Sensex and Nifty Struggle to Advance, Fadnavis and Two Deputy CMs to Lead Maharashtra

Stock market indexes traded higher as foreign buyers returned amid improving market sentiment. 

The Sensex and the Nifty indexes edged slightly higher in early trading ahead of RBI's rate decisions on Friday. 

The Monetary Policy Committee is expected to keep interest rates unchanged for the eleventh meeting in a row, and the repo rate is expected to stay unchanged at 6.5%. 

The central bank is also likely to keep its GDP growth outlook unchanged at 7.2%, despite the unexpected sharp slowdown in the September quarter to a seven-quarter low of 5.4%. 

Foreign investors increased their exposure by 1,797.60 crore on Wednesday and domestic institutional investors sold stocks totaling 900.62 crore, according to preliminary data from stock exchanges.  

BJP leader Devendra Fadnavis will be sworn in as Chief Minister of Maharashtra on Thursday after weeks of wrangling between three-way coalition partners following the state assembly elections last month. 

In international trading, crude oil continued to drift lower ahead of the OPEC+ announcement later today, and the group of nations is expected to postpone the previously announced production increase by three months amid weak demand growth from key customers. 

Financial markets in Europe advanced for the fifth session in a row, despite the fall of the French government after three months. 

Michel Barnier's minority government of three months collapsed after the far-right party and hard-left group of lawmakers voted against the government in a no-confidence vote. 

The euro is likely to face more selling pressure after the latest political turmoil in France adds to the uncertainty in the region after Germany's three-party coalition government fell on November 6.

South Korea's KOSPI index extended two-day losses to more than 2% after President Yoon Suk Yeol abandoned martial law as the parliament voted down the decree. 

Financial markets continued to slide despite the finance ministry's pledge that the Bank of Korea is ready to pump about $7.7 billion to stabilize markets. 

Indexes and Yields

The Sensex index decreased by 1.0% to 79,592.61, and the Nifty index dropped by 1.0% to 24,237.80. 

On the Mumbai stock exchange, 134 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.73%, and the Indian rupee eased to 84.73 against the U.S. dollar.

The gold price increased by 0.4% to ₹77,124 per ten grams, and silver edged up by 0.4% to ₹93,344 per kilo. 

Crude oil decreased by 0.1% to ₹5,839 per barrel, and natural gas was down 0.2% to ₹258.0 per thermal unit.

India Stock Movers

Indus Towers Ltd. increased 1.6% to ₹364.40, and the UK-based Vodafone is looking to sell its 3% stake in the company worth 2,841 crore and use the proceeds to pay its debts in the India-based Vodafone Idea. 

Indraprastha Gas Ltd. advanced 2% to ₹367.40, and the company's board at a meeting on December 10 is expected to review the bonus issue. 

Axis Bank decreased 0.2% to ₹1,157.80, and the company's brokerage unit, Axis Securities, was fined 14.2 lakh after a dealer was alleged to front-run client orders. 

Torrent Pharmaceuticals increased 0.4% to ₹3,366.70, and the company said it plans to acquire Cospiaq and Xilingio for the treatment of type 2 diabetes from Boehringer Ingelheim GmbH. 

Torrent has been making the drug for Boehringer Ingelheim since 2022 as part of the co-marketing agreement with the company. 

PG Electroplast soared 6% to ₹817.20 after the company launched its secondary issue with a floor price of ₹705.20 per share. 

U.S. Major Averages Set New Record Highs, French Government Collapses In Historic No-Confidence Vote

The S&P 500 index and the Nasdaq Composite traded at new highs after  two leading technology companies reported quarterly results. 

The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.9% following positive results from Salesforce.com and Marvell Technology. 

Market indexes have been on an upswing, and the S&P 500 index and the Nasdaq Composite traded at new intraday record highs amid a positive outlook for the economy. 

Private payrolls expanded by 146,000 in November, according to the latest survey released by ADP on Wednesday. 

The payroll expansion slowed from the downwardly revised 184,000 in October, and wage growth rose by 4.8%—the fastest pace in 27 months. 

ADP data series is highly volatile and subject to sharp revisions, and investors put higher weight on the nonfarm payrolls released by the U.S. Bureau of Labor Statistics. 

On Friday, the BLS is expected to report November nonfarm payroll to increase by 214,000. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.3% to 6,066.18, the Nasdaq Composite rose 0.9% to 19,649.44, and the Russell 2000 index inched lower by 0.1% to 2,415.67. 

The yield on 2-year Treasury notes edged higher to 4.21%, 10-year Treasury notes inched up to 4.27%, and 30-year Treasury bonds increased to 4.45%.

WTI crude oil increased $1.61 to $68.62 a barrel, and natural gas prices edged down 1 cent to $3.05 a thermal unit.

Gold increased by $8.60 to $2,651.48 an ounce, and silver rose by $0.34 to $31.34. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.16 to 106.20.

Stock Movers 

Salesforce jumped 12% to $371.20 after the customer relations software developer reported better-than-expected quarterly results. 

The company reported higher-than-expected revenue in the third quarter of $9.44 billion and adjusted earnings per share of $2.41. 

Marvell Technology jumped 13% to $108.30 after the advanced chipmaker reported higher-than-expected third quarter earnings. 

Stock soared after the company estimated fourth quarter revenue of $1.8 billion. 

Okta Inc. jumped 13% to $92.35, and the identity and access management company said revenue in the third quarter increased 14% from a year ago to $569 million. 

The company also guided revenue in the fourth quarter to range between $667 million and $669 million. 

Chewy Inc. decreased 1.9% to $32.99, and the online pet food store reported mixed quarterly results.

Revenue in the third quarter increased to $2.88 billion, and diluted earnings per share were 20 cents per share. 

However, the company's estimate of revenue in the fourth quarter and full year was ahead of market expectations. 

Foot Locker dropped 19% to $19.71 after the athletic footwear retailer reported third quarter revenue of $1.96 billion and diluted earnings per share of 33 cents. 

Dollar Tree jumped 3.6% to $75.09 after the deep discount retailer reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $7.56 billion, and diluted earnings per share advanced to $1.12. 

DAX Index Scales New Highs as Investors Overlook Rising Political Instability, French Government Faces No-Confidence Vote 

European markets braved higher despite the growing uncertainty about France's ability to lower its budget deficit to meet the target set by the European Union. 

Benchmark indexes in Frankfurt, Paris, and Milan headed higher, but in London edged lower. 

The French parliament is set to vote on a no-confidence vote later today, which could see the ouster of the minority government headed by Michel Barnier, adding more pressure on the euro. 

National Rally, the largest party in the French parliament, is demanding changes in the social security budget that could prevent the government from meeting its goal of lowering the budget deficit to 5% of GDP in 2025. 

However, with the possible fall of the government, French administration will not be able to pay civil servants, bills, and suppliers after December 31. 

On Monday, Prime Minister Michel Barnier forced the social security bill without a vote in the parliament, following a compromise reached by ministers and senators on Friday, triggering two requests for a no-confidence vote on Wednesday. 

At the heart of the French political disarray is the sharp division among political parties, with no one party holding enough votes to lead the nation. 

This political division is unlikely to change even after the next general election in the summer of 2025, as three main parties struggle to attract enough votes to command a majority in the parliament. 

Moreover, Germany is undergoing its version of political turmoil, and the next general election on February 23, 2025, is unlikely to produce a party or a coalition with a stable majority to govern the nation. 

So far, financial markets have overlooked the brewing political division, but the sharp escalation in budget deficits and government borrowing in the months ahead will pressure the euro in the near future. 

On the economic front, private sector activities in Italy fell back into contraction territory, and in Spain growth slowed to a 10-month low in November. 

The HCOB Italy Composite PMI fell to 47.7 from 51.0, and the index for Spain eased to 53.2 from 55.2 in October, respectively, according to S&P Global. 

Europe Indexes and Yields

The DAX index increased by 1.1% to 20,232.14; the CAC-40 index rose by 0.7% to 7,303.28; and the FTSE 100 index inched lower by 0.3% to 8,335.81.

The yield on 10-year German bonds edged higher to 2.08%, French bonds inched up to 2.92%, the UK gilts edged higher to 4.27%, and Italian bonds increased to 3.26%.

The euro edged higher to $1.05; the British pound inched down to $1.26; and the U.S. dollar eased to 88.86 Swiss cents.

Brent crude increased $1.18 to $72.49 a barrel, and the Dutch TTF natural gas fell by €1.18 to €47.24 per MWh. 

Europe Stock Movers

Leading European automobile companies traded higher, and banks in Paris extended losses for the second consecutive week. 

Mercedes-Benz Group increased 2.2% to €53.13, Volkswagen AG advanced 1.8% to €84.60, and Renault SA jumped 4.7% to €41.56. 

France's Renault is going ahead with its plans to expand its electric vehicle production in China. 

BNP Paribas SA gained 1% to €56.30, Societe Generale added 0.9%, Credit Agricole advanced 1.4% to €12.69, and AXA SA increased 1.1% to €32.65. 

Monk Investment Trust PLC gained 0.9% to 1,289.04 pence after the organization reported a net asset value increase. 

Zigup PLC plunged 9% to 348.50 pence after the vehicle rental company reported mixed financial results in the first half. 

Japan Indexes Tread Water Ahead of Rate Decisions and South Korea's Political Chaos 

Benchmark indexes in Tokyo struggled to advance following the lack of catalysts and brewing political chaos in South Korea. 

The Nikkei 225 stock average barely advanced, and the broader Topix index decreased 0.4% as investors looked forward to rate decisions by the central banks in two weeks. 

The Bank of Japan is likely to lower its benchmark rate for the third time in 2024 at the end of the last policy meeting on December 19, amid rising inflation and a string of positive economic indicators matching the expectations set by the central bank.

The U.S. Federal Reserve is expected to announce its rate decisions on December 18, and investors are divided about the possible rate cut of 25 basis points. 

The Japanese yen eased to 15.03 against the U.S. dollar as investors debated rate decisions in the U.S. and Japan. 

Investors turned cautious after South Korea's president, Yoon Suk Yeol, unexpectedly imposed martial law to avoid opposition from proceeding with his impeachment. 

President Yeol lifted the martial law after six hours, following the National Assembly rejecting the military rule, throwing the financial markets into chaos and raising political tensions in the region. 

The Finance Ministry said that the central bank is prepared to inject as much as $7.7 billion to stabilize financial markets after the benchmark index dropped as much as 2.3%. 

The Korean won dropped to a two-year low of 1,448 against the U.S. dollar but managed to recover to 1,410. 

Japan Stock Movers 

The Nikkei 225 stock average edged up 0.05% to 39,266.35, and the broader Topix index decreased 0.5% to 2,741.51. 

Semiconductor-related technology stocks, banks, and retail companies were in focus in Wednesday's trading in Tokyo. 

Tokyo Electron gained 0.02% to ¥24,655.0, Advantest Corp. added 0.7% to ¥8,815.0, and Disco Corp. fell 1% to ¥43,420.0. 

Mitsubishi UFJ Financial declined 1.8% to ¥1,810.0, Sumitomo Mitsui Financial dropped 2.9% to ¥3,759.0, and Mizuho Financial fell 2.9% to ¥3,810.0. 

Seven & I Holdings decreased 0.3% to ¥2,620.0, Isetan Mitsukoshi jumped 6.4% to ¥2,366.0, and Fast Retailing added 2.4% to ¥52,930.0. 

Keisei Electric Railway declined 3.5% to ¥4,325.0, and then it trimmed its November gains by half following a stake purchase by an activist investor last month.

China Investors Look Beyond Elevated Trade Tensions, China Retaliates with Critical Minerals Export Ban 

Stock market indexes in China and Hong Kong retained an upward bias amid optimism about additional fiscal stimulus later in the month. 

The Hang Seng index advanced 0.3% to trade at a three-week high, but the mainland-focused CSI 300 index struggled to stay above the flatline. 

Investors shifted their focus to a meeting of policymakers later in the month and pinned their hopes on the release of additional stimulus measures to revive weak consumer confidence and provide financial measures to complete unfinished residential projects.

China retaliated with its own trade restrictions for shipping gallium, graphite, and germanium to the U.S., following a list of new trade restrictions announced by the U.S. 

The Ministry of Commerce said that rare earth materials are used for both civilian and military applications.

Investors generally overlooked rising trade tensions with the U.S. because China's exports have jumped more than 20% over the last eight years despite the widening of the tariff regime and growing trade tensions. 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,808.11, and the mainland-focused CSI 300 index declined 0.2% to 3,945.34. 

Semiconductor Manufacturing International increased 2.6% to HK $26.55, and Hua Hong edged up a fraction to HK $20.50.

Trip.com Group advanced 2.9% to HK $531.50, and investors bid up stocks in the hope that the recent visa-free travel from an additional nine countries is likely to provide a boost to the company's revenue. 

On November 22, the Ministry of Foreign Affairs of China expanded its list of countries for visa-free entry policy by nine countries. 

The ministry added Bulgaria, Romania, Croatia, Montenegro, Malta, Estonia, North Macedonia, Latvia, and Japan to the list of visa-free entry policy. 

New World Development declined 2.4% to HK $6.42 and extended this year's loss to 45%, amid worries of corporate governance and the lack of details about the latest management reshuffle. 

The embattled real estate company is looking to sell HK$13 billion of assets in the current financial year ending in June 2025 and trim its HK$140 billion of debt. 

NWD is slated to be removed from the Hang Seng index on December 9. 

India Indexes On Recovery Path Amid Improving Market Sentiment 

Stock market indexes in Mumbai edged higher for the fourth session in a row, and crude oil prices held steady near the recent lows. 

The Sensex index edged higher 0.3% to 81,148.5, and the Nifty index advanced 0.4% to 24,560.80. 

Crude oil prices hovered near an 18-month low as OPEC+ members are nearing the agreement to postpone the previously announced production increase amid weak growth in demand. 

The member nations are expected to announce their decision to delay the production increase by three months at its meeting on Thursday. 

South Korea's benchmark index plunged as much as 2% after President Yoon Suk Yeol unexpectedly imposed martial law late Tuesday. 

Six hours later, President Yeol reversed his decision after the National Assembly voted against it and demanded his resignation or face impeachment. 

The finance ministry said it is ready to pump 10 trillion yen, or about $7.5 billion, to stabilize the financial markets, according to the Yonhap news agency. 

India Stock Movers 

Adani Energy Solutions Ltd. increased 1.8% to ₹813.95, and the company is likely to win a ₹25,000 crore order from Rajasthan for a transmission system project. 

Swiggy increased 2.7% to ₹515.15, and the company reported a slight improvement in its quarterly loss in the September quarter. 

Net loss in the quarter edged lower to ₹625.5 crore from ₹657 crore a year ago but rose from ₹611 crore in the fiscal first quarter. 

DLF increased 0.0.3% to ₹847.20, and the company appointed Badal Bagri as the new chief financial officer effective December 6. 

Bank of Baroda increased 0.3% to ₹255.36, and Bank of India rose 2.5% to ₹116.94, and the two leading banks are looking to raise as much as ₹5,000 crore through the sale of infrastructure bonds. 

Godrej Properties decreased 1% to ₹2,833.80, and the company raised ₹6,000 crore through a secondary offering to institutional investors, the largest offering by a real estate company in India. 

Reliance Power jumped 5% to ₹41.09, and the government agency to implement solar projects, the Solar Energy Corporation of India, lifted its ban on the company. 

After the lifting of the ban, the power company will be able to participate in future tenders for renewable energy projects. 

U.S. Major Averages Set New Record Highs, French Government Loses No-Confidence Vote

The S&P 500 index and the Nasdaq Composite traded at new highs after  two leading technology companies reported quarterly results. 

The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.9% following positive results from Salesforce.com and Marvell Technology. 

Market indexes have been on an upswing, and the S&P 500 index and the Nasdaq Composite traded at new intraday record highs amid a positive outlook for the economy. 

Private payrolls expanded by 146,000 in November, according to the latest survey released by ADP on Wednesday. 

The payroll expansion slowed from the downwardly revised 184,000 in October, and wage growth rose by 4.8%—the fastest pace in 27 months. 

ADP data series is highly volatile and subject to sharp revisions, and investors put higher weight on the nonfarm payrolls released by the U.S. Bureau of Labor Statistics. 

On Friday, the BLS is expected to report November nonfarm payroll to increase by 214,000. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.3% to 6,066.18, the Nasdaq Composite rose 0.9% to 19,649.44, and the Russell 2000 index inched lower by 0.1% to 2,415.67. 

The yield on 2-year Treasury notes edged higher to 4.21%, 10-year Treasury notes inched up to 4.27%, and 30-year Treasury bonds increased to 4.45%.

WTI crude oil increased $1.61 to $68.62 a barrel, and natural gas prices edged down 1 cent to $3.05 a thermal unit.

Gold increased by $8.60 to $2,651.48 an ounce, and silver rose by $0.34 to $31.34. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.16 to 106.20.

Stock Movers 

Salesforce jumped 12% to $371.20 after the customer relations software developer reported better-than-expected quarterly results. 

The company reported higher-than-expected revenue in the third quarter of $9.44 billion and adjusted earnings per share of $2.41. 

Marvell Technology jumped 13% to $108.30 after the advanced chipmaker reported higher-than-expected third quarter earnings. 

Stock soared after the company estimated fourth quarter revenue of $1.8 billion. 

Okta Inc. jumped 13% to $92.35, and the identity and access management company said revenue in the third quarter increased 14% from a year ago to $569 million. 

The company also guided revenue in the fourth quarter to range between $667 million and $669 million. 

Chewy Inc. decreased 1.9% to $32.99, and the online pet food store reported mixed quarterly results.

Revenue in the third quarter increased to $2.88 billion, and diluted earnings per share were 20 cents per share. 

However, the company's estimate of revenue in the fourth quarter and full year was ahead of market expectations. 

Foot Locker dropped 19% to $19.71 after the athletic footwear retailer reported third quarter revenue of $1.96 billion and diluted earnings per share of 33 cents. 

Dollar Tree jumped 3.6% to $75.09 after the deep discount retailer reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $7.56 billion, and diluted earnings per share advanced to $1.12. 

DAX Index Scales New Highs as Investors Overlook Rising Political Instability, French Government Faces No-Confidence Vote 

European markets braved higher despite the growing uncertainty about France's ability to lower its budget deficit to meet the target set by the European Union. 

Benchmark indexes in Frankfurt, Paris, and Milan headed higher, but in London edged lower. 

The French parliament is set to vote on a no-confidence vote later today, which could see the ouster of the minority government headed by Michel Barnier, adding more pressure on the euro. 

National Rally, the largest party in the French parliament, is demanding changes in the social security budget that could prevent the government from meeting its goal of lowering the budget deficit to 5% of GDP in 2025. 

However, with the possible fall of the government, French administration will not be able to pay civil servants, bills, and suppliers after December 31. 

On Monday, Prime Minister Michel Barnier forced the social security bill without a vote in the parliament, following a compromise reached by ministers and senators on Friday, triggering two requests for a no-confidence vote on Wednesday. 

At the heart of the French political disarray is the sharp division among political parties, with no one party holding enough votes to lead the nation. 

This political division is unlikely to change even after the next general election in the summer of 2025, as three main parties struggle to attract enough votes to command a majority in the parliament. 

Moreover, Germany is undergoing its version of political turmoil, and the next general election on February 23, 2025, is unlikely to produce a party or a coalition with a stable majority to govern the nation. 

So far, financial markets have overlooked the brewing political division, but the sharp escalation in budget deficits and government borrowing in the months ahead will pressure the euro in the near future. 

On the economic front, private sector activities in Italy fell back into contraction territory, and in Spain growth slowed to a 10-month low in November. 

The HCOB Italy Composite PMI fell to 47.7 from 51.0, and the index for Spain eased to 53.2 from 55.2 in October, respectively, according to S&P Global. 

Europe Indexes and Yields

The DAX index increased by 1.1% to 20,232.14; the CAC-40 index rose by 0.7% to 7,303.28; and the FTSE 100 index inched lower by 0.3% to 8,335.81.

The yield on 10-year German bonds edged higher to 2.08%, French bonds inched up to 2.92%, the UK gilts edged higher to 4.27%, and Italian bonds increased to 3.26%.

The euro edged higher to $1.05; the British pound inched down to $1.26; and the U.S. dollar eased to 88.86 Swiss cents.

Brent crude increased $1.18 to $72.49 a barrel, and the Dutch TTF natural gas fell by €1.18 to €47.24 per MWh. 

Europe Stock Movers

Leading European automobile companies traded higher, and banks in Paris extended losses for the second consecutive week. 

Mercedes-Benz Group increased 2.2% to €53.13, Volkswagen AG advanced 1.8% to €84.60, and Renault SA jumped 4.7% to €41.56. 

France's Renault is going ahead with its plans to expand its electric vehicle production in China. 

BNP Paribas SA gained 1% to €56.30, Societe Generale added 0.9%, Credit Agricole advanced 1.4% to €12.69, and AXA SA increased 1.1% to €32.65. 

Monk Investment Trust PLC gained 0.9% to 1,289.04 pence after the organization reported a net asset value increase. 

Zigup PLC plunged 9% to 348.50 pence after the vehicle rental company reported mixed financial results in the first half. 

Japan Indexes Tread Water Ahead of Rate Decisions and South Korea's Political Chaos 

Benchmark indexes in Tokyo struggled to advance following the lack of catalysts and brewing political chaos in South Korea. 

The Nikkei 225 stock average barely advanced, and the broader Topix index decreased 0.4% as investors looked forward to rate decisions by the central banks in two weeks. 

The Bank of Japan is likely to lower its benchmark rate for the third time in 2024 at the end of the last policy meeting on December 19, amid rising inflation and a string of positive economic indicators matching the expectations set by the central bank.

The U.S. Federal Reserve is expected to announce its rate decisions on December 18, and investors are divided about the possible rate cut of 25 basis points. 

The Japanese yen eased to 15.03 against the U.S. dollar as investors debated rate decisions in the U.S. and Japan. 

Investors turned cautious after South Korea's president, Yoon Suk Yeol, unexpectedly imposed martial law to avoid opposition from proceeding with his impeachment. 

President Yeol lifted the martial law after six hours, following the National Assembly rejecting the military rule, throwing the financial markets into chaos and raising political tensions in the region. 

The Finance Ministry said that the central bank is prepared to inject as much as $7.7 billion to stabilize financial markets after the benchmark index dropped as much as 2.3%. 

The Korean won dropped to a two-year low of 1,448 against the U.S. dollar but managed to recover to 1,410. 

Japan Stock Movers 

The Nikkei 225 stock average edged up 0.05% to 39,266.35, and the broader Topix index decreased 0.5% to 2,741.51. 

Semiconductor-related technology stocks, banks, and retail companies were in focus in Wednesday's trading in Tokyo. 

Tokyo Electron gained 0.02% to ¥24,655.0, Advantest Corp. added 0.7% to ¥8,815.0, and Disco Corp. fell 1% to ¥43,420.0. 

Mitsubishi UFJ Financial declined 1.8% to ¥1,810.0, Sumitomo Mitsui Financial dropped 2.9% to ¥3,759.0, and Mizuho Financial fell 2.9% to ¥3,810.0. 

Seven & I Holdings decreased 0.3% to ¥2,620.0, Isetan Mitsukoshi jumped 6.4% to ¥2,366.0, and Fast Retailing added 2.4% to ¥52,930.0. 

Keisei Electric Railway declined 3.5% to ¥4,325.0, and then it trimmed its November gains by half following a stake purchase by an activist investor last month.

China Investors Look Beyond Elevated Trade Tensions, China Retaliates with Critical Minerals Export Ban 

Stock market indexes in China and Hong Kong retained an upward bias amid optimism about additional fiscal stimulus later in the month. 

The Hang Seng index advanced 0.3% to trade at a three-week high, but the mainland-focused CSI 300 index struggled to stay above the flatline. 

Investors shifted their focus to a meeting of policymakers later in the month and pinned their hopes on the release of additional stimulus measures to revive weak consumer confidence and provide financial measures to complete unfinished residential projects.

China retaliated with its own trade restrictions for shipping gallium, graphite, and germanium to the U.S., following a list of new trade restrictions announced by the U.S. 

The Ministry of Commerce said that rare earth materials are used for both civilian and military applications.

Investors generally overlooked rising trade tensions with the U.S. because China's exports have jumped more than 20% over the last eight years despite the widening of the tariff regime and growing trade tensions. 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,808.11, and the mainland-focused CSI 300 index declined 0.2% to 3,945.34. 

Semiconductor Manufacturing International increased 2.6% to HK $26.55, and Hua Hong edged up a fraction to HK $20.50.

Trip.com Group advanced 2.9% to HK $531.50, and investors bid up stocks in the hope that the recent visa-free travel from an additional nine countries is likely to provide a boost to the company's revenue. 

On November 22, the Ministry of Foreign Affairs of China expanded its list of countries for visa-free entry policy by nine countries. 

The ministry added Bulgaria, Romania, Croatia, Montenegro, Malta, Estonia, North Macedonia, Latvia, and Japan to the list of visa-free entry policy. 

New World Development declined 2.4% to HK $6.42 and extended this year's loss to 45%, amid worries of corporate governance and the lack of details about the latest management reshuffle. 

The embattled real estate company is looking to sell HK$13 billion of assets in the current financial year ending in June 2025 and trim its HK$140 billion of debt. 

NWD is slated to be removed from the Hang Seng index on December 9. 

India Indexes On Recovery Path Amid Improving Market Sentiment 

Stock market indexes in Mumbai edged higher for the fourth session in a row, and crude oil prices held steady near the recent lows. 

The Sensex index edged higher 0.3% to 81,148.5, and the Nifty index advanced 0.4% to 24,560.80. 

Crude oil prices hovered near an 18-month low as OPEC+ members are nearing the agreement to postpone the previously announced production increase amid weak growth in demand. 

The member nations are expected to announce their decision to delay the production increase by three months at its meeting on Thursday. 

South Korea's benchmark index plunged as much as 2% after President Yoon Suk Yeol unexpectedly imposed martial law late Tuesday. 

Six hours later, President Yeol reversed his decision after the National Assembly voted against it and demanded his resignation or face impeachment. 

The finance ministry said it is ready to pump 10 trillion yen, or about $7.5 billion, to stabilize the financial markets, according to the Yonhap news agency. 

India Stock Movers 

Adani Energy Solutions Ltd. increased 1.8% to ₹813.95, and the company is likely to win a ₹25,000 crore order from Rajasthan for a transmission system project. 

Swiggy increased 2.7% to ₹515.15, and the company reported a slight improvement in its quarterly loss in the September quarter. 

Net loss in the quarter edged lower to ₹625.5 crore from ₹657 crore a year ago but rose from ₹611 crore in the fiscal first quarter. 

DLF increased 0.0.3% to ₹847.20, and the company appointed Badal Bagri as the new chief financial officer effective December 6. 

Bank of Baroda increased 0.3% to ₹255.36, and Bank of India rose 2.5% to ₹116.94, and the two leading banks are looking to raise as much as ₹5,000 crore through the sale of infrastructure bonds. 

Godrej Properties decreased 1% to ₹2,833.80, and the company raised ₹6,000 crore through a secondary offering to institutional investors, the largest offering by a real estate company in India. 

Reliance Power jumped 5% to ₹41.09, and the government agency to implement solar projects, the Solar Energy Corporation of India, lifted its ban on the company. 

After the lifting of the ban, the power company will be able to participate in future tenders for renewable energy projects. 

U.S. Movers: Chewy, Dollar Tree, Foot Locker, Marvell Technology, Okta, Salesforce

Salesforce jumped 12% to $371.20 after the customer relations software developer reported better-than-expected quarterly results. 

The company reported higher-than-expected revenue in the third quarter of $9.44 billion and adjusted earnings per share of $2.41. 

Marvell Technology jumped 13% to $108.30 after the advanced chipmaker reported higher-than-expected third quarter earnings. 

Stock soared after the company estimated fourth quarter revenue of $1.8 billion. 

Okta Inc. jumped 13% to $92.35, and the identity and access management company said revenue in the third quarter increased 14% from a year ago to $569 million. 

The company also guided revenue in the fourth quarter to range between $667 million and $669 million. 

Chewy Inc. decreased 1.9% to $32.99, and the online pet food store reported mixed quarterly results.

Revenue in the third quarter increased to $2.88 billion, and diluted earnings per share were 20 cents per share. 

However, the company's estimate of revenue in the fourth quarter and full year was ahead of market expectations. 

Foot Locker dropped 19% to $19.71 after the athletic footwear retailer reported third quarter revenue of $1.96 billion and diluted earnings per share of 33 cents. 

Dollar Tree jumped 3.6% to $75.09 after the deep discount retailer reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $7.56 billion, and diluted earnings per share advanced to $1.12. 

U.S. Movers: Chewy, Dollar Tree, Foot Locker, Marvell Technology, Okta, Salesforce

Salesforce jumped 12% to $371.20 after the customer relations software developer reported better-than-expected quarterly results. 

The company reported higher-than-expected revenue in the third quarter of $9.44 billion and adjusted earnings per share of $2.41. 

Marvell Technology jumped 13% to $108.30 after the advanced chipmaker reported higher-than-expected third quarter earnings. 

Stock soared after the company estimated fourth quarter revenue of $1.8 billion. 

Okta Inc. jumped 13% to $92.35, and the identity and access management company said revenue in the third quarter increased 14% from a year ago to $569 million. 

The company also guided revenue in the fourth quarter to range between $667 million and $669 million. 

Chewy Inc. decreased 1.9% to $32.99, and the online pet food store reported mixed quarterly results.

Revenue in the third quarter increased to $2.88 billion, and diluted earnings per share were 20 cents per share. 

However, the company's estimate of revenue in the fourth quarter and full year was ahead of market expectations. 

Foot Locker dropped 19% to $19.71 after the athletic footwear retailer reported third quarter revenue of $1.96 billion and diluted earnings per share of 33 cents. 

Dollar Tree jumped 3.6% to $75.09 after the deep discount retailer reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $7.56 billion, and diluted earnings per share advanced to $1.12. 

Wall Street Indexes Extend Weekly Advance, Private Payrolls Growth Slows In November

Wall Street indexes edged higher after two leading technology companies reported quarterly results. 

The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.7% following positive results from Salesforce.com and Marvell Technology. 

Market indexes have been on an upswing, and the S&P 500 index and the Nasdaq Composite traded at new intraday record highs amid a positive outlook for the economy. 

Private payrolls expanded by 146,000 in November, according to the latest survey released by ADP on Wednesday. 

The payroll expansion slowed from the downwardly revised 184,000 in October, and wage growth rose by 4.8%—the fastest pace in 27 months. 

ADP data series is highly volatile and subject to sharp revisions, and investors put higher weight on the nonfarm payrolls released by the U.S. Bureau of Labor Statistics. 

On Friday, the BLS is expected to report November nonfarm payroll to increase by 214,000. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.3% to 6,081.28, the Nasdaq Composite rose 0.8% to 19,620.32, and the Russell 2000 index inched higher by 0.3% to 2,431.07. 

The yield on 2-year Treasury notes edged higher to 4.21%, 10-year Treasury notes inched up to 4.27%, and 30-year Treasury bonds increased to 4.45%.

WTI crude oil increased $0.04 to $70.01 a barrel, and natural gas prices edged down 4 cents to $3.01 a thermal unit.

Gold increased by $4.62 to $2,638.12 an ounce, and silver fell by $0.46 to $30.53. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.22 to 106.58.

Stock Movers 

Salesforce jumped 12% to $371.20 after the customer relations software developer reported better-than-expected quarterly results. 

The company reported higher-than-expected revenue in the third quarter of $9.44 billion and adjusted earnings per share of $2.41. 

Marvell Technology jumped 13% to $108.30 after the advanced chipmaker reported higher-than-expected third quarter earnings. 

Stock soared after the company estimated fourth quarter revenue of $1.8 billion. 

Okta Inc. jumped 13% to $92.35, and the identity and access management company said revenue in the third quarter increased 14% from a year ago to $569 million. 

The company also guided revenue in the fourth quarter to range between $667 million and $669 million. 

Chewy Inc. decreased 1.9% to $32.99, and the online pet food store reported mixed quarterly results.

Revenue in the third quarter increased to $2.88 billion, and diluted earnings per share were 20 cents per share. 

However, the company's estimate of revenue in the fourth quarter and full year was ahead of market expectations. 

Foot Locker dropped 19% to $19.71 after the athletic footwear retailer reported third quarter revenue of $1.96 billion and diluted earnings per share of 33 cents. 

Dollar Tree jumped 3.6% to $75.09 after the deep discount retailer reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $7.56 billion, and diluted earnings per share advanced to $1.12. 

Wall Street Indexes Extends Weekly Advance, Private Payrolls Growth Slows In November

Wall Street indexes edged higher after two leading technology companies reported quarterly results. 

The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.7% following positive results from Salesforce.com and Marvell Technology. 

Market indexes have been on an upswing, and the S&P 500 index and the Nasdaq Composite traded at new intraday record highs amid a positive outlook for the economy. 

Private payrolls expanded by 146,000 in November, according to the latest survey released by ADP on Wednesday. 

The payroll expansion slowed from the downwardly revised 184,000 in October, and wage growth rose by 4.8%—the fastest pace in 27 months. 

ADP data series is highly volatile and subject to sharp revisions, and investors put higher weight on the nonfarm payrolls released by the U.S. Bureau of Labor Statistics. 

On Friday, the BLS is expected to report November nonfarm payroll to increase by 214,000. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.3% to 6,081.28, the Nasdaq Composite rose 0.8% to 19,620.32, and the Russell 2000 index inched higher by 0.3% to 2,431.07. 

The yield on 2-year Treasury notes edged higher to 4.21%, 10-year Treasury notes inched up to 4.27%, and 30-year Treasury bonds increased to 4.45%.

WTI crude oil increased $0.04 to $70.01 a barrel, and natural gas prices edged down 4 cents to $3.01 a thermal unit.

Gold increased by $4.62 to $2,638.12 an ounce, and silver fell by $0.46 to $30.53. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.22 to 106.58.

Stock Movers 

Salesforce jumped 12% to $371.20 after the customer relations software developer reported better-than-expected quarterly results. 

The company reported higher-than-expected revenue in the third quarter of $9.44 billion and adjusted earnings per share of $2.41. 

Marvell Technology jumped 13% to $108.30 after the advanced chipmaker reported higher-than-expected third quarter earnings. 

Stock soared after the company estimated fourth quarter revenue of $1.8 billion. 

Okta Inc. jumped 13% to $92.35, and the identity and access management company said revenue in the third quarter increased 14% from a year ago to $569 million. 

The company also guided revenue in the fourth quarter to range between $667 million and $669 million. 

Chewy Inc. decreased 1.9% to $32.99, and the online pet food store reported mixed quarterly results.

Revenue in the third quarter increased to $2.88 billion, and diluted earnings per share were 20 cents per share. 

However, the company's estimate of revenue in the fourth quarter and full year was ahead of market expectations. 

Foot Locker dropped 19% to $19.71 after the athletic footwear retailer reported third quarter revenue of $1.96 billion and diluted earnings per share of 33 cents. 

Dollar Tree jumped 3.6% to $75.09 after the deep discount retailer reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $7.56 billion, and diluted earnings per share advanced to $1.12. 

Europe Movers: European Automakers, French Banks, Monk Investment, Zigup

European markets continue to overlook building fiscal pressures and political uncertainty in France and Germany, the two largest economies in the eurozone. 

The DAX index increased by 0.8% to 20,144.86; the CAC-40 index rose by 0.2% to 7,270.31; and the FTSE 100 index inched lower by 0.3% to 8,332.74.

The yield on 10-year German bonds edged higher to 2.08%, French bonds inched up to 2.92%, the UK gilts edged higher to 4.27%, and Italian bonds increased to 3.26%.

Leading European automobile companies traded higher, and banks in Paris extended losses for the second consecutive week. 

Mercedes-Benz Group increased 2.2% to €53.13, Volkswagen AG advanced 1.8% to €84.60, and Renault SA jumped 4.7% to €41.56. 

France's Renault is going ahead with its plans to expand its electric vehicle production in China. 

BNP Paribas SA gained 1% to €56.30, Societe Generale added 0.9%, Credit Agricole advanced 1.4% to €12.69, and AXA SA increased 1.1% to €32.65. 

Monk Investment Trust PLC gained 0.9% to 1,289.04 pence after the organization reported a net asset value increase. 

Zigup PLC plunged 9% to 348.50 pence after the vehicle rental company reported mixed financial results in the first half. 

Europe Movers: European Automakers, French Banks, Monk Investment, Zigup

European markets continue to overlook building fiscal pressures and political uncertainty in France and Germany, the two largest economies in the eurozone. 

The DAX index increased by 0.8% to 20,144.86; the CAC-40 index rose by 0.2% to 7,270.31; and the FTSE 100 index inched lower by 0.3% to 8,332.74.

The yield on 10-year German bonds edged higher to 2.08%, French bonds inched up to 2.92%, the UK gilts edged higher to 4.27%, and Italian bonds increased to 3.26%.

Leading European automobile companies traded higher, and banks in Paris extended losses for the second consecutive week. 

Mercedes-Benz Group increased 2.2% to €53.13, Volkswagen AG advanced 1.8% to €84.60, and Renault SA jumped 4.7% to €41.56. 

France's Renault is going ahead with its plans to expand its electric vehicle production in China. 

BNP Paribas SA gained 1% to €56.30, Societe Generale added 0.9%, Credit Agricole advanced 1.4% to €12.69, and AXA SA increased 1.1% to €32.65. 

Monk Investment Trust PLC gained 0.9% to 1,289.04 pence after the organization reported a net asset value increase. 

Zigup PLC plunged 9% to 348.50 pence after the vehicle rental company reported mixed financial results in the first half. 

DAX Index Scales New Highs as Investors Overlook Rising Political Instability, French Government Faces No-Confidence Vote

European markets braved higher despite the growing uncertainty about France's ability to lower its budget deficit to meet the target set by the European Union. 

Benchmark indexes in Frankfurt, Paris, and Milan headed higher, but in London edged lower. 

The French parliament is set to vote on a no-confidence vote later today, which could see the ouster of the minority government headed by Michel Barnier, adding more pressure on the euro. 

National Rally, the largest party in the French parliament, is demanding changes in the social security budget that could prevent the government from meeting its goal of lowering the budget deficit to 5% of GDP in 2025. 

However, with the possible fall of the government, French administration will not be able to pay civil servants, bills, and suppliers after December 31. 

On Monday, Prime Minister Michel Barnier forced the social security bill without a vote in the parliament, following a compromise reached by ministers and senators on Friday, triggering two requests for a no-confidence vote on Wednesday. 

At the heart of the French political disarray is the sharp division among political parties, with no one party holding enough votes to lead the nation. 

This political division is unlikely to change even after the next general election in the summer of 2025, as three main parties struggle to attract enough votes to command a majority in the parliament. 

Moreover, Germany is undergoing its version of political turmoil, and the next general election on February 23, 2025, is unlikely to produce a party or a coalition with a stable majority to govern the nation. 

So far, financial markets have overlooked the brewing political division, but the sharp escalation in budget deficits and government borrowing in the months ahead will pressure the euro in the near future. 

On the economic front, private sector activities in Italy fell back into contraction territory, and in Spain growth slowed to a 10-month low in November. 

The HCOB Italy Composite PMI fell to 47.7 from 51.0, and the index for Spain eased to 53.2 from 55.2 in October, respectively, according to S&P Global. 

Europe Indexes and Yields

The DAX index increased by 0.8% to 20,144.86; the CAC-40 index rose by 0.2% to 7,270.31; and the FTSE 100 index inched lower by 0.3% to 8,332.74.

The yield on 10-year German bonds edged higher to 2.08%, French bonds inched up to 2.92%, the UK gilts edged higher to 4.27%, and Italian bonds increased to 3.26%.

The euro edged higher to $1.05; the British pound inched down to $1.26; and the U.S. dollar eased to 88.86 Swiss cents.

Brent crude increased $0.25 to $73.90 a barrel, and the Dutch TTF natural gas fell by €0.80 to €47.62 per MWh. 

Europe Stock Movers

Leading European automobile companies traded higher, and banks in Paris extended losses for the second consecutive week. 

Mercedes-Benz Group increased 2.2% to €53.13, Volkswagen AG advanced 1.8% to €84.60, and Renault SA jumped 4.7% to €41.56. 

France's Renault is going ahead with its plans to expand its electric vehicle production in China. 

BNP Paribas SA gained 1% to €56.30, Societe Generale added 0.9%, Credit Agricole advanced 1.4% to €12.69, and AXA SA increased 1.1% to €32.65. 

Monk Investment Trust PLC gained 0.9% to 1,289.04 pence after the organization reported a net asset value increase. 

Zigup PLC plunged 9% to 348.50 pence after the vehicle rental company reported mixed financial results in the first half. 

DAX Index Scale New Highs as Investors Overlook Rising Political Instability, French Government Faces No-Confidence Vote

European markets braved higher despite the growing uncertainty about France's ability to lower its budget deficit to meet the target set by the European Union. 

Benchmark indexes in Frankfurt, Paris, and Milan headed higher, but in London edged lower. 

The French parliament is set to vote on a no-confidence vote later today, which could see the ouster of the minority government headed by Michel Barnier, adding more pressure on the euro. 

National Rally, the largest party in the French parliament, is demanding changes in the social security budget that could prevent the government from meeting its goal of lowering the budget deficit to 5% of GDP in 2025. 

However, with the possible fall of the government, French administration will not be able to pay civil servants, bills, and suppliers after December 31. 

On Monday, Prime Minister Michel Barnier forced the social security bill without a vote in the parliament, following a compromise reached by ministers and senators on Friday, triggering two requests for a no-confidence vote on Wednesday. 

At the heart of the French political disarray is the sharp division among political parties, with no one party holding enough votes to lead the nation. 

This political division is unlikely to change even after the next general election in the summer of 2025, as three main parties struggle to attract enough votes to command a majority in the parliament. 

Moreover, Germany is undergoing its version of political turmoil, and the next general election on February 23, 2025, is unlikely to produce a party or a coalition with a stable majority to govern the nation. 

So far, financial markets have overlooked the brewing political division, but the sharp escalation in budget deficits and government borrowing in the months ahead will pressure the euro in the near future. 

On the economic front, private sector activities in Italy fell back into contraction territory, and in Spain growth slowed to a 10-month low in November. 

The HCOB Italy Composite PMI fell to 47.7 from 51.0, and the index for Spain eased to 53.2 from 55.2 in October, respectively, according to S&P Global. 

Europe Indexes and Yields

The DAX index increased by 0.8% to 20,144.86; the CAC-40 index rose by 0.2% to 7,270.31; and the FTSE 100 index inched lower by 0.3% to 8,332.74.

The yield on 10-year German bonds edged higher to 2.08%, French bonds inched up to 2.92%, the UK gilts edged higher to 4.27%, and Italian bonds increased to 3.26%.

The euro edged higher to $1.05; the British pound inched down to $1.26; and the U.S. dollar eased to 88.86 Swiss cents.

Brent crude increased $0.25 to $73.90 a barrel, and the Dutch TTF natural gas fell by €0.80 to €47.62 per MWh. 

Europe Stock Movers

Leading European automobile companies traded higher, and banks in Paris extended losses for the second consecutive week. 

Mercedes-Benz Group increased 2.2% to €53.13, Volkswagen AG advanced 1.8% to €84.60, and Renault SA jumped 4.7% to €41.56. 

France's Renault is going ahead with its plans to expand its electric vehicle production in China. 

BNP Paribas SA gained 1% to €56.30, Societe Generale added 0.9%, Credit Agricole advanced 1.4% to €12.69, and AXA SA increased 1.1% to €32.65. 

Monk Investment Trust PLC gained 0.9% to 1,289.04 pence after the organization reported a net asset value increase. 

Zigup PLC plunged 9% to 348.50 pence after the vehicle rental company reported mixed financial results in the first half. 

Japan Indexes Tread Water Ahead of Rate Decisions and South Korea's Political Chaos

Benchmark indexes in Tokyo struggled to advance following the lack of catalysts and brewing political chaos in South Korea. 

The Nikkei 225 stock average barely advanced, and the broader Topix index decreased 0.4% as investors looked forward to rate decisions by the central banks in two weeks. 

The Bank of Japan is likely to lower its benchmark rate for the third time in 2024 at the end of the last policy meeting on December 19, amid rising inflation and a string of positive economic indicators matching the expectations set by the central bank.

The U.S. Federal Reserve is expected to announce its rate decisions on December 18, and investors are divided about the possible rate cut of 25 basis points. 

The Japanese yen eased to 15.03 against the U.S. dollar as investors debated rate decisions in the U.S. and Japan. 

Investors turned cautious after South Korea's president, Yoon Suk Yeol, unexpectedly imposed martial law to avoid opposition from proceeding with his impeachment. 

President Yeol lifted the martial law after six hours, following the National Assembly rejecting the military rule, throwing the financial markets into chaos and raising political tensions in the region. 

The Finance Ministry said that the central bank is prepared to inject as much as $7.7 billion to stabilize financial markets after the benchmark index dropped as much as 2.3%. 

The Korean won dropped to a two-year low of 1,448 against the U.S. dollar but managed to recover to 1,410. 

Japan Stock Movers 

The Nikkei 225 stock average edged up 0.05% to 39,266.35, and the broader Topix index decreased 0.5% to 2,741.51. 

Semiconductor-related technology stocks, banks, and retail companies were in focus in Wednesday's trading in Tokyo. 

Tokyo Electron gained 0.02% to ¥24,655.0, Advantest Corp. added 0.7% to ¥8,815.0, and Disco Corp. fell 1% to ¥43,420.0. 

Mitsubishi UFJ Financial declined 1.8% to ¥1,810.0, Sumitomo Mitsui Financial dropped 2.9% to ¥3,759.0, and Mizuho Financial fell 2.9% to ¥3,810.0. 

Seven & I Holdings decreased 0.3% to ¥2,620.0, Isetan Mitsukoshi jumped 6.4% to ¥2,366.0, and Fast Retailing added 2.4% to ¥52,930.0. 

Keisei Electric Railway declined 3.5% to ¥4,325.0, and then it trimmed its November gains by half following a stake purchase by an activist investor last month.

Japan Indexes Tread Water Ahead of Rate Decisions and South Korea's Political Chaos

Benchmark indexes in Tokyo struggled to advance following the lack of catalysts and brewing political chaos in South Korea. 

The Nikkei 225 stock average barely advanced, and the broader Topix index decreased 0.4% as investors looked forward to rate decisions by the central banks in two weeks. 

The Bank of Japan is likely to lower its benchmark rate for the third time in 2024 at the end of the last policy meeting on December 19, amid rising inflation and a string of positive economic indicators matching the expectations set by the central bank.

The U.S. Federal Reserve is expected to announce its rate decisions on December 18, and investors are divided about the possible rate cut of 25 basis points. 

The Japanese yen eased to 15.03 against the U.S. dollar as investors debated rate decisions in the U.S. and Japan. 

Investors turned cautious after South Korea's president, Yoon Suk Yeol, unexpectedly imposed martial law to avoid opposition from proceeding with his impeachment. 

President Yeol lifted the martial law after six hours, following the National Assembly rejecting the military rule, throwing the financial markets into chaos and raising political tensions in the region. 

The Finance Ministry said that the central bank is prepared to inject as much as $7.7 billion to stabilize financial markets after the benchmark index dropped as much as 2.3%. 

The Korean won dropped to a two-year low of 1,448 against the U.S. dollar but managed to recover to 1,410. 

Japan Stock Movers 

The Nikkei 225 stock average edged up 0.05% to 39,266.35, and the broader Topix index decreased 0.5% to 2,741.51. 

Semiconductor-related technology stocks, banks, and retail companies were in focus in Wednesday's trading in Tokyo. 

Tokyo Electron gained 0.02% to ¥24,655.0, Advantest Corp. added 0.7% to ¥8,815.0, and Disco Corp. fell 1% to ¥43,420.0. 

Mitsubishi UFJ Financial declined 1.8% to ¥1,810.0, Sumitomo Mitsui Financial dropped 2.9% to ¥3,759.0, and Mizuho Financial fell 2.9% to ¥3,810.0. 

Seven & I Holdings decreased 0.3% to ¥2,620.0, Isetan Mitsukoshi jumped 6.4% to ¥2,366.0, and Fast Retailing added 2.4% to ¥52,930.0. 

Keisei Electric Railway declined 3.5% to ¥4,325.0, and then it trimmed its November gains by half following a stake purchase by an activist investor last month.

China Investors Look Beyond Elevated Trade Tensions, China Retaliates with Critical Minerals Export Ban

Stock market indexes in China and Hong Kong retained an upward bias amid optimism about additional fiscal stimulus later in the month. 

The Hang Seng index advanced 0.3% to trade at a three-week high, but the mainland-focused CSI 300 index struggled to stay above the flatline. 

Investors shifted their focus to a meeting of policymakers later in the month and pinned their hopes on the release of additional stimulus measures to revive weak consumer confidence and provide financial measures to complete unfinished residential projects.

China retaliated with its own trade restrictions for shipping gallium, graphite, and germanium to the U.S., following a list of new trade restrictions announced by the U.S. 

The Ministry of Commerce said that rare earth materials are used for both civilian and military applications.

Investors generally overlooked rising trade tensions with the U.S. because China's exports have jumped more than 20% over the last eight years despite the widening of the tariff regime and growing trade tensions. 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,808.11, and the mainland-focused CSI 300 index declined 0.2% to 3,945.34. 

Semiconductor Manufacturing International increased 2.6% to HK $26.55, and Hua Hong edged up a fraction to HK $20.50.

Trip.com Group advanced 2.9% to HK $531.50, and investors bid up stocks in the hope that the recent visa-free travel from an additional nine countries is likely to provide a boost to the company's revenue. 

On November 22, the Ministry of Foreign Affairs of China expanded its list of countries for visa-free entry policy by nine countries. 

The ministry added Bulgaria, Romania, Croatia, Montenegro, Malta, Estonia, North Macedonia, Latvia, and Japan to the list of visa-free entry policy. 

New World Development declined 2.4% to HK $6.42 and extended this year's loss to 45%, amid worries of corporate governance and the lack of details about the latest management reshuffle. 

The embattled real estate company is looking to sell HK$13 billion of assets in the current financial year ending in June 2025 and trim its HK$140 billion of debt. 

NWD is slated to be removed from the Hang Seng index on December 9. 

China Investors Look Beyond Elevated Trade Tensions, China Retaliates with Critical Minerals Export Ban

Stock market indexes in China and Hong Kong retained an upward bias amid optimism about additional fiscal stimulus later in the month. 

The Hang Seng index advanced 0.3% to trade at a three-week high, but the mainland-focused CSI 300 index struggled to stay above the flatline. 

Investors shifted their focus to a meeting of policymakers later in the month and pinned their hopes on the release of additional stimulus measures to revive weak consumer confidence and provide financial measures to complete unfinished residential projects.

China retaliated with its own trade restrictions for shipping gallium, graphite, and germanium to the U.S., following a list of new trade restrictions announced by the U.S. 

The Ministry of Commerce said that rare earth materials are used for both civilian and military applications.

Investors generally overlooked rising trade tensions with the U.S. because China's exports have jumped more than 20% over the last eight years despite the widening of the tariff regime and growing trade tensions. 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,808.11, and the mainland-focused CSI 300 index declined 0.2% to 3,945.34. 

Semiconductor Manufacturing International increased 2.6% to HK $26.55, and Hua Hong edged up a fraction to HK $20.50.

Trip.com Group advanced 2.9% to HK $531.50, and investors bid up stocks in the hope that the recent visa-free travel from an additional nine countries is likely to provide a boost to the company's revenue. 

On November 22, the Ministry of Foreign Affairs of China expanded its list of countries for visa-free entry policy by nine countries. 

The ministry added Bulgaria, Romania, Croatia, Montenegro, Malta, Estonia, North Macedonia, Latvia, and Japan to the list of visa-free entry policy. 

New World Development declined 2.4% to HK $6.42 and extended this year's loss to 45%, amid worries of corporate governance and the lack of details about the latest management reshuffle. 

The embattled real estate company is looking to sell HK$13 billion of assets in the current financial year ending in June 2025 and trim its HK$140 billion of debt. 

NWD is slated to be removed from the Hang Seng index on December 9.