednesday, as traders await the U.K. budget declaration, where the Labour administration is anticipated to increase taxes and expenditure.
The United Kingdom's (U.K.) Autumn Forecast Statement is set to be released at 8.30 am ET. Chancellor of the Exchequer Rachel Reeves is anticipated to announce a tax increase on various income-generating sources and provide increased spending plans to encourage investment in what will be Labour's first budget presentation in more than 15 years.
Investors also expect the Bank of England (BoE) to cut interest rates by 25 basis points (bps) in its upcoming policy meeting on November 7.
European stocks traded lower as investors assessed a batch of mixed earnings and awaited regional growth data as well as the U.K. government's budget for direction.
In the European trading now, the pound fell to nearly a 2-week low of 0.8354 against the euro, from an early high of 0.8314. The pound may test support around the 0.84 area.
Moving away from an early 9-day high of 1.3027 against the U.S. dollar, the pound dropped to 1.2695. The next possible downside target for the pound is seen around the 1.28 region.
Against the Swiss franc and the yen, the pound edged down to 1.1243 and 198.27 from early highs of 1.1291 and 199.58, respectively. If the pound extends its downtrend, it is likely to find support around 1.11 against the franc and 194.00 against the yen.
Looking ahead, U.S. MBA weekly mortgage approvals data, U.S. GDP data for the third quarter, U.S. core price index for the third quarter, pending home sales data for September and U.S. EIA crude oil data are slated for release in the New York session.
FTSE 100 Slides Ahead Of Budget
(RTTNews) - U.K. stocks traded lower on Wednesday ahead of the first Labour party budget in 14 years.
U.K. Chancellor of the Exchequer will present her Autumn Budget 2024 to Parliament at 8.30 am ET.
The benchmark FTSE 100 was down 29 points, or 0.4 percent, at 8,190 after falling 0.8 percent in the previous session.
In corporate news, GSK shares tumbled 3.4 percent. The pharmaceutical company swung into a loss in the third quarter and lowered its 2024 vaccine sales forecast.
Standard Chartered rallied 3 percent. The lender upgraded its 2024 income guidance after profits in the third quarter beat market estimates.
Miner Glencore added 1.7 percent as it maintained production forecast for the current year.
Retail bellwether Next gained 1.6 percent after raising outlook for third time in three months.
