Market Update
Yen Approached Recent Low and JGB Yield Rebounded Above 1% Ahead of BoJ's Rate Decisions
Akira Ito
11 Jun, 2024
Tokyo
Benchmark indexes in Tokyo extended gains for the second day in a row, tracking gains in tech stocks in overnight trading in New York.
The Nikkei 225 and the Topix indexes diverged in lackluster trading, and tech stocks powered the market advance in Tuesday's trading.
The yen weakened to 157.25 against the U.S. dollar, and the yield on a 10-year Japanese government bond rebouned to 1.02% ahead of the Bank of Japan's monetary policy decisions on Thursday.
The BoJ is widely expected to hold rates steady and continue its purchase of Japanese government bonds, fueling another leg down in the yen.
The U.S. Federal Reserve is expected to hold its interest rate range steady between 5.25% and 5.50%, and the central bank is also likely to cool down rate expectations further.
The wide yield differential between the U.S. and Japan is likely to persist as the Bank of Japan shows no interest in lifting near-zero rates, despite the cost of rising imports.
The persistent yield gap is also putting additional pressure on the yen, and currency traders are bracing for the price to range between 165 and 170 before the year's end.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.2% to 39,098.62, and the Topix index fell 0.2% to 2,776.43.
Tech stocks led the gainers for the second day in a row, and Tokyo Electron, Advantest, Screen Holdings, and Socionext gained between 0.3% and 1.2%.
However, Softbank bucked the trend and edged lower by 0.6% to ¥9,666.0.
Automotive stocks lacked direction after investors looked for bargains in the beaten-down sector after a certification scandal engulfed the vehicle makers.
Toyota Motor decreased 0.5% to ¥3,254.0, Honda Motor was unchanged at ¥1,708.0, and Nissan Motor edged up 0.05% to ¥545.40.
Banks were in focus in active trading ahead of the Bank of Japan's rate decisions on Thursday.
Mitsubishi UFJ decreased 1.0.2% to ¥1,632.50, Sumitomo Mitsui declined 0.8% to ¥10,280.0, and Mizuho Financial fell 0.2% to ¥3,141.0.
Taiyo Yuden Company, the materials and electronics engineering company, advanced 3.3% to ¥3,576.0, and Ebara, the maker of turbines and pumps, increased 3.4% to ¥12,165.0.
Eisai Company decreased 3.3% to ¥6,649.0.
China Indexes Extended Downward Trend Ahead of Inflation Data
Li Chen
11 Jun, 2024
Hong Kong
Market indexes in Shanghai and Hong Kong traded lower as investors set aside rate-cut expectations in the U.S. and China.
The CSI 300 and the Hang Seng indexes declined and trimmed this year's gains after property market worries and an uneven economic rebound overwhelmed market sentiment.
The Hang Seng index has dropped 8% from its high in May after China's weak import growth suggested weak domestic demand, and the weakness in manufacturing sector growth also contributed to market nervousness.
China is set to announce its inflation data on Wednesday, and economists are anticipating a slight pick-up in inflation, and consumer price inflation in May is likely to accelerate to an annual pace of 0.4% from the 0.3% pace in April.
The U.S. is also set to announce its inflation update on Wednesday, followed by the Federal Reserve releasing its monetary policy decisions and economic projections.
The Federal Reserve is expected to hold steady its interest rate range between 5.25% and 5.50% and provide insights into the possible rate cut later in the year.
Investors have lowered their rate-cut expectations to one from as high as four earlier in the year.
China Stock Movers
The CSI 300 index declined 1.1% to 3,533.97, and the Hang Seng index dropped 1.7% to 18,056.13.
Li Auto declined 4% to HK$74.90, BYD increased 2% to $229.20, and Nio decreased 3.4% to $36.95.
The Bank of China declined 2.7% to HK$3.71, and the and the Industrial and Commercial Bank of China decreased 1.5% to HK$4.35.
Gold mining and jewelry retailers traded down after the People's Bank of China halted its 18-month-long steady purchase of gold.
Zijin Mining Group declined 4.5% to HK$16.66, and Chow Tai Fook Jewellery Group fell 3.5% to HK$9.41.
India Movers: APL Apollo Tubes, Interglobe Aviation, KIOCL, NLC India, RVNL, Siemens India
Arun Goswami
11 Jun, 2024
Mumbai
Stocks in Mumbai extended gains and erased last Tuesday's losses as market confidence rebounded after the BJP-led NDA alliance swiftly formed the central government.
The Sensex index decreased by 0.1% to 76,423.47, and the Nifty index fell by 0.03% to 23,251.35.
On the Mumbai stock exchange, 98 stocks traded at their 52-week highs, and 6 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 7.03%, and the Indian rupee edged higher at ₹83.48 against the U.S. dollar.
NLC India increased 0.7% to ₹231.19 after the state-controlled coal mining company's board approved the plan to raise $600 million in foreign currency loans.
APL Apollo Tubes jumped 0.5% to ₹1,637.25 after the company signed a power purchase agreement with BluePine Energy.
The company also agreed to take a 26% stake in the power plant company's solar power project in Chhattisgarh.
RVNL advanced 3.1% to ₹385.55 and Siemens India jumped 2.1% to ₹7,000.40 after the consortium of the two companies won an order to set up a rail and power line from Bangalore Metro Rail Corporation.
Interglobe Aviation decreased 2.8% to ₹4,437.90 on a report that an entity controlled by the promoter Rahul Bhatia is looking to sell as much as a 2% stake in a company with a floor price of ₹4,266.
KIOCL declined 1.1% to ₹420.0 after the iron ore mining company said it plans to temporarily shut down production at a palletization plant in Mangalore because of weak demand.
With the Expectations of the Fed On Hold, Market Indexes Rebound In Cautious Trading
Alexander Garcia
10 Jun, 2024
Miami
Market indexes managed to climb higher after the morning doldrums as investors awaited the Fed's monetary policy decisions and May's inflation update.
Stocks struggled to find their footing in early trading on Monday following the benchmark index advance or more than 1% in the previous week.
The S&P 500 index and the Nasdaq Composite advanced 1.3% and 2.4%, respectively, in the previous week after the nonfarm payrolls surpassed the highest expectations.
Investors are hoping to get more insights into the policymakers' thinking as the Federal Reserve is set to announce its rate decisions and economic growth projections on Wednesday.
The Fed is expected to keep its interest rate range unrevised between 5.25% and 5.50%, and policymakers may provide clues about the timing and number of likely rate cuts later in the year.
Market participants have dialed down their rate-cut expectations from as high as four to only one after the Fed's meeting in September.
Investors are also looking forward to May's inflation data on Wednesday, which could provide additional insights on the strength of inflationary pressures and the future rate path.
The consumer price index is expected to hold steady at 3.4%, and core inflation is likely to edge slightly lower to 3.5%.
Last week, the S&P 500 index traded at a new intraday record high amid continued strength in semiconductor stocks powering artificial intelligence development.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 5,353.07, and the Nasdaq Composite rose 0.3% to 17,180.76.
The yield on 2-year Treasury notes edged higher to 4.89%, 10-year Treasury notes decreased to 4.46%, and 30-year Treasury bonds edged higher to 4.59%.
WTI crude oil increased $1.70 to $77.30 a barrel, and natural gas prices rose 13 cents to $3.05 a thermal unit.
Gold increased by $15.46 to $2,308.67 an ounce, and silver rose 52 cents to $29.66.
The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 105.24.
U.S. Stock Movers
Nvidia edged down 0.2% to $120.10 after the advanced chipmaker traded for the first time, reflecting a 10-for-1 stock split.
Nvidia's market cap crossed the $3 trillion mark for the first time in Friday's trading after investors bid up the stock by 10% in the previous week.
GameStop declined 4.5% to $27.07, and the video game retailer extended losses following the roller-coaster trading in the previous week.
Meme stock plunged in Friday's trading after the company announced another stock offering and said sales plunged in its latest quarter.
Trader and meme stock influencer Keith Gill, also known by his screen name "Roaring Kitty," announced in his first ever live stream on X and YouTube in a few years that he did not have institutional investors.
Previously, Gill shared a screenshot of his holding on GameStop that showed a market worth of $116 million.
KKR, GoDaddy, and CrowdStrike advanced after the S&P Dow Jones Indices plans to include these three stocks in the S&P 500 index, replacing Robert Half, Comerica, and Illumina.
KKR jumped 8.8% to $106.56, GoDaddy advanced 2.2% to $142.40, and CrowdStrike Holdings gained 7.7% to $376.60.
Robert Half declined 0.4%, Illumina fell 5.5%, and Comerica dropped 2.4%.
Far-right Parties Make Significant Gains In EU Elections
European markets faced heavy selling pressure in Monday's trading, and the euro fell to a one-month low after far-right parties gained ground in European Union elections.
Benchmark indexes in Frankfurt, Paris, and London declined sharply amid fresh political uncertainty in the region, as far-right parties made sizable gains in Germany, France, Austria, and Italy.
French President Emmanuel Macron's Renaissance party suffered heavy defeat from the far-right National Rally party, and German Chancellor Olaf Scholz's center-left Social Democrats dropped to third place behind the extreme right-wing party Alternative for Germany.
Amid a wave of anti-establishment on the continent, leading mainstream parties held on to the majority of the 720-member European Parliament on Sunday but suffered heavy defeats from the rise of far-right parties.
The National Rally Party is expected to win 33% of the incoming European Union parliament, more than double the 15% vote by Macron's Renaissance party, forcing the French president Macron to dissolve parliament.
French President Macron acknowledged the defeat and showed his commitment to democratic ideals by calling the snap election a risky move that could make his remaining three years of presidency ineffective.
“I’ve heard your message and your concerns, and I won’t leave them unanswered," and Macron added, "France needs a clear majority to act in serenity and harmony."
Provisional results of the European Parliament, the legislative branch of the 27-member trade bloc, showed Social Democrats losing 4 seats to 135, Christian Democrats gaining 13 seats to 189, and the pro-business Renew group down 19 to 83.
Georgia Meloni's Brothers Party in Italy won 28% of the vote, surpassing the 26% it won in the national election in 2022.
On the economic front, investors are looking forward to several key indicators this week.
In Germany, wholesale prices are expected to advance for the third month in a row, and industrial production is expected to rise in the eurozone and Italy but decline in the U.K. after rising in the previous two months in a row.
Investors are also looking forward to the release of international trade balances in the Euro Area.
Europe Indexes and Yields
The DAX index decreased by 0.8% to 18,406.18; the CAC-40 index fell by 2.0% to 7,841.65; and the FTSE 100 index declined by 0.4% to 8,216.71.
The yield on 10-year German bonds edged higher to 2.65%. French bonds inched higher to 3.20%; the UK gilts edged higher to 4.31%; and Italian bonds inched lower to 4.03%.
The euro edged higher to $1.073; the British pound inched higher to $1.269; and the U.S. dollar weakened to 89.67 Swiss cents.
Brent crude decreased $0.06 to $79.61 a barrel, and the Dutch TTF natural gas fell by €0.71 to €32.50 per MWh.
Europe Stock Movers
French banks declined following the broad market fall following the surprise legislative snap election announcement by French President Emmanuel Macron.
Credit Agricole declined 4.4% to €14.0, BNP Paribas dropped 4.8% to €63.21, and Societe Generale fell 7.3% to €24.12.
Airbus SE decreased 1.1% to €148.34 after the defense company and plane maker's satellite unit received an order to launch satellites from an entity controlled by the U.A.E.
Pennon Group plc declined 1.2% to 589.50 pence after the British water company announced the appointment of David Sproul as chairman, replacing Gill Rider, after the company's annual general meeting on July 24.
Tristel plc rose 2% to 438.50 pence, and the maker of infection prevention products appointed Matthew Sassone as chief executive officer effective September 2.
Japan's GDP Decline Was Less than Previously Expected
Benchmark indexes in Tokyo advanced in Monday's trading, and investors reviewed two key economic reports.
The Nikkei 225 and the Topix gained as much as 1% after the GDP growth decline was less than previously expected and the current account surplus rose more than expected.
Japan's economy shrank 1.8% in the first quarter, less than the previously estimated decline of 2.0% by the government.
The revision was largely because of a smaller decline in private investment of 0.4%, less than 0.5% in the previous quarter.
On a quarterly basis, Japan's GDP decline of 0.5% was unrevised, according to the data released by the Cabinet Office.
Japan's GDP contracted as consumption and exports declined from the previous quarter, and the weaker yen contributed to a higher import bill for energy and other raw materials.
Current Account Surplus Rebounded
Japan's current account surplus rose more than expected to 2.05 trillion yen, an increase of 8.2% from a year ago, according to the Ministry of Finance.
However, the current account surplus decreased from 3.399 trillion yen in March.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.9% to 39,038.16, and the Topix index advanced 1% to 2,782.49.
Tech stocks led the gainers in Tokyo following the late rebound in Friday's trading in New York.
Tokyo Electron, Socionext, Advantest, Screen Holdings, and SoftBank gained between 0.3% and 4%.
Banks were among the leading gainers in Monday's trading.
Mitsubishi UFJ, Sumitomo Mitsubishi, and Mizuho Financial Group added between 0.5% and 0.7%.
Hitachi, Sumitomo Pharma, Sumitomo Electric, and Dai-Ichi Life gained more than 3%.
Kao Corp., the maker of chemicals and cosmetics, declined 4.5% to ¥6,740.0.
U.S. Movers: Comerica, CrowdStrike, GameStop, GoDaddy, Illumina, KKR, Nvidia, Robert Half
Scott Peters
10 Jun, 2024
New York City
Nvidia edged down 0.2% to $120.10 after the advanced chipmaker traded for the first time, reflecting a 10-to-1 stock split.
Nvidia's market cap crossed the $3 trillion mark for the first time in Friday's trading after investors bid up the stock by 10% in the previous week.
GameStop declined 4.5% to $27.07, and the video game retailer extended losses following the roller-coaster trading in the previous week.
Meme stock plunged in Friday's trading after the company announced another stock offering and said sales plunged in its latest quarter.
Trader and meme stock influencer Keith Gill, also known by his screen name "Roaring Kitty," announced in his first ever live stream on X and YouTube in a few years that he did not have institutional investors.
Previously, Gill shared a screenshot of his holding on GameStop that showed a market worth of $116 million.
KKR, GoDaddy, and CrowdStrike advanced after the S&P Dow Jones Indices plans to include these three stocks in the S&P 500 index, replacing Robert Half, Comerica, and Illumina.
KKR jumped 8.8% to $106.56, GoDaddy advanced 2.2% to $142.40, and CrowdStrike Holdings gained 7.7% to $376.60.
Robert Half declined 0.4%, Illumina fell 5.5%, and Comerica dropped 2.4%.
U.S. Stocks Struggle Ahead of Fed's Rate Decisions, Nvidia Trades Down Post Split
Barry Adams
10 Jun, 2024
New York City
Stocks struggled to find their footing in early trading on Monday as benchmark indexes jumped more than 1% in the previous week.
The S&P 500 index and the Nasdaq Composite advanced 1.3% and 2.4%, respectively, in the previous week after the nonfarm payrolls surpassed the highest expectations.
Investors are hoping to get more insights into the policymakers' thinking as the Federal Reserve is set to announce its rate decisions and economic growth projections on Wednesday.
The Fed is expected to keep its interest rate range unrevised between 5.25% and 5.50%.
Investors are also looking forward to May's inflation data on Wednesday, which could provide additional insights on the strength of inflationary pressures and the future rate path.
The consumer price index is expected to hold steady at 3.4%, and core inflation is likely to edge slightly lower to 3.5%.
Last week, the S&P 500 index traded at a new intraday record high amid continued strength in semiconductor stocks powering artificial intelligence development.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 5,358.77, and the Nasdaq Composite fell 0.01% to 17,176.77.
The yield on 2-year Treasury notes edged higher to 4.89%, 10-year Treasury notes decreased to 4.46%, and 30-year Treasury bonds edged higher to 4.59%.
WTI crude oil increased $0.46 to $76.01 a barrel, and natural gas prices rose 14 cents to $3.06 a thermal unit.
Gold increased by $12.79 to $2,305.78 an ounce, and silver rose 31 cents to $29.78.
The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 105.26.
U.S. Stock Movers
Nvidia edged down 0.2% to $120.10 after the advanced chipmaker traded for the first time, reflecting a 10-to-1 stock split.
Nvidia's market cap crossed the $3 trillion mark for the first time in Friday's trading after investors bid up the stock by 10% in the previous week.
GameStop declined 4.5% to $27.07, and the video game retailer extended losses following the roller-coaster trading in the previous week.
Meme stock plunged in Friday's trading after the company announced another stock offering and said sales plunged in its latest quarter.
Trader and meme stock influencer Keith Gill, also known by his screen name "Roaring Kitty," announced in his first ever live stream on X and YouTube in a few years that he did not have institutional investors.
Previously, Gill shared a screenshot of his holding on GameStop that showed a market worth of $116 million.
KKR, GoDaddy, and CrowdStrike advanced after the S&P Dow Jones Indices plans to include these three stocks in the S&P 500 index, replacing Robert Half, Comerica, and Illumina.
KKR jumped 8.8% to $106.56, GoDaddy advanced 2.2% to $142.40, and CrowdStrike Holdings gained 7.7% to $376.60.
Robert Half declined 0.4%, Illumina fell 5.5%, and Comerica dropped 2.4%.
Europe Movers: Airbus, French Banks, Pennon Group, Tristel
Inga Muller
10 Jun, 2024
Frankfurt
European markets dropped sharply amid fresh political uncertainties in the region after the rise of far-right parties in the European Union election on Sunday.
The DAX index decreased by 0.8% to 18,406.18; the CAC-40 index fell by 2.0% to 7,841.65; and the FTSE 100 index declined by 0.4% to 8,216.71.
The yield on 10-year German bonds edged higher to 2.65%. French bonds inched higher to 3.20%; the UK gilts edged higher to 4.31%; and Italian bonds inched lower to 4.03%.
French banks declined following the broad market fall following the surprise legislative snap election announcement by French President Emmanuel Macron.
Credit Agricole declined 4.4% to €14.0, BNP Paribas dropped 4.8% to €63.21, and Societe Generale fell 7.3% to €24.12.
Airbus SE decreased 1.1% to €148.34 after the defense company and plane maker's satellite unit received an order to launch satellites from an entity controlled by the U.A.E.
Pennon Group plc declined 1.2% to 589.50 pence after the British water company announced the appointment of David Sproul as chairman, replacing Gill Rider, after the company's annual general meeting on July 24.
Tristel plc rose 2% to 438.50 pence, and the maker of infection prevention products appointed Matthew Sassone as chief executive officer effective September 2.
European Markets Drop Amid Fresh Political Uncertainties After Far-right Parties Make Significant Gains In EU Elections
Bridgette Randall
10 Jun, 2024
Frankfurt
European markets faced heavy selling pressure in Monday's trading, and the euro fell to a one-month low after far-right parties gained ground in European Union elections.
Benchmark indexes in Frankfurt, Paris, and London declined sharply amid fresh political uncertainty in the region, as far-right parties made sizable gains in Germany, France, Austria, and Italy.
French President Emmanuel Macron's Renaissance party suffered heavy defeat from the far-right National Rally party, and German Chancellor Olaf Scholz's center-left Social Democrats dropped to third place behind the extreme right-wing party Alternative for Germany.
Amid a wave of anti-establishment on the continent, leading mainstream parties held on to the majority of the 720-member European Parliament on Sunday but suffered heavy defeats from the rise of far-right parties.
The National Rally Party is expected to win 33% of the incoming European Union parliament, more than double the 15% vote by Macron's Renaissance party.
French President Macron acknowledged the defeat and showed his commitment to democratic ideals by calling the snap election a risky move that could make his remaining three years of presidency ineffective.
“I’ve heard your message and your concerns, and I won’t leave them unanswered," and Macron added, "France needs a clear majority to act in serenity and harmony."
Provisional results of the European Parliament, the legislative branch of the 27-member trade bloc, showed Social Democrats losing 4 seats to 135, Christian Democrats gaining 13 seats to 189, and the pro-business Renew group down 19 to 83.
Georgia Meloni's Brothers Party in Italy won 28% of the vote, surpassing the 26% it won in the national election in 2022.
On the economic front, investors are looking forward to several key indicators this week.
In Germany, wholesale prices are expected to advance for the third month in a row, and industrial production is expected to rise in the eurozone and Italy but decline in the U.K. after rising in the previous two months in a row.
Investors are also looking forward to the release of international trade balances in the Euro Area.
Europe Indexes and Yields
The DAX index decreased by 0.8% to 18,406.18; the CAC-40 index fell by 2.0% to 7,841.65; and the FTSE 100 index declined by 0.4% to 8,216.71.
The yield on 10-year German bonds edged higher to 2.65%. French bonds inched higher to 3.20%; the UK gilts edged higher to 4.31%; and Italian bonds inched lower to 4.03%.
The euro edged higher to $1.073; the British pound inched higher to $1.269; and the U.S. dollar weakened to 89.67 Swiss cents.
Brent crude decreased $0.06 to $79.61 a barrel, and the Dutch TTF natural gas fell by €0.71 to €32.50 per MWh.
Europe Stock Movers
French banks declined following the broad market fall following the surprise legislative snap election announcement by French President Emmanuel Macron.
Credit Agricole declined 4.4% to €14.0, BNP Paribas dropped 4.8% to €63.21, and Societe Generale fell 7.3% to €24.12.
Airbus SE decreased 1.1% to €148.34 after the defense company and plane maker's satellite unit received an order to launch satellites from an entity controlled by the U.A.E.
Pennon Group plc declined 1.2% to 589.50 pence after the British water company announced the appointment of David Sproul as chairman, replacing Gill Rider, after the company's annual general meeting on July 24.
Tristel plc rose 2% to 438.50 pence, and the maker of infection prevention products appointed Matthew Sassone as chief executive officer effective September 2.
Japan's GDP Decline Was Less than Previously Expected, Current Account Surplus Rebounded
Akira Ito
10 Jun, 2024
Tokyo
Benchmark indexes in Tokyo advanced in Monday's trading, and investors reviewed two key economic reports.
The Nikkei 225 and the Topix gained as much as 1% after the GDP growth decline was less than previously expected and the current account surplus rose more than expected.
Japan's economy shrank 1.8% in the first quarter, less than the previously estimated decline of 2.0% by the government.
The revision was largely because of a smaller decline in private investment of 0.4%, less than 0.5% in the previous quarter.
On a quarterly basis, Japan's GDP decline of 0.5% was unrevised, according to the data released by the Cabinet Office.
Japan's GDP contracted as consumption and exports declined from the previous quarter, and the weaker yen contributed to a higher import bill for energy and other raw materials.
In other economic news, Japan's current account surplus rose more than expected to 2.05 trillion yen, an increase of 8.2% from a year ago, according to the Ministry of Finance.
However, the current account surplus decreased from 3.399 trillion yen in March.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.9% to 39,038.16, and the Topix index advanced 1% to 2,782.49.
Tech stocks led the gainers in Tokyo following the late rebound in Friday's trading in New York.
Tokyo Electron, Socionext, Advantest, Screen Holdings, and SoftBank gained between 0.3% and 4%.
Banks were among the leading gainers in Monday's trading.
Mitsubishi UFJ, Sumitomo Mitsubishi, and Mizuho Financial Group added between 0.5% and 0.7%.
Hitachi, Sumitomo Pharma, Sumitomo Electric, and Dai-Ichi Life gained more than 3%.
Kao Corp., the maker of chemicals and cosmetics, declined 4.5% to ¥6,740.0.
India Movers: EIH Associated Hotels, Gland Pharma, Gulshan Polyols, Magnum Ventures, Mphasis, Samvardhana Motherson
Arun Goswami
10 Jun, 2024
Mumbai
Market indexes on Dalal Street struggled to advance, and the rupee and the yield on government bonds held firm.
The Reserve Bank of India held its interest rate steady and lifted its GDP growth outlook for the current year.
The Sensex index increased by 0.3% to 75,288.17, and the Nifty index rose by 0.3% to 22,897.85.
On the Mumbai stock exchange, 181 stocks traded at their 52-week highs, and 16 stocks traded at their 52-week lows.
Gulshan Polyols decreased 0.9% to ₹187.0, and the company said its ethanol production plant with a capacity of 250 kiloliters per day in Assam met its quality control requirements in the trial run.
The company is targeting launching commercial production in the next few weeks after the completion of quality control requirements for oil marketing companies.
Magnum Ventures jumped 0.5% to ₹49.03, and the company said it plans to shut down its paper mill for one month for regular maintenance and repair work.
Gland Pharma increased 0.5% to ₹1,868.0, and the company appointed Srinivas Sadu as Executive Chairman and CEO of the company.
Samvardhana Motherson jumped 2.4% to ₹160.51, and Moody's Ratings upgraded the long-term debt rating outlook for the company's two international subsidiaries to "Baa3" from "Ba1."
Mphasis Ltd. dropped 4% to ₹2,373.70, and a report suggested that the U.S.-based private equity group Blackstone is set to sell at least a 10% stake in the company with a base price of ₹2,350 per share.
KEC International advanced 4.7% to ₹803.20, and the power transmission and distribution engineering company secured new orders worth 1,061 crore, totaling ₹3,000 crore in the year so far.
EIH Associated Hotels jumped 14.5% to ₹823.0, and the luxury hotel chain operator scheduled a board meeting to consider the bonus share offering.
U.S. Movers: GameStop, Vail Resorts
Scott Peters
07 Jun, 2024
New York City
GameStop declined 18% to $37.72 after the video game retailer posted a larger-than-expected decline in sales in its latest quarter.
Net sales in the first quarter dropped 29% to $881.8 million from $1.23 million, net loss shrank to $32.3 million from $50.5 million, and diluted loss per share shrank to 11 cents from 17 cents a year ago.
The retailer said it may sell an additional 75 million shares on top of the 45 million shares it sold while raising $900 million in May.
The company decided to bring forward the release of its quarterly results because social media influencer and company investor Keith Gill has scheduled a YouTube livestream to discuss his investment in the company.
Vail Resorts dropped 13% to $168.92 after the ski resort operator reported weaker-than-expected fiscal third quarter results.
Revenue in the quarter ending in April increased to $1.28 billion from $1.24 billion, net income rose to $362 million from $325 million, and diluted earnings per share increased to $9.54 from $8.18 a year ago.
The company declared a quarterly cash dividend of $2.22 per share payable on July 10 to shareholders on record on June 25.
The company also repurchased 0.3 million of its own shares in the quarter at an average price of $217 for a total of $75 million, increasing the total purchase to 0.6 million for $125 million in the current fiscal year.
On May 2, the company closed on its acquisition of Crans-Montana Mountain Resort in Switzerland, the company's second ski resort in Europe.
Nonfarm Payrolls In May Expanded by 272,000, Jobless Rate Edged Higher to 4.0%
Brian Turner
07 Jun, 2024
New York City
Nonfarm payrolls increased by 272,000 in May from the downwardly revised 165,000 in April, higher than the monthly average of 232,000 in the last 12 months.
In May, employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services.
Average hourly wages increased 0.4%, or 14 cents, to $34.91 and edged up 4.1% over the last year, the U.S. Bureau of Labor Statistics reported Friday.
Both the unemployment rate, at 4.0%, and the number of unemployed people, at 6.6 million, changed little in May; a year ago, the jobless rate was 3.7%, and the number of unemployed people was 6.1 million.
The jobless rate increased despite the surge in employment in the last several months because the expanding labor market is attracting more people to look for jobs, increasing the jobless rate.
Both the labor force participation rate, at 62.5%, and the employment-population ratio, at 60.1%, barely budged in May.
These measures showed little change over the year.
Hot Jobs Report Dashes All Hopes of Rate Cut Next Week
Barry Adams
07 Jun, 2024
New York City
Major averages on Wall Street declined after the U.S. economy added sharply higher-than-expected jobs in May.
The S&P 500 index and the Nasdaq Composite declined more than 0.2% after the hotter-than-expected payroll dashed all hopes of the Federal Reserve cutting rate at its next meeting.
The Federal Reserve is most likely to hold rates steady after the two-day meeting ending on June 12.
Nonfarm payrolls increased by 272,000 in May from the downwardly revised 165,000 in April, higher than the monthly average of 232,000 in the last 12 months.
In May, employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services.
Average hourly wages increased 0.4%, or 14 cents, to $34.91 and edged up 4.1% over the last year.
Both the unemployment rate, at 4.0%, and the number of unemployed people, at 6.6 million, changed little in May; a year ago, the jobless rate was 3.7%, and the number of unemployed people was 6.1 million.
The jobless rate increased despite the surge in employment in the last several months because the expanding labor market is attracting more people to look for jobs, increasing the jobless rate.
Both the labor force participation rate, at 62.5%, and the employment-population ratio, at 60.1%, barely budged in May.
These measures showed little change over the year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 5,358.77, and the Nasdaq Composite fell 0.01% to 17,176.77.
The yield on 2-year Treasury notes edged lower to 4.75%, 10-year Treasury notes decreased to 4.31%, and 30-year Treasury bonds edged higher to 4.46%.
WTI crude oil increased $0.01 to $74.08 a barrel, and natural gas prices rose 9 cents to $2.84 a thermal unit.
Gold increased by $2.21 to $2,357.08 an ounce, and silver rose 31 cents to $30.33.
The dollar index, which weighs the U.S. currency against a basket of foreign currencies, edged lower to 104.32.
U.S. Stock Movers
GameStop declined 18% to $37.72 after the video game retailer posted a larger-than-expected decline in sales in its latest quarter.
Net sales in the first quarter dropped 29% to $881.8 million from $1.23 million, net loss shrank to $32.3 million from $50.5 million, and diluted loss per share shrank to 11 cents from 17 cents a year ago.
The retailer said it may sell an additional 75 million shares on top of the 45 million shares it sold while raising $900 million in May.
The company decided to bring forward the release of its quarterly results because social media influencer and company investor Keith Gill has scheduled a YouTube livestream to discuss his investment in the company.
Vail Resorts dropped 13% to $168.92 after the ski resort operator reported weaker-than-expected fiscal third quarter results.
Revenue in the quarter ending in April increased to $1.28 billion from $1.24 billion, net income rose to $362 million from $325 million, and diluted earnings per share increased to $9.54 from $8.18 a year ago.
The company declared a quarterly cash dividend of $2.22 per share payable on July 10 to shareholders on record on June 25.
The company also repurchased 0.3 million of its own shares in the quarter at an average price of $217 for a total of $75 million, increasing the total purchase to 0.6 million for $125 million in the current fiscal year.
On May 2, the company closed on its acquisition of Crans-Montana Mountain Resort in Switzerland, the company's second ski resort in Europe.
Europe Movers: Bellway, C&C Group, Mining Stocks, Rexel, Temenos
Inga Muller
07 Jun, 2024
Frankfurt
European markets headed lower, and investors digested a flood economic releases on Friday.
Germany's trade surplus soared and France's trade deficit widened in April, and German industrial production dropped at a slower pace in April.
UK home prices accelerated for the second month in a row.
The DAX index decreased by 0.8% to 18,498.81; the CAC-40 index fell by 0.7% to 7,983.86; and the FTSE 100 index declined by 0.5% to 8,241.45.
The yield on 10-year German bonds edged higher to 2.57%. French bonds inched higher to 3.07%; the UK gilts edged higher to 4.19%; and Italian bonds inched lower to 3.91%.
Temenos AG rallied 2.7% to CHF 60.0 after the Swiss software company announced a stock repurchase plan.
C&C Group declined 7.5% to 157.28 pence, and the company said its chief executive officer resigned from the company following the discovery of accounting errors.
Rexel SA decreased 0.5% to €26.95 after the distributor of electrical and ventilation products released its financial objectives ahead of its meeting with investors in Paris.
Bellway plc gained 1.7% to 2,828.0 pence after the home builder lifted its annual average selling price forecast.
Mining stocks continued to slide for the second consecutive week after China's import growth slowed to 1.8% in May.
Anglo American fell 0.9% to 2,391.0 pence, Glencore fell 1.7% to 469.20 pence, and Antofagasta dropped 2.4% to 2,161.0 pence.