Market Update
Tech Rally Powers U.S. Indexes Advance to Fifth Consecutive Week
Alexander Garcia
16 Dec, 2024
Miami
Stocks advanced in Monday's trading after tech artificial intelligence enthusiasm lifted a narrow list of stocks.
The S&P 500 index gained 0.4% and the Nasdaq Composite advanced 0.6%, and investors extended 4-week rally in tech stocks.
Broadcom surged 7%, Nvidia decreased 2.4%, AMD fell 0.3%, Amazon.com advanced 1.5%, Meta Platforms gained 0.6%, and Meta Platforms inched higher 0.2%.
n the year-to-Friday's close, the S&P 500 index has advanced 26.8%, the Nasdaq Composite gained 32.7%, the Dow Jones Industrial Average jumped 16.2%, and the Russell 2000 index increased 16.6%.
Investors awaited rate decisions from eight central banks around the world.
The Federal Reserve is scheduled to announce its rate decisions, and investors are anticipating a rate cut of 25 basis points, lowering rates for the third time this year.
The Bank of England is likely to lower its key policy rates for the second time in a row, but the Bank of Japan may hold off its rate increase until its first meeting in 2025.
In addition, central banks of Sweden, Norway, Thailand, Indonesia, and the Philippines are set to release their rate decisions later this week.
Closer to home, investors are looking forward to the release of U.S. housing starts and completions, building permits, and existing home sales.
New home sales are struggling amid affordability issues and elevated mortgage rates, and existing home sales in November are likely to confirm low inventory of available homes for sale and new record high median and average home prices.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.4% to 6,071.30, the Nasdaq Composite rose 0.8% to 20,081.60, and the Russell 2000 index rose by 0.6% to 2,360.50.
The yield on 2-year Treasury notes edged higher to 4.18%, 10-year Treasury notes inched up to 4.30%, and 30-year Treasury bonds increased to 4.52%.
WTI crude oil decreased $0.66 to $70.62 a barrel, and natural gas prices edged down 11 cents to $3.16 a thermal unit.
Gold decreased by $12.68 to $2,659.98 an ounce, and silver rose by $0.20 to $30.67.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.02 to 106.97.
U.S. Stock Movers
Nasdaq announced changes to its 100 index stocks effective next Monday.
Illumina, Super Micro Computer, and Moderna will be replaced by MicroStrategy, Palantir Technologies, and Axon Enterprise.
The changes will be reflected prior to market opening on December 23.
Broadcom jumped 3.5% to $232.60 and extended the previous week's sharp gains amid optimism about the company's artificial intelligence segment revenue growth.
Super Micro Computer plunged 11.5% to $32.15 following a Bloomberg News report that the computer server company is likely to retain investment bank Evercore to raise additional capital through the sale of equity and debt.
Eurozone Business Activities Remain In Contraction, Only Moody's Cut France's Debt Rating
European markets struggled to stay above the flatline, and France's credit rating was downgraded.
Benchmark indexes in Paris extended the previous week's losses after Moody's Investors Service lowered its rating on French government debt by one notch, citing political instability and the lack of progress in lowering government debt.
Moody's lowered its long-term debt outlook to Aa3 from Aa2, and over the weekend President Emmanuel Macron appointed the fourth prime minister this year.
France's latest spate of trouble began after the sharply divided National Assembly rejected the proposed social security budget, which led to the passage of a no-confidence vote against Prime Minister Michel Barnier's government.
France’s public finances will be substantially weakened over the coming years, and "this is because political fragmentation is more likely to impede meaningful fiscal consolidation,” said Moody's in a note released to investors.
S&P Global has so far not reacted to France's ongoing political turmoil, but the rating agency is likely to revise its debt rating opinion about France's long-term financial outlook.
The Bank of England is expected to cut its rates by 25 basis points on Thursday following a rate cut in November, and Sweden and Norway are set to announce their monetary policy decisions later this week.
In addition, manufacturing surveys in France and Germany are expected to show contraction amid falling demand growth.
The Flash HCOB Eurozone Composite PMI edged higher to 49.5 in December from 48.3 in November, S&P Global reported Monday.
Business activities, which include manufacturing and service activities, contracted for the second month in a row, but the decline eased amid a rebound in the service sector activities to 51.4 from 49.5 in the previous month.
Any reading above 50 indicates expansion, and below 50 shows contraction.
The manufacturing sector remained, and the index of activities was unchanged from the previous month at 45.2.
The overall drop in business activity was driven by the weakness in Germany and France, the Eurozone's two largest economies; however, the rest of the members in the currency union showed output growth.
Europe Indexes and Yields
The DAX index decreased by 0.5% to 20,313.76; the CAC-40 index fell by 0.7% to 7,354.66; and the FTSE 100 index inched lower by 0.5% to 8,262.03.
The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 3.02%, the UK gilts increased to 4.39%, and Italian bonds increased to 3.39%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar advanced to 89.21 Swiss cents.
Brent crude decreased $0.72 to $73.77 a barrel, and the Dutch TTF natural gas rose by €1.34 to €39.80 per MWh.
Europe Stock Movers
Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group.
Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris.
Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024.
The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years.
Entain PLC dropped 6% to 765.40 pence after the parent company of Ladbrokes is facing an anti-money laundering investigation in Australia.
Ricardo PLC gained 1.3% to 407.0 pence after the environmental and engineering consulting company's Australian unit agreed to acquire 85% of E3 Advisory for A$101.4 million or £51 million.
Porsche Automobil Holding SE dropped 2.3% to €35.15 after the company withdrew its 2024 earnings outlook, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.
China's Retail Sales Growth Slowed and Property Investment Decline Deepened In November
Stock market indexes in China and Hong Kong declined in Monday's trading after a raft of mixed economic data confirmed the continuing deflationary trend.
The Hang Seng index decreased 1.1%, and the CSI 300 index dropped 1% after retail sales growth slowed and property market investment decline deepened.
China's annual retail sales growth in November slowed to 3.0% from 4.8% in October, the National Bureau of Statistics reported over the weekend.
China's annual fixed-asset investment growth slowed to 3.3% this year to November from 3.3% in the period to October, the statistical bureau reported.
Fixed-asset investment has been slowing from the peak of 4.5% in March, amid weak earnings growth and persistent worries about a lack of domestic demand growth.
Real estate investment, closely watched by investors, fell 10.4% between January and November, slightly faster than the 10.3% decline in the ten months to October.
China's new home prices continued to slide for the 17th month in a row amid a lack of demand and worries about the health of the real estate developers.
New home prices across the 70 largest cities in China declined 5.4% in November, slower than a nine-year low of 5.9% in the previous month.
New home sales and prices continue to struggle, despite the Chinese authorities announcing a slew of measures to revive market activities, including lowering mortgage rates for first-time buyers.
New home prices declined in Beijing by 5.3% compared to 4.9%, in Guangzhou by 9.1% from 10.4%, and in Shenzhen by 7.1% from 8.1% in October, respectively.
However, new home prices rose in Shanghai by 5%, matching the rate of increase in the previous month.
China's industrial output expanded at an annual pace of 5.4% in November, driven by a faster increase in manufacturing, according to the latest update from the statistical bureau.
Industrial output increased from 5.3% in October, after manufacturing expanded at an annual rate of 6% compared to 5.4% in October.
In the first eleven months of the year, industrial production rose 5.8%, driven by increases in manufacturing and mining.
China Stock Movers
The Hang Seng index decreased 1.1% to 19,760.77, and the CSI 300 index fell 0.5% to 3,911.84.
CNOOC Ltd. increased 0.8% to HK $17.82, and the energy exploration company agreed to sell its oil and gas assets in the Gulf of Mexico to the UK-based chemical company Ineos.
Property developers declined after the release of the latest economic data.
China Vanke Ltd. decreased 2.2% to HK $6.02, China Resources Land Ltd. dropped 2.5% to HK $22.85, and Longfor Group fell 4.6% to HK $10.18.
investors Await Rate Decisions from Federal Reserve and Seven Central Banks
Barry Adams
16 Dec, 2024
New York City
Stocks advanced in early trading, and investors awaited rate decisions from eight central banks around the world.
The Federal Reserve is scheduled to announce its rate decisions, and investors are anticipating a rate cut of 25 basis points, lowering rates for the third time this year.
The Bank of England is likely to lower its key policy rates for the second time in a row, but the Bank of Japan may hold off its rate increase until its first meeting in 2025.
In addition, central banks of Sweden, Norway, Thailand, Indonesia, and the Philippines are set to release their rate decisions later this week.
Closer to home, investors are looking forward to the release of U.S. housing starts and completions, building permits, and existing home sales.
New home sales are struggling amid affordability issues and elevated mortgage rates, and existing home sales in November are likely to confirm low inventory of available homes for sale and new record high median and average home prices.
In the year-to-Friday's close, the S&P 500 index has advanced 26.8%, the Nasdaq Composite gained 32.7%, the Dow Jones Industrial Average jumped 16.2%, and the Russell 2000 index increased 16.6%.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.6% to 6,074.25, the Nasdaq Composite rose 0.6% to 20,073.25, and the Russell 2000 index rose by 0.1% to 2,384.48.
The yield on 2-year Treasury notes edged higher to 4.18%, 10-year Treasury notes inched up to 4.30%, and 30-year Treasury bonds increased to 4.52%.
WTI crude oil decreased $0.66 to $70.62 a barrel, and natural gas prices edged down 11 cents to $3.16 a thermal unit.
Gold decreased by $12.68 to $2,659.98 an ounce, and silver rose by $0.20 to $30.67.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.02 to 106.97.
U.S. Stock Movers
Nasdaq announced changes to its 100 index stocks effective next Monday.
Illumina, Super Micro Computer, and Moderna will be replaced by MicroStrategy, Palantir Technologies, and Axon Enterprise.
The changes will be reflected prior to market opening on December 23.
Broadcom jumped 3.5% to $232.60 and extended the previous week's sharp gains amid optimism about the company's artificial intelligence segment revenue growth.
Super Micro Computer plunged 11.5% to $32.15 following a Bloomberg News report that the computer server company is likely to retain investment bank Evercore to raise additional capital through the sale of equity and debt.
investors Await Rate Decisions from Federal Reserve and Seven Central Banks
Barry Adams
16 Dec, 2024
New York City
Stocks advanced in early trading, and investors awaited rate decisions from eight central banks around the world.
The Federal Reserve is scheduled to announce its rate decisions, and investors are anticipating a rate cut of 25 basis points, lowering rates for the third time this year.
The Bank of England is likely to lower its key policy rates for the second time in a row, but the Bank of Japan may hold off its rate increase until its first meeting in 2025.
In addition, central banks of Sweden, Norway, Thailand, Indonesia, and the Philippines are set to release their rate decisions later this week.
Closer to home, investors are looking forward to the release of U.S. housing starts and completions, building permits, and existing home sales.
New home sales are struggling amid affordability issues and elevated mortgage rates, and existing home sales in November are likely to confirm low inventory of available homes for sale and new record high median and average home prices.
In the year-to-Friday's close, the S&P 500 index has advanced 26.8%, the Nasdaq Composite gained 32.7%, the Dow Jones Industrial Average jumped 16.2%, and the Russell 2000 index increased 16.6%.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.6% to 6,074.25, the Nasdaq Composite rose 0.5% to 20,607.16, and the Russell 2000 index rose by 0.1% to 2,384.48.
The yield on 2-year Treasury notes edged higher to 4.18%, 10-year Treasury notes inched up to 4.30%, and 30-year Treasury bonds increased to 4.52%.
WTI crude oil decreased $0.66 to $70.62 a barrel, and natural gas prices edged down 11 cents to $3.16 a thermal unit.
Gold decreased by $12.68 to $2,659.98 an ounce, and silver rose by $0.20 to $30.67.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.02 to 106.97.
U.S. Stock Movers
Nasdaq announced changes to its 100 index stocks effective next Monday.
Illumina, Super Micro Computer, and Moderna will be replaced by MicroStrategy, Palantir Technologies, and Axon Enterprise.
The changes will be reflected prior to market opening on December 23.
Broadcom jumped 3.5% to $232.60 and extended the previous week's sharp gains amid optimism about the company's artificial intelligence segment revenue growth.
Super Micro Computer plunged 11.5% to $32.15 following a Bloomberg News report that the computer server company is likely to retain investment bank Evercore to raise additional capital through the sale of equity and debt.
NYC MONDAY
Barry Adams
16 Dec, 2024
New York City
In the week ahead, the Federal Reserve is scheduled to announce its rate decisions, and investors are anticipating a rate cut of 25 basis points, lowering rates for the third time this year.
Housing starts and completions, and building permits, and existing home sales are also scheduled to be released this week.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 6,071.79, the Nasdaq Composite fell 0.1% to 20,001.43, and the Russell 2000 index fell by 1.4% to 2,361.08.
The yield on 2-year Treasury notes edged higher to 4.18%, 10-year Treasury notes inched up to 4.30%, and 30-year Treasury bonds increased to 4.52%.
WTI crude oil decreased $0.66 to $70.62 a barrel, and natural gas prices edged down 11 cents to $3.16 a thermal unit.
Gold decreased by $12.68 to $2,659.98 an ounce, and silver rose by $0.20 to $30.67.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.02 to 106.97.
U.S. Stock Movers
Europe Movers: Canal+, Entain, Havas, Louis Hachette, Porsche Automobil, Ricardo, Vivendi
Inga Muller
16 Dec, 2024
Frankfurt
Despite the political turmoil and no hope of any meaningful improvement in France's finances in the imminent future, S&P Global and Fitch fail to adjust France's debt rating.
The DAX index decreased by 0.4% to 20,330.46; the CAC-40 index fell by 0.9% to 7,347.56; and the FTSE 100 index inched lower by 0.5% to 8,265.83.
The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 3.02%, the UK gilts increased to 4.39%, and Italian bonds increased to 3.39%.
Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group.
Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris.
Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024.
The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years.
Entain PLC dropped 6% to 765.40 pence after the parent company of Ladbrokes is facing an anti-money laundering investigation in Australia.
Ricardo PLC gained 1.3% to 407.0 pence after the environmental and engineering consulting company's Australian unit agreed to acquire 85% of E3 Advisory for A$101.4 million or £51 million.
Porsche Automobil Holding SE dropped 2.3% to €35.15 after the company withdrew its 2024 earnings outlook, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.
Europe Movers: Canal+, Entain, Havas, Louis Hachette, Porsche Automobil, Ricardo, Vivendi
Inga Muller
16 Dec, 2024
Frankfurt
Despite the political turmoil and no hope of any meaningful improvement in France's finances in the imminent future, S&P Global and Fitch fail to adjust France's debt rating.
The DAX index decreased by 0.4% to 20,330.46; the CAC-40 index fell by 0.9% to 7,347.56; and the FTSE 100 index inched lower by 0.5% to 8,265.83.
The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 3.02%, the UK gilts increased to 4.39%, and Italian bonds increased to 3.39%.
Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group.
Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris.
Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024.
The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years.
Entain PLC dropped 6% to 765.40 pence after the parent company of Ladbrokes is facing an anti-money laundering investigation in Australia.
Ricardo PLC gained 1.3% to 407.0 pence after the environmental and engineering consulting company's Australian unit agreed to acquire 85% of E3 Advisory for A$101.4 million or £51 million.
Porsche Automobil Holding SE dropped 2.3% to €35.15 after the company withdrew its 2024 earnings outlook, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.
Eurozone Business Activities Remain In Contraction, Only Moody's Cut France's Debt Rating
Bridgette Randall
16 Dec, 2024
London
European markets struggled to stay above the flatline, and France's credit rating was downgraded.
Benchmark indexes in Paris extended the previous week's losses after Moody's Investors Service lowered its rating on French government debt by one notch, citing political instability and the lack of progress in lowering government debt.
Moody's lowered its long-term debt outlook to Aa3 from Aa2, and over the weekend President Emmanuel Macron appointed the fourth prime minister this year.
France's latest spate of trouble began after the sharply divided National Assembly rejected the proposed social security budget, which led to the passage of a no-confidence vote against Prime Minister Michel Barnier's government.
France’s public finances will be substantially weakened over the coming years, and "this is because political fragmentation is more likely to impede meaningful fiscal consolidation,” said Moody's in a note released to investors.
S&P Global has so far not reacted to France's ongoing political turmoil, but the rating agency is likely to revise its debt rating opinion about France's long-term financial outlook.
The Bank of England is expected to cut its rates by 25 basis points on Thursday following a rate cut in November, and Sweden and Norway are set to announce their monetary policy decisions later this week.
In addition, manufacturing surveys in France and Germany are expected to show contraction amid falling demand growth.
The Flash HCOB Eurozone Composite PMI edged higher to 49.5 in December from 48.3 in November, S&P Global reported Monday.
Business activities, which include manufacturing and service activities, contracted for the second month in a row, but the decline eased amid a rebound in the service sector activities to 51.4 from 49.5 in the previous month.
Any reading above 50 indicates expansion, and below 50 shows contraction.
The manufacturing sector remained, and the index of activities was unchanged from the previous month at 45.2.
The overall drop in business activity was driven by the weakness in Germany and France, the Eurozone's two largest economies; however, the rest of the members in the currency union showed output growth.
Europe Indexes and Yields
The DAX index decreased by 0.4% to 20,330.46; the CAC-40 index fell by 0.9% to 7,347.56; and the FTSE 100 index inched lower by 0.5% to 8,265.83.
The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 3.02%, the UK gilts increased to 4.39%, and Italian bonds increased to 3.39%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar advanced to 89.21 Swiss cents.
Brent crude decreased $0.79 to $73.69 a barrel, and the Dutch TTF natural gas rose by €1.17 to €39.98 per MWh.
Europe Stock Movers
Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group.
Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris.
Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024.
The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years.
Entain PLC dropped 6% to 765.40 pence after the parent company of Ladbrokes is facing an anti-money laundering investigation in Australia.
Ricardo PLC gained 1.3% to 407.0 pence after the environmental and engineering consulting company's Australian unit agreed to acquire 85% of E3 Advisory for A$101.4 million or £51 million.
Porsche Automobil Holding SE dropped 2.3% to €35.15 after the company withdrew its 2024 earnings outlook, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.
Eurozone Business Activities Remain In Contraction, Only Moody's Cut France's Debt Rating
Bridgette Randall
16 Dec, 2024
London
European markets struggled to stay above the flatline, and France's credit rating was downgraded.
Benchmark indexes in Paris extended the previous week's losses after Moody's Investors Service lowered its rating on French government debt by one notch, citing political instability and the lack of progress in lowering government debt.
Moody's lowered its long-term debt outlook to Aa3 from Aa2, and over the weekend President Emmanuel Macron appointed the fourth prime minister this year.
France's latest spate of trouble began after the sharply divided National Assembly rejected the proposed social security budget, which led to the passage of a no-confidence vote against Prime Minister Michel Barnier's government.
France’s public finances will be substantially weakened over the coming years, and "this is because political fragmentation is more likely to impede meaningful fiscal consolidation,” said Moody's in a note released to investors.
S&P Global has so far not reacted to France's ongoing political turmoil, but the rating agency is likely to revise its debt rating opinion about France's long-term financial outlook.
The Bank of England is expected to cut its rates by 25 basis points on Thursday following a rate cut in November, and Sweden and Norway are set to announce their monetary policy decisions later this week.
In addition, manufacturing surveys in France and Germany are expected to show contraction amid falling demand growth.
The Flash HCOB Eurozone Composite PMI edged higher to 49.5 in December from 48.3 in November, S&P Global reported Monday.
Business activities, which include manufacturing and service activities, contracted for the second month in a row, but the decline eased amid a rebound in the service sector activities to 51.4 from 49.5 in the previous month.
Any reading above 50 indicates expansion, and below 50 shows contraction.
The manufacturing sector remained, and the index of activities was unchanged from the previous month at 45.2.
The overall drop in business activity was driven by the weakness in Germany and France, the Eurozone's two largest economies; however, the rest of the members in the currency union showed output growth.
Europe Indexes and Yields
The DAX index decreased by 0.4% to 20,330.46; the CAC-40 index fell by 0.9% to 7,347.56; and the FTSE 100 index inched lower by 0.5% to 8,265.83.
The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 3.02%, the UK gilts increased to 4.39%, and Italian bonds increased to 3.39%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar advanced to 89.21 Swiss cents.
Brent crude decreased $0.79 to $73.69 a barrel, and the Dutch TTF natural gas rose by €1.17 to €39.98 per MWh.
Europe Stock Movers
Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group.
Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris.
Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024.
The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years.
Entain PLC dropped 6% to 765.40 pence after the parent company of Ladbrokes is facing an anti-money laundering investigation in Australia.
Ricardo PLC gained 1.3% to 407.0 pence after the environmental and engineering consulting company's Australian unit agreed to acquire 85% of E3 Advisory for A$101.4 million or £51 million.
Porsche Automobil Holding SE dropped 2.3% to €35.15 after the company withdrew its 2024 earnings outlook, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.
China's Retail Sales Growth Slowed and Property Investment Decline Deepened In November
Li Chen
16 Dec, 2024
Hong Kong
Stock market indexes in China and Hong Kong declined in Monday's trading after a raft of mixed economic data confirmed the continuing deflationary trend.
The Hang Seng index decreased 1.1%, and the CSI 300 index dropped 1% after retail sales growth slowed and property market investment decline deepened.
China's annual retail sales growth in November slowed to 3.0% from 4.8% in October, the National Bureau of Statistics reported over the weekend.
China's annual fixed-asset investment growth slowed to 3.3% this year to November from 3.3% in the period to October, the statistical bureau reported.
Fixed-asset investment has been slowing from the peak of 4.5% in March, amid weak earnings growth and persistent worries about a lack of domestic demand growth.
Real estate investment, closely watched by investors, fell 10.4% between January and November, slightly faster than the 10.3% decline in the ten months to October.
China's new home prices continued to slide for the 17th month in a row amid a lack of demand and worries about the health of the real estate developers.
New home prices across the 70 largest cities in China declined 5.4% in November, slower than a nine-year low of 5.9% in the previous month.
New home sales and prices continue to struggle, despite the Chinese authorities announcing a slew of measures to revive market activities, including lowering mortgage rates for first-time buyers.
New home prices declined in Beijing by 5.3% compared to 4.9%, in Guangzhou by 9.1% from 10.4%, and in Shenzhen by 7.1% from 8.1% in October, respectively.
However, new home prices rose in Shanghai by 5%, matching the rate of increase in the previous month.
China's industrial output expanded at an annual pace of 5.4% in November, driven by a faster increase in manufacturing, according to the latest update from the statistical bureau.
Industrial output increased from 5.3% in October, after manufacturing expanded at an annual rate of 6% compared to 5.4% in October.
In the first eleven months of the year, industrial production rose 5.8%, driven by increases in manufacturing and mining.
China Stock Movers
The Hang Seng index decreased 1.1% to 19,760.77, and the CSI 300 index fell 0.5% to 3,911.84.
CNOOC Ltd. increased 0.8% to HK $17.82, and the energy exploration company agreed to sell its oil and gas assets in the Gulf of Mexico to the UK-based chemical company Ineos.
Property developers declined after the release of the latest economic data.
China Vanke Ltd. decreased 2.2% to HK $6.02, China Resources Land Ltd. dropped 2.5% to HK $22.85, and Longfor Group fell 4.6% to HK $10.18.
China's Retail Sales Growth Slowed and Property Investment Decline Deepened In November
Li Chen
16 Dec, 2024
Hong Kong
Stock market indexes in China and Hong Kong declined in Monday's trading after a raft of mixed economic data confirmed the continuing deflationary trend.
The Hang Seng index decreased 1.1%, and the CSI 300 index dropped 1% after retail sales growth slowed and property market investment decline deepened.
China's annual retail sales growth in November slowed to 3.0% from 4.8% in October, the National Bureau of Statistics reported over the weekend.
China's annual fixed-asset investment growth slowed to 3.3% this year to November from 3.3% in the period to October, the statistical bureau reported.
Fixed-asset investment has been slowing from the peak of 4.5% in March, amid weak earnings growth and persistent worries about a lack of domestic demand growth.
Real estate investment, closely watched by investors, fell 10.4% between January and November, slightly faster than the 10.3% decline in the ten months to October.
China's new home prices continued to slide for the 17th month in a row amid a lack of demand and worries about the health of the real estate developers.
New home prices across the 70 largest cities in China declined 5.4% in November, slower than a nine-year low of 5.9% in the previous month.
New home sales and prices continue to struggle, despite the Chinese authorities announcing a slew of measures to revive market activities, including lowering mortgage rates for first-time buyers.
New home prices declined in Beijing by 5.3% compared to 4.9%, in Guangzhou by 9.1% from 10.4%, and in Shenzhen by 7.1% from 8.1% in October, respectively.
However, new home prices rose in Shanghai by 5%, matching the rate of increase in the previous month.
China's industrial output expanded at an annual pace of 5.4% in November, driven by a faster increase in manufacturing, according to the latest update from the statistical bureau.
Industrial output increased from 5.3% in October, after manufacturing expanded at an annual rate of 6% compared to 5.4% in October.
In the first eleven months of the year, industrial production rose 5.8%, driven by increases in manufacturing and mining.
China Stock Movers
The Hang Seng index decreased 1.1% to 19,760.77, and the CSI 300 index fell 0.5% to 3,911.84.
CNOOC Ltd. increased 0.8% to HK $17.82, and the energy exploration company agreed to sell its oil and gas assets in the Gulf of Mexico to the UK-based chemical company Ineos.
Property developers declined after the release of the latest economic data.
China Vanke Ltd. decreased 2.2% to HK $6.02, China Resources Land Ltd. dropped 2.5% to HK $22.85, and Longfor Group fell 4.6% to HK $10.18.
India Movers: Aeroflex, Afcon, Dixon Technologies, Happy Forgings, Mazagon Dock, RITES, Zinka Technologies
Arun Goswami
16 Dec, 2024
Mumbai
Stock market indexes in Mumbai struggled to advance amid a cautious earnings outlook for the second half in the current financial year.
The Sensex index decreased by 0.5% to 81,700.21, and the Nifty index declined by 0.5% to 24,641.35.
On the Mumbai stock exchange, 270 stocks traded at their 52-week highs, and 18 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.79%, and the Indian rupee eased to 84.83 against the U.S. dollar.
Afcon Infrastructure Limited increased 5.1% to ₹548.95 after the company won a ₹1,007 crore project from Madhya Pradesh Metro Rail Corporation.
Happy Forgings Ltd. decreased 0.8% to ₹1,039.55, and the company won an order to supply crankshafts for ₹140 crore.
RITES Ltd. rose 2.7% to ₹304.30 after the company won an order from the Ministry of External Affairs for constructing an Integrated Check Post over the next five years.
The total value of the project is estimated at ₹297.9 crore.
Aeroflex Industries declined 0.8% to ₹225.39, and the diversified flexible flow solution provider's board approved a secondary stock offering to raise as much as ₹400 crore.
Dixon Technologies India Ltd. rose 4.2% to ₹18,740.05, and the electronics manufacturing company and China-based Vivo formed a joint venture to manufacture electronic devices, including smartphones.
Zinka Logistics dropped 3.9% to ₹406.10 after the company said net loss in the current quarter expanded.
Revenue in the September quarter soared to ₹98.8 crore from ₹63.4 crore, and net loss expanded to ₹270 crore from ₹47.7 crore a year ago, respectively.
Mazagon Dock Shipbuilders rose 2.7% to ₹4,996.05, and the company clarified that the recent news about the company winning six submarine contracts from the Indian Navy
India Movers: Aeroflex, Afcon, Dixon Technologies, Happy Forgings, Mazagon Dock, RITES, Zinka Technologies
Arun Goswami
16 Dec, 2024
Mumbai
Stock market indexes in Mumbai struggled to advance amid a cautious earnings outlook for the second half in the current financial year.
The Sensex index decreased by 0.5% to 81,700.21, and the Nifty index declined by 0.5% to 24,641.35.
On the Mumbai stock exchange, 270 stocks traded at their 52-week highs, and 18 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.79%, and the Indian rupee eased to 84.83 against the U.S. dollar.
Afcon Infrastructure Limited increased 5.1% to ₹548.95 after the company won a ₹1,007 crore project from Madhya Pradesh Metro Rail Corporation.
Happy Forgings Ltd. decreased 0.8% to ₹1,039.55, and the company won an order to supply crankshafts for ₹140 crore.
RITES Ltd. rose 2.7% to ₹304.30 after the company won an order from the Ministry of External Affairs for constructing an Integrated Check Post over the next five years.
The total value of the project is estimated at ₹297.9 crore.
Aeroflex Industries declined 0.8% to ₹225.39, and the diversified flexible flow solution provider's board approved a secondary stock offering to raise as much as ₹400 crore.
Dixon Technologies India Ltd. rose 4.2% to ₹18,740.05, and the electronics manufacturing company and China-based Vivo formed a joint venture to manufacture electronic devices, including smartphones.
Zinka Logistics dropped 3.9% to ₹406.10 after the company said net loss in the current quarter expanded.
Revenue in the September quarter soared to ₹98.8 crore from ₹63.4 crore, and net loss expanded to ₹270 crore from ₹47.7 crore a year ago, respectively.
Mazagon Dock Shipbuilders rose 2.7% to ₹4,996.05, and the company clarified that the recent news about the company winning six submarine contracts from the Indian Navy