Market Update
U.S. Movers: FedEX, Nike
Scott Peters
20 Dec, 2024
New York City
FedEx Corp. increased 6.8% to $294.30 after the parcel delivery company reported its quarterly results and announced spinning off its freight business.
Revenue in the fiscal second quarter was flat at $21.96 billion from $22.16 billion; net income edged down to $741 million from $900 million, and diluted earnings per share eased to $3.03 from $3.55 a year ago.
The company repurchased 3.7 million of its own shares for $1 billion in the quarter, and about $3.1 billion remained available under the current stock repurchase program.
FedEx said it plans to separate its freight business as a publicly listed company and complete the transaction over the next 18 months.
The parcel delivery company estimated fiscal 2025 revenue to be flat compared to the previous estimate of an increase in single-digit percentage.
The company estimated diluted earnings per share before the retirement plan-related adjustments. between $16.45 and $17.45, compared to the previous estimate between $19.0 and $20.0.
Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter sales declined and the company forecasted weaker sales in the fiscal third quarter.
Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier.
Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin.
The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter.
U.S. Movers: FedEX, Nike
Scott Peters
20 Dec, 2024
New York City
FedEx Corp. increased 6.8% to $294.30 after the parcel delivery company reported its quarterly results and announced spinning off its freight business.
Revenue in the fiscal second quarter was flat at $21.96 billion from $22.16 billion; net income edged down to $741 million from $900 million, and diluted earnings per share eased to $3.03 from $3.55 a year ago.
The company repurchased 3.7 million of its own shares for $1 billion in the quarter, and about $3.1 billion remained available under the current stock repurchase program.
FedEx said it plans to separate its freight business as a publicly listed company and complete the transaction over the next 18 months.
The parcel delivery company estimated fiscal 2025 revenue to be flat compared to the previous estimate of an increase in single-digit percentage.
The company estimated diluted earnings per share before the retirement plan-related adjustments. between $16.45 and $17.45, compared to the previous estimate between $19.0 and $20.0.
Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter results.
Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier.
Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin.
The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter.
S&P 500 and Nasdaq Composite Extend Weekly Losses to 3% Amid Looming Federal Government Shutdown
Barry Adams
20 Dec, 2024
New York City
Selling resumed on Wall Street after investors debated the Fed's latest interest rate outlook and the evolving political chaos in Washington.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.6%, and benchmark indexes extended weekly losses to 3%.
Market sentiment turned negative after the Republican Party-backed federal government spending bill failed to pass by a wide margin in the House.
The U.S. House members have few hours left to pass the federal government's spending bill and raise the debt limit to avert a total shutdown as early as today.
The proposed spending bill was rejected by 38 members of the Republican Party and failed to pass the House with 235 members voting against it and 174 in favor.
On the economic front, investors reviewed the latest update of the PCE price index, the preferred measure of inflation by policymakers.
The Personal Consumption Price Index in November accelerated as expected.
The annual PCE Price index increased to 2.4% from 2.3% in October, and the core index, which excludes food and energy, held steady at 2.8%, the U.S. Bureau of Economic Analysis reported Friday.
In December, the Federal Reserve revised its 2025 estimate of PCE inflation to 2.5% from 2.1% and core PCE price inflation to 2.5% from 2.2% previously estimated after the policy meeting in September.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.3% to 5,853.26, the Nasdaq Composite dropped 0.6% to 19,261.23, and the Russell 2000 index declined by 0.2% to 2,205.09.
The yield on 2-year Treasury notes edged lower to 4.29%, 10-year Treasury notes inched down to 4.54%, and 30-year Treasury bonds increased to 4.73%.
WTI crude oil decreased $0.29 to $69.08 a barrel, and natural gas prices edged up 7 cents to $3.65 a thermal unit.
Gold increased by $11.04 to $2,604.74 an ounce, and silver fell by $0.08 to $28.93.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.22 to 108.15.
U.S. Stock Movers
FedEx Corp. increased 6.8% to $294.30 after the parcel delivery company reported its quarterly results and announced spinning off its freight business.
Revenue in the fiscal second quarter was flat at $21.96 billion from $22.16 billion; net income edged down to $741 million from $900 million, and diluted earnings per share eased to $3.03 from $3.55 a year ago.
The company repurchased 3.7 million of its own shares for $1 billion in the quarter, and about $3.1 billion remained available under the current stock repurchase program.
FedEx said it plans to separate its freight business as a publicly listed company and complete the transaction over the next 18 months.
The parcel delivery company estimated fiscal 2025 revenue to be flat compared to the previous estimate of an increase in single-digit percentage.
The company estimated diluted earnings per share before the retirement plan-related adjustments. between $16.45 and $17.45, compared to the previous estimate between $19.0 and $20.0.
Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter results.
Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier.
Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin.
The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter.
S&P 500 and Nasdaq Composite Extend Weekly Losses to 3% Amid Looming Federal Government Shutdown
Barry Adams
20 Dec, 2024
New York City
Selling resumed on Wall Street after investors debated the Fed's latest interest rate outlook and the evolving political chaos in Washington.
The S&P 500 index decreased 1.1%, and the Nasdaq Composite declined 1.7%, and benchmark indexes extended weekly losses to 3%.
Market sentiment turned negative after the Republican Party-backed federal government spending bill failed to pass by a wide margin in the House.
The U.S. House members have few hours left to pass the federal government's spending bill and raise the debt limit to avert a total shutdown as early as today.
The proposed spending bill was rejected by 38 members of the Republican Party and failed to pass the House with 235 members voting against it and 174 in favor.
On the economic front, investors reviewed the latest update of the PCE price index, the preferred measure of inflation by policymakers.
The Personal Consumption Price Index in November accelerated as expected.
The annual PCE Price index increased to 2.4% from 2.3% in October, and the core index, which excludes food and energy, held steady at 2.8%, the U.S. Bureau of Economic Analysis reported Friday.
In December, the Federal Reserve revised its 2025 estimate of PCE inflation to 2.5% from 2.1% and core PCE price inflation to 2.5% from 2.2% previously estimated after the policy meeting in September.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 1.1% to 5,912.08, the Nasdaq Composite dropped 1.7% to 19,562.72, and the Russell 2000 index declined by 1.3% to 2,245.19.
The yield on 2-year Treasury notes edged lower to 4.29%, 10-year Treasury notes inched down to 4.54%, and 30-year Treasury bonds increased to 4.73%.
WTI crude oil decreased $0.29 to $69.08 a barrel, and natural gas prices edged up 7 cents to $3.65 a thermal unit.
Gold increased by $11.04 to $2,604.74 an ounce, and silver fell by $0.08 to $28.93.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.22 to 108.15.
U.S. Stock Movers
FedEx Corp. increased 6.8% to $294.30 after the parcel delivery company reported its quarterly results and announced spinning off its freight business.
Revenue in the fiscal second quarter was flat at $21.96 billion from $22.16 billion; net income edged down to $741 million from $900 million, and diluted earnings per share eased to $3.03 from $3.55 a year ago.
The company repurchased 3.7 million of its own shares for $1 billion in the quarter, and about $3.1 billion remained available under the current stock repurchase program.
FedEx said it plans to separate its freight business as a publicly listed company and complete the transaction over the next 18 months.
The parcel delivery company estimated fiscal 2025 revenue to be flat compared to the previous estimate of an increase in single-digit percentage.
The company estimated diluted earnings per share before the retirement plan-related adjustments. between $16.45 and $17.45, compared to the previous estimate between $19.0 and $20.0.
Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter results.
Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier.
Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin.
The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter.
Europe Movers: Banks, Credit Agricole, Delivery Hero, Mining Companies, Vehicle Makers
Inga Muller
20 Dec, 2024
Frankfurt
Stock market indexes in Europe extended weekly losses to over 3% after political chaos in the U.S. added to the region's political uncertainties.
The DAX index decreased by 1.2% to 19,736.01; the CAC-40 index fell by 1.0% to 7,224.0; and the FTSE 100 index inched lower by 0.9% to 8,031.30.
The yield on 10-year German bonds edged higher to 2.30%, French bonds held at 3.11%, the UK gilts decreased to 4.56%, and Italian bonds declined to 3.47%.
Banks were in focus after the euro traded down and bond yields turned volatile amid ongoing political turmoil in Germany and France.
Barclays, BNP Paribas, Commerzbank, Deutsche Bank, and UniCredit dropped between 1% and 3%.
Credit Agricole SA decreased 1.3% to €12.90 after the French bank announced the purchase of a 30.5% stake held by Banco Santander in its asset servicing subsidiary CACEIS.
Resource companies declined in Friday's trading after China's political leaders failed to follow through with a detailed implementation plan for the previously announced fiscal stimulus measures.
Antofagasta, Glencore, and Anglo American declined between 1% and 2%.
Passenger vehicle makers declined between 2% and 3% after the U.S. President-elect Donald Trump reiterated his earlier threat of imposing higher tariffs on goods imported from the European Union.
BMW AG declined 0.6% to €76.96, Mercedes-Benz Group AG fell 0.7% to €53.15, Volkswagen AG dropped 0.3% to €87.08, and Renault SA eased 0.4% to €45.94.
Delivery Hero SE dropped 1.8% to €27.08, and the German food delivery platform company appointed Anne Popp as new chief financial officer.
Europe Movers: Banks, Credit Agricole, Delivery Hero, Mining Companies, Vehicle Makers
Inga Muller
20 Dec, 2024
Frankfurt
Stock market indexes in Europe extended weekly losses to over 3% after political chaos in the U.S. added to the region's political uncertainties.
The DAX index decreased by 1.2% to 19,736.01; the CAC-40 index fell by 1.0% to 7,224.0; and the FTSE 100 index inched lower by 0.9% to 8,031.30.
The yield on 10-year German bonds edged higher to 2.30%, French bonds held at 3.11%, the UK gilts decreased to 4.56%, and Italian bonds declined to 3.47%.
Banks were in focus after the euro traded down and bond yields turned volatile amid ongoing political turmoil in Germany and France.
Barclays, BNP Paribas, Commerzbank, Deutsche Bank, and UniCredit dropped between 1% and 3%.
Credit Agricole SA decreased 1.3% to €12.90 after the French bank announced the purchase of a 30.5% stake held by Banco Santander in its asset servicing subsidiary CACEIS.
Resource companies declined in Friday's trading after China's political leaders failed to follow through with a detailed implementation plan for the previously announced fiscal stimulus measures.
Antofagasta, Glencore, and Anglo American declined between 1% and 2%.
Passenger vehicle makers declined between 2% and 3% after the U.S. President-elect Donald Trump reiterated his earlier threat of imposing higher tariffs on goods imported from the European Union.
BMW AG declined 0.6% to €76.96, Mercedes-Benz Group AG fell 0.7% to €53.15, Volkswagen AG dropped 0.3% to €87.08, and Renault SA eased 0.4% to €45.94.
Delivery Hero SE dropped 1.8% to €27.08, and the German food delivery platform company appointed Anne Popp as new chief financial officer.
European Markets Extend Weekly Losses to Over 3%, Germany's Producer Price Deflation Halts After 17 Months
Bridgette Randall
20 Dec, 2024
London
European stocks traded down in Friday's trading amid growing geopolitical uncertainties and rising political turmoil in the U.S.
Benchmark indexes in Frankfurt, Paris, Milan, and London fell more than 1% and extended weekly losses to between 3% and 4%, and political chaos engulfed Washington, D.C.
Political uncertainties rose after U.S. lawmakers failed to raise the federal government debt limit and avert a government shutdown as early as Friday, after president-elect Trump and his unelected billionaire backer imposed new last-minute demands.
The ensuing chaos is a preview of what is likely to be the next four years of Trump's presidency, putting investors on alert and dampening chances of any new agreements on funding for NATO and a trade deal.
Moreover, Trump said he plans to put more tariffs on European goods if the members of the currency union fail to import more oil and gas from the world's largest economy.
Closer to home, producer prices in Germany rebounded for the first time after falling in 17 previous months in a row.
The annual producer price inflation increased 0.1% in November, reversing a 1.1% decline in the previous month, the Federal Statistical Office, or Destatis, reported Friday.
The rebound in producer prices was largely driven by higher costs of machinery, motor vehicles, and parts.
The UK's retail sales growth slowed in November as the increase in basic item sales was overwhelmed by the decrease in discretionary items, including apparel.
The retail sales rose 0.5% from a year ago in November, slower than 2.0% in October, even though some retailers reported Black Friday sales started well in advance of the traditional start of the holiday season.
Europe Indexes and Yields
The DAX index decreased by 1.2% to 19,736.01; the CAC-40 index fell by 1.0% to 7,224.0; and the FTSE 100 index inched lower by 0.9% to 8,031.30.
The yield on 10-year German bonds edged higher to 2.30%, French bonds held at 3.11%, the UK gilts decreased to 4.56%, and Italian bonds declined to 3.47%.
The euro edged lower to $1.04; the British pound inched up to $1.24; and the U.S. dollar eased to 89.47 Swiss cents.
Brent crude decreased $0.74 to $72.11 a barrel, and the Dutch TTF natural gas rose by €0.01 to €43.54 per MWh.
Europe Stock Movers
Banks were in focus after the euro traded down and bond yields turned volatile amid ongoing political turmoil in Germany and France.
Barclays, BNP Paribas, Commerzbank, Deutsche Bank, and UniCredit dropped between 1% and 3%.
Credit Agricole SA decreased 1.3% to €12.90 after the French bank announced the purchase of a 30.5% stake held by Banco Santander in its asset servicing subsidiary CACEIS.
Resource companies declined in Friday's trading after China's political leaders failed to follow through with a detailed implementation plan for the previously announced fiscal stimulus measures.
Antofagasta, Glencore, and Anglo American declined between 1% and 2%.
Passenger vehicle makers declined between 2% and 3% after the U.S. President-elect Donald Trump reiterated his earlier threat of imposing higher tariffs on goods imported from the European Union.
BMW AG declined 0.6% to €76.96, Mercedes-Benz Group AG fell 0.7% to €53.15, Volkswagen AG dropped 0.3% to €87.08, and Renault SA eased 0.4% to €45.94.
Delivery Hero SE dropped 1.8% to €27.08, and the German food delivery platform company appointed Anne Popp as new chief financial officer.
European Markets Extend Weekly Losses to Over 3% as U.S. Government Shutdown Looms
Bridgette Randall
20 Dec, 2024
London
European stocks traded down in Friday's trading amid growing geopolitical uncertainties and rising political turmoil in the U.S.
Benchmark indexes in Frankfurt, Paris, Milan, and London fell more than 1% and extended weekly losses to between 3% and 4%, and political chaos engulfed Washington, D.C.
Political uncertainties rose after U.S. lawmakers failed to raise the federal government debt limit and avert a government shutdown as early as Friday, after president-elect Trump and his unelected billionaire backer imposed new last-minute demands.
The ensuing chaos is a preview of what is likely to be the next four years of Trump's presidency, putting investors on alert and dampening chances of any new agreements on funding for NATO and a trade deal.
Moreover, Trump said he plans to put more tariffs on European goods if the members of the currency union fail to import more oil and gas from the world's largest economy.
Closer to home, producer prices in Germany rebounded for the first time after falling in 17 previous months in a row.
The annual producer price inflation increased 0.1% in November, reversing a 1.1% decline in the previous month, the Federal Statistical Office, or Destatis, reported Friday.
The rebound in producer prices was largely driven by higher costs of machinery, motor vehicles, and parts.
The UK's retail sales growth slowed in November as the increase in basic item sales was overwhelmed by the decrease in discretionary items, including apparel.
The retail sales rose 0.5% from a year ago in November, slower than 2.0% in October, even though some retailers reported Black Friday sales started well in advance of the traditional start of the holiday season.
Europe Indexes and Yields
The DAX index decreased by 1.2% to 19,736.01; the CAC-40 index fell by 1.0% to 7,224.0; and the FTSE 100 index inched lower by 0.9% to 8,031.30.
The yield on 10-year German bonds edged higher to 2.30%, French bonds held at 3.11%, the UK gilts decreased to 4.56%, and Italian bonds declined to 3.47%.
The euro edged lower to $1.04; the British pound inched up to $1.24; and the U.S. dollar eased to 89.47 Swiss cents.
Brent crude decreased $0.74 to $72.11 a barrel, and the Dutch TTF natural gas rose by €0.01 to €43.54 per MWh.
Europe Stock Movers
Banks were in focus after the euro traded down and bond yields turned volatile amid ongoing political turmoil in Germany and France.
Barclays, BNP Paribas, Commerzbank, Deutsche Bank, and UniCredit dropped between 1% and 3%.
Credit Agricole SA decreased 1.3% to €12.90 after the French bank announced the purchase of a 30.5% stake held by Banco Santander in its asset servicing subsidiary CACEIS.
Resource companies declined in Friday's trading after China's political leaders failed to follow through with a detailed implementation plan for the previously announced fiscal stimulus measures.
Antofagasta, Glencore, and Anglo American declined between 1% and 2%.
Passenger vehicle makers declined between 2% and 3% after the U.S. President-elect Donald Trump reiterated his earlier threat of imposing higher tariffs on goods imported from the European Union.
BMW AG declined 0.6% to €76.96, Mercedes-Benz Group AG fell 0.7% to €53.15, Volkswagen AG dropped 0.3% to €87.08, and Renault SA eased 0.4% to €45.94.
Delivery Hero SE dropped 1.8% to €27.08, and the German food delivery platform company appointed Anne Popp as new chief financial officer.
Japan's Consumer Price Inflation Accelerated In November, Yen Held at 5-Month Low
Akira Ito
20 Dec, 2024
Tokyo
Stock market indexes in Tokyo closed down after consumer price inflation accelerated and rose to a three-month high.
The Nikkei 225 stock average decreased 0.3%, and the Topix index fell 0.4%, and benchmark indexes extended losses for the seventh session in a row.
The annual consumer price inflation rose to 2.9% in November from 2.3% in the previous month, the Ministry of Internal Affairs & Communications said on Friday.
Food price inflation accelerated to an eight-month high of 4.8% from 3.5%, electricity prices advanced 9.9% from 4.0%, and gas prices jumped 5.6% from 3.5% after the ending of subsidies in May.
The core rate of inflation, which excludes volatile food and energy prices, increased to a three-month high of 2.7% from 2.3% in October.
Overall monthly inflation rose to a 13-month high of 0.6%.
The latest inflation data supports the case for the Bank of Japan to increase interest rates at the next meeting in late January, as the central bank took a cautious approach and awaited more data.
On Thursday, the Bank of Japan held its policy rate at 0.25% and said it needs more time in assessing wage trends, the global trade landscape, and policies of the incoming presidential administration in the U.S.
The yen traded down to 156.88 against the U.S. dollar after the BoJ held its rates steady and the U.S. Federal Reserve signaled slower rate cuts in 2025.
Japan Stock Movers
The Nikkei 225 Stock Average closed down 0.3% to 38,701.90, and the broader Topix index declined 0.4% to 2,701.99.
For the week, the Nikkei 225 stock average fell 2.2%, and the Topix index decreased 1.6%.
Technology and consumer-related stocks led the decliners in Tokyo trading.
Tokyo Electron Ltd. declined 0.6% to ¥23,300.0, Advantest Corp. fell 0.9% to ¥8,609.0, Screen Holdings Co. Ltd. eased 0.3% to ¥9,278.0, and Lasertec dropped 2.6% to ¥14,800.0.
Fast Retailing Co. Ltd. jumped 0.1% to ¥52,770.0, Isetan Mitsukoshi Holdings gained 2.9% to ¥2,431.0, and Seven & I Holdings dropped 3% to ¥2,416.0.
Nissan Motor declined 0.4% to ¥443.0, and Honda Motor Co. Ltd advanced 0.8% to ¥1,229.50 after two companies confirmed preliminary merger talks amid rising global competition and market shifts to hybrid and electric vehicles.
Japan's Consumer Price Inflation Accelerated In November, Yen Held at
Akira Ito
20 Dec, 2024
Tokyo
Stock market indexes in Tokyo closed down after consumer price inflation accelerated and rose to a three-month high.
The Nikkei 225 stock average decreased 0.3%, and the Topix index fell 0.4%, and benchmark indexes extended losses for the seventh session in a row.
The annual consumer price inflation rose to 2.9% in November from 2.3% in the previous month, the Ministry of Internal Affairs & Communications said on Friday.
Food price inflation accelerated to an eight-month high of 4.8% from 3.5%, electricity prices advanced 9.9% from 4.0%, and gas prices jumped 5.6% from 3.5% after the ending of subsidies in May.
The core rate of inflation, which excludes volatile food and energy prices, increased to a three-month high of 2.7% from 2.3% in October.
Overall monthly inflation rose to a 13-month high of 0.6%.
The latest inflation data supports the case for the Bank of Japan to increase interest rates at the next meeting in late January, as the central bank took a cautious approach and awaited more data.
On Thursday, the Bank of Japan held its policy rate at 0.25% and said it needs more time in assessing wage trends, the global trade landscape, and policies of the incoming presidential administration in the U.S.
The yen traded down to 156.88 against the U.S. dollar after the BoJ held its rates steady and the U.S. Federal Reserve signaled slower rate cuts in 2025.
Japan Stock Movers
The Nikkei 225 Stock Average closed down 0.3% to 38,701.90, and the broader Topix index declined 0.4% to 2,701.99.
For the week, the Nikkei 225 stock average fell 2.2%, and the Topix index decreased 1.6%.
Technology and consumer-related stocks led the decliners in Tokyo trading.
Tokyo Electron Ltd. declined 0.6% to ¥23,300.0, Advantest Corp. fell 0.9% to ¥8,609.0, Screen Holdings Co. Ltd. eased 0.3% to ¥9,278.0, and Lasertec dropped 2.6% to ¥14,800.0.
Fast Retailing Co. Ltd. jumped 0.1% to ¥52,770.0, Isetan Mitsukoshi Holdings gained 2.9% to ¥2,431.0, and Seven & I Holdings dropped 3% to ¥2,416.0.
Nissan Motor declined 0.4% to ¥443.0, and Honda Motor Co. Ltd advanced 0.8% to ¥1,229.50 after two companies confirmed preliminary merger talks amid rising global competition and market shifts to hybrid and electric vehicles.
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Akira Ito
20 Dec, 2024
Buenos Aires
China and Hong Kong Indexes Drift Lower and Extend Weekly Losses, PBOC Holds Loan Prime Rates
Li Chen
20 Dec, 2024
Hong Kong
Stock market indexes in China and Hong Kong traded around the flatline amid a lack of catalysts.
The Hang Seng index edged higher 0.1%, and the mainland-focused CSI 300 index decreased 0.5% in volatile trading, and benchmark indexes erased gains of the week to close down 1% and 0.1%, respectively.
Investors have been on the back foot after Beijing's policymakers showed little urgency in implementing wide-ranging fiscal stimulus measures, announced with much fanfare in late September.
The People's Bank of China held its short- and medium-term interest rates steady as officials promised looser monetary policy and more "proactive" fiscal measures.
The loan prime rate for one year was held at 3.1%, and for five years at 3.6%, and both rates are at record lows following the latest reductions in October and July.
Chinese leaders in early December announced plans to increase the 2025 budget deficit to a new record high of 4% to revive economic growth and stimulate consumption.
However, those announcements have faced a wall of skepticism amid the central government's whopping debt load and few details of implementation plans in the imminent future.
China Stock Movers
The Hang Seng index increased 0.1% to 19,770.90, and the mainland-focused CSI 300 index decreased 0.5% to 3,926.58.
Tencent Holdings Ld. jumped 3.3% to HK $428.60 after the company announced a test function on the WeChat-operated shopping platform to gift less than 10,000 yuan, or about $1.375.
After the announcement, Tencent's leading competitors traded down.
Alibaba Group Holding Ltd. decreased 3.3% to HK $80.25, JD.com fell 2.4% to HK $138.30, and Kuaishou Technology dropped 4.9% to HK $43.0.
CK Hutchison Holdings Ltd. declined 0.4% to HK $40.70 after local reports said that the company's Italian mobile telephony unit is investigated for the alleged tax avoidance while selling its assets for €3.4 billion to Cellnex Telecom.
Three newly listed companies on the Hong Kong Stock Exchange and Shenzhen Stock Exchange jumped on the first day of trading.
Xiaocaiyuan International rose 4% to HK$8.80, and BBK Test Systems jumped 155% to 98.61 yuan, and Zhejiang Lanyu Digital Technology surged 250% to 84.99 yuan in Shenzhen.