India Movers: Cyient DLM, Genus Power, PNB Housing Finance, Weizmann

Mumbai stocks were under pressure following weak trading in Asia, and the rupee struggled near record low despite the U.S. dollar dropping to 2024 lows against the euro and the pound. 

The Sensex index decreased by 0.3% to 80,762.50, and the Nifty index rose 0.1% to 24,719.50. 

On the Mumbai stock exchange, 234 stocks traded at their 52-week highs, and 12 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.85%, and the Indian rupee weakened to 83.85 against the U.S. dollar.

PNB Housing Finance increased 7.5% to ₹864.80, and a fund controlled by General Atlantic plans to sell 5.1% stake in the company in a block deal with a floor price of ₹775 per share. 

Mobile telephone service providers were in focus after subscribers continued to migrate from Vodafone Idea to Reliance Jio and Bharti Airtel. 

In June, Vodafone Idea lost 8.60 lakh subscribers, Bharti Airtel gained 12.5 lakh, and Reliance Jio added 19.1 lakh subscribers. 

Cyient DLM decreased 1.8% to ₹772.35, and Cyient is planning to lower its stake in the company to 52.16% from 66.66%. 

The company is set to sell 1.15 crore shares for ₹860.9 crore block deal, with a floor price of ₹748.65 per share.

Genus Power Infrastructures increased 4.9% to ₹437.75, and the company's subsidiary won an order worth ₹3,602 crore for advanced metering services. 

Weizmann Limited declined 2.2% to ₹133.95, and the company's board approved ₹5.84 crore stock buyback plan at a price not to exceed ₹160 per share. 

S&P 500 and Nasdaq Turned Lower and Halted 8-day Rally

Benchmark indexes on Wall Street traded down and halted an eight-day rally as investors kept alive rate-cut hopes next month. 

The S&P 500 index and the Nasdaq Composite index fell amid receding fears of an economic slowdown and halted their gains after the eighth session in a row. 

Earlier in the month, benchmark indexes plunged as much as 10% amid worries of an economic slowdown after non-farm payrolls and weekly jobless claims were sharply lower than estimated. 

However, those worries were set aside in the following two weeks after retail sales and jobless claims were ahead of market expectations, and softer inflation reports also confirmed that the current economic expansion with low inflation is intact. 

Investors bid up stocks in the hopes that the Federal Reserve is ready to start its rate-cutting cycle after the end of the policy meeting on September 19. 

However, those high hopes of a rate cut may face hurdles, and the Fed's policymakers may wait a little longer before inflation is on a downward trajectory towards the 2% level. 

Despite eleven rate hikes over 2022 and 2023, prices are still rising from a higher base, and inflation has stalled at 3%.

Moreover, the Fed is fighting for its credibility after letting the first rise in inflation be transitory and then reversing its course after inflation soared to close to 9%. 

In addition, the Federal Reserve has no tools to bring down high prices that have seeped deep into the economy. 

Over the last three years, home prices have jumped more than 50%, vehicle prices are up at least 30%, food prices have risen at least 50%, and most service costs have jumped more than 40%. 

The Fed's repeated signaling of its inflation target rate of 2% may not be achieved for months to come because prices of services are still rising and wages are growing between 4% and 5%, inconsistent with the Fed's goals. 

Inflation may hover near 3%, but most consumers are feeling the shock of the higher cost of living, and most families are struggling to pay bills. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.3% to 5,593.20, the Nasdaq Composite fell 0.4% to 17,798.49, and the Russell 2000 index fell 1.3% to 2,139.28. 

The yield on 2-year Treasury notes edged lower to 4.05%, 10-year Treasury notes decreased to 3.86%, and 30-year Treasury bonds inched higher to 4.12%.

WTI crude oil decreased $0.45 to $73.20 a barrel, and natural gas prices edged up 4 cents to $2.18 a thermal unit.

Gold advanced by $8.18 to $2,511.76 an ounce, and silver increased by $0.05 to $29.46.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 101.49.

U.S. Stock Movers

Palo Alto Networks soared 1.9% to $350.0, and the cyber security company reported better-than-expected quarterly results and raised its stock repurchase size by $500 million. 

The company guided fiscal first quarter earnings per share between $1.47 and $1.49 and revenue between $2.1 billion and $2.13 billion. 

Lowe's Companies declined 1.1% to $240.50, and the home improvement retailer reported mixed quarterly results. 

In the fiscal second quarter, the specialty retailer earned $4.10 a share, beating the estimate of as low as $3.99, and revenue was $23.59 billion, slightly lower than the estimate of $23.85 billion.

The company also lowered its annual outlook, citing softening demand growth after three years of strong growth. 

Paramount Global Class A decreased 1.6% to $22.90 after reports that Edgar Bronfman Jr. proposed to acquire National Amusement, which owns a controlling stake in the media company. 

The new proposal comes a month after Paramount and Skydance Media and their group of investors agreed to buy the company. 

Hawaiian Holdings soared 11.5% to $17.70 and Alaska Air Group gained 1.4% to $35.55 after the U.S. Justice Department approved the $1.9 billion merger of two airlines. 

The two companies are now seeking merger approval from the U.S. Transportation Department. 

European Markets Extend Recent Rally

European markets extended gains for the sixth session in a row and erased losses incurred earlier in the month brought by a sharp global market selloff. 

Benchmark indexes in London, Paris, and Frankfurt traded around the flatline amid growing expectations that the European Central Bank and the Federal Reserve are more likely to lower rates to keep current economic expansion intact. 

Euro Area consumer price inflation was 2.6% in July, Eurostat confirmed on Tuesday. 

Sweden Lowers Rates by 25 Basis Points 

Riksbank lowered its policy rate by 25 basis points to 3.5% after the policy meeting today, and the central bank held out for two to three additional rate cuts in the year as long as inflation stays on the current trajectory. 

Policymakers also said that the economic growth outlook is weaker than expected in June, supporting the case for a rate reduction. 

The central bank lowered its key lending rate for the second time in a row after rates were revised to 4.0%, a high not seen since October 2008. 

Swiss Trade Deficit Shrank After Exports Fell In July

The Swiss international trade surplus shrank in July after exports fell and imports rose from the previous month, the Federal Office for Customs and Border Security reported Tuesday. 

Seasonally adjusted exports decreased 2.7% to CHF 22.46 billion and imports advanced 0.3% to CHF 18.36 billion, resulting in a trade surplus of CHF 4.10 billion compared to CHF 4.90 billion in the previous month. 

Weaknesses in chemical and pharmaceutical products accounted for 90% of the decline in exports, according to the customs agency. 

Swiss watch exports increased 1.6% from a year ago to CHF 2.2 billion, or $2.6 billion, according to the Federation of the Swiss Watch Industry. 

The number of unis shipped in the month remained nearly unchanged, at 1.4 million watches. 

Europe Indexes and Yields

The DAX index decreased by 0.4% to 18,357.52; the CAC-40 index fell by 0.2% to 7,485.03; and the FTSE 100 index decreased by 1.0% to 8,273.32. 

The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 2.97%, the UK gilts edged higher to 3.94%, and Italian bonds inched up to 3.62%.

The euro edged down to $1.101; the British pound inched higher to $1.30; and the U.S. dollar weakened to 85.95 Swiss cents.

Brent crude decreased $0.28 to $77.37 a barrel, and the Dutch TTF natural gas fell by €1.20 to €38.22 per MWh.

Europe Stock Movers

Semiconductor equipment stocks traded higher after AMD announced its plans on Monday to acquire ZT Systems for $4.9 billion. 

ASML Holding jumped 2% to €846.20, and BE Semiconductor soared 1.5% to €123.85. 

Jyske Bank decreased 0.1% to DKK 534.0 after the Danish bank reported an increase in profit in the first half and estimated annual profit to be near the upper end of the range for 2024. 

Net income increased 5% to DKK 2.6 billion, driven by higher net interest income and improvements in capital market activities. 

The company also confirmed it launched its DKK 1.5 billion stock repurchase program during the period. 

Nordex SE advanced 0.8% to €13.96, and the wind turbine maker received orders for five turbines totaling 102 MW from Akfen Renewable Energy in Turkey. 

Energy explorers declined after crude oil prices fell to a two-week low amid China demand growth worries and elevated tensions in the Middle East. 

BP Plc declined 1.8% to 433.96 pence, Shell PLC dropped 1.7% to 2,766.0 pence, and TotalEnergies eased 0.8% to €62.40. 

Antofagasta increased 0.2% to 1,883.50 pence after the UK-based mining company reported a slight decline in pre-tax profit in the first half from the previous year. 

Stocks In Japan Swing Higher Tracking Gains On Wall Street 

Stock market indexes in Tokyo rebounded from the losses in the previous session, tracking gains in tech stocks in overnight trading in New York. 

The Nikkei 225 stock average jumped 1.8%, and the broader Topix index gained 1.2%. 

Market gains were supported by the slight weakness in the Japanese yen, but uncertainty loomed that the stronger yen could lead to unwinding of yen carry trade. 

The yen traded at 147.21 against the U.S. dollar, and the currency held steady for the third session in a row after soaring earlier in the month to a high not seen since January. 

Investors also looked forward to the release of inflation data on Friday, and economists anticipate overall consumer inflation and core inflation to stay above 2.5%. 

Gold in international trading stayed above $2.500 an ounce amid rising demand from Chinese retail buyers as investors shift investment away from residential property to precious metals. 

Moreover, the People's Bank of China is expected to continue diversifying its foreign exchange reserves away from the U.S. government bonds to precious metals, including gold. 

Brent crude oil prices traded down 2% to $77 a barrel in the hopes that a wider conflict between Iran and Israel could be avoided as diplomats worked to prevent Middle East conflict from escalating. 

Moreover, prices were under pressure on the worries of demand growth in China amid a protracted residential property market slump and weak consumer confidence. 

As widely anticipated, the People's Bank of China held steady its one-year loan prime rate at 3.35% and five-year loan prime rate at 3.85%, after cutting rates in the last month. 

Japan Stock Movers 

The Nikkei 225 stock average advanced 1.8% to 38,062.92, and the Topix index rose 1.2% to 2,672.10. 

Tech stocks led the gainers in Tokyo, tracking gains in overnight trading on Wall Street. 

Softbank, Advantest, Tokyo Electron, Lasertec, and Disco Corp. advanced between 2% and 3%. 

Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, and Mizuho Financial edged down between 0.1% and 0.4%. 

Toyota Motor jumped 1% to ¥2,687.0, Honda Motor added 0.7% to ¥1,578.0, and Nissan Motor gained 2.5% to ¥447.80. 

Canon Inc. gained 2.6% to ¥4,828.0, Panasonic Holdings Corp. added 1.4% to ¥1,159.50, and Mitsubishi Electric Corp. increased 1% to ¥2,390.0. 

Marubeni Corp. advanced 0.4% to ¥2,480.0, Itochu Corp. increased 0.4% to ¥7,169.0, and Mitsubishi Corp. declined 0.03% to ¥3,024.0. 

PBoC Holds Rates Steady; Weak Tech Stocks Drag Stock Indexes Lower 

Market indexes in Shanghai and Hong Kong edged lower, and the central bank held steady two key lending rates. 

The Hang Seng index declined 0.4% and the mainland-focused CSI 300 index dropped 0.9%. 

The People's Bank of China held steady 1-year loan prime rate at 3.35% and the 5-year loan prime rate at 3.85%. 

The one-year loan rate is used as a reference rate for new and outstanding loans, and the five-year loan rate is seen as a benchmark for mortgage loans. 

Market sentiment was weak as investors debated the future U.S. rate path because Hong Kong rates are tied to the U.S. rates to keep the currency peg. 

Investors have been cautious after a batch of mixed economic reports last week, after new home prices declined for the 13th month in a row in July and fell at the fastest pace in several years. 

Moreover, the property market shows little signs of stabilizing, and local government announcements to support the completion of unfinished projects did little to arrest price declines or increase property transactions. 

China Stock Movers 

The Hang Seng index decreased 0.4% to 17,503.90 and the CSI 300 index dropped 0.9% to 3,327.35. 

Kaisa Group Holdings dropped 4.5% to HK $0.10 after the company urged lenders to accept its restructuring plan and avoid bankruptcy. 

Tech stocks traded down in Hong Kong amid ongoing worries of earnings growth, despite JD.com reporting a near doubling of earnings in the second quarter. 

JD.com decreased 0.3% to HK $112.10, Alibaba Group fell 1.5% to HK $80.20, Baidu added 0.7% to HK $86.45, and Haier Smart Home dropped 4.5% to HK $22.50. 

Li Auto added 1.2% to HK $81.60, Xpeng fell 2% to HK $27.55, and BYD added 0.02% to HK 235.47. 

TYK Medicines jumped 8% to HK $13.05, and the biopharmaceutical company completed its initial public offering at HK $12 per share and raised HK $579 million. 

U.S. Movers: Alaska Air, Hawaiian Holdings, Lowe's, Palo Alto Networks, Paramount Global

Palo Alto Networks soared 1.9% to $350.0, and the cyber security company reported better-than-expected quarterly results and raised its stock repurchase size by $500 million. 

The company guided fiscal first quarter earnings per share between $1.47 and $1.49 and revenue between $2.1 billion and $2.13 billion. 

Lowe's Companies declined 1.1% to $240.50, and the home improvement retailer reported mixed quarterly results. 

In the fiscal second quarter, the specialty retailer earned $4.10 a share, beating the estimate of as low as $3.99, and revenue was $23.59 billion, slightly lower than the estimate of $23.85 billion.

The company also lowered its annual outlook, citing softening demand growth after three years of strong growth. 

Paramount Global Class A decreased 1.6% to $22.90 after reports that Edgar Bronfman Jr. proposed to acquire National Amusement, which owns a controlling stake in the media company. 

The new proposal comes a month after Paramount and Skydance Media and their group of investors agreed to buy the company. 

Hawaiian Holdings soared 11.5% to $17.70 and Alaska Air Group gained 1.4% to $35.55 after the U.S. Justice Department approved the $1.9 billion merger of two airlines. 

The two companies are now seeking merger approval from the U.S. Transportation Department. 

Rate-cut Hopes Fueled Optimism Rules Wall Street

Stocks on Wall Street were little changed, and market indexes are likely to retain upward momentum amid improving global market sentiment. 

The S&P 500 index and the Nasdaq Composite index edged slightly higher as fears of an economic slowdown receded and extended their gains for the eighth session in a row. 

Earlier in the month, benchmark indexes plunged as much as 10% amid worries of an economic slowdown after non-farm payrolls and weekly jobless claims were sharply lower than estimated. 

However, those worries were set aside in the following two weeks after retail sales and jobless claims were ahead of market expectations, and softer inflation reports also confirmed that the current economic expansion with low inflation is intact. 

Investors bid up stocks in the hopes that the Federal Reserve is ready to start its rate-cutting cycle after the end of the policy meeting on September 19. 

However, those high hopes of a rate cut may face hurdles, and the Fed's policymakers may wait a little longer before inflation is on a downward trajectory towards the 2% level. 

Despite eleven rate hikes over 2022 and 2023, prices are still rising from a higher base, and inflation has stalled at 3%.

Moreover, the Fed is fighting for its credibility after letting the first rise in inflation be transitory and then reversing its course after inflation soared to close to 9%. 

In addition, the Federal Reserve has no tools to bring down high prices that have seeped deep into the economy. 

Over the last three years, home prices have jumped more than 50%, vehicle prices are up at least 30%, food prices have risen at least 50%, and most service costs have jumped more than 40%. 

The Fed's repeated signaling of its inflation target rate of 2% may not be achieved for months to come because prices of services are still rising and wages are growing between 4% and 5%, inconsistent with the Fed's goals. 

Inflation may hover near 3%, but most consumers are feeling the shock of the higher cost of living, and most families are struggling to pay bills. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.01% to 5,608.62, the Nasdaq Composite rose 0.06% to 17,887.95, and the Russell 2000 index advanced 1.2% to 2,167.50. 

The yield on 2-year Treasury notes edged lower to 4.05%, 10-year Treasury notes decreased to 3.86%, and 30-year Treasury bonds inched higher to 4.12%.

WTI crude oil decreased $0.12 to $73.77 a barrel, and natural gas prices edged up 4 cents to $2.27 a thermal unit.

Gold advanced by $22.68 to $2,525.67 an ounce, and silver increased by $0.39 to $29.80.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 101.79.

U.S. Stock Movers

Palo Alto Networks soared 1.9% to $350.0, and the cyber security company reported better-than-expected quarterly results and raised its stock repurchase size by $500 million. 

The company guided fiscal first quarter earnings per share between $1.47 and $1.49 and revenue between $2.1 billion and $2.13 billion. 

Lowe's Companies declined 1.1% to $240.50, and the home improvement retailer reported mixed quarterly results. 

In the fiscal second quarter, the specialty retailer earned $4.10 a share, beating the estimate of as low as $3.99, and revenue was $23.59 billion, slightly lower than the estimate of $23.85 billion.

The company also lowered its annual outlook, citing softening demand growth after three years of strong growth. 

Paramount Global Class A decreased 1.6% to $22.90 after reports that Edgar Bronfman Jr. proposed to acquire National Amusement, which owns a controlling stake in the media company. 

The new proposal comes a month after Paramount and Skydance Media and their group of investors agreed to buy the company. 

Hawaiian Holdings soared 11.5% to $17.70 and Alaska Air Group gained 1.4% to $35.55 after the U.S. Justice Department approved the $1.9 billion merger of two airlines. 

The two companies are now seeking merger approval from the U.S. Transportation Department. 

Europe Movers: Antofagasta, Jyske Bank, Nordex, Oil Stocks, Semiconductor Equipment Stocks

European markets extended gains amid improving global market sentiment and growing speculation that the central banks in Europe and the U.S. are ready to lower rates. 

Sweden's Riksbank cut its policy rate by 25 basis points to 3.5%. 

The Swiss trade surplus shrank in July after exports inched lower and exports advanced. 

The DAX index decreased by 0.04% to 18,414.31; the CAC-40 index rose by 0.1% to 7,509.62; and the FTSE 100 index decreased by 0.7% to 8,295.11. 

The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 2.97%, the UK gilts edged higher to 3.94%, and Italian bonds inched up to 3.62%.

Semiconductor equipment stocks traded higher after AMD announced its plans on Monday to acquire ZT Systems for $4.9 billion. 

ASML Holding jumped 2% to €846.20, and BE Semiconductor soared 1.5% to €123.85. 

Jyske Bank decreased 0.1% to DKK 534.0 after the Danish bank reported an increase in profit in the first half and estimated annual profit to be near the upper end of the range for 2024. 

Net income increased 5% to DKK 2.6 billion, driven by higher net interest income and improvements in capital market activities. 

The company also confirmed it launched its DKK 1.5 billion stock repurchase program during the period. 

Nordex SE advanced 0.8% to €13.96, and the wind turbine maker received orders for five turbines totaling 102 MW from Akfen Renewable Energy in Turkey. 

Energy explorers declined after crude oil prices fell to a two-week low amid China demand growth worries and elevated tensions in the Middle East. 

BP Plc declined 1.8% to 433.96 pence, Shell PLC dropped 1.7% to 2,766.0 pence, and TotalEnergies eased 0.8% to €62.40. 

Antofagasta increased 0.2% to 1,883.50 pence after the UK-based mining company reported a slight decline in pre-tax profit in the first half from the previous year. 

European Markets Extend Recent Rally, Swedish Riksbank Lowers Rates by 25 Basis Points

European markets extended gains for the sixth session in a row and erased losses incurred earlier in the month brought by a sharp global market selloff. 

Benchmark indexes in London, Paris, and Frankfurt traded around the flatline amid growing expectations that the European Central Bank and the Federal Reserve are more likely to lower rates to keep current economic expansion intact. 

Euro Area consumer price inflation was 2.6% in July, Eurostat confirmed on Tuesday. 

Sweden Lowers Rates by 25 Basis Points 

Riksbank lowered its policy rate by 25 basis points to 3.5% after the policy meeting today, and the central bank held out for two to three additional rate cuts in the year as long as inflation stays on the current trajectory. 

Policymakers also said that the economic growth outlook is weaker than expected in June, supporting the case for a rate reduction. 

The central bank lowered its key lending rate for the second time in a row after rates were revised to 4.0%, a high not seen since October 2008. 

Swiss Trade Deficit Shrank After Exports Fell In July

The Swiss international trade surplus shrank in July after exports fell and imports rose from the previous month, the Federal Office for Customs and Border Security reported Tuesday. 

Seasonally adjusted exports decreased 2.7% to CHF 22.46 billion and imports advanced 0.3% to CHF 18.36 billion, resulting in a trade surplus of CHF 4.10 billion compared to CHF 4.90 billion in the previous month. 

Weaknesses in chemical and pharmaceutical products accounted for 90% of the decline in exports, according to the customs agency. 

Swiss watch exports increased 1.6% from a year ago to CHF 2.2 billion, or $2.6 billion, according to the Federation of the Swiss Watch Industry. 

The number of unis shipped in the month remained nearly unchanged, at 1.4 million watches. 

Europe Indexes and Yields

The DAX index decreased by 0.04% to 18,414.31; the CAC-40 index rose by 0.1% to 7,509.62; and the FTSE 100 index decreased by 0.7% to 8,295.11. 

The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 2.97%, the UK gilts edged higher to 3.94%, and Italian bonds inched up to 3.62%.

The euro edged down to $1.101; the British pound inched higher to $1.30; and the U.S. dollar weakened to 85.95 Swiss cents.

Brent crude decreased $0.23 to $77.89 a barrel, and the Dutch TTF natural gas rose by €0.47 to €39.99 per MWh.

Europe Stock Movers

Semiconductor equipment stocks traded higher after AMD announced its plans on Monday to acquire ZT Systems for $4.9 billion. 

ASML Holding jumped 2% to €846.20, and BE Semiconductor soared 1.5% to €123.85. 

Jyske Bank decreased 0.1% to DKK 534.0 after the Danish bank reported an increase in profit in the first half and estimated annual profit to be near the upper end of the range for 2024. 

Net income increased 5% to DKK 2.6 billion, driven by higher net interest income and improvements in capital market activities. 

The company also confirmed it launched its DKK 1.5 billion stock repurchase program during the period. 

Nordex SE advanced 0.8% to €13.96, and the wind turbine maker received orders for five turbines totaling 102 MW from Akfen Renewable Energy in Turkey. 

Energy explorers declined after crude oil prices fell to a two-week low amid China demand growth worries and elevated tensions in the Middle East. 

BP Plc declined 1.8% to 433.96 pence, Shell PLC dropped 1.7% to 2,766.0 pence, and TotalEnergies eased 0.8% to €62.40. 

Antofagasta increased 0.2% to 1,883.50 pence after the UK-based mining company reported a slight decline in pre-tax profit in the first half from the previous year. 

Stocks In Japan Swing Higher Tracking Gains On Wall Street

Stock market indexes in Tokyo rebounded from the losses in the previous session, tracking gains in tech stocks in overnight trading in New York. 

The Nikkei 225 stock average jumped 1.8%, and the broader Topix index gained 1.2%. 

Market gains were supported by the slight weakness in the Japanese yen, but uncertainty loomed that the stronger yen could lead to unwinding of yen carry trade. 

The yen traded at 147.21 against the U.S. dollar, and the currency held steady for the third session in a row after soaring earlier in the month to a high not seen since January. 

Investors also looked forward to the release of inflation data on Friday, and economists anticipate overall consumer inflation and core inflation to stay above 2.5%. 

Gold in international trading stayed above $2.500 an ounce amid rising demand from Chinese retail buyers as investors shift investment away from residential property to precious metals. 

Moreover, the People's Bank of China is expected to continue diversifying its foreign exchange reserves away from the U.S. government bonds to precious metals, including gold. 

Brent crude oil prices traded down 2% to $77 a barrel in the hopes that a wider conflict between Iran and Israel could be avoided as diplomats worked to prevent Middle East conflict from escalating. 

Moreover, prices were under pressure on the worries of demand growth in China amid a protracted residential property market slump and weak consumer confidence. 

As widely anticipated, the People's Bank of China held steady its one-year loan prime rate at 3.35% and five-year loan prime rate at 3.85%, after cutting rates in the last month. 

Japan Stock Movers 

The Nikkei 225 stock average advanced 1.8% to 38,062.92, and the Topix index rose 1.2% to 2,672.10. 

Tech stocks led the gainers in Tokyo, tracking gains in overnight trading on Wall Street. 

Softbank, Advantest, Tokyo Electron, Lasertec, and Disco Corp. advanced between 2% and 3%. 

Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, and Mizuho Financial edged down between 0.1% and 0.4%. 

Toyota Motor jumped 1% to ¥2,687.0, Honda Motor added 0.7% to ¥1,578.0, and Nissan Motor gained 2.5% to ¥447.80. 

Canon Inc. gained 2.6% to ¥4,828.0, Panasonic Holdings Corp. added 1.4% to ¥1,159.50, and Mitsubishi Electric Corp. increased 1% to ¥2,390.0. 

Marubeni Corp. advanced 0.4% to ¥2,480.0, Itochu Corp. increased 0.4% to ¥7,169.0, and Mitsubishi Corp. declined 0.03% to ¥3,024.0. 

PBoC Holds Rates Steady; Weak Tech Stocks Drag Stock Indexes Lower

Market indexes in Shanghai and Hong Kong edged lower, and the central bank held steady two key lending rates. 

The Hang Seng index declined 0.4% and the mainland-focused CSI 300 index dropped 0.9%. 

The People's Bank of China held steady 1-year loan prime rate at 3.35% and the 5-year loan prime rate at 3.85%. 

The one-year loan rate is used as a reference rate for new and outstanding loans, and the five-year loan rate is seen as a benchmark for mortgage loans. 

Market sentiment was weak as investors debated the future U.S. rate path because Hong Kong rates are tied to the U.S. rates to keep the currency peg. 

Investors have been cautious after a batch of mixed economic reports last week, after new home prices declined for the 13th month in a row in July and fell at the fastest pace in several years. 

Moreover, the property market shows little signs of stabilizing, and local government announcements to support the completion of unfinished projects did little to arrest price declines or increase property transactions. 

China Stock Movers 

The Hang Seng index decreased 0.4% to 17,503.90 and the CSI 300 index dropped 0.9% to 3,327.35. 

Kaisa Group Holdings dropped 4.5% to HK $0.10 after the company urged lenders to accept its restructuring plan and avoid bankruptcy. 

Tech stocks traded down in Hong Kong amid ongoing worries of earnings growth, despite JD.com reporting a near doubling of earnings in the second quarter. 

JD.com decreased 0.3% to HK $112.10, Alibaba Group fell 1.5% to HK $80.20, Baidu added 0.7% to HK $86.45, and Haier Smart Home dropped 4.5% to HK $22.50. 

Li Auto added 1.2% to HK $81.60, Xpeng fell 2% to HK $27.55, and BYD added 0.02% to HK 235.47. 

TYK Medicines jumped 8% to HK $13.05, and the biopharmaceutical company completed its initial public offering at HK $12 per share and raised HK $579 million. 

India Movers: DCM Shriram, IndusInd Bank, KEI Industries, Poly Medicure, Tata Consumer Products, Zomato

Stocks in Mumbai advanced, the rupee recovered, and the yield on the Indian government bonds edged slightly lower. 

The Sensex index increased by 1.0% to 79,885.57, and the Nifty index rose 0.9% to 24,363.20. 

On the Mumbai stock exchange, 154 stocks traded at their 52-week highs, and 12 stocks traded at their 52-week lows.

Zomato Ltd. decreased 0.8% to ₹259.90 on reports that China-based Antfin, a unit of Alibaba Group, is planning to sell 13.6 crore shares, or 1.54% stake, through a block trade in the company today. 

IndusInd Bank jumped 1.3% to ₹1,367.45, and the Reserve Bank of India has approved the company's plan to set up a wholly owned subsidiary for mutual funds management business. 

Tata Consumer Products decreased 0.3% to ₹1,173.50, and the company's ₹3,000 crore rights issue priced at ₹818 per share closed on August 19.

DCM Shriram Industries decreased 0.5% to ₹1,135.55, and the company commissioned a new hydrogen peroxide plant with an annual capacity of 52,500 tons at its chemical complex in Bharuch, Gujarat. 

Poly Medicure decreased 1.8% to ₹2,088.85, and the company launched an institutional offering to raise ₹1,000 crore with a floor price of ₹1,880.69 per share. 

KEI Industries jumped 4.4% to ₹4,557.0 after UBS initiated coverage on the cable manufacturer with a target price of ₹6,150 over the next 12 months.

U.S. Major Averages Extended Gains Following the Best Weekly Advance Last Week

Market indexes on Wall Street overcame morning doldrums and advanced above the flatline. 

At the end of last week, stock indexes recovered for the second week in a row and erased losses for August, following wild market gyrations at the start of the month. 

Earlier in the month, the S&P 500 index and the Nasdaq Composite tumbled in volatile trading amid growing worries of a U.S. economic slowdown after non-farm payrolls expanded at a slower-than-expected pace. 

However, last week, market sentiment reversed and overcame worries of a slowdown after retail sales, inflation, and jobless claims data were ahead of market expectations. 

On the economic front, investors are looking forward to the release of existing home sales at 3.8 million units and new home sales near 0.6 million in July.

The S&P 500 index and the Nasdaq Composite are approaching their record highs as set about five weeks ago amid growing optimism around possible rate cuts by the Federal Reserve. 

Investors are hoping that policymakers are likely to cut rates by at least 25 basis points at the end of a two-day meeting on September 18. 

Those hopes may not be realized if the Fed decides to hold rates because, despite eleven rate cuts over 2022 and 2023, inflation is still closer to 3% and not near the 2% target set by the policy committee. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.5% to 5,585.09, the Nasdaq Composite rose 0.7% to 17,751.23, and the Russell 2000 index advanced 0.8% to 2,159.30. 

The yield on 2-year Treasury notes edged higher to 4.08%, 10-year Treasury notes increased to 3.89%, and 30-year Treasury bonds inched higher to 4.14%.

WTI crude oil decreased $2.13 to $74.44 a barrel, and natural gas prices edged up 9 cents to $2.21 a thermal unit.

Gold fell by $4.73 to $2,503.49 an ounce, and silver increased by $0.25 to $29.28. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 101.92.

U.S. Stock Movers

Icahn Enterprises decreased 6.2% to $15.93 after the Securities and Exchange Commission fined activist investor Carl Icahn for failing to disclose the company's stock as collateral for personal margin loans. 

Carl Icahn and Icahn Enterprises agreed to pay $0.5 million and 1.5 million, respectively, according to the company announcement. 

AMD increased 2.2% to $151.97, and the advanced semiconductor company agreed to acquire ZT Systems for $4.9 billion. 

Estee Lauder Companies decreased 1.8% to $93.20, and the cosmetic company announced weaker-than-expected quarterly results. 

Chief executive Fabirizio Freda said he plans to step down at the end of fiscal 2025, ending in June 2025, after leading the company for sixteen years. 

Dutch Bros. declined 2.5% to $31.86 after Piper Sandler downgraded the stock to "neutral" from "overweight.'

European Indexes Wipe Out August Losses

European markets lost steam after rising for four days in a row, and the euro inched to an eight-month high. 

Benchmark indexes in London, Paris, and Frankfurt struggled to advance after three hours of trading, and defense stocks led the decliners. 

European markets advanced for the second consecutive week, tracking gains on Wall Street and easing worries of a U.S. economic slowdown.

Over the last week, market indexes recovered losses earlier in the month after a steep fall following the worries of the U.S. economic slowdown. 

Those worries were set aside last week after U.S. weekly jobless claims, inflation, and retail sales were ahead of market expectations, powering the market rebound. 

On the economic front, investors are looking forward to the release of construction output, an inflation update, and the current account balance in the Euro Area. 

Europe Indexes and Yields

The DAX index increased by 0.5% to 18,421.69; the CAC-40 index rose by 0.7% to 7,502.01; and the FTSE 100 index rose 0.5% to 8,356.94. 

The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.94%, the UK gilts edged higher to 3.91%, and Italian bonds inched up to 3.59%.

The euro edged down to $1.10; the British pound inched higher to $1.292; and the U.S. dollar weakened to 86.50 Swiss cents.

Brent crude decreased $2.02 to $77.67 a barrel, and the Dutch TTF natural gas rose by €0.11 to €39.54 per MWh.

Europe Stock Movers

Aerospace and defense stocks led the decliners on a report that Germany is likely to cut its defense spending for military operations in Ukraine by half amid spending cuts. 

BAE Systems decreased 1.9% to 1,324.50 pence, Rolls Royce plunged 0.7% to 497.60 pence, MTU Aero Engines declined 0.3% to €267.90, and Rheinmetall AG fell 1.8% to €552.20. 

Plus500 Ltd. rose 5% to 2,555.59 pence after the online futures, options, and contract spread derivatives platform reported strong interim results and forecasted annual results to surpass market expectations. 

Barratt Developments rose 0.9% to 540.80 pence and Redrow plc increased 2.3% to 777.53 pence after two UK-based home builders said in joint statements that the merger deal is scheduled to be completed later this week. 

The weakness in tech stocks kept in check market gains in early trading despite the growing optimism that the U.S. Federal Reserve is more likely to cut interest rates between 50 basis points and 100 basis points before the year's end. 

SAP SE decreased 0.5% to €195.82, ASML Holding NV fell 1% to €195.82, BE Semiconductor edged higher by 0.8% to €122.05, and STMicroelectronics added 0.3% to €27.87. 

Tokyo Indexes Eased 1% Following Muti-year High Surge In the Last Week 

Stocks in Tokyo succumbed to profit-taking after a sharp rebound of nearly 8% in the previous week. 

The Nikkei index decreased 1.6% and the Topix dropped 1.7% after market sentiment recovered last week from wild swings earlier in the month. 

Last week, investor sentiment rebounded after worries about the possible economic slowdown eased and the Bank of Japan deputy governor's comments calmed market nerves. 

Uchida Shinichi commented that the central bank will refrain from raising rates when markets are not stable. 

The yen rebounded 2% to 145.23 against the U.S. dollar after machinery orders rose from the previous week in June. 

Japan's machinery orders, which exclude large but infrequent orders from shipping and power companies, rose 2.1% from the previous month in June, the Cabinet Office reported Monday. 

Orders rebounded from a decrease of 3.2% in May, largely because of the rise in orders from the non-manufacturing sector. 

On an annual basis, private-sector machinery orders unexpectedly declined 1.7% after surging 10.7% in May. 

Japan Stock Movers 

The Nikkei 224 Stock Average decreased 1.6% to 37,440.86, and the Topix index dropped 1.3% to 2,643.42. 

Tech stocks and banks were among the leading decliners in Monday's trading. Tokyo Electron, Advantest, Screen Holdings, and GS Yuasa fell between 1% and 3%. 

Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, and Mizuho Financial declined between 1% and 2%. 

Automakers also fell after investors took profit in leading industrial companies. 

Toyota Motor decreased 3% to ¥2,660.50, Honda Motor fell 1.1% to ¥1,567.50, Nissan Motor declined 1.4% to ¥437.0, and Mitsubishi Motor eased 1.4% to ¥404.20. 

China Stocks Advanced Ahead of Earnings Releases This Week 

Domestic earnings optimism and waning fears of an economic slowdown in the U.S. supported the mark advance in Monday's trading in Hong Kong and Shanghai. 

The Hang Seng index jumped 1% and the mainland-focused CSI 300 index gained 0.4%. 

Market sentiment remained positive for the second week in a row following the largest single-day gain in Friday's trading in the Hang Seng index. 

The tech stocks index in Hong Kong jumped nearly 2% after JD.com reported second-quarter earnings increased 92% from a year ago. 

Investors are looking forward to earnings from leading corporations this week, including results from AIA on Thursday and Hong Kong Exchanges and Clearing on Wednesday. 

Market sentiment in Hong Kong and Asia was bolstered by advances in Friday's trading in New York, driving the S&P 500 index in 2024 to its best weekly gain in 2024. 

Investors have built up expectations of at least a 25 basis points rate cut at the end of the Fed's two-day policy meeting on September 18. 

Consumer price inflation has steadily declined to just under 3%, but despite the eleven rate hikes over 2022 and 2024, the inflation rate is still far higher than the Fed's 2% target rate. 

China Stock Movers 

The Hang Seng index soared 1% to 17,614.62, and the CSI index rose 0.4% to 3,359.25. 

JD.com jumped 5.4% to HK $114.0 and extended two-day gains to close to 10% after the diversified Internet conglomerate reported a 92% jump in earnings in the second quarter. 

Other tech leaders traded higher of their earnings announcements, following the release of earnings from JD.com. 

Baidu Inc. advanced 3.8% to HK $87.0 ahead of the search engine company's earnings on Thursday. 

Xiaomi Corp increased 2.8% to HK$17.80, and Meituan advanced 1.6% to HK$109.40. 

ASMPT Ltd. declined 0.3% to HK $85.40, and the stock jumped as much as 1.3% earlier in the day after the semiconductor company was selected to be included in the Hang Seng Tech Index. 

U.S. Movers: AMD, Estee Lauder, Dutch Bros., Icahn Enterprises

Icahn Enterprises decreased 6.2% to $15.93 after the Securities and Exchange Commission fined activist investor Carl Icahn for failing to disclose the company's stock as collateral for personal margin loans. 

Carl Icahn and Icahn Enterprises agreed to pay $0.5 million and 1.5 million, respectively, according to the company announcement. 

AMD increased 2.2% to $151.97, and the advanced semiconductor company agreed to acquire ZT Systems for $4.9 billion. 

Estee Lauder Companies decreased 1.8% to $93.20, and the cosmetic company announced weaker-than-expected quarterly results. 

Chief executive Fabirizio Freda said he plans to step down at the end of fiscal 2025, ending in June 2025, after leading the company for sixteen years. 

Dutch Bros. declined 2.5% to $31.86 after Piper Sandler downgraded the stock to "neutral" from "overweight.'

U.S. Indexes Look Towards Record Highs with High Hopes for Rate Cut In Four Weeks

Stocks were little changed in early trading after indexes recovered for the second week in a row and erased losses for August. 

Earlier in the month, the S&P 500 index and the Nasdaq Composite tumbled in volatile trading amid growing worries of a U.S. economic slowdown after non-farm payrolls expanded at a slower-than-expected pace. 

However, market sentiment reversed and overcame worries of a slowdown after retail sales, inflation, and jobless claims data were ahead of market expectations. 

On the economic front, investors are looking forward to the release of existing home sales at 3.8 million units and new home sales near 0.6 million for July.

The S&P 500 index and the Nasdaq Composite are approaching their record highs as set about five weeks ago amid growing optimism around possible rate cuts by the Federal Reserve. 

Investors are hoping that policymakers are likely to cut rates by at least 25 basis points at the end of a two-day meeting on September 18. 

Those hopes may not be realized if the Fed decides to hold rates because, despite eleven rate cuts over 2022 and 2023, inflation is still closer to 3% and not near the 2% target set by the policy committee. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.1% to 5,558.92, the Nasdaq Composite fell 0.1% to 17,623.03, and the Russell 2000 index rose 0.4% to 2,149.63. 

The yield on 2-year Treasury notes edged higher to 4.08%, 10-year Treasury notes increased to 3.89%, and 30-year Treasury bonds inched higher to 4.14%.

WTI crude oil decreased $0.03 to $76.61 a barrel, and natural gas prices edged up 5 cents to $2.18 a thermal unit.

Gold advanced by $17.49 to $2,490.84 an ounce, and silver increased by $0.02 to $29.04. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 102.21.

U.S. Stock Movers

Icahn Enterprises decreased 6.2% to $15.93 after the Securities and Exchange Commission fined activist investor Carl Icahn for failing to disclose the company's stock as collateral for personal margin loans. 

Carl Icahn and Icahn Enterprises agreed to pay $0.5 million and 1.5 million, respectively, according to the company announcement. 

AMD increased 2.2% to $151.97, and the advanced semiconductor company agreed to acquire ZT Systems for $4.9 billion. 

Estee Lauder Companies decreased 1.8% to $93.20, and the cosmetic company announced weaker-than-expected quarterly results. 

Chief executive Fabirizio Freda said he plans to step down at the end of fiscal 2025, ending in June 2025, after leading the company for sixteen years. 

Dutch Bros. declined 2.5% to $31.86 after Piper Sandler downgraded the stock to "neutral" from "overweight.'

Europe Movers: Aerospace and Defense Stocks, Barratt Developments, Plus500, Redrow, Tech Stocks

European markets retained an upward bias after indexes advanced for four days in a row. 

Defense stocks were under pressure from the worry that Germany may halve its Ukraine defense spending amid broad budget spending cuts. 

The DAX index increased by 0.2% to 18,315.56; the CAC-40 index rose by 0.4% to 7,480.17; and the FTSE 100 index was nearly unchanged at 8,311.59. 

The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.94%, the UK gilts edged higher to 3.91%, and Italian bonds inched up to 3.59%.

Aerospace and defense stocks led the decliners on a report that Germany is likely to cut its defense spending for military operations in Ukraine by half amid spending cuts. 

BAE Systems decreased 1.9% to 1,324.50 pence, Rolls Royce plunged 0.7% to 497.60 pence, MTU Aero Engines declined 0.3% to €267.90, and Rheinmetall AG fell 1.8% to €552.20. 

Plus500 Ltd. rose 5% to 2,555.59 pence after the online futures, options, and contract spread derivatives platform reported strong interim results and forecasted annual results to surpass market expectations. 

Barratt Developments rose 0.9% to 540.80 pence and Redrow plc increased 2.3% to 777.53 pence after two UK-based home builders said in joint statements that the merger deal is scheduled to be completed later this week. 

The weakness in tech stocks kept in check market gains in early trading despite the growing optimism that the U.S. Federal Reserve is more likely to cut interest rates between 50 basis points and 100 basis points before the year's end. 

SAP SE decreased 0.5% to €195.82, ASML Holding NV fell 1% to €195.82, BE Semiconductor edged higher by 0.8% to €122.05, and STMicroelectronics added 0.3% to €27.87. 

European Indexes Wipe Out August Losses Amid Recovering Sentiment

European markets lost steam after rising for four days in a row, and the euro inched to an eight-month high. 

Benchmark indexes in London, Paris, and Frankfurt struggled to advance after three hours of trading, and defense stocks led the decliners. 

European markets advanced for the second consecutive week, tracking gains on Wall Street and easing worries of a U.S. economic slowdown.

Over the last week, market indexes recovered losses earlier in the month after a steep fall following the worries of the U.S. economic slowdown. 

Those worries were set aside last week after U.S. weekly jobless claims, inflation, and retail sales were ahead of market expectations, powering the market rebound. 

On the economic front, investors are looking forward to the release of construction output, an inflation update, and the current account balance in the Euro Area. 

Europe Indexes and Yields

The DAX index increased by 0.2% to 18,315.56; the CAC-40 index rose by 0.4% to 7,480.17; and the FTSE 100 index was nearly unchanged at 8,311.59. 

The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.94%, the UK gilts edged higher to 3.91%, and Italian bonds inched up to 3.59%.

The euro edged down to $1.10; the British pound inched higher to $1.292; and the U.S. dollar weakened to 86.50 Swiss cents.

Brent crude decreased $0.59 to $79.04 a barrel, and the Dutch TTF natural gas rose by €0.45 to €39.88 per MWh.

Europe Stock Movers

Aerospace and defense stocks led the decliners on a report that Germany is likely to cut its defense spending for military operations in Ukraine by half amid spending cuts. 

BAE Systems decreased 1.9% to 1,324.50 pence, Rolls Royce plunged 0.7% to 497.60 pence, MTU Aero Engines declined 0.3% to €267.90, and Rheinmetall AG fell 1.8% to €552.20. 

Plus500 Ltd. rose 5% to 2,555.59 pence after the online futures, options, and contract spread derivatives platform reported strong interim results and forecasted annual results to surpass market expectations. 

Barratt Developments rose 0.9% to 540.80 pence and Redrow plc increased 2.3% to 777.53 pence after two UK-based home builders said in joint statements that the merger deal is scheduled to be completed later this week. 

The weakness in tech stocks kept in check market gains in early trading despite the growing optimism that the U.S. Federal Reserve is more likely to cut interest rates between 50 basis points and 100 basis points before the year's end. 

SAP SE decreased 0.5% to €195.82, ASML Holding NV fell 1% to €195.82, BE Semiconductor edged higher by 0.8% to €122.05, and STMicroelectronics added 0.3% to €27.87. 

Tokyo Indexes Eased 1% Following Muti-year High Surge In the Last Week

Stocks in Tokyo succumbed to profit-taking after a sharp rebound of nearly 8% in the previous week. 

The Nikkei index decreased 1.6% and the Topix dropped 1.7% after market sentiment recovered last week from wild swings earlier in the month. 

Last week, investor sentiment rebounded after worries about the possible economic slowdown eased and the Bank of Japan deputy governor's comments calmed market nerves. 

Uchida Shinichi commented that the central bank will refrain from raising rates when markets are not stable. 

The yen rebounded 2% to 145.23 against the U.S. dollar after machinery orders rose from the previous week in June. 

Japan's machinery orders, which exclude large but infrequent orders from shipping and power companies, rose 2.1% from the previous month in June, the Cabinet Office reported Monday. 

Orders rebounded from a decrease of 3.2% in May, largely because of the rise in orders from the non-manufacturing sector. 

On an annual basis, private-sector machinery orders unexpectedly declined 1.7% after surging 10.7% in May. 

Japan Stock Movers 

The Nikkei 224 Stock Average decreased 1.6% to 37,440.86, and the Topix index dropped 1.3% to 2,643.42. 

Tech stocks and banks were among the leading decliners in Monday's trading. Tokyo Electron, Advantest, Screen Holdings, and GS Yuasa fell between 1% and 3%. 

Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, and Mizuho Financial declined between 1% and 2%. 

Automakers also fell after investors took profit in leading industrial companies. 

Toyota Motor decreased 3% to ¥2,660.50, Honda Motor fell 1.1% to ¥1,567.50, Nissan Motor declined 1.4% to ¥437.0, and Mitsubishi Motor eased 1.4% to ¥404.20.