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European Stocks Fail To Hold Early Gains, Close Weak
(RTTNews) - After holding firm till around mid afternoon on Wednesday, European stocks pared gains and closed weak as investors assessed the potential impact of Donald Trump's victory in the U.S. Presidential Election.
Stocks moved higher earlier in the session with investors reacting to Trump's win, and a batch of encouraging regional economic data.
Possibility of Trump imposing higher tariffs and potential strain in international relations weighed on sentiment. Investors also looked ahead to the Federal Reserve's monetary policy announcement on Tuesday. The Bank of England is also scheduled to announce its policy on Thursday.
The pan European Stoxx 600 ended down 0.54%. Germany's DAX closed lower by 1.13%, France's CAC 40 fell 0.51% and the U.K.'s FTSE 100 edged down 0.07%. Switzerland's SMI closed down 0.16%.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Spain and Sweden ended with sharp to moderate gains.
Greece, Iceland, Poland, Russia and Turkiye closed weak.
In the UK market, Ashtead Group, Barclays and IHG climbed 5.2 to 5.6%. BAE Systems, 3i Group, Marks Spencer, Smith (DS), Pershing Square Holdings, Entain and IAG gained 3 to 5%.
Beazley rallied sharply after reiterating its full-year undiscounted combined ratio guidance of around 80%. Prudential moved higher after it posted a 11% rise in new business profit for the first nine months of fiscal 2024.
Marks Spencer gained 2% after beating first-half profit expectations. Standard Chartered, Coca-Cola, Compass Group, Tesco, Natwest Group and Scottish Mortgage also ended notably higher.
Shares of Lancashire Holdings jumped more than 10% in early trades after the company reported a 9% year-on-year increase in GWP to $1.7bn for the first nine months of 2024. However, the stock pared gains and ended the session just marginally up.
Persimmon closed lower by more than 8.5% as it flagged concerns around signs of build costs emerging in price negotiations for 2025.
Intertek Group shed 4.7%, while Taylor Wimpey, Smith Nephew, Fresnillo, Antofagasta, BT Group, British Land, Barratt Redrow and Berkeley Group Holdings closed down 3 to 4.1%.
Frasers Group, Hikma Pharmaceuticals, Unilever, Endeavour Mining, Diageo, Vistry Group and Segro also declined sharply.
In the German market, Mercedes-Benz, Zalando and BMW lost 6 to 6.8%. BMW reported a 61% drop in its quarterly third-quarter profit.
Volkswagen, Porsche, Sartorius, RWE, Deutsche Post, Commerzbank, Adidas, Infineon, Beiersdorf, Henkel, Bayer, Symrise, Merck and Siemens Energy lost 1.7 to 5.1%.
Siemens Healthineers and Fresenius Medical Care climbed 5.6% and 5.5%, respectively. Siemens Healthineers reported revenue growth and full year adjusted earnings before interest and taxes (EBIT) in line with estimates.
Puma ended nearly 3% down, after Q3 sales came in below expectations.
Rheinmetall, Fresenius, HeidelbergCement, MTU Aero Engines and Deutsche Bank gained 1.8 to 3%.
In the French market, Thales moved up more than 3%. Publicis Groupe, Stellantis, Essilor, STMicroElectronics, Safran, Carrrefour, Edenred, Dassault Systemes and Accor gained 0.6 to 1.8%.
Credit Agricole closed down 4.3% after reporting mixed Q3 results as weakness at some of its retail businesses overshadowed record revenues at its investment banking unit.
Pernod Ricard ended down 3.7%. BNP Paribas, L'Oreal, Teleperformance, Bouygues, Danone, Vivendi, Veolia, Air Liquide, Unibail Rodamco, Engie and TotalEnergies lost 1.4 to 3.2%.
Germany's factory orders rebounded in September on strong growth in aircraft and other transport equipment orders, data from Destatis showed. Factory orders advanced 4.2% on a monthly basis in September, in contrast to the revised 5.4% decline in August.
Economists had forecast orders to grow moderately by 1.6 percent after September's initially estimated decline of 5.8%.
The UK construction sector growth slowed notably in October but overall industry activity remained solid on civil engineering work, survey results from SP Global showed. The construction Purchasing Managers' Index posted 54.3 in October, down from 57.2 in September. The index signaled expansion for the eighth consecutive month.
The euro area private sector stagnated in October as the contraction in manufacturing was offset by the services activity growth, final survey results published by SP Global showed. The HCOB composite output index registered 50.0 in October signalling no change in private sector output. The reading was up from 49.6 in September and above the flash score of 49.7.
Producer prices in the euro area fell on a monthly basis for the first time in four months in September amid a slump in energy prices, figures from the statistical office Eurostat showed. Producer prices in the domestic market decreased 0.6% month-on-month, reversing a similar size gain in the previous month. This was the first decline since May.
Indonesia Bourse Likely To Reclaim 7,400-Point Level
(RTTNews) - The Indonesia stock market headed south again on Wednesday, one day after ending the two-day slide in which it had slumped almost 100 points or 1.4 percent. The Jakarta Composite Index now rests just above the 7,380-point plateau although it's likely to see renewed support on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The JCI finished sharply lower on Wednesday following losses from the telecoms, financial shares and resource stocks, while the cement stocks were mixed.
For the day, the index stumbled 108.06 points or 1.44 percent to finish at 7,383.87 after trading between 7,363.03 and 7,506.60.
Among the actives, Bank CIMB Niaga slumped 1.36 percent, while Bank Mandiri plunged 5.42 percent, Bank Danamon Indonesia skidded 1.18 percent, Bank Negara Indonesia tanked 5.09 percent, Bank Central Asia fell 0.48 percent, Bank Rakyat Indonesia tumbled 2.34 percent, Indosat Ooredoo Hutchison plummeted 5.86 percent, Indocement retreated 1.80 percent, Semen Indonesia added 0.55 percent, Indofood Sukses Makmur dropped 0.95 percent, United Tractors improved 0.74 percent, Astra International stumbled 2.42 percent, Energi Mega Persada surrendered 5.07 percent, Astra Agro Lestari fell 0.37 percent, Aneka Tambang declined 2.22 percent, Jasa Marga rose 0.21 percent, Vale Indonesia sank 2.86 percent, Timah lost 5.26 percent, Bumi Resources was down 2.17 percent and Bank Maybank Indonesia was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Australian Market Notably Lower
(RTTNews) - The Australian stock market is trading notably lower on Thursday after opening in the green, reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is falling well below the 8,200 level, with weakness in gold miners and financial stocks.
The benchmark SP/ASX 200 Index is losing 37.80 points or 0.46 percent to 8,161.70, after touching a high of 8,231.00 and a low of 8,150.10 earlier. The broader All Ordinaries Index is down 39.50 points or 0.47 percent to 8,416.50. Australian stocks ended significantly higher on Wednesday.
Among major miners, Rio Tinto and Fortescue Metals are adding more than 1 percent each, while BHP Group is edging up 0.3 percent. Mineral Resources is edging down 0.3 percent.
Oil stocks are mostly higher. Beach energy is edging up 0.4 percent, Woodside Energy is adding almost 1 percent and Santos is gaining more than 1 percent, while Origin Energy is flat.
In the tech space, Afterpay owner Block is surging more than 7 percent, Xero is edging up 0.1 percent and WiseTech Global is gaining almost 1 percent, while Appen is losing more than 2 percent and Zip is down almost 2 percent.
Among the big four banks, National Australia Bank and Westpac are declining almost 3 percent each, while Commonwealth Bank is losing almost 1 percent. ANZ Banking is down more than 1 percent.
Among gold miners, Evolution Mining is sliding almost 7 percent, Gold Road Resources is plunging more than 8 percent, Resolute Mining is plummeting more than 10 percent, Northern Star Resources is slipping more than 6 percent and Newmont is losing 3.5 percent.
In other news, shares in Quickstep Holdings are skyrocketing almost 99 percent after the aerospace manufacturer received a 40 cent per share takeover offer from one of its big customers, Asdam Operations.
Shares in Sigma Healthcare are soaring more than 28 percent after the Australian competition regulator gave the nod to the pharmaceutical wholesaler's A$8.8 billion merger with Chemist Warehouse.
In economic news, the total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics or ABS said on Friday - coming in at 14,842. That was in line with expectations following the 3.9 percent drop in August. On a yearly basis, overall approvals climbed 6.8 percent.
The ABS also said Australia posted a merchandise trade surplus of A$4.609 billion in September. That missed forecasts for a surplus of A$5.240 billion and was down from A$5.284 billion in August. Exports were down 4.3 percent on month to A$40.827 billion after easing 0.2 percent in the previous month. Imports slumped 3.1 percent on month to A$36.219 billion after also slipping 0.2 percent a month earlier.
In the currency market, the Aussie dollar is trading at $0.657 on Thursday.
On Wall Street, stocks skyrocketed during trading on Wednesday, as traders celebrated Donald Trump's victory in the presidential election. The major averages added to the strong gains posted during Tuesday's session, reaching new record closing highs.
The major averages saw further upside in late-day trading, reaching new highs for the session. The Dow soared 1,508.05 points or 3.6 percent to 43,729.93, the Nasdaq surged 544.29 points or 3.0 percent to 18,983.47 and the SP 500 shot up 146.28 points or 2.5 percent to 5,929.04.
Meanwhile, the major European markets came under pressure over the course of the session. While the German DAX Index slumped by 1.1 percent, the French CAC 40 Index fell by 0.5 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Australia Has A$4.609 Billion Trade Surplus
(RTTNews) - Australia posted a merchandise trade surplus of A$4.609 billion in September, the Australian Bureau of Statistics said on Friday.
That missed forecasts for a surplus of A$5.240 billion and was down from A$5.284 billion in August.
Exports were down 4.3 percent on month to A$40.827 billion after easing 0.2 percent in the previous month.
Imports slumped 3.1 percent on month to A$36.219 billion after also slipping 0.2 percent a month earlier.
Swiss Market Pares Early Gains, Settle Marginally Down
(RTTNews) - The Switzerland market ended marginally down on Wednesday as stocks shed early gains and the index slipped below the flat line in the final hour. The mood turned cautious past mid afternoon with investors assessing the potential economic and geopolitical impact of Donald Trump's victory in the U.S. Presidential election.
The benchmark SMI, which climbed to 12,122.20 around mid morning, gaining more than 250 points in the process, settled with a loss of 18.72 points or 0.16% at 11,847.29.
Logitech International ended down nearly 5.5%. SGS closed with a loss of 4.7%. Straumann Holding, Givaudan, Geberit and Kuehne + Nagel lost 2.5 to 3.5%.
Nestle, Roche Holding, Schindler Ps, SIG Group, VAT Group and Lonza Group closed down 1.1 to 1.8%. Swisscom declined nearly 1%.
UBS Group rallied 5.22%. Partners Group closed up 2.71% and Julius Baer climbed about 2.25%. Swiss Life Holding, Holcim and ABB advanced 1.82%, 1.55% and 1.48%, respectively.
Taiwan Bourse Has Solid Lead For Thursday's Trade
(RTTNews) - The Taiwan stock market has moved higher in three straight sessions, gathering more than 435 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 23,215-point plateau and it's expected open to the upside again on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Wednesday as gains from the technology stocks were offset by losses from the financial sector.
For the day, the index climbed 110.59 points or 0.48 percent to finish at 23,217.38 after trading between 23,035.30 and 23,439.39.
Among the actives, Cathay Financial fell 0.34 percent, while Mega Financial skidded 1.02 percent, First Financial sank 0.74 percent, Fubon Financial dropped 0.98 percent, E Sun Financial slumped 0.92 percent, Taiwan Semiconductor Manufacturing Company advanced 0.95 percent, United Microelectronics Corporation climbed 1.10 percent, Hon Hai Precision slid 0.23 percent, Largan Precision improved 0.86 percent, Catcher Technology plunged 4.86 percent, MediaTek rallied 1.16 percent, Delta Electronics increased 1.13 percent, Novatek Microelectronics strengthened 1.23 percent, Nan Ya Plastics was down 0.24 percent, Asia Cement declined 1.16 percent and CTBC Financial and Formosa Plastics were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Asian Markets Trade Mixed
(RTTNews) - Asian stock markets are trading mixed on Thursday, following the broadly positive cues from Wall Street overnight, as traders cautiously weigh the implications of Donald Trump's victory in the U.S. Presidential Election. They are concerned about Trump's tariff plans that could reignite U.S.-China trade tensions. Asian Markets closed mixed on Wednesday.
Trump has also called for increased tariffs on China and other countries, which could lead to renewed inflation concerns.
Traders also await the US Fed's interest rate decision later in the day, and look forward to the accompanying statement for clues about the likelihood of future rate cuts.
The Australian market is trading slightly higher on Thursday after opening in the green and slipping into the red briefly, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is falling well below the 8,200 level, with gains in iron ore miners, energy and technology stocks nearly offset by weakness in gold miners and financial stocks.
The benchmark SP/ASX 200 Index is gaining 7.80 points or 0.10 percent to 8,207.30, after touching a high of 8,231.00 and a low of 8,150.10 earlier. The broader All Ordinaries Index is up 6.20 points or 0.07 percent to 8,462.20. Australian stocks ended significantly higher on Wednesday.
Among major miners, Rio Tinto and Fortescue Metals are adding more than 1 percent each, while BHP Group is edging up 0.3 percent. Mineral Resources is edging down 0.3 percent.
Oil stocks are mostly higher. Beach energy is edging up 0.4 percent, Woodside Energy is adding almost 1 percent and Santos is gaining more than 1 percent, while Origin Energy is flat.
In the tech space, Afterpay owner Block is surging more than 7 percent, Xero is edging up 0.1 percent and WiseTech Global is gaining almost 1 percent, while Appen is losing more than 2 percent and Zip is down almost 2 percent.
Among the big four banks, National Australia Bank and Westpac are declining almost 3 percent each, while Commonwealth Bank is losing almost 1 percent. ANZ Banking is down more than 1 percent.
Among gold miners, Evolution Mining is sliding almost 7 percent, Gold Road Resources is plunging more than 8 percent, Resolute Mining is plummeting more than 10 percent, Northern Star Resources is slipping more than 6 percent and Newmont is losing 3.5 percent.
In other news, shares in Quickstep Holdings are skyrocketing almost 99 percent after the aerospace manufacturer received a 40 cent per share takeover offer from one of its big customers, Asdam Operations.
Shares in Sigma Healthcare are soaring more than 28 percent after the Australian competition regulator gave the nod to the pharmaceutical wholesaler's A$8.8 billion merger with Chemist Warehouse.
In economic news, the total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics or ABS said on Friday - coming in at 14,842. That was in line with expectations following the 3.9 percent drop in August. On a yearly basis, overall approvals climbed 6.8 percent.
The ABS also said Australia posted a merchandise trade surplus of A$4.609 billion in September. That missed forecasts for a surplus of A$5.240 billion and was down from A$5.284 billion in August. Exports were down 4.3 percent on month to A$40.827 billion after easing 0.2 percent in the previous month. Imports slumped 3.1 percent on month to A$36.219 billion after also slipping 0.2 percent a month earlier.
In the currency market, the Aussie dollar is trading at $0.657 on Thursday.
Reversing the gains in the previous two sessions, the Japanese market is notably lower on Thursday after opening in the green, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,300 level, with weakness in index heavyweights and technology stocks partially offset by gains in exporters and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,321.87, down 158.80 points or 0.40 percent, after touching a high of 39,884.01 and a low of 39,020.22 earlier. Japanese shares ended sharply higher on Wednesday.
Market heavyweight SoftBank Group is losing almost 3 percent and Uniqlo operator Fast Retailing is also down almost 3 percent. Among automakers, Toyota is gaining more than 4 percent and Honda is flat.
In the tech space, Tokyo Electron is losing almost 3 percent, Advantest is edging down 0.4 percent and Screen Holdings is declining more than 4 percent.
In the banking sector, Mizuho Financial is edging up 0.2 percent, Sumitomo Mitsui Financial is gaining almost 2 percent and Mitsubishi UFJ Financial is adding 2.5 percent.
Among the major exporters, Canon is adding more than 1 percent, Sony is edging up 0.2 percent, Mitsubishi Electric is advancing almost 3 percent and Panasonic is gaining 3.5 percent.
Among other major losers, Minebea Mitsumi is plunging more than 6 percent, while Nitori Holdings and M3 are sliding almost 6 percent each. BANDAI NAMCO is losing more than 4 percent, while Lasertec, Chugai Pharmaceutical, Disco and GS Yuasa are declining more than 3 percent each. Aozora Bank, Sumitomo Electric Industries, Toto, Yamaha, Seiko Epson and Keyence are down almost 3 percent.
Conversely, Keio is skyrocketing almost 18 percent and Tokai Carbon are surging more than 7 percent, while Tobu Railway, Dai-ichi Life and Daikin Industries are gaining more than 6 percent each. DeNA, Yamaha Motor, Konica Minolta, Taiheiyo Cement and Denso are adding more than 5 percent each, while Tokyo Gas, Kawasaki Heavy Industries, Resona Holdings, TD Holdings and NTT Data are advancing more than 4 percent each.
In the currency market, the U.S. dollar is trading in the lower 154 yen-range on Thursday.
Elsewhere in Asia, Indonesia is down 1.1 percent, while New Zealand, South Korea and Malaysia are lower by between 0.2 and 0.5 percent each. Singapore is up 2.1 percent, while China, Hong Kong and Taiwan are higher by between 0.2 and 0.5 percent each.
On Wall Street, stocks skyrocketed during trading on Wednesday, as traders celebrated Donald Trump's victory in the presidential election. The major averages added to the strong gains posted during Tuesday's session, reaching new record closing highs.
The major averages saw further upside in late-day trading, reaching new highs for the session. The Dow soared 1,508.05 points or 3.6 percent to 43,729.93, the Nasdaq surged 544.29 points or 3.0 percent to 18,983.47 and the SP 500 shot up 146.28 points or 2.5 percent to 5,929.04.
Meanwhile, the major European markets came under pressure over the course of the session. While the German DAX Index slumped by 1.1 percent, the French CAC 40 Index fell by 0.5 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Thai Shares Tipped To Bounce Higher Again On Thursday
(RTTNews) - The Thai stock market turned lower again on Wednesday, one day after snapping the two-day slide in which it had eased just over 3 points or 0.2 percent. The Stock Exchange of Thailand now sits just above the 1,465-point plateau although it's expected to rebound on Thursday.
The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished sharply lower on Wednesday following losses from the food, finance, industrial, property, resource and service sectors.
For the day, the index dropped 14.25 points or 0.96 percent to finish at 1,467.42 after trading between 1,463.06 and 1,487.58. Volume was 20.293 billion shares worth 57.315 billion baht. There were 418 decliners and 111 gainers, with 134 stocks finishing unchanged.
Among the actives, Advanced Info retreated 1.44 percent, while Thailand Airport declined 1.59 percent, Asset World tumbled 3.17 percent, Banpu crashed 9.38 percent, Bangkok Bank fell 0.34 percent, Bangkok Expressway slid 1.27 percent, B. Grimm slumped 3.15 percent, BTS Group reduced 4.02 percent, CP All Public fell 1.92 percent, Charoen Pokphand Foods surrendered 2.81 percent, Energy Absolute plunged 4.08 percent, Gulf weakened 2.64 percent, Krung Thai Bank collected 0.49 percent, Krung Thai Card tumbled 2.60 percent, PTT Oil Retail tanked 3.23 percent, PTT shed 0.74 percent, PTT Exploration and Production lost 2.67 percent, PTT Global Chemical dropped 0.94 percent, SCG Packaging plummeted 4.76 percent, Siam Concrete stumbled 3.38 percent, Thai Oil was down 2.81 percent, True Corporation sank 0.81 percent, TTB Bank skidded 1.10 percent and Kasikornbank, Siam Commercial Bank and Bangkok Dusit Medical were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.
The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the SP 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.
The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.
The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.
Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.
Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
CAC 40 Slightly Higher Ahead Of BoE, Fed Decisions
(RTTNews) - French stocks were slightly higher on Thursday ahead of interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points.
Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
The benchmark CAC 40 was up 0.2 percent at 7,383 after declining half a percent the previous day.
Air France-KLM plunged more than 10 percent after the airline reported a bigger-than-expected decline in its quarterly operating result and warned of higher annual costs.
Utility ENGIE was little changed after reporting a 11 percent fall in its nine-month earnings.
Japanese Market Notably Lower
(RTTNews) - Reversing the gains in the previous two sessions, the Japanese stock market is notably lower on Thursday after opening in the green, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,300 level, with weakness in index heavyweights and technology stocks partially offset by gains in exporters and financial stocks.
The benchmark Nikkei 225 Index is down 223.92 points or 0.57 percent to 39,256.75, after touching a high of 39,884.01 and a low of 39,020.22 earlier. Japanese shares ended sharply higher on Wednesday.
Market heavyweight SoftBank Group is losing almost 3 percent and Uniqlo operator Fast Retailing is also down almost 3 percent. Among automakers, Toyota is gaining more than 4 percent and Honda is flat.
In the tech space, Tokyo Electron is losing almost 3 percent, Advantest is edging down 0.4 percent and Screen Holdings is declining more than 4 percent.
In the banking sector, Mizuho Financial is edging up 0.2 percent, Sumitomo Mitsui Financial is gaining almost 2 percent and Mitsubishi UFJ Financial is adding 2.5 percent.
Among the major exporters, Canon is adding more than 1 percent, Sony is edging up 0.2 percent, Mitsubishi Electric is advancing almost 3 percent and Panasonic is gaining 3.5 percent.
Among other major losers, Minebea Mitsumi is plunging more than 6 percent, while Nitori Holdings and M3 are sliding almost 6 percent each. BANDAI NAMCO is losing more than 4 percent, while Lasertec, Chugai Pharmaceutical, Disco and GS Yuasa are declining more than 3 percent each. Aozora Bank, Sumitomo Electric Industries, Toto, Yamaha, Seiko Epson and Keyence are down almost 3 percent.
Conversely, Keio is skyrocketing almost 18 percent and Tokai Carbon are surging more than 7 percent, while Tobu Railway, Dai-ichi Life and Daikin Industries are gaining more than 6 percent each. DeNA, Yamaha Motor, Konica Minolta, Taiheiyo Cement and Denso are adding more than 5 percent each, while Tokyo Gas, Kawasaki Heavy Industries, Resona Holdings, TD Holdings and NTT Data are advancing more than 4 percent each.
In the currency market, the U.S. dollar is trading in the lower 154 yen-range on Thursday.
On Wall Street, stocks skyrocketed during trading on Wednesday, as traders celebrated Donald Trump's victory in the presidential election. The major averages added to the strong gains posted during Tuesday's session, reaching new record closing highs.
The major averages saw further upside in late-day trading, reaching new highs for the session. The Dow soared 1,508.05 points or 3.6 percent to 43,729.93, the Nasdaq surged 544.29 points or 3.0 percent to 18,983.47 and the SP 500 shot up 146.28 points or 2.5 percent to 5,929.04.
Meanwhile, the major European markets came under pressure over the course of the session. While the German DAX Index slumped by 1.1 percent, the French CAC 40 Index fell by 0.5 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.
Commodity Currencies Gain On Upbeat China Trade Data
(RTTNews) - The Commodity-linked currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Thursday, after data showed that China's exports expanded the most in more than two years in October, while imports declined at a sharper-than-expected pace due to weaker domestic demand.
The official data showed that the China's exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month. Economists had forecast imports to drop 1.5 percent.
As a result, the trade surplus surged to $95.7 billion from $81.7 billion in the previous month and remained well above economists' forecast of $73.5 billion.
In recent years, exports acted as the major growth driver, while weak domestic activity and the property market downturn damped consumption.
Donald Trump's second term as the U.S. President is likely to pose headwinds to Chinese trade. In his pre-election campaign, Trump vowed to impose tariffs of between 60 and 100 percent on Chinese imports.
It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures.
Trader's focus shifted to interest-rate decisions from the Bank of England and the Federal Reserve due later in the day.
In economic news, data from the Australian Bureau of Statistics showed that the total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, coming in at 14,842. That was in line with expectations following the 3.9 percent drop in August.
On a yearly basis, overall approvals climbed 6.8 percent.
In the Asian trading today, the Australian dollar rose to nearly a 3-1/2-month high of 102.27 against the yen and a 2-week high of 1.6214 against the euro, from yesterday's closing quotes of 101.56 and 1.6234, respectively. If the aussie extends its uptrend, it is likely to find resistance around 101.56 against the yen and 1.60 against the euro.
Against the Canadian and the New Zealand dollars, the aussie advanced to a 3-day high of 0.9212 and a 2-day high of 1.1076 from Wednesday's closing quotes of 0.9154 and 1.1057, respectively. The aussie may test resistance around 0.93 against the loonie and 1.12 against the kiwi.
The aussie edged up to 0.6637 against the U.S. dollar, from yesterday's closing value of 0.6568. The next possible upside target for the aussie is seen around the 0.68 region.
The NZ dollar rose to a 3-1/2-month high of 92.43 against the yen and a 2-week high of 1.7934 against the euro, from yesterday's closing quotes of 91.82 and 1.8061, respectively. The kiwi may test resistance around 96.00 against the yen and 1.77 against the euro.
Against the U.S. dollar, the kiwi edged up to 0.6004 from Wednesday's closing value of 0.5938. If the kiwi extends its uptrend, it is likely to find resistance around the 0.61 region.
The Canadian dollar rose to more than a 3-month high of 111.19 against the yen, from yesterday's closing value of 110.93. If the loonie extends its uptrend, it is likely to find resistance around the 112.00 area.
Against the U.S. dollar and the euro, the loonie advanced to 1.3871 and 1.4916 from Wednesday's closing quotes of 1.3938 and 1.4953, respectively. On the upside, 1.36 against the greenback and 1.48 against the euro are seen as the next resistance levels for the loonie.
Looking ahead, Eurostat releases euro area retail sales figures for September at 5:00 am ET. Economists expect sales to grow 0.4 percent on month after a 0.2 percent rise in August.
At 7:00 am ET, the Bank of England will announce its interest rate decision for November. At the end of two-day policy meeting, the Monetary Policy Committee of the BoE is expected to lower the bank rate to 4.75 percent from 5.00 percent.
In the New York session, U.S. weekly jobless claims data and wholesale inventories for September are set to be released.
At 2:00 pm ET, The U.S. Federal Open Market Committee (FOMC) announces its interest rate decision, but uncertainty over the future policy easing escalated after Donald Trump won the U.S. presidential election. The bank is expected to lower its benchmark interest rate by 25 basis points to 4.75 percent at its November meeting.
At 2:30 pm ET, the U.S. Fed chair Jerome Powell is scheduled to speak at a press conference following the announcement of U.S. Fed monetary policy.
European Shares Inch Higher With German Politics In Focus
(RTTNews) - European stocks traded higher on Thursday ahead of interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points.
Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
Earlier in the day, Norway's central bank held its policy interest rate unchanged at a 16-year high of 4.50 percent.
Investors were also digesting the ramifications of political upheaval in Germany.
The German coalition government collapsed today as Chancellor Olaf Scholz sacked his finance minister in a late-night move after a marathon of crisis meetings.
The three remaining ministers of the Free Democrats also resigned later at night, paving the way for a snap election.
In economic releases, official data showed Germany's industrial production declined more than expected in September.
Industrial production posted a monthly fall of 2.5 percent, partially offsetting the 2.6 percent increase in August, Destatis reported.
German exports declined for the first time in three months in September, while imports recovered from last month, shrinking trade surplus.
Elsewhere, U.K. house prices increased for the fourth straight month to hit a record high in October, but prices are expected to climb at a moderate pace as slower interest rate cuts by the Bank of England and new government policies might damp demand, mortgage lender Halifax said.
The pan European STOXX 600 was up 0.7 percent at 510.13 after falling half a percent on Wednesday amid apprehensions about Trump's policies on tariffs and immigration.
The German DAX rallied 1.3 percent, France's CAC 40 climbed 0.7 percent and the U.K.'s FTSE was little changed.
Italy's biggest utility Enel fell 1.3 percent after revenue dipped during the first nine months of 2024.
ArcelorMittal, the world's second-biggest steelmaker, jumped almost 5 percent after Q3 core earnings fell less than expected.
Lender Banco BPM soared 9 percent after saying it would launch a bid for full control of asset manager Anima Holding in a deal worth up to 1.6 billion euros ($1.7 billion). Anima shares surged 9.7 percent.
SGL Carbon, a German manufacturer of carbon-based products, rallied 3.4 percent despite posting lower profit and revenue for the third quarter.
Air France-KLM plunged 11 percent after the airline reported a bigger-than-expected decline in its quarterly operating result and warned of higher annual costs.
Higher commodity prices lifted resource stocks, with miners Anglo American, Antofagasta and Glencore all climbing around 3 percent while energy giant Shell added 1 percent.
J Sainsbury tumbled 3 percent as the British supermarket group kept its forecast for full-year profit growth of up to 10 percent.
Telecoms company BT Group lost nearly 6 percent after cutting revenue expectations due to a weak outlook for its business department.
Rolls-Royce Holdings declined 4.5 percent after the engine maker said supply chain issues are continuing to hamper production.
FTSE 100 Modestly Higher As Metal Stocks Surge
(RTTNews) - U.K. stocks traded higher on Thursday as higher commodity prices lifted resource stocks.
Meanwhile, U.K. house prices increased for the fourth straight month to hit a record high in October, but prices are expected to climb at a moderate pace as slower interest rate cuts by the Bank of England and new government policies might damp demand, mortgage lender Halifax said.
House prices grew 0.2 percent from September, as expected. This follows a 0.3 percent gain each in August and September.
The benchmark FTSE 100 was up 10 points, or 0.1 percent, at 8,177 after finishing marginally lower on Wednesday.
Miners Anglo American, Antofagasta and Glencore all rallied around 3 percent while energy giant Shell added 1 percent.
J Sainsbury tumbled 3 percent as the supermarket group kept its forecast for full-year profit growth of up to 10 percent.
Telecoms company BT Group lost nearly 6 percent after cutting revenue expectations due to a weak outlook for its business department.
Rolls-Royce Holdings declined 4.5 percent after the engine maker said supply chain issues are continuing to hamper production.
China Exports Growth Fastest In More Than 2 Years; Imports Fall
(RTTNews) - China's exports expanded the most in more than two years in October, while imports declined at a sharper-than-expected pace due to weaker domestic demand, official data showed Thursday.
Exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month. Economists had forecast imports to drop 1.5 percent.
As a result, the trade surplus surged to $95.7 billion from $81.7 billion in the previous month and remained well above economists' forecast of $73.5 billion.
In recent years, exports acted as the major growth driver, while weak domestic activity and the property market downturn damped consumption.
Donald Trump's second term as the US President is likely to pose headwinds to Chinese trade. In his pre-election campaign, Trump vowed to impose tariffs of between 60 and 100 percent on Chinese imports.
Capital Economics' economist Zichun Huang said shipments are expected to stay strong in the coming months and any drag from potential Trump tariffs may not materialize until the second half of next year.
Further, imports likely to rise further in the short run as accelerated fiscal spending shores up demand for industrial commodities, the economist added.
European Shares To Open Mixed On Tariff Worries
(RTTNews) - European stocks may open on a mixed note Thursday amid concerns that Donald Trump's 'America First' policy may revive trade tussle over tariffs.
Trump has already floated the idea of a 10 percent or more tariff on all goods imported into the U.S., a move that could lead to global economic instability and lead to higher inflation and interest rates in the U.S.
He has also threatened to impose a 200 percent tariff on some imported cars and suggested that allies such as the European Union could see higher duties on their goods.
With Trump returning to the White House and Republicans securing control of the Senate, the focus now shifts to the House of Representatives, where the final balance of power remains undecided.
Meanwhile, both the U.S. Federal Reserve and the Bank of England are expected to cut their key policy rates by 25 basis points later today. The accompanying policy statements could impact the outlook for growth and future rate cuts.
In economic releases, U.S. data on weekly jobless claims and third quarter labor productivity and costs may garner some attention.
Asian stocks traded mixed, with Chinese and Hong Kong markets leading regional gains as lawmakers meet this week to formulate measures to bolster growth.
Gold extended steep losses from the previous session and copper prices plummeted as Trump's victory sent the U.S. dollar soaring.
Oil clung to modest gains after falling slightly on Wednesday as new data showed an unexpected increase in U.S. crude oil inventories.
U.S. stocks hit a record high overnight while Treasury yields jumped across the curve as Trump returned to the White House in a moment of historic consequence for American democracy.
It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures.
The Dow soared 3.6 percent, the tech-heavy Nasdaq Composite surged 3 percent and the SP 500 added 2.5 percent.
European stocks gave up early gains to end lower on Wednesday amid apprehensions about Trump's policies on tariffs and immigration.
The pan European STOXX 600 dropped half a percent. The German DAX lost 1.1 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 finished marginally lower.
Sensex, Nifty Seen Lower As Markets Weigh Impact Of Trump Presidency
(RTTNews) - Indian shares look set to open lower on Thursday as investors weigh the implications of Donald Trump's return to presidency.
U.S. Republicans are projected to retake control of the Senate for the first time in four years, but control of the House remains up for grabs.
It is feared the global economy may face potentially detrimental shocks to growth and inflation if Trump implements the kind of import tariffs he had pledged.
Inflationary pressures resulting from his actions might push up the dollar and bond yields and could further impact FII inflows into India in the short term.
Benchmark indexes Sensex and Nifty rose over 1 percent each on Wednesday, with IT stocks leading the surge as Trump claimed victory in the 2024 presidential contest.
The rupee suffered its largest decline in over four months, dropping 17 paise to close at 84.28 against the greenback.
Asian stocks were mostly lower this morning, with Chinese and Hong Kong markets bucking the weak regional trend as lawmakers meet this week to formulate measures to bolster growth.
Gold and copper prices plummeted as Trump's victory sent the U.S. dollar soaring. Oil clung to modest gains after falling slightly on Wednesday as new data showed an unexpected increase in U.S. crude oil inventories.
U.S. stocks hit a record high overnight while Treasury yields jumped across the curve as Trump returned to the White House in a moment of historic consequence for American democracy.
It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures.
The Dow soared 3.6 percent, the tech-heavy Nasdaq Composite surged 3 percent and the SP 500 added 2.5 percent.
European stocks gave up early gains to end lower on Wednesday amid apprehensions about Trump's policies on tariffs and immigration.
The pan European STOXX 600 dropped half a percent. The German DAX lost 1.1 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 finished marginally lower.
DAX Little Changed With German Politics In Focus
(RTTNews) - German stocks were little changed on Friday after posting sharp gains in the previous session.
Politics were in focus, with opposition leader Friedrich Merz accusing Chancellor Olaf Scholz of seeking to delay an early election until March purely for party political advantage.
Merz not only rejected Scholz's approach and reiterated his demand for a January vote, given that Europe's biggest economy urgently needs additional measures to restore meaningful growth.
The benchmark DAX was marginally lower at 19,344 after rallying 1.7 percent in the previous session.
Telecom service provider Freenet surged 6.2 percent after lofting its full-year outlook.
Property firm Deutsche Wohnen edged up slightly after narrowing its nine-month loss.
Channel powerhouse Bechtle AG dropped half a percent after reporting a fall in Q3 profit.
Singapore Stock Market May Add To Its Winnings On Friday
(RTTNews) - The Singapore stock market has moved higher in four straight sessions, gathering almost 120 points or 3.3 percent along the way. The Straits Times Index now sits just above the 3,670-point plateau and it's tipped to open in the green again on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The STI finished sharply higher on Thursday following gains from the financial shares and plantation stocks, while the trusts were down and the industrials were mixed.
For the day, the index rallied 70.50 points or 1.96 percent to finish at 3,673.49 after trading between 3,623.56 and 3,686.64.
Among the actives, CapitaLand Integrated Commercial Trust retreated 2.49 percent, while CapitaLand Investment plummeted 3.78 percent, City Developments stumbled 1.89 percent, Comfort DelGro lost 0.67 percent, DBS Group surged 6.51 percent, DFI Retail advanced 0.84 percent, Emperador dropped 1.16 percent, Genting Singapore and SembCorp Industries both skidded 1.18 percent, Hongkong Land sank 0.84 percent, Keppel DC REIT plunged 3.60 percent, Keppel Ltd rose 0.16 percent, Mapletree Pan Asia Commercial Trust slumped 1.57 percent, Mapletree Industrial Trust tanked 3.42 percent, Mapletree Logistics Trust tumbled 3.01 percent, Oversea-Chinese Banking Corporation soared 3.79 percent, SATS shed 0.75 percent, Seatrium Limited fell 0.51 percent, Singapore Technologies Engineering jumped 1.51 percent, SingTel slid 0.31 percent, Venture Corporation rallied 2.40 percent, Wilmar International added 0.32 percent, Yangzijiang Financial declined 2.47 percent, Yangzijiang Shipbuilding climbed 1.18 percent and Thai Beverage was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
ArcelorMittal Stock Up On Demand Growth View, Despite Weak Q3
(RTTNews) - ArcelorMittal S.A. Thursday reported sharply lower profit in its third quarter as revenues were hit by weak production, shipments and steel prices. Going ahead, the company projects increased demand in the second half as well as over the medium/long-term.
The steel major's shares were gainig around 6 percent on the Amsterdam trading, and around 5 percent in the pre-market activity on the NYSE.
Looking ahead, Aditya Mittal, ArcelorMittal Chief Executive Officer, said, "Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this.... Globally, the medium to long-term outlook for steel is positive, and we are confident that ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet our stakeholders needs and produce smarter steels for people and planet."
The company said it believes current market conditions are unsustainable as China's excess production relative to demand is resulting in very low domestic steel spreads and aggressive exports.
The company expects apparent demand in aggregate markets to be higher in the second half than same period last year.
In its third quarter, net income attributable to equity holders of the parent dropped to $287 million from last year's $929 million. Basic earnings per common share were $0.37, down from $1.11 a year ago.
Adjusted net income attributable to equity holders of the parent was $488 million or $0.63 per share, compared to $929 million or $1.11 per share a year ago.
Analysts on average expected the company to report earnings of $0.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
EBITDA also declined to $1.58 billion from prior year's $2.15 billion.
In the quarter, sales were $15.20 billion, lower than last year's $16.62 billion. The Street was looking for sales of $15.25 billion.
Crude steel production dropped to 14.8 million tonnes from 15.2 million tonnes a year earlier. Steel shipments fell to 13.4 million tonnes from 13.7 million tonnes last year.
Total Group iron ore production was 10.1 million tonnes, down from 10.7 million tonnes last year.
In Amsterdam, ArcelorMittal shares were gaining around 6 percent to trade at 24.51 euros.
In pre-market activity on the NYSE, the shares were gaining around 5.1 percent to trade at $26.71.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Eurozone Retail Sales Growth Softens In September
(RTTNews) - Eurozone retail sales growth softened in September largely reflecting a fall in food sales and a sharp slowdown in auto fuel turnover, data published by Eurostat showed on Thursday.
Retail sales logged an increase of 0.5 percent on a monthly basis in September, slower than the 1.1 percent rise in August. The growth rate slightly exceeded economists' forecast of 0.4 percent.
Food, drinks and tobacco sales fell 0.4 percent, in contrast to the 1.1 percent rise a month ago. Meanwhile, non-food product turnover grew 1.1 percent after a 1.2 percent increase.
Automotive fuel in specialised stores registered a 0.2 percent growth, weaker than the prior month's 1.3 percent increase.
Year-on-year, retail sales growth improved to 2.9 percent from 2.4 percent in August. Sales are expected to grow 1.3 percent.
"Looking ahead, we doubt that retail sales will continue rising so strongly because real income growth is likely to slow and consumer confidence is fairly low," Capital Economics' economist Elias Hilmer said.
In the EU, retail sales grew 0.3 percent from August and by 2.8 percent from the previous year.
Bay Street May Open Higher; Fed Policy Announcement In Focus
(RTTNews) - Canadian shares may open higher Thursday morning, tracking largely positive European stocks, but weak commodity prices could weigh on energy and materials sectors and limit market's upside. The focus will be on the Federal Reserve's policy announcement later in the day.
The Fed is widely expected to cut interest rate by 25 basis points. Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
Investors will also be reacting to a slew of corporate earnings announcements.
Boralex Inc. (BLX_A.TO), a Canadian renewable energy company, and Saint-Gobain (CODGF.PK), a French construction materials maker, announced on Thursday that they have signed a 20-year renewable electricity purchase deal in France.
TC Energy Corporation (TRP.TO) reported a net income of $1.5 billion or $1.40 per common share for the third quarter of this year, compared to net loss of $0.2 billion or $0.19 per common share, in third quarter of the previous year.
BCE Inc. (BCE.TO) reported adjusted net earnings of $688 million for the third-quarter of the current financial year, compared with $741 million in the year-ago period.
Hydro One Limited (H.TO) reported third quarter basic earnings per share of $0.62 compares to $0.60 for the same period in 2023.
Bombardier Inc. (BBD.B.TO) reported revenues of $2.1 billion in the third quarter of 2024, an increase of 12% year-over-year.
Canadian Tire Corporation (CTC.TO) reported a net income of $220.7 million for the third quarter of this year, compared with a net loss of $27.8 millin in the year-ago quarter.
Primo Water Corporation (PRMW.TO) reported third-quarter net income of $38 million, compared with net income of $34 million a year ago.
Algonquin Power Utilities Corp (AQN.TO) reported adjusted net earnings of $64.9 million for the third quarter, down 5% from a year ago.
The Canadian market closed on a buoyant note on Wednesday, lifted by strong gains in technology, energy and financials sectors. The benchmark SP/TSX Composite Index closed with a gain of 249.55 points or 1.02% at 24,637.45, just a few points off the day's high.
Asian stocks ended mixed on Thursday as upbeat Chinese trade data offset concerns over the impact of Trump's policies on international trade, immigration and other key issues.
The dollar saw a modest pullback in Asian trading, oil prices fluctuated, and gold recovered some ground after falling sharply in the previous session as focus shifted to interest rate decisions from the Bank of England and the Federal Reserve due later in the day.
European stocks are mostly up on Thursday with investors digesting the Bank of England's decision to lower interest rates, and awaiting the Federal Reserve's rate decision.
The BoE reduced its benchmark rate for the second time this year citing continued progress in disinflation. BoE's Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75%. The outcome of the two-day meeting matched expectations.
In commodities, West Texas Intermediate Crude oil futures are down $0.74 or 1.03% at $70.95 a barrel.
Gold futures are down $1.70 or 0.06% at $2,674.60 an ounce, while Silver futures are lower by $0.041 or 0.13% at $31.290 an ounce.
Sensex, Nifty Tumble Ahead Of Fed Verdict
(RTTNews) - Indian shares fell sharply on Thursday as investors assessed the likely impact of Trump's second victory on global growth and the future trajectory of interest rates.
There are concerns that a second Trump presidency will likely hinder global economic growth due to changes from climate change to foreign policy.
Also, it is feared that Trump's return to the White House could spark another bout of inflation and delay interest rate cuts around the world.
Traders also awaited interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points.
Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
The benchmark SP/BSE Sensex fell 836.34 points, or 1.04 percent, to 79,541.79 while the broader NSE Nifty index settled at 24,199.3, down 284.70 points, or 1.16 percent, from its previous close.
Hindalco shares plummeted 8.4 percent after the company's subsidiary Novelis logged an 18 percent decline in Q2 net profit and suspended key financial metric guidance.
Among other prominent decliners, Adani Enterprises, Shriram Finance, Grasim Industries and Trent lost 3-6 percent.
On the positive side, Apollo Hospitals Enterprise soared 6.3 percent after announcing a mega capex drive.
U.S. Labor Productivity Surges Slightly Less Than Expected In Q3
(RTTNews) - Labor productivity in the U.S. increased by slightly less than expected in the third quarter, according to a report released by the Labor Department on Thursday, while unit labor costs rose by much more than expected.
The Labor Department said labor productivity shot up by 2.2 percent in the third quarter after surging by a downwardly revised 2.1 percent in the second quarter.
Economists had expected labor productivity to jump by 2.3 percent compared to the 2.5 percent spike that had been reported for the previous quarter.
Meanwhile, the report said unit labor costs surged by 1.9 percent in the third quarter after spiking by an upwardly revised 2.4 percent in the second quarter.
Unit labor costs were expected to rise by 0.5 percent compared to the 0.4 percent increase that had been reported for the previous quarter.
Tech Shares Likely To Boost South Korea Shares
(RTTNews) - The South Korea stock market on Thursday ended the two-day slide in which it had slumped more than 25 points or 1 percent. The KOSPI now sits just above the 2,560-point plateau and it may pick up steam on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The KOSPI finished barely higher on Thursday following mixed performances from the financial shares, technology stocks and industrials.
For the day, the index rose 1.12 points or 0.04 percent to finish at 2,564.63. Volume was 447 million shares worth 10.6 trillion won. There were 512 decliners and 352 gainers.
Among the actives, Shinhan Financial jumped 1.79 percent, while KB Financial perked 0.11 percent, Hana Financial skidded 1.13 percent, Samsung Electronics added 0.35 percent, Samsung SDI tanked 3.52 percent, LG Electronics rose 0.22 percent, SK Hynix advanced 0.82 percent, Naver spiked 1.93 percent, LG Chem lost 0.49 percent, Lotte Chemical retreated 1.49 percent, SK Innovation plunged 4.51 percent, POSCO rallied 1.71 percent, SK Telecom collected 0.35 percent, KEPCO sank 0.87 percent, Hyundai Mobis slumped 1.24 percent, Hyundai Motor gained 0.48 percent and Kia Motors dropped 1.05 percent.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and SP both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the SP 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Sweden Cuts Key Rate Aggressively To Support Economy
(RTTNews) - Sweden's central bank lowered its benchmark rate aggressively in order to support economic activity, and hinted at more rate cuts soon.
The Executive Board of Riksbank decided to slash the policy rate by 50 basis points to 2.75 percent. Markets had anticipated a quarter-point reduction.
To further support economic activity, the policy rate needs to be reduced somewhat faster than was assessed in September, the board observed.
"If the outlook for inflation and economic activity remains unchanged, the policy rate may be cut again at the next monetary policy meeting in December and during the first half of 2025," the bank said.
The bank also decided to maintain the government bond portfolio of SEK 20 billion. The decision means that the ongoing sales of nominal government bonds are expected to be concluded at the end of 2025.
"Economic developments are difficult to assess at present, especially those abroad and not least following the US election," the bank said.
"There are risks linked to the geopolitical tensions, the economic policy abroad, the krona exchange rate and economic activity in Sweden that can affect the outlook for economic activity and inflation and lead to a different monetary policy stance," the bank added.
Capital Economics' economist Adrian Prettejohn said despite a pick-up in consumption over the past few months, and an expectation for strong growth next year, policymakers want to see more concrete evidence of a sustainable economic recovery before they stop cutting rates.
Data released earlier in the day showed that consumer price inflation held steady at 1.6 percent in October. But CPIF inflation rose to 1.5 percent from 1.1 percent in September.
