- Li Chen
- 25 Nov, 2024
- Hong Kong
Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors stayed on the sidelines.
The Hang Seng index fell 0.5%, and the CSI 300 index dropped 0.6% amid a lack of catalysts as investors awaited more corporate results.
Investors were cautious following disappointing fiscal stimulus measures and a lack of support from policymakers in reviving consumer sentiment.
Stock trading turnover in Hong Kong continued to drift lower over the last five weeks and fell to nearly 82% of the last one month of trading.
The latest corporate earnings confirmed a lack of new domestic demand, and possible escalation of trade tensions with the United States and the European Union also contributed to the market weakness.
The People’s Bank of China held its one-year medium term-term lending rate at 2% for the second month in a row, following a record 30 basis points reduction in September,
In recent months, the central bank has been using other short term tools to inject liquidity into the financial system and announced a series of measures to support the economic growth and revive property market activities.
In the latest move, the central bank injected a total of 900 billion yuan into financial institutions through a one-year medium-term lending facility at an unchanged rate of 2.0%.
That compared with a total of 1.45 trillion yuan of MLF loans due this month, marking a net cash withdrawal of 550 billion yuan.
In addition, the central bank injected 249.3 billion yen through the seven-day reverse repo operation and held its rate at 1.5%.
China Stock Movers
The Hang Seng index declined 0.5% to 19,131.82, and the CSI 300 index fell 0.6% to 3,842.45.
Hang Seng Indexes, the manager of the benchmark index, announced changes to its widely followed Hang Seng Index.
New World Development dropped HK$6.3% to HK$6.51 after the real estate developer was dropped from the Hang Seng Index as of December 9.
New Oriental Education declined 0.6% to HK $57.36, and Kuaishou Technology increased 2.8% to HK $45.60 after the two companies were selected to be added to the city's benchmark index.
Tech companies were in focus after China launched its three-month regulatory overhaul program targeting online algorithms used in content recommendation, e-commerce platform lists, and work assignments on delivery platforms.
JD.com declined 3% to HK $133.40, Meituan eased 3.4% to $161.40, and Alibaba Group rose 1.6% to HK $82.0.
- Li Chen
- 25 Nov, 2024
- Hong Kong
Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors stayed on the sidelines.
The Hang Seng index fell 0.5%, and the CSI 300 index dropped 0.6% amid a lack of catalysts as investors awaited more corporate results.
Investors were cautious following disappointing fiscal stimulus measures and a lack of support from policymakers in reviving consumer sentiment.
Stock trading turnover in Hong Kong continued to drift lower over the last five weeks and fell to nearly 82% of the last one month of trading.
The latest corporate earnings confirmed a lack of new domestic demand, and possible escalation of trade tensions with the United States and the European Union also contributed to the market weakness.
China Stock Movers
The Hang Seng index declined 0.5% to 19,131.82, and the CSI 300 index fell 0.6% to 3,842.45.
Hang Seng Indexes, the manager of the benchmark index, announced changes to its widely followed Hang Seng Index.
New World Development dropped HK$6.3% to HK$6.51 after the real estate developer was dropped from the Hang Seng Index as of December 9.
New Oriental Education declined 0.6% to HK $57.36, and Kuaishou Technology increased 2.8% to HK $45.60 after the two companies were selected to be added to the city's benchmark index.
Tech companies were in focus after China launched its three-month regulatory overhaul program targeting online algorithms used in content recommendation, e-commerce platform lists, and work assignments on delivery platforms.
JD.com declined 3% to HK $133.40, Meituan eased 3.4% to $161.40, and Alibaba Group rose 1.6% to HK $82.0.
- Arun Goswami
- 25 Nov, 2024
- Mumbai
Stock market indexes in Mumbai opened sharply higher after the BJP-led alliance scored a strong victory in Maharashtra assembly polls.
The Sensex index gained 1.4%, and the Nifty indexes advanced 1.6% following the decisive victory of the BJP-led alliance, winning 235 of the 288 seats in Maharashtra state elections.
The strong performance of the BJP alliance sets aside the worries of the party taking a back seat in the central government and possibly reviving infrastructure development plans in the financial capital, Mumbai.
BJP's strong victory in Maharashtra following the improving performance in Haryana is likely to increase Prime Minister Narendra Modi's and his party's influence in the central government.
However, the BJP-led alliance suffered a defeat in Jharkhand with only 24 of the 88 seats in the assembly polls.
In international trading, market indexes in Asia advanced, tracking market gains in New York and Europe in Friday's trading.
India Stock Movers
The Sensex index advanced 1.4% to 80,250.93, and the Nifty index gained 1.6% to 24,266.40.
Zomato decreased 0.7% to ₹264.89, and the company is set to join the widely followed Sensex index, replacing JSW Steel as of December 23.
The index manager, Asia Indexes, the subsidiary of the Bombay Stock Exchange, announced the index change.
PVR INOX jumped 3% to ₹1,490.0 after the movie theater chain operator said it plans to invest ₹200 crore to add 100 more movie screens by the end of 2026.
The company currently operates 1,747 screens in 356 movie theaters in 111 cities across India and Sri Lanka.
Solar energy stocks were in focus after the U.S. Securities Exchange Commission and the Department of Justice levied charges of a bribery scheme and fraud against several executives of Adani Group, including its chairman, Gautam Adani.
JSW Energy increased 2% to ₹702.30, KP Energy gained 4% to ₹606.0, Urja Gas advanced 2.3% to ₹17.48, and the Indian Renewable Energy Development Agency jumped 4.7% to ₹193.93.
Bank of India gained 2.8% to ₹105.95, and this week the company is set to raise as much as ₹5,000 crore through the sale of infrastructure bonds.
Signature Global India advanced 2.2% to ₹1,327.50, and the company said it plans to launch several new residential projects worth ₹50,000 crore over the next three years in the Delhi-NCR region.
Patanjali Ayurved increased 0.2% to ₹1,795.0 after the consumer goods company reported a strong rise in sales and earnings in the September quarter.
Revenue in the fiscal third quarter increased 23% to ₹9,335 crore, and net income soared five-fold to ₹2,901 crore, driven by a rise in other income.
- Arun Goswami
- 25 Nov, 2024
- Mumbai
Stock market indexes in Mumbai opened sharply higher after the BJP-led alliance scored a strong victory in Maharashtra assembly polls.
The Sensex index gained 1.4%, and the Nifty indexes advanced 1.6% following the decisive victory of the BJP-led alliance, winning 235 of the 288 seats in Maharashtra state elections.
The strong performance of the BJP alliance sets aside the worries of the party taking a back seat in the central government and possibly reviving infrastructure development plans in the financial capital, Mumbai.
BJP's strong victory in Maharashtra following the improving performance in Haryana is likely to increase Prime Minister Narendra Modi's and his party's influence in the central government.
However, the BJP-led alliance suffered a defeat in Jharkhand with only 24 of the 88 seats in the assembly polls.
In international trading, market indexes in Asia advanced, tracking market gains in New York and Europe in Friday's trading.
India Stock Movers
The Sensex index advanced 1.4% to 80,250.93, and the Nifty index gained 1.6% to 24,266.40.
Zomato decreased 0.7% to ₹264.89, and the company is set to join the widely followed Sensex index, replacing JSW Steel as of December 23.
The index manager, Asia Indexes, the subsidiary of the Bombay Stock Exchange, announced the index change.
PVR INOX jumped 3% to ₹1,490.0 after the movie theater chain operator said it plans to invest ₹200 crore to add 100 more movie screens by the end of 2026.
The company currently operates 1,747 screens in 356 movie theaters in 111 cities across India and Sri Lanka.
Solar energy stocks were in focus after the U.S. Securities Exchange Commission and the Department of Justice levied charges of a bribery scheme and fraud against several executives of Adani Group, including its chairman, Gautam Adani.
JSW Energy increased 2% to ₹702.30, KP Energy gained 4% to ₹606.0, Urja Gas advanced 2.3% to ₹17.48, and the Indian Renewable Energy Development Agency jumped 4.7% to ₹193.93.
Bank of India gained 2.8% to ₹105.95, and this week the company is set to raise as much as ₹5,000 crore through the sale of infrastructure bonds.
Signature Global India advanced 2.2% to ₹1,327.50, and the company said it plans to launch several new residential projects worth ₹50,000 crore over the next three years in the Delhi-NCR region.
Patanjali Ayurved increased 0.2% to ₹1,795.0 after the consumer goods company reported a strong rise in sales and earnings in the September quarter.
Revenue in the fiscal third quarter increased 23% to ₹9,335 crore, and net income soared five-fold to ₹2,901 crore, driven by a rise in other income.
- Scott Peters
- 22 Nov, 2024
- New York City
Intuit Inc. declined 5.4% to $642.0 despite the financial software developer reporting better-than-expected quarterly results.
Revenue in the fiscal first quarter ending in October increased 10% to $3.3 billion from $3.0 billion, net income declined 12% to $271 million from $307 million, and diluted earnings per share fell to 70 cents from 85 cents a year ago.
Ross Stores rose 7.1% to $153.05 after the discount retailer reported better-than-expected quarterly results.
Revenue in the third quarter ending on November 2 increased to $5.07 billion from $4.92 billion, net income advanced to $488 million from $447 million, and diluted earnings per share rose to $1.48 from $1.33 a year earlier.
The company estimated comparable store sales in the fiscal fourth quarter to increase between 2% and 3%, and earnings per share in the range of $1.57 and $1.64, a decrease from $1.82 a year ago.
Gap Inc. rose 15.2% to $25.38 after the specialty apparel retailer reported better-than-expected revenue and earnings in the latest quarter, and the company revised its full-year sales outlook.
Net sales in the fiscal third quarter ending on November 2 rose 2% to $3.82 billion from $3.67 billion, net income increased to $274 million from $214 million, and diluted earnings per share rose to 72 cents from 58 cents a year ago.
Company tightened its fiscal year 2024 sales growth outlook to an increase between 1.5% and 2.0%, compared to the previous estimate of "slight increase."
Texas Pacific Land increased 3.4% to $1,562.50, and the company was selected to join the S&P 500 index, replacing Marathon Oil, which is being acquired by ConocoPhillips.
CNH Industries declined 3.8% to $11.47, reflecting the market weakness in the eurozone after business activities contracted in the currency union in November.
Earlier in the month, the construction and agriculture equipment maker said third quarter revenue declined to $4.6 billion from $5.98 billion, net income attributable to shareholders fell to $310 million from $540 million, and diluted earnings per share decreased to 24 cents from 40 cents a year earlier.
- Scott Peters
- 22 Nov, 2024
- New York City
Intuit Inc. declined 5.4% to $642.0 despite the financial software developer reporting better-than-expected quarterly results.
Revenue in the fiscal first quarter ending in October increased 10% to $3.3 billion from $3.0 billion, net income declined 12% to $271 million from $307 million, and diluted earnings per share fell to 70 cents from 85 cents a year ago.
Ross Stores rose 7.1% to $153.05 after the discount retailer reported better-than-expected quarterly results.
Revenue in the third quarter ending on November 2 increased to $5.07 billion from $4.92 billion, net income advanced to $488 million from $447 million, and diluted earnings per share rose to $1.48 from $1.33 a year earlier.
The company estimated comparable store sales in the fiscal fourth quarter to increase between 2% and 3%, and earnings per share in the range of $1.57 and $1.64, a decrease from $1.82 a year ago.
Gap Inc. rose 15.2% to $25.38 after the specialty apparel retailer reported better-than-expected revenue and earnings in the latest quarter, and the company revised its full-year sales outlook.
Net sales in the fiscal third quarter ending on November 2 rose 2% to $3.82 billion from $3.67 billion, net income increased to $274 million from $214 million, and diluted earnings per share rose to 72 cents from 58 cents a year ago.
Company tightened its fiscal year 2024 sales growth outlook to an increase between 1.5% and 2.0%, compared to the previous estimate of "slight increase."
Texas Pacific Land increased 3.4% to $1,562.50, and the company was selected to join the S&P 500 index, replacing Marathon Oil, which is being acquired by ConocoPhillips.
CNH Industries declined 3.8% to $11.47, reflecting the market weakness in the eurozone after business activities contracted in the currency union in November.
Earlier in the month, the construction and agriculture equipment maker said third quarter revenue declined to $4.6 billion from $5.98 billion, net income attributable to shareholders fell to $310 million from $540 million, and diluted earnings per share decreased to 24 cents from 40 cents a year earlier.
- Barry Adams
- 22 Nov, 2024
- New York City
Stock market indexes struggled to stay above the flatline in early trading amid rising geopolitical, global trade barriers, and U.S. policy uncertainties.
The S&P 500 index decreased 0.1% and the Nasdaq Composite dropped 0.2% as investors unwound tech trades following Nvidia's strong quarterly results.
Market sentiment has been cautious this week as the reality of election results began to set in, the Ukraine-Russia war shows no signs of easing, and business activities contracted in the eurozone at the sharpest pace in the year.
Investors are hoping that the next U.S. government will provide clearer plans to lower federal government debt, trim the annual budget deficit, and sustain labor market expansion and economic growth.
Moreover, Trump administration cabinet appointees inspire little confidence, as top and second-tier candidates refuse to join the administration.
Investors are worried that the sharp escalation of tariffs on imported goods from the European Union and China would contribute to another bout of inflation, forcing the Federal Reserve to keep higher interest rates for longer, which could drag the economy into a recession.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to $5,962.25, the Nasdaq Composite declined 0.2% to 18,937.14, and the Russell 2000 index inched lower 0.1% to 2,354.92.
The yield on 2-year Treasury notes edged higher to 4.33%, 10-year Treasury notes inched up to 4.40%, and 30-year Treasury bonds decreased to 4.58%.
WTI crude oil increased $0.28 to $69.81 a barrel, and natural gas prices edged up 2 cents to $3.31 a thermal unit.
Gold increased by $28.04 to $2,697.38 an ounce, and silver increased by $0.50 to $31.24.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.46.
U.S. Stock Movers
Intuit Inc. declined 5.4% to $642.0 despite the financial software developer reporting better-than-expected quarterly results.
Ross Stores rose 7.1% to $153.05 after the discount retailer reported better-than-expected quarterly results.
Gap Inc. rose 15.2% to $25.38 after the specialty apparel retailer reported better-than-expected revenue and earnings in the latest quarter, and the company revised its full-year sales outlook.
Texas Pacific Land increased 3.4% to $1,562.50, and the company was selected to join the S&P 500 index, replacing Marathon Oil, which is being acquired by ConocoPhillips.
CNH Industries declined 3.8% to $11.47, reflecting the market weakness in the eurozone after business activities contracted in the currency union in November.
Earlier in the month, the construction and agriculture equipment maker said third quarter revenue declined to $4.6 billion from $5.98 billion, net income attributable to shareholders fell to $310 million from $540 million, and diluted earnings per share decreased to 24 cents from 40 cents a year earlier.
- Barry Adams
- 22 Nov, 2024
- New York City
Stock market indexes struggled to stay above the flatline in early trading amid rising geopolitical, global trade barriers, and U.S. policy uncertainties.
The S&P 500 index decreased 0.1% and the Nasdaq Composite dropped 0.2% as investors unwound tech trades following Nvidia's strong quarterly results.
Market sentiment has been cautious this week as the reality of election results began to set in, the Ukraine-Russia war shows no signs of easing, and business activities contracted in the eurozone at the sharpest pace in the year.
Investors are hoping that the next U.S. government will provide clearer plans to lower federal government debt, trim the annual budget deficit, and sustain labor market expansion and economic growth.
Moreover, Trump administration cabinet appointees inspire little confidence, as top and second-tier candidates refuse to join the administration.
Investors are worried that the sharp escalation of tariffs on imported goods from the European Union and China would contribute to another bout of inflation, forcing the Federal Reserve to keep higher interest rates for longer, which could drag the economy into a recession.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to $5,962.25, the Nasdaq Composite declined 0.2% to 18,937.14, and the Russell 2000 index inched lower 0.1% to 2,354.92.
The yield on 2-year Treasury notes edged higher to 4.33%, 10-year Treasury notes inched up to 4.40%, and 30-year Treasury bonds decreased to 4.58%.
WTI crude oil increased $0.28 to $69.81 a barrel, and natural gas prices edged up 2 cents to $3.31 a thermal unit.
Gold increased by $28.04 to $2,697.38 an ounce, and silver increased by $0.50 to $31.24.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.46.
U.S. Stock Movers
Intuit Inc. declined 5.4% to $642.0 despite the financial software developer reporting better-than-expected quarterly results.
Ross Stores rose 7.1% to $153.05 after the discount retailer reported better-than-expected quarterly results.
Gap Inc. rose 15.2% to $25.38 after the specialty apparel retailer reported better-than-expected revenue and earnings in the latest quarter, and the company revised its full-year sales outlook.
Texas Pacific Land increased 3.4% to $1,562.50, and the company was selected to join the S&P 500 index, replacing Marathon Oil, which is being acquired by ConocoPhillips.
CNH Industries declined 3.8% to $11.47, reflecting the market weakness in the eurozone after business activities contracted in the currency union in November.
Earlier in the month, the construction and agriculture equipment maker said third quarter revenue declined to $4.6 billion from $5.98 billion, net income attributable to shareholders fell to $310 million from $540 million, and diluted earnings per share decreased to 24 cents from 40 cents a year earlier.
- Bridgette Randall
- 22 Nov, 2024
- London
European market indexes traded down, the euro dropped to a two-year low, and bond yields edged to five-week lows in the eurozone.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to advance after the latest eurozone business activities update in the manufacturing and services sector confirmed ongoing weaknesses.
The HCOB Flash Eurozone Composite PMI fell to 48.1 in November from 50 in October, S&P Global reported Friday.
The latest business survey showed contraction in service sector activities for the first time in ten months, aligning with the ongoing downturn in the manufacturing sector.
The manufacturing sector contraction deepened to 45.2 from 46.0, and the previously resilient service sector swung to a contraction and fell to 49.2 from 51.6 in October.
Poor business momentum in France and Germany dominated the overall business activity weakness in the eurozone.
Germany's third quarter GDP growth was revised downward to an increase of 0.1% from the preliminary estimate of 0.2% increase, the Federal Statistical Office reported Friday.
For the week, the DAX 30 index is down 0.8%, the CAC-40 index has fallen 1.2%, but the FTSE 100 index advanced 1.8% as of midday in Germany.
UK Retail Sales Declined in October
UK retail sales declined in October amid broad weakness across all sectors, according to the Office for National Statistics.
Retail sales declined 0.7% from the previous month in October and fell at the fastest pace in four months, as improved weather and an end-of-season discount pulled sales in the previous three months.
On an annual basis, sales rose at a slower pace of 2.4% following a downwardly revised 3.2% rise in September.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 19,119.69; the CAC-40 index fell by 0.2% to 7,200.95; and the FTSE 100 index rose by 0.6% to 8,202.87.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched up to 3.03%, the UK gilts edged lower to 4.37%, and Italian bonds decreased to 3.50%.
The euro edged lower to $1.04; the British pound inched down to $1.24; and the U.S. dollar strengthened to 88.92 Swiss cents.
Brent crude increased $0.37 to $74.60 a barrel, and the Dutch TTF natural gas rose by €0.30 to €48.97 per MWh.
Europe Stock Movers
Banks and vehicle makers traded down and were among the leading decliners in Friday's trading.
Mercedes-Benz Group AG declined 0.8% to €51.43, Volkswagen Group AG fell 0.7% to €83.20, and BMW dropped 1% to €67.20.
BMW dropped to a three-year low as investors worry about the impending U.S. tariffs on passenger cars and vehicles exported from Europe.
Deutsche Bank decreased 3% to €15.53, Commerzbank dropped 2.4% to €15.21, BNP Paribas fell 2.9% to €56.55, Societe Generale eased 2.6% to €25.95, UniCredit declined 3.3% to €37.64, Banco Santander dived 4.4% to €4.33, and Barclays PLC inched down 2.5% to 253.70 pence.
Barclays traded around a nine-year high after the British bank delivered better-than-expected profit earlier in the month.
- Bridgette Randall
- 22 Nov, 2024
- London
European market indexes traded down, the euro dropped to a two-year low, and bond yields edged to five-week lows in the eurozone.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to advance after the latest eurozone business activities update in the manufacturing and services sector confirmed ongoing weaknesses.
The HCOB Flash Eurozone Composite PMI fell to 48.1 in November from 50 in October, S&P Global reported Friday.
The latest business survey showed contraction in service sector activities for the first time in ten months, aligning with the ongoing downturn in the manufacturing sector.
The manufacturing sector contraction deepened to 45.2 from 46.0, and the previously resilient service sector swung to a contraction and fell to 49.2 from 51.6 in October.
Poor business momentum in France and Germany dominated the overall business activity weakness in the eurozone.
Germany's third quarter GDP growth was revised downward to an increase of 0.1% from the preliminary estimate of 0.2% increase, the Federal Statistical Office reported Friday.
For the week, the DAX 30 index is down 0.8%, the CAC-40 index has fallen 1.2%, but the FTSE 100 index advanced 1.8% as of midday in Germany.
UK Retail Sales Declined in October
UK retail sales declined in October amid broad weakness across all sectors, according to the Office for National Statistics.
Retail sales declined 0.7% from the previous month in October and fell at the fastest pace in four months, as improved weather and an end-of-season discount pulled sales in the previous three months.
On an annual basis, sales rose at a slower pace of 2.4% following a downwardly revised 3.2% rise in September.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 19,119.69; the CAC-40 index fell by 0.2% to 7,200.95; and the FTSE 100 index rose by 0.6% to 8,202.87.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched up to 3.03%, the UK gilts edged lower to 4.37%, and Italian bonds decreased to 3.50%.
The euro edged lower to $1.04; the British pound inched down to $1.24; and the U.S. dollar strengthened to 88.92 Swiss cents.
Brent crude increased $0.37 to $74.60 a barrel, and the Dutch TTF natural gas rose by €0.30 to €48.97 per MWh.
Europe Stock Movers
Banks and vehicle makers traded down and were among the leading decliners in Friday's trading.
Mercedes-Benz Group AG declined 0.8% to €51.43, Volkswagen Group AG fell 0.7% to €83.20, and BMW dropped 1% to €67.20.
BMW dropped to a three-year low as investors worry about the impending U.S. tariffs on passenger cars and vehicles exported from Europe.
Deutsche Bank decreased 3% to €15.53, Commerzbank dropped 2.4% to €15.21, BNP Paribas fell 2.9% to €56.55, Societe Generale eased 2.6% to €25.95, UniCredit declined 3.3% to €37.64, Banco Santander dived 4.4% to €4.33, and Barclays PLC inched down 2.5% to 253.70 pence.
Barclays traded around a nine-year high after the British bank delivered better-than-expected profit earlier in the month.
- Akira Ito
- 22 Nov, 2024
- Tokyo
Japan's stock market indexes rebounded from the previous session's losses as investors reviewed updates on inflation and activities in the manufacturing and service sectors.
The Nikkei 225 index gained 0.9% and the broader Topix index advanced 1%, but both indexes are set to close nearly unchanged after a week of trading.
The annual rate of consumer price inflation in Japan eased to 2.3% in October from 2.5% in September, according to the latest data released by the Ministry of Internal Affairs & Communications.
The overall inflation dropped to a nine-month low, and core inflation fell to a six-month low of 2.3%, down from 2.4% in September.
The overall inflation eased after the effect of the ending of subsidies for electricity prices waned, and prices rose at 4% compared to 15.2% in the previous month.
Still, overall and core inflation may support the case for the Bank of Japan to increase rates at a slower pace as consumers battle higher prices amid weak wage growth.
Japan's manufacturing sector contracted for the fifth month in a row in November, but the service sector activities slightly expanded, according to two separate surveys published by S&P Global.
The au Jibun Bank Japan Manufacturing PMI unexpectedly eased to 49.0 in November from 49.2 in October, the lowest level since March as both output and new orders decreased.
The au Jibun Bank Japan Services PMI rose to 50.2 in November from 49.7 in the previous month, after the decline in foreign orders slowed and overall new orders rose at the modest pace and matched the rate in the previous month.
The yen traded at 154.88 against the U.S. dollar in Tokyo trading near the close as investors reaffirmed the bets for the currency to cross the 160 level before the close of the year.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.9% to 38,369.81, and the broader Topix index advanced 0.7% to 2,701.42.
Semiconductor equipment stocks rebounded tracking gains in New York after investors overcame initial concerns about the company's revenue growth outlook in the current quarter.
Tokyo Electron increased 2.2% to ¥22,250.0, Advantest Corp. gained 0.6% to ¥9,443.0, and Lasertec jumped 0.3% to ¥17,335.0.
Banks traded higher, and financial services stocks generally retained the upward bias.
Mitsubishi UFJ Financial gained 1% to ¥1,825.0, Sumitomo Mitsui Financial Group advanced 1.9% to ¥3,667.0, and Mizuho Financial Group fell 0.3% to ¥3,838.0.
Among the most actively traded stocks in Tokyo, Mitsui Chemicals jumped 5.6% to ¥3,593.0, Credit Saison advanced 6.6% to ¥3,694.0, and Yokogawa Electric added 4.9% to ¥3,572.0.
Marubeni gained 0.5% to ¥2,401.50, Itochu Corp increased 0.3% to ¥7,610.0, Sumitomo Corp. advanced 1.7% to ¥3,291.0, and Mitsui & Co. Ltd. inched higher 1.5% to ¥3,320.0.
- Akira Ito
- 22 Nov, 2024
- Tokyo
Japan's stock market indexes rebounded from the previous session's losses as investors reviewed updates on inflation and activities in the manufacturing and service sectors.
The Nikkei 225 index gained 0.9% and the broader Topix index advanced 1%, but both indexes are set to close nearly unchanged after a week of trading.
The annual rate of consumer price inflation in Japan eased to 2.3% in October from 2.5% in September, according to the latest data released by the Ministry of Internal Affairs & Communications.
The overall inflation dropped to a nine-month low, and core inflation fell to a six-month low of 2.3%, down from 2.4% in September.
The overall inflation eased after the effect of the ending of subsidies for electricity prices waned, and prices rose at 4% compared to 15.2% in the previous month.
Still, overall and core inflation may support the case for the Bank of Japan to increase rates at a slower pace as consumers battle higher prices amid weak wage growth.
Japan's manufacturing sector contracted for the fifth month in a row in November, but the service sector activities slightly expanded, according to two separate surveys published by S&P Global.
The au Jibun Bank Japan Manufacturing PMI unexpectedly eased to 49.0 in November from 49.2 in October, the lowest level since March as both output and new orders decreased.
The au Jibun Bank Japan Services PMI rose to 50.2 in November from 49.7 in the previous month, after the decline in foreign orders slowed and overall new orders rose at the modest pace and matched the rate in the previous month.
The yen traded at 154.88 against the U.S. dollar in Tokyo trading near the close as investors reaffirmed the bets for the currency to cross the 160 level before the close of the year.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.9% to 38,369.81, and the broader Topix index advanced 0.7% to 2,701.42.
Semiconductor equipment stocks rebounded tracking gains in New York after investors overcame initial concerns about the company's revenue growth outlook in the current quarter.
Tokyo Electron increased 2.2% to ¥22,250.0, Advantest Corp. gained 0.6% to ¥9,443.0, and Lasertec jumped 0.3% to ¥17,335.0.
Banks traded higher, and financial services stocks generally retained the upward bias.
Mitsubishi UFJ Financial gained 1% to ¥1,825.0, Sumitomo Mitsui Financial Group advanced 1.9% to ¥3,667.0, and Mizuho Financial Group fell 0.3% to ¥3,838.0.
Among the most actively traded stocks in Tokyo, Mitsui Chemicals jumped 5.6% to ¥3,593.0, Credit Saison advanced 6.6% to ¥3,694.0, and Yokogawa Electric added 4.9% to ¥3,572.0.
Marubeni gained 0.5% to ¥2,401.50, Itochu Corp increased 0.3% to ¥7,610.0, Sumitomo Corp. advanced 1.7% to ¥3,291.0, and Mitsui & Co. Ltd. inched higher 1.5% to ¥3,320.0.
- Li Chen
- 22 Nov, 2024
- Hong Kong
Stock market indexes in China and Hong Kong declined following corporate results and a lack of visible improvement in economic activities and the property market.
The Hang Seng and CSI 300 indexes declined more than 1% and extended weekly losses of 1.2% and 0.4%, respectively.
PDD Holding and Baidu declined after reporting weaker-than-expected quarterly results, but BYD Electronics and Sunny Optical advanced.
Market indexes in China and Hong Kong lacked direction, and investor mood soured after the government's measures to support the property market and revive consumer confidence fell short of expectations.
In late September, Chinese policymakers and lawmakers approved a raft of measures to support the 2024 target GDP growth rate of 5%. However, those measures have yet to revive consumer confidence and support a rebound in corporate earnings.
Moreover, China is battling structural impediments amid falling birth rates, foreign fund outflows, and rising trade barriers in the European Union and the United States.
Industrial, retail, and technology companies are struggling under lack of demand growth, brutal competition, and intense price pressure, keeping stocks under pressure for the fourth year in a row.
Chinese banks have yet to book mounting losses linked to property loans issued to the top 20 large developers, all controlled by the central government.
China Stock Movers
The Hang Seng index declined 1.3% to 19,343.91 and the mainland-focused CSI 300 index dropped 1.% to 3,948.52.
Baidu declined 7.6% to HK$76.25, and the search engine operator said revenue declined as advertising demand remained subdued for the third consecutive year.
Revenue in the third quarter declined 3% to 33.55 billion yuan from 34.4 billion yuan, but net income increased 14% to 7.6 billion yuan from 6.7 billion yuan, and diluted earnings per share rose to 21.60 yuan from 18.22 yuan a year ago.
PDD Holdings declined 10.4% to $104.09 in New York trading after the budget shopping app operator said third-quarter earnings fell 22% from the previous quarter.
Total revenue in the quarter soared 44% to 99.3 billion yuan from 68.8 billion yuan, net income attributable to shareholders increased 61% to 24.98 billion yuan from 15.5 billion yuan, and diluted earnings per share rose to 4.23 yuan from 2.65 yuan a year earlier.
BYD Electronic International jumped 5.4% to HK $34.55 and Sunny Optical Technology Group advanced 5% to HK $59.75.
At the end of October, BYD reported sharply higher revenue and flat earnings in the nine-month period ending in September.
Revenue in the nine-month period ending in September soared 32% to 122.1 billion yuan from 92.2 billion yuan, net income attributable to shareholders inched up 0.6% to 3.06 billion yuan from 3.04 billion yuan, and diluted earnings per share increased to 1.36 yuan from 1.35 yuan a year earlier.
- Li Chen
- 22 Nov, 2024
- Hong Kong
Stock market indexes in China and Hong Kong declined following corporate results and a lack of visible improvement in economic activities and the property market.
The Hang Seng and CSI 300 indexes declined more than 1% and extended weekly losses of 1.2% and 0.4%, respectively.
PDD Holding and Baidu declined after reporting weaker-than-expected quarterly results, but BYD Electronics and Sunny Optical advanced.
Market indexes in China and Hong Kong lacked direction, and investor mood soured after the government's measures to support the property market and revive consumer confidence fell short of expectations.
In late September, Chinese policymakers and lawmakers approved a raft of measures to support the 2024 target GDP growth rate of 5%. However, those measures have yet to revive consumer confidence and support a rebound in corporate earnings.
Moreover, China is battling structural impediments amid falling birth rates, foreign fund outflows, and rising trade barriers in the European Union and the United States.
Industrial, retail, and technology companies are struggling under lack of demand growth, brutal competition, and intense price pressure, keeping stocks under pressure for the fourth year in a row.
Chinese banks have yet to book mounting losses linked to property loans issued to the top 20 large developers, all controlled by the central government.
China Stock Movers
The Hang Seng index declined 1.3% to 19,343.91 and the mainland-focused CSI 300 index dropped 1.% to 3,948.52.
Baidu declined 7.6% to HK$76.25, and the search engine operator said revenue declined as advertising demand remained subdued for the third consecutive year.
Revenue in the third quarter declined 3% to 33.55 billion yuan from 34.4 billion yuan, but net income increased 14% to 7.6 billion yuan from 6.7 billion yuan, and diluted earnings per share rose to 21.60 yuan from 18.22 yuan a year ago.
PDD Holdings declined 10.4% to $104.09 in New York trading after the budget shopping app operator said third-quarter earnings fell 22% from the previous quarter.
Total revenue in the quarter soared 44% to 99.3 billion yuan from 68.8 billion yuan, net income attributable to shareholders increased 61% to 24.98 billion yuan from 15.5 billion yuan, and diluted earnings per share rose to 4.23 yuan from 2.65 yuan a year earlier.
BYD Electronic International jumped 5.4% to HK $34.55 and Sunny Optical Technology Group advanced 5% to HK $59.75.
At the end of October, BYD reported sharply higher revenue and flat earnings in the nine-month period ending in September.
Revenue in the nine-month period ending in September soared 32% to 122.1 billion yuan from 92.2 billion yuan, net income attributable to shareholders inched up 0.6% to 3.06 billion yuan from 3.04 billion yuan, and diluted earnings per share increased to 1.36 yuan from 1.35 yuan a year earlier.
- Arun Goswami
- 22 Nov, 2024
- Mumbai
Stock market indexes extended weekly losses, and Adani Group stocks remained in focus for the second day in a row.
The Sensex index gained 0.3% and the Nifty index fell 0.2% as investors awaited more information on Adani Group's plan to defend the U.S. allegations.
The U.S. Department of Justice charged Gautam Adani and several executives for their alleged role in the bribery scandal surrounding solar panel contracts and failing to disclose the scheme to U.S. investors while raising funds through the sale of loans and bonds in New York between 2021 and 2024.
The U.S. Securities and Exchange Commission leveled its charges for the bribery scheme of about $265 million.
Adani Green Energy canceled its $600 million (about ₹5,000 crore) bond offering in New York following the charges, as the sprawling conglomerate looks for alternative ways to finance its solar energy projects.
The U.S. Department of Justice has a history of investigating foreign companies and individuals with mixed success, and in the past many of these charges have proven to be politically motivated.
The DOJ has so far failed to prosecute and convict president-elect Donald Trump, who is widely known for his illegal and aggressive business practices, but the federal agency has resources to investigate foreign business practices.
The federal agency has yet to bring charges against president-elect Trump, Trump campaign, and Trump organization executives for using campaign funds to support his private businesses and playing a key role in the January 6th, 2021 violent riots and insurrection that killed several people, including a law enforcement official.
Moreover, Saudi investment of $2 billion in Affinity Partners, a fund controlled by Jared Kushner, Donald Trump's son-in-law, is widely seen as a payback to Trump.
Kushner has collected more than $110 million in fees and so far failed to deliver any returns to its investors.
Egypt's president Abdel Al Fatah Al-Sisi's $10 million payment of Donald Trump's 2016 campaign for the alleged bribes is consistent with Trump’s record of selling out the White House to corrupt foreign autocrats.
The Sensex index increased 0.3% to 77,349.80, and the Nifty index raised 0.3% to 23,4911.80.
For the week as of Thursday's closing, the Sensex index declined 1.5% and the Nifty index fell 0.3%.
India Stock Movers
Adani Enterprises declined 4.3% to ₹2,090.65, Adani Energy Solutions dropped 6% to ₹655.25, Adani Green Energy plunged 9.9% to ₹1,032.10, and Adani Ports and Special Economic Zone eased 4% to ₹1,068.25.
Afcons Infrastructure increased 1.8% to ₹496.0 after the company won a civil works contract worth ₹1,274 crore from Uttarakhand Project Development and Construction Corporation.
Raymond Ltd. increased 1.6% to ₹1,449.90, and the company received approvals from the BSE and the NSE for its plans to separate Raymond Realty.
LTIMindtree Inc. increased 1.1% to ₹5,998.0 after Life Insurance Corporation of India raised its stake in the company to 7.03% from 5.03%.