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European Economic News Preview: ECB Set To Cut Key Rates
(RTTNews) - The European Central Bank is widely expected to lower its key interest rates on Thursday as concerns about the growth outlook heightened amid inflation falling below the 2 percent target.
The bank is forecast to cut the key rates by 25 basis points today after a similar reduction last month. The deposit facility rate, which is the new policy rate, is likely to be lowered to 3.25 percent.
The announcement is due at 8.15 AM ET. Later today, the bank will release the Survey of Professional Forecasters.
Foreign trade from Italy and final inflation from the eurozone are the other major economic reports due from Europe.
At 2.00 am ET, Swiss foreign trade figures are due. The trade surplus is forecast to rise to CHF 4.85 billion in September from CHF 4.58 billion in the prior month.
At 5.00 am ET, Eurostat releases the euro area final inflation data. The flash estimate showed that inflation eased to 1.8 percent in September from 2.2 percent in August. Foreign trade data is also due. The trade surplus is seen at EUR 17.8 billion in August compared to EUR 21.2 billion in July.
In the meantime, Italy's statistical office ISTAT publishes external trade data. Economists forecast the trade surplus to decline to EUR 5.55 billion in August from EUR 6.74 billion in July.
At 6.00 am ET, Turkey's central bank announces its policy decision. Markets widely expect the bank to hold its benchmark rate at 50.00 percent.
Staska Pharma Recalls Ascorbic Acid Solution For Injection
(RTTNews) - Staska Pharmaceuticals, Inc. is recalling one lot of Ascorbic Acid Solution for Injection (Preservative Free, Non-Corn) 500mg/mL, 50mL vials to the user level, according to the U.S. Food and Drug Administration. The recall was due to the presence of glass particulates in one lot of vials used in the production of the impacted batch.
The Ascorbic Acid Solution for Injection is used as a vitamin supplement and is packaged in amber colored vials and the affected lot is SP2400058 with an expiration date of 12/31/2024.
The impacted product was distributed across the country to licensed healthcare providers between 07/31/2024 and 08/27/2024.
According to the agency, administration of an injectable product that contains particulate matter may result in serious adverse events, including inflammation of a vein, granuloma, and blockage of blood vessels in the heart, lungs or brain which can cause stroke or life-threatening blood clot events, and even lead to death.
However, Staska has not received any reports of the presence of particulate matter, nor any adverse events related to the recall so far. The product label also contains a clear statement directing the healthcare professional to visually inspect the product for foreign particulate matter or precipitate before administering.
Staska has directly notified all customers who received the product and has arranged for the return and replacement of all recalled products.
In similar recalls, Sagent Pharmaceuticals in May called back two lots of chemotherapy drug Docetaxel Injection, USP due to potential presence of particulate matter from the stopper in the drug.
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U.S. Industrial Production Dips Slightly More Than Expected In September
(RTTNews) - A report released by the Federal Reserve on Thursday showed industrial production in the U.S. fell by slightly more than expected in the month of September.
The Fed said industrial production decreased by 0.3 percent in September after rising by a downwardly revised 0.3 percent in August.
Economists had expected industrial production to dip by 0.2 percent compared to the 0.8 percent increase originally reported for the previous month.
The slightly bigger than expected decline by industrial production partly reflected a strike at Boeing (BA) and the effects of Hurricanes Helene and Milton.
DAX Gains On Earnings
(RTTNews) - German stocks traded higher on Thursday as investors digested a slew of earnings and awaited an interest rate cut by the European Central Bank later in the day.
The benchmark DAX was up 143 points, or 0.7 percent, at 19,575 after declining 0.3 percent the day before.
Sartorius AG shares jumped 12 percent. The pharmaceutical and laboratory equipment supplier confirmed its full-year outlook after reporting sold results for the third quarter.
Likewise, Merck KGaA soared 5.3 percent after reaffirming its annual guidance for earnings per share.
HELLA GmbH Co. KGaA, an automotive parts supplier, dropped 1 percent after sales for the 9-month period came in flat at 5.9 billion euros.
CTS Eventim AG Co. KGaA shares were up half a percent.
The European Commission has notified the provider of ticketing services and live entertainment that it has no antitrust or other objections to the exercise of its call option to acquire an additional 17 percent of France Billet's share capital.
Asian Shares Mixed As China Briefing Disappoints
(RTTNews) - Asian stocks ended mixed on Thursday, with Chinese and Hong Kong markets giving up early gains to end sharply lower after China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale.
The measures included expanding a "white list" of housing projects eligible for financing and increasing bank lending for such developments to 4 trillion yuan.
The briefing from China's housing minister lacked substantial new measures, leaving investors skeptical regarding further economic growth ahead of third-quarter GDP data due on Friday.
Gold ticked higher to hover near record levels in Asian trading even as speculation about a second Trump presidency and its potential inflationary effects contributed to a stronger dollar.
The euro touched an 11-week low ahead of an expected rate cut by the European Central Bank.
Oil slipped in choppy trading, extending declines for a fifth day on China demand concerns and worries over a global glut.
China's Shanghai Composite index fell 1.05 percent to 3,169.38 as the housing policy briefing failed to impress markets.
Hong Kong's Hang Seng dropped 1.02 percent to 20,079.10 as property developers slumped on investor disappointment.
Japanese markets fell notably as data showed exports dropped for the first time in 10 months in September. The Nikkei average dipped 0.69 percent to 38,911.19 while the broader Topix index settled 0.11 percent lower at 2,687.83.
Tech stocks extended their losses from Wednesday, with Tokyo Electron tumbling 3.2 percent.
Seoul stocks ended little changed after a choppy session. The Kospi average finished marginally lower at 2,609.30 as foreign investors extended their selling streak to a second session.
Top automaker Hyundai Motor slumped 4.7 percent and its smaller affiliate Kia Corp shed 2.7 percent.
Australian markets rallied to record levels after the unemployment rate came in at 4.1 percent in September, slightly below the market consensus of 4.2 percent.
The benchmark SP/ASX 200 climbed 0.86 percent to 8,355.90 while the broader All Ordinaries index closed up 0.79 percent at 8,624.10.
Financials topped the gainers list, with the big four banks rising between 1.3 percent and 2.6 percent.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index jumped 1.01 percent to 12,768.54.
U.S. stocks closed higher overnight after upbeat earnings from Morgan Stanley and United Airlines.
The Dow climbed 0.8 percent to a new record closing high, while the SP 500 added half a percent and the tech-heavy Nasdaq Composite edged up 0.3 percent.
FTSE 100 Slightly Higher On Rate Cut Bets
(RTTNews) - U.K. stocks were slightly higher on Thursday as signs of falling inflation spurred expectations that interest rates could be cut faster than previously thought.
The focus now shifts to the ECB's rate decision later in the day, where a 25-bps rate cut is expected. Traders will also focus on commentary from ECB's President Christine Lagarde.
The benchmark FTSE 100 was up 17 points, or 0.2 percent, at 8,346 after rallying 1 percent the previous day.
Miners traded mixed, with Antofagasta falling over 2 percent after another much-anticipated policy briefing by China's housing ministry failed to impress investors.
Smiths Group and Persimmon both lost around 2 percent on going ex-dividend.
Mondi plunged 6.6 percent after the packing company posted a sequential fall in Q3 profit.
Entain soared 5.2 percent after the gambling group exceeded Q3 expectations and raised its 2024 net gaming revenue outlook.
Pest control services group Rentokil Initial soared nearly 9 percent after holding on to its full-year guidance.
U.S. Retail Sales Climb 0.4% In September, Slightly More Than Expected
(RTTNews) - A report released by the Commerce Department on Thursday showed retail sales in the U.S. increased by slightly more than expected in the month of September.
The Commerce Department said retail sales rose by 0.4 percent in September after inching up by 0.1 percent in August. Economists had expected retail sales to rise by 0.3 percent.
"Strong retail spending last month suggests the recovery maintained strength through the end of the third quarter," said FHN Financial Economic Analyst Mark Streiber.
He added, "Whatever hurricane- or strike- related disruptions there may be in upcoming data releases, today's report showed no sign that consumer spending has slowed down."
The slightly stronger than expected retail sales growth partly reflected a sharp increase in sales by miscellaneous store retailers, which spiked by 4.0 percent.
Sales by clothing and accessories stores, health and personal care stores, grocery stores and food services and drinking places also saw notable growth.
Meanwhile, sales by electronics and appliance stores plunged by 3.3 percent, and sales by furniture and home furnishings stores and gas stations also slumped.
The report also said sales by motor vehicle and parts dealers came in unchanged in September after falling by 0.4 percent in August.
Excluding auto sales, retail sales climbed by 0.5 percent in September after rising by 0.2 percent in August. Ex-auto sales were expected to inch up by 0.1 percent.
The Commerce Department also said core retail sales, which exclude automobiles, gasoline, building materials and food services, increased by 0.7 percent in September after rising by 0.3 percent in August.
Walmart Offers Thanksgiving Meal For Below $7/Person Through Dec. 25
(RTTNews) - Walmart Inc. officially launched its holiday meal, offering customers a Thanksgiving meal for less than $7 per person. The offer, which comes earlier than last year, and at an even lower price, is available from October 14 through December 25.
Walmart said its inflation-free Thanksgiving meal would benefit customers, who want to begin saving earlier and throughout the holiday season, without compromising quality.
Customers also will get the opportunity to gift a meal directly to loved ones anywhere in the country. New this year, they can even donate an entire meal to their local Salvation Army unit.
The meal is now available at participating Walmart stores and Sam's Clubs, and online with at Walmart.com/thanksgiving.
The affordable Thanksgiving meal comes with all its customers' holiday favorites, from turkey and trimmings to desserts. This year's meal features 29 items and serves eight people for less than $7 per person.
It includes Whole Frozen Turkey, Great Value branded Sweet Hawaiian Rolls, Golden Sweet Whole Kernel Corn, Canned Green Beans, Brown Gravy Mix, Frozen Whipped Topping, as well as Ocean Spray Jellied Cranberry Sauce, French's Crispy Fried Onions, and Campbell's Condensed Cream of Mushroom Soup, among others.
John Laney, executive vice president, food, Walmart U.S., said, "Some of the holiday's most special moments take place around the dinner table. At Walmart, we are committed to offering customers even deeper savings on top of our Every Day Low Prices for all their mealtime needs. And with more opportunities to gift a meal and give back to those in need, we're helping customers spread holiday cheer to their loved ones and their local communities."
CAC 40 Climbs Ahead Of ECB Rate Decision
(RTTNews) - French stocks advanced on Thursday amid bets that the European Central Bank (ECB) will announce an interest-rate cut later in the day, responding to falling inflation and worsening economic conditions.
The benchmark CAC 40 was up 84 points, or 1.1 percent, at 7,576 after falling 0.4 percent in the previous session.
In corporate news, Schneider Electric rallied 2.6 percent after it agreed to acquire a controlling stake in Motivair Corporation, a firm specializing in advanced liquid cooling for high-performance computing.
Advertising group Publicis Groupe gained 1 percent after revising its global forecast for 2024 upwards for a second time.
Getlink jumped 2.1 percent after the Channel tunnel operator posted better-than-expected Q3 revenue.
Spirits maker Pernod Ricard rose over 2 percent. After a disappointing start to its financial year, the company said it expects to be back on the growth track by next summer.
Expedia Stock Climbs On Report Of Takeover Interest By Uber
(RTTNews) - Shares of Expedia Group Inc. gained more than 7 percent in after-hours trading on Wednesday and is currently up above 7 percent in pre-market activity on the Nasdaq after the Financial Times reported that ride-hailing major Uber Technologies Inc. has explored a possible takeover deal for the online travel company.
Meanwhile, Uber fell nearly 2.7 percent in the extended trading, and is currently down 2.6 percent.
If successful, an acquisition of Expedia with around $20 billion market cap would be Uber's largest acquisition so far as it aims to diversify its operations to boost revenues.
FT reported, citing sources familiar with the matter, that Uber has approached its advisers in recent months about a potential bid for Expedia after being directed by a third party whether such a deal would be possible, though interest is in the early stages.
Meanwhile, Uber has not officially reached out to the travel website, and there are no ongoing talks between the companies.
Uber Chief Executive Officer Dara Khosrowshahi has served as Expedia's CEO from 2005 to 2017, and remains a non-executive director on its board.
Uber, which started as a ride-hailing company, has expanded its operations in recent times to food delivery, train and flight bookings, corporate logistics and advertising, to reach a current market capitalisation of $173 billion.
Since going public in 2019, Uber have bought Postmates and Drizly, and entered into freight and logistics business through the acquisition of Transplace.
The company, which owns stakes in self-driving car company Aurora and Chinese ride-hailing group DiDi, recently entered into partnerships with Google's autonomous taxi service Waymo, as well as GM's Cruise.
Khosrowshahi was quoted by reports earlier this week as saying "Anywhere you want to go in your city and anything that you want to get, we want to empower you to do so."
Expedia, the fourth-largest online travel company, in 2023 generated $12.8 billion in revenue. In its latest second quarter, profit increased to $386 million or $2.80 per share, with 6 percent rise in revenues to $3.558 billion.
In February, the travel company had disclosed in a regulatory filing that it would eliminate about 1,500 employees, as part of its organizational and technological transformation.
In pre-market activity on the Nasdaq, Expedia is trading at $161.90, up 7.33 percent, while Uber on the NYSE is trading at $79.77, down 2.6 percent.
U.S. Jobless Claims Unexpectedly Pull Back Off Highest Level In Over A Year
(RTTNews) - First-time claims for U.S. unemployment benefits saw an unexpected pullback in the week ended October 12th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims fell to 241,000, a decrease of 19,000 from the previous week's revised level of 260,000.
Economists had expected jobless claims to inch up to 260,000 from the 258,000 originally reported for the previous week.
With the unexpected pullback, jobless claims gave back ground after reaching their highest level since hitting 261,000 in the week ended June 17, 2023.
"Initial jobless claims fell sharply in the week ended October 12, but are still being boosted by claims in states impacted by the recent hurricanes and the Boeing strike," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.
She added, "Looking past these factors, we think the claims data are consistent with a labor market that has cooled but isn't collapsing, allowing the Fed to proceed with future rate cuts at a measured pace."
Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 236,250, an increase of 4,750 from the previous week's revised average of 231,500.
The report said continuing claims, a reading on the number of people receiving ongoing employment assistance, also rose by 9,000 to 1.867 million in the week ended October 5th.
The four-week moving average of continuing claims also climbed to 1,842,750, an increase of 11,500 from the previous week's revised average of 1,831,250.
ECB Cuts Interest Rates By 25 Bps As Lagarde Airs Concern On Eurozone Growth
(RTTNews) - The European Central Bank cut key interest rates by 25 basis points, as expected on Thursday, as policymakers assessed that the disinflation process is on track, and but they are increasingly concerned over the health of the euro area economy following some soft data released since the September policy session.
The Governing Council, led by ECB President Christine Lagarde, lowered the deposit facility rate by a quarter basis point to 3.25 percent following the rate-setting session held in Ljubljana, the capital of Slovenia.
"…the decision to lower the deposit facility rate - the rate through which the Governing Council steers the monetary policy stance - is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission," the ECB said.
The central bank for the single bloc lowered rates by the same volume in September and was then widely expected to opt for a cut only in December.
However, economic data since the September session made expectations for an imminent reduction stronger. While headline inflation has slowed much, the core figure has not eased as fast as the bank would like.
Further, an increasing number of indicators such as those from the purchasing managers' survey and bank lending data have started to signal a weakening Eurozone economy, something that the central bank acknowledged in the policy statement. ECB policymakers have also started to air doubts over the resilience of the labor market.
Lagarde also expressed some concern over the recent economic data as she responded to questions from reporters during the post-decision press conference. The latest decision to lower rates was unanimous, she said.
The ECB chief clearly refused to pre-commit an easing in December, instead stressed on the data-dependency approach. Answering a question, she said the ECB has not yet completely "broken the neck of inflation". The bank is still looking at a soft landing, Lagarde said.
Policymakers will be equipped with the latest set of ECB staff macroeconomic projections in December.
The ECB left the forward guidance on interest rates unchanged this time.
Policy rates will be kept sufficiently restrictive for as long as necessary to bring euro area inflation back to the 2 percent target, the ECB said.
"The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction," the bank said.
"The Governing Council is not pre-committing to a particular rate path," the bank reiterated.
ING economist Carsten Brzeski said the decision to cut rates only five weeks after the last cut and with only very few pieces of economic data since then, suggests that the ECB must have become much more concerned about the eurozone's growth outlook and the risk of inflation undershooting the target.
The latest rate cut can be seen as a signal that the ECB is now in a hurry to bring interest rates down to a more neutral level, the economist added.
Capital Economics economist Jack Allen-Reynolds said the data released over the next weeks are likely to support 25 basis points rate cuts at each of the next few meetings, at the very least.
U.S. Industrial Production Dips In September Amid Boeing Strike, Hurricanes
(RTTNews) - A report released by the Federal Reserve on Thursday showed industrial production in the U.S. fell by slightly more than expected in the month of September.
The Fed said industrial production decreased by 0.3 percent in September after rising by a downwardly revised 0.3 percent in August.
Economists had expected industrial production to dip by 0.2 percent compared to the 0.8 percent increase originally reported for the previous month.
The slightly bigger than expected decline by industrial production partly reflected a strike at Boeing (BA) and the effects of Hurricanes Helene and Milton.
The report said manufacturing output fell by 0.4 percent in September following a 0.5 percent increase in August.
Mining output also slid by 0.6 percent in September after climbing by 0.7 percent in August, while utilities output increased by 0.7 percent in September after tumbling by 1.3 percent in August.
The Fed also said capacity utilization in the industrial sector slipped to 77.5 percent in September from a downwardly revised 77.8 percent in August.
Economists had expected capacity utilization to edge down to 77.8 percent from the 78.0 percent originally reported for the previous month.
Capacity utilization in the manufacturing and mining sectors fell to 76.7 percent and 88.7 percent, respectively, while capacity utilization in the utilities sector crept up to 71.2 percent.
U.S. Business Inventories Increase In Line With Estimates In August
(RTTNews) - A report released by the Commerce Department on Thursday showed business inventories in the U.S. increased in line with economist estimates in the month of August.
The Commerce Department said business inventories rose by 0.3 percent in August, matching a downwardly revised increase in July.
Economists had expected business inventories to climb by 0.3 percent compared to the 0.4 percent growth originally reported for the previous month.
The report said retail inventories climbed by 0.6 percent during the month, while manufacturing and wholesale inventories both inched up by 0.1 percent.
Meanwhile, the Commerce Department said business sales dipped by 0.2 percent in August after jumping by 1.1 percent in July.
Manufacturing sales fell by 0.5 percent and wholesale sales edged down by 0.1 percent, while retail sales were unchanged.
With inventories rising and sales falling, the total business inventories/sales ratio crept up to 1.38 in August from 1.37 in July.
China Shares May Tick Higher Again On Friday
(RTTNews) - The China stock market has alternated between positive and negative finishes through the last seven trading days since the end of the 10-day winning streak in which it had skyrocketed more than 780 points or 27.9 percent. The Shanghai Composite now sits just beneath the 3,170-point plateau and it nay bounce higher again on Friday.
The global forecast for the Asian markets suggests mild upside on decent earnings and economic news. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The SCI finished sharply lower on Thursday following losses from the financial shares, property stocks and resource and energy companies.
For the day, the index stumbled 33.56 points or 1.05 percent to finish at the daily low of 3,169.38 after moving as high as 3,241.57. The Shenzhen Composite Index shed 10.27 points or 0.56 percent to end at 1,831.88.
Among the actives, Industrial and Commercial Bank of China lost 1.10 percent, while Bank of China slid 0.98 percent, China Construction Bank weakened 0.96 percent, China Merchants Bank tanked 2.56 percent, Agricultural Bank of China was down 0.80 percent, China Life Insurance fell 0.44 percent, Jiangxi Copper slumped 1.29 percent, Aluminum Corp of China (Chalco) declined 1.62 percent, Yankuang Energy shed 0.51 percent, PetroChina sank 0.83 percent, China Petroleum and Chemical (Sinopec) retreated 1.37 percent, Huaneng Power stumbled 2.12 percent, China Shenhua Energy dropped 1.30 percent, Gemdale plummeted 9.98 percent, Poly Developments plunged 9.39 percent and China Vanke skidded 1.30 percent.
The lead from Wall Street offers little clarity as the major averages opened higher on Thursday but ebbed and flowed as the day progressed, finally ending mixed and little changed.
The Dow climbed 161.35 points or 0.37 percent to finish at a record 43,239.05, while the NASDAQ rose 6.53 points or 0.04 percent to close at 18,373.61 and the SP 500 dipped 1.00 point or 0.02 percent to end at 5,841.47.
Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended up 1.0 percent.
The strength in the sector came after Taiwan Semiconductor Manufacturing Company (TSM) reported a sharp increase in third quarter profits.
In economic news, Commerce Department said retail sales increased more than expected in September. Also, the Labor Department noted an unexpected pullback by first-time claims for U.S. unemployment benefits last week.
Oil futures snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
Closer to home, China is scheduled to release a raft of data on Friday, including Q3 numbers for gross domestic product and September figures for industrial production, retail sales, fixed asset investment and unemployment.
GDP is expected to add 0.5 percent on quarter and 4.6 percent on year after rising 0.7 percent on quarter and 4.7 percent on year in the previous three months.
Industrial output is tipped to gain 4.6 percent on year, up from 4.5 percent in August. Sales are seen higher by an annual 2.5 percent, up from 2.1 percent in the previous month. FAI is expected to rise 3.3 percent on year, easing from 3.4 percent a month earlier. The jobless rate is seen steady at 5.3 percent.
U.S. Homebuilder Confidence Improves For Second Straight Month In October
(RTTNews) - With inflation gradually easing and homebuilders anticipating mortgage rates will moderate in coming months, the National Association of Home Builders released a report on Thursday showing homebuilder confidence in the U.S. improved by slightly more than expected in the month of October.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 43 in October after rising to 41 in September. Economists had expected the index to inch up to 42.
"While housing affordability remains low, builders are feeling more optimistic about 2025 market conditions," said NAHB Chairman Carl Harris.
He added, "The wild card for the outlook remains the election, and with housing policy a top tier issue for candidates, policymakers should be focused on supply-side solutions to the housing crisis."
The housing market index rose for the second consecutive month amid increases by all three of the component indices.
The component measuring sales expectations in the next six months showed a notable advance, jumping to 57 in October from 53 in September.
The index charting current sales conditions also rose to 47 in October from 45 in September, while the gauge charting traffic of prospective buyers increased to 29 in October from 27 in September.
The NAHB also said the latest HMI survey revealed that the share of builders cutting prices held steady at 32 percent in October, the same rate as last month.
Meanwhile, the average price reduction returned to the long-term trend of 6 percent after dropping to 5 percent in September, the NAHB said.
The Commerce Department is scheduled to release a separate repot on new residential construction in the month of September on Friday.
Swiss Market Ends On Firm Note
(RTTNews) - The Switzerland market shrugged off a weak start and moved higher on Thursday, tracking other European markets as the European Central Bank cut its key interest rate to 3.25%, in its third quarter-percentage-point reduction of the year.
The benchmark SMI, which edged down to 12,130.49 in early trades, ended the session with a gain of 111.20 points or 0.91% at 12,304.27, nearly 50 points off the day's high of 12,353.12.
Schindler Ps rallied 4.84%. Lonza Group gained about 3%, while Nestle and ABB closed higher by 2.53% and 2.42%, respectively.
Sonova climbed nearly 2%. Julius Baer and Holcim both gained about 1.5%. Partners Group, Logitech International, Roche Holding, UBS Group and Zurich Insurance Group also closed on a firm note.
Adecco ended down 4.3%. Givaudan, Straumann Holding and Swatch Group closed lower by 1.59%, 1.31% and 1%, respectively. VAT Group, Sandoz Group, SIG Group and Alcon closed moderately lower.
Data from Federal Customs Administration said the trade surplus in Switzerland narrowed slightly to CHF 3.9 billion in September, from a marginally revised CHF 4.0 billion in the previous month. Exports fell 1.4% month-on-month to CHF 21.9 billion, while imports declined 1.1% to CHF 18.0 billion.
For the third quarter, the trade surplus narrowed to CHF 11.3 billion from CHF 12.7 billion in the previous period.
European Stocks Close Higher After ECB Lowers Interest Rate
(RTTNews) - European stocks closed higher on Thursday with investors cheering the European Central Bank's rate cut announcement, and digesting a slew of corporate earnings updates and regional and U.S. economic data.
The ECB cut key interest rates by 25 basis points, as expected, as policymakers assessed that the disinflation process is on track, although they are increasingly concerned over the health of the euro area economy following some soft data released since the September policy session.
The Governing Council, led by ECB President Christine Lagarde, lowered the deposit facility rate by a quarter basis point to 3.25% following the rate-setting session held in Ljubljana, the capital of Slovenia.
"…the decision to lower the deposit facility rate - the rate through which the Governing Council steers the monetary policy stance - is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission," the ECB said.
Lagarde also expressed some concern over the recent economic data as she responded to questions from reporters during the post-decision press conference. The latest decision to lower rates was unanimous, she said.
The ECB chief clearly refused to pre-commit an easing in December, instead stressed on the data-dependency approach. Answering a question, she said the ECB has not yet completely "broken the neck of inflation". The bank is still looking at a soft landing, Lagarde said.
The pan European Stoxx 600 climbed 0.83%. The U.K.'s FTSE 100 gained 0.67%, Germany's DAX closed higher by 0.77% and France's CAC 40 ended with a gain of 1.22%, while Switzerland's SMI settled 0.91% up.
Among other markets in Europe, Belgium, Denmark, Finland, Greece, Ireland, Netherlands, Norway, Sweden and Turkiye closed higher.
Austria and Iceland edged up marginally. Poland, Portugal, Russia and Spain ended weak.
In the UK market, Rentokil Initial climbed 8.75%, riding on strong performance in North America in the latest quarter. Melrose Industries, Informa, Anglo American Plc and Barclays Group gained 3.5 to 4%.
Entain, 3i Group, Diageo, ICG, Fresenillo, Natwest Group, Tesco, WPP, Scottish Mortgage, Endeavour Mining, Rolls-Royce Holdings, Pershing Square Holdings, Sage Group and Intertek Group gained 1.5 to 3%.
Mondi tumbled nearly 7.5%. United Utilities Group, Rio Tinto, Persimmon, Smiths Group, Croda International, Vodafone Group, Prudential, Land Securities Group and Smith (DS) lost 1 to 2%.
In the German market, Sartorius zoomed nearly 17%. The pharmaceutical and laboratory equipment supplier confirmed its full-year outlook after reporting sold results for the third quarter.
Merck gained more than 7.5% after reaffirming its annual guidance for earnings per share. Siemens Energy ended 4.2% up. Siemens, HeidelbergCement, Infineon and Commerzbank gained 1.6 to 2%. MTU Aero Engines and Deutsche Boerse also closed notably higher.
E.ON, Vonovia, Daimler Truck Holding, Hanover Rueck, Qiagen, Porsche and Fresenius closed lower by 0.9 to 1.4%.
In the French market, Schneider Electric gained nearly 4% following the company's announcement that it has acquired a controlling stake in Motivair, a provider of liquid cooling solutions for computing systems.
Airbus Group, Publicis Groupe, Safran, Eurofins Scientific, Carrefour and Veolia gained 2 to 4%. Legrand, Pernod Ricard, BNP Paribas, Societe Generale, Viventi, Credit Agricole, STMicroElectronics, Thales, Renault, LVMH and L'Oreal also posted strong gains.
Final data from Eurostat showed Eurozone inflation eased slightly more than initially estimated in September. The harmonized index of consumer prices posted an annual increase of 1.7%, which was revised down from 1.8% estimated on October 1.
Eurozone trade surplus declined notably in August due to the fall in exports, official data showed. Exports decreased 2.4% on a yearly basis, in contrast to the 9.4% increase in July, Eurostat reported. Likewise, imports dropped 2.3% after prior month's 3.6% gain.
As a result, the trade surplus fell to an unadjusted EUR 4.6 billion in August from EUR 4.8 billion in the prior year. In July, the surplus totaled EUR 19.7 billion.
Canadian Market Modestly Higher, Looks Headed For A Firm Close
(RTTNews) - The Canadian market is modestly higher Thursday afternoon with gains in materials and energy sectors contributing to the rise. The mood remains positive with investors reacting to the European Central Bank's rate cut move, and optimism about interest rate reductions from the Federal Reserve and the Bank of Canada.
The benchmark SP/TSX Composite Index is up 107.13 points or 0.44% at 24,668.33 with a little over an hour to go for the closing bell.
Onex Corporation (ONEX.TO), Cameco Corporation (CCO.TO), RB Global (RBA.TO), Atkins Realis (ATRL.TO) and Brookfield Asset Management (BAM.TO) are up 2 to 3.1%.
Imperial Oil (IMO.TO), Descartes Systems Group (DSG.TO), Franco-Nevada Corporation (FNV.TO), Boyd Group Services (BYD.TO) and Colliers International (CIGI.TO) are gaining 1 to 1.7%.
Among the losers, Pollard Banknote (PBL.TO) is down 4.2%. Ero Copper (ERO.TO), Parkland Corporation (PKI.TO), Ag Growth International (AFN.TO), Labrador Iron Ore (LIF.TO) and TFI International (TFII.TO) are also notably higher.
Canopy Growth Corporation (WEED.TO) announced today that it has made early prepayment on its senior secured term loan equal to $100 million at a discounted price of $97.5 million. Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million. The stock is up 0.7%.
BRP Inc. (DOO.TO) is gaining about 0.7%. The company announced today that it will sell its Marine businesses namely Alumacraft, Manitou, Telwater, and Marine parts, accessories and apparel. BRP said this process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.
Euro Drops As ECB Lowers Key Rates Again
(RTTNews) - The euro fell against its major counterparts in the European session on Thursday, as the European Central Bank cut key interest rates by 25 basis points amid progress in disinflation and weak economic data released since the September policy session.
The Governing Council, led by ECB President Christine Lagarde, lowered the deposit facility rate by a quarter basis point to 3.25 percent following the rate-setting session held in Ljubljana, the capital of Slovenia.
"…the decision to lower the deposit facility rate - the rate through which the Governing Council steers the monetary policy stance - is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission," the ECB said.
The ECB left the forward guidance on interest rates unchanged this time.
Policy rates will be kept sufficiently restrictive for as long as necessary to bring euro area inflation back to the 2 percent target, the ECB said.
"The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction," the bank said.
The ECB chief clearly refused to pre-commit an easing in December, instead stressed on the data-dependency approach. Answering a question, she said the ECB has not yet completely "broken the neck of inflation". The bank is still looking at a soft landing, Lagarde said.
The euro dropped to a 2-1/2-month low of 1.0810 against the greenback and a 1-week low of 0.9353 against the franc, from yesterday's close of 1.0861 and 0.9400, respectively. The currency is seen finding support around 1.06 against the greenback and 0.925 against the franc.
The euro declined to near a 2-week low of 161.84 against the yen and more than a 2-week low of 0.8319 against the pound, from yesterday's closing values of 162.54 and 0.8362, respectively. The currency may challenge support around 158.00 against the yen and 0.82 against the pound.
The euro weakened to 10-day lows of 1.6149 against the aussie, 1.7833 against the kiwi and 1.4901 against the loonie, from Wednesday's close of 1.6293, 1.7935 and 1.4935, respectively. The currency is likely to locate support around 1.59 against the aussie, 1.74 against the kiwi and 1.46 against the loonie.
Dollar Extends Gains Against Major Counterparts
(RTTNews) - After struggling for direction during the Asian and European sessions on Thursday, the U.S. dollar climbed higher in the New York session, buoyed by data showing a more than expected increase in U.S. retail sales in the month of September. Data showing a drop in jobless claims contributed as well to the dollar's rise.
Data from the Commerce Department showed retail sales rose by 0.4% in September after edging up by 0.1% in August. Economists had expected retail sales to rise by 0.3%. Excluding sales by motor vehicle and parts dealers, retail sales climbed by 0.5% in September after rising by 0.2% in August. Ex-auto sales were expected to inch up by 0.1%.
A separate report released by the Labor Department showed an unexpected pullback by first-time claims for U.S. unemployment benefits in the week ended October 12th. The report said initial jobless claims fell to 241,000, a decrease of 19,000 from the previous week's revised level of 260,000.
Economists had expected jobless claims to inch up to 260,000 from the 258,000 originally reported for the previous week.
Meanwhile, the Federal Reserve released a report showing industrial production in the U.S. fell by slightly more than expected in the month of September, decreasing by 0.3%, after rising by a downwardly revised 0.3% in August. Economists had expected industrial production to dip by 0.2% compared to the 0.8% increase originally reported for the previous month.
The dollar index, which surged to 103.87, eased slightly to 103.79 subseqeuently, but still remained well above the flat line, gaining about 0.2%.
Against the Euro, the dollar strengthened to 1.0832 from 1.0862, as the European Central Bank cut interest rates again. The ECB cut key interest rates by 25 basis points, as expected, as policymakers assessed that the disinflation process is on track, although they are increasingly concerned over the health of the euro area economy following some soft data released since the September policy session.
The Governing Council, led by ECB President Christine Lagarde, lowered the deposit facility rate by a quarter basis point to 3.25% following the rate-setting session held in Ljubljana, the capital of Slovenia.
The dollar weakened against Pound Sterling, losing about 0.17% at 1.3011. Against the Japanese currency, the dollar firmed to 150.23 yen, up from the previous close of 149.64 yen.
The dollar was down against the Aussie at 0.6696, compared to Wednesday's close of 0.6667. The Swiss franc eased slightly to 0.8661 a dollar, while the Loonie weakened to 1.3798 a unit of the U.S. currency.
Rally May Stall For Indonesia Stock Market
(RTTNews) - The Indonesia stock market has tracked higher in five straight sessions, climbing more than 250 points or 3.4 percent along the way. The Jakarta Composite Index now rests just above the 7,735-point plateau although it may be stuck in neutral on Friday.
The global forecast for the Asian markets suggests mild upside on decent earnings and economic news. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The JCI finished sharply higher on Thursday following gains from the financial shares and cement companies, while the resource stocks were mixed.
For the day, the index jumped 86.10 points or 1.13 percent to finish at 7,735.04 after trading between 7,657.72 and 7,758.67.
Among the actives, Bank CIMB Niaga slumped 1.29 percent, while Bank Mandiri spiked 3.21 percent, Bank Danamon Indonesia collected 0.38 percent, Bank Negara Indonesia added 0.46 percent, Bank Central Asia accelerated 2.39 percent, Bank Rakyat Indonesia gained 0.61 percent, Bank Maybank Indonesia rallied 2.65 percent, Indosat Ooredoo Hutchison stumbled 2.03 percent, Indocement surged 6.76 percent, Semen Indonesia soared 5.54 percent, United Tractors strengthened 1.52 percent, Astra International eased 0.20 percent, Energi Mega Persada jumped 5.31 percent, Astra Agro Lestari climbed 2.28 percent, Aneka Tambang improved 3.18 percent, Jasa Marga retreated 1.43 percent, Vale Indonesia fell 0.24 percent, Timah sank 0.73 percent, Bumi Resources skyrocketed 6.57 percent and Indofood Sukses Makmur was unchanged.
The lead from Wall Street offers little clarity as the major averages opened higher on Thursday but ebbed and flowed as the day progressed, finally ending mixed and little changed.
The Dow climbed 161.35 points or 0.37 percent to finish at a record 43,239.05, while the NASDAQ rose 6.53 points or 0.04 percent to close at 18,373.61 and the SP 500 dipped 1.00 point or 0.02 percent to end at 5,841.47.
Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended up 1.0 percent.
The strength in the sector came after Taiwan Semiconductor Manufacturing Company (TSM) reported a sharp increase in third quarter profits.
In economic news, Commerce Department said retail sales increased more than expected in September. Also, the Labor Department noted an unexpected pullback by first-time claims for U.S. unemployment benefits last week.
Oil futures snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
Japanese Market Modestly Higher
(RTTNews) - Recouping some of the losses in the previous two sessions, the Japanese stock market is modestly higher on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 39,000 mark, with gains in some index heavyweights and financial stocks partially offset by weakness in technology stocks.
Traders also reacted to domestic inflation data that showed that Japan's headline and core inflation rates slowed to a five-month low in September.
The benchmark Nikkei 225 Index is gaining 119.80 points or 0.31 percent to 39,030.99, after touching a high of 39,186.64 earlier. Japanese stocks closed notably lower on Thursday.
Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Honda is edging up 0.3 percent and Toyota is edging up 0.1 percent.
In the tech space, Advantest and Tokyo Electron are losing more than 1 percent each, while Screen Holdings is down more than 2 percent.
In the banking sector, Mitsubishi UFJ Financial is gaining more than 2 percent, while Mizuho Financial and Sumitomo Mitsui Financial are adding more than 1 percent each.
Among major exporters, Mitsubishi Electric and Canon are edging up 0.1 to 0.2 percent each, while Sony is losing more than 1 percent. Panasonic is flat.
Among other major gainers, DeNA is surging more than 6 percent and Otsuka Holdings is gaining more than 4 percent, while Disco and Fuji Electric are adding more than 3 percent each. M3 is adding almost 3 percent.
Conversely, Tokyo Electric Power is declining almost 3 percent.
In economic news, overall nationwide consumer prices in Japan were up 2.5 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday. That was beneath expectations for 2.7 percent and down from 3.0 percent in August. On a monthly basis, overall inflation fell 0.3 percent after rising 0.5 percent in the previous month.
National core CPI was up 2.4 percent on year, exceeding expectations for an increase of 2.3 percent but down from 2.8 percent a month earlier. Core CPI was up 0.2 percent on month, easing from 0.5 percent in August.
In the currency market, the U.S. dollar is trading in the lower 150 yen-range on Friday.
On Wall Street, stocks saw modest strength for much of the session on Thursday before giving back ground late in the trading day to close roughly flat. The Dow still managed to reach a new record closing high.
The Dow ended the day up 161.35 points or 0.4 percent at 43,239.05, while the Nasdaq crept up 6.53 points or less than a tenth of a percent to 18,373.61 and the SP 500 edged down 1.00 point or less than a tenth of a percent to 5,841.47.
Meanwhile, the major European markets have moved to the upside after the ECB lowered interest rates. While the French CAC 40 Index jumped by 1.2 percent, the German DAX Index advanced by 0.8 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.
Crude oil prices snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
Asian Markets Trade Mostly Higher
(RTTNews) - Asian stock markets are trading mostly higher on Friday, following the mixed cues from Wall Street overnight, as traders remain cautious ahead of the release of a raft of economic data from China, including GDP figures. A rate cut by the European Central Bank and expectations of interest rate cuts by the US Fed and the Bank of Canada are aiding market sentiment. Asian markets ended mixed on Thursday.
The Australian stock market is significantly lower on Friday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is falling below the 8,300 level, with weakness across most sectors led by mining, energy and technology stocks.
The benchmark SP/ASX 200 Index is losing 71.10 points or 0.85 percent to 8,284.80, after hitting a low of 8,276.40 earlier. The broader All Ordinaries Index is down 69.60 points or 0.81 percent to 8,554.50. Australian markets ended significantly higher on Thursday.
Among major miners, BHP Group is losing almost 2 percent, Fortescue Metals is declining almost 3 percent, Rio Tinto is edging down 0.5 percent and Mineral Resources is down more than 2 percent.
Oil stocks are mostly lower. Woodside Energy and Origin Energy are losing almost 1 percent each, while Santos is edging down 0.1 percent. Beach energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block is edging down 0.1 percent, Zip is losing more than 2 percent, WiseTech Global is declining 3.5 percent and Xero is down almost 1 percent, while Appen is gaining almost 2 percent.
Among the big four banks, Commonwealth Bank is edging up 0.2 percent, while ANZ Banking is edging down 0.5 percent. Westpac and National Australia Bank are flat.
Gold miners are mixed. Evolution Mining, Newmont and Northern Star Resources are edging up 0.2 to 0.5 percent each, while Resolute Mining is losing more than 1 percent and Gold Road Resources is declining almost 1 percent.
In other news, shares in Flight Centre Travel Group plunged almost 17 percent after it provided an uncertain growth outlook saying management expects profits will again be heavily weighted to the second half.
In the currency market, the Aussie dollar is trading at $0.671 on Friday.
Recouping some of the losses in the previous two sessions, the Japanese stock market is modestly higher on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 39,000 mark, with gains in some index heavyweights and financial stocks partially offset by weakness in technology stocks.
Traders also reacted to domestic inflation data that showed that Japan's headline and core inflation rates slowed to a five-month low in September.
The benchmark Nikkei 225 Index closed the morning session at 39,058.32, up 147.13 points or 0.38 percent, after touching a high of 39,186.64 earlier. Japanese stocks closed notably lower on Thursday.
Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Honda is edging up 0.3 percent and Toyota is edging up 0.1 percent.
In the tech space, Advantest and Tokyo Electron are losing more than 1 percent each, while Screen Holdings is down more than 2 percent.
In the banking sector, Mitsubishi UFJ Financial is gaining more than 2 percent, while Mizuho Financial and Sumitomo Mitsui Financial are adding more than 1 percent each.
Among major exporters, Mitsubishi Electric and Canon are edging up 0.1 to 0.2 percent each, while Sony is losing more than 1 percent. Panasonic is flat.
Among other major gainers, DeNA is surging more than 6 percent and Otsuka Holdings is gaining more than 4 percent, while Disco and Fuji Electric are adding more than 3 percent each. M3 is adding almost 3 percent.
Conversely, Tokyo Electric Power is declining almost 3 percent.
In economic news, overall nationwide consumer prices in Japan were up 2.5 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday. That was beneath expectations for 2.7 percent and down from 3.0 percent in August. On a monthly basis, overall inflation fell 0.3 percent after rising 0.5 percent in the previous month.
National core CPI was up 2.4 percent on year, exceeding expectations for an increase of 2.3 percent but down from 2.8 percent a month earlier. Core CPI was up 0.2 percent on month, easing from 0.5 percent in August.
In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Friday.
Elsewhere in Asia, Taiwan and Hong Kong are up 2.4 and 1.7 percent, respectively, while China is up 1.1 percent. New Zealand, Singapore and Malaysia are higher by between 0.2 and 0.3 percent each. South Korea and Indonesia are down 0.3 and 0.1 percent, respectively.
On Wall Street, stocks saw modest strength for much of the session on Thursday before giving back ground late in the trading day to close roughly flat. The Dow still managed to reach a new record closing high.
The Dow ended the day up 161.35 points or 0.4 percent at 43,239.05, while the Nasdaq crept up 6.53 points or less than a tenth of a percent to 18,373.61 and the SP 500 edged down 1.00 point or less than a tenth of a percent to 5,841.47.
Meanwhile, the major European markets have moved to the upside after the ECB lowered interest rates. While the French CAC 40 Index jumped by 1.2 percent, the German DAX Index advanced by 0.8 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.
Crude oil prices snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
Australian Market Significantly Lower
(RTTNews) - The Australian stock market is significantly lower on Friday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is falling a tad below the 8,300 level, with weakness across most sectors led by mining, energy and technology stocks.
The benchmark SP/ASX 200 Index is losing 56.70 points or 0.68 percent to 8,299.20, after hitting a low of 8,290.30 earlier. The broader All Ordinaries Index is down 54.50 points or 0.63 percent to 8,569.60. Australian markets ended significantly higher on Thursday.
Among major miners, BHP Group is losing almost 2 percent, Fortescue Metals is declining almost 3 percent, Rio Tinto is edging down 0.5 percent and Mineral Resources is down more than 2 percent.
Oil stocks are mostly lower. Woodside Energy and Origin Energy are losing almost 1 percent each, while Santos is edging down 0.1 percent. Beach energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block is edging down 0.1 percent, Zip is losing more than 2 percent, WiseTech Global is declining 3.5 percent and Xero is down almost 1 percent, while Appen is gaining almost 2 percent.
Among the big four banks, Commonwealth Bank is edging up 0.2 percent, while ANZ Banking is edging down 0.5 percent. Westpac and National Australia Bank are flat.
Gold miners are mixed. Evolution Mining, Newmont and Northern Star Resources are edging up 0.2 to 0.5 percent each, while Resolute Mining is losing more than 1 percent and Gold Road Resources is declining almost 1 percent.
In other news, shares in Flight Centre Travel Group plunged almost 17 percent after it provided an uncertain growth outlook saying management expects profits will again be heavily weighted to the second half.
In the currency market, the Aussie dollar is trading at $0.670 on Friday.
On Wall Street, stocks saw modest strength for much of the session on Thursday before giving back ground late in the trading day to close roughly flat. The Dow still managed to reach a new record closing high.
The Dow ended the day up 161.35 points or 0.4 percent at 43,239.05, while the Nasdaq crept up 6.53 points or less than a tenth of a percent to 18,373.61 and the SP 500 edged down 1.00 point or less than a tenth of a percent to 5,841.47.
Meanwhile, the major European markets have moved to the upside after the ECB lowered interest rates. While the French CAC 40 Index jumped by 1.2 percent, the German DAX Index advanced by 0.8 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.
Crude oil prices snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.
