India Movers: Aurobindo Pharma, Berger Paints, Inox Wind, Grasim Industries, Trent

Stocks in Mumbai struggled to advance in Monday's trading as investors reviewed a fresh batch of corporate results. 

After the close, investors are looking forward to the release of industrial output and inflation data. 

Grasim Industries increased 0.3% to ₹2,585.70, and the diversified specialty chemical company reported better-than-expected June quarter results. 

Revenue rose 9% from a year ago to ₹33,861 crore, but net profit declined 23.4% to ₹1,208 crore from a year ago. 

The company also announced a capital expenditure plan of ₹4,533 crore in the current financial year. 

Berger Paints advanced 2.2% to ₹542.90, and the paint and chemical company reported a weaker-than-expected sales increase in the June quartet. 

Revenue edged up 2% to ₹3,091 crore from ₹3,029 crore, and net income edged slightly lower to ₹353.5 crore from ₹354.3 crore a year ago, respectively. 

The India-based paint company operates manufacturing plants in India, Bangladesh, Nepal, Russia, and Poland. 

Inox Wind jumped 6% to ₹184.80, and the renewable energy company reported a surge in profit in the June quarter. 

Revenue increased 85% to ₹651 crore from ₹352 crore, and net income swung to a profit of ₹50 crore from a loss of ₹65 crore a year ago. 

Aurobindo Pharma edged up 1% to ₹1,462.0, and the generic pharmaceutical company reported a strong increase in profit in the June quarter. 

Revenue increased 10.5% to ₹7,567 crore from ₹6,850 crore, and net income jumped 61.3% to ₹918 crore from ₹569 crore a year ago. 

The surge in profit was partly driven by an increase in sales across all key markets. 

Sales in the U.S. increased 13.3% to ₹3,555 crore; in Europe, they advanced 8% to ₹1.982 crore; in other international markets, they soared 49% to ₹709 crore; and in India, they were ₹61 crore. 

Active pharmaceutical ingredient revenue edged up 5.6% from a year ago to ₹1,092 crore. 

Sterling & Wilson Renewable Energy edged up 1.3% to ₹682.35, and the company said in an exchange filing that it won a 550 crore order to design and build a solar power plant project in Rajasthan. 

Trent Ltd advanced 1.3% to ₹6,364.40, and the diversified specialty retailer reported a sharp jump in earnings in the June quarter. 

Revenue in the quarter increased 56% to 4,228 crore to 2,704 crore, and pre-tax income  jumped 133% to 450 crore from 193 crore a year ago. 

The company's grocery-focused Star Bazaar unit with more than 66 stores in 38 cities accounting for roughly 20% of total sales, reported a 29% increase in sales from a year ago, and a 20% rise in comparable store sales.  

The company also operates 228 Westside, a diversified general merchandise stores and 559 Zudio, a discount apparel stores.  

The  company's stock advanced for the fourth session in a row and extended gains to close to 25%. 

Stocks Extend Weekly Gains After Recession Fears Eased On Wall Street

Stocks on Wall Street seesawed in early trading on Friday amid a lack of economic catalysts and corporate news. 

The S&P 500 index and the Nasdaq Composite struggled to advance following a surge in the previous session after jobless claims rose less than expected. 

Earlier in the week, stocks turned volatile after nonfarm payrolls rose at a slower-than-expected pace in July, stoking fears that weakening labor market conditions are signaling a possible economic slowdown. 

Those fears were compounded by fewer new job openings in June and worries about the possible slowdown in capital spending for artificial intelligence infrastructure. 

However, market indexes attempted to rebound after weekly jobless claims in the previous week rose less-than-expected by 233,000, soothing fears of an imminent economic slowdown. 

U.S. Indexes and Treasury Yields

The S&P 500 index gained 0.2% to 5,327.20, the Nasdaq Composite advanced 0.2% to 16,693.24, and the Russell 2000 index declined 0.3% to 2,077.57. 

The yield on 2-year Treasury notes edged higher to 4.02%, 10-year Treasury notes increased to 3.93%, and 30-year Treasury bonds inched lower to 4.22%.

WTI crude oil increased $0.35 to $76.51 a barrel, and natural gas prices edged up 2 cents to $2.15 a thermal unit.

Gold increased by $6.71 to $2,431.13 an ounce, and silver increased by $0.01 to $27.52. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.13.

U.S. Stock Movers 

Expedia Group increased 10.3% to $130.10 after the online travel agency reported better-than-expected revenue of $3.56 billion and earnings per share of $3.51 in its latest quarter. 

The company also said travel demand softened in July because of a challenging macroeconomic environment. 

Paramount Global advanced 4.1% to $10.63 after the media company reported better-than-expected 54 cents per share earnings in the second quarter. 

The company also announced its plan to cut 15% of its U.S. employees ahead of its merger with Skydance Media. 

Unity Software jumped 6.5% to $15.30, and video game developers reported better-than-expected second quarter results. 

The company estimated revenue for the third quarter to range between $415 million and $420 million, below market expectation of $445 million. 

Take Two Interactive increased 3.5% to $143.65, and the video game developer reported fiscal first-quarter revenue of $1.3 billion compared to $1.26 billion, net loss expanded to $262 million from $206 million, and diluted loss per share increased to $1.52 from $1.22 a year ago. 

The company guided full-year net bookings between $5.55 billion and $5.65 billion. 

Europe Movers: Generali, Hargreaves Lansdown, Jenoptik, Lanxess, RTL Group

European markets closed higher after a turbulent week of trading and a batch of mixed corporate earnings. 

France's jobless rate dropped in the second quarter, and Norway's consumer price inflation accelerated in July. 

The DAX index increased by 0.3% to 17,730.30; the CAC-40 index rose by 0.5% to 7,280.94; and the FTSE 100 index advanced by 0.5% to 8,182.85. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 2.97%, the UK gilts inched higher to 3.94%, and Italian bonds decreased to 3.65%.

Hargreaves Lansdown advanced 2% to 1,099.50 pence after the UK-based investment platform agreed to be acquired by a consortium of private equity firms led by CVC Capital Partners for £5.44 billion or $6.94 billion. 

Generali Group increased 0.2% to €22.16 after the Italian insurance company reported mixed results in the first half of 2024. 

Jenoptik AG increased 9.8% to €27.48 after the German optics company reported an increase in sales and earnings in the second quarter. 

RTL Group declined 0.5% to €28.25, and the German television and radio station operator controlled by Bertelsmann reported a 4.7% increase in advertising revenue in the first half of 2024. 

Lanxess AG added 5.8% to €22.96, and the German specialty chemical company reiterated its full-year outlook despite reporting a 6% decline in second quarter sales. 

European Indexes Advanced Tracking Global Gains, France's Jobless Rate Eased

European markets attempted to advance in Friday's trading after a week of wild trading and historic volatility. 

Benchmark indexes in Paris, London, and Frankfurt increased more than 0.3% and extended weekly gains to as much as 3%. 

Investor confidence was bolstered after worries about the U.S. economy subsided following a smaller-than-expected increase in jobless claims. 

Market sentiment was also supported by an additional batch of positive earnings in the U.S. and Europe. 

Closer to home on the domestic economic front, France's jobless rate eased to 7.3% in the second quarter from 7.5% in the first quarter, the statistical office, INSEE, reported Friday. 

The number of jobless increased by 40,000 to 2.3 million, and the youth jobless rate among those between the ages of 15 and 24 eased by 0.4 percentage points to 17.7%. 

Consumer price inflation accelerated to 2.8% in July from a 42-month low of 2.6% in June, Statistics Norway reported Friday. 

Meanwhile, consumer inflation, adjusted for tax changes and excluding energy prices, increased by 3.3% lower than 3.4% in the previous year and dropped to the lowest level since April 2022. 

Europe Indexes and Yields

The DAX index increased by 0.3% to 17,730.30; the CAC-40 index rose by 0.5% to 7,280.94; and the FTSE 100 index advanced by 0.5% to 8,182.85. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 2.97%, the UK gilts inched higher to 3.94%, and Italian bonds decreased to 3.65%.

The euro edged down to $1.09; the British pound inched lower to $1.272; and the U.S. dollar weakened to 86.48 Swiss cents.

Brent crude increased $0.20 to $79.36 a barrel, and the Dutch TTF natural gas fell by €0.41 to €39.90 per MWh.

Europe Stock Movers

Hargreaves Lansdown advanced 2% to 1,099.50 pence after the UK-based investment platform agreed to be acquired by a consortium of private equity firms led by CVC Capital Partners for £5.44 billion or $6.94 billion. 

Generali Group increased 0.2% to €22.16 after the Italian insurance company reported mixed results in the first half of 2024. 

Jenoptik AG increased 9.8% to €27.48 after the German optics company reported an increase in sales and earnings in the second quarter. 

RTL Group declined 0.5% to €28.25, and the German television and radio station operator controlled by Bertelsmann reported a 4.7% increase in advertising revenue in the first half of 2024. 

Lanxess AG added 5.8% to €22.96, and the German specialty chemical company reiterated its full-year outlook despite reporting a 6% decline in second quarter sales. 

Japan Indexes Close Higher After A Week of Wild Swings

Benchmark indexes erased early gains in Tokyo, and investors turned cautious after a week of wild swings. 

The Nikkei 225 stock average decreased 0.3% and the Topix index advanced 0.4% as investors continued to assess the monetary policy outlook in Japan. 

Stock markets gyrated earlier in the week after market indexes plunged 12% and recovered most of the losses the next day, following the Bank of Japan's unexpected increase in key lending rates. 

The rate increase forced hedge funds to unwind risky yen carry trade, setting the market indexes on a roller coaster ride after the yen continued to strengthen to an 8-month high. 

Markets returned to calmness after Deputy Governor of the Bank of Japan Shinichi Uchida assured that the central bank will avoid raising rates when markets are unstable. 

Global markets advanced after better-than-expected U.S. jobless data alleviated worries about the U.S. economic slowdown. 

The yen drifted lower from its 8-month high for the third day in a row and weakened to 147.54 against the U.S. dollar. 

Japan Stock Movers 

The Nikkei 225 stock average increased 0.2% to 34,891.90, and the Topix index rose 0.4% to 2,472.73. 

For the week, the Nikkei 225 stock average gained 2.6% and the Topix index advanced 4.8%. 

Advanced chip equipment makers and financial stocks were among the leading gainers in Friday's trading. 

Tokyo Electron, Advantest, Screen Holdings, and Lasertec gained between 1% and 4%. 

Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, and Mizuho Financial advanced between 2% and 4%. 

JGC Holdings increased 7% to 1,208.0 yen after the refinery construction company reported better-than-expected June quarter results due to foreign exchange gains. 

Itochu Corp. gained 6.4% to 6,750.0 yen after the trading company reported better-than-expected results in the June quarter. 

Net profit attributable to shareholders declined 6.6% to 206 billion yen from 213.2 billion yen, and revenue increased 7.5% to 3.6 trillion yen from 3.3 trillion yen. 

The company reiterated its dividend payout ratio plan of 30% or a cash dividend of at least 200 yen per share in the fiscal year 2025 and increased its stock buyback to 150 billion yen. 

China Indexes Extended 3-day Rally, China's Consumer Price Inflation Accelerated In July

Stocks in Shanghai and Hong Kong recovered for the third day in a row after global market volatility subsided. 

Calmness returned to financial markets after investors reassessed the U.S. economic outlook and set aside the worry of a possible slowdown in artificial intelligence spending by mega-cap companies. 

On Monday, the worries about the U.S. economic slowdown sparked a worldwide market sell-off that wiped out nearly $6 trillion in market capitalization, with market indexes in Japan dropping as much as 20% over three days of trading to Tuesday. 

In Friday's trading, the Hang Seng index jumped nearly 1.8% and the CSI 300 index advanced 0.3% after consumer price inflation accelerated in July. 

Consumer price inflation increased to 0.5% in July from 0.3% in June, the National Bureau of Statistics reported Friday. 

Consumer price inflation was positive for the sixth month in a row, indicating rising demand after the central government ramped up stimulus spending. 

Core inflation, which excludes food and energy prices, rose 0.4%, at the slowest pace in four months. 

On a monthly basis, consumer price inflation rose 0.5%, the gain since April and 

Producer price inflation decreased 0.8% in the month, matching the rate in the previous month, the statistical agency noted in a separate report released Friday. 

China Stock Movers 

The Hang Seng index soared 1.7% to 17,191.43, and the CSI 300 index advanced 0.3% to 3,347.69. 

For the week, the Hang Seng extended the weekly increase to 3%, and the CSI 300 index closes down 0.6%. 

SMIC increased 6.3% to $16.80 after the advanced chip maker reported better-than-expected second quarter results. 

Kweichow Moutai rose 0.7% to 1,440.21 yuan, and the liquor maker increased shareholder payout after profit jumped 16% in the first half. 

Core brand sales increased to 68.6 billion yuan, and other series liquor sales rose to 13.2 billion yuan. 

Technology and electric vehicle makers were among the leading gainers in Friday's market rally. 

Alibaba Group increased 1.8% to HK $78.0, Tencent Holdings advanced 0.4% to HK $369.60, and Meituan jumped 1.4% to HK $106.0. 

Li Auto jumped 4.5% to HK $78.0, BYD gained 3.5% to HK $215.0, and Xpeng added 2.8% to HK $27.45. 

India Movers: ABB India, Container Corporation, Eicher Motors, Ircon, Morepen, SAIL

Stocks in Mumbai rebounded and extended weekly gains after wild gyration in global markets earlier in the week. 

The Sensex index increased by 1.2% to 79,840.33, and the Nifty index rose 1.2% to 24,405.10. 

On the Mumbai stock exchange, 74 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 6.87%, and the Indian rupee edged lower to ₹83.94 against the U.S. dollar.

Eicher Motors increased 3.6% to ₹4,745.0 after the vehicle maker reported a double-digit increase in revenue and earnings in the June quarter. 

Revenue increased 10.2% to ₹4,393 crore from ₹3,986.4 crore, and net income advanced 19.9% to ₹1,101.5 crore from ₹918.3 crore a year ago, respectively. 

Operating margin expanded to 26.5% from 25.6% in the corresponding period a year ago. 

ABB India advanced 2.2% to ₹8,121.40 after the industrial equipment and systems maker reported solid results in the June quarter. 

Revenue rose 12.8% to ₹2,830.9 crore, and net income soared 50% to ₹443.5 crore from ₹295.6 crore a year ago, respectively. 

The company also declared an interim dividend of ₹10.66 per share. 

Container Corporation declined 1.4% to ₹984.50 after the logistics and transportation company reported a weaker-than-expected increase in revenue and earnings in the June quarter. 

Revenue increased 9.4% to ₹2,103.1 crore, and net income advanced 5.8% to ₹259.4 crore. 

SAIL decreased 1.2% to ₹135.77 after the steelmaker reported a sharp decline in revenue and earnings in the June quarter. 

Revenue decreased 1.5% to ₹23,997.8 crore, and net income plunged 61.6% to ₹81.5 crore from ₹212.5 crore a year ago. 

Ircon International declined 0.3% to ₹269.0, and the railway construction company reported mixed results in the June quarter.

Revenue decreased 17.2% to ₹2,287.1 crore, but net income rose 19.6% to ₹224 crore from ₹187.4 crore a year ago, respectively. 

Morepen Industries increased 1.3% to ₹ 58.46, and the specialty chemical and medical device maker is scheduled to release its earnings on August 12. 

The company also launched a ₹200 crore institutional offering and plans to sell 3.68 crore shares at a 5% discount and not lower than ₹52.37 per share.  

Recovery Rally Lifts S&P 500, Russell 2K, Nasdaq Composite 2%

Investors appear to shake off economic anxieties earlier in the week following the release of jobs market data. 

Stock market indexes advanced in Thursday's trading following the less-than-expected increase in jobless claims, soothing fears of weakening labor market conditions. 

The S&P 500 index and the Nasdaq Composite advanced 2% after recession fears eased following the weaker-than-expected increase in jobless claims.

The weekly jobless claims have declined considerably from the pandemic-high but have been creeping up in the last seven months after reaching a low of 194,000 in the second week of January. 

U.S. Initial jobless claims increased by 17,000 to 233,000 in the week ending on August 3, the Department of Labor reported in its weekly update on Thursday. 

Initial claims in the previous week were revised higher to 250,000. 

Continuing claims, which lag by one week, increased by 6,000 to 1,87 million, the highest since January 2021. 

U.S. Indexes and Treasury Yields

The S&P 500 index gained 1.8% to 5,291.07, the Nasdaq Composite advanced 2.2% to 16,549.23, and the Russell 2000 index declined 1.4% to 2,070.88. 

The yield on 2-year Treasury notes edged lower to 3.97%, 10-year Treasury notes increased to 3.93%, and 30-year Treasury bonds advanced to 4.24%.

WTI crude oil decreased $0.90 to $76.15 a barrel, and natural gas prices edged up 5 cents to $2.17 a thermal unit.

Gold increased by $35.65 to $2,420.67 an ounce, and silver increased by $0.87 to $27.49. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.04.

U.S. Stock Movers 

Warner Bros. Discovery dropped 10% to $6.93 after the media company reported disappointing second-quarter results, and the company took a one-time write-down of $9.1 billion. 

Bumble Inc. declined 40.5% to $4.79 after the online dating platform reported weaker-than-expected revenue in the second quarter.

Duolingo soared 7.2% to $173.0 after the online language learning app developer reported better-than-expected quarterly results. 

Eli Lilly increased 12.1% to $865.0 after the pharmaceutical company reported better-than-expected second-quarter earnings. 

The company also raised its full-year outlook due to the strong demand for its obesity drug Zepbound and diabetes treatment Mounjaro. 

European Markets Struggle Near Multi-month Lows 

European markets struggled to get traction after two days of gains, as caution prevailed in global market trading. 

Benchmark indexes in Paris, London, and Frankfurt traded down amid stagnant domestic economic conditions, weak consumer confidence compounded by a fragile economic recovery in China, and the growing possibility of a U.S. economic slowdown. 

Investors were cautious, and an additional batch of mixed earnings did little to improve market sentiment. 

China is set to release its official consumer and producer price inflation updates on Friday, and the initial jobless claims are also closely watched in the U.S. later in the day. 

The European Central Bank can keep its rate cut plan intact if there is increased confidence that inflation is on a sustainable downward path, ECB Governing Council member and Bank of Finland governor Olli Rehn commented on Thursday. 

Global markets gyrated after a string of U.S. economic data suggested a possible economic downturn and a weakening of labor market conditions. 

Market volatility spiked to a level not seen since 1987, after the Bank of Japan lifted its interest rates, forcing the unwinding of the yen carry trade and strengthening the yen to an 8-month high. 

Europe Indexes and Yields

The DAX index increased by 0.4% to 17,680.40; the CAC-40 index fell by 0.3% to 7,247.45; and the FTSE 100 index declined by 0.3% to 8,144.97. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 2.97%, the UK gilts inched higher to 3.94%, and Italian bonds decreased to 3.67%.

The euro edged down to $1.09; the British pound inched lower to $1.268; and the U.S. dollar weakened to 85.80 Swiss cents.

Brent crude increased $0.61 to $79.02 a barrel, and the Dutch TTF natural gas rose by €1.54 to €40.27 per MWh.

Europe Stock Movers

Zurich Insurance Group decreased 2.5% to CHF 452.0 despite the Swiss reinsurance company reporting first-half earnings that surpassed market expectations. 

Beazley PLC jumped 12.5% to 716.50 pence after the UK-based insurance company reported its first-half results and revised its 2024 combined ratio estimate. 

Allianz increased 1.3% to €252.50 after the German insurance company reported better-than-expected second quarter earnings and reiterated its annual outlook. 

Siemens AG declined 0.8% to €154.64 after the German industrial company reported better-than-expected operating earnings and confirmed its full-year outlook.

Uniper SE declined 4.2% to €40.58 after the German utility company agreed to sell significant future hydropower production as a part of its hedging strategy. 

Deutsche Telekom increased 2.2% to €24.45 after the wireline and wireless telecom service provider reported in-line core earnings in the second quarter and raised its free cash flow outlook.

Sandoz Group dropped 6.2% to CHF 33.56, and the generic and biosimilar medicines maker reported first-half net income slumped 36%. 

Persimmon plc increased 2.5% to 1,575.50 pence after the UK-based home builder said it plans to build near the top end of the previously announced target range in 2024. 

Hikma Pharma soared 7.5% to 1,978.0 pence after the company posited strong half-year results and revised its full-year 2024 estimate. 

PageGroup declined 1.9% after the UK-based recruiting company reported a decline in revenue and earnings in the first half amid "challenging" market conditions. 

Entain PLC jumped 8.8% to 569.80 pence after the gambling group raised its annual outlook. 

Japan Indexes Turned Lower and Current Account Surplus Widened

The market rally in Tokyo lost steam as investors stayed cautious after a week of volatile trading and the strengthening of the yen. 

The Nikkei 225 and the Topix indexes dropped more than 0.7%, and the yen continued to drift lower amid worries about the future rate path. 

Calmness returned to financial markets in Tokyo after deputy governor Shinichi Uchida reassured investors that the central bank would refrain from raising rates amid volatile market conditions. 

However, investors turned cautious on Thursday following the weak close in New York in overnight trading, and artificial-intelligence-linked stocks failed to rebound. 

The summary of opinions from the latest policy meeting of the Bank of Japan in July showed some members urged even larger rate increases. 

Closer to home on the economic front, the current account surplus widened to 1.533 trillion in June from 1.519 trillion in the corresponding month a year ago, the Ministry of Finance reported Thursday. 

The current account surplus rose for the 17th month in a row, following faster increases in exports than imports. 

The surplus in goods increased to 556.3.9 billion yen from 328.0 billion a year ago, driven by a 5.9% increase in exports faster than a 3.4% rise in imports.

Meanwhile, the deficit in secondary income decreased to 120.7 billion from 132.4 billion. 

The primary income surplus narrowed to 1,473.7 billion from 1,680 billion in the previous year, and the gap in the services account slightly widened to 375.8 billion from 356.2 billion. 

Japan Stock Movers 

The Nikkei 225 stock average decreased 0.7% to 34,829.31, and the Topix index dropped 1.2% to 2,458.63. 

Advanced chipmakers turned lower, tracking volatile trading in New York. 

Advantest, Tokyo Electron, Screen Holdings, Disco Corp., and Softbank declined between 3% and 7%. 

Sumco Corp. plunged 15.8% to ¥1,687.0 after the Japanese semiconductor company reported a decline in earnings in the June quarter. 

Net sales declined 5.4% to ¥104.7 billion, and net income plunged 37% to ¥7.56 billion from a year ago, respectively. 

Financial stocks were among the leading decliners after gyrating by more than 15% in previous trading sessions. 

Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, and Mizuho Financial Group fell between 1% and 3%. 

Shiseido dropped 15.3% to ¥3,810.0 after the Japanese cosmetics company said weak China demand hit sales and earnings in the June quarter. 

Shiseisdo stock plunged the most in several decades after its earnings were negatively impacted by weak demand in China. 

Revenues in the June quarter were 259.1 billion, and net income was 3.3 billion yen. 

Revenue in the first half increased by 14.3% to 508.5 billion yen from 494.2 billion yen, and net income dropped to a breakeven point from 11.8 billion yen a year ago. 

However, the company retained its full-year sales estimate of 1 trillion yen, net income of 22 billion yen, and annual dividend of 60 yen per share. 

China Stocks Attempt to Rise Above Global Market Volatility 

Investor sentiment recovered after a week of tumultuous trading, and market indexes rebounded for the second session in a row. 

The Hang Seng index gained 0.7%, and the CSI 300 index advanced 0.4% in cautiously optimistic trading in Hong Kong and Shanghai. 

Technology, financial, real estate developers, and industrial companies were among the most actively traded companies.

Investors are looking forward to the release of official consumer and producer price inflation data on Friday. 

Consumer price inflation is expected to be positive, suggesting that demand may pick up after months of caution, but producer price inflation is expected to show a price deflation trend for the second year in a row. 

Global market sentiment was positive as investors in Japan, Europe, and the U.S. returned to add stock positions after worries about the U.S. economic slowdown eased and the sharp reversal in correction in the AI-fueled tech rally halted. 

China Stock Movers 

The Hang Seng index increased 0.7% to 16,998.45, and the CSI 300 index rose 0.4% to 3,355.96. 

Black Sesame International Holding dropped 25% to HK $21.10 after the chip designer for autonomous vehicles raised HK $1.04 billion, or $133 million, through the sale of 37 million shares in a Hong Kong listing. 

The company priced its offering at the bottom end of its filing range at HK $28 per share. 

Xiaomo, Tencent Holdings, and SAIC Motor Corp. are among the company's leading stockholders. 

Alibaba Group Holding increased 1.9% to HK $77.90, Tencent Holdings advanced 2.7% to HK $373.0, Meituan was unchanged at HK $105.90, and Baidu added 0.6% to HK $81.75. 

China Merchants Bank increased 1.7% to HK $32.10, China Mingsheng Banking declined 0.4% to HK $2.69, and HSBC Holdings declined 0.22% to HK $63.10. 

U.S. Movers: Bumble, Duolingo, Eli Lilly, Warner Bros Discovery, Zillow Group

Warner Bros. Discovery dropped 10% to $6.93 after the media company reported disappointing second-quarter results, and the company took a one-time write-down of $9.1 billion. 

Bumble Inc. declined 40.5% to $4.79 after the online dating platform reported weaker-than-expected revenue in the second quarter.

Duolingo soared 7.2% to $173.0 after the online language learning app developer reported better-than-expected quarterly results. 

Eli Lilly increased 12.1% to $865.0 after the pharmaceutical company reported better-than-expected second-quarter earnings. 

The company also raised its full-year outlook due to the strong demand for its obesity drug Zepbound and diabetes treatment Mounjaro. 

Zillow Group rose 13.8% to $47.55 after the real estate platform operator reported better-than-expected second quarter results. 

Revenue increased 13% to $572 million from $509 million, net loss shrank to $17 million from $35 million, and diluted loss per share decreased to 7 cents from 15 cents a year ago. 

The company guided revenue in the third quarter to range between $545 million and $560 million, and added that available stock repurchase authorization was $381 million at the end of the second quarter. 

Stocks Regain Upward Momentum After Weekly Jobless Claims Report

Stock market indexes advanced in Thursday's trading following the less-than-expected increase in jobless claims, soothing fears of weakening labor market conditions. 

The S&P 500 index and the Nasdaq Composite advanced 1% after recession fears eased following the weaker-than-expected increase in jobless claims.

The weekly jobless claims have declined considerably from the pandemic-high but have been creeping up in the last seven months after reaching a low of 194,000 in the second week of January. 

U.S. Initial jobless claims increased by 17,000 to 233,000 in the week ending on August 3, the Department of Labor reported in its weekly update on Thursday. 

Initial claims in the previous week were revised higher to 250,000. 

Continuing claims, which lag by one week, increased by 6,000 to 1,87 million, the highest since January 2021. 

U.S. Indexes and Treasury Yields

The S&P 500 index gained 1.1% to 5,255.50, the Nasdaq Composite advanced 1.1% to 16,373.40, and the Russell 2000 index declined 1.4% to 2,035.11. 

The yield on 2-year Treasury notes edged lower to 3.97%, 10-year Treasury notes increased to 3.93%, and 30-year Treasury bonds advanced to 4.24%.

WTI crude oil decreased $0.10 to $75.12 a barrel, and natural gas prices edged down 5 cents to $2.06 a thermal unit.

Gold increased by $29.25 to $2,413.66 an ounce, and silver increased by $0.38 to $27.04. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.04.

U.S. Stock Movers 

Warner Bros. Discovery dropped 10% to $6.93 after the media company reported disappointing second-quarter results, and the company took a one-time write-down of $9.1 billion. 

Bumble Inc. declined 40.5% to $4.79 after the online dating platform reported weaker-than-expected revenue in the second quarter.

Duolingo soared 7.2% to $173.0 after the online language learning app developer reported better-than-expected quarterly results. 

Eli Lilly increased 12.1% to $865.0 after the pharmaceutical company reported better-than-expected second-quarter earnings. 

The company also raised its full-year outlook due to the strong demand for its obesity drug Zepbound and diabetes treatment Mounjaro. 

Europe Movers: Allianz, Beazley, Deutsche Telekom, Entain, Hikma Pharma, PageGroup, Persimmon, Sandoz, Siemens, Uniper, Zurich

European stocks reacted to domestic corporate results in the absence of economic news. 

Global markets calmed down after a week of jittery trading, and investors shifted their focus to the rate path in the eurozone. 

The DAX index decreased by 0.7% to 17,500.76; the CAC-40 index fell by 1.0% to 7,194.02; and the FTSE 100 index declined by 1.0% to 8,084.26. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 2.97%, the UK gilts inched higher to 3.94%, and Italian bonds decreased to 3.67%.

Zurich Insurance Group decreased 2.5% to CHF 452.0 despite the Swiss reinsurance company reporting first-half earnings that surpassed market expectations. 

Beazley PLC jumped 12.5% to 716.50 pence after the UK-based insurance company reported its first-half results and revised its 2024 combined ratio estimate. 

Allianz increased 1.3% to €252.50 after the German insurance company reported better-than-expected second quarter earnings and reiterated its annual outlook. 

Siemens AG declined 0.8% to €154.64 after the German industrial company reported better-than-expected operating earnings and confirmed its full-year outlook.

Uniper SE declined 4.2% to €40.58 after the German utility company agreed to sell significant future hydropower production as a part of its hedging strategy. 

Deutsche Telekom increased 2.2% to €24.45 after the wireline and wireless telecom service provider reported in-line core earnings in the second quarter and raised its free cash flow outlook.

Sandoz Group dropped 6.2% to CHF 33.56, and the generic and biosimilar medicines maker reported first-half net income slumped 36%. 

Persimmon plc increased 2.5% to 1,575.50 pence after the UK-based home builder said it plans to build near the top end of the previously announced target range in 2024. 

Hikma Pharma soared 7.5% to 1,978.0 pence after the company posited strong half-year results and revised its full-year 2024 estimate. 

PageGroup declined 1.9% after the UK-based recruiting company reported a decline in revenue and earnings in the first half amid "challenging" market conditions. 

Entain PLC jumped 8.8% to 569.80 pence after the gambling group raised its annual outlook. 

European Markets Struggle Near Multi-month Lows

European markets struggled to get traction after two days of gains, as caution prevailed in global market trading. 

Benchmark indexes in Paris, London, and Frankfurt traded down amid stagnant domestic economic conditions, weak consumer confidence compounded by a fragile economic recovery in China, and the growing possibility of a U.S. economic slowdown. 

Investors were cautious, and an additional batch of mixed earnings did little to improve market sentiment. 

China is set to release its official consumer and producer price inflation updates on Friday, and the initial jobless claims are also closely watched in the U.S. later in the day. 

The European Central Bank can keep its rate cut plan intact if there is increased confidence that inflation is on a sustainable downward path, ECB Governing Council member and Bank of Finland governor Olli Rehn commented on Thursday. 

Global markets gyrated after a string of U.S. economic data suggested a possible economic downturn and a weakening of labor market conditions. 

Market volatility spiked to a level not seen since 1987, after the Bank of Japan lifted its interest rates, forcing the unwinding of the yen carry trade and strengthening the yen to an 8-month high. 

Europe Indexes and Yields

The DAX index decreased by 0.7% to 17,500.76; the CAC-40 index fell by 1.0% to 7,194.02; and the FTSE 100 index declined by 1.0% to 8,084.26. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 2.97%, the UK gilts inched higher to 3.94%, and Italian bonds decreased to 3.67%.

The euro edged down to $1.09; the British pound inched lower to $1.268; and the U.S. dollar weakened to 85.80 Swiss cents.

Brent crude decreased $0.29 to $78.06 a barrel, and the Dutch TTF natural gas rose by €0.08 to €38.81 per MWh.

Europe Stock Movers

Zurich Insurance Group decreased 2.5% to CHF 452.0 despite the Swiss reinsurance company reporting first-half earnings that surpassed market expectations. 

Beazley PLC jumped 12.5% to 716.50 pence after the UK-based insurance company reported its first-half results and revised its 2024 combined ratio estimate. 

Allianz increased 1.3% to €252.50 after the German insurance company reported better-than-expected second quarter earnings and reiterated its annual outlook. 

Siemens AG declined 0.8% to €154.64 after the German industrial company reported better-than-expected operating earnings and confirmed its full-year outlook.

Uniper SE declined 4.2% to €40.58 after the German utility company agreed to sell significant future hydropower production as a part of its hedging strategy. 

Deutsche Telekom increased 2.2% to €24.45 after the wireline and wireless telecom service provider reported in-line core earnings in the second quarter and raised its free cash flow outlook.

Sandoz Group dropped 6.2% to CHF 33.56, and the generic and biosimilar medicines maker reported first-half net income slumped 36%. 

Persimmon plc increased 2.5% to 1,575.50 pence after the UK-based home builder said it plans to build near the top end of the previously announced target range in 2024. 

Hikma Pharma soared 7.5% to 1,978.0 pence after the company posited strong half-year results and revised its full-year 2024 estimate. 

PageGroup declined 1.9% after the UK-based recruiting company reported a decline in revenue and earnings in the first half amid "challenging" market conditions. 

Entain PLC jumped 8.8% to 569.80 pence after the gambling group raised its annual outlook. 

Japan Indexes Turned Lower and Current Account Surplus Widened, Sumco and Shiseido In Focus

The market rally in Tokyo lost steam as investors stayed cautious after a week of volatile trading and the strengthening of the yen. 

The Nikkei 225 and the Topix indexes dropped more than 0.7%, and the yen continued to drift lower amid worries about the future rate path. 

Calmness returned to financial markets in Tokyo after deputy governor Shinichi Uchida reassured investors that the central bank would refrain from raising rates amid volatile market conditions. 

However, investors turned cautious on Thursday following the weak close in New York in overnight trading, and artificial-intelligence-linked stocks failed to rebound. 

The summary of opinions from the latest policy meeting of the Bank of Japan in July showed some members urged even larger rate increases. 

Closer to home on the economic front, the current account surplus widened to 1.533 trillion in June from 1.519 trillion in the corresponding month a year ago, the Ministry of Finance reported Thursday. 

The current account surplus rose for the 17th month in a row, following faster increases in exports than imports. 

The surplus in goods increased to 556.3.9 billion yen from 328.0 billion a year ago, driven by a 5.9% increase in exports faster than a 3.4% rise in imports.

Meanwhile, the deficit in secondary income decreased to 120.7 billion from 132.4 billion. 

The primary income surplus narrowed to 1,473.7 billion from 1,680 billion in the previous year, and the gap in the services account slightly widened to 375.8 billion from 356.2 billion. 

Japan Stock Movers 

The Nikkei 225 stock average decreased 0.7% to 34,829.31, and the Topix index dropped 1.2% to 2,458.63. 

Advanced chipmakers turned lower, tracking volatile trading in New York. 

Advantest, Tokyo Electron, Screen Holdings, Disco Corp., and Softbank declined between 3% and 7%. 

Sumco Corp. plunged 15.8% to ¥1,687.0 after the Japanese semiconductor company reported a decline in earnings in the June quarter. 

Net sales declined 5.4% to ¥104.7 billion, and net income plunged 37% to ¥7.56 billion from a year ago, respectively. 

Financial stocks were among the leading decliners after gyrating by more than 15% in previous trading sessions. 

Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, and Mizuho Financial Group fell between 1% and 3%. 

Shiseido dropped 15.3% to ¥3,810.0 after the Japanese cosmetics company said weak China demand hit sales and earnings in the June quarter. 

Shiseisdo stock plunged the most in several decades after its earnings were negatively impacted by weak demand in China. 

Revenues in the June quarter were 259.1 billion, and net income was 3.3 billion yen. 

Revenue in the first half increased by 14.3% to 508.5 billion yen from 494.2 billion yen, and net income dropped to a breakeven point from 11.8 billion yen a year ago. 

However, the company retained its full-year sales estimate of 1 trillion yen, net income of 22 billion yen, and annual dividend of 60 yen per share. 

China Stocks Attempt to Rise Above Global Market Volatility

Investor sentiment recovered after a week of tumultuous trading, and market indexes rebounded for the second session in a row. 

The Hang Seng index gained 0.7%, and the CSI 300 index advanced 0.4% in cautiously optimistic trading in Hong Kong and Shanghai. 

Technology, financial, real estate developers, and industrial companies were among the most actively traded companies.

Investors are looking forward to the release of official consumer and producer price inflation data on Friday. 

Consumer price inflation is expected to be positive, suggesting that demand may pick up after months of caution, but producer price inflation is expected to show a price deflation trend for the second year in a row. 

Global market sentiment was positive as investors in Japan, Europe, and the U.S. returned to add stock positions after worries about the U.S. economic slowdown eased and the sharp reversal in correction in the AI-fueled tech rally halted. 

China Stock Movers 

The Hang Seng index increased 0.7% to 16,998.45, and the CSI 300 index rose 0.4% to 3,355.96. 

Black Sesame International Holding dropped 25% to HK $21.10 after the chip designer for autonomous vehicles raised HK $1.04 billion, or $133 million, through the sale of 37 million shares in a Hong Kong listing. 

The company priced its offering at the bottom end of its filing range at HK $28 per share. 

Xiaomo, Tencent Holdings, and SAIC Motor Corp. are among the company's leading stockholders. 

Alibaba Group Holding increased 1.9% to HK $77.90, Tencent Holdings advanced 2.7% to HK $373.0, Meituan was unchanged at HK $105.90, and Baidu added 0.6% to HK $81.75. 

China Merchants Bank increased 1.7% to HK $32.10, China Mingsheng Banking declined 0.4% to HK $2.69, and HSBC Holdings declined 0.22% to HK $63.10. 

India Movers: Apollo Tyres, Balaji Amines, Godrej Consumer Products, Gujarat Pipavav, ITD Cementation, Lemon Tree Hotels, Welspun

Stocks in Mumbai reacted to the latest earnings update, and the Reserve Bank of India is expected to hold interest rates steady at 6.5% for the ninth time in a row. 

The Sensex index decreased by 0.3% to 79,246.65, and the Nifty index fell 0.3% to 24,233.85. 

On the Mumbai stock exchange, 64 stocks traded at their 52-week highs, and 7 stocks traded at their 52-week lows.

Gujarat Pipavav rose 3.5% to ₹229.11, and the port operator reported a double-digit increase in revenue and earnings in the June quarter. 

Revenue increased 14.5% to ₹246 crore from ₹214.9 crore, and net income soared 91.4% to ₹100.2 crore from ₹52.3 crore a year ago, respectively. 

ITD Cementation advanced 5.1% to ₹503.20, and the cement maker reported better-than-expected profit in the June quarter. 

Revenue jumped 30% to ₹2,381.5 crore from ₹1,832.6 crore, and net income soared  91.4% to ₹100.2 crore from ₹52.3 crore a year ago. 

Apollo Tyres decreased 2% to ₹510.0 after the company reported a decline in earnings in the June quarter. 

Revenue increased 1.4% to ₹6,334.8 from ₹1,832.6 crore, and net income decreased 24% to ₹302 crore from ₹396.9 crore a year earlier. 

Lemon Tree Hotels fell 3.8% to ₹134.13 after the mid-priced hotel chain operator reported a decline in earnings in the June quarter. 

Revenue increased 19.5% to ₹268 crore from ₹224.2 crore, and net income dropped 27% to ₹20.1 crore from ₹27.5 crore a year ago, respectively. 

Balaji Amines dropped 5.5% to ₹2,259.50 after the specialty chemical maker used in personal care and crop protection reported a decline in earnings and revenue in the June quarter. 

Revenue fell 17% to 384.7 crore from 463.7 crore, and net income fell 32.7% to 45.6 crore from 67.7 crore a year ago, respectively. 

Welspun declined 2.5% to ₹634.90, and the large-diameter pipe maker reported a decline in revenue in the June quarter. 

Revenue fell 23% to 3,137.2 crore from 4,069.7 crore, and net income rose 47% to 247.9 crore from 168.5 crore a year ago. 

Godrej Consumer Products dropped 4.3% to ₹1,440.0, and the personal hygiene products maker reported a decline in revenue in the June quarter. 

Revenue fell 3.4% to 3,331.6 crore from 3,348.9 crore, and net profit soared 41.4% to 450.7 crore from 318.8 crore a year ago.