Market Update
Powell Powers Rally On Wall Street, Techs Lead Gainers
Barry Adams
30 Nov, 2022
New York City
Market indexes jumped following morning doldrums after comments from the Fed Chairman indicated rate hike moderation may begin at the next policy meeting in December.
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt.
Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.
The time for moderating the pace of rate increases may come as soon as the December meeting," said Chairman Jay Powell in a speech Wednesday.
However, Powell cautioned that rates may have to go higher for a longer period than previously anticipated and stay higher to keep the rates sufficiently restrictive and bring down inflation to the target rate of 2%.
Investors reacted positively and bid up stocks with the technology sector leading the gainers.
The S&P 500 index soared more than 3% and ended 3-day decline and the Nasdaq Composite surged above 4% and reached a 2-month high.
Q3 GDP Growth Revised Higher
U.S. economic growth in the third quarter was revised higher to 2.9% from the previous estimate of 2.6%, the U.S. Bureau of Economic Analysis reported Wednesday.
The international trade contribution was revised higher to 2.93 percentage points from 2.77 percentage points in the advance estimate after exports rose and imports shrank more than estimated.
Consumer spending growth was revised higher to 1.7% from the previous estimate of 1.4%.
Job Openings Fall In October
The number of job openings fell by 353,000 to 10.3 million in October, JOLT report from the U.S. Bureau of Labor Statistics showed Wednesday.
The number of hires were nearly unchanged at 6.0 million and separations were stable at 5.7 million.
Of the total separations in October, 4.0 million employees quit and layoffs and discharges were 1.7 million.
Mortgage Applications Ease
Mortgage application volume declined 0.8% in the week ending on November 25 from the previous, the Mortgage Bankers Association reported Wednesday.
The seasonally adjusted data included the observance of Thanksgiving holiday and application volume plunged 33% on an unadjusted basis.
The Refinance Index decreased 13% from the previous week and was 86% lower than the same week a year ago.
Mortgage rates declined to 6.49% from 6.67% in the previous week for 30-year fixed loans with 20% down payment.
U.S. Markets Soar After Powell Comments
The S&P 500 index increased 3.1% to 4,080.11 and the Nasdaq Composite index increased 4.4% to 11,468.0.
Crude oil prices rose $2.0 to $81.19 a barrel and natural gas prices eased 34 cents to $6.88 a thermal unit.
The yield on 2-year U.S. Treasury notes rose to 4.49%, 10-year Treasury notes increased to 3.69% and 30-year U.S. Treasury bonds advanced to 3.81%.
U.S. Stock Movers
Petco Health & Wellness Company Inc soared 13.9% to $10.81 after the retailer of pet food and products reported better-than-expected quarterly results.
Same store sales in its latest quarter increased 4.1% and net revenue in the fiscal third quarter ending in October rose 4.0% to $1.5 billion.
Net income declined 62% to $19.9 million from $52.7 million and diluted earnings per share fell to 7 cents from 20 cents a year ago.
DoorDash Inc increased 7.7% to $57.43 after the company CEO Tony XU said it plans to layoff 1,250 corporate staff amid economic slowdown and the need to cut costs.
The company employed about 8,600 at the end of 2021 and about 50% of its staff has been with the company less than two years, according to the filings with the SEC.
Crowdstrike Holdings Inc plunged 16.6% to $115.16 after the cybersecurity company reported higher-than-expected sales and earnings in its latest quarter.
However, the company guided weaker-than-expected revenue growth.
Salesforce declined 7% after the company announced an unscheduled departure of co-CEO Bret Taylor.
The company also reported better-than-expected quarterly sales and earnings.
Costco Wholesale Corp fell 3% after the membership warehouse club said total sales in November increased 5.7% to $19.1 billion and e-commerce sales plunged 10.1% from a year ago.
Five Below Inc increased 8.4% to $174.11 in after-hours trading after the discount retailer reported revenue in its latest quarter increased 6.2% to $645 million.
Net income fell to $16.2 million from $24.2 million and diluted earnings per share fell to 29 cents from 43 cents a year ago.
Euro Zone Inflation Eases, German Jobless Rate Rises
European markets closed higher after inflation eased in the euro zone and higher closing in Asian markets.
Market sentiment was mildly positive and after the close, U.S. Federal Reserve Chairman said in a speech that future rate hikes may need to be moderated.
Chairman Powell added that the full impact of the recent rate hikes in interest rates are still to be felt.
Powell went on to add that it may make sense to moderate future rate increases as rates approach restrictive levels and we have a better understanding of the impact of higher rates on the economy.
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt.
Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.
The time for moderating the pace of rate increases may come as soon as the December meeting," said Chairman Jay Powell in a speech Wednesday.
However, Powell cautioned that rates may have to go higher for a longer period than previously anticipated and stay higher to keep the rates sufficiently restrictive and bring down inflation to the target rate of 2%.
Euro Zone Inflation Eases
Consumer price inflation in November declined to 10.0% in the euro zone from a record high 10.6% in October, Eurostat data showed Wednesday.
The headline inflation slowed for the first time since June 2021 and the core rate of inflation excluding food and energy was unchanged at 5.0%.
Energy price inflation in November, slowed toto 34.9% from 41.5% and food inflation continued to advance.
Food, alcohol and tobacco price increase accelerated to 13.6% after rising 13.1% a month ago.
France's Consumer Inflation Steady
Consumer prices in France increased 6.2% in November, matching the rate in October, the French statistical agency INSEE reported Wednesday.
Energy price inflation slowed to 18.5% from 19.1% and food price inflation increased to 12.2% from 12.0%.
German Jobless Rate Rises
Jobless rate rose to 5.6% in November from 5.5% in October, the Federal Labor Agency reported Wednesday.
The number of unemployed increased by 17,000 in November, following 9,000 in October.
A separate survey released by the German statistical office showed the seasonally adjusted jobless rate held steady at 3.0% in October.
The number of unemployed decreased by 1,700 to 1,33 million.
Natural Gas Prices Surge Again
European natural gas prices soared 10% as storage dipped in several countries and temperatures dipped and Norway and the UK face difficulties at gas terminals.
Brent crude oil increased $2.54 to $89.52 a barrel and Dutch TTF natural gas price soared 10.7% to 146.40 MWh.
Europe Market Indexes
The DAX index increased 0.3% to 14,397.04, the CAC-40 index advanced 1.04% to 6,738.55 and the FTSE 100 index gained 0.8% to 7,573.05.
The yield on 10-year German Bunds decreased to 1.89%, French bonds eased to 2.40%, the U.K. Gilt to 3.16% and Italian bonds to 3.87%.
The euro edged up to $1.04 and the British pound to $1.20.
Europe Stock Movers
AstraZeneca increased 1.2% to 11,194.0 after the pharmaceutical company said it sold its manufacturing site located in Wester Chester, Ohio to National Resilience, Inc..
Pennon Group dropped as much as 5% but managed to close down 0.5% to 934.74 after the waste and waste water management company reported first-half pre-tax profit declined.
SEGRO Plc declined 1.1% to 799.32 pence after the property investment and development company launched a unsecured 19-year bond offering for 350 million pounds.
BioNTech SE increased 1.1% to
Euro Zone Inflation Eases, German Jobless Rate Rises
Bridgette Randall
30 Nov, 2022
Frankfurt
European markets closed higher after inflation eased in the euro zone and higher closing in Asian markets.
Market sentiment was mildly positive and after the close, U.S. Federal Reserve Chairman said in a speech that future rate hikes may need to be moderated.
Chairman Powell added that the full impact of the recent rate hikes in interest rates are still to be felt.
Powell went on to add that it may make sense to moderate future rate increases as rates approach restrictive levels and we have a better understanding of the impact of higher rates on the economy.
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt.
Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.
The time for moderating the pace of rate increases may come as soon as the December meeting," said Chairman Jay Powell in a speech Wednesday.
However, Powell cautioned that rates may have to go higher for a longer period than previously anticipated and stay higher to keep the rates sufficiently restrictive and bring down inflation to the target rate of 2%.
Euro Zone Inflation Eases
Consumer price inflation in November declined to 10.0% in the euro zone from a record high 10.6% in October, Eurostat data showed Wednesday.
The headline inflation slowed for the first time since June 2021 and the core rate of inflation excluding food and energy was unchanged at 5.0%.
Energy price inflation in November, slowed toto 34.9% from 41.5% and food inflation continued to advance.
Food, alcohol and tobacco price increase accelerated to 13.6% after rising 13.1% a month ago.
France's Consumer Inflation Steady
Consumer prices in France increased 6.2% in November, matching the rate in October, the French statistical agency INSEE reported Wednesday.
Energy price inflation slowed to 18.5% from 19.1% and food price inflation increased to 12.2% from 12.0%.
German Jobless Rate Rises
Jobless rate rose to 5.6% in November from 5.5% in October, the Federal Labor Agency reported Wednesday.
The number of unemployed increased by 17,000 in November, following 9,000 in October.
A separate survey released by the German statistical office showed the seasonally adjusted jobless rate held steady at 3.0% in October.
The number of unemployed decreased by 1,700 to 1,33 million.
Natural Gas Prices Surge Again
European natural gas prices soared 10% as storage dipped in several countries and temperatures dipped and Norway and the UK face difficulties at gas terminals.
Brent crude oil increased $2.54 to $89.52 a barrel and Dutch TTF natural gas price soared 10.7% to 146.40 MWh.
Europe Market Indexes
The DAX index increased 0.3% to 14,397.04, the CAC-40 index advanced 1.04% to 6,738.55 and the FTSE 100 index gained 0.8% to 7,573.05.
The yield on 10-year German Bunds decreased to 1.89%, French bonds eased to 2.40%, the U.K. Gilt to 3.16% and Italian bonds to 3.87%.
The euro edged up to $1.04 and the British pound to $1.20.
Europe Stock Movers
AstraZeneca increased 1.2% to 11,194.0 after the pharmaceutical company said it sold its manufacturing site located in Wester Chester, Ohio to National Resilience, Inc..
Pennon Group dropped as much as 5% but managed to close down 0.5% to 934.74 after the waste and waste water management company reported first-half pre-tax profit declined.
SEGRO Plc declined 1.1% to 799.32 pence after the property investment and development company launched a unsecured 19-year bond offering for 350 million pounds.
BioNTech SE increased 1.1% to
Movers: Crowdstrike, DoorDash, HPE, NetApp, Petco, Workday
Scott Peters
30 Nov, 2022
New York City
Crowdstrike Holdings Inc plunged 16.6% to $115.16 after the cybersecurity company reported higher-than-expected sales and earnings in its latest quarter.
However, the company guided weaker-than-expected revenue growth.
DoorDash Inc increased 7.7% to $57.43 after the company CEO Tony XU said it plans to layoff 1,250 corporate staff amid economic slowdown and the need to cut costs.
The company employed about 8,600 at the end of 2021 and about 50% of its staff has been with the company less than two years, according to the filings with the SEC.
Hewlett Packard Enterprise Co increased 8.1% to $16.72 after the company reported quarterly results ahead of expectations and issued a stronger revenue outlook.
NetApp Inc declined 5.9% to $67.52 after the cloud computing company reported weaker-than-expected quarterly results.
The company also estimated weaker sales growth citing macro headwinds and businesses taking longer to decide on technology spending.
Petco Health & Wellness Company Inc soared 13.9% to $10.81 after the retailer of pet food and products reported better-than-expected quarterly results.
Same store sales in its latest quarter increased 4.1% and net revenue in the fiscal third quarter ending in October rose 4.0% to $1.5 billion.
Net income declined 62% to $19.9 million from $52.7 million and diluted earnings per share fell to 7 cents from 20 cents a year ago.
Workday Inc increased 16.3% to $166.72 after the company reported quarterly earnings ahead of expectations.
Revenue in the fiscal third quarter ending in October increased 20.5% to $1.6 billion.
The software developer swung to a net loss of $74.7 million from a profit of $43.4 million or diluted loss per share of 29 cents from 17 cents profit a year ago.
Powell Guides Moderate Future Hikes, Higher Rates Longer
Brian Turner
30 Nov, 2022
New York City
Stocks on Wall Street soared on the hopes that future rate hikes may be moderated beginning the next meeting in two weeks.
Federal Reserve Chairman stressed that despite aggressive rate hikes, including three large-size increases of 75 basis points, inflation is still too high.
Chairman Powell also added that monetary policy changes affects the economy and inflation with uncertain lags and "the full effects of our rapid tightening so far are yet to be felt."
Powell went on to add that it may make sense to moderate future rate increases as rates approach restrictive levels and we have better understanding of the impact of higher rates on the economy.
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt.
Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.
The time for moderating the pace of rate increases may come as soon as the December meeting," said Chairman Jay Powell in a speech Wednesday.
However, Powell cautioned that rates may have to go higher for a longer period than previously anticipated and stay higher to keep the rates sufficiently restrictive and bring down inflation to the target rate of 2%.
S&P and Nasdaq Jump 3% After Powell Suggests Smaller Rate Hikes
Barry Adams
30 Nov, 2022
New York City
Market indexes jumped following morning doldrums after comments from the Fed Chairman indicated rate hikes may be moderated at the next policy meeting in December.
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt.
Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.
The time for moderating the pace of rate increases may come as soon as the December meeting," said Chairman Jay Powell in a speech Wednesday.
However, Powell cautioned that rates may have to go higher for a longer period than previously anticipated and stay higher to keep the rates sufficiently restrictive and bring down inflation to the target rate of 2%.
Q3 GDP Growth Revised Higher
U.S. economic growth in the third quarter was revised higher to 2.9% from the previous estimate of 2.6%, the U.S. Bureau of Economic Analysis reported Wednesday.
The international trade contribution was revised higher to 2.93 percentage points from 2.77 percentage points in the advance estimate after exports rose and imports shrank more than estimated.
Consumer spending growth was revised higher to 1.7% from the previous estimate of 1.4%.
Job Openings Fall In October
The number of job openings fell by 353,000 to 10.3 million in October, JOLT report from the U.S. Bureau of Labor Statistics showed Wednesday.
The number of hires were nearly unchanged at 6.0 million and separations were stable at 5.7 million.
Of the total separations in October, 4.0 million employees quit and layoffs and discharges were 1.7 million.
Mortgage Applications Ease
Mortgage application volume declined 0.8% in the week ending on November 25 from the previous, the Mortgage Bankers Association reported Wednesday.
The seasonally adjusted data included the observance of Thanksgiving holiday and application volume plunged 33% on an unadjusted basis.
The Refinance Index decreased 13% from the previous week and was 86% lower than the same week a year ago.
Mortgage rates declined to 6.49% from 6.67% in the previous week for 30-year fixed loans with 20% down payment.
Markets Lack Direction Amid Mixed Signals
Stocks lacked direction after economic growth was revised higher, job openings fell and mortgage applications declined.
The S&P 500 index increased 1.7% to 4,025.34 and the Nasdaq Composite index increased 2.8% to 11,297.19.
Crude oil prices rose $2.0 to $81.19 a barrel and natural gas prices eased 34 cents to $6.88 a thermal unit.
The yield on 2-year U.S. Treasury notes rose to 4.49%, 10-year Treasury notes increased to 3.69% and 30-year U.S. Treasury bonds advanced to 3.81%.
Stock Movers
Petco Health & Wellness Company Inc soared 13.9% to $10.81 after the retailer of pet food and products reported better-than-expected quarterly results.
Same store sales in its latest quarter increased 4.1% and net revenue in the fiscal third quarter ending in October rose 4.0% to $1.5 billion.
Net income declined 62% to $19.9 million from $52.7 million and diluted earnings per share fell to 7 cents from 20 cents a year ago.
DoorDash Inc increased 7.7% to $57.43 after the company CEO Tony XU said it plans to layoff 1,250 corporate staff amid economic slowdown and the need to cut costs.
The company employed about 8,600 at the end of 2021 and about 50% of its staff has been with the company less than two years, according to the filings with the SEC.
Crowdstrike Holdings Inc plunged 16.6% to $115.16 after the cybersecurity company reported higher-than-expected sales and earnings in its latest quarter.
However, the company guided weaker-than-expected revenue growth.
Nikkei Index In 4-day Slump, Sensex Surges On Foreign Flows
Arjun Pandit
30 Nov, 2022
Mumbai
Asian markets closed mostly higher despite weak manufacturing data from China and rising Covid-infections.
Official manufacturing purchasing managers index decreased to 48.0 in November from 49.2 in October, while the non-manufacturing or service PMI eased to 48.0 from 49.2, separate reports from the National Bureau of Statistics showed Wednesday.
The Nikkei 225 average declined 0.2% 27,968.99 and extended losses for the fourth session in a row after industrial production data showed ongoing supply chain problems.
Industrial production declined 2.6% in October from the previous month but rose 3.7% from a year ago, the Ministry of Economy, Trade and Industry said Wednesday.
Hong Kong's Hang Seng index advanced 2.16% to 18,597.23, following a 5.2% increase in the previous session and Shanghai Composite Index increased 1.59 points to 3,151.34.
The Japanese yen traded down to 139.43 and the Chinese renminbi closed down at 7.08 against the U.S. dollar.
The rupee edged slightly higher to ?81.41 against the U.S. dollar and the yield on the Indian government bonds declined to 7.28%
The widely followed two indexes in India closed at new record highs on the hopes that the surge in government spending will sustain the economic expansion in the current and next fiscal year.
The Sensex closed up 417.81 points or 0.67% to 63,303.01 and the Nifty index gained 140.30 points or 0.75% to 18,758.35.
GDP in the September quarter slowed to 6.3% from 13.5% in the June quarter and 8.4% from a year ago, the National Statistical Office data showed Wednesday.
Investors Shift Focus to Economic Releases, India Extends Record High Streak
Barry Adams
29 Nov, 2022
New York City
Stocks on Wall Street lacked direction and closed down as investors shifted focus from corporate earnings to upcoming economic data releases.
Investors are awaiting JOLT report on and look for clues how the labor market is holding up after several aggressive rate hikes and November payrolls on Friday.
Inflation data are scheduled to be released on Thursday and the PCE price index is expected to increase at least 6.0% for October month from a year ago.
Investors are also looking ahead to reviewing Federal Reserve Chairman Jay Powell's two scheduled speeches on Wednesday.
The S&P 500 index decreased 0.2% to 3,957.63 and the Nasdaq Composite index fell 0.6% to 10,983.78.
Hibbett Inc declined 11.5% to $59.80 after the sporting goods retailer posted weaker-than-expected earnings on higher costs.
Crude Oil Advances On China Buzz and OPEC Cut Hopes
China said it plans to accelerate vaccination of senior citizens and relax stringent lock down measures, health authorities reported today.
Over the weekend a string of protests in many cities and on university campuses against zero-Covid policies spread across China, demanding Chinese authorities to find ways to coexist with the highly infectious coronavirus.
Crude oil prices rose on speculation that China's relaxation of zero-Covid policy may revive the import of crude oil and on hopes that oil producing nations may announce a production cut at its next meeting on December 4.
Crude oil increased $1.74 to $78.94 and natural gas increased 8 cents to $7.28 a thermal unit.
U.S. Treasury Yields Inch Higher
The yield on 2-year U.S. Treasury notes increased to 4.48%, 10-year U.S. Treasury notes edged higher to 3.74% and 30-year Treasury bonds traded at 3.80%.
U.S. Home Price Growth Slows
Home prices declined for the third month in a row in September, S&P CoreLogic Case Shiller National index showed today.
Higher mortgage rates played a key role in lowering price appreciation and home prices eased in September 0.8% from the previous month.
From a year ago, single-family home prices rose 10.6%, slower than 12.9% in August across the nation.
The 20-city composite index showed price increase slowed to 10.4% from 12.6% in August.
Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in September.
Miami led the way with a 24.6% year-over-year price increase, followed by Tampa in second with a 23.8% increase, and Charlotte in third with a 17.8% increase.
All 20 cities reported lower price increases in the year ending September 2022 versus the year ending August 2022.
European Markets Struggle to Advance
European markets opened on an optimistic note but struggled to advance.
Stocks rebounded in early trading across Europe after China reported a slight decline in daily infection rates.
Chinese health authorities also laid out a plan to increase vaccination for senior citizens and review measures to ease stricter lock downs.
China also offered more financial incentives for the struggling property sector, lifting benchmark indexes in Hong Kong by 5% and Shanghai by 2.4%.
Inflation data from Germany and Spain showed a slight decline from the previous month, but remained near 4-decade high levels.
Germany's Inflation Hovers Near Record High
The consumer price index in Germany eased to 10.0% in November from the record 10.4% in October, significantly higher than 2.0% target rate set by the ECB.
Spain's Inflation Eases
The consumer price index in Spain increased at a 6.8% annual pace in November, slower than the 7.3% rise in October, the data from the statistical office INE showed Tuesday.
The CPI slowed for the fourth month in a row after reaching a high of 10.8% in July.
Unlike Germany and the UK, Spain avoided the energy crisis with the help of significant regasification capacity and larger footprint of renewable energy.
Swiss GDP Growth Slows
The Swiss economy expanded at a slower pace in the third quarter ending in September, the State Secretariat for Economic Affairs in Bern said Tuesday.
GDP expanded at an annual pace of 0.5% in the third quarter after rising at 2.2% annual pace in the second quarter.
Third quarter expansion was driven by the 0.7% increase in household consumption despite the elevated inflation but slower than the 1.1% increase in the previous quarter.
Turkish Trade Deficit Widens
The Turkish trade deficit rose in October to $7.4 billion from $4.3 billion a year ago but declined from $9.6 billion a year ago, the Turkish Statistical Institute said Tuesday.
Market Indexes
The DAX index decreased 0.2% to 14,355.45, the CAC-40 index increased 3.37 points to 6,668.97 and the FTSE 100 index added 0.5% to 7,512.00.
Brent crude oil was unchanged at $83.10 a barrel and Dutch TTF natural gas price increased 7.3% to 132.29 euros a MWh.
The euro edged down to $1.032 and the British Pound inched lower to $1.194.
Europe Stock Movers
HSBC Holdings soared 3.6% to 507.56 pence after the British bank said it agreed to sell its Canada business for $10 billion to Royal Bank of Canada.
HSBC has been looking to trim down its expenses in the U.S. and also sell its non-core assets.
The bank plans to distribute proceeds of the Canada business sales through a special dividend to shareholders.
Vodafone Group was nearly unchanged at 92.84 pence after the British telecom group launched a buyback offer up to $2.3 billion of its 4.375% notes due in May 2028.
Brenntag SE declined 2.4% to
Inflation In Germany and Spain Eases, Swiss GDP Growth Slows
Bridgette Randall
29 Nov, 2022
Frankfurt
European markets opened on an optimistic note but struggled to advance.
Stocks rebounded in early trading across Europe after China reported a slight decline in daily infection rates.
Chinese health authorities also laid out a plan to increase vaccination for senior citizens and review measures to ease stricter lock downs.
China also offered more financial incentives for the struggling property sector, lifting benchmark indexes in Hong Kong by 5% and Shanghai by 2.4%.
Inflation data from Germany and Spain showed a slight decline from the previous month, but remained near 4-decade high levels.
Germany's Inflation Hovers Near Record High
The consumer price index in Germany eased to 10.0% in November from the record 10.4% in October, significantly higher than 2.0% target rate set by the ECB.
Spain's Inflation Eases
The consumer price index in Spain increased at a 6.8% annual pace in November, slower than the 7.3% rise in October, the data from the statistical office INE showed Tuesday.
The CPI slowed for the fourth month in a row after reaching a high of 10.8% in July.
Unlike Germany and the UK, Spain avoided the energy crisis with the help of significant regasification capacity and larger footprint of renewable energy.
Swiss GDP Growth Slows
The Swiss economy expanded at a slower pace in the third quarter ending in September, the State Secretariat for Economic Affairs in Bern said Tuesday.
GDP expanded at an annual pace of 0.5% in the third quarter after rising at 2.2% annual pace in the second quarter.
Third quarter expansion was driven by the 0.7% increase in household consumption despite the elevated inflation but slower than the 1.1% increase in the previous quarter.
Turkish Trade Deficit Widens
The Turkish trade deficit rose in October to $7.4 billion from $4.3 billion a year ago but declined from $9.6 billion a year ago, the Turkish Statistical Institute said Tuesday.
Market Indexes
The DAX index decreased 0.2% to 14,355.45, the CAC-40 index increased 3.37 points to 6,668.97 and the FTSE 100 index added 0.5% to 7,512.00.
Brent crude oil was unchanged at $83.10 a barrel and Dutch TTF natural gas price increased 7.3% to 132.29 euros a MWh.
The euro edged down to $1.032 and the British Pound inched lower to $1.194.
Stock Movers
HSBC Holdings soared 3.6% to 507.56 pence after the British bank said it agreed to sell its Canada business for $10 billion to Royal Bank of Canada.
HSBC has been looking to trim down its expenses in the U.S. and also sell its non-core assets.
The bank plans to distribute proceeds of the Canada business sales through a special dividend to shareholders.
Vodafone Group was nearly unchanged at 92.84 pence after the British telecom group launched a buyback offer up to $2.3 billion of its 4.375% notes due in May 2028.
Brenntag SE declined 2.4% to