虚拟币峰会
China Bourse Set To End Losing Streak
(RTTNews) - The China stock market has moved lower in back-to-back sessions, slipping just 6 points or 0.2 percent in that span. The Shanghai Composite now sits just beneath the 3,265-point plateau although it may stop the bleeding on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished slightly lower on Monday following losses from the resource stocks, gains from the oil companies and mixed performances from the financials and properties.
For the day, the index eased 3.43 points or 0.11 percent to finish at 3,263.76 after trading between 3,232.92 and 3,285.46. The Shenzhen Composite Index rose 7.98 points or 0.41 percent to end at 1,974.89.
Among the actives, Industrial and Commercial Bank of China collected 0.33 percent, while China Construction Bank gained 0.51 percent, China Merchants Bank lost 0.63 percent, Agricultural Bank of China improved 0.64 percent, China Life Insurance stumbled 1.94 percent, Jiangxi Copper fell 0.33 percent, Aluminum Corp of China (Chalco) skidded 1.05 percent, Yankuang Energy tumbled 1.72 percent, PetroChina rose 0.25 percent, China Petroleum and Chemical (Sinopec) advanced 0.96 percent, Huaneng Power dropped 1.00 percent, China Shenhua Energy added 0.78 percent, Gemdale retreated 1.32 percent, Poly Developments perked 0.10 percent, China Vanke shed 0.48 percent and Bank of China were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Japan Producer Prices Climb 2.9% On Year In October
(RTTNews) - Producer prices in Japan were up 2.9 percent on year in October, the Bank of Japan said on Tuesday.
That's up from the upwardly revised 2.8 percent increase in September (originally 2.6 percent) and exceeded expectations for a gain of 2.5 percent.
On a monthly basis, producer prices jumped 0.8 percent after dipping 0.1 percent in the previous month.
Excluding international transportation, producer prices rose 3.1 percent on year and 0.8 percent on month.
DAX Falls As Automakers Decline On Tariff Concerns
(RTTNews) - German stocks fell notably on Tuesday, with automakers suffering heavy losses after U.S. President-elect Donald Trump vowed additional tariffs on China as well as U.S. neighbors Canada and Mexico, raising fears of a renewed trade war.
Automakers BMW, Mercedes Benz and Volkswagen were down 2-3 percent while the benchmark DAX was down 125 points, or 0.6 percent, at 19,280 after rising 0.4 percent in the previous session.
Eurozone government bond yields rose slightly ahead of upcoming inflation data that may influence the European Central Bank's policy direction.
Heightened geopolitical tensions and rising political tensions over the French budget also added to the economic uncertainties.
Win Streak May Continue For Indonesia Stock Market
(RTTNews) - The Indonesia stock market has climbed higher in consecutive trading days, rallying almost 175 points or 2.5 percent along the way. The Jakarta Composite Index now rests just beneath the 7,315-point plateau and it's poised to extend its gains again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The JCI finished sharply higher on Monday following gains from the financial shares, resource stocks and energy companies.
For the day, the index jumped 118.54 points or 1.65 percent to finish at 7,314.11 after trading between 7,218.83 and 7,329.49.
Among the actives, Bank CIMB Niaga strengthened 1.42 percent, while Bank Mandiri soared 5.20 percent, Bank Danamon Indonesia climbed 1.18 percent, Bank Negara Indonesia spiked 3.10 percent, Bank Central Asia accelerated 3.30 percent, Bank Rakyat Indonesia collected 1.59 percent, Bank Maybank Indonesia jumped 1.83 percent, Indosat Ooredoo Hutchison rallied 2.46 percent, Indocement tumbled 2.50 percent, Indofood Sukses Makmur and Semen Indonesia both improved 1.67 percent, United Tractors advanced 2.22 percent, Astra International surged 5.40 percent, Aneka Tambang gained 2.41 percent, Vale Indonesia perked 0.27 percent, Timah rose 0.83 percent, Bumi Resources increased 2.10 percent and Energi Mega Persada, Astra Agro Lestari and Jasa Marga were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
UK Shop Price Deflation Slows: BRC
(RTTNews) - UK shop prices dropped at a slower pace in November, signalling that shoppers are set to face rising price pressures, the British Retail Consortium revealed on Tuesday.
The shop price index declined 0.6 percent on a yearly basis in November, slower than October's 0.8 percent decrease.
Food price inflation softened to 1.8 percent from 1.9 percent in October. At the same time, non-food prices declined 1.8 percent, following a 2.1 percent decrease.
"November was the first time in 17 months that shop price inflation has been higher than the previous month, albeit remaining overall in negative territory," BRC Chief Executive Helen Dickinson said.
"With significant price pressures on the horizon, November's figures may signal the end of falling inflation," Dickinson added.
"Shoppers are still being cautious by shopping savvy for the essentials and holding back their discretionary spend, so the lower level of inflation should help sentiment ahead of Black Friday promotions," NielsenIQ Head of Retailer and Business Insight Mike Watkins said.
Moreover, with inflation being slower than in the same period of last year, many food retailers are extending offers and discounts to help sales momentum in December, Watkins noted.
Official data showed that consumer price inflation moved above the 2 percent target again in October.
Earlier this month, the Bank of England had reduced its benchmark rate by 25 basis points to 4.75 percent. However, the bank said it will move only gradually with further reductions as the Autumn Budget added upward pressure on inflation.
Australian Market Notably Lower
(RTTNews) - Reversing some of the gains in the previous two sessions, the Australian stock market is trading notably lower on Tuesday after opening in the green, despite the broadly positive cues from Wall Street overnight. The benchmark SP/ASX 200 is retracting from all-time highs and falling below the 8,400 level, with weakness in financial and energy stocks amid tumbling crude oil prices.
The benchmark SP/ASX 200 Index is losing 36.20 points or 0.43 percent to 8,381.40, after touching a high of 8,433.00 and a low of 8,372.40 earlier. The broader All Ordinaries Index is down 29.30 points or 0.34 percent to 8,631.90. Australian stocks closed modestly higher on Monday.
Among the major miners, BHP Group is edging down 0.2 percent, while Rio Tinto, Mineral Resources and Fortescue Metals are edging up 0.1 to 0.5 percent each.
Oil stocks are mostly lower. Origin Energy is losing almost 1 percent, Woodside Energy is declining almost 2 percent, Beach energy is slipping almost 3 percent and Santos is down more than 2 percent.
Among tech stocks, Afterpay owner Block is declining more than 3 percent, Appen is losing more than 2 percent and Xero is edging down 0.5 percent, while WiseTech Global is gaining more than 1 percent and Zip is edging up 0.5 percent.
Gold miners are mostly lower. Gold Road Resources is losing almost 1 percent, while Northern Star resources and Evolution Mining are declining almost 2 percent each. Resolute Mining is gaining more than 1 percent and Newmont is edging up 0.4 percent.
Among the big four banks, Commonwealth Bank is losing almost 3 percent, ANZ Banking is slipping 1.5 percent, Westpac is down more than 1 percent and National Australia Bank is declining almost 2 percent.
In other news, shares in EML Payments are skyrocketing more than 23 percent after reporting an underlying earnings growth of 46 percent in the first quarter of fiscal 2025.
In the currency market, the Aussie dollar is trading at $0.646 on Tuesday.
On Wall Street, stocks gave back some ground over the course of the trading day on Monday but managed to close mostly higher after showing a strong move to the upside early in the session. While the major averages pulled back off their best levels of the day, the Dow still reached a new record closing high.
The Dow closed higher for the fourth consecutive session, jumping 440.06 points or 1.0 percent to 44,736.57. The SP 500 extended its winning streak to six sessions, climbing 18.03 points or 0.3 percent to 5,987.37, while the Nasdaq rose 51.18 points or 0.3 percent to 19,054.84.
The major European markets also moved to the upside on the day. While the French CAC 40 Index closed just above the unchanged line, the U.K.'s FTSE 100 Index and the German DAX Index both rose by 0.4 percent.
Crude oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Pound Falls Against Majors
(RTTNews) - The British pound weakened against other major currencies in the Asian session on Tuesday.
The pound fell to nearly a 2-month low of 192.55 against the yen, from Monday's closing value of 193.80.
Against the U.S. dollar and the Swiss franc, the pound dropped to 4-day lows of 1.2507 and 1.1118 from yesterday's closing quotes of 1.2567 and 1.1133, respectively.
The pound edged down to 0.8352 against the euro, from yesterday's closing value of 0.8346.
If the pound extends its downtrend, it is likely to find support around 188.00 against the yen, 1.24 against the greenback, 1.10 against the franc and 0.85 against the euro.
CAC 40 Slides As Le Pen Threatens To Topple Government Over Budget
(RTTNews) - French stocks traded lower on Tuesday after U.S. President-elect Donald Trump threatened sweeping new tariffs on Mexico, Canada and China on his first day in office to combat illegal immigration and drugs.
French political tensions also dented investor sentiment after far-right leader Marine Le Pen said on Monday that she could bring down France's minority government by the end of the year unless changes are made to the country's budget bill.
Lawmakers from Le Pen's National Rally party would bring a confidence motion if the bill now being debated in parliament "stays as it is," she said.
The benchmark CAC 40 dropped 67 points, or 0.9 percent, to 7,190 after finishing marginally higher on Monday.
Automaker Renault fell nearly 2 percent while banks BNP Paribas, Credit Agricole and Societe Generale were down 1-2 percent.
Asian Shares Decline As Trade War Concerns Resurface
(RTTNews) - Asian stocks fell broadly on Tuesday after U.S. President-elect Donald Trump said he plans to impose 25 percent tariffs on Mexico and Canada and an additional 10 percent on China on his first day in office, ramping up fears of a renewed trade war.
Neither the United States nor China would win a trade war, the Chinese Embassy in Washington said.
The dollar rallied on Trump's tariff threat and ahead of the release of Federal Reserve's preferred measure of inflation, the personal consumption expenditures (PCE) price index, due on Wednesday.
Gold was little changed around $2,625 per ounce levels while oil edged up after a sharp decline in the previous session as Israel said that it had edged closer to a ceasefire agreement with Hezbollah.
Chinese and Hong Kong markets ended largely unchanged amid expectations that Chinese fiscal stimulus will help counter the impact of the tariffs.
China is set to hold two top political meetings in December, where authorities could ramp up stimulus.
China's Shanghai Composite index slipped 0.12 percent to 3,259.76 and Hong Kong's Hang Seng index finished marginally higher at 19,159.20 ahead of Chinese industrial profit data and purchasing managers index numbers due this week.
Japanese markets fell sharply, with a stronger yen and tariff concerns keeping investors nervous. The Nikkei average dipped 0.87 percent to 38,442 ahead of November inflation numbers from the Tokyo region due later in the week.
The broader Topix index settled 0.96 percent lower at 2,689.55. Tech giants Advantest, Tokyo Electron and Screen Holdings lost 2-4 percent.
Seoul stocks ended lower ahead of a Bank of Korea interest-rate decision on Wednesday. The Kospi average dropped 0.55 percent to 2,520.36, snapping a two-day winning streak with bio and financial shares facing significant selling pressure.
Australian markets snapped a three-day winning streak, with energy, financials and material stocks leading losses.
The benchmark SP/ASX 200 fell 0.69 percent to 8,359.40 after hitting a record high in the previous session. The broader All Ordinaries index closed 0.56 percent lower at 8,612.60.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index closed down 0.62 percent at 13,113.76 ahead of a RBNZ rate decision on Wednesday, with markets expecting a 50-basis point cut to the official cash rate.
Overnight, U.S. stocks closed higher as bond yields fell on news that President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
The Dow Jones Industrial Average rallied 1 percent to extend gains for a fourth straight session and reach a new record closing high.
The SP 500 added 0.3 percent to extend its winning streak to six sessions and the tech-heavy Nasdaq Composite also rose 0.3 percent.
Commodity Currencies Drop After Trump's New Tariff Threats
(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Tuesday, after U.S. President-elect Donald Trump announced a 10 percent additional tariff on all Chinese goods and a 25 percent tariff on imports from Mexico and Canada, raising concerns over global trade tensions.
This measure was to cut down migrants and illegal drugs flowing across U.S. borders at levels never seen before, he said.
Traders also seemed reluctant to make more significant moves ahead to the release of key U.S. economic data later in the week, including readings on consumer price inflation preferred by the U.S. Fed.
Weakness in financial and energy stocks amid tumbling crude oil prices, also weighed on the investor sentiment.
Crude oil prices fell sharply, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
In the Asian trading today, the Australian dollar fell to nearly a 4-month low of 0.6434 against the U.S. dollar and nearly a 2-month low of 99.08 against the yen, from yesterday's closing quotes of 0.6502 and 100.27, respectively. If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback and 96.00 against the yen.
Against the euro and the NZ dollar, the aussie slipped to a 6-day low of 1.6212 and a 5-day low of 1.1088 from Monday's closing quotes of 1.6130 and 1.1122, respectively. On the downside, 1.66 against the euro and 1.09 against the kiwi are seen as the next support levels for the aussie.
The NZ dollar fell to a 1-yr low of 0.5797 against the U.S. dollar, from yesterday's closing value of 0.5845. The kiwi may test support near the 0.56 region.
Against the yen and the euro, the kiwi slid to more than a 2-month low of 89.35 and a 1-week low of 1.7997 from Monday's closing quotes of 90.14 and 1.7951, respectively. If the kiwi extends its downtrend, it is likely to find support around 88.00 against the yen and 1.82 against the euro.
The Canadian dollar fell to more than a 4-1/2-yr low of 1.4178 against the U.S. dollar and more than a 1-month low of 108.61 against the yen, from yesterday's closing quotes of 1.3986 and 110.24, respectively. If the loonie extends its downtrend, it is likely to find support around 1.42 against the greenback and 107.00 against the yen.
Against the euro and the Australian dollar, the loonie dropped to a 6-day low of 1.4788 and a 2-week low of 0.9161 from Monday's closing quotes of 1.4677 and 0.9094, respectively. The next possible downside target for the loonie is seen around 1.51 against the euro and 0.93 against the aussie.
Looking ahead, U.S. building permits for October, house price index for September, U.S. Consumer Board's consumer confidence for November, U.S. new home sales for October, U.S. Richmond manufacturing index for November and Canada wholesale sales data for October are slated for release in the New York session.
At 2:00 pm ET, the minutes from the Federal Open Market Committee's Nov. 6-7 meeting will be published.
Hang Seng Expected To Halt Losing Streak
(RTTNews) - The Hong Kong stock market has moved lower in three straight sessions, dropping more than 550 points or 3 percent along the way. The Hang Seng Index now sits just above the 19,150-point plateau although it may find traction on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The Hang Seng finished modestly lower on Monday, weighed down by losses from the property sector and a mixed picture from the technology stocks.
For the day, the index sank 78.98 points or 0.41 percent to finish at 19,150.99 after trading between 19,102.06 and 19,351.06.
Among the actives, Alibaba Group spiked 1.55 percent, while Alibaba Health Info sank 0.85 percent, ANTA Sports tumbled 1.98 percent, China Life Insurance skidded 1.11 percent, China Mengniu Dairy retreated 1.78 percent, China Resources Land dropped 0.88 percent, CITIC fell 0.23 percent, CNOOC climbed 1.52 percent, CSPC Pharmaceutical and Henderson Land both slid 0.20 percent, Galaxy Entertainment slumped 0.92 percent, Haier Smart Home tanked 2.06 percent, Hang Lung Properties lost 0.48 percent, Hong Kong China Gas gained 0.17 percent, JD.com and Meituan both plunged 3.05 percent, Lenovo added 0.44 percent, Li Auto jumped 1.75 percent, Li Ning declined 1.15 percent, New World Development plummeted 4.32 percent, Nongfu Spring strengthened 1.42 percent, Techtronic Industries rallied 2.10 percent, Xiaomi Corporation shed 0.53 percent, WuXi Biologics rose 0.14 percent and Industrial and Commercial Bank of China was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Closer to home, Hong Kong will see October data for imports, exports and trade balance later today. In September, imports were up 1.4 percent on month and exports added 4.7 percent for a trade deficit of HKD53.2 billion.
Thai Shares Called Rangebound Again On Tuesday
(RTTNews) - The Thai stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had gathered more than 20 points or 1.5 percent. The Stock Exchange of Thailand now sits just beneath the 1,445-point plateau and it's expected to bounce higher again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SET finished slightly lower on Monday following losses from the consumer, industrial, resource and technology sectors.
For the day, the index slipped 2.99 points or 0.21 percent to finish at 1,443.31 after trading between 1,441.86 and 1,455.39. Volume was 9.491 billion shares worth 50.452 billion baht. There were 311 decliners and 173 gainers, with 179 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.35 percent, while Thailand Airport and Charoen Pokphand Foods both added 0.41 percent, Asset World lost 0.56 percent, Banpu sank 0.83 percent, Bangkok Bank shed 0.67 percent, Bangkok Dusit Medical slumped 0.94 percent, Bangkok Expressway was down 0.65 percent, BTS Group rallied 3.41 percent, Gulf gathered 0.39 percent, Kasikornbank collected 0.33 percent, Krung Thai Card tanked 2.65 percent, PTT Oil Retail plunged 4.00 percent, PTT retreated 1.48 percent, PTT Exploration and Production skidded 1.15 percent, PTT Global Chemical dropped 0.97 percent, SCG Packaging plummeted 4.58 percent, Siam Commercial Bank rose 0.44 percent, Siam Concrete increased 0.52 percent, Thai Oil tumbled 2.47 percent, True Corporation improved 0.87 percent, TTB Bank gained 0.56 percent and Krung Thai Bank, B. Grimm, Energy Absolute and CP All Public were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Sensex, Nifty End Slightly Lower After Two-day Rally
(RTTNews) - Indian shares ended slightly lower on Tuesday following two days of strong gains.
Traders locked in profits after U.S. authorities indicted some key executives of the Adani Group on bribery charges and U.S. President-elect Donald Trump threatened to impose tariffs on Mexico, Canada, and China to combat illegal immigration and drugs, raising fears of a renewed trade war.
There was some relief that India didn't feature in Trump's initial tariff plans. The downside in the market was also capped by a sharp fall in oil prices on Monday after reports emerged that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days.
The benchmark SP/BSE Sensex ended the session down 105.79 points, or 0.13 percent, at 80,004.06 while the broader NSE Nifty index slid 27.40 points, or 0.11 percent, to close at 24,194.50.
Adani Group stocks led losses, with Adani Enterprises and Adani Ports falling 4 percent and 3 percent, respectively.
Adani Power lost nearly 2 percent, Adani Green Energy slumped over 7 percent and Adani Energy Solutions fell almost 4 percent.
Sun Pharma, Bajaj Auto and UltraTech fell 2-3 percent while Infosys, BEL, Asian Paints, Britannia Industries and Shriram Finance rallied 2-3 percent.
Rivian Shares Gain On Reports Of Conditional Settlement With Tesla, $6.6 Bln Loan Approval
(RTTNews) - Rivian Automotive Inc.'s shares gained around 13 percent on Monday's regular trading after reports emerged that the all-electric automaker has reached a conditional settlement with EV major Tesla Inc., regarding its four-year old lawsuit.
The shares were gaining 7% further in the pre-market activity on the Nasdaq, despite a slight drop in previous day's extended trading, after Rivian announced a conditional commitment for a loan of up to $6.6 billion from the U.S. Department of Energy, to support the construction of its next EV facility in Georgia.
Tesla had filed the lawsuit in 2020 accusing Rivian of theft of electric-vehicle trade secrets, mainly battery technology, by hiring former Tesla employees.
As per the latest reports, Tesla informed a California state judge that it plans to dismiss the case by December 24, if the settlement terms are fulfilled. Meanwhile, the details of the agreement are yet to be revealed.
Tesla, founded by billionaire Elon Musk, had alleged that Rivian was engaged in recruiting former Tesla employees, asking them to bring documents related to proprietary technology.
In the lawsuit, Tesla had listed two of its former recruiters, an Environmental Health and Safety manager and a charging networks manager. Tesla alleged then that these employees, when they joined the rival, took crucial information related to sensitive trade secrets, confidential materials and proprietary information with them.
The lawsuit was expanded in 2021, accusing Rivian of targeting core technology related to its next-generation batteries.
However, the allegations were denied by Rivian.
Regarding its committed loan, Rivian said the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing or ATVM Loan Program is providing up to $6.6 billion loan.
The loan would support the construction of Rivian's next facility in Stanton Springs North, near the city of Social Circle, Georgia.
The committed loan, which includes $6 billion of principal and around $600 million of capitalized interest, aims to help accelerate the firm's growth and leadership of electric vehicle design, development and manufacturing in the United States.
If finalized, the loan would substantially expand the company's domestic production capacity to support demand from the United States and international markets.
The loan from DOE would provide significant funding for production of the company's midsize platform, which underpins the R2, a midsize SUV, and the R3/R3X, a midsize crossover.
Rivian intends to build the facility in two phases, each resulting in 200,000 units of annual production capacity, for a total of 400,000 units of annual capacity-supporting the sale of American EVs in international markets.
Phase 1 of the project is expected to start production in 2028. Rivian is expected to create around 7,500 operations jobs through 2030 at the future manufacturing facility in Georgia.
Rivian Founder and CEO RJ Scaringe said, "This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability. A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation."
On the Nasdaq, Rivian shares closed Monday's regular trading at $11.60, up 13.28 percent. In pre-market activity, the shares were gaining 6.6 percent further to $12.36.
Bay Street Likely To Open Higher On Firm Commodities, But Trade War Fears May Weigh
(RTTNews) - It's likely to be a positive start for Canadian stocks on Tuesday as higher crude oil and gold prices are likely to trigger some buying in energy and metal sectors. However, fears of a renewed trade war following U.S. President-elect Donald Trump pledging to impose tariffs on all imports from Mexico, Canada and China, may hurt sentiment and limit market's upside.
Donald Trump has vowed that he will impose massive hikes in tariffs on goods imported from China, Mexico and Canada immediately after taking office.
This is in response to illegal immigration and "crime and drugs" coming across the border from these countries to the United States, according to him.
"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump said in a statement posted on Truth Social Monday. "This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!"
Trump added that import duty on Chinese goods will go up by 10% until Beijing takes action to stem the flow of illegal drugs into the U.S.
In Canadian earnings news, Calian Group Ltd. (CGY.TO) reported adjusted net profit of $11.5 million for the quarter ended September 30, 2024, compared to adjusted net profit of $12.7 million in the corresponding quarter of the previous year.
Alimentation Couche-Tard Inc. (ATD.TO) reported net earnings of $708.8 million, or $0.75 per diluted share for the second quarter of fiscal 2025 compared with $819.2 million, or $0.85 per diluted share for the second quarter of fiscal 2024.
On the economic front, preliminary data on Canadian wholesale sales for the month of October is due at 8:30 AM ET.
Despite posting a new all-time high around mid-morning, the Canadian market ended on a negative note on Monday, due to sharp losses in energy and materials sectors.
A positive reaction to news U.S. President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary buoyed up U.S. stocks, and this aided sentiment a bit on Bay Street.
The benchmark SP/TSX Composite Index, which climbed to 25,542.57, ended down 21.30 points or 0.08% at 25,422.98.
Asian stocks closed broadly lower on Tuesday after U.S. President-elect Donald Trump said he plans to impose 25% tariffs on Mexico and Canada and an additional 10% on China on his first day in office, ramping up fears of a renewed trade war.
European stocks are weak, amid fears of a renewed trade war after Trump pledged to impose tariffs on all imports from Mexico, Canada and China. French political tensions also weighed on markets after far-right leader Marine Le Pen said on Monday that she could bring down France's minority government by the end of the year unless changes are made to the country's budget bill.
In commodities, West Texas Intermediate Crude oil futures are up $0.69 or 1% at $69.63 a barrel.
Gold futures are gaining $13.00 or 0.5% at $2,631.50 an ounce, while Silver futures are up $0.361 or 1.19% at $30.600 an ounce.
Rebound Tipped For South Korea Stock Market
(RTTNews) - The South Korea stock market on Tuesday ended the two-day winning streak in which it had advanced more than 50 points or 2 percent. The KOSPI now sits just above the 2,520-point plateau although it's expected to see renewed support on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The KOSPI finished modestly lower on Tuesday as losses from the financial shares were offset by support from the technology and automobile sectors.
For the day, the index slipped 13.98 points or 0.55 percent to finish at 2,520.36 after trading between 2,512.21 and 2,526.62. Volume was 434.77 million shares worth 8.51 trillion won. There were 484 gainers and 389 decliners.
Among the actives, Shinhan Financial plunged 3.72 percent, while KB Financial tanked 2.04 percent, Hana Financial retreated 1.27 percent, Samsung Electronics added 0.69 percent, Samsung SDI gained 0.36 percent, LG Electronics increased 0.32 percent, SK Hynix perked 0.06 percent, Naver rallied 1.24 percent, LG Chem rose 0.16 percent, Lotte Chemical declined 1.48 percent, SK Innovation lost 0.59 percent, POSCO added 0.33 percent, SK Telecom soared 2.64 percent, KEPCO surged 2.74 percent, Hyundai Mobis climbed 1.01 percent, Hyundai Motor accelerated 2.05 percent and Kia Motors was up 0.10 percent.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Intel To Get $7.865 Bln Govt. Grant For US Semiconductor Projects
(RTTNews) - The U.S. government has offered Intel Corp. up to $7.865 billion in direct funding for its commercial semiconductor manufacturing projects, which is expected to create thousands of jobs. The latest award, together with a 25% investment tax credit which the firm plans to claim, would support the chip maker's plans to invest more than $100 billion in the U.S.
Intel and the Biden-Harris Administration announced that the U.S. Department of Commerce has agreed on terms of the grant under the U.S. CHIPS and Science Act. The Department will disburse the funds based on Intel's completion of project milestones.
Meanwhile, the newly offered funding is lower than the originally proposed $8.5 billion funding, due to a congressional requirement to use CHIPS funding to pay for the $3 billion Secure Enclave program.
The $3 billion contract was awarded to Intel for the Secure Enclave program for expanding manufacturing of leading-edge semiconductors for the U.S. government.
With the offered funding, Intel expects to advance commercial semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio and Oregon.
According to Intel, the planned U.S. investments, including projects beyond those supported by CHIPS, would support more than 10,000 company jobs, nearly 20,000 construction jobs, and more than 50,000 indirect jobs with suppliers and supporting industries.
Intel noted that the CHIPS Act award will directly support its investments at sites where the company develops and produces many of the world's most advanced chips and semiconductor packaging technologies. These include Arizona, the Silicon Desert; New Mexico, the Silicon Mesa; Ohio, the Silicon Heartland; and Oregon, the Silicon Forest.
Since the passage of the CHIPS and Science Act more than two years ago, Intel has announced plans to invest more than $100 billion in the U.S. to expand chipmaking and advanced packaging capacity.
The Government has been offering funding to chipmakers, with a view to strengthening the resilience of the U.S. semiconductor supply chain, advancing U.S. technology leadership, and fueling U.S. global competitiveness.
So far, CHIPS for America has awarded over $19 billion of the over $36 billion in proposed incentives funding. These funding across 20 states are expected to create over 125,000 jobs.
U.S. Secretary of Commerce Gina Raimondo said, "The CHIPS for America program will supercharge American technology and innovation and make our country more secure - and Intel is expected to play an important role in the revitalization of the U.S. semiconductor industry. Thanks to the leadership of President Biden and Vice President Harris, our CHIPS award is catalyzing Intel to make one of the largest investments in semiconductor manufacturing in U.S. history."
U.S. New Home Sales Pull Back Much More Than Expected In October
(RTTNews) - A report released by the Commerce Department on Tuesday showed a substantial pullback by new home sales in the U.S. in the month of October.
The Commerce Department said new home sales saw a 17.3 percent nosedive to an annual rate of 610,000 in October after spiking by 7.0 percent to a rate of 738,000 in September. Economists had expected new home sales to decrease by 1.1 percent to a rate of 730,000.
New home sales pulled back well off their highest level in over a year, plunging to their lowest level since hitting an annual rate of 596,000 in November 2023.
New home sales in the South led the way lower, plummeting by 22.7 percent to an annual rate of 339,000. New home sales in the West also dove by 9.0 percent to an annual rate of 152,000.
Meanwhile, new home sales in the Northeast skyrocketed by 53.3 percent to an annual rate of 46,000, and new home sales in the Midwest jumped by 1.4 percent to an annual rate of 73,000.
The report also said the median sales price of new houses sold in October was $437,300, up 2.5 percent from $426,800 in September and up 4.7 percent from $417,500 in the same month a year ago.
The estimate of new houses for sale at the end of October was 481,000, which represents 9.5 months of supply at the current sales rate. The months of supply are up from 7.7 in September and 7.9 a year ago.
Last Thursday, the National Association of Realtors released a separate report showing existing home sales in the U.S. rebounded by more than expected in the month of October.
The report said existing home sales surged by 3.4 percent to an annual rate of 3.96 million in October after slumping by 1.3 percent to a revised rate of 3.83 million in September.
Economists had expected existing home sales to jump by 2.3 percent to a rate of 3.93 million from the 3.84 million originally reported for the previous month.
FTSE 100 Slides As BRC Warns About Return Of Inflation
(RTTNews) - U.K. stocks declined on Tuesday amid apprehensions that November's figures may signal the end of falling inflation.
The British Retail Consortium (BRC) reported earlier today that U.K. shop prices dropped at a slower pace in November, signaling that shoppers are set to face rising price pressures.
The shop price index declined 0.6 percent on a yearly basis in November, slower than October's 0.8 percent decrease.
"November was the first time in 17 months that shop price inflation has been higher than the previous month, albeit remaining overall in negative territory," BRC Chief Executive Helen Dickinson said.
Investors were also reacting to U.S. President-elect Donald Trump's comments that he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.
The benchmark FTSE 100 was down 36 points, or 0.4 percent, at 8,255 after gaining 0.4 percent on Monday.
Irish Continental Group shares were down nearly 2 percent. The maritime transport company reported a 6 percent increase in consolidated group revenue to €521 million for the first ten months of 2024 compared to the previous year.
Energy and communications provider Telecom Plus rallied 3.4 percent after reporting an increase in half-year pre-tax profit and backing its full year outlook.
Halfords jumped nearly 15 percent. The bicycle and car products retailer has asked for more business support from the government to cope with the cost implications from the recent U.K. budget.
European Shares Retreat As Tariff Worries Return To Haunt Investors
(RTTNews) - European stocks declined on Tuesday after U.S. President-elect Donald Trump pledged to impose tariffs on all imports from Mexico, Canada and China on his first day in office, raising fears of a renewed trade war.
French political tensions also weighed on markets after far-right leader Marine Le Pen said on Monday that she could bring down France's minority government by the end of the year unless changes are made to the country's budget bill.
Lawmakers from Le Pen's National Rally party would bring a confidence motion if the bill now being debated in parliament "stays as it is," she said.
The pan-European STOXX 600 was down 0.6 percent at 505.67 after ending marginally higher on Monday.
The German DAX shed 0.6 percent, France's CAC 40 dipped 0.7 percent and the U.K.'s FTSE 100 was down 0.4 percent.
Italy's UniCredit was slightly higher following its surprise bid for fellow lender Banco BPM. Shares of the latter rose more than 1 percent.
German automakers BMW, Mercedes Benz and Volkswagen were down 1-2 percent following Trump's tariff threat.
Irish Continental Group shares were down nearly 2 percent in London. The maritime transport company reported a 6 percent increase in consolidated group revenue to €521 million for the first ten months of 2024 compared to the previous year.
Energy and communications provider Telecom Plus rallied 3.4 percent after reporting an increase in half-year pre-tax profit and backing its full year outlook.
Halfords jumped nearly 15 percent. The bicycle and car products retailer has asked for more business support from the government to cope with the cost implications from the recent U.K. budget.
On a light day on the economic front, the British Retail Consortium (BRC) reported that U.K. shop prices dropped at a slower pace in November, signaling that shoppers are set to face rising price pressures.
The shop price index declined 0.6 percent on a yearly basis in November, slower than October's 0.8 percent decrease.
"November was the first time in 17 months that shop price inflation has been higher than the previous month, albeit remaining overall in negative territory," BRC Chief Executive Helen Dickinson said.
New Zealand Interest Rate Decision Due On Wednesday
(RTTNews) - The Reserve Bank of New Zealand will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity.
The RBNZ is expected to lower its Official Cash Rate by 50 basis points, to 4.25 percent from 4.75 percent.
Australia will see Q3 numbers for construction work done, with forecasts suggesting an increase of 0.4 percent on quarter following the 0.1 percent gain in the three months prior.
China will see October data for industrial profits; in September, profits were down 3.5 percent on year.
Thailand will release October numbers for industrial production; in September, output was down 3.51 percent on year.
Win Streak May Continue For Malaysia Stock Market
(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting almost 16 points or 1.1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it may add to its winnings on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The KLCI finished modestly higher on Tuesday as gains from the industrials, telecoms and plantations were capped by weakness from the financial sector.
For the day, the index added 5.70 points or 0.36 percent to finish at 1,603.15 after trading between 1,596.03 and 1,607.76.
Among the actives, Celcomdigi gained 0.85 percent, while CIMB Group shed 0.36 percent, Genting plunged 2.09 percent, Genting Malaysia rallied 2.38 percent, IHH Healthcare jumped 3.00 percent, IOI Corporation was up 0.26 percent, Kuala Lumpur Kepong gathered 0.75 percent, Maxis fell 0.28 percent, Maybank dropped 0.78 percent, MRDIY lost 0.54 percent, Nestle Malaysia slumped 0.95 percent, Petronas Chemicals climbed 1.04 percent, Petronas Dagangan skyrocketed 9.64 percent, PPB Group accelerated 2.62 percent, Press Metal added 0.86 percent, Public Bank sank 0.45 percent, QL Resources rose 0.83 percent, RHB Bank advanced 0.91 percent, Sime Darby spiked 3.57 percent, SD Guthrie strengthened 1.05 percent, Sunway tumbled 1.59 percent, Telekom Malaysia perked 0.31 percent, YTL Corporation surged 5.41 percent, YTL Power soared 4.58 percent and Axiata, Tenaga Nasional, MISC and Petronas Gas were unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Australian Market Notably Higher
(RTTNews) - Australian stock market is trading notably higher on Wednesday, reversing the losses in the previous session, with the benchmark SP/ASX 200 moving to a tad below the 8,400 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by mining and energy stocks.
The benchmark SP/ASX 200 Index is gaining 38.50 points or 0.46 percent to 8,397.90, after touching a high of 8,411.60 earlier. The broader All Ordinaries Index is up 39.70 points or 0.46 percent to 8,652.30. Australian stocks ended significantly lower on Tuesday.
Among major miners, BHP Group and Rio Tinto are edging up 0.1 to 0.4 percent each, while Fortescue Metals is gaining almost 2 percent. Mineral Resources is edging down 0.3 percent.
Oil stocks are mostly higher. Woodside Energy and Beach energy are edging up 0.2 percent each, while Origin Energy is gaining more than 1 percent and Santos is adding almost 1 percent.
In the tech space, Appen is advancing almost 6 percent and WiseTech Global is adding more than 2 percent, while Xero is edging down 0.5 percent and Afterpay owner Block is losing almost 1 percent. Zip is flat.
Among the big four banks, Commonwealth Bank is adding more than 1 percent, while ANZ Banking and Westpac are edging up 0.2 to 0.5 percent each. National Australia Bank is flat.
Among gold miners, Evolution Mining, Gold Road Resources and Newmont are gaining almost 1 percent each, while Northern Star Resources is adding more than 2 percent and Resolute Mining is advancing more than 1 percent.
In other news, shares in Web Travel Group are soaring almost 12 percent after the travel technology company reported upbeat results for the first-half.
Shares in Webjet are also surging 13 percent after reporting strong half-year revenue and announcing a share buyback plan of up to A$150 million.
In the currency market, the Aussie dollar is trading at $0.648 on Wednesday.
On the Wall Street, stocks moved to the upside over the course of the trading day on Tuesday after turning in a mixed performance early in the session. The Dow recovered from early weakness to end the day at another new record closing high.
The Dow fell by as much as 0.7 percent in early trading but ended the day up 123.74 points or 0.3 percent at 44,860.31. The SP 500 also climbed 34.26 points or 0.6 percent to a record closing high of 6,021.63, while the Nasdaq rose 119.46 points or 0.6 percent to 19,174.30.
The major European markets moved to the downside on the day. While the French CAC 40 Index slid by 0.9 percent, the German DAX Index fell by 0.6 percent and the U.K.'s FTSE 100 Index declined by 0.4 percent.
Crude oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Higher Open Called For China Stock Market
(RTTNews) - The China stock market has moved lower in three straight sessions, slipping just 10 points or 0.3 percent in that span. The Shanghai Composite now sits just beneath the 3,260-point plateau although it's likely to halt its slide on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished slightly lower on Tuesday following losses from the resource stocks, gains from the financials and a mixed bag from the property sector.
For the day, the index dipped 4.00 points or 0.12 percent to finish at 3,259.76 after trading between 3,252.87 and 3,285.33. The Shenzhen Composite Index sank 18.75 points or 0.95 percent to end at 1,956.14.
Among the actives, Industrial and Commercial Bank of China jumped 1.48 percent, while Bank of China spiked 1.63 percent, China Construction Bank strengthened 1.27 percent, China Merchants Bank collected 0.47 percent, Agricultural Bank of China rallied 1.69 percent, China Life Insurance improved 0.81 percent, Jiangxi Copper shed 0.61 percent, Yankuang Energy stumbled 1.35 percent, PetroChina eased 0.12 percent, China Petroleum and Chemical (Sinopec) added 0.47 percent, Huaneng Power lost 0.58 percent, China Shenhua Energy sank 0.77 percent, Gemdale soared 2.10 percent, Poly Developments climbed 1.13 percent, China Vanke fell 0.24 percent and Aluminum Corp of China (Chalco) was unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.
The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the SP 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.
The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.
The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."
Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.
Closer to home, China will see October data for industrial profits later today; in September, profits were down 3.5 percent on year.
Australia Construction Work Climbs 1.6% In Q3
(RTTNews) - The value of construction work done in Australia was up a seasonally adjusted 1.6 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday - coming in at A$73.344 billion.
That beat expectations for an increase of 0.4 percent and was up from 0.1 percent in the three months prior.
On a yearly basis, construction work was up 3.2 percent.
Individually, residential construction was up 1.8 percent on month and 0.1 percent on year at A$23.373 billion. Non-residential construction fell 1.0 percent on month but was up 1.7 percent on year at A$15.265 billion.
