- Li Chen
- 17 Jan, 2025
- Hong Kong
Stock market indexes in China and Hong Kong retained a mild upswing after the release of key economic data.
The Hang Seng index advanced 0.3%, and the mainland-focused CSI 300 index gained 0.6%, and investors welcomed the acceleration in economic growth in the fourth quarter.
China's GDP expanded at an annual pace of 5.4% in the fourth quarter, faster than 4.6% in the third quarter, the National Bureau of Statistics reported Friday.
The economic growth was the strongest in six quarters, boosted by a surge in exports and aggressive stimulus, but market sentiment was tempered by the lack of clarity in implementing additional stimulus measures.
For the full year 2024, China's economy expanded at an annual pace of 5%, matching the estimate set by the central government but slower than 5.2% in 2023.
China's annual GDP growth is expected to slow to closer to 4% in 2025 and decline further to 3% over the subsequent two years.
In other economic news, industrial output soared 6.2% in December, surpassing the 5.4% in November, the statistical bureau reported in a separate report.
For the full year 2024, industrial output increased to 5.8%, largely because of the strength in the manufacturing sector.
China's retail sales growth accelerated to 3.7% in December from 3.0% in November, but sales growth slowed to 3.5% in the whole of 2024 from 7.2% in 2023.
Online sales and rising demand for basic items supported the advance in retail sales in the year.
The unemployment rate advanced to 5.1% in December, ahead of the 5% target set by the government, despite the strength in the manufacturing sector.
New home prices in 70 large cities declined 5.3% from a year ago in December, the National Bureau of Statistics reported Friday.
New home prices have been on the slide outside of the four largest urban areas, despite several incentives announced by local governments over the last three months.
New home prices decreased for the 18th month in a row despite the People's Bank of China lowering mortgage rates and facilitating purchases by first-time home buyers.
Prices in Beijing fell 5.4% compared to 5.3%, Shenzhen declined 6.1% from 7.1%, and in Guangzhou dropped 9.1% and matched the rate in the previous month, respectively.
However, new home prices in Shanghai increased 5.3% compared to 5.0% in November.
China Stock Movers
The Hang Seng index increased 0.3% to 19,581.15, and the CSI index advanced 0.6% to 3,824.41.
Property stocks declined in Hong Kong and China after the release of new home price data.
China Vanke decreased 6.2% to HK $4.56 after a local newspaper reported that the company's chief executive, Zhu Jiusheng, was taken away by local police.
The property developer is struggling to repay its domestic and foreign currency-denominated debt of $4.9 billion on time.
- Arun Goswami
- 17 Jan, 2025
- Mumbai
Benchmark indexes struggled to advance after three consecutive days of gains, and investors reviewed the latest batch of mixed earnings.
The rupee hovered near record lows amid a resurgent dollar, and bond yields eased as investors lowered economic growth outlook.
The Sensex index decreased by 0.4% to 77,042.82, and the Nifty index fell by 0.4% to 23,222.50.
On the Mumbai stock exchange, 33 stocks traded at their 52-week highs, and 33 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.80%, and the Indian rupee traded around a record edge of 86.58 against the U.S. dollar.
Mastek Ltd. jumped 1.4% to ₹ 2,741.15 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹879 crore from ₹787.64 crore, after-tax profit rose to ₹94.71 crore from ₹77.74 crore, and diluted earnings per share jumped to ₹30.35 from ₹24.29 a year ago
Reliance Industries Ltd. increased 1.3% to ₹1,268.70 after the company reported December quarter results.
Consolidated revenue in the December quarter increased to ₹2,48,079 crore from ₹2,31,839 crore, after-tax profit rose to ₹21,804 crore from ₹19,488 crore, and diluted earnings per share advanced to ₹13.70 from ₹12.76 a year ago.
Spencer's Retail Ltd. declined 0.5% to ₹85.43 and the retailer said quarterly loss narrowed.
Consolidated revenue in the fiscal third quarter decreased to ₹520 crore from ₹660.3 crore, after-tax losses declined to ₹47.3 crore from ₹51.2 crore, and diluted loss per share shrank to ₹5.26 from ₹5.69 a year ago.
Axis Bank Ltd. decreased 5.4% to ₹984.55 after the company reported December quarter results.
Consolidated revenue in the fiscal third quarter advanced to ₹38,959.2 crore from ₹35,136.8 crore, net income rose to ₹6,763.1 crore from ₹6,493.4 crore, and diluted earnings per share increased to ₹21.65 from ₹20.93 a year ago.
Shemaroo Entertainment Limited increased 1.1% to ₹154.15 after the company reported December quarter results.
Consolidated revenue in the December quarter increased to ₹167.33 crore from ₹158.13 crore, after-tax losses expanded to ₹36.52 crore from ₹30.43 crore, and diluted losses per share expanded to ₹13.30 from ₹11.02 a year ago.
Havells India Ltd. decreased 0.2% to ₹ 1,560.75 after the company reported December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹4,953.31 crore from ₹4,469.75 crore, after-tax losses declined to ₹277.96 crore from ₹287.91 crore, and diluted earnings per share decreased to ₹4.43 from ₹4.59 a year ago.
Metro Brands Limited. decreased 1.3% to ₹1204.05 after the company reported a decline in earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹726.29 crore from ₹651.45 crore, after-tax profit fell to ₹94.39 crore from ₹98.06 crore, and diluted earnings per share dropped to ₹3.46 from ₹3.58 a year ago.
Kesoram Industries Ltd. declined 0.1% to ₹204.55 after the company reported higher losses in the December quarter.
Consolidated revenue in the fiscal third quarter decreased to ₹66.43 crore from ₹74.75 crore, after-tax losses expanded to ₹69.17 crore from ₹49.18 crore, and diluted earnings per share increased to 59 paisa from 44 paisa a year ago
Hatsun Agro Product Ltd. decreased 4% to ₹1,000 after the company reported a decline in net income in the December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹2,012 crore from ₹1,891.56 crore, net income dropped to ₹40.94 crore from ₹57.40 crore, and diluted earnings per share declined to ₹1.84 from ₹2.58 a year ago.
Bhansali Engineering Polymers Ltd. declined 1.2% to ₹123.75 after the company reported flat earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹352.57 crore from ₹301.34 crore, net income rose to ₹40.83 crore from ₹40.22 crore, and diluted earnings per share edged higher to ₹1.64 from ₹1.62 a year ago.
- Arun Goswami
- 17 Jan, 2025
- Mumbai
Benchmark indexes struggled to advance after three consecutive days of gains, and investors reviewed the latest batch of mixed earnings.
The rupee hovered near record lows amid a resurgent dollar, and bond yields eased as investors lowered economic growth outlook.
The Sensex index decreased by 0.4% to 77,042.82, and the Nifty index fell by 0.4% to 23,222.50.
On the Mumbai stock exchange, 33 stocks traded at their 52-week highs, and 33 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.80%, and the Indian rupee traded around a record edge of 86.58 against the U.S. dollar.
Mastek Ltd. jumped 1.4% to ₹ 2,741.15 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹879 crore from ₹787.64 crore, after-tax profit rose to ₹94.71 crore from ₹77.74 crore, and diluted earnings per share jumped to ₹30.35 from ₹24.29 a year ago
Reliance Industries Ltd. increased 1.3% to ₹1,268.70 after the company reported December quarter results.
Consolidated revenue in the December quarter increased to ₹2,48,079 crore from ₹2,31,839 crore, after-tax profit rose to ₹21,804 crore from ₹19,488 crore, and diluted earnings per share advanced to ₹13.70 from ₹12.76 a year ago.
Spencer's Retail Ltd. declined 0.5% to ₹85.43 and the retailer said quarterly loss narrowed.
Consolidated revenue in the fiscal third quarter decreased to ₹520 crore from ₹660.3 crore, after-tax losses declined to ₹47.3 crore from ₹51.2 crore, and diluted loss per share shrank to ₹5.26 from ₹5.69 a year ago.
Axis Bank Ltd. decreased 5.4% to ₹984.55 after the company reported December quarter results.
Consolidated revenue in the fiscal third quarter advanced to ₹38,959.2 crore from ₹35,136.8 crore, net income rose to ₹6,763.1 crore from ₹6,493.4 crore, and diluted earnings per share increased to ₹21.65 from ₹20.93 a year ago.
Shemaroo Entertainment Limited increased 1.1% to ₹154.15 after the company reported December quarter results.
Consolidated revenue in the December quarter increased to ₹167.33 crore from ₹158.13 crore, after-tax losses expanded to ₹36.52 crore from ₹30.43 crore, and diluted losses per share expanded to ₹13.30 from ₹11.02 a year ago.
Havells India Ltd. decreased 0.2% to ₹ 1,560.75 after the company reported December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹4,953.31 crore from ₹4,469.75 crore, after-tax losses declined to ₹277.96 crore from ₹287.91 crore, and diluted earnings per share decreased to ₹4.43 from ₹4.59 a year ago.
Metro Brands Limited. decreased 1.3% to ₹1204.05 after the company reported a decline in earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹726.29 crore from ₹651.45 crore, after-tax profit fell to ₹94.39 crore from ₹98.06 crore, and diluted earnings per share dropped to ₹3.46 from ₹3.58 a year ago.
Kesoram Industries Ltd. declined 0.1% to ₹204.55 after the company reported higher losses in the December quarter.
Consolidated revenue in the fiscal third quarter decreased to ₹66.43 crore from ₹74.75 crore, after-tax losses expanded to ₹69.17 crore from ₹49.18 crore, and diluted earnings per share increased to 59 paisa from 44 paisa a year ago
Hatsun Agro Product Ltd. decreased 4% to ₹1,000 after the company reported a decline in net income in the December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹2,012 crore from ₹1,891.56 crore, net income dropped to ₹40.94 crore from ₹57.40 crore, and diluted earnings per share declined to ₹1.84 from ₹2.58 a year ago.
Bhansali Engineering Polymers Ltd. declined 1.2% to ₹123.75 after the company reported flat earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹352.57 crore from ₹301.34 crore, net income rose to ₹40.83 crore from ₹40.22 crore, and diluted earnings per share edged higher to ₹1.64 from ₹1.62 a year ago.
- Alexander Garcia
- 16 Jan, 2025
- Miami
Wall Street indexes lacked direction in Thursday's trading following the best single-day increase since November, after banks reported strong quarterly results and a cooler inflation report.
The S&P 500 index decreased a fraction, and the Nasdaq Composite fell 0.5%, and investors reviewed the strong advances in tech stocks in the previous session.
Investors may have to revise their inflation outlook in the months ahead, as the services inflation and wage gains across all industries are expected to stay closer to 4%, fueling inflationary forces.
The Federal Reserve is more likely to walk back from its current estimate of rate cuts totaling 200 basis points in 2025 if overall and core inflation fails to dip below 3%.
Costs of shelter and transportation services in December jumped 4.6% and 7.3%, respectively, and they have consistently been above the Fed's target rate for overall inflation of 2%.
The Fed's monetary policy has largely been ineffective in controlling or impacting these two key drivers of inflation in recent years.
On the economic front, retail and food services sales adjusted for seasonal factors but not for inflation, increased 0.4% to $729.2 billion, the U.S. Census Bureau reported Thursday.
Sales increased 3.9% from a year ago, confirming resilient consumer spending, and core retail sales which are used to calculate GDP advanced monthly 0.7%.
Initial jobless claims rose 14,000 from the previous week to 217,000 for the period ending January 11, the U.S. Department of Labor reported Thursday.
Despite the increase, the initial claims remain below the average in the second half of 2024, confirming strong labor market conditions.
Continuing weekly jobless claims ending on January 4 unexpectedly edged lower to 1,859,000, a decline of 18,000 from the revised level in the previous week.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to 5,946.84, the Nasdaq Composite fell 0.5% to 19,431.67, and the Russell 2000 index inched up by 0.2% to 2,268.07.
The yield on 2-year Treasury notes edged up to 4.31%, 10-year Treasury notes inched down to 4.69%, and 30-year Treasury bonds declined to 4.90%.
WTI crude oil decreased $0.64 to $79.43 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.
Gold increased by $6.70 to $2,701.77 an ounce, and silver fell by $0.07 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.24 to 109.31 and traded at a two-year high.
U.S. Stock Movers
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
Luxury Stocks In Paris and Milan Surge After Richemont Quarterly Sales Soar
Stock market indexes in Europe advanced amid positive market sentiment following the release of corporate updates in France and the U.K.
Benchmark indexes in Paris soared, driven by a surge in luxury stocks after the Switzerland-based Richemont SA reported sales in the fiscal third quarter jumped 15%.
Market indexes in London advanced after Rio Tinto and Antofagasta released their monthly production reports; however, market gains were capped after a muted increase in monthly GDP in the U.K.
Gross domestic product increased 0.1% on a monthly basis in November following an unrevised decrease of 0.1% in October, the Office for National Statistics reported Thursday.
Europe Indexes and Yields
The DAX index increased by 0.3% to 20,633.64; the CAC-40 index rose by 2.2% to 7,632.77; and the FTSE 100 index inched higher by 1.1% to 8,391.90.
The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.
The euro edged lower to $1.02; the British pound inched lower to $1.22; and the U.S. dollar eased to 91.15 Swiss cents.
Brent crude decreased $1.49 to $80.54 a barrel, and the Dutch TTF natural gas fell by €0.90 to €46.23 per MWh.
Europe Stock Movers
Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter.
Luxury peers advanced sharply in Paris and Milan after the company's sales update.
Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75.
Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter.
Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024.
Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles.
Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter.
Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.
Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales.
UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%.
However, comparable sales in Germany soared 20% in the third quarter.
Japan's Producer Price Holds Steady In December, Yen Trades at One-Month High
Stocks in Tokyo advanced in early trading, reflecting gains in overnight trading in New York, but the market rally fizzled towards the end of the session.
The Nikkei 225 stock average gained 0.1%, and the broader TOPIX edged down a fraction at close.
Benchmark indexes in Tokyo opened higher after the U.S. monthly core rate of inflation declined in December, the first decrease in six months.
Investors bid up stocks on speculation that the stubborn inflationary forces are finally weakening, which could help the U.S. Federal Reserve to deliver additional rate cuts in 2025.
Wall Street enthusiasm was also fueled by strong earnings from Goldman Sachs, JPMorgan Chase, BlackRock, Wells Fargo, and Citigroup.
Closer to home, Japan's annual producer price inflation held steady at 3.8% in December, matching the rate in the previous month, supporting the case for the Bank of Japan to delay its next rate hike after the March meeting.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.1% to 38,478.15, and the broader TOPIX declined 0.01%.
The yen edged higher to 156.05 against the U.S. dollar as investors debated the Bank of Japan's next move.
Sumitomo Mitsui Financial Group edged higher 0.2% to ¥3,807.0, Mitsubishi UFJ Financial Group fell 0.2% to ¥1,889.0, and Mizuho Financial Group decreased 0.2% to ¥3,971.0.
Shipping companies were in focus for the second day in a row after the U.S. placed new and stricter sanctions on Russian shipping companies and blacklisted several Chinese shipping companies.
Nippon Yusen decreased 1.2% to ¥4,802.0, Mitsui OSK Lines Ltd. fell 3% to ¥5,129.0, and Kawasaki Kisen Kaisha Ltd. declined 3.2% to ¥1,991.50.
Seven & I Holdings increased 1% to ¥2,469.50, and Takashimaya Co. Ltd. rose 0.6% to ¥1,238.0, and J Front Retailing edged up 0.01% to ¥1,988.0, and Fast Retailing advanced 0.2% to ¥48,440.0.
Hong Kong Stocks Rebound On Rate Path Speculation Ahead of China's Fourth Quarter GDP Update
Benchmark indexes in China and Hong Kong traded higher, mirroring their peers following a surge on Wall Street in overnight trading in New York.
The Hang Seng index increased 0.9%, and the mainland-focused CSI 300 index advanced a fraction, reflecting the strength in the U.S. stocks.
Market indexes in Hong Kong soared in the hopes that the U.S. inflation will continue to slide after December's monthly core rate of inflation declined for the first time in six months.
The monthly core inflation rate decreased 0.2%, and the annual rate eased to 3.2% from 3.5% in the previous month.
However, the overall consumer price inflation accelerated for the third month in a row to 2.9% amid a rise in energy prices and the sustained increase in housing costs.
Despite the elevated inflation, investors focused on the decrease in the monthly inflation rate and bid up stock prices in New York, sparking a rally in Asian markets in Thursday's trading.
Closer to home, investors are looking forward to the release of fourth quarter GDP growth on Friday.
China's GDP in the fourth quarter is likely to accelerate to an annual pace of 5.0% from a 4.6% increase in the third quarter, largely driven by a raft of stimulus measures and steps to shore up the faltering property market.
China Stock Movers
The Hang Seng index increased 0.9% to 19,445.68, and the CSI 300 index advanced 0.02% to 3,796.80.
China Hongqiao Group Ltd. increased 4.2% to HK $11.90 after the aluminum producer said it repurchased 5.56 million of its own shares at a total price of HK $63.3 million or $8.1 million.
The company said it plans to cancel repurchased stocks.
Property developers in Hong Kong advanced on speculation that mortgage rates could head lower if the U.S. Federal Reserve sticks with its rate-cut plans following the release of December's inflation report.
Wharf Real Estate Company increased 0.9% to HK $18.76, Link Real Estate Investment Trust advanced 2% to HK $31.90, and Henderson Land Development Company fell 0.5% to HK $21.70.
- Alexander Garcia
- 16 Jan, 2025
- Miami
Wall Street indexes lacked direction in Thursday's trading following the best single-day increase since November, after banks reported strong quarterly results and a cooler inflation report.
The S&P 500 index decreased a fraction, and the Nasdaq Composite fell 0.5%, and investors reviewed the strong advances in tech stocks in the previous session.
Investors may have to revise their inflation outlook in the months ahead, as the services inflation and wage gains across all industries are expected to stay closer to 4%, fueling inflationary forces.
The Federal Reserve is more likely to walk back from its current estimate of rate cuts totaling 200 basis points in 2025 if overall and core inflation fails to dip below 3%.
Costs of shelter and transportation services in December jumped 4.6% and 7.3%, respectively, and they have consistently been above the Fed's target rate for overall inflation of 2%.
The Fed's monetary policy has largely been ineffective in controlling or impacting these two key drivers of inflation in recent years.
On the economic front, retail and food services sales adjusted for seasonal factors but not for inflation, increased 0.4% to $729.2 billion, the U.S. Census Bureau reported Thursday.
Sales increased 3.9% from a year ago, confirming resilient consumer spending, and core retail sales which are used to calculate GDP advanced monthly 0.7%.
Initial jobless claims rose 14,000 from the previous week to 217,000 for the period ending January 11, the U.S. Department of Labor reported Thursday.
Despite the increase, the initial claims remain below the average in the second half of 2024, confirming strong labor market conditions.
Continuing weekly jobless claims ending on January 4 unexpectedly edged lower to 1,859,000, a decline of 18,000 from the revised level in the previous week.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.1% to 5,946.84, the Nasdaq Composite fell 0.5% to 19,431.67, and the Russell 2000 index inched up by 0.2% to 2,268.07.
The yield on 2-year Treasury notes edged up to 4.31%, 10-year Treasury notes inched down to 4.69%, and 30-year Treasury bonds declined to 4.90%.
WTI crude oil decreased $0.64 to $79.43 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.
Gold increased by $6.70 to $2,701.77 an ounce, and silver fell by $0.07 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.24 to 109.31 and traded at a two-year high.
U.S. Stock Movers
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
Luxury Stocks In Paris and Milan Surge After Richemont Quarterly Sales Soar
Stock market indexes in Europe advanced amid positive market sentiment following the release of corporate updates in France and the U.K.
Benchmark indexes in Paris soared, driven by a surge in luxury stocks after the Switzerland-based Richemont SA reported sales in the fiscal third quarter jumped 15%.
Market indexes in London advanced after Rio Tinto and Antofagasta released their monthly production reports; however, market gains were capped after a muted increase in monthly GDP in the U.K.
Gross domestic product increased 0.1% on a monthly basis in November following an unrevised decrease of 0.1% in October, the Office for National Statistics reported Thursday.
Europe Indexes and Yields
The DAX index increased by 0.3% to 20,633.64; the CAC-40 index rose by 2.2% to 7,632.77; and the FTSE 100 index inched higher by 1.1% to 8,391.90.
The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.
The euro edged lower to $1.02; the British pound inched lower to $1.22; and the U.S. dollar eased to 91.15 Swiss cents.
Brent crude decreased $1.49 to $80.54 a barrel, and the Dutch TTF natural gas fell by €0.90 to €46.23 per MWh.
Europe Stock Movers
Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter.
Luxury peers advanced sharply in Paris and Milan after the company's sales update.
Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75.
Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter.
Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024.
Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles.
Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter.
Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.
Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales.
UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%.
However, comparable sales in Germany soared 20% in the third quarter.
Japan's Producer Price Holds Steady In December, Yen Trades at One-Month High
Stocks in Tokyo advanced in early trading, reflecting gains in overnight trading in New York, but the market rally fizzled towards the end of the session.
The Nikkei 225 stock average gained 0.1%, and the broader TOPIX edged down a fraction at close.
Benchmark indexes in Tokyo opened higher after the U.S. monthly core rate of inflation declined in December, the first decrease in six months.
Investors bid up stocks on speculation that the stubborn inflationary forces are finally weakening, which could help the U.S. Federal Reserve to deliver additional rate cuts in 2025.
Wall Street enthusiasm was also fueled by strong earnings from Goldman Sachs, JPMorgan Chase, BlackRock, Wells Fargo, and Citigroup.
Closer to home, Japan's annual producer price inflation held steady at 3.8% in December, matching the rate in the previous month, supporting the case for the Bank of Japan to delay its next rate hike after the March meeting.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.1% to 38,478.15, and the broader TOPIX declined 0.01%.
The yen edged higher to 156.05 against the U.S. dollar as investors debated the Bank of Japan's next move.
Sumitomo Mitsui Financial Group edged higher 0.2% to ¥3,807.0, Mitsubishi UFJ Financial Group fell 0.2% to ¥1,889.0, and Mizuho Financial Group decreased 0.2% to ¥3,971.0.
Shipping companies were in focus for the second day in a row after the U.S. placed new and stricter sanctions on Russian shipping companies and blacklisted several Chinese shipping companies.
Nippon Yusen decreased 1.2% to ¥4,802.0, Mitsui OSK Lines Ltd. fell 3% to ¥5,129.0, and Kawasaki Kisen Kaisha Ltd. declined 3.2% to ¥1,991.50.
Seven & I Holdings increased 1% to ¥2,469.50, and Takashimaya Co. Ltd. rose 0.6% to ¥1,238.0, and J Front Retailing edged up 0.01% to ¥1,988.0, and Fast Retailing advanced 0.2% to ¥48,440.0.
Hong Kong Stocks Rebound On Rate Path Speculation Ahead of China's Fourth Quarter GDP Update
Benchmark indexes in China and Hong Kong traded higher, mirroring their peers following a surge on Wall Street in overnight trading in New York.
The Hang Seng index increased 0.9%, and the mainland-focused CSI 300 index advanced a fraction, reflecting the strength in the U.S. stocks.
Market indexes in Hong Kong soared in the hopes that the U.S. inflation will continue to slide after December's monthly core rate of inflation declined for the first time in six months.
The monthly core inflation rate decreased 0.2%, and the annual rate eased to 3.2% from 3.5% in the previous month.
However, the overall consumer price inflation accelerated for the third month in a row to 2.9% amid a rise in energy prices and the sustained increase in housing costs.
Despite the elevated inflation, investors focused on the decrease in the monthly inflation rate and bid up stock prices in New York, sparking a rally in Asian markets in Thursday's trading.
Closer to home, investors are looking forward to the release of fourth quarter GDP growth on Friday.
China's GDP in the fourth quarter is likely to accelerate to an annual pace of 5.0% from a 4.6% increase in the third quarter, largely driven by a raft of stimulus measures and steps to shore up the faltering property market.
China Stock Movers
The Hang Seng index increased 0.9% to 19,445.68, and the CSI 300 index advanced 0.02% to 3,796.80.
China Hongqiao Group Ltd. increased 4.2% to HK $11.90 after the aluminum producer said it repurchased 5.56 million of its own shares at a total price of HK $63.3 million or $8.1 million.
The company said it plans to cancel repurchased stocks.
Property developers in Hong Kong advanced on speculation that mortgage rates could head lower if the U.S. Federal Reserve sticks with its rate-cut plans following the release of December's inflation report.
Wharf Real Estate Company increased 0.9% to HK $18.76, Link Real Estate Investment Trust advanced 2% to HK $31.90, and Henderson Land Development Company fell 0.5% to HK $21.70.
- Scott Peters
- 16 Jan, 2025
- New York City
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
- Scott Peters
- 16 Jan, 2025
- New York City
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
- Barry Adams
- 16 Jan, 2025
- New York City
Wall Street indexes lacked direction in early trading following the best one-day increase since November, after banks reported strong quarterly results and a cooler inflation report.
The S&P 500 index edged up a fraction, and the Nasdaq Composite traded slightly lower, and investors reviewed the strong advances in tech stocks in the previous session.
Investors may have to revise their inflation outlook in the months ahead, as the services inflation and wage gains across all industries are expected to stay closer to 4%, fueling inflationary forces.
The Federal Reserve is more likely to walk back from its current estimate of rate cuts totaling 200 basis points in 2025 if overall and core inflation fails to dip below 3%.
Costs of shelter and transportation services in December jumped 4.6% and 7.3%, respectively, and they have consistently been above the Fed's target rate for overall inflation of 2%.
The Fed's monetary policy has largely been ineffective in controlling or impacting these two key drivers of inflation in recent years.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 5,951.26, the Nasdaq Composite fell 1.6% to 19,504.18, and the Russell 2000 index inched down by 0.1% to 2,259.09.
The yield on 2-year Treasury notes edged up to 4.31%, 10-year Treasury notes inched down to 4.69%, and 30-year Treasury bonds declined to 4.90%.
WTI crude oil decreased $0.64 to $79.43 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.
Gold increased by $6.70 to $2,701.77 an ounce, and silver fell by $0.07 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.24 to 109.31 and traded at a two-year high.
U.S. Stock Movers
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
- Barry Adams
- 16 Jan, 2025
- New York City
Wall Street indexes lacked direction in early trading following the best one-day increase since November, after banks reported strong quarterly results and a cooler inflation report.
The S&P 500 index edged up a fraction, and the Nasdaq Composite traded slightly lower, and investors reviewed the strong advances in tech stocks in the previous session.
Investors may have to revise their inflation outlook in the months ahead, as the services inflation and wage gains across all industries are expected to stay closer to 4%, fueling inflationary forces.
The Federal Reserve is more likely to walk back from its current estimate of a rate cut totaling 200 basis points in 2025 if overall and core inflation fails to dip below 3%.
Costs of shelter and transportation services in December jumped 4.6% and 7.3%, respectively, and they have consistently been above the Fed's target rate for overall inflation of 2%.
The Fed's monetary policy has largely been ineffective in controlling or impacting these two key drivers of inflation in recent years.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.1% to 5,951.26, the Nasdaq Composite fell 1.6% to 19,504.18, and the Russell 2000 index inched down by 0.1% to 2,259.09.
The yield on 2-year Treasury notes edged up to 4.31%, 10-year Treasury notes inched down to 4.69%, and 30-year Treasury bonds declined to 4.90%.
WTI crude oil decreased $0.64 to $79.43 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.
Gold increased by $6.70 to $2,701.77 an ounce, and silver fell by $0.07 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.24 to 109.31 and traded at a two-year high.
U.S. Stock Movers
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
- Inga Muller
- 16 Jan, 2025
- Frankfurt
Benchmark indexes in Paris soared, driven by a surge in luxury stocks after Richemont SA reported a strong increase in quarterly sales.
Italy's trade surplus in November after imports fell at a faster pace than exports.
The DAX index increased by 0.2% to 20,612.99; the CAC-40 index rose by 2.2% to 7,623.41; and the FTSE 100 index inched higher by 0.7% to 8,365.77.
The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.
Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter.
Quarterly sales grew 10% year-on-year to €6.15 billion, following a 1% drop in the previous quarter.
Improvements in the first half of the year came with the acceleration of sales in jewelery by 14% and fashion & accessories by 7%.
Sales in the Americas surged 22%, in Europe advanced 19%, in the Middle East by 20% and in Japan by 19%.
However, sales in Asia Pacific, which includes mainland China, declined 7% from a year ago.
The company reported a net cash position of €7.9 billion.
Nine-month sales increased 4% to €16.2 billion, and 3% at actual exchange rates.
Luxury peers advanced sharply in Paris and Milan after the company's sales update.
Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75.
Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter.
On a consolidated basis, mined copper in the fourth quarter was 202,000 tons, or 26% higher than a year ago. Meanwhile, bauxite production increased 2% to 15.4 million tons.
For fiscal year 2024, consolidated annual mined copper production advanced 13% to 697,000 tons, while aluminum production saw a slight 1% increase to 3.3 million tons.
Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024.
Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles.
Sales growth, however, slowed sharply from a rise of 9% in 2023 amid inflation concerns and surplus production in China.
Renault will report 2024 financial results on February 20.
Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter.
Sales in the period dropped 5% although the company conducted successful inventory reductions in the U.S. market.
Consolidated shipments for the three months ending December 31, 2024, were an estimated 1.4 million units.
Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.
The hotel and restaurant company said latest quarterly sales were down 2% to to £763 million.
The company is “making excellent progress in Germany” and reiterated its profitability in fiscal year 2026.
Whitbread expects gross UK cost inflation to be between 5% and 6% on a £1.7 billion cost base. However, with efficiencies of £50 million, net UK cost inflation is seen between 2% and 3%.
Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales.
UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%.
However, comparable sales in Germany soared 20% in the third quarter.
Zalando jumped 14.6% to €33.44 after the online retailer of fashion and lifestyle products said its adjusted EBIT is expected to reach around €510 million, above the company's current guidance of €440 million to €480 million.
On December 11, 2024, Zalando announced its intention to acquire up to 100% of ABOUT YOU Holding SE's share capital.
In the financial year 2024, revenue grew by 3.9% from a year ago to €10.5 billion, and gross merchandise volume rose by 4.5% to €15.3 billion.
Swiss-based SGS SA tanked nearly 6.5% on Wednesday after it confirmed that it is in merger talks with French peer Bureau Veritas.
The two firms specialize in testing and certifying products, ingredients and processes.
Combined, the two companies would have a market value of nearly $35 billion or CHF31.9 billion.
Any potential deal would require the backing of French investing company Wendel SE, the largest shareholder of Bureau Veritas with a 26.5% stake.
The agreement would also likely need approval from the French and Swiss governments.
- Inga Muller
- 16 Jan, 2025
- Frankfurt
Benchmark indexes in Paris soared, driven by a surge in luxury stocks after Richemont SA reported a strong increase in quarterly sales.
Italy's trade surplus in November after imports fell at a faster pace than exports.
The DAX index increased by 0.2% to 20,612.99; the CAC-40 index rose by 2.2% to 7,623.41; and the FTSE 100 index inched higher by 0.7% to 8,365.77.
The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.
Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter.
Quarterly sales grew 10% year-on-year to €6.15 billion, following a 1% drop in the previous quarter.
Improvements in the first half of the year came with the acceleration of sales in jewelery by 14% and fashion & accessories by 7%.
Sales in the Americas surged 22%, in Europe advanced 19%, in the Middle East by 20% and in Japan by 19%.
However, sales in Asia Pacific, which includes mainland China, declined 7% from a year ago.
The company reported a net cash position of €7.9 billion.
Nine-month sales increased 4% to €16.2 billion, and 3% at actual exchange rates.
Luxury peers advanced sharply in Paris and Milan after the company's sales update.
Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75.
Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter.
Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024.
Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles.
Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter.
Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.
The hotel and restaurant company said latest quarterly sales were down 2% to to £763 million.
The company is “making excellent progress in Germany” and reiterated its profitability in fiscal year 2026.
Whitebread expects gross UK cost inflation to be between 5% and 6% on a £1.7 billion cost base. However, with efficiencies of £50 million, net UK cost inflation is seen between 2% and 3%.
Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales.
UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%.
However, comparable sales in Germany soared 20% in the third quarter.
- Bridgette Randall
- 16 Jan, 2025
- London
Stock market indexes in Europe advanced amid positive market sentiment following the release of corporate updates in France and the U.K.
Benchmark indexes in Paris soared, driven by a surge in luxury stocks after the Switzerland-based Richemont SA reported sales in the fiscal third quarter jumped 15%.
Market indexes in London advanced after Rio Tinto and Antofagasta released their monthly production reports; however, market gains were capped after a muted increase in monthly GDP in the U.K.
Gross domestic product increased 0.1% on a monthly basis in November following an unrevised decrease of 0.1% in October, the Office for National Statistics reported Thursday.
Europe Indexes and Yields
The DAX index increased by 0.2% to 20,612.99; the CAC-40 index rose by 2.2% to 7,623.41; and the FTSE 100 index inched higher by 0.7% to 8,365.77.
The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.
The euro edged lower to $1.02; the British pound inched lower to $1.22; and the U.S. dollar eased to 91.15 Swiss cents.
Brent crude decreased $0.90 to $81.13 a barrel, and the Dutch TTF natural gas fell by €1.20 to €45.93 per MWh.
Europe Stock Movers
Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter.
Luxury peers advanced sharply in Paris and Milan after the company's sales update.
Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75.
Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter.
Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024.
Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles.
Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter.
Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.
Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales.
UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%.
However, comparable sales in Germany soared 20% in the third quarter.
- Bridgette Randall
- 16 Jan, 2025
- London
Stock market indexes in Europe advanced amid positive market sentiment following the release of corporate updates in France and the U.K.
Benchmark indexes in Paris soared, driven by a surge in luxury stocks after the Switzerland-based Richemont SA reported sales in the fiscal third quarter jumped 15%.
Market indexes in London advanced after Rio Tinto and Antofagasta released their monthly production reports; however, market gains were capped after a muted increase in monthly GDP in the U.K.
Gross domestic product increased 0.1% on a monthly basis in November following an unrevised decrease of 0.1% in October, the Office for National Statistics reported Thursday.
Europe Indexes and Yields
The DAX index increased by 0.2% to 20,612.99; the CAC-40 index rose by 2.2% to 7,623.41; and the FTSE 100 index inched higher by 0.7% to 8,365.77.
The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.
The euro edged lower to $1.02; the British pound inched lower to $1.22; and the U.S. dollar eased to 91.15 Swiss cents.
Brent crude decreased $0.90 to $81.13 a barrel, and the Dutch TTF natural gas fell by €1.20 to €45.93 per MWh.
Europe Stock Movers
Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter.
Luxury peers advanced sharply in Paris and Milan after the company's sales update.
Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75.
Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter.
Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024.
Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles.
Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter.
Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.
Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales.
UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%.
However, comparable sales in Germany soared 20% in the third quarter.
- Akira Ito
- 16 Jan, 2025
- Tokyo
Stocks in Tokyo advanced in early trading, reflecting gains in overnight trading in New York, but the market rally fizzled towards the end of the session.
The Nikkei 225 stock average gained 0.1%, and the broader TOPIX edged down a fraction at close.
Benchmark indexes in Tokyo opened higher after the U.S. monthly core rate of inflation declined in December, the first decrease in six months.
Investors bid up stocks on speculation that the stubborn inflationary forces are finally weakening, which could help the U.S. Federal Reserve to deliver additional rate cuts in 2025.
Wall Street enthusiasm was also fueled by strong earnings from Goldman Sachs, JPMorgan Chase, BlackRock, Wells Fargo, and Citigroup.
Closer to home, Japan's annual producer price inflation held steady at 3.8% in December, matching the rate in the previous month, supporting the case for the Bank of Japan to delay its next rate hike after the March meeting.
Japan Stock Movers
The Nikkei 225 Stock Average increased 0.1% to 38,478.15, and the broader TOPIX declined 0.01%.
The yen edged higher to 156.05 against the U.S. dollar as investors debated the Bank of Japan's next move.
Sumitomo Mitsui Financial Group edged higher 0.2% to ¥3,807.0, Mitsubishi UFJ Financial Group fell 0.2% to ¥1,889.0, and Mizuho Financial Group decreased 0.2% to ¥3,971.0.
Shipping companies were in focus for the second day in a row after the U.S. placed new and stricter sanctions on Russian shipping companies and blacklisted several Chinese shipping companies.
Nippon Yusen decreased 1.2% to ¥4,802.0, Mitsui OSK Lines Ltd. fell 3% to ¥5,129.0, and Kawasaki Kisen Kaisha Ltd. declined 3.2% to ¥1,991.50.
Seven & I Holdings increased 1% to ¥2,469.50, and Takashimaya Co. Ltd. rose 0.6% to ¥1,238.0, and J Front Retailing edged up 0.01% to ¥1,988.0, and Fast Retailing advanced 0.2% to ¥48,440.0.