- Alexander Garcia
- 10 Dec, 2024
- Miami
Wall Street indexes struggled to advance ahead of rate decisions from central banks and the U.S. inflation reports.
The S&P 500 index increased a fraction, but the Nasdaq Composite advanced 0.7% as investors stayed focused on mega-cap companies, including Microsoft, Meta Platforms, Google-parent Alphabet, and Amazon.com.
A string of positive labor market reports and factory orders last week supported the case for the Federal Reserve to consider one more rate cut at the last policy meeting of 2024 next week.
Investors are hoping that consumer and producer price inflation reports later in the week confirm the disinflationary trend in place for more than a year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.01% to 6,052.58, the Nasdaq Composite rose 0.1% to 19,756.70, and the Russell 2000 index rose by 0.3% to 2,399.60.
The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.23%, and 30-year Treasury bonds increased to 4.43%.
WTI crude oil increased $0.49 to $68.86 a barrel, and natural gas prices edged down 4 cents to $3.13 a thermal unit.
Gold increased by $34.01 to $2,694.63 an ounce, and silver rose by $0.16 to $32.06.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.40 to 106.54.
Stock Movers
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
Political Uncertainty In Germany and France Keeps European Market Indexes Under Pressure
European markets struggled to advance ahead of the rate decisions and ongoing political turmoil in Germany and France.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to stay above the flatline as France struggled to form the next government, and the ECB is set to announce its rate decisions on Thursday.
President Emmanuel Macron invited leaders of political parties to discuss the selection of the next prime minister, excluding the far-right National Rally party and the far-left party France La Insoumise.
Historically, French politics has avoided coalitions of parties that compromise on ideas, but with not a single party holding a majority to form the government, political leaders are learning the art of compromise.
On the economic front, Germany's consumer price inflation edged higher to 2.2% in November from 2.0% in October, confirming the preliminary estimate released by the Destatis.
Consumer price inflation in Norway dropped to 2.4% in November from 2.6% in October, Statistics Norway reported Tuesday.
Consumer prices rose at the slowest pace since December 2020 in the energy-rich nation, primarily due to the slowdown in housing and utility costs to 2.1% from 4.5% in the previous month.
Mining stocks in London and luxury goods stocks in Paris faced selling pressure after China's exports rose at a slower-than-expected pace in November.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 20,329.16; the CAC-40 index fell by 1.1% to 7,394.78; and the FTSE 100 index inched lower by 0.9% to 8,280.36.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.
The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.99 Swiss cents.
Brent crude decreased $0.39 to $72.52 a barrel, and the Dutch TTF natural gas rose by €0.72 to €45.64 per MWh.
Europe Stock Movers
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
China's Export Growth Slowed In November
China's export growth slowed down in November, but the overall exports stayed elevated amid the sustained demand for its products in the ASEAN region, the European Union, and the U.S.
On an annual basis, China's exports increased 6.7% to $312.3 billion, and imports declined 3.9% to $214.9 billion, resulting in a trade surplus surge of 40% to $97.4 billion.
Exports to the U.S. rose 8%, to the European Union by 7.2%, to Japan by 6.4%, and to the ASEAN region by 20.1%.
China's exports in the first eleven months to November increased 5.4% to $3.24 trillion, driven by higher shipments of textiles, aluminum products, and mechanical and electrical products.
- Barry Adams
- 10 Dec, 2024
- Miami
Wall Street indexes struggled to advance ahead of rate decisions from central banks and the U.S. inflation reports.
The S&P 500 index increased a fraction, but the Nasdaq Composite advanced 0.7% as investors stayed focused on mega-cap companies, including Microsoft, Meta Platforms, Google-parent Alphabet, and Amazon.com.
A string of positive labor market reports and factory orders last week supported the case for the Federal Reserve to consider one more rate cut at the last policy meeting of 2024 next week.
Investors are hoping that consumer and producer price inflation reports later in the week confirm the disinflationary trend in place for more than a year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.01% to 6,052.58, the Nasdaq Composite rose 0.1% to 19,756.70, and the Russell 2000 index rose by 0.3% to 2,399.60.
The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.23%, and 30-year Treasury bonds increased to 4.43%.
WTI crude oil increased $0.49 to $68.86 a barrel, and natural gas prices edged down 4 cents to $3.13 a thermal unit.
Gold increased by $34.01 to $2,694.63 an ounce, and silver rose by $0.16 to $32.06.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.40 to 106.54.
Stock Movers
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
Political Uncertainty In Germany and France Keeps European Market Indexes Under Pressure
European markets struggled to advance ahead of the rate decisions and ongoing political turmoil in Germany and France.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to stay above the flatline as France struggled to form the next government, and the ECB is set to announce its rate decisions on Thursday.
President Emmanuel Macron invited leaders of political parties to discuss the selection of the next prime minister, excluding the far-right National Rally party and the far-left party France La Insoumise.
Historically, French politics has avoided coalitions of parties that compromise on ideas, but with not a single party holding a majority to form the government, political leaders are learning the art of compromise.
On the economic front, Germany's consumer price inflation edged higher to 2.2% in November from 2.0% in October, confirming the preliminary estimate released by the Destatis.
Consumer price inflation in Norway dropped to 2.4% in November from 2.6% in October, Statistics Norway reported Tuesday.
Consumer prices rose at the slowest pace since December 2020 in the energy-rich nation, primarily due to the slowdown in housing and utility costs to 2.1% from 4.5% in the previous month.
Mining stocks in London and luxury goods stocks in Paris faced selling pressure after China's exports rose at a slower-than-expected pace in November.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 20,329.16; the CAC-40 index fell by 1.1% to 7,394.78; and the FTSE 100 index inched lower by 0.9% to 8,280.36.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.
The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.99 Swiss cents.
Brent crude decreased $0.39 to $72.52 a barrel, and the Dutch TTF natural gas rose by €0.72 to €45.64 per MWh.
Europe Stock Movers
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
China's Exports Growth Slowed In November
On an annual basis, China's exports increased 6.7% to $312.3 billion, and imports declined 3.9% to $214.9 billion, resulting in a trade surplus surge of 40% to $97.4 billion.
Exports to the U.S. rose 8%, to the European Union by 7.2%, to Japan by 6.4%, and to the ASEAN region by 20.1%.
China's exports in the first eleven months to November increased 5.4% to $3.24 trillion, driven by higher shipments of textiles, aluminum products, and mechanical and electrical products.
- Barry Adams
- 10 Dec, 2024
- New York City
Major stock averages on Wall Street danced around the flatline ahead of the inflation report on Wednesday.
The S&P 500 index increased a fraction, but the Nasdaq Composite advanced 0.7% as investors stayed focused on mega-cap companies, including Microsoft, Meta Platforms, Google-parent Alphabet, and Amazon.com.
A string of positive labor market reports and factory orders last week supported the case for the Federal Reserve to consider one more rate cut at the last policy meeting of 2024 next week.
Investors are hoping that consumer and producer price inflation reports later in the week confirm the disinflationary trend in place for more than a year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 6,060.15, the Nasdaq Composite rose 0.7% to 19,862.24, and the Russell 2000 index fell by 0.2% to 2,388.08.
The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.23%, and 30-year Treasury bonds increased to 4.43%.
WTI crude oil decreased $0.23 to $68.15 a barrel, and natural gas prices edged down 9 cents to $3.09 a thermal unit.
Gold increased by $13.32 to $2,673.73 an ounce, and silver fell by $0.09 to $31.80.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.26 to 106.42.
Stock Movers
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
- Scott Peters
- 10 Dec, 2024
- New York City
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
- Scott Peters
- 10 Dec, 2024
- New York City
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
- Barry Adams
- 10 Dec, 2024
- New York City
Major stock averages on Wall Street danced around the flatline ahead of the inflation report on Wednesday.
The S&P 500 index increased a fraction, but the Nasdaq Composite advanced 0.7% as investors stayed focused on mega-cap companies, including Microsoft, Meta Platforms, Google-parent Alphabet, and Amazon.com.
A string of positive labor market reports and factory orders last week supported the case for the Federal Reserve to consider one more rate cut at the last policy meeting of 2024 next week.
Investors are hoping that consumer and producer price inflation reports later in the week confirm the disinflationary trend in place for more than a year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 6,060.15, the Nasdaq Composite rose 0.7% to 19,862.24, and the Russell 2000 index fell by 0.2% to 2,388.08.
The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.23%, and 30-year Treasury bonds increased to 4.43%.
WTI crude oil decreased $0.23 to $68.15 a barrel, and natural gas prices edged down 9 cents to $3.09 a thermal unit.
Gold increased by $13.32 to $2,673.73 an ounce, and silver fell by $0.09 to $31.80.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.26 to 106.42.
Stock Movers
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
- Inga Muller
- 10 Dec, 2024
- Frankfurt
European markets traded sideways as investors awaited rate decisions from the European Central Bank on Thursday.
November's consumer price inflation in Germany rebounded but dropped to nearly a four-year low in Norway.
The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
- Inga Muller
- 10 Dec, 2024
- Frankfurt
European markets traded sideways as investors awaited rate decisions from the European Central Bank on Thursday.
November's consumer price inflation in Germany rebounded but dropped to nearly a four-year low in Norway.
The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
- Bridgette Randall
- 10 Dec, 2024
- London
European markets struggled to advance ahead of the rate decisions and ongoing political turmoil in Germany and France.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to stay above the flatline as France struggled to form the next government, and the ECB is set to announce its rate decisions on Thursday.
President Emmanuel Macron invited leaders of political parties to discuss the selection of the next prime minister, excluding the far-right National Rally party and the far-left party France La Insoumise.
Historically, French politics has avoided coalitions of parties that compromise on ideas, but with not a single party holding a majority to form the government, political leaders are learning the art of compromise.
On the economic front, Germany's consumer price inflation edged higher to 2.2% in November from 2.0% in October, confirming the preliminary estimate released by the Destatis.
Consumer price inflation in Norway dropped to 2.4% in November from 2.6% in October, Statistics Norway reported Tuesday.
Consumer prices rose at the slowest pace since December 2020 in the energy-rich nation, primarily due to the slowdown in housing and utility costs to 2.1% from 4.5% in the previous month.
Mining stocks in London and luxury goods stocks in Paris faced selling pressure after China's exports rose at a slower-than-expected pace in November.
China's export growth slowed down in November, but the overall exports stayed elevated amid the sustained demand for its products in the ASEAN region, the European Union, and the U.S.
On an annual basis, China's exports increased 6.7% to $312.3 billion, and imports declined 3.9% to $214.9 billion, resulting in a trade surplus surge of 40% to $97.4 billion.
Exports to the U.S. rose 8%, to the European Union by 7.2%, to Japan by 6.4%, and to the ASEAN region by 20.1%.
China's exports in the first eleven months to November increased 5.4% to $3.24 trillion, driven by higher shipments of textiles, aluminum products, and mechanical and electrical products.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.
The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.99 Swiss cents.
Brent crude decreased $0.41 to $71.72 a barrel, and the Dutch TTF natural gas rose by €0.17 to €45.10 per MWh.
Europe Stock Movers
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
- Bridgette Randall
- 10 Dec, 2024
- London
European markets struggled to advance ahead of the rate decisions and ongoing political turmoil in Germany and France.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to stay above the flatline as France struggled to form the next government, and the ECB is set to announce its rate decisions on Thursday.
President Emmanuel Macron invited leaders of political parties to discuss the selection of the next prime minister, excluding the far-right National Rally party and the far-left party France La Insoumise.
Historically, French politics has avoided coalitions of parties that compromise on ideas, but with not a single party holding a majority to form the government, political leaders are learning the art of compromise.
On the economic front, Germany's consumer price inflation edged higher to 2.2% in November from 2.0% in October, confirming the preliminary estimate released by the Destatis.
Mining stocks in London and luxury goods stocks in Paris faced selling pressure after China's exports rose at a slower-than-expected pace in November.
On an annual basis, China's exports increased 6.7% to $312.3 billion, and imports declined 3.9% to $214.9 billion, resulting in a trade surplus surge of 40% to $97.4 billion.
Exports to the U.S. rose 8%, to the European Union by 7.2%, to Japan by 6.4%, and to the ASEAN region by 20.1%.
China's exports in the first eleven months to November increased 5.4% to $3.24 trillion, driven by higher shipments of textiles, aluminum products, and mechanical and electrical products.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.
The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.99 Swiss cents.
Brent crude decreased $0.41 to $71.72 a barrel, and the Dutch TTF natural gas rose by €0.17 to €45.10 per MWh.
Europe Stock Movers
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates's largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
- Barry Adams
- 09 Dec, 2024
- New York City
Stock market indexes on Wall Street hovered near recent highs as investors digested two key labor reports released last week.
At the end of last week, the S&P 500 index and the Nasdaq Composite closed at new highs and extended weekly gains for the third week in a row amid a not-so-strong rebound in payrolls increase in November.
Market sentiment remained positive after the latest updates on factory orders, and the labor market supported the case for one more rate cut.
In addition, investors are anticipating the Federal Reserve to deliver one more rate cut after the final policy meeting next week.
In Europe, stock markets jumped as much as 4% last week after business activities remained in contraction, raising expectations of a rate cut after the policy meeting this week.
Investors largely overlooked brewing political turmoil in France and hoped that the second-largest economy in the eurozone would soon form a new government.
In the week ahead, in the U.S., investors are looking forward to the release of consumer and producer price inflation and export-import prices.
U.S. consumer price inflation is expected to rebound to 2.7% in November from 2.6% in October, and annual producer price inflation is estimated to edge higher to 2.5% from 2.4%, respectively.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to 6,082.85, the Nasdaq Composite fell 0.03% to 19,853.36, and the Russell 2000 index advanced by 0.5% to 2,421.81.
The yield on 2-year Treasury notes edged higher to 4.13%, 10-year Treasury notes inched up to 4.18%, and 30-year Treasury bonds increased to 4.37%.
WTI crude oil increased $1.18 to $68.31 a barrel, and natural gas prices edged up 9 cents to $3.17 a thermal unit.
Gold increased by $41.50 to $2,674.82 an ounce, and silver rose by $1.24 to $32.26.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.06 to 105.91.
Stock Movers
Nvidia Corp. dropped 2.7% to $138.59 after the Chinese antitrust regulatory agency opened an investigation for a potential violation of the country's antimonopoly law.
AMD decreased 3.8% to $133.32 following the decline in Nvidia stock and cautious comments from Bank of America citing entrenched market domination of Nvidia in the fast-growing market for advanced chips for artificial intelligence applications.
Palantir Technologies declined 1.8% to $75.09, and the company said it won an additional contract with the U.S. Special Operations Command.
- Barry Adams
- 09 Dec, 2024
- New York City
Stock market indexes on Wall Street hovered near recent highs as investors digested two key labor reports released last week.
At the end of last week, the S&P 500 index and the Nasdaq Composite closed at new highs and extended weekly gains for the third week in a row amid a not-so-strong rebound in payrolls increase in November.
Market sentiment remained positive after the latest updates on factory orders, and the labor market supported the case for one more rate cut.
In addition, investors are anticipating the Federal Reserve to deliver one more rate cut after the final policy meeting next week.
In Europe, stock markets jumped as much as 4% last week after business activities remained in contraction, raising expectations of a rate cut after the policy meeting this week.
Investors largely overlooked brewing political turmoil in France and hoped that the second-largest economy in the eurozone would soon form a new government.
In the week ahead, in the U.S., investors are looking forward to the release of consumer and producer price inflation and export-import prices.
U.S. consumer price inflation is expected to rebound to 2.7% in November from 2.6% in October, and annual producer price inflation is estimated to edge higher to 2.5% from 2.4%, respectively.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to 6,082.85, the Nasdaq Composite fell 0.03% to 19,853.36, and the Russell 2000 index advanced by 0.5% to 2,421.81.
The yield on 2-year Treasury notes edged higher to 4.13%, 10-year Treasury notes inched up to 4.18%, and 30-year Treasury bonds increased to 4.37%.
WTI crude oil increased $1.18 to $68.31 a barrel, and natural gas prices edged up 9 cents to $3.17 a thermal unit.
Gold increased by $41.50 to $2,674.82 an ounce, and silver rose by $1.24 to $32.26.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.06 to 105.91.
Stock Movers
Nvidia Corp. dropped 2.7% to $138.59 after the Chinese antitrust regulatory agency opened an investigation for a potential violation of the country's antimonopoly law.
AMD decreased 3.8% to $133.32 following the decline in Nvidia stock and cautious comments from Bank of America citing entrenched market domination of Nvidia in the fast-growing market for advanced chips for artificial intelligence applications.
Palantir Technologies declined 1.8% to $75.09, and the company said it won an additional contract with the U.S. Special Operations Command.
- Bridgette Randall
- 09 Dec, 2024
- London
European markets were in a holding pattern as investors looked ahead to rate decisions and estimates of economic outlook from central banks in the region.
Benchmark indexes in Paris, Frankfurt, Milan, and London advanced ahead of the widely anticipated rate decisions from the European Central Bank and the Swiss National Bank.
The ECB is expected to lower its key lending rates for the fourth time this year, and markets are looking for clues for additional rate cuts over the next three months.
The Swiss National Bank is widely expected to lower its key lending rates after inflation stayed below 1%, confirming the weak inflation trend over the last several months.
French luxury stocks rebounded, and bond yields held steady as the French President, Emmanuel Macron, stepped up negotiations with other party leaders to find a consensus candidate for the next prime minister.
President Macron is facing a daunting task to appoint a candidate for the next prime minister who could pass two critical budgets and hold the minority government together till the earliest possible election next summer.
French bond yields could surge if the next government fails to pass a budget that would cut the deficit to 5% of gross domestic product in 2025 and signal to markets that lawmakers are serious about getting the fiscal house in order.
France's national debt of €3.2 trillion is hovering near 112% of GDP, and it is twice the level required by the European Union.
Only two other nations in the European Union exceed France's level of debt to GDP ratio, Greece with 161.9% and Italy with 134%.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 20,356.42; the CAC-40 index rose by 0.5% to 7,460.29; and the FTSE 100 index inched higher by 0.4% to 8,342.61.
The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.85%, the UK gilts decreased to 4.26%, and Italian bonds decreased to 3.18%.
The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.88 Swiss cents.
Brent crude decreased $0.84 to $71.95 a barrel, and the Dutch TTF natural gas fell by €0.72 to €45.81 per MWh.
Europe Stock Movers
French luxury stocks rebounded in the hopes that Chinese leaders are likely to follow through with the previously announced additional fiscal measures.
LVMH rose 2.8% to €648.0, Hermes International advanced 1.4% to €2,290.0, Remy Cointreau SA jumped 3.3% to €62.25, and Pernod Ricard SA gained 1.9% to €110.85.
Banco BPM SA gained 1.5% to €7.66 after France-based Credit Agricole SA increased its stake in the bank to 15.1% from 9.9%, provided the Italian regulatory authorities approve the additional investment.
Hello Fresh SE declined 7.7% to €12.14 following reports that the meal kit provider is being investigated by the U.S. authorities for child labor allegations.
Sartorius SA jumped 0.4% to €180.50 after the French pharmaceutical company appointed a new chief executive.
- Bridgette Randall
- 09 Dec, 2024
- London
European markets were in a holding pattern as investors looked ahead to rate decisions and estimates of economic outlook from central banks in the region.
Benchmark indexes in Paris, Frankfurt, Milan, and London advanced ahead of the widely anticipated rate decisions from the European Central Bank and the Swiss National Bank.
The ECB is expected to lower its key lending rates for the fourth time this year, and markets are looking for clues for additional rate cuts over the next three months.
The Swiss National Bank is widely expected to lower its key lending rates after inflation stayed below 1%, confirming the weak inflation trend over the last several months.
French luxury stocks rebounded, and bond yields held steady as the French President, Emmanuel Macron, stepped up negotiations with other party leaders to find a consensus candidate for the next prime minister.
President Macron is facing a daunting task to appoint a candidate for the next prime minister who could pass two critical budgets and hold the minority government together till the earliest possible election next summer.
French bond yields could surge if the next government fails to pass a budget that would cut the deficit to 5% of gross domestic product in 2025 and signal to markets that lawmakers are serious about getting the fiscal house in order.
France's national debt of €3.2 trillion is hovering near 112% of GDP, and it is twice the level required by the European Union.
Only two other nations in the European Union exceed France's level of debt to GDP ratio, Greece with 161.9% and Italy with 134%.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 20,356.42; the CAC-40 index rose by 0.5% to 7,460.29; and the FTSE 100 index inched higher by 0.4% to 8,342.61.
The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.85%, the UK gilts decreased to 4.26%, and Italian bonds decreased to 3.18%.
The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.88 Swiss cents.
Brent crude decreased $0.84 to $71.95 a barrel, and the Dutch TTF natural gas fell by €0.72 to €45.81 per MWh.
Europe Stock Movers
French luxury stocks rebounded in the hopes that Chinese leaders are likely to follow through with the previously announced additional fiscal measures.
LVMH rose 2.8% to €648.0, Hermes International advanced 1.4% to €2,290.0, Remy Cointreau SA jumped 3.3% to €62.25, and Pernod Ricard SA gained 1.9% to €110.85.
Banco BPM SA gained 1.5% to €7.66 after France-based Credit Agricole SA increased its stake in the bank to 15.1% from 9.9%, provided the Italian regulatory authorities approve the additional investment.
Hello Fresh SE declined 7.7% to €12.14 following reports that the meal kit provider is being investigated by the U.S. authorities for child labor allegations.
Sartorius SA jumped 0.4% to €180.50 after the French pharmaceutical company appointed a new chief executive.
- Li Chen
- 09 Dec, 2024
- Hong Kong
Stock market indexes in China and Hong Kong declined in Monday's trading after the release of the latest inflation data.
China's latest consumer and producer price inflation confirmed the ongoing deflationary trends, raising expectations of additional stimulus measures following the key policy meeting later in the week.
The annual consumer price inflation in November slowed to 0.2% from 0.3% in October, a five-month low, confirming that the slew of fiscal and monetary stimulus measures may take longer to revive weak consumer sentiment.
Core inflation, which excludes volatile food and energy prices, rose annual 0.3%, following 0.2% rise in October.
Producer price inflation declined at a slower pace of 2.5% in November compared to the fall of 2.9% in October, marking the 26th consecutive month of deflation.
On Monday, the National Bureau of Statistics released two inflation indicators in separate reports.
China Stock Movers
The Hang Seng index decreased 0.4% to 19,784.47, and the mainland-focused CSI 300 index declined 0.2% to 3,967.30.
New Oriental Education and Kuaishou fell on the first day of trading after both stocks were added to the Hang Seng index.
New Oriental Education declined 2.7% to HK $48.30, and Kuaishou Technology dropped 2.9% to HK $46.20.
Property stocks were in focus ahead of the key economic policy meeting chaired by President Xi Jinping later in the week.
China Vanke Co. Ltd. decreased 3.4% to HK $6.25, China Resources Land fell 1.8% to HK $23.30, Longfor Group Holdings dropped 2.5% to HK $10.92, and New World Development Co. Ltd. eased 2.3% to HK $6.33.