Market Update
U.S. Movers: Boeing, NXP Semiconductors, Palantir, Restaurant Brands, Wynn Resorts, Yum Brands
Scott Peters
05 Nov, 2024
New York City
Restaurant Brands International declined 2.2% to $68.50 after the parent of Burger King reported mixed quarterly results.
Palantir Technologies increased 15.4% to $47.72 after the software company and defense contractor reported higher than expected quarterly results.
NXP Semiconductors dropped 5% to $224.50 after the advanced chip maker estimated weaker-than-expected fourth quarter revenue, citing macroeconomic weakness in the U.S. and Europe.
Wynn Resorts decreased 2% to $93.64 after the casino operator reported weaker-than-expected revenue and earnings in the third quarter.
Boeing Company increased 1.8% to $157.90 after the striking workers agreed to accept the 38% pay hike over four years and ratification and productivity bonuses.
The vote ends the 53-day strike that crippled the aviation company and resumes the much-needed cash.
About 33,000 workers are set to resume work after 59% of union members voting members accepted the company's third formal offer.
Yum Brands increased 0.1% to $133.0 after the parent company of Pizza Hut and KFC reported weaker-than-expected quarterly results.
Same-store sales at both KFC and Pizza Hut declined 4%.
U.S. Movers: Boeing Company, NXP Semiconductors, Palantir, Restaurant Brands, Wynn Resorts, Yum Brands
Scott Peters
05 Nov, 2024
New York City
Restaurant Brands International declined 2.2% to $68.50 after the parent of Burger King reported mixed quarterly results.
Palantir Technologies increased 15.4% to $47.72 after the software company and defense contractor reported higher than expected quarterly results.
NXP Semiconductors dropped 5% to $224.50 after the advanced chip maker estimated weaker-than-expected fourth quarter revenue, citing macroeconomic weakness in the U.S. and Europe.
Wynn Resorts decreased 2% to $93.64 after the casino operator reported weaker-than-expected revenue and earnings in the third quarter.
Boeing Company increased 1.8% to $157.90 after the striking workers agreed to accept the 38% pay hike over four years and ratification and productivity bonuses.
The vote ends the 53-day strike that crippled the aviation company and resumes the much-needed cash.
About 33,000 workers are set to resume work after 59% of union members voting members accepted the company's third formal offer.
Yum Brands increased 0.1% to $133.0 after the parent company of Pizza Hut and KFC reported weaker-than-expected quarterly results.
Same-store sales at both KFC and Pizza Hut declined 4%.
Wall Street Indexes Edge Higher as Control of the White House and Congress On the Line
Barry Adams
05 Nov, 2024
New York City
Stocks on Wall Street traded in a tight range as voters across the U.S. cast their ballots on the final day of voting in the tightly contested presidential and congressional elections.
The S&P 500 index and the Nasdaq Composite edged higher by 0.3% as investors reviewed another batch of corporate results.
The election results are likely to have significant effects on government spending, individual and corporate taxes, healthcare insurance, NATO funding to support war in Ukraine, immigration policy, and trade barriers on goods imported from China.
About 82 million voters have cast their ballots as of Monday, representing over half of the votes cast in the 2020 presidential election, according to the Associated Press.
About 66% of the eligible voters, totaling 159 million, cast their ballots in the U.S. presidential election in 2020, the highest rate for any national election since 1900.
In addition to elections, the U.S. Federal Reserve is expected to announce its rate decisions on Thursday, and traders are divided about the possible rate cut of 25 basis points.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.4% to 5,734.39, the Nasdaq Composite rose 0.5% to 18,275.43, and the Russell 2000 index rose 0.4% to 2,219.03.
The yield on 2-year Treasury notes edged higher to 4.20%, 10-year Treasury notes inched higher to 4.33%, and 30-year Treasury bonds increased to 4.51%.
WTI crude oil increased $0.52 to $71.98 a barrel, and natural gas prices edged up 3 cents to $2.81 a thermal unit.
Gold increased by $1.74 to $2,737.64 an ounce, and silver increased by $0.19 to $32.59.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.75.
U.S. Stock Movers
Restaurant Brands International declined 2.2% to $68.50 after the parent of Burger King reported mixed quarterly results.
Palantir Technologies increased 15.4% to $47.72 after the software company and defense contractor reported higher than expected quarterly results.
NXP Semiconductors dropped 5% to $224.50 after the advanced chip maker estimated weaker-than-expected fourth quarter revenue, citing macroeconomic weakness in the U.S. and Europe.
Wynn Resorts decreased 2% to $93.64 after the casino operator reported weaker-than-expected revenue and earnings in the third quarter.
Boeing Company increased 1.8% to $157.90 after the striking workers agreed to accept the 38% pay hike over four years and ratification and productivity bonuses.
The vote ends the 53-day strike that crippled the aviation company and resumes the much-needed cash.
About 33,000 workers are set to resume work after 59% of union members voting members accepted the company's third formal offer.
Yum Brands increased 0.1% to $133.0 after the parent company of Pizza Hut and KFC reported weaker-than-expected quarterly results.
Same-store sales at both KFC and Pizza Hut declined 4%.
Wall Street Indexes Edge Higher as Control of the White House and Congress On the Line
Barry Adams
05 Nov, 2024
New York City
Stocks on Wall Street traded in a tight range as voters across the U.S. cast their ballots on the final day of voting in the tightly contested presidential and congressional elections.
The S&P 500 index and the Nasdaq Composite edged higher by 0.3% as investors reviewed another batch of corporate results.
The election results are likely to have significant effects on government spending, individual and corporate taxes, healthcare insurance, NATO funding to support war in Ukraine, immigration policy, and trade barriers on goods imported from China.
About 82 million voters have cast their ballots as of Monday, representing over half of the votes cast in the 2020 presidential election, according to the Associated Press.
About 66% of the eligible voters, totaling 159 million, cast their ballots in the U.S. presidential election in 2020, the highest rate for any national election since 1900.
In addition to elections, the U.S. Federal Reserve is expected to announce its rate decisions on Thursday, and traders are divided about the possible rate cut of 25 basis points.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.4% to 5,734.39, the Nasdaq Composite rose 0.5% to 18,275.43, and the Russell 2000 index rose 0.4% to 2,219.03.
The yield on 2-year Treasury notes edged higher to 4.20%, 10-year Treasury notes inched higher to 4.33%, and 30-year Treasury bonds increased to 4.51%.
WTI crude oil increased $0.52 to $71.98 a barrel, and natural gas prices edged up 3 cents to $2.81 a thermal unit.
Gold increased by $1.74 to $2,737.64 an ounce, and silver increased by $0.19 to $32.59.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.75.
U.S. Stock Movers
Restaurant Brands International declined 2.2% to $68.50 after the parent of Burger King reported mixed quarterly results.
Palantir Technologies increased 15.4% to $47.72 after the software company and defense contractor reported higher than expected quarterly results.
NXP Semiconductors dropped 5% to $224.50 after the advanced chip maker estimated weaker-than-expected fourth quarter revenue, citing macroeconomic weakness in the U.S. and Europe.
Wynn Resorts decreased 2% to $93.64 after the casino operator reported weaker-than-expected revenue and earnings in the third quarter.
Boeing Company increased 1.8% to $157.90 after the striking workers agreed to accept the 38% pay hike over four years and ratification and productivity bonuses.
The vote ends the 53-day strike that crippled the aviation company and resumes the much-needed cash.
About 33,000 workers are set to resume work after 59% of union members voting members accepted the company's third formal offer.
Yum Brands increased 0.1% to $133.0 after the parent company of Pizza Hut and KFC reported weaker-than-expected quarterly results.
Same-store sales at both KFC and Pizza Hut declined 4%.
Europe Movers: Adecco, ASOS, ABF, Hugo Boss, Schroders, Syensqo, Vestas Wind Systems
Inga Muller
05 Nov, 2024
Frankfurt
European markets traded in a tight range as investors reviewed the latest batch of underwhelming earnings.
The central banks of the U.S., U.K., Sweden, and Norway are set to announce their rate decisions later in the week.
The DAX index increased by 0.1% to 19,156.42; the CAC-40 index rose by 0.1% to 7,376.05; and the FTSE 100 index rose by 0.3% to 8,209.53.
The yield on 10-year German bonds edged higher to 2.42%, French bonds inched higher to 3.16%, the UK gilts edged higher to 4.49%, and Italian bonds decreased to 3.70%.
Vestas Wind Systems declined 8.8% to DKK 124.0 after the wind turbine company lowered its estimate of operating earnings before special charges to €450 million from €500 million.
Adecco Group declined 10.5% to CHF 24.14 after the Swiss staffing company reported third quarter results that lagged market expectations.
Revenue in the third quarter declined 4% to €5.7 billion and net income fell 4% to €99 million from a year ago, respectively.
The temporary and permanent staffing services provider said market conditions are challenging in France and the United States.
"Macroeconomic conditions are challenging, but volume trends have stabilized," said chief executive Denis Machuel.
Syensqo increased 6.1% to €77.36 after the Belgian chemical company said it plans to reduce about 2% of its workforce.
Hugo Boss AG declined 5.3% to €40.76 after the German fashion company reported a decline in third quarter net profit.
Revenues were flat at €1.03 billion, net income declined 12% to €56 million from €63 million, and earnings per share fell 13% to 79 cents from 91 cents a year ago.
Associated British Foods increased 0.7% to 2,305.0 pence after the parent of retailer Primark reported strong financial results for the year ending on September 14.
Group revenue increased 2% to £20.0 billion from £19.8 billion, pre-tax profit advanced 43% to £1.9 billion from £1.3 billion, and basic earnings per share rose 44% to 193.7 pence from 134.20 pence a year ago.
Free cash flow soared to £1.4 billion from £269 million a year ago, driven by significant growth in operating profit and improvement in working capital.
ASOS slumped 7.3% to 348.34 pence after the online fashion retailer reported a wider pre-tax loss for the fiscal year 2024.
The company's stock has plunged 86% over the last five years.
Revenue in the year ending on September 1, 2024 dropped 16% to £2.9 billion from £3.5 billion, and pre-tax loss widened to £379.3 million from £296.7 million a year ago.
However, free cash flow swung to an inflow £37.7 million from an outflow of £213.0 million a year ago.
Schroders plc plunged 14.1% to 312.20 pence after the investment management company reported quarterly outflow of £2.3 billion, and the company warned more outflow are likely.
Europe Movers: Adecco, ASOS, Associated British Foods, Hugo Boss, Schroders, Syensqo, Vestas Wind Systems
Inga Muller
05 Nov, 2024
Frankfurt
European markets traded in a tight range as investors reviewed the latest batch of underwhelming earnings.
The central banks of the U.S., U.K., Sweden, and Norway are set to announce their rate decisions later in the week.
The DAX index increased by 0.1% to 19,156.42; the CAC-40 index rose by 0.1% to 7,376.05; and the FTSE 100 index rose by 0.3% to 8,209.53.
The yield on 10-year German bonds edged higher to 2.42%, French bonds inched higher to 3.16%, the UK gilts edged higher to 4.49%, and Italian bonds decreased to 3.70%.
Vestas Wind Systems declined 8.8% to DKK 124.0 after the wind turbine company lowered its estimate of operating earnings before special charges to €450 million from €500 million.
Adecco Group declined 10.5% to CHF 24.14 after the Swiss staffing company reported third quarter results that lagged market expectations.
Revenue in the third quarter declined 4% to €5.7 billion and net income fell 4% to €99 million from a year ago, respectively.
The temporary and permanent staffing services provider said market conditions are challenging in France and the United States.
"Macroeconomic conditions are challenging, but volume trends have stabilized," said chief executive Denis Machuel.
Syensqo increased 6.1% to €77.36 after the Belgian chemical company said it plans to reduce about 2% of its workforce.
Hugo Boss AG declined 5.3% to €40.76 after the German fashion company reported a decline in third quarter net profit.
Revenues were flat at €1.03 billion, net income declined 12% to €56 million from €63 million, and earnings per share fell 13% to 79 cents from 91 cents a year ago.
Associated British Foods increased 0.7% to 2,305.0 pence after the parent of retailer Primark reported strong financial results for the year ending on September 14.
Group revenue increased 2% to £20.0 billion from £19.8 billion, pre-tax profit advanced 43% to £1.9 billion from £1.3 billion, and basic earnings per share rose 44% to 193.7 pence from 134.20 pence a year ago.
Free cash flow soared to £1.4 billion from £269 million a year ago, driven by significant growth in operating profit and improvement in working capital.
ASOS slumped 7.3% to 348.34 pence after the online fashion retailer reported a wider pre-tax loss for the fiscal year 2024.
The company's stock has plunged 86% over the last five years.
Revenue in the year ending on September 1, 2024 dropped 16% to £2.9 billion from £3.5 billion, and pre-tax loss widened to £379.3 million from £296.7 million a year ago.
However, free cash flow swung to an inflow £37.7 million from an outflow of £213.0 million a year ago.
Schroders plc plunged 14.1% to 312.20 pence after the investment management company reported quarterly outflow of £2.3 billion, and the company warned more outflow are likely.
European Markets Struggled to Advance, Spain's Jobless Count Edged Higher
Bridgette Randall
05 Nov, 2024
London
European markets traded around the flatline as investors reviewed another batch of quarterly results and awaited rate decisions this week.
Benchmark indexes in Paris, Milan, Frankfurt, and London lacked direction after a fresh batch of mixed earnings.
Investors are also awaiting rate decisions from central banks of the U.S., U.K., Sweden, and Norway later in the week.
The U.S. Federal Reserve and the Bank of England are likely to lower their key lending rates by 25 basis points after policy meetings on Thursday.
Moreover, investors are also awaiting the results of the U.S. presidential and congressional elections, which could impact the future funding of the NATO and trade relations between the U.S. and the eurozone.
Spain Jobless Count Advanced In October
The number of people registered as jobless increased by 26,769 from the previous month to 2.602 million in October, the lowest number for this month since 2007, according to the ministry of employment and social security.
On an annual basis, the number of unemployed declined by 157,350, or about 5.7%, from a year ago and fell at the fastest pace since September 2023.
Registered unemployment increased in all 17 autonomous communities, with the largest increases in Andalusia (7,723), Castilla-La Mancha (3,859), and Catalonia (2,909).
Unemployment among young people under 25 years of age rose in October by 8,361 people compared to the previous month.
France's Industrial Output Declined In September
France's industrial output declined 0.9% from the previous month in September, following the downwardly revised 1.1% increase in August, France's statistical agency INSEE reported on Tuesday.
Industrial activity declined for the first time since May, driven by a fall in manufacturing activities by 0.8%, in mining, energy, water supply, and waste management by 1.2%, and in construction activities by 0.3%.
On an annual basis, industrial output declined 0.6%.
Europe Indexes and Yields
The DAX index increased by 0.1% to 19,156.42; the CAC-40 index rose by 0.1% to 7,376.05; and the FTSE 100 index rose by 0.3% to 8,209.53.
The yield on 10-year German bonds edged higher to 2.42%, French bonds inched higher to 3.16%, the UK gilts edged higher to 4.49%, and Italian bonds decreased to 3.70%.
The euro edged higher to $1.09; the British pound inched higher to $1.29; and the U.S. dollar weakened to 86.19 Swiss cents.
Brent crude increased $0.26 to $75.34 a barrel, and the Dutch TTF natural gas rose by €0.48 to €40.97 per MWh.
Europe Stock Movers
Vestas Wind Systems declined 8.8% to DKK 124.0 after the wind turbine company lowered its estimate of operating earnings before special charges to €450 million from €500 million.
Adecco Group declined 10.5% to CHF 24.14 after the Swiss staffing company reported third quarter results that lagged market expectations.
Revenue in the third quarter declined 4% to €5.7 billion and net income fell 4% to €99 million from a year ago, respectively.
The temporary and permanent staffing services provider said market conditions are challenging in France and the United States.
"Macroeconomic conditions are challenging, but volume trends have stabilized," said chief executive Denis Machuel.
Syensqo increased 6.1% to €77.36 after the Belgian chemical company said it plans to reduce about 2% of its workforce.
Associated British Foods increased 0.7% to 2,305.0 pence after the parent of retailer Primark reported strong financial results for the year ending on September 14.
Group revenue increased 2% to £20.0 billion from £19.8 billion, pre-tax profit advanced 43% to £1.9 billion from £1.3 billion, and basic earnings per share rose 44% to 193.7 pence from 134.20 pence a year ago.
Free cash flow soared to £1.4 billion from £269 million a year ago, driven by significant growth in operating profit and improvement in working capital.
European Markets Struggled to Advance After Underwhelming Earnings Reports
Bridgette Randall
05 Nov, 2024
London
European markets traded around the flatline as investors reviewed another batch of quarterly results and awaited rate decisions this week.
Benchmark indexes in Paris, Milan, Frankfurt, and London lacked direction after a fresh batch of mixed earnings.
Investors are also awaiting rate decisions from central banks of the U.S., U.K., Sweden, and Norway later in the week.
The U.S. Federal Reserve and the Bank of England are likely to lower their key lending rates by 25 basis points after policy meetings on Thursday.
Moreover, investors are also awaiting the results of the U.S. presidential and congressional elections, which could impact the future funding of the NATO and trade relations between the U.S. and the eurozone.
Spain Jobless Count Advanced In October
The number of people registered as jobless increased by 26,769 from the previous month to 2.602 million in October, the lowest number for this month since 2007, according to the ministry of employment and social security.
On an annual basis, the number of unemployed declined by 157,350, or about 5.7%, from a year ago and fell at the fastest pace since September 2023.
Registered unemployment increased in all 17 autonomous communities, with the largest increases in Andalusia (7,723), Castilla-La Mancha (3,859), and Catalonia (2,909).
Unemployment among young people under 25 years of age rose in October by 8,361 people compared to the previous month.
France's industrial output declined in September.
France's industrial output declined 0.9% from the previous month in September, following the downwardly revised 1.1% increase in August, France's statistical agency INSEE reported on Tuesday.
Industrial activity declined for the first time since May, driven by a fall in manufacturing activities by 0.8%, in mining, energy, water supply, and waste management by 1.2%, and in construction activities by 0.3%.
On an annual basis, industrial output declined 0.6%.
Europe Indexes and Yields
The DAX index increased by 0.1% to 19,156.42; the CAC-40 index rose by 0.1% to 7,376.05; and the FTSE 100 index rose by 0.3% to 8,209.53.
The yield on 10-year German bonds edged higher to 2.42%, French bonds inched higher to 3.16%, the UK gilts edged higher to 4.49%, and Italian bonds decreased to 3.70%.
The euro edged higher to $1.09; the British pound inched higher to $1.29; and the U.S. dollar weakened to 86.19 Swiss cents.
Brent crude increased $0.26 to $75.34 a barrel, and the Dutch TTF natural gas rose by €0.48 to €40.97 per MWh.
Europe Stock Movers
Vestas Wind Systems declined 8.8% to DKK 124.0 after the wind turbine company lowered its estimate of operating earnings before special charges to €450 million from €500 million.
Adecco Group declined 10.5% to CHF 24.14 after the Swiss staffing company reported third quarter results that lagged market expectations.
Revenue in the third quarter declined 4% to €5.7 billion and net income fell 4% to €99 million from a year ago, respectively.
The temporary and permanent staffing services provider said market conditions are challenging in France and the United States.
"Macroeconomic conditions are challenging, but volume trends have stabilized," said chief executive Denis Machuel.
Syensqo increased 6.1% to €77.36 after the Belgian chemical company said it plans to reduce about 2% of its workforce.
Associated British Foods increased 0.7% to 2,305.0 pence after the parent of retailer Primark reported strong financial results for the year ending on September 14.
Group revenue increased 2% to £20.0 billion from £19.8 billion, pre-tax profit advanced 43% to £1.9 billion from £1.3 billion, and basic earnings per share rose 44% to 193.7 pence from 134.20 pence a year ago.
Free cash flow soared to £1.4 billion from £269 million a year ago, driven by significant growth in operating profit and improvement in working capital.
Japan Indexes Rebounded After Two Days of Losses; Yamaha Corp. and NH Foods Dropped 10%
Akira Ito
05 Nov, 2024
Tokyo
Tokyo market indexes advanced after investors returned from a three-day holiday.
The Nikkei 225 stock average gained 1% and the Topix index advanced 0.8% after investors reacted to the rebound in tech stocks in overnight trading in New York.
Last week, market indexes extended losses to the third week in a row amid growing policy uncertainty and political instability.
Investors are looking forward to the possible formation of an alliance between LDP-Komeito and the Democratic Party for the People, ending political instability for now.
Moreover, mixed corporate results dampened market sentiment as investors grappled with elevated tensions in the Middle East.
Market enthusiasm was muted ahead of the U.S. presidential and congressional election on Wednesday, which could determine the direction of future government spending, support for the war in Ukraine, and military activities in Asia.
The U.S. Federal Reserve is set to announce its rate decisions on Thursday, and investors are divided about the possible rate cut of 25 basis points following the supersize 50-basis-point cut in September.
Japan Stock Movers
The Nikkei 225 Stock Average increased 1.1% to 38,474.90, and the broader Topix index advanced 0.8% to 2,664.26.
Tokyo Electron gained 1.9% to ¥22,930.0, Advantest increased 1.7% to ¥8,899.0, and Disco Corp. advanced 4.4% to ¥44,540.0.
Yamaha Corp. declined 13.2% to ¥1,081.0 after the musical instrument company reported interim results.
Revenue in the first-half ending in September increased 3.9% to 228.1 billion yen, net income plunged 64.6% to 5.3 billion yen, and earnings per share dropped to 10.67 from 29.44 a year ago.
The company declared an interim dividend of 37 yen per share, reflecting a 3-for-1 stock split on October 1.
NH Foods declined 9.7% to ¥4,754.0 after the food processing company reported its interim financial results.
Revenue in the first half ending in September increased 4.9% to 683.8 billion yen, net profit declined 9.8% to 19.7 billion yen, and earnings per share eased to 174.19 yen from 194.88 yen a year ago.
The company estimated year-end dividend of 135 yen, an increase from 119 yen in the previous year.
Japan Indexes Rebounded After Two Days of Losses; Yamaha Corp. and NH Foods Dropped 10%
Akira Ito
05 Nov, 2024
Tokyo
Tokyo market indexes advanced after investors returned from a three-day holiday.
The Nikkei 225 stock average gained 1% and the Topix index advanced 0.8% after investors reacted to the rebound in tech stocks in overnight trading in New York.
Last week, market indexes extended losses to the third week in a row amid growing policy uncertainty and political instability.
Investors are looking forward to the possible formation of an alliance between LDP-Komeito and the Democratic Party for the People, ending political instability for now.
Moreover, mixed corporate results dampened market sentiment as investors grappled with elevated tensions in the Middle East.
Market enthusiasm was muted ahead of the U.S. presidential and congressional election on Wednesday, which could determine the direction of future government spending, support for the war in Ukraine, and military activities in Asia.
The U.S. Federal Reserve is set to announce its rate decisions on Thursday, and investors are divided about the possible rate cut of 25 basis points following the supersize 50-basis-point cut in September.
Japan Stock Movers
The Nikkei 225 Stock Average increased 1.1% to 38,474.90, and the broader Topix index advanced 0.8% to 2,664.26.
Tokyo Electron gained 1.9% to ¥22,930.0, Advantest increased 1.7% to ¥8,899.0, and Disco Corp. advanced 4.4% to ¥44,540.0.
Yamaha Corp. declined 13.2% to ¥1,081.0 after the musical instrument company reported interim results.
Revenue in the first-half ending in September increased 3.9% to 228.1 billion yen, net income plunged 64.6% to 5.3 billion yen, and earnings per share dropped to 10.67 from 29.44 a year ago.
The company declared an interim dividend of 37 yen per share, reflecting a 3-for-1 stock split on October 1.
NH Foods declined 9.7% to ¥4,754.0 after the food processing company reported its interim financial results.
Revenue in the first half ending in September increased 4.9% to 683.8 billion yen, net profit declined 9.8% to 19.7 billion yen, and earnings per share eased to 174.19 yen from 194.88 yen a year ago.
The company estimated year-end dividend of 135 yen, an increase from 119 yen in the previous year.
China and Hong Kong Indexes Advanced Second Consecutive Day, Yum China Earnings Beats Expectations
Li Chen
05 Nov, 2024
Hong Kong
China and Hong Kong stocks advanced following a private measure of the service sector showing rising activities.
The Hang Seng index and the mainland-focused CSI 300 index increased 1.5% in the hopes that the world's second-largest economy will continue open markets to attract foreign investments.
The Caixin China General Services PMI increased to 52.0 in October from 50.3 in the previous month and advanced at the fastest pace in three months following a series of supportive measures from the People's Bank of China and the finance ministry.
The latest service data added to last week's positive signals from the manufacturing and construction sectors, indicating that the stimulus measures are helping the economy for now.
Premier Li Qiang said China is ready to open local markets to foreign investors and urged local government officials to remove internal barriers to create a larger national market.
Premier Qiang was speaking to a group of Chinese officials and business leaders at the start of the China International Import Expo in Shanghai on Tuesday.
Despite the warm welcome offered to foreign investors, many long-time investors in China are leaving and setting up new operations in Vietnam, Mexico, India, and Malaysia.
Investors are leaving China because of Beijing's arbitary enforcement of law, slowing economic growth, persistent stealing of intellectual property, and rising tensions with the West.
China Stock Movers
The Hang Seng index increased 1.5% to 20,855.24, and the mainland-focused CSI 300 index jumped 2.4% to 4,038.10.
Yum China increased 5.5% to HK $380.20 after the operator of a chain of fast food stores reported higher-than-expected earnings.
Property stocks rebounded for the second day in a row in the hopes that the Standing Committee of the People's National Congress is likely to provide strong measures to revive the property markets at the end of the meeting on Friday.
China Vanke increased 2.6% to HK $7.47, China Resources Land gained 1.7% to HK $27.0, and Longfor Group Holdings advanced 1.9% to HK $13.36.
Nongfu Spring soared 7.4% to HK $13.36, and SMIC advanced 4.2% to HK $26.95. China and Hong Kong stocks advanced following a private measure of the service sector showing rising activities.
The Hang Seng index and the mainland-focused CSI 300 index increased 1.5% in the hopes that the world's second-largest economy will continue open markets to attract foreign investments.
The Caixin China General Services PMI increased to 52.0 in October from 50.3 in the previous month and advanced at the fastest pace in three months following a series of supportive measures from the People's Bank of China and the finance ministry.
The latest service data added to last week's positive signals from the manufacturing and construction sectors, indicating that the stimulus measures are helping the economy for now.
Premier Li Qiang said China is ready to open local markets to foreign investors and urged local government officials to remove internal barriers to create a larger national market.
Premier Qiang was speaking to a group of Chinese officials and business leaders at the start of the China International Import Expo in Shanghai on Tuesday.
Despite the warm welcome offered to foreign investors, many long-time investors in China are leaving and setting up new operations in Vietnam, Mexico, India, and Malaysia.
Investors are leaving China because of Beijing's arbitary enforcement of law, slowing economic growth, persistent stealing of intellectual property, and rising tensions with the West.
China Stock Movers
The Hang Seng index increased 1.5% to 20,855.24, and the mainland-focused CSI 300 index jumped 2.4% to 4,038.10.
Yum China increased 5.5% to HK $380.20 after the operator of a chain of fast food stores reported higher-than-expected earnings.
Property stocks rebounded for the second day in a row in the hopes that the Standing Committee of the People's National Congress is likely to provide strong measures to revive the property markets at the end of the meeting on Friday.
China Vanke increased 2.6% to HK $7.47, China Resources Land gained 1.7% to HK $27.0, and Longfor Group Holdings advanced 1.9% to HK $13.36.
Nongfu Spring soared 7.4% to HK $13.36, and SMIC advanced 4.2% to HK $26.95.
China and Hong Kong Indexes Advanced Second Consecutive Day, Yum China Earnings Beats Expectations
Li Chen
05 Nov, 2024
Hong Kong
China and Hong Kong stocks advanced following a private measure of the service sector showing rising activities.
The Hang Seng index and the mainland-focused CSI 300 index increased 1.5% in the hopes that the world's second-largest economy will continue open markets to attract foreign investments.
The Caixin China General Services PMI increased to 52.0 in October from 50.3 in the previous month and advanced at the fastest pace in three months following a series of supportive measures from the People's Bank of China and the finance ministry.
The latest service data added to last week's positive signals from the manufacturing and construction sectors, indicating that the stimulus measures are helping the economy for now.
Premier Li Qiang said China is ready to open local markets to foreign investors and urged local government officials to remove internal barriers to create a larger national market.
Premier Qiang was speaking to a group of Chinese officials and business leaders at the start of the China International Import Expo in Shanghai on Tuesday.
Despite the warm welcome offered to foreign investors, many long-time investors in China are leaving and setting up new operations in Vietnam, Mexico, India, and Malaysia.
Investors are leaving China because of Beijing's arbitary enforcement of law, slowing economic growth, persistent stealing of intellectual property, and rising tensions with the West.
China Stock Movers
The Hang Seng index increased 1.5% to 20,855.24, and the mainland-focused CSI 300 index jumped 2.4% to 4,038.10.
Yum China increased 5.5% to HK $380.20 after the operator of a chain of fast food stores reported higher-than-expected earnings.
Property stocks rebounded for the second day in a row in the hopes that the Standing Committee of the People's National Congress is likely to provide strong measures to revive the property markets at the end of the meeting on Friday.
China Vanke increased 2.6% to HK $7.47, China Resources Land gained 1.7% to HK $27.0, and Longfor Group Holdings advanced 1.9% to HK $13.36.
Nongfu Spring soared 7.4% to HK $13.36, and SMIC advanced 4.2% to HK $26.95. China and Hong Kong stocks advanced following a private measure of the service sector showing rising activities.
The Hang Seng index and the mainland-focused CSI 300 index increased 1.5% in the hopes that the world's second-largest economy will continue open markets to attract foreign investments.
The Caixin China General Services PMI increased to 52.0 in October from 50.3 in the previous month and advanced at the fastest pace in three months following a series of supportive measures from the People's Bank of China and the finance ministry.
The latest service data added to last week's positive signals from the manufacturing and construction sectors, indicating that the stimulus measures are helping the economy for now.
Premier Li Qiang said China is ready to open local markets to foreign investors and urged local government officials to remove internal barriers to create a larger national market.
Premier Qiang was speaking to a group of Chinese officials and business leaders at the start of the China International Import Expo in Shanghai on Tuesday.
Despite the warm welcome offered to foreign investors, many long-time investors in China are leaving and setting up new operations in Vietnam, Mexico, India, and Malaysia.
Investors are leaving China because of Beijing's arbitary enforcement of law, slowing economic growth, persistent stealing of intellectual property, and rising tensions with the West.
China Stock Movers
The Hang Seng index increased 1.5% to 20,855.24, and the mainland-focused CSI 300 index jumped 2.4% to 4,038.10.
Yum China increased 5.5% to HK $380.20 after the operator of a chain of fast food stores reported higher-than-expected earnings.
Property stocks rebounded for the second day in a row in the hopes that the Standing Committee of the People's National Congress is likely to provide strong measures to revive the property markets at the end of the meeting on Friday.
China Vanke increased 2.6% to HK $7.47, China Resources Land gained 1.7% to HK $27.0, and Longfor Group Holdings advanced 1.9% to HK $13.36.
Nongfu Spring soared 7.4% to HK $13.36, and SMIC advanced 4.2% to HK $26.95.
India Movers: ABB India, Bata, Bharti Airtel, NSE, REC Limited, Raymond
Arun Goswami
05 Nov, 2024
Mumbai
Stocks in Mumbai looked down as investors reviewed the latest batch of weak corporate earnings.
Persistent outflows of foreign funds dented market sentiment for the third week in a row.
The Sensex index decreased by 0.1% to 78,675.15, and the Nifty index fell by 0.1% to 23,973.35.
On the Mumbai stock exchange, 92 stocks traded at their 52-week highs, and 15 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.83%, and the Indian rupee eased to 84.12 against the U.S. dollar.
REC Limited decreased 1% to ₹512.95, and the power company plans to raise 6,500 crore through the sale of bonds in two tranches between November 6 and 8.
The rural electrification plans to raise ₹3,000 crore through the sale of 15-year bonds and 3,500 crore through the sale of ₹3,500 crore.
Bharti Airtel declined 0.2% to ₹1,588.15 after the company raised 11,150 crore through the sale of bonds with coupon rates ranging between 8.25% and 8.90%.
ABB India declined 4.5% to ₹7,029.30, and the company reported a sharp jump in earnings in the September quarter.
Revenue from operations increased 5% to ₹2,912 crore and net income surged 22% to ₹440 crore from a year ago, respectively.
New orders in the quarter increased 11% from the previous quarter to ₹3,342 crore, and total order backlog advanced 25% from a year ago to ₹9,995 crore.
National Stock Exchange reported consolidated revenue in the September quarter increased 25% to ₹5,023 crore and net income soared 57% to ₹3,137 crore.
The average daily trading volume increased 66% from a year ago to ₹1.29 lakh crore, the equity futures segment jumped to ₹2.01 lakh crore, and equity options increased to ₹65,648 crore.
Raymond Ltd. increased 1.5% to ₹1,711.15 after the company announced its September quarterly results.
Total income in the fiscal second quarter soared to ₹1,100.70 crore from ₹510 crore, but net income declined 63% to ₹59.01 crore from ₹161.16 crore a year ago.
Bata India declined 1.4% to ₹1,318.55 after the footwear retailer reported a sharp jump in earnings in the September quarter.
Consolidated revenue increased 2.2% to ₹837.1 crore and net income advanced 53% to ₹52 crore from ₹34 crore a year ago, respectively.
India Movers: ABB India, Bata, Bharti Airtel, NSE, REC Limited, Raymond
Arun Goswami
05 Nov, 2024
Mumbai
Stocks in Mumbai looked down as investors reviewed the latest batch of weak corporate earnings.
Persistent outflows of foreign funds dented market sentiment for the third week in a row.
The Sensex index decreased by 0.1% to 78,675.15, and the Nifty index fell by 0.1% to 23,973.35.
On the Mumbai stock exchange, 92 stocks traded at their 52-week highs, and 15 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.83%, and the Indian rupee eased to 84.12 against the U.S. dollar.
REC Limited decreased 1% to ₹512.95, and the power company plans to raise 6,500 crore through the sale of bonds in two tranches between November 6 and 8.
The rural electrification plans to raise ₹3,000 crore through the sale of 15-year bonds and 3,500 crore through the sale of ₹3,500 crore.
Bharti Airtel declined 0.2% to ₹1,588.15 after the company raised 11,150 crore through the sale of bonds with coupon rates ranging between 8.25% and 8.90%.
ABB India declined 4.5% to ₹7,029.30, and the company reported a sharp jump in earnings in the September quarter.
Revenue from operations increased 5% to ₹2,912 crore and net income surged 22% to ₹440 crore from a year ago, respectively.
New orders in the quarter increased 11% from the previous quarter to ₹3,342 crore, and total order backlog advanced 25% from a year ago to ₹9,995 crore.
National Stock Exchange reported consolidated revenue in the September quarter increased 25% to ₹5,023 crore and net income soared 57% to ₹3,137 crore.
The average daily trading volume increased 66% from a year ago to ₹1.29 lakh crore, the equity futures segment jumped to ₹2.01 lakh crore, and equity options increased to ₹65,648 crore.
Raymond Ltd. increased 1.5% to ₹1,711.15 after the company announced its September quarterly results.
Total income in the fiscal second quarter soared to ₹1,100.70 crore from ₹510 crore, but net income declined 63% to ₹59.01 crore from ₹161.16 crore a year ago.
Bata India declined 1.4% to ₹1,318.55 after the footwear retailer reported a sharp jump in earnings in the September quarter.
Consolidated revenue increased 2.2% to ₹837.1 crore and net income advanced 53% to ₹52 crore from ₹34 crore a year ago, respectively.
World Markets In Holding Pattern as Rate Decisions Loom In the U.S. and Europe
Alexander Garcia
04 Nov, 2024
Miami
Market indexes on Wall Street lacked direction in tight trading as investors prepared to review the outcome of the U.S. presidential and Congressional elections.
The U.S. presidential election could impact stock trading around the world this week, but political leaders in Asia brace for higher trade barriers regardless of which party wins control.
In addition, the U.S. Federal Reserve is set to announce its monetary policy decision, and investors are divided about the possible rate cut of 25 basis points or no change in rate.
On the earnings front, at least 500 companies are scheduled to release their quarterly results, including Toyota Motor, Ferrari, AIG, CVS, Qualcomm, and Marriott.
Last week, world stock market indexes declined in unison as investors faced a deluge of corporate earnings, a flood of economic data, and political outcomes.
World market indexes fell between 1% and 2% as investors turned cautious ahead of the U.S. presidential election on Tuesday, and in political upheaval, Japan’s ruling coalition lost its majority in the parliamentary elections.
Moreover, investors are closely monitoring which party wins control of the U.S. House of Representatives and the U.S. Senate, which could determine future tax system overhaul and trajectory of government spending.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to 5,722.25, the Nasdaq Composite fell 0.01% to 18,244.20, and the Russell 2000 index rose 0.7% to 2,226.29.
The yield on 2-year Treasury notes edged higher to 4.16%, 10-year Treasury notes inched higher to 4.29%, and 30-year Treasury bonds increased to 4.49%.
WTI crude oil increased $1.91 to $71.40 a barrel, and natural gas prices edged down 2 cents to $2.64 a thermal unit.
Gold increased by $8.58 to $2,744.84 an ounce, and silver increased by $0.27 to $32.70.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.74.
U.S. Stock Movers
Marriott International declined 2% to $255.30 after the hotel chain operator reported its quarterly results.
Revenue increased 6% to $6.3 billion from $5.9 billion, net income plunged 22% to $584 million from $752 million, and diluted earnings per share fell 18% to $2.02 from $2.51 a year ago.
The company added a net 16,000 rooms in the quarter and indicated about 3,800 properties with 585,000 rooms were in the development stage around the world.
The company also confirmed it acquired 4.5 million shares of common stock for $1.0 billion in the third quarter.
Berkshire Hathaway Inc. Class B declined 0.3% to $451.0 after the diversified conglomerate reported its quarterly results.
Total revenue in the third quarter declined to $92.99 billion from $93.21 billion, net earnings attributable to shareholders swung to a profit of $26.2 billion from a loss of $12.7 billion, and diluted earnings per Class B share were $12.18 from a loss of $5.88 a year earlier.
The company's operating earnings from fully-owned businesses declined 6% to $10.1 billion, reflecting a weakness in its underwriting business.
Investment in equity securities declined to $271.6 billion from $353.8 billion, and cash and equivalent rose to $325.2 billion from $276.9 billion a year ago.
European Markets Flatlined In Busy of Week of Rate Decisions
European market indexes lacked direction in a busy week of earnings and economic releases.
Benchmark indexes in Paris, London, Milan, and Frankfurt traded in a tight range as investors prepare to review quarterly updates from leading corporations.
The Bank of England is expected to lower its key lending rate by 25 basis points, reflecting weakening inflationary pressures.
The central banks of Norway and Sweden are set to release their rate decisions this week, and traders are expecting both central banks to hold rates steady.
Germany is scheduled to release its international trade data, and the country's trade deficit is likely to expand from the previous month.
The U.S. Federal Reserve is also expected to lower its key interest rates by 25 basis points following a supersize 50 basis point cut in September.
The Standing Committee of the People's National Congress in China kicked off its weeklong meeting that will decide the debt level increase and pave the way for additional fiscal stimulus measures.
The meeting is closely watched by investors, as lawmakers are likely to approve additional spending between 2 trillion and 4 trillion yuan, or between €250 billion and €490 billion.
Manufacturing Activities Diverged In Spain and Italy
Closer to home, a private survey showed Spain's factory activities expanded at the fastest pace in October since February 2022, driven by improving new orders and rising production.
The HCOB Spain Manufacturing PMI increased 54.5 from 53.0 in September, S&P Global reported Monday.
Italy's factory activities continued to contract for the seventh consecutive month in a row in October amid deteriorating demand from the U.S., Middle East, and other Eurozone members.
The HCOB Italy Manufacturing PMI slowed to 46.9 from 48.3 in the previous month, S&P Global said in a separate report.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 19,147.85; the CAC-40 index rose by 0.5% to 7,371.71; and the FTSE 100 index rose by 0.1% to 8,184.24.
The yield on 10-year German bonds edged higher to 2.41%, French bonds inched higher to 3.15%, the UK gilts edged higher to 4.46%, and Italian bonds decreased to 3.66%.
The euro edged higher to $1.09; the British pound inched higher to $1.29; and the U.S. dollar weakened to 86.32 Swiss cents.
Brent crude increased $2.01 to $75.11 a barrel, and the Dutch TTF natural gas rose by €1.56 to €40.50 per MWh.
Europe Stock Movers
Energy stocks rebounded after crude oil prices advanced following the OPEC+'s decision to delay an increase in output by a month.
Shell PLC gained 1.2% to 2,610.50 pence, BP plc rose 1.5% to 384.0 pence, and TotalEnergies SE increased 0.8% to €58.36.
Eni SpA increased 0.7% to €14.13 after the Italian energy company completed the sale of two upstream offshore assets.
Burberry Group increased 6% to 860.51 pence on speculation that Italy-based Moncler could be preparing for a bid for the luxury fashion product maker.
Skanska AB advanced 1% to SEK 219.80 after the Swedish construction company signed a contract to build office buildings in London's West End.
Mining companies advanced following a rebound in commodities prices as China's top legislators commenced a weeklong meeting to finalize the amount of additional fiscal measures.
Anglo American increased 1.4% to 2,428.50 pence, Antofagasta advanced 0.8% to 1,777.81 pence, and Glencore added 0.8% to 410.83 pence.
China Indexes Edged Higher as Lawmakers Debate Fiscal Deficit Measures
Stocks in China and Hong Kong advanced as investors shifted their focus to the key meeting of lawmakers that could pave the way for fiscal stimulus.
The Hang Seng index gained 0.3% and the mainland-focus CSI 300 index advanced 1.4% as the weeklong Standing Committee of the People's National Congress started.
The critical meeting of lawmakers is expected to approve the lifting of the debt ceiling limit and the sale of long-term bonds to finance fiscal measures supporting the property markets.
Investors are anticipating that the previously pledged fiscal measures by the top political leaders and finance ministry over the last five weeks will soon be enacted.
The legislative meeting this week is likely to provide more clarity about the amount and timing of fiscal measures and details of the plan to revive the moribund property market.
Market participants have built up expectations of fiscal measures totaling between 2 trillion yen and 4 trillion yen and supportive financial measures for local governments to revive local residential projects in second- and third-tier cities.
On the economic front, investors are looking forward to the release of international trade data and the survey of non-manufacturing industries.
China Stock Movers
The Hang Seng index increased 0.3% to 20,574.16, and the CSI 300 index rose 1.4% to 3,944.76.
Property stocks edged lower and erased some of Friday's gains following the lukewarm new home sales over the weekend.
China Vanke declined 1.6% to HK $7.29, China Resource Land decreased 0.4% to HK $26.65, and Sun Hung Kai Properties eased 0.1% to HK $85.10.
Electric vehicle makers traded higher after October vehicle sales were ahead of market expectations.
Steep discounts and government subsidies supported the sale of electric vehicles, and the advanced vehicle sales surpassed petrol car sales for the third month in a row in October.
Electric vehicle sales increased to 1.12 million units in October, with a market share of 53.3%, according to CPCA, or China Passenger Car Association.
BYD increased 3.4% to HK $287.20 after the company's vehicle sales soared 66% from a year ago to 502,757 units.
The company reported a fifth consecutive monthly record sales of electric and hybrid vehicles, largely because of the subsidies to replace older petrol cars.
Li Auto increased 1.5% to HK $98.55 after the company said electric vehicle sales dropped 1% from the previous month to 51,443 units.
NIO decreased 0.3% to HK $5.23 after the company said sales fell 1% from the previous month to 20,976 units.