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Europe Movers: Amplifon, AngloAshanti, AstraZeneca, Centamin, Gamaa Communications

Inga Muller
10 Sep, 2024
Frankfurt

European markets lacked direction and attempted to rebound for the second session in a row after falling in the previous five sessions.

Germany's inflation in August was confirmed at 1.9%, and the U.K.'s wage growth and jobless rate matched market expectations.

The DAX index decreased by 0.3% to 18,397.50; the CAC-40 index rose by 0.3% to 7,446.79; and the FTSE 100 index fell by 0.5% to 8,226.27.

The yield on 10-year German bonds edged lower to 2.17%, French bonds inched lower to 2.89%, the UK gilts edged down to 3.87%, and Italian bonds increased to 3.54%.

Centamin PLC soared 23.9% to 148.10 pence after AngloAshanti offered to acquire the gold miner for $2.5 billion, or 44.6 billion rands.

AstraZeneca declined 3.9% to 12,214.0 pence after its lung cancer showed mixed results in a late-stage trial.

Gamma Communications PLC increased 9.5% to 1,644.52 pence after communication company reported acquisitions supported the increase in revenue and earnings in the first half.

Capgemini SE advanced 6.5% to €192.25 after Oracle reported better-than-expected revenue and earnings in its latest quarter.

Amplifon dropped 4.8% to €26.64 after Apple announced its latest AirPods will have integrated hearing aids.

German Inflation Softened In August, UK Jobless Rate Eased to 4.1%

Bridgette Randall
10 Sep, 2024
Mexico City

European markets lacked direction and attempted to rebound for the second session in a row after falling in the previous five sessions.

Benchmark indexes in Paris, London, and Frankfurt traded in a tight range around the flatline as investors reviewed the latest update on inflation in Germany and the labor market in the U.K.

German inflation softened to 1.9% in August from 2.3% in July, according to final data released by the Federal Statistical Office, or Destatis, on Tuesday.

The final estimate matched the preliminary estimate released by the statistical agency, confirming the weakening price trend largely driven by falling energy prices.

The British pound strengthened against the U.S. dollar and the euro after wage growth and jobless rate updates matched market expectations.

The unemployment rate dropped to 4.1% in the three-month period to July from 4.2% in the previous three-month period ending in June, the Office for National Statistics reported Tuesday.

In addition, regular pay, which excludes bonuses, increased at a slower pace of 5.1% from 5.4% in the previous three-month period ending in June.

Spain's industrial output fell by 0.4% from a year ago in July following a downwardly revised 0.2% increase in the previous month, the National Statistics Institute reported Tuesday.

A decline in capital goods overshadowed the increase in intermediate goods, energy, and consumer goods.

Industrial output fell for the first time after inching slightly higher in the previous two consecutive months and struggling since August 2023.

Europe Indexes and Yields

The DAX index decreased by 0.3% to 18,397.50; the CAC-40 index rose by 0.3% to 7,446.79; and the FTSE 100 index fell by 0.5% to 8,226.27.

The yield on 10-year German bonds edged lower to 2.17%, French bonds inched lower to 2.89%, the UK gilts edged down to 3.87%, and Italian bonds increased to 3.54%.

The euro edged down to $1.10; the British pound inched higher to $1.30; and the U.S. dollar weakened to 84.76 Swiss cents.

Brent crude decreased $0.69 to $71.47 a barrel, and the Dutch TTF natural gas rose by €0.63 to €36.57 per MWh.

Europe Stock Movers

Centamin PLC soared 23.9% to 148.10 pence after AngloAshanti offered to acquire the gold miner for $2.5 billion, or 44.6 billion rands.

AstraZeneca declined 3.9% to 12,214.0 pence after its lung cancer showed mixed results in a late-stage trial.

Gamma Communications PLC increased 9.5% to 1,644.52 pence after communication company reported acquisitions supported the increase in revenue and earnings in the first half.

Capgemini SE advanced 6.5% to €192.25 after Oracle reported better-than-expected revenue and earnings in its latest quarter.

Amplifon dropped 4.8% to €26.64 after Apple announced its latest AirPods will have integrated hearing aids.

Muted Gains In Tokyo Stocks Ahead of Interim Dividends Payments

Akira Ito
10 Sep, 2024
Tokyo

Stocks in Tokyo advanced and recouped some of the losses in the previous session, and investors kept a close eye on the currency movement.

Investors seeking interim dividend payments added exposure to companies announcing dividends, but overall market sentiment remained cautious.

The Nikkei 225 stock average and the Topix index advanced 0.4%, and the yen edged slightly lower to 143.51 against the U.S. dollar.

The Nikkei 225 plunged more than 6% in the previous week, tracking losses on Wall Street following the growing worries of an U.S. economic slowdown.

However, market indexes rebounded this week after investors searched for bargains amid beaten-down tech and semiconductor stocks.

Investors also reviewed the latest update on China's international trade data for August, and exports rose more-than-expected to 8.7% to $308.7 billion and imports rose 0.5% to $217.6 billion.

China's rising exports to the U.S., European Union, and ASEAN region are putting additional pressure on Japan's export competitiveness.

Market sentiment has been cautious in Tokyo as the latest household spending, retail sales, and inflation data supported the case for the Bank of Japan to hike interest rates.

Japan Stock Movers

The Nikkei 225 stock average increased 0.4% to 36,347.80, and the Topix index gained 0.4% to 2,589.94.

Tokyo Electron jumped 3.9% to ¥22,340.0, Advantest Corp. gained 1.9% to ¥5,924.0, and Screen Holdings added 3.7% to ¥9,920.0.

Sumitomo Mitsui Financial Group added 1% to ¥9,069.0, Mitsubishi UFJ Financial Group advanced 0.5% to ¥1,450.0, and Mizuho Financial Group increased 0.04% to ¥2,839.50.

Seven & I Holdings declined 0.1% to ¥2,183.50, Isetan Mitsukoshi gained 0.3% to ¥2,176.0, Aeon Co Ltd. added 1.5% to ¥3,917.0, and Fast Retailing fell 0.7% to ¥43,610.0.

Toyota Motor added 0.1% to ¥2,503.0, Honda Motor inched lower 1.4% to ¥1,488.0, and Nissan Motor fell 1.2% to ¥403.30.

Daiichi Sankyo Co. Ltd. plunged 8.5% to ¥5,275.0, and the company's lung cancer drug candidate failed to show significant improvement in some disease conditions.

China Exports Growth Failed to Lift Shanghai Indexes, Hong Kong Stocks Advanced

Li Chen
10 Sep, 2024
Hong Kong

Market indexes in Shanghai and Hong Kong diverged as investors reacted to the latest update on international traded data.

The Hang Seng index gained 0.3%, but the mainland-focused CSI 300 index declined 0.5%, and domestic economic worries overshadowed strong export performance.

China's exports in August jumped 8.7% to $308.7 billion; imports advanced 0.5% to $217.6 billion, resulting in a trade surplus of $91.0 billion, an increase from $84.6 billion in July.

China's exports to the U.S., European Union, and Association of Southeast Nations continued to advance, reflecting its strong competitiveness and lack of alternatives.

Exports to the EU rose 13%, to the ASEAN region advanced 7.8%, and to the U.S. gained by 4.9%.

Exports to the U.S. advanced for the third month in a row, amid rising demand for electronics, industrial intermediary products, and higher prices driven by inflation.

Despite rising geopolitical tensions, China's exports have continued to advance in nine of the last ten months, driven in part by a surge in exports of automobiles, consumer electronics, and ship vessels.

Passenger vehicle exports soared 40% to 610,000, smart phone exports advanced 6.7%, and ship vessel shipments jumped 40% from a year ago.

The increase in passenger vehicle exports was driven in large part by the surge in exports to Russia and increased shipments of electric vehicles to the ASEAN region.

In the year to August, China's exports rose 4.6% to $2.31 trillion, imports increased by 2.5% to $1.71 trillion, and trade surplus jumped 11.2% to $608.5 billion.

Crude oil volume fell 7% in August, highlighting weak domestic demand and partly reflecting China's shift to renewable energy sources.

China Stock Movers

The Hang Seng index increased 0.3% to 17,244.67 and the CSI 300 index fell 0.5% to 3,176.33.

Alibaba Group jumped 4.6% to $81.90 after the company's stock was available for trading by mainland investors on the Stock Connect platform.

Meanwhile, other leading tech stocks lacked direction amid weak demand from investors.

Tencent Holdings edged down 0.7% to HK $368.60, JD.com added 1.1% to HK $102.40, Meituan increased 0.6% to HK $119.40, and Baidu advanced 1.8% to HK $80.50.

Wuxi Biologics declined 3.2% to HK $10.98 and Wuxi Apptech fell 7.8% to HK $33.15 after the U.S. House of Representatives placed additional restrictions on the companies citing national security concerns.

India Movers: Adani Power, Bank of Baroda, Dixon Technologies, GMR Airports, Suzlon Energy

Arun Goswami
10 Sep, 2024
Mumbai

Market indexes in Mumbai edged higher and overlooked cautious global market sentiment ahead of monetary policy decisions.

India's volatile industrial production is expected to show an improvement, and retail sales growth is likely to be subdued.

The Sensex index increased by 0.2% to 81,693.51, and the Nifty index advanced by 0.2% to 24,979.85.

On the Mumbai stock exchange, 137 stocks traded at their 52-week highs, and 39 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.85%, and the Indian rupee weakened to 83.95 against the U.S. dollar.

Dixon Technologies gained 2.9% to ₹12,418.0, and the company's subsidiary and Hewlett Packard plan to set up a manufacturing unit in Chennai to make two million computing devices annually and create 1,500 jobs.

GMR Airports Infrastructure increased 0.2% to ₹91.20, and the company said it plans to acquire a 10% stake in the Delhi International Airport from Frankfurt airport operator Fraport for $126 million.

Adani Power edged up 0.04% to ₹635.0, and the company is struggling to collect $500 million in overdue payments from the Bangladesh government.

Suzlon Energy decreased 0.5% to ₹74.37, and the company said it won a 1.2 GW power project from NTPC Green Energy Ltd. in Gujarat.

After the latest order, the company's order book has increased to 5 GW.

Bank of Baroda decreased 0.02% to ₹235.70, and the financial service company raised 5,000 crore through the sale of 10-year infrastructure bonds.

The bond yielded 7.26%, and the offering was oversubscribed nearly three times.

Broad Rally On Wall Street Lifts U.S. and European Indexes 1%

Alexander Garcia
09 Sep, 2024
Miami

U.S. stocks rebounded in Monday's trading as investors returned to hunt for bargains following sharp losses in the previous.

Tech stocks led today's upswing as investors thought market sell-off last week was excessive, and artificial intelligence-linked semiconductor stocks led the gainers.

The S&P 500 index and the Nasdaq Composite edged up over 1% in early trading as investors reassessed the labor market update released last week.

In a rocky start to September trading, the S&P 500 index decreased 4.3% and the Nasdaq Composite declined 5.8% in the first week of trading.

Investors are on edge after the economy added weaker than expected jobs for the second month in a row in August, stoking fears of an economic slowdown.

U.S. nonfarm payrolls expanded 142,000 in August, faster than the downwardly revised 89,000 additions in July but fewer-than-expected 155,000.

Despite the current market jitters, the U.S. economy has been adding more than 200,000 a month over the last three years, far above the long-term average monthly increase of 160,000.

This week, investors are also looking forward to the release of consumer price inflation data on Wednesday and producer price inflation data on Thursday.

Moreover, the European Central Bank is scheduled to announce its monetary policy decisions on Thursday, and investors are anticipating a rate cut of 25 basis points.

The U.S. Federal Reserve is scheduled to announce its interest rate policy at the end of its two-day policy meeting on September 18.

Investors are pinning their hopes on a rate cut of at least 25 basis points, despite the slow progress in core inflation in recent months.

U.S. Indexes and Treasury Yields

The S&P 500 index increased 1.4% to 5,482.52, the Nasdaq Composite rose 1.3% to 16,907.23, and the Russell 2000 index added 1.1% to 2,113.97.

The yield on 2-year Treasury notes edged lower to 3.69%, 10-year Treasury notes inched up to 3.73%, and 30-year Treasury bonds inched lower to 4.04%.

WTI crude oil increased $1.20 to $68.85 a barrel, and natural gas prices edged down 10 cents to $2.17 a thermal unit.

Gold rose by $15.90 to $2,504.28 an ounce, and silver increased by $0.41 to $28.34.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 101.50.

U.S. Stock Movers

Boeing increased 3.3% to $162.86, and the company and the factory workers union agreed on wage and work rules revisions, potentially avoiding a future strike.

Dell Technologies rose 5.4% to $107.50 and Palantir Technologies advanced 8% to $32.81 after the two companies were selected to be included in the benchmark index S&P 500 index.

The benchmark index revision index was announced at the end of the market close on Friday.

Big Lots declined 0.3% to $0.30, and the company agreed to sell its business to an affiliate of Nexus Capital and plans to file for bankruptcy.

Dollar stores have been under pressure as low-income families have cut down their purchases on non-essential items, and high-income and middle-income households have increased their spending on basic items at stores owned by Walmart and Target.

European Markets Rebounded Ahead of Monetary Policy Decisions

European markets rebounded amid widespread expectations of a rate cut later in the week.

Benchmark indexes in Paris, London, and Frankfurt advanced 0.6% in active trading, and investors awaited the release of final updates on inflation in Germany, France, and Spain later in the week.

The European Central Bank is expected to lower rates by 25 basis points at the end of its policy meeting on Thursday, and investors are looking ahead to revised economic projects for the year.

Consumer price inflation in the eurozone is on a downward slide, but that decline in inflation is largely driven by the fall in energy prices.

Core inflation, which strips out volatile food and energy price inflation, is still hovering above 3%, indicating that it is well-anchored in the economy and prices are still rising at a faster rate than the 2% target rate set by the European Central Bank.

The Eurozone’s trade balance is also on tap this week.

Investors in the U.K. are awaiting the updates on unemployment rate, trade balance, and industrial production.

Europe Indexes and Yields

The DAX index increased by 0.8% to 18,443.56; the CAC-40 index rose by 0.9% to 7,425.26; and the FTSE 100 index advanced by 1.1% to 8,270.84.

The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.93%, the UK gilts edged down to 3.87%, and Italian bonds decreased to 3.51%.

The euro edged down to $1.10; the British pound inched higher to $1.30; and the U.S. dollar strengthened to 84.89 Swiss cents.

Brent crude increased $0.94 to $72.01 a barrel, and the Dutch TTF natural gas rose by €0.86 to €37.24 per MWh.

Europe Stock Movers

Banks in the eurozone rebounded ahead of the expected interest rate cut later in the week.

Deutsche Bank gained 2.9% to €15.09, UniCredit jumped 2.2% to €37.04, Societe Generale advanced 2.1% to €22.29, and BNP Paribas increased 1.2% to €62.91.

Oil explorers rebounded in Monday's trading, tracking a technical rebound in crude oil prices after falling 8% in the previous week.

Shell PLC gained 1% to 2,542.0 pence, and BP plc edged up 0.5% to 407.65 pence.

Mining companies edged higher after copper edged up 2% and iron ore stabilized around a four-year low.

Glencore Plc jumped 1.3% to 371.75 pence, Anglo American Plc advanced 0.7% to 2,040.50 pence, and Antofagasta gained 1.9% to 1,669.50 pence.

Luxury stocks were under pressure after China reported weak consumer price inflation and producer price inflation, confirming ongoing economic growth slowdown.

Kering SA dropped 3.5% to €228.0, Hermes International increased 0.4% to €1,916.50, and LNMH Moet Hennessey inched up 0.3% to €1,916.50.

Barratt Developments increased 0.7% to 496.23 pence, and the homebuilder and Lloyds Banking Group, along with the UK government agency Homes England, launched a £165 million joint venture.

Entain PLC soared 8.3% to 692.20 pence, and the online gambling platform operator said its businesses in the U.K. and Ireland rebounded faster than previously estimated.

Japan's Nikkei 225 Drops to One-Month Low, Second Quarter GDP Revised Lower

Weak market indexes persisted for the fifth session in a row, following the sharp sell-off in Friday's trading in New York.

The Nikkei 225 and the Topix indexes closed down 0.9% and recovered from morning losses of 3%.

Investors sold stocks on the growing concerns about the health of the U.S. economy and rising domestic inflation and wages, supporting the case for the Bank of Japan to lift rates later in the month.

Japan's second quarter GDP growth was revised down to an annual rate of 2.9% from the preliminary estimate of 3.1%, the Cabinet Office reported Friday.

In addition, overall bank lending in Japan increased 3% from a year ago, slightly lower than 3.2% advance in July, the Bank of Japan reported on Monday.

Bank lending increased to 624.24 trillion yen, and excluding trusts, lending increased 3.6% to 547.3 trillion yen.

Japan's current account surplus also increased 15.1% to 3.19 trillion yen, the Ministry of Finance reported Monday.

The surplus shot up from 1.53 trillion yen in June, and the trade deficit stood in the month at 4.48 trillion yen after exports increased 9.4% to 9.4 trillion yen and imports soared 16.8% to 9.9 trillion yen.

Financial account surplus was 2.3 trillion yen, and capital account surplus stood at 20 billion yen.

Japan Stock Movers

The Nikkei 225 stock average declined 0.9% to 36,105.29, and the Topix index dropped 0.9% to 2,575.82.

Tech stocks led the decliners in Tokyo after another down day in New York in Friday's trading.

Tokyo Electron declined 2.2% to ¥21,500.0, Advantest Corp. dropped 0.6% to ¥5,830.0, and Screen Holdings fell 1.4% to ¥9,569.0.

Fast Retailing declined 0.5% to ¥43,900.0, Isetan Mitsukoshi fell 2.4% to ¥2,169.0, and Seven & I gained 2.1% to ¥2,185.0.

Mitsubishi UFJ Financial dropped 2.3% to ¥1,443.00, Sumitomo Mitsui Financial declined 2% to ¥8,990.0, and Mizuho Financial dropped 2.9% to ¥2,838.50.

Hang Seng Index Plunged 2% as China Inflation Data Confirmed Slowdown Trend

Stocks in Hong Kong and mainland China faced renewed selling pressure in Monday's trading after investors reviewed the latest inflation reports.

The Hang Seng index dropped nearly 2% and the mainland-focused CSI 300 index dropped more than 1% after deflation worries were compounded by weak global market sentiment.

China's consumer price inflation rose to 0.6% in August from a year earlier, accelerating from 0.5% in July, the National Bureau of Statistics reported Monday.

Core inflation, which excludes food and energy prices, increased 0.3% from a year ago as consumers spending retrenched amid falling property prices and a weak job market outlook.

Producer price index, a measure of wholesale prices, declined 1.8% in August, confirming weakening price trend. according to a separate report by the statistical agency.

The wholesale inflation measure deepened its slide from 0.8% in July, and the index dropped for the 23rd month in a row, suggesting weak demand conditions.

Market sentiment was further weakened in Hong Kong amid U.S. rate path uncertainty after the U.S. labor market expanded at a slower pace than in the previous-year pace.

Market sentiment was weak across Asia after the U.S. economy added about 142,000 net new jobs in August, higher than the revised 89,000 jobs in July but below the market's expectations.

The moderating labor market conditions supported the case for a rate cut at the policy meeting next week, but policymakers have been sending mixed signals over the last four weeks.

Investors have been hypersensitive to the U.S. interest rate direction, and the world market indexes plunged between 2% and 6% last week amid rate path uncertainty.

Global market indexes are likely to tread water with a downward bias until the U.S. monetary policy announcement at the end of a two-day meeting on September 18.

China Stock Movers

The Hang Seng index decreased 1.9% to 17,119.54, and the mainland-focused CSI 300 index dropped 1.1% to 3,197.53.

Tech stocks plunged more than 2% following the market weakness in Hong Kong trading.

Alibaba Group declined 1.9% to HK $78.25, Tencent Holdings dropped 1.5% to HK $368.0, and JD.com dropped 2.9% to HK $101.30.

Property developers accelerated the previous week's decline amid rate path uncertainty and weak interim results released last week.

Longfor Group declined 3.7% to HK $8.27, China Resources Land dropped 4.2% to HK $19.90, China Vanke fell 3.7% to HK $3.92, and Henderson Land Development eased 1.9% to HK $23.40.

China Renaissance Holdings plunged 66% to HK $2.48, and the boutique investment bank's stock resumed trading after more than one year of trading suspension following the arrest of its founder, Bao Fan.

U.S. Movers: Boeing, Big Lots, Dell Technologies, Palantir Technologies, Squarespace

Scott Peters
09 Sep, 2024
San Francisco

Boeing increased 3.3% to $162.86, and the company and the factory workers union agreed on wage and work rules revisions, potentially avoiding a future strike.

Dell Technologies rose 5.4% to $107.50 and Palantir Technologies advanced 8% to $32.81 after the two companies were selected to be included in the benchmark index S&P 500 index.

The benchmark index revision index was announced at the end of the market close on Friday.

Big Lots declined 0.3% to $0.30, and the company agreed to sell its business to an affiliate of Nexus Capital and plans to file for bankruptcy.

Dollar stores have been under pressure as low-income families have cut down their purchases on non-essential items, and high-income and middle-income households have increased their spending on basic items at stores owned by Walmart and Target.

Wall Street Indexes Rebound After Toughest Week In 18 Months

Barry Adams
09 Sep, 2024
New York City

U.S. stocks opened higher, and market indexes attempted to rebound from last week's steep losses.

The S&P 500 index and the Nasdaq Composite edged up 0.9% in early trading as investors reassessed the labor market update released last week.