虚拟币峰会
Indonesia Stock Market May Halt Losing Streak
(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, stumbling almost 250 points or 3.3 percent along the way. The Jakarta Composite Index now rests just above the 7,240-point plateau although it may stop the bleeding 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 JCI finished sharply lower on Thursday following losses from the financial shares and energy companies, while the cement companies were mixed.
For the day, the index tumbled 140.01 points or 1.90 percent to finish at the daily low of 7,243.86 after peaking at 7,381.76.
Among the actives, Bank CIMB Niaga shed 0.55 percent, while Bank Mandiri tumbled 1.91 percent, Bank Negara Indonesia surrendered 1.95 percent, Bank Central Asia tanked 2.63 percent, Bank Rakyat Indonesia skidded 1.09 percent, Bank Maybank Indonesia dropped 0.90 percent, Indosat Ooredoo Hutchison jumped 1.78 percent, Indocement slumped 1.10 percent, Semen Indonesia rose 0.27 percent, Indofood Sukses Makmur strengthened 1.28 percent, United Tractors perked 0.09 percent, Astra International sank 0.99 percent, Energi Mega Persada plummeted 8.40 percent, Astra Agro Lestari fell 0.37 percent, Aneka Tambang rallied 2.27 percent, Jasa Marga advanced 0.85 percent, Timah gained 0.69 percent, Bumi Resources plunged 3.70 percent and Bank Danamon Indonesia and Vale Indonesia were 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.
CAC 40 Edges Lower As Investors React To China's Stimulus Announcement
(RTTNews) - French stocks were little changed on Friday as China's top legislative body - the National People's Congress (NPC) - approved the State Council's proposal to increase local government debt limit by $839 billion after a week-long session.
There was some disappointment as the hotly anticipated stimulus was not as broad or immediate as initially presumed.
The benchmark CAC 40 was down 11 points, or 0.2 percent, at 7,414 after climbing 0.8 percent the previous day.
Eurozone bond yields dipped after a busy week of central bank meetings and amid the collapse of the German government.
Luxury stocks LVMH, Kering and Hermes fell 2-3 percent after Cartier owner Richemont posted a 20 percent drop in net profit for the first half of the year.
Asian Shares Mixed With China NPC Meeting In Focus
(RTTNews) - Asian stocks ended mixed on Friday after the Bank of England and the U.S. Federal Reserve cut interest rates by a quarter point.
Focus shifted to stimulus announcements from China later in the day as the meeting in the Standing Committee of the National People's Congress ends.
The dollar sagged in Asian trading after Fed Chair Jerome Powell said the central bank will evaluate data to adjust the "pace and destination" of rates.
Gold prices were notably lower after rising more than 1 percent on Thursday. Oil prices dipped but were on track for a weekly gain.
Chinese and Hong Kong markets ended lower as investors awaited details of a much-anticipated economic stimulus package to rev up the slowing Chinese economy.
China's Shanghai Composite ended down 0.53 percent at 3,452.30 after a choppy session. Hong Kong's Hang Seng fell 1.07 percent to 20,728.19, giving up early gains.
Japanese markets eked out modest gains as tech stocks followed their U.S. peers higher. The upside was capped by weak household spending data and a relatively stronger yen.
The Nikkei average edged up by 0.30 percent to 39,500.37 while the broader Topix index finished marginally lower at 2,742.15.
AI-focused startup investor SoftBank Group gained 1.6 percent and Tokyo Electron added 0.9 percent.
Nissan Motor shares slumped more than 6 percent as the automaker announced plans to cut 9000 jobs and 20 percent of its global manufacturing capacity after net income plummeted in the first half.
Seoul stocks ended slightly lower on lingering concerns regarding a second presidential term for Donald Trump. The Kospi average slid 0.14 percent to 2,561.15.
Australian markets climbed to over a two-week high, with mining and gold stocks leading the surge. The benchmark SP/ASX 200 jumped 0.84 percent to 8,295.10 while the broader All Ordinaries index closed up 0.84 percent at 8,552.60.
Lender ANZ rose 1.3 percent despite posting a 9 percent drop in annual profit.
Across the Tasman, New Zealand's benchmark SP/NZX 50 index jumped 1.50 percent to 12,770.33.
U.S. stocks closed higher overnight while Treasury yields fell alongside the dollar after the Fed delivered a 25-basis point interest-rate cut and signaled no intention to skip cutting rates.
Fed Chair Jerome Powell stressed during his post-meeting press conference that rates are not on "any preset course" and that the central bank will make future decisions "meeting by meeting" to deal with the risks to both sides of the dual mandate.
Investors also prepared for a "Trump 2.0 era" and "America First" economic stance, but there were some concerns about the effect planned tariff increases will have on inflation and interest rates.
The tech-heavy Nasdaq Composite surged 1.5 percent, and the SP 500 added 0.7 percent to score the second record finish in a row while the Dow finished marginally lower.
Australian Market Significantly Higher
(RTTNews) - The Australian stock market is significantly higher on Friday, adding to the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark SP/ASX 200 is moving above the 8,300 level, with gains across most sectors led by mining and technology stocks. Energy stocks were the only weak spot.
The benchmark SP/ASX 200 Index is gaining 86.50 points or 1.05 percent to 8,312.80, after touching a high of 8,319.40 earlier. The broader All Ordinaries Index is up 90.10 points or 1.06 percent to 8,571.70. Australian markets ended modestly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are gaining almost 2 percent each, while Fortescue Metals is advancing more than 2 percent. Mineral Resources is losing more than 2 percent.
Oil stocks are mostly lower. Woodside Energy and Santos are edging down 0.5 percent each, while Beach energy is losing more than 1 percent. Origin Energy is gaining almost 1 percent.
Among tech stocks, Zip is adding almost 4 percent and Appen is surging almost 7 percent, while WiseTech Global and Xero are gaining almost 2 percent each. Afterpay-owner Block is tumbling almost 7 percent after its results missed market expectations.
Among the big four banks, Commonwealth Bank and ANZ Banking are gaining almost 1 percent each, while Westpac is adding more than 1 percent. National Australia Bank is edging down 0.3 percent.
Gold miners are mostly higher. Evolution Mining is advancing almost 4 percent, Northern Star Resources is adding more than 3 percent, Newmont is up almost 2 percent, Resolute Mining is gaining almost 1 percent and Gold Road Resources is rising more than 2 percent.
In the currency market, the Aussie dollar is trading at $0.666 on Friday.
On Wall Street, stocks showed another strong move to the upside during trading on Thursday after moving sharply higher over the two previous sessions. With the continued advance, the Nasdaq and the SP 500 reached new record closing highs.
The tech-heavy Nasdaq led the charge, surging by 285.99 points or 1.5 percent to 19,269.46, while the SP 500 climbed 44.06 points or 0.7 percent to 5,973.10. The narrower Dow, on the other hand, spent the day lingering near the unchanged line before closing down just 0.59 points at 43,729.34.
Meanwhile, European stocks moved mostly higher on the day. The German DAX Index surged by 1.7 percent and the French CAC 40 Index advanced by 0.8 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and declined by 0.3 percent.
Crude oil prices 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.
Pound Falls Against Majors
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday.
The pound fell to a 3-day low of 197.19 against the yen, from an early high of 198.83.
Against the Swiss franc, the U.S. dollar and the euro, the pound edged down to 1.1288, 1.2936 and 0.8325 from early highs of 1.1334, 1.2983 and 0.8308, respectively.
If the pound extends its downtrend, it is likely to find support around 195.00 against the yen, 1.11 against the franc, 1.27 against the greenback and 0.84 against the euro.
Thai Bourse Tipped To Open To The Upside
(RTTNews) - The Thai stock market has moved higher in two of tree trading days since the end of 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 beneath the 1,470-point plateau and it may see additional support 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 SET finished slightly higher on Thursday as gains from the financial, industrial and technology stocks were offset by weakness from the property, consumer and service sectors.
For the day, the index rose 2.30 points or 0.16 percent to finish at 1,469.72 after trading between 1,468.56 and 1,478.77. Volume was 12.693 billion shares worth 55.622 billion baht. There were 310 decliners and 185 gainers, with 173 stocks finishing unchanged.
Among the actives, Advanced Info soared 4.01 percent, while Thailand Airport shed 0.40 percent, Banpu spiked 2.59 percent, Bangkok Bank and Kasikornbank both climbed 1.02 percent, Bangkok Dusit Medical retreated 1.83 percent, Bangkok Expressway lost 0.65 percent, B. Grimm tumbled 1.86 percent, BTS Group accelerated 2.51 percent, Bumrungrad Hospital crashed 8.78 percent, Charoen Pokphand Foods advanced 0.83 percent, Energy Absolute sank 0.71 percent, Gulf strengthened 1.55 percent, Krung Thai Bank collected 0.97 percent, Krung Thai Card skidded 1.07 percent, PTT Exploration and Production fell 0.39 percent, PTT Global Chemical surged 5.71 percent, SCG Packaging plummeted 6.00 percent, Siam Commercial Bank rallied 1.32 percent, Thai Oil stumbled 1.73 percent, True Corporation improved 0.82 percent, TTB Bank added 0.56 percent and Siam Concrete, Asset World, PTT Oil Retail, PTT and CP All Public were 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.
Indonesia Bourse May Reclaim 7,300-Point Level
(RTTNews) - The Indonesia stock market on Friday ended the two-day slide in which it had plunged almost 250 points or 3.3 percent. The Jakarta Composite Index now rests just beneath the 7,290-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly higher on Friday following gains from the energy companies and mixed performances from the financial, cement and resource stocks.
For the day, the index added 43.33 points or 0.60 percent to finish at 7,287.19 after trading between 7,265.58 and 7,350.36.
Among the actives, Bank CIMB Niaga sank 0.83 percent, while Bank Mandiri retreated 1.56 percent, Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia dropped 0.90 percent, Bank Central Asia slumped 0.98 percent, Bank Rakyat Indonesia shed 0.66 percent, Indosat Ooredoo Hutchison plunged 4.80 percent, Indocement climbed 1.11 percent, Semen Indonesia lost 0.82 percent, Indofood Sukses Makmur tanked 2.53 percent, United Tractors and Energi Mega Persada both advanced 0.83 percent, Astra International skidded 0.80 percent, Astra Agro Lestari slid 0.38 percent, Aneka Tambang added 0.63 percent, Jasa Marga rose 0.42 percent, Vale Indonesia rallied 2.41 percent, Timah spiked 2.07 percent, Bumi Resources stumbled 2.31 percent and Bank Maybank Indonesia was unchanged,
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Closer to home, Indonesia will provide October results for its consumer confidence index later today; in September, the index score was 123.5.
Malaysia Stock Market May Find Traction On Monday
(RTTNews) - The Malaysia stock market has tracked lower in back-to-back sessions, dropping almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,620-point plateau although it may stop the bleeding on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Friday as losses from the financials, telecoms and industrials were mitigated by support from the plantations.
For the day, the index eased 2.04 points or 0.13 percent to finish at the daily low of 1,621.24 after peaking at 1,627.62.
Among the actives, Axiata and MISC both retreated 0.88 percent, while Celcomdigi fell 0.30 percent, CIMB Group collected 0.49 percent, Genting tanked 2.03 percent, Genting Malaysia tumbled 0.89 percent, IHH Healthcare shed 0.55 percent, IOI Corporation rallied 1.03 percent, Kuala Lumpur Kepong was up 0.27 percent, Maxis jumped 1.42 percent, Maybank dropped 0.76 percent, MRDIY climbed 0.93 percent, Nestle Malaysia eased 0.02 percent, Petronas Chemicals and QL Resources both rose 0.41 percent, PPB Group advanced 0.85 percent, Press Metal lost 0.43 percent, Public Bank slid 0.22 percent, RHB Bank sank 0.52 percent, SD Guthrie gained 0.60 percent, Sunway added 0.65 percent, Telekom Malaysia gathered 0.31 percent, Tenaga Nasional perked 0.28 percent, YTL Corporation plunged 2.84 percent, YTL Power plummeted 2.99 percent and Sime Darby, Petronas Dagangan and Hong Leong Bank were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Bay Street Likely To Open On Negative Note
(RTTNews) - Lower Canadian and U.S. stock futures, weak commodity prices and European stocks point to a negative start for the Canadian market Friday morning. The focus will be on Canadian employment data.
Once again, investors will be reacting to a slew of corporate earnings announcements.
Canadian employment data for the month of October is due at 8:30 AM ET. Employment in Canada rose by 46,700 in September, the most in five months, after rising by 22,100 in August.
The unemployment rate in Canada eased to 6.5% in September from the 34-month high of 6.6% recorded in August.
Data on average hourly wages for the month of October is also due at 8:30 AM ET. In September, average hourly earnings in Canada came in at $36.54, edging up marginally from a month earlier.
In earnings news, Telus Corporation (T.TO) reported a net income of $257 million for the quarter ended September 30, 2024, up 87.6% compared to net income of $137 million in the corresponding quarter last year.
Onex Corporation (ONEX.TO) reported third-quarter net earnings of $127 million, compared to $256 million a year ago.
Docebo Inc (DCBO.TO) reported net income of $5.0 million, or $0.16 per share, for the third quarter of this financial year, compared to net income of $4.0 million, or $0.12 per share for the comparative period in the prior year.
Brookfield Business Partners (BBU.UN.TO) reported net income of $301 million for the three months ended September 30, 2024, compared to net loss of $44 million in the corresponding quarter of the previous year.
The Canadian market ended on a firm note on Thursday, extending the upward move seen over the two previous sessions. The benchmark SP/TSX Composite Index ended the day up 208.48 points or 0.9% at a new record closing high of 24,845.93.
The continued strength on Bay Street came as the Federal Reserve announced its widely expected decision to lower interest rates by another quarter point.
Asian stocks ended mixed on Friday after the Bank of England and the U.S. Federal Reserve cut interest rates by a quarter point. Focus shifted to stimulus announcements from China later in the day as the meeting in the Standing Committee of the National People's Congress ends.
European stocks are notably lower on Friday as China's top legislative body - the National People's Congress (NPC) - approved the State Council's proposal to increase local government debt limit by $838 billion after a week-long session. There is some disappointment as the hotly anticipated stimulus is not as broad or immediate as initially presumed.
In commodities, West Texas Intermediate Crude oil futures are down $0.84 or 1.16% at $71.52 a barrel.
Gold futures are down $9.10 or 0.33% at $2,696.70 an ounce, while Silver futures are lower by $0.260 or 0.82% at $31.595 an ounce.
Disappointing Stimulus May Weigh On China Shares
(RTTNews) - The China stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just above the 3,450-point plateau and it may open under pressure again on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished modestly lower on Friday following losses among the financial shares, property stocks and resource and energy companies.
For the day, the index shed 18.36 points or 0.53 percent to finish at 3,452.30 after trading between 3,443.19 and 3,509.82. The Shenzhen Composite Index slipped 6.02 points or 0.29 percent to end at 2,094.69.
Among the actives, Industrial and Commercial Bank of China lost 0.65 percent, while Bank of China declined 1.22 percent, China Construction Bank skidded 0.99 percent, China Merchants Bank tumbled 1.95 percent, Agricultural Bank of China dropped 0.83 percent, China Life Insurance fell 0.31 percent, Jiangxi Copper shed 0.56 percent, Aluminum Corp of China (Chalco) rose 0.24 percent, Yankuang Energy eased 0.06 percent, PetroChina slumped 1.20 percent, China Petroleum and Chemical (Sinopec) sank 0.78 percent, Huaneng Power slipped 0.41 percent, China Shenhua Energy retreated 1.52 percent, Gemdale plummeted 5.77 percent, Poly Developments plunged 4.03 percent and China Vanke tanked 3.84 percent.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Win Streak May End For Singapore Stock Market
(RTTNews) - The Singapore stock market has moved higher in five straight sessions, gathering almost 170 points or 4.7 percent along the way. The Straits Times Index now sits just above the 3,720-point plateau although investors figure to lock in gains on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The STI finished sharply higher on Friday following gains from the financials and plantations, while the industrials and trusts were mixed.
For the day, the index rallied 50.88 points or 1.39 percent to finish at 3,724.37 after trading between 3,685.96 and 3,742.82.
Among the actives, CapitaLand Integrated Commercial Trust gained 0.51 percent, while CapitaLand Investment dipped 0.36 percent, Comfort DelGro added 0.68 percent, DBS Group spiked 1.68 percent, Genting Singapore plummeted 5.95 percent, Hongkong Land tanked 2.53 percent, Keppel DC REIT improved 0.93 percent, Keppel Ltd fell 0.47 percent, Mapletree Pan Asia Commercial Trust sank 0.80 percent, Mapletree Industrial Trust rose 0.44 percent, Mapletree Logistics Trust lost 0.78 percent, Oversea-Chinese Banking Corporation climbed 1.13 percent, SATS plunged 3.27 percent, Seatrium Limited soared 2.04 percent, Singapore Technologies Engineering slumped 0.85 percent, SingTel jumped 1.56 percent, Thai Beverage advanced 0.98 percent, Wilmar International was up 0.32 percent, Yangzijiang Financial rallied 1.27 percent, Yangzijiang Shipbuilding surged 3.88 percent and City Developments, SembCorp Industries, Emperador and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
U.S. Consumer Sentiment Improves More Than Expected In November
(RTTNews) - Preliminary data released by the University of Michigan on Friday showed consumer sentiment has improved by more than expected in the month of November.
The University of Michigan said its consumer sentiment index climbed to 73.0 in November from 70.5 in October. Economists had expected the index to inch up to 71.0.
With the bigger than expected increase, the consumer sentiment index reached its highest level since hitting 77.2 in April.
The advance by the headline index reflected a significant improvement by consumer expectations, as the index of consumer expectations jumped to 78.5 in November from 74.1 in October.
"The expectations index surged across all dimensions, reaching its highest reading since July 2021," said Surveys of Consumers Director Joanne Hsu.
Meanwhile, the report said the current economic conditions index edged down to 64.4 in November from 64.9 in November.
Hsu noted that the interviews for this release concluded on Monday and thus do not capture any reactions to the election results.
On the inflation front, the report said year-ahead inflation expectations slipped to 2.6 percent in November from 2.7 percent in October, hitting the lowest level since December 2020.
Long-run inflation expectations, on the other hand, inched up to 3.1 percent in November from 3.0 percent in October, remaining modestly elevated relative to the range of readings seen in the two years pre-pandemic.
Richemont H1 Profit Hits On Weak China Demand; Stock Dips
(RTTNews) - Shares of Compagnie Financiere Richemont AG were losing around 4 percent in the morning trading in Switzerland after the Swiss luxury goods group reported Friday sharply lower profit in its first half with wider loss from discontinued operations as well as slightly lower sales. Weak demand in Asia Pacific, mainly China, offset improved performance in all other regions.
Chairman Johann Rupert said, "Looking ahead, whilst I remain cautious in this uncertain context, I am therefore confident in our ability to navigate the current as well as future cycles and to deliver sustained value over the long term... "
In its first half, profit attributable to owners of the parent company dropped to 458 million euros from 1.51 billion euros last year. Earnings per 'A' share were 0.779 euro compared to 2.601 euros in the previous year.
The latest results were mainly hurt by 1.27 billion euros loss from discontinued operations mainly due to the non-cash write-down of YOOX NET-A-PORTER or YNAP, while prior year's loss was 655 million euros.
On a continuing operations basis, profit declined 20 percent to 1.73 billion euros from 2.16 billion euros a year ago.
Operating profit decreased 17 percent to 2.21 billion euros from 2.66 billion euros in the previous year, resulting in 21.9 percent operating margin, down 410 basis points from prior year's 26 percent.
The weak results largely reflected the impact of the decline in sales at Specialist Watchmakers, a slight gross margin erosion and ongoing investments for Maisons' long-term growth.
Revenues for the period declined 1 percent to 10.08 billion euros from 10.22 billion euros in the prior year.
However, sales from continuing operations were stable at constant exchange rates, benefitting from the company's balanced geographic mix and continued strength at Jewellery Maisons.
Richemont said it recorded very solid sales progress in most regions, led by the Americas and Japan in value, which grew 10 percent and 32 percent, respectively. Europe and Middle East Africa also posted robust growth in sales. Meanwhile, these were offset by the 19 percent decrease in Asia Pacific sales, led by China.
In Switzerland, Richemont shares were trading at 122.50 francs, down 4.1 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Pound Falls Following BoE Rate Cut
(RTTNews) - The British pound weakened against other major currencies in the European session on Friday, after the Bank of England cut interest rates as expected but signaled stickier inflation.
Thursday, the Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.
Previously, the bank had reduced the policy rate by a quarter-point in August, which was the first reduction since March 2020.
At the November meeting, eight members voted for a 25-bps cut, while Catherine Mann alone voted to maintain the rate at 5.00 percent.
Monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated further," the bank said in a statement.
Governor Andrew Bailey underlined the importance of exercising caution when making cutbacks in the future in order to maintain inflation near the 2% objective.
The Federal Reserve Open Markets Committee in its monetary policy review on Thursday unanimously decided to lower the target range for the federal funds rate by 0.25 percentage point to 4.5 to 4.75 percent. The FOMC, that seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run reiterated that the risks to achieving its employment and inflation goals were roughly in balance.
Investors await details of China's forthcoming stimulus at the conclusion of a week-long session of China's top legislative body, the National People's Congress (NPC) Standing Committee, later in the day.
Possible measures may include support for local government debt and consumer spending.
In the European trading, the pound fell to a 3-day low of 197.19 against the yen, from an early high of 198.83. On the downside 195.00 is seen as the next support level for the pound.
Against the Swiss franc, the U.S. dollar and the euro, the pound edged down to 1.1288, 1.2936 and 0.8325 from early highs of 1.1334, 1.2983 and 0.8308, respectively. If the pound extends its downtrend, it is likely to find support around 1.11 against the franc, 1.27 against the greenback and 0.84 against the euro.
Looking ahead, Canada jobs data for October, U.S. University of Michigan's consumer sentiment data for November and U.S. Baker Hughes oil rig count data are slated for release in the New York session.
Canadian Market Moderately Lower At Noon; Energy, Materials Stocks Decline
(RTTNews) - After opening on a weak note, the Canadian market is languishing in negative territory a little past noon on Friday, with energy and materials stocks reeling under selling pressure due to falling commodity prices.
Investors are also digesting the nation's employment data, and reacting to a slew of corporate earnings updates.
The benchmark SP/TSX Composite Index is down 154.56 points or 0.62% at 24,691.37 a few minutes past noon.
Data from Statistics Canada showed employment in Canada rose by 14,500 in October, following a 46,700 increase in the previous month. The unemployment rate in Canada was at 6.5% in October, remaining unchanged from the previous month.
Average hourly earnings in Canada increased to C$36.73 in October, from C$36.54 a month earlier.
The Materials Capped Index is down 2.4%. Ivanhoe Mines (IVN.TO) and First Quantum Minerals (FM.TO) are down 9% and 8.6%, respectively. Hudbay Minerals (HBM.TO) is down 7.1%, while Sandstorm Gold (SSL.TO), Ero Copper (ERO.TO), Wesdome Gold Mines (WDO.TO), Capstone Mining (CS.TO), Teck Resources (TECK.B.TO) and Lundin Mining (LUN.TO) are down 4 to 6%.
Iamgold Corp (IMG.TO) is rising nearly 8% and Ssr Mining (SSRM.TO) is gaining about 5.5%. Lundin Gold (LUN.TO), Interfor Corp (IFP.TO) and Wheaton Precious Metals (WPM.TO) are also notably higher.
The Energy Capped Index is down 1.65%. Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Kelt Exploration (KEL.TO), Birchcliff Energy (BIR.TO), Headwater Exploration (HWX.TO), Veren (VRN.TO), Vermilion Energy (VET.TO), Ces Energy Solutions (CEU.TO), Canadian Natural Resources (CNQ.TO), Arc Resources (ARX.TO) and International Petroleum Corporation (IPCO.TO) are down 2 to 4%.
Mattr Corp (MATR.TO) is soaring nearly 14%. Pason Systems (PSI.TO) is gaining 2.5%, and Nuvista Energy (NVA.TO) is climbing more than 4%.
Telus Corporation (T.TO) is up 3.7% after reporting a net income of $257 million for the quarter ended September 30, 2024, up 87.6% compared to net income of $137 million in the corresponding quarter last year.
Onex Corporation (ONEX.TO) reported third-quarter net earnings of $127 million, compared to $256 million a year ago. The stock is gaining nearly 3%.
Docebo Inc (DCBO.TO) is up 2% after reporting net income of $5.0 million, or $0.16 per share, for the third quarter of this financial year, compared to net income of $4.0 million, or $0.12 per share for the comparative period in the prior year.
Brookfield Business Partners (BBU.UN.TO) is up nearly 4%. The company reported net income of $301 million for the three months ended September 30, 2024, compared to net loss of $44 million in the corresponding quarter of the previous year.
Consolidation Predicted For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has moved higher in five straight sessions, gathering more than 770 points or 3.4 percent along the way. The Taiwan Stock Exchange now rests just above the 23,550-point plateau although it's due for profit taking on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The TSE finished modestly higher on Friday following mixed performances from the financial shares and technology stocks.
For the day, the index gained 145.07 points or 0.62 percent to finish at 23,553.89 after trading between 23,509.13 and 23,699.70.
Among the actives, Cathay Financial shed 0.43 percent, while Fubon Financial collected 0.76 percent, E Sun Financial perked 0.18 percent, Taiwan Semiconductor Manufacturing Company rallied 2.35 percent, United Microelectronics Corporation skidded 1.06 percent, Hon Hai Precision added 0.46 percent, Largan Precision slumped 1.28 percent, Catcher Technology stumbled 2.05 percent, MediaTek retreated 1.92 percent, Delta Electronics rose 0.25 percent, Novatek Microelectronics declined 1.31 percent, Formosa Plastics surrendered 2.15 percent, Nan Ya Plastics dropped 1.04 percent, Asia Cement gained 0.32 percent and Mega Financial, CTBC Financial and First Financial were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Sensex, Nifty Likely To Follow Asian Peers Lower
(RTTNews) - Indian shares look set to open on a weak note Monday as China's $1.4 trillion debt swap stimulus fell short of expectations and the release of weak inflation data over the weekend spurred new concerns over the recovery in the world's second-largest economy.
Meanwhile, U.S. President-elect Donald Trump took a clean sweep of the seven battleground states, helping Republicans inch closer to winning the House.
The focus is now on how quickly Trump will implement his fiscal and protectionist trade policies, including proposed tariffs on China.
Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend that tariffs would hurt long-term inflation if global trade partners were to strike back.
Q2 earnings, the release of domestic inflation and industrial output readings, Middle East tensions, oil price movements and FII flows may influence trading sentiment as the week progresses.
Asian stocks were broadly lower this morning, with Hong Kong markets leading losses.
The dollar rose against major peers, extending last week's gain on concerns that Trump's fiscal policies will stoke inflation.
Gold drifted lower in Asian trade on dollar strength. Oil extended losses after falling nearly 3 percent on Friday.
U.S. stocks reached new record closing highs on Friday and scored big weekly gains on expectations for improved GDP growth, deregulation and tax cuts under the Trump administration.
In economic releases, a measure of U.S. consumer sentiment hit a seven-month high in early November while one-year inflation expectations eased but long-term expectations rose marginally, separate set of data revealed.
The Dow rose 0.6 percent and the SP 500 gained 0.4 percent to wrap up their best week in a year while the tech-heavy Nasdaq Composite finished marginally higher.
European stocks ended lower on Friday as investors continued to react to political upheaval in Germany and weighed Trump's proposed protectionist policies.
The pan European STOXX 600 dropped 0.7 percent. France's CAC 40 lost 1.2 percent, while the German DAX and the U.K.'s FTSE 100 both dipped around 0.8 percent.
European Shares Likely To Open On Positive Note
(RTTNews) - European stocks are likely to open on a positive note Monday as investors await upcoming U.S. inflation data and speeches by Federal Reserve officials for additional clues to the Fed's rate trajectory.
U.S. reports on consumer and producer prices, retail sales and industrial production due later in the week may provide further insights into the health of the world's largest economy as the Presidency and Senate falls into Republican hands, presenting a clear path for Trump to enact any major policy changes.
Trump won a second term as president on a platform of steep import taxes, including tariffs as high as 60 percent on China. The focus is now on how quickly Trump will implement his fiscal and protectionist trade policies.
Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend that tariffs would hurt long-term inflation if global trade partners were to strike back.
According to CME Fedwatch, traders currently bet on a 65.9 percent chance for a 25-basis point rate cut in December, and a 34.1 percent chance that rates will remain unchanged.
Asian markets were broadly lower as China's $1.4 trillion debt swap stimulus fell short of expectations and the release of weak inflation data over the weekend spurred new concerns over the recovery in the world's second-largest economy.
The dollar rose against major peers, extending last week's gain ahead of speeches by a slew of Federal Reserve officials this week.
Gold dipped around half a percent in Asian trade on dollar strength. Oil extended losses after falling nearly 3 percent on Friday.
U.S. stocks reached new record closing highs on Friday and scored big weekly gains on expectations for improved GDP growth, deregulation and tax cuts under the Trump administration.
In economic releases, a measure of U.S. consumer sentiment hit a seven-month high in early November while one-year inflation expectations eased but long-term expectations rose marginally, separate set of data revealed.
The Dow rose 0.6 percent and the SP 500 gained 0.4 percent to wrap up their best week in a year while the tech-heavy Nasdaq Composite finished marginally higher.
European stocks ended lower on Friday as investors continued to react to political upheaval in Germany and weighed Trump's proposed protectionist policies.
The pan European STOXX 600 dropped 0.7 percent. France's CAC 40 lost 1.2 percent, while the German DAX and the U.K.'s FTSE 100 both dipped around 0.8 percent.
Hang Seng May Reverse Friday's Losses
(RTTNews) - The Hong Kong stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had surged almost 700 points or 3.4 percent. The Hang Seng Index now sits just beneath the 20,730-point plateau although it may open to the upside on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The Hang Seng finished sharply lower on Friday following losses from the financial shares, property stocks and oil companies, while the technology issues were mixed.
For the day, the index skidded 225.15 points or 1.07 percent to finish ta 20,728.19 after trading between 20,705.12 and 21,355.44.
Among the actives, Alibaba Group weakened 1.73 percent, while Alibaba Health Info surrendered 2.70 percent, ANTA Sports added 0.34 percent, China Life Insurance retreated 2.36 percent, China Mengniu Dairy tanked 2.74 percent, China Resources Land plunged 2.90 percent, CITIC tumbled 2.40 percent, CNOOC sank 1.55 percent, CSPC Pharmaceutical skidded 1.65 percent, Galaxy Entertainment eased 0.14 percent, Haier Smart Home fell 0.89 percent, Hang Lung Properties declined 2.16 percent, Henderson Land dipped 0.57 percent, Hong Kong China Gas was down 0.49 percent, Industrial and Commercial Bank of China slid 0.61 percent, JD.com climbed 1.11 percent, Lenovo advanced 0.92 percent, Li Auto slumped 1.79 percent, Li Ning shed 1.47 percent, Meituan plummeted 4.05 percent, New World Development and ENN Energy both dropped 1.61 percent, Nongfu Spring lost 1.32 percent, Techtronic Industries rallied 1.20 percent, Xiaomi Corporation jumped 1.62 percent and WuXi Biologics stumbled 2.39 percent.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Japanese Market Modestly Lower
(RTTNews) - The Japanese stock market is trading modestly lower on Monday, reversng to the gains in the previous session. The benchmark SP/ASX 200 is falling well above the 39,400 level, despite the broadly positive cues from Wall Street on Friday, with weakness across most sectors led by index heavyweights, financial and technology stocks.
The benchmark Nikkei 225 Index is down 137.39 or 0.35 percent at 39,362.98, after hitting a low of 39,316.21 earlier. Japanese shares ended modestly higher on Friday.
Market heavyweight SoftBank Group is gaining more than 1 percent, while Uniqlo operator Fast Retailing is edging down 0.4 percent. Among automakers, Honda is losing more than 1 percent, while Toyota is flat.
In the tech space, Screen Holdings is losing more than 1 percent and Tokyo Electron is declining more than 1 percent, while Advantest is edging up 0.5 percent.
In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are losing almost 1 percent each.
The major exporters are mostly higher. Panasonic is gaining more than 4 percent and Sony is surging more than 6 percent each, while Canon and Mitsubishi Electric are edging down 0.1 to 0.2 percent each.
Among other major losers, Kawasaki Heavy Industries and Socionext are slipping more than 5 percent each, while Sumco, Nissan Motor and Kubota is losing almost 5 percent each. Secom is down more than 4 percent, while Hitachi Construction Machinery and Shiseido are declining almost 4 percent each. Mitsui Fudosan, Ajinomoto, Ricoh, Olympus, Taisei, Mitsubishi Materials and Daikin Industries are sliding more than 3 percent each.
Conversely, Furukawa Electric is skyrocketing almost 15 percent, DeNA is soaring almost 14 percent, Fujikura is surging more than 7 percent and Suzuki Motor is gaining more than 6 percent, while Sumitomo Electric Industries and Nissui are adding more than 3 percent each. Terumo is up almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 153 yen-range on Monday.
On Wall Street, stocks moved mostly higher over the course of the trading day on Friday extending the substantial rally seen over the past few sessions. With the continued upward move, the major averages all reached new record closing highs.
The major averages pulled back off their best levels going into the close but remained in positive territory. The Dow climbed 259.65 points or 0.6 percent to 43,988.99, the Nasdaq inched up 17.32 points or 0.1 percent to 19,286.78 and the SP 500 rose 22.44 points or 0.4 percent to 5,995.54.
Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index tumbled by 1.2percent, the U.K.'s FTSE 100 Index and the German DAX Index both slide by 0.8 percent.
Crude oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Thai Stock Market Expected To Remain Rangebound
(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of 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 beneath the 1,465-point plateau and it may see mild upside on Monday.
The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The SET finished modestly lower on Friday following losses from the consumer, industrial, property, resource and technology sectors.
For the day, the index fell 5.03 points or 0.34 percent to finish at 1,464.69 after trading between 1,458.34 and 1,474.59. Volume was 18.905 billion shares worth 49.156 billion baht. There were 262 gainers and 215 decliners, with 186 stocks finishing unchanged.
Among the actives, Advanced Info sank 0.70 percent, while Thailand Airport lost 0.81 percent, Asset World skidded 1.09 percent, Banpu stumbled 2.52 percent, Bangkok Bank and Kasikornbank both collected 0.34 percent, Bangkok Dusit Medical shed 0.93 percent, B. Grimm advanced 0.95 percent, BTS Group rallied 1.22 percent, CP All Public and PTT Exploration and Production both rose 0.39 percent, Energy Absolute plunged 2.86 percent, Gulf slumped 1.15 percent, Krung Thai Bank added 0.48 percent, PTT Oil Retail plummeted 3.33 percent, PTT dropped 0.75 percent, PTT Global Chemical tanked 2.70 percent, Siam Concrete retreated 1.50 percent, Thai Oil gained 0.59 percent, True Corporation surrendered 2.44 percent, TTB Bank shed 0.56 percent and Charoen Pokphand Foods, Siam Commercial Bank, Krung Thai Card, SCG Packaging and Bangkok Expressway were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.
The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the SP 500 added 22.44 points or 0.38 percent to end at 5,995.54.
For the week, the tech-heavy NASDAQ soared 5.7 percent, while the SP 500 spiked 4.7 percent and the Dow rallied 4.6 percent.
Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.
Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.
Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
Sensex, Nifty End Choppy Session On Flat Note
(RTTNews) - Indian shares fluctuated before ending on a flat note Monday.
Global cues were mixed but oil extended steep declines from Friday, helping ease concerns around twin deficits.
Concerns over FII flows exerted downward pressure on stock prices as the dollar held firm near last week's four-month peak versus major peers on optimism around Donald Trump's presidential victory.
Analysts predict Trump's re-election may favor corporates through deregulation, mergers and acquisitions and proposed tax cuts, but policies such as increased tariffs could result in an uptick in inflation and complicate the Federal Reserve's interest-rate plans.
Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend that tariffs would hurt long-term inflation if global trade partners were to strike back.
The benchmark 30-share BSE Sensex ended the session up 9.83 points at 79,496.15 while the broader NSE Nifty index finished down 6.90 points at 24,141.30.
Asian Paints slumped 8 percent after Q2 net profit declined 42 percent on weak demand.
Britannia Industries lost nearly 6 percent ahead of its earnings release.
ONGC, Cipla and Apollo Hospitals Enterprise fell 2-4 percent while PSU major Power Grid Corp topped the gainers list to rally 4.4 percent.
IT stocks made a comeback, with Tech Mahindra, Infosys and HCL Technologies rising 1-2 percent.
European Shares Climb Ahead Of Busy Week Of Data
(RTTNews) - European stocks traded sharply higher on Monday ahead of a busy week, with inflation readings across Europe, U.S. and a preliminary reading of euro zone third quarter GDP awaited.
The pan European STOXX 600 was up more than 1 percent at 511.91 after falling 0.7 percent on Friday.
The German DAX rallied 1.2 percent after Chancellor Olaf Scholz has said that he is open to holding a trust vote and subsequent elections sooner than planned.
France's CAC 40 climbed 1 percent and the U.K.'s FTSE 100 was up 0.7 percent.
The single European currency fell marginally below the level of 1.07 at the opening of the new week as Donald Trump edged closer to securing full control of the U.S. Congress.
Defense companies traded higher on expectations of increased defense expenditure in the U.S and other developing countries during Trump's presidency.
Sweden's SAAB rallied 3.4 percent, Italy's Leonardo added 2.6 percent and U.K.'s Rolls-Royce Holdings climbed 2.6 percent.
Shares of Aquis Exchange more than doubled after Swiss stock exchange operator SIX Group said it has reached an agreement to acquire the London-based company in a major deal.
NatWest Group surged nearly 2 percent after it agreed to buy back £1 billion of shares from the government.
GPE climbed 1.1 percent after the real estate group made a £19M office acquisition in Fitzrovia.
Specialty chemicals group Croda International surged 4.5 percent after reporting sales growth in Q3 and confirming its FY24 profit outlook.
China-related luxury firms LVMH, Kering and Hermes International all rose about 1 percent in Paris after China announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle local government debt problems.
German automotive and industrial supplier Continental AG jumped 5.4 percent after third-quarter core profit topped expectations.
Hannover Re rallied 4 percent after the reinsurer raised its full-year 2024 profit target to €2.3bn.
Steel manufacturer Salzgitter fell 2.4 percent after the company reported net loss for the first nine months of the financial year 2024 of 197.7 million euros, compared to prior year's profit of 193.7 million euros.
Sensex, Nifty Struggle For Direction
(RTTNews) - Indian shares fluctuated in early trade on Monday, tracking mixed cues from global markets as investors weighed the potential impact of Trump's protectionist policies on the global economy.
The benchmark SP/BSE Sensex was up 30 points at 79,518, reversing initial losses. The broader NSE Nifty index was up 8 points at 24,156.
Tata Motors rallied 2.5 percent despite the company delivering weak quarterly results due to muted domestic demand and production challenges at Jaguar Land Rover (JLR).
TCS, Britannia Industries, Maruti Suzuki India and Power Grid Corp were up 1-2 percent.
LIC gained 1 percent after posting robust premium growth in Q2.
Wipro was also up 1 percent after Azim Premji bought a 1.6 percent stake in the company for Rs 4,757 crore.
Asian Paints plunged nearly 9 percent after Q2 net profit declined 42 percent on weak demand.
Tata Steel, JSW Steel, ONGC and Adani Ports all were down over 1 percent.
SBI edged up slightly on reporting a 28 percent rise in quarterly net profit.
Divi's Laboratories and Aurobindo Pharma were moving lower despite reporting solid quarterly results.
Australian Market Notably Lower
(RTTNews) - The Australian stock market is currently trading notably lower on Monday, reversing some of the gains in the previous three sessions, despite the broadly positive cues from Wall Street on Friday. The benchmark SP/ASX 200 index is falling well below the 8,300.00 level, with weakness in iron ore miners and energy stocks amid tumbling prices of underlying commodities, partially offset by gains in gold miners and technology stocks.
The benchmark SP/ASX 200 Index is losing 40.30 points or 0.49 percent to 8,254.80, after hitting a low of 8,251.90 earlier. The broader All Ordinaries Index is down 42.90 points or 0.50 percent to 8,509.70. Australian stocks closed significantly higher on Friday.
Among the major miners, BHP Group and Rio Tinto are losing almost 4 percent each, while Fortescue Metals is slipping almost 5 percent and Mineral Resources is declining more than 3 percent.
Oil stocks are mostly lower. Beach energy is declining more than 1 percent, while Woodside Energy and Santos are losing almost 1 percent each. Origin Energy is edging up 0.2 percent.
Among tech stocks, Afterpay owner Block is gaining more than 1 percent, Appen is advancing almost 3 percent, Xero is up almost 1 percent, WiseTech Global is adding almost 2 percent and Zip is rising 4.5 percent.
Gold miners are mostly higher. Evolution Mining and Gold Road Resources are edging up 0.3 to 0.4 percent each, Northern Star Resources is gaining more than 2 percent and Newmont is adding more than 1 percent, while Resolute Mining is plummeting almost 28 percent after it confirmed that chief executive Terry Holohan has been detained by the military-controlled government of Mali in West Africa to discuss business practices.
Among the big four banks, and National Australia Bank and ANZ Banking are edging up 0.2 to 0.3 percent each, while Westpac is losing almost 1 percent. Commonwealth Bank is flat.
In other news, shares in Endeavour Group are sliding more than 5 percent after Dan Murphy's and BWS parent warned of lower profit in the second half amid flat sales in its stores and higher promotions.
Shares in Novonix are skyrocketing more than 11 percent after signing a supply deal with automotive company Stellantis to supply high-performance synthetic graphite for its North American battery production partners.
In the currency market, the Aussie dollar is trading at $0.660 on Monday.
On Wall Street, stocks moved mostly higher over the course of the trading day on Friday extending the substantial rally seen over the past few sessions. With the continued upward move, the major averages all reached new record closing highs.
The major averages pulled back off their best levels going into the close but remained in positive territory. The Dow climbed 259.65 points or 0.6 percent to 43,988.99, the Nasdaq inched up 17.32 points or 0.1 percent to 19,286.78 and the SP 500 rose 22.44 points or 0.4 percent to 5,995.54.
Meanwhile, the major European markets all moved to the downside on the day. While the French CAC 40 Index tumbled by 1.2percent, the U.K.'s FTSE 100 Index and the German DAX Index both slide by 0.8 percent.
Crude oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.
