Market Update
Stocks Waver Ahead of Friday's Jobs Report, Yields Rise
Barry Adams
06 Oct, 2022
New York City
Stocks on Wall Street opened lower after two-day rally in the beginning of the week faded ahead of jobs report Friday.
The service sector and private sector reports Wednesday showed the healthy economic activities and strong labor market, fading the prospect of the Fed pivot to slower and smaller rate hikes.
Initial jobless claims rose 29,000 to 219,000 for the week ended on October 1.
Investors are keenly awaiting the monthly jobs report Friday and economists are expecting at least 270,000 net new non-farm jobs addition in September.
Crude oil declined 44 cents to $87.32 a barrel and natural gas inched up 11 cents to $7.04 a thermal unit.
The yield on 2-year notes inched up to 4.17%, 10-year Treasury notes increased to 3.77% and 30-year bonds edged down to 3.76%.
UK Debt Rating Cut
Fitch Ratings cut the U.K. government debt outlook to negative from stable, after the newly appointed government proposed unfunded large tax cuts and energy subsidies lifting the prospect of a significant jump in deficit over a medium term.
Eurozone Retail Sales Fall
Eurozone retail sales declined 0.3%in September from the previous month and dropped 2% from a year ago, Eurostat said in a report Thursday.
German Factory Orders Drop
German factory orders declined 2.4% in August from the previous month after 1.9% rise in July, Destatis said Thursday.
Orders dropped 4.1% from a year ago after a plunge of 11.0% in July.
European Markets Turn Lower
European markets traded lower after inflation jitters and rate hike worries resurfaced.
The DAX index fell 0.1% to 12,501.62, the CAC-40 index dropped 0.5% to 5,952.79 and the FTSE 100 index dropped 1.03% to 6,980.72.
The euro inched lower to 98.38 U.S. cents and the British pound declined to $1.124.
Wall Street Rally Paused After Strong Reports On Economy
Barry Adams
05 Oct, 2022
New York City
Benchmark indexes rebounded from the lows of the day and managed to trim session's losses.
Popular indexes rested today after a two-day surge on the hopes that the central bankers around the world have gone too far with rate hikes.
The optimism on slower future rate hikes reigned on Wall Street despite the private sector showed healthy gains in September and service sector expanded at a strong pace.
The service Purchasing Managers' Index in September eased to 56.7 from 56.9 in August, according to ISM data released Wednesday.
Private sector added 208,000 jobs in September from the revised 185,000 additions in August, the ADP reported Wednesday.
Job gains of 147,000 in trade, transportation and utilities helped to offset 29,000 jobs lost in manufacturing and mining sectors.
Professional and business services added 57,000 net new jobs.
The ADP's report comes two days ahead of labor market report scheduled to be released by Department of Labor on Friday.
Market is anticipating non-farm payrolls for private and public sector to add at least 270,000 in September.
The S&P 500 index traded down 0.20% to 3,783.28 and the Nasdaq Composite index dropped 0.25% to 11,148.64.
Crude oil surged as much as 2% after OPEC+ nations agreed to a 2 million a day production cut, larger than expected by analysts.
US crude oil inventories decreased 1.356 million barrels to 429.2 million barrels in the week ended September 30th, according to the Energy Information Administration's weekly report released Wednesday.
Oil analysts were looking for the decrease to be at least 2 million barrels.
Crude oil rose $1.36 to $87.87 a barrel and natural gas prices rose 12 cents to $6.96 a thermal unit.
The yield on 2-year Treasury notes rose to 4.14%, 10-year Treasury notes inched up to 3.758% and 30-year bonds edged up to 3.76%.
U.S. Trade Deficit Eased In September
The trade deficit in August declined to $67.4 billion, the lowest since May 2021, the Bureau of Economic Analysis reported Wednesday.
The goods deficit declined $3.4 billion to $87.6 billion and the services surplus narrowed by $0.4 billion to $20.2 billion.
Imports in August fell 1.1% to $326.3 billion driven by the fall in imports of oil and fuel and computer parts.
Exports declined 0.3% to $258.9 billion. driven by a decline in oil related products and travel services and non-monetary gold shipment.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
UK Prime Minister Doubles Down On Unfunded Tax Cuts, Pound Wobbles
Brian Turner
05 Oct, 2022
New York City
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
European Markets Rally Fades, Oil Up After OPEC Cuts
Bridgette Randall
05 Oct, 2022
Frankfurt
European markets traded lower after two days of rally and recession worries were in focus after business activities in the euro zone declined more than expected.
The Purchasing Managers' Index dropped to a 20-month low 48.1 in September from 48.9 in August, S&P Global said Wednesday.
The seasonally adjusted index for the UK declined to 49.1 from 49.6 in August.
Any reading below 50 indicates a contraction in growth and above 50 shows expansion.
The DAX index fell 0.9% to 12,557.21, the CAC-40 index dropped 0.7% to 5,996.81 and the FTSE 100 index declined 0.9% to 7,023.80.
The euro traded down to 0.99 U.S. cents and the British pound inched lower to $1.134.
Crude oil surged as much as 2% after OPEC+ nations agreed to a 2 million a day production cut.
Brent crude oil increased 1.8% to $93.35 a barrel and TTF natural gas jumped 6.2% to 172.0 euros a megawatt hour.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
Stock Rally Fades After Two-day Surge, Yields Spike Back Up
Barry Adams
05 Oct, 2022
New York City
Benchmark indexes trend lower after two days of market rally on the hopes that the Fed may have gone too far in hiking rates.
The S&P 500 index traded down 0.86% and the Nasdaq Composite index dropped 1.06%.
Crude oil rose 25 cents to $86.79 a barrel and natural gas prices fell 13 cents to $6.70 a thermal unit.
The yield on 2-year Treasury notes rose to 4.13%, 10-year Treasury notes inched up to 3.69% and 30-year bonds edged up to 3.74%.
European Markets Turn Lower
European markets traded lower after two days of rally and recession worries were in focus after business activities in the euro zone declined more than expected.
The Purchasing Managers' Index dropped to a 20-month low 48.1 in September from 48.9 in August, S&P Global said Wednesday.
The seasonally adjusted index for the UK declined to 49.1 from 49.6 in August.
Any reading below 50 indicates a contraction in growth and above 50 shows expansion.
The DAX index fell 0.9% to 12,557.21, the CAC-40 index dropped 0.7% to 5,996.81 and the FTSE 100 index declined 0.9% to 7,023.80.
The euro traded down to 0.99 U.S. cents and the British pound inched lower to $1.134.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
Major Averages Surge 3% as Global Markets Surge
Barry Adams
04 Oct, 2022
New York City
Stock rally picked up pace and extended tow-day gains not seen since 2020.
Market sentiment improved after the number of job openings declined to 10.1 million in August from a downwardly revised 11.2 million in July, the U.S. Census Bureau reported Tuesday.
The job openings are still near the record 11.9 million in March, but the slight easing of the data also contributed to positive sentiment.
Market mood improved on the hopes that the Federal Reserve may slow future rate hikes and may even pause as the U.S. rate hikes are stoking worldwide commodities inflation and currency market chaos.
The British pound, the Japanese yen and the euro have dropped at least 20% in the last six months, since the Federal Reserve began its aggressive rate hike in March.
Tensions also receded after Credit Suisse executives reassured investors over the weekend that the investment bank has sufficient liquidity.
The S&P 500 index jumped 3.06% to 3,790.93 and the Nasdaq Composite index surged 3.3% to 11,176.41.
The two-day rally lifts the benchmark S&P 500 index by 5.7% after dropping 9% in September and extending its year-to-date loss to 25%.
The VIX index, a measure of market volatility, declined 5% after investors focused on searching bargains among the recently beaten down stocks.
Crude oil increased $2.45 to $86.06 a barrel and natural gas increased 35 cents to $6.81 a thermal unit.
The yield on 2-year notes decreased to 4.11%, 10-year notes fell to 3.63% and 30-year bonds eased to 3.70%.
Poshmark Agrees to $1.2 Billion Deal from Korea-based Naver
Poshmark Inc soared 13.2% to $17.64 after the online retailer agreed to be acquired by South Korea-based Naver for $1.2 billion in an all-cash deal.
The operator of social commerce platform has a significant following among teenagers looking to sell used fashion and accessories items.
U.S. Movers: Cruise Liner, Big Oil, Rivian, Tesla, Twitter
Energy complex stocks led the gainers after crude oil prices extended two-week gains to 14%.
Exxon Mobil, Chevron, Hess Corp and Schlumberger jumped nearly 4%.
Cruise companies rebounded following a surge in travel and leisure stocks.
Carnival Cruise soared 12.7% to $7.72, Norwegian Cruise Line surged 16.2% to $13.25 and Royal Caribbean Cruises Ltd jumped 15.4% to $43.40.
Rivian Automotive Inc jumped 12.6% to $35.92 after the electric vehicle maker said third quarter production surged 67% from the previous quarter.
Rivian said it produced 7,363 and shipped 6,584 vehicles in the third quarter
The company also said it is on track to meet its lowered annual production target of 25,000 announced in March.
Rivian had originally set its annual production target of 50,000.
Tesla Inc rebounded 2.6% to $248.72 after the company dropped more than 8% in Monday's trading after releasing third quarter production and shipments.
The company produced 365,923 and shipped 343,830 electric vehicles, lower than estimated by investors.
Twitter Inc soared 12.6% to $47.93 after Elon Musk proposed to continue with the original offer of $54.20 a share proposed on April 25, 2022 and complete the purchase of social media platform.
Twitter released the proposal in an regulatory filing with the SEC.
European Markets Surge Nearly 4%
European markets accelerated gains following the surge in New York and Australia lifted its rate by a smaller amount.
Investors increased exposure to stocks after bond yield eased across the euro zone and mood improved after the U.S. job openings fell in August, easing the pressure on the Fed to lift rates faster.
In addition, the natural gas prices eased in Europe trading and dropped to a ten-week low.
Brent crude oil price in London rose 2.7% to $91.32 a barrel and TTF natural gas prices declined 4.7% to 161.95 euros a megawatt hour.
The DAX index increased 3.7% to 12,670.49, the CAC-40 index soared 4.2% to 6,039.69 and the FTSE 100 index gained 2.6% to 7,086.46.
The euro rebounded and moved further away from a 20-year low to 99.87 U.S. cents and the British pound jumped to $1.147.
The yield on 10-year German government bonds eased to 1.885% and British Gilts dropped to 3.876%.
The Italian 10-year bond yields also improved to 4.18% from the 10-year high of 4.5% in the end of September.
The Reserve Bank of Australia lifts its key lending rate by 25 basis points, smaller-than-expected 50 basis points.
The RBA revised its key lending rate to 2.60% from 2.35% and added that additional rates are required to bring down inflation back to its target range between 2% and 3%.
Europe Movers: Sika, Metropole, Made.com Group, Holcim
Holcim AG increased 3.9% to 42.84 Swiss francs after the cement building materials maker said it has completed the purchase of Polymers Sealants of North America, a division of Illinois Tool works Inc.
PSNA is expected to have 2022 revenues of $100 million.
Last week, Holcim completed the acquisition of Belgium-based Cantillana, a specialty building solutions provider with an estimated 2022 revenue of 80 million euros.
Sika AG gained 6.1% to 21.420 Swiss francs after the chemical maker said 2022 sales and operating earnings (EBIT) in local currencies are expected to rise 15%.
The company also confirmed it is on track to complete its acquisition of MBCC Group and has received unconditional approvals in South Africa, China, Brazil, Japan, Thailand, Turkey and Saudi Arabia.
Metropole Television SA plunged 10.8% to 11.10 euros after RTL Group controlled by Bertelsmann dropped its plan to sell a controlling stake in the company.
Legal & General Group Plc added 5.3% to 233.68 pence after the financial services provider reassured investors about the financial health of the company.
Made.com Group Plc soared 39.8% to 4.74 pence after the troubled online furniture retailer " has now entered in to non-disclosure agreements and begun discussions with a number of interested parties regarding the sale of the Group."
The company also said in a regulatory filing that the management plan implementation is estimated to require "
Poshmark Agrees to $1.2 Billion Deal with Korea's Naver
Scott Peters
04 Oct, 2022
New York City
Poshmark Inc soared 13.2% to $17.64 after the online retailer agreed to be acquired by South Korea-based Naver for $1.2 billion in an all-cash deal.
The operator of social commerce platform has a significant following among teenagers looking to sell used fashion and accessories items.
The agreed sale price represents a premium of 15% to Poshmark
Movers: Credit Suisse, Cruise Lines, Poshmark, Rivian, Tesla, Twitter
Barry Adams
04 Oct, 2022
New York City
Stocks extended rally for the second day in a row as fears recede on Wall Street.
Market mood improved on the hopes that the Federal Reserve may slow future rate hikes and may even pause as the U.S. rate hikes are stoking worldwide commodities inflation and currency market chaos.
The S&P 500 index jumped 2.8% to 3,781.24 and the Nasdaq Composite index surged 3.3% to 11,600.59.
Energy complex stocks led the gainers after crude oil prices extended two-week gains to 14%.
Exxon Mobil, Chevron, Hess Corp and Schlumberger jumped nearly 4%.
Credit Suisse Group AG jumped 10.6% to $4.43 after facing a storm on Monday following a report that company executives over the weekend assured investors of the company's financial health.
Cruise companies rebounded following a surge in travel and leisure stocks.
Carnival Cruise soared 12.7% to $7.72, Norwegian Cruise Line surged 16.2% to $13.25 and Royal Caribbean Cruises Ltd jumped 15.4% to $43.40.
Poshmark Inc soared 13.2% to $17.64 after the online retailer agreed to be acquired by South Korea-based Naver for $1.2 billion in an all-cash deal.
Both companies said the deal is expected to generate "significant revenue and cost synergies."
Rivian Automotive Inc jumped 12.6% to $35.92 after the electric vehicle maker said third quarter production surged 67% from the previous quarter.
Rivian said it produced 7,363 and shipped 6,584 vehicles in the third quarter
The company also said it is on track to meet its lowered annual production target of 25,000 announced in March.
Rivian had originally set its annual production target of 50,000.
Tesla Inc rebounded 2.6% to $248.72 after the company dropped more than 8% in Monday's trading after releasing third quarter production and shipments.
The company produced 365,923 and shipped 343,830 electric vehicles, lower than estimated by investors.
Twitter Inc soared 12.6% to $47.93 after Elon Musk proposed to continue with the original offer of $54.20 a share proposed on April 25, 2022 and complete the purchase of social media platform.
Twitter released the proposal in an regulatory filing with the SEC.
August Job Openings Dropped to 10.1 Million, Quit Rate Stable
Brian Turner
04 Oct, 2022
New York City
The number of job openings declined to 10.1 million in August from a downwardly revised 11.2 million in July, the U.S. Census Bureau reported Tuesday.
The job openings are still near the record 11.9 million in March.
Hires and separations were unchanged at 6.3 million and 6.0 million respectively.
The health care and social assistance hires declined 236,000, other services fell 183,000, and retail trade decreased 143,000.
Europe Movers: Holcim, Legal & General, Made.com, Metropole, Sika
Bridgette Randall
04 Oct, 2022
Frankfurt
European markets accelerated gains following the surge in New York and bond yields eased.
Investors increased exposure to stocks after bond yield eased across the euro zone and mood improved after the U.S. job openings fell in August, easing the pressure on the Fed to lift rates faster.
In addition, the natural gas prices eased in Europe trading and dropped to a ten-week low.
Brent crude oil price in London rose 3.2% to $91.62 a barrel and TTF natural gas prices declined 6.4% to 159 euros a megawatt hour.
The DAX index increased 3.5% to 12,630.29, the CAC-40 index soared 3.9% to 6,022.79 and the FTSE 100 index gained 2.5% to 7,080.90.
The euro rebounded and moved further away from a 20-year low to 99 U.S. cents and the British pound jumped to $1.148.
The yield on 10-year German government bonds eased to 1.875% and British Gilts dropped to 3.868%.
The Italian 10-year bond yields also improved to 4.2% from the 10-year high of 4.5% in the end of September.
In stock trading, stocks surged across all industrial sectors and travel and travel sector led the gainers.
Stock Movers
Holcim AG increased 3.9% to 42.84 Swiss francs after the cement building materials maker said it has completed the purchase of Polymers Sealants of North America, a division of Illinois Tool works Inc.
PSNA is expected to have 2022 revenues of $100 million.
Last week, Holcim completed the acquisition of Belgium-based Cantillana, a specialty building solutions provider with an estimated 2022 revenue of 80 million euros.
Legal & General Group Plc added 5.3% to 233.68 pence after the financial services provider reassured investors about the financial health of the company.
Made.com Group Plc soared 39.8% to 4.74 pence after the troubled online furniture retailer " has now entered in to non-disclosure agreements and begun discussions with a number of interested parties regarding the sale of the Group."
The company also said in a regulatory filing that the management plan implementation is estimated to require "
European Markets and Currencies Advance as Bond Yields Fall
Bridgette Randall
04 Oct, 2022
Frankfurt
European markets accelerated gains following the surge in New York and Australia lifted its rate by a smaller amount.
Investors increased exposure to stocks after bond yield eased across the euro zone and mood improved after the U.S. job openings fell in August, easing the pressure on the Fed to lift rates faster.
In addition, the natural gas prices eased in Europe trading and dropped to a ten-week low.
Brent crude oil price in London rose 3.2% to $91.62 a barrel and TTF natural gas prices declined 6.4% to 159 euros a megawatt hour.
The DAX index increased 3.5% to 12,630.29, the CAC-40 index soared 3.9% to 6,022.79 and the FTSE 100 index gained 2.5% to 7,080.90.
The euro rebounded and moved further away from a 20-year low to 99 U.S. cents and the British pound jumped to $1.148.
The yield on 10-year German government bonds eased to 1.875% and British Gilts dropped to 3.868%.
The Italian 10-year bond yields also improved to 4.2% from the 10-year high of 4.5% in the end of September.
The Reserve Bank of Australia lifts its key lending rate by 25 basis points, smaller-than-expected 50 basis points.
The RBA revised its key lending rate to 2.60% from 2.35% and added that additional rates are required to bring down inflation back to its target range between 2% and 3%.
In stock trading, stocks surged across all industrial sectors and travel and travel sector led the gainers.
Holcim AG increased 3.9% to 42.84 Swiss francs after the cement building materials maker said it has completed the purchase of Polymers Sealants of North America, a division of Illinois Tool works Inc.
PSNA is expected to have 2022 revenues of $100 million.
Last week, Holcim completed the acquisition of Belgium-based Cantillana, a specialty building solutions provider with an estimated 2022 revenue of 80 million euros.
Sika AG gained 6.1% to 21.420 Swiss francs after the chemical maker said 2022 sales and operating earnings (EBIT) in local currencies are expected to rise 15%.
The company also confirmed it is on track to complete its acquisition of MBCC Group and has received unconditional approvals in South Africa, China, Brazil, Japan, Thailand, Turkey and Saudi Arabia.
Metropole Television SA plunged 10.8% to 11.10 euros after RTL Group controlled by Bertelsmann dropped its plan to sell a controlling stake in the company.
Legal & General Group Plc added 5.3% to 233.68 pence after the financial services provider reassured investors about the financial health of the company.
Made.com Group Plc soared 39.8% to 4.74 pence after the troubled online furniture retailer " has now entered in to non-disclosure agreements and begun discussions with a number of interested parties regarding the sale of the Group."
The company also said in a regulatory filing that the management plan implementation is estimated to require "
Wall Street Rally Gathers Steam
Barry Adams
04 Oct, 2022
New York City
Stocks extended rally for the second day in a row as fears recede on Wall Street.
Market mood improved on the hopes that the Federal Reserve may slow future rate hikes and may even pause as the U.S. rate hikes are stoking worldwide commodities inflation and currency market chaos.
The British pound, the Japanese yen and the euro have dropped at least 20% in the last six months, since the Federal Reserve began its aggressive rate hike in March.
Tensions also receded after Credit Suisse executives reassured investors over the weekend that the investment bank has sufficient liquidity.
Market sentiment also improved after the number of job openings declined to 10.1 million in August from a downwardly revised 11.2 million in July, the U.S. Census Bureau reported Tuesday.
The job openings are still near the record 11.9 million in March, but the slight easing of the data also contributed to positive sentiment.
The S&P 500 index jumped 2.8% to 3,781.24 and the Nasdaq Composite index surged 3.3% to 11,600.59.
The VIX index, a measure of market volatility, declined 5% after investors focused on searching bargains among the recently beaten down stocks.
Crude oil increased $2.94 to $86.41 a barrel and natural gas increased 23 cents to $6.71 a thermal unit.
The yield on 2-year notes decreased to 4.05%, 10-year notes fell to 3.58% and 30-year bonds eased to 3.67%.
European Markets Extend 2-day Rally
In Europe, market indexes accelerated gains following the sharp gains in New York.
In addition, the natural gas prices eased in Europe trading and dropped to a ten-week low.
Brent crude oil price in London rose 3.2% to $91.62 a barrel and TTF natural gas prices declined 6.4% to 159 euros a megawatt hour.
The DAX index increased 3.5% to 12,630.29, the CAC-40 index soared 3.9% to 6,022.79 and the FTSE 100 index gained 2.5% to 7,080.90.
the euro rebounded and moved further away from a 20-year low to 99 U.S. cents and the British pound jumped to $1.14.
The Italian 10-year bonds yields also improved to 4.2% from the 10-year high of 4.5% in the end of September.
Asian Markets Surge, N Korea Fires Missile
Stocks in Asia gained on the improved global market sentiment and a decline in the U.S. dollar.
Stocks jumped in Tokyo despite North Korea firing a missile over Northern Japan before landing in the Pacific ocean.
North Korea fired the missile before warning Japan's military as the communist nation stepped up its weapons testing program.
Smaller-than-expected rate increase of 25 basis points by the Reserve Bank of Australia also contributed to market sentiment.
The Nikkei 225 index jumped 2.96% to 22,962.21, the Hang Seng index fell 0.8% to 17,079.51 and the Sensex index increased 2.2% to 58,065.47.
Defense sector stocks in Tokyo rose after North Korea fired a missile for the first time in five years.
The Reserve Bank of Australia hiked its key lending rate by 25 basis points and 10-year government bond yield dropped to a two-week low of 3.7%.
The RBA revised its key lending rate to 2.60% from 2.35% and added that additional rates are required to bring down inflation back to its target range between 2% and 3%.
Optimism On Wall Street Lifts S&P 500 and Nasdaq 2%
Barry Adams
03 Oct, 2022
New York City
Stocks on Wall Street rebounded after a difficult week, month and quarter as bond yields eased.
Market indexes turned higher after the Institute for Supply Management's manufacturing index declined to 50.9 in September.
The weakening manufacturing activities lifted hopes that the Fed may slow down the rate hike pace and help the economy to regain its growth.
Stocks rebounded from oversold positions as traders searched for bargains in tech and energy sectors.
The S&P 500 index and the Nasdaq Composite index declined for the third quarter in a row and investors bid up stocks on the first trading of the fourth quarter.
Investors are also bracing for earnings revisions ahead of the earnings season kickoff next week.
The S&P 500 index increased 2.6% to 3,677.71 and the Nasdaq Composite index rose 2.2% to 10,812.85.
Energy complex stocks led the gainers on Wall Street. Exxon Mobil, Chevron, Hess and Schlumberger jumped between 4% and 5%.
Tesla Inc declined 8.5% to $243.49 after the company announced record deliveries of 343,000 electric vehicles in the third quarter, missing the estimate of at least 350,000 set by some investors.
Norwegian Cruise Line Holdings jumped 0.4% to $11.40 after the company removed all Covid-19 testing, masking, and vaccination requirements from October 4.
Treasury Yields Edge Lower
The yield on 2-year Treasury notes decreased to 4.12% after rising as much as 4.3% in the last week of September, 10-year notes dropped to 3.66% and 30-year bonds fell to 3.68%.
Oil Jumps 5%
Crude oil prices jumped more than 5% in early trading ahead of the meeting of OPEC+ nations Wednesday.
The energy producing nations are expected to cut as much as one million barrels a day as member nations seek higher prices for crude oil.
Crude oil jumped $3.93 to $83.42 to a barrel and natural gas declined 25 cents to $6.50.
Brent crude oil jumped 3.9% to $88.57 and the TTF natural gas price declined 10.0% to 169.91 euros a megawatt hour.
Silver Up 9%, Coal Plunges 9%
Silver jumped 9% as traders sought bargains in precious metals and gold gained 2.4%.
Coal plunged below $400 a ton from as high as $434 after China pledged to increase its production capacity by as much as 300 million ton, covering its entire annual imports.
Swiss Inflation Drops in September
Inflation rate in Switzerland unexpectedly declined to 3.3% in September from 3.5% in August, the Swiss Federal Statistics Office said Monday.
Pound Rebounds After UK Abandons Tax Cut for Top Bracket
European markets advanced after a week of losses and the British government reversed its recent tax proposal in the mini-budget after market turmoil and party rebellion.
Finance minister was forced to reverse some of the proposals after bond and currency markets went into a tailspin and several members of his party rebelled.
Finance minister Kwasi Kwarteng said that the government will not cut tax rate to 40% from 45% for income higher than 150,000 pounds.
"It is clear that the abolition of the 45 percent tax rate has become a distraction from our overriding mission to tackle the challenges facing our country," said Chancellor of the Exchequer Kwasi Kwarteng in a statement released Monday.
The euro edged lower to 97.65 U.S. cents and the British pound edged higher to $1.12.
European Markets Close Higher
European markets traded higher on the first day of the fourth quarter after global growth worries resurfaced.
Market indexes reversed earlier losses of as much as 1.5% on worries lingered. and closed higher following rising markets in New York.
Purchasing Managers' Index for manufacturing declined to a 27-month low of 48.4 in September from 49.6 in August, S&P Global said in a report Monday.
The euro zone manufacturing sector growth contracted at the fastest pace since mid-2020 after production and orders declined in the month. The index was lowered from 48.5 in the preliminary reading.
Any reading below 50 indicates contraction and above shows growth.
Rising prices and falling demand volumes further weakened the manufacturing sector. France and Germany both registered the worst declines and dropped to the lowest levels last seen in the first-half of 2020.
The DAX index roe 0.8% to 12,209.48, the CAC 40 index gained 0.59% to 5,794.105 and the FTSE 100 index increased 0.2% to 6,908.76.
Europe Stock Movers
Credit Suisse AG dropped 5.9% to 3.61 Swiss francs and the troubled investment bank assured investors over the weekend about the health of the company.
Natuzzi SpA jumped 15.3% to $6.79 after the Italy-based leather furniture maker reported sixth consecutive quarterly revenue growth in a row.
Revenue in the fiscal second quarter increased 7.8% to
Natuzzi Quarterly Sales and Loss Rise
Scott Peters
03 Oct, 2022
New York City
Natuzzi SpA fell 4.5% to $5.92 after the Italy-based leather furniture maker reported sixth consecutive quarterly revenue growth in a row.
However, long lead time of up to four months and inflation pressure are providing significant operation and logistic headwinds.
Revenue in the fiscal second quarter increased 7.8% to
Europe Movers: Credit Suisse, Natuzzi, Prosus, RWE, Vinci
Bridgette Randall
03 Oct, 2022
Frankfurt
European markets traded lower on the first day of the fourth quarter after global growth worries resurfaced.
Market indexes reversed earlier losses following the gains in New York.
The DAX index roe 0.8% to 12,209.48, the CAC 40 index gained 0.59% to 5,794.105 and the FTSE 100 index increased 0.2% to 6,908.76.
Credit Suisse AG dropped 5.9% to 3.61 Swiss francs and the troubled investment bank assured investors over the weekend about the health of the company.
Natuzzi SpA jumped 15.3% to $6.79 after the Italy-based leather furniture maker reported sixth consecutive quarterly revenue growth in a row.
Revenue in the fiscal second quarter increased 7.8% to