GDP Growth Hiccup Adds Another Headwind to India Indexes

Stock market indexes in Mumbai lacked direction in early trading on Monday as investors reacted to the latest GDP growth update.

The Sensex index declined 0.04% to 79,791.24, and the Nifty index added 0.1% to 24,147.40. 

GDP expanded at the slowest pace in two years in the September quarter, according to data released by the National Statistics Office. 

India’s GDP growth in the September quarter moderated to 5.4% from 6.7% in the previous quarter and 8.1% in the period a year ago.

The growth rate was sharply lower than the 7% projected by the Reserve Bank of India.

Sluggish manufacturing sector growth of 2.2% and a weak rebound in the agriculture sector of 3.5% overshadowed the 7.1% increase in the service sector and 7.7% rise in the construction sector. 

The economy is expected to recover in the second half of the current fiscal year, largely driven by the rebound in government spending. 

Stock market indexes have already priced in the latest economic hiccup following the earnings weakness in the September quarter.

India Stock Movers 

Zomato Ltd. increased 1.6% to ₹284.20, and the company said it raised ₹8,500 crore in a secondary offering to institutional investors, its first fundraising since listing its stock in July 2021.

Aster DM Healthcare Ld. advanced 3.2% to ₹515.40, and the company agreed to merge with Bengaluru-based CARE Hospitals. 

The company's network of hospitals will expand to 38 in 27 cities after the merger. 

Cipla Ld. declined 0.8% to ₹1,521.95, and promoters of the company are expected to sell ₹2,000 crore worth of shares. 

Samina Hamied and Rumana Hamied, daughters of Mustafa Hamied, vice chairman of the board on the Cipla board, are planning to sell a 1.72% stake in the company.

Ashok Leyland decreased 2.4% to ₹226.44, and the company's finance subsidiary, Hinduja Leyland Finance, plans to raise between $300 million and $500 million by the end of the current financial year, CEO Sachin Pillai said. 

Signatureglobal India decreased 1.5% to ₹1,339.05, and the company said it plans to develop 1.6 crore square feet of real estate by the end of March 2026 and register annual revenue of ₹10,000. 

DLF Ltd. increased 0.6% to ₹827.05, and the company's joint venture firm DCCDL sold its IT park in Kolkata to Primarc Group and RDB Group for ₹637 crore. 

S&P 500 and Nasdaq Notch 5% Gains In November, Semiconductor Stocks Remain In Focus

Stock market indexes advanced in holiday-shortened trading as most investors stayed away to celebrate the Thanksgiving holiday. 

The S&P 500 index edged up 0.1%, and the Nasdaq Composite advanced 0.2% following a rise in semiconductor equipment stocks. 

President Joe Biden's administration is likely to announce less stringent than previously expected additional restrictions on advanced technology sales to China, according to a report published by Bloomberg News. 

ASML Holding jumped 1.2% to $678.65, KLA Corp gained 1.5% to $642.0, Applied Materials increased 2.5% to $175.20, and Nvidia jumped 0.9% to $136.55. 

Semiconductor designers and equipment makers have been in focus because of the euphoria surrounding demand driven by artificial intelligence applications developers. 

Moreover, Chinese semiconductor designers and makers have been catching up with the U.S. advanced chip companies, but Chinese companies are heavily reliant on equipment and technology from the U.S. and Europe. 

China has been using its advanced semiconductor capabilities to modernize its military equipment, posing a threat to its neighbors in the region and threatening the current world order led by the U.S. 

U.S. semiconductor companies sell annually about $80 billion worth of chips, equipment, and technology to Chinese companies, pressuring the U.S. government to preserve its market. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.1% to 6,022.50, the Nasdaq Composite rose 0.2% to 19,070.53, and the Russell 2000 index inched higher 0.1% to 2,429.37. 

The S&P 500 index and the Nasdaq Composite are set to advance 0.5% for the week and gain 5% in November, and the Russell 2000 index gained 10.5% in the month. 

The yield on 2-year Treasury notes edged lower to 4.20%, 10-year Treasury notes inched lower to 4.21%, and 30-year Treasury bonds decreased to 4.30%.

WTI crude oil increased $0.24 to $69.17 a barrel, and natural gas prices edged up 3 cents to $3.31 a thermal unit.

Gold increased by $20.21 to $2,659.40 an ounce, and silver advanced by $0.50 to $30.74. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.15 to 106.01.

S&P 500 and Nasdaq Notch 5% Gains In November, Semiconductor Stocks Remain In Focus

Stock market indexes advanced in holiday-shortened trading as most investors stayed away to celebrate the Thanksgiving holiday. 

The S&P 500 index edged up 0.1%, and the Nasdaq Composite advanced 0.2% following a rise in semiconductor equipment stocks. 

President Joe Biden's administration is likely to announce less stringent than previously expected additional restrictions on advanced technology sales to China, according to a report published by Bloomberg News. 

ASML Holding jumped 1.2% to $678.65, KLA Corp gained 1.5% to $642.0, Applied Materials increased 2.5% to $175.20, and Nvidia jumped 0.9% to $136.55. 

Semiconductor designers and equipment makers have been in focus because of the euphoria surrounding demand driven by artificial intelligence applications developers. 

Moreover, Chinese semiconductor designers and makers have been catching up with the U.S. advanced chip companies, but Chinese companies are heavily reliant on equipment and technology from the U.S. and Europe. 

China has been using its advanced semiconductor capabilities to modernize its military equipment, posing a threat to its neighbors in the region and threatening the current world order led by the U.S. 

U.S. semiconductor companies sell annually about $80 billion worth of chips, equipment, and technology to Chinese companies, pressuring the U.S. government to preserve its market. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.1% to 6,022.50, the Nasdaq Composite rose 0.2% to 19,070.53, and the Russell 2000 index inched higher 0.1% to 2,429.37. 

The S&P 500 index and the Nasdaq Composite are set to advance 0.5% for the week and gain 5% in November, and the Russell 2000 index gained 10.5% in the month. 

The yield on 2-year Treasury notes edged lower to 4.20%, 10-year Treasury notes inched lower to 4.21%, and 30-year Treasury bonds decreased to 4.30%.

WTI crude oil increased $0.24 to $69.17 a barrel, and natural gas prices edged up 3 cents to $3.31 a thermal unit.

Gold increased by $20.21 to $2,659.40 an ounce, and silver advanced by $0.50 to $30.74. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.15 to 106.01.

Europe Movers: Aviva, Caffyns, Delivery Hero, Direct Line Insurance, Mining Stocks

Market indexes in Europe were generally unchanged in November, but the CAC-40 index plunged more than 4% amid rising political instability. 

Eurozone inflation accelerated in October, and third quarter GDP growth slowed in Switzerland but accelerated in France. 

The DAX index increased by 0.1% to 19,433.99; the CAC-40 index rose by 0.02% to 7,180.88; and the FTSE 100 index inched lower by 0.1% to 8,271.99.

The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.93%, the UK gilts edged lower to 4.22%, and Italian bonds decreased to 3.30%.

Aviva plc increased 0.7% to 481.79 pence, and a day ago the UK-based insurance company made an unsolicited bid to acquire its smaller rival Direct Line for £3.3 billion. 

Direct Line Insurance increased 3.2% to 231.40 pence and extended its two-day gain to over 40%, following a takeover offer of 235 pence per share from Aviva. 

Direct Line shareholders are offered 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line share held.

Mining stocks advanced ahead of a key meeting of lawmakers in China next month, raising hopes for more infrastructure spending to support economic growth targets. 

Anglo American advanced 3% to 2,462.56 pence, Antofagasta increased 0.7% to 1,684.0 pence, and Glencore PLC gained 0.4% to 375.35 pence. 

Delivery Hero SE increased 1.7% to €38.62 after the food delivery company set the price at the upper end of its filing range for its Middle Eastern unit. 

Caffyns soared 12.9% to 480.0 pence after the vehicle retailer reported revenue growth in the first half of the year despite market challenges. 

Revenue in the first half ending in September rose 3% to £137.7 million, and pre-tax profit improved to £0.21 million, and the company maintained its interim dividend of 5 pence per share. 

Europe Movers: Aviva, Caffyns, Delivery Hero, Direct Line Insurance, Mining Stocks

Market indexes in Europe were generally unchanged in November, but the CAC-40 index plunged more than 4% amid rising political instability. 

Eurozone inflation accelerated in October, and third quarter GDP growth slowed in Switzerland but accelerated in France. 

The DAX index increased by 0.1% to 19,433.99; the CAC-40 index rose by 0.02% to 7,180.88; and the FTSE 100 index inched lower by 0.1% to 8,271.99.

The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.93%, the UK gilts edged lower to 4.22%, and Italian bonds decreased to 3.30%.

Aviva plc increased 0.7% to 481.79 pence, and a day ago the UK-based insurance company made an unsolicited bid to acquire its smaller rival Direct Line for £3.3 billion. 

Direct Line Insurance increased 3.2% to 231.40 pence and extended its two-day gain to over 40%, following a takeover offer of 235 pence per share from Aviva. 

Direct Line shareholders are offered 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line share held.

Mining stocks advanced ahead of a key meeting of lawmakers in China next month, raising hopes for more infrastructure spending to support economic growth targets. 

Anglo American advanced 3% to 2,462.56 pence, Antofagasta increased 0.7% to 1,684.0 pence, and Glencore PLC gained 0.4% to 375.35 pence. 

Delivery Hero SE increased 1.7% to €38.62 after the food delivery company set the price at the upper end of its filing range for its Middle Eastern unit. 

Caffyns soared 12.9% to 480.0 pence after the vehicle retailer reported revenue growth in the first half of the year despite market challenges. 

Revenue in the first half ending in September rose 3% to £137.7 million, and pre-tax profit improved to £0.21 million, and the company maintained its interim dividend of 5 pence per share. 

Eurozone Inflation Rebounded In October, GDP Growth In Switzerland Slowed but Accelerated In France

European stock market indexes lacked direction, and investors digested a flood of economic reports. 

Benchmark indexes in Paris, Frankfurt, Milan, and London traded around the flatline after the release of the eurozone inflation report. 

Inflation in the eurozone rose less than expected, and investors held out for a rate at the end of the next policy meeting on December 12. 

Market sentiment was cautious amid weak economic growth in France and Germany, and ongoing political turmoil in France kept investors on the defensive. 

Bond yields in Germany, France, and Italy eased, and rates approached a nine-month low amid a weak economic outlook. 

Eurozone Inflation Rebounded to 2.3% 

Consumer price inflation in the eurozone advanced 2.3% from a year ago in November from 2.0% in October, Eurostat reported Friday. 

The rebound in inflation was driven by base effects after the sharp fall in energy prices last year was no longer available for annual calculations. 

Energy prices fell 1.9%, less than a 4.6% decline in October; inflation eased for services to 3.9% from 4.0% and food, alcohol, and tobacco slowed to 2.8% from 2.9% in the previous month, respectively. 

Meanwhile, volatile food, energy, alcohol, and tobacco prices held at 2.7%, matching the annual rate in the previous month. 

On a monthly basis, consumer inflation declined 0.3% from an increase of 0.3% in October. 

Swiss GDP Growth Slowed In Third Quarter

Switzerland's GDP expanded 0.4% from the previous quarter in the third quarter, according to the Secretariat for Economic Affairs. 

GDP growth slowed from a 0.6% rate in the second quarter, after manufacturing contracted sharply by 1.1%. 

However, growth was supported by professional services, real estate activities, and international trade.

France's Third Quarter GDP Growth Accelerated, Inflation Stayed Subdued 

France's economic growth accelerated in the third quarter as estimated in the preliminary estimate, the statistical agency INSEE reported Friday. 

GDP growth in the third quarter accelerated to 0.4% from 0.2% in the second quarter, driven by the Paris Olympic and Paralympic Games. 

Overall contribution of foreign trade to GDP was negative at 0.1%, and exports fell 0.8%, and imports declined 0.6%. 

The contribution of inventory changes to GDP was slightly positive at 0.1 points. 

Household consumption rebounded 0.6%, largely driven by the purchase of tickets for the Olympic and Paralympic Games. 

Meanwhile, the gross fixed capital formation continued to ease in the third quarter, down 0.7% because of a sharp fall in manufactured goods.

The general government borrowing requirement deteriorated by 0.6 percentage points and stood at 6.3% of GDP.

In a separate report, the statistical agency said that consumer price inflation edged up to 1.3% in November from 1.2% in October.

The slowdown in inflation food prices was offset by an increase in services and smaller declines in energy prices. 

Europe Indexes and Yields

The DAX index increased by 0.1% to 19,433.99; the CAC-40 index rose by 0.02% to 7,180.88; and the FTSE 100 index inched lower by 0.1% to 8,271.99.

The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.93%, the UK gilts edged lower to 4.22%, and Italian bonds decreased to 3.30%.

The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.08 Swiss cents.

Brent crude decreased $0.82 to $72.24 a barrel, and the Dutch TTF natural gas fell by €0.38 to €46.34 per MWh. 

Europe Stock Movers

Aviva plc increased 0.7% to 481.79 pence, and a day ago the UK-based insurance company made an unsolicited bid to acquire its smaller rival Direct Line for £3.28 billion. 

Direct Line Insurance increased 3.2% to 231.40 pence and extended its two-day gain to over 40%. 

Mining stocks advanced ahead of a key meeting of lawmakers in China next month, raising hopes for more infrastructure spending to support economic growth targets. 

Anglo American advanced 3% to 2,462.56 pence, Antofagasta increased 0.7% to 1,684.0 pence, and Glencore PLC gained 0.4% to 375.35 pence. 

Delivery Hero SE increased 1.7% to €38.62 after the food delivery company set the price at the upper end of its filing range for its Middle Eastern unit. 

Caffyns soared 12.9% to 480.0 pence after the vehicle retailer reported revenue growth in the first half of the year despite market challenges. 

Revenue in the first half ending in September rose 3% to £137.7 million, and pre-tax profit improved to £0.21 million, and the company maintained its interim dividend of 5 pence per share. 

Eurozone Inflation Rebounded In October, GDP Growth In Switzerland Slowed but Accelerated In France

European stock market indexes lacked direction, and investors digested a flood of economic reports. 

Benchmark indexes in Paris, Frankfurt, Milan, and London traded around the flatline after the release of the eurozone inflation report. 

Inflation in the eurozone rose less than expected, and investors held out for a rate at the end of the next policy meeting on December 12. 

Market sentiment was cautious amid weak economic growth in France and Germany, and ongoing political turmoil in France kept investors on the defensive. 

Bond yields in Germany, France, and Italy eased, and rates approached a nine-month low amid a weak economic outlook. 

Eurozone Inflation Rebounded to 2.3% 

Consumer price inflation in the eurozone advanced 2.3% from a year ago in November from 2.0% in October, Eurostat reported Friday. 

The rebound in inflation was driven by base effects after the sharp fall in energy prices last year was no longer available for annual calculations. 

Energy prices fell 1.9%, less than a 4.6% decline in October; inflation eased for services to 3.9% from 4.0% and food, alcohol, and tobacco slowed to 2.8% from 2.9% in the previous month, respectively. 

Meanwhile, volatile food, energy, alcohol, and tobacco prices held at 2.7%, matching the annual rate in the previous month. 

On a monthly basis, consumer inflation declined 0.3% from an increase of 0.3% in October. 

Swiss GDP Growth Slowed In Third Quarter

Switzerland's GDP expanded 0.4% from the previous quarter in the third quarter, according to the Secretariat for Economic Affairs. 

GDP growth slowed from a 0.6% rate in the second quarter, after manufacturing contracted sharply by 1.1%. 

However, growth was supported by professional services, real estate activities, and international trade.

France's Third Quarter GDP Growth Accelerated, Inflation Stayed Subdued 

France's economic growth accelerated in the third quarter as estimated in the preliminary estimate, the statistical agency INSEE reported Friday. 

GDP growth in the third quarter accelerated to 0.4% from 0.2% in the second quarter, driven by the Paris Olympic and Paralympic Games. 

Overall contribution of foreign trade to GDP was negative at 0.1%, and exports fell 0.8%, and imports declined 0.6%. 

The contribution of inventory changes to GDP was slightly positive at 0.1 points. 

Household consumption rebounded 0.6%, largely driven by the purchase of tickets for the Olympic and Paralympic Games. 

Meanwhile, the gross fixed capital formation continued to ease in the third quarter, down 0.7% because of a sharp fall in manufactured goods.

The general government borrowing requirement deteriorated by 0.6 percentage points and stood at 6.3% of GDP.

In a separate report, the statistical agency said that consumer price inflation edged up to 1.3% in November from 1.2% in October.

The slowdown in inflation food prices was offset by an increase in services and smaller declines in energy prices. 

Europe Indexes and Yields

The DAX index increased by 0.1% to 19,433.99; the CAC-40 index rose by 0.02% to 7,180.88; and the FTSE 100 index inched lower by 0.1% to 8,271.99.

The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.93%, the UK gilts edged lower to 4.22%, and Italian bonds decreased to 3.30%.

The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.08 Swiss cents.

Brent crude decreased $0.82 to $72.24 a barrel, and the Dutch TTF natural gas fell by €0.38 to €46.34 per MWh. 

Europe Stock Movers

Aviva plc increased 0.7% to 481.79 pence, and a day ago the UK-based insurance company made an unsolicited bid to acquire its smaller rival Direct Line for £5.3 billion. 

Direct Line Insurance increased 3.2% to 231.40 pence and extended its two-day gain to over 40%. 

Mining stocks advanced ahead of a key meeting of lawmakers in China next month, raising hopes for more infrastructure spending to support economic growth targets. 

Anglo American advanced 3% to 2,462.56 pence, Antofagasta increased 0.7% to 1,684.0 pence, and Glencore PLC gained 0.4% to 375.35 pence. 

Delivery Hero SE increased 1.7% to €38.62 after the food delivery company set the price at the upper end of its filing range for its Middle Eastern unit. 

Caffyns soared 12.9% to 480.0 pence after the vehicle retailer reported revenue growth in the first half of the year despite market challenges. 

Revenue in the first half ending in September rose 3% to £137.7 million, and pre-tax profit improved to £0.21 million, and the company maintained its interim dividend of 5 pence per share. 

China Indexes Extend Losses for Second Consecutive Month In November

Stock market indexes in China and Hong Kong fell for the second consecutive month amid underwhelming stimulus measures and rising trade barriers. 

The Hang Seng index advanced on Friday and trimmed weekly and monthly losses after policymakers announced plans to issue long-term bonds to swap debts held by local governments. 

Moreover, the next U.S. presidential administration is likely to take a confrontational approach with its trading partners, and president-elect Donald Trump said he plans to levy additional 10% tariffs on shipments from China. 

Currency traders are bracing for yuan depreciation of as much as 10% in 2025 if the tariff war with the U.S. and trade restrictions with the European Union escalate. 

For the week, the Hang Seng index gained 0.6%, and the CSI 300 index advanced 1.1%. 

In November, the Hang Seng index decreased 6.2%, and the CSI 300 index fell 0.2%. 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,415.21, and the mainland-focused CSI 300 index advanced 1.1%. 

Li Auto jumped 3.8% to HK $91.10 but fell 18% in November and led the decliners in the Hang Seng index. 

Xiny Solar gained 4.5% to HK $3.44 but dropped 12.2% in November, the second-worst-performing stock in the Hang Seng index. 

Mokingran Jewellery Group gained 1.3% to HK $12.90 on the first day of its trading in Hong Kong. 

The jewelry company priced its initial public offering of 43.95 million shares at HK $12.0 per share, at the bottom end of its filing range of HK $12.0 and HK $14.40. 

After the public offering, the company will have a total of 273.02 million outstanding shares. 

Revenue in the six months to June increased to 9.97 billion yuan from 9.31 billion yuan, but net income declined to 52.3 million yuan from 105.98 million yuan a year earlier. 

China Indexes Extend Losses for Second Consecutive Month In November,

Stock market indexes in China and Hong Kong fell for the second consecutive month amid underwhelming stimulus measures and rising trade barriers. 

The Hang Seng index advanced on Friday and trimmed weekly and monthly losses after policymakers announced plans to issue long-term bonds to swap debts held by local governments. 

Moreover, the next U.S. presidential administration is likely to take a confrontational approach with its trading partners, and president-elect Donald Trump said he plans to levy additional 10% tariffs on shipments from China. 

Currency traders are bracing for yuan depreciation of as much as 10% in 2025 if the tariff war with the U.S. and trade restrictions with the European Union escalate. 

For the week, the Hang Seng index gained 0.6%, and the CSI 300 index advanced 1.1%. 

In November, the Hang Seng index decreased 6.2%, and the CSI 300 index fell 0.2%. 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,415.21, and the mainland-focused CSI 300 index advanced 1.1%. 

Li Auto jumped 3.8% to HK $91.10 but fell 18% in November and led the decliners in the Hang Seng index. 

Xiny Solar gained 4.5% to HK $3.44 but dropped 12.2% in November, the second-worst-performing stock in the Hang Seng index. 

Mokingran Jewellery Group gained 1.3% to HK $12.90 on the first day of its trading in Hong Kong. 

The jewelry company priced its initial public offering of 43.95 million shares at HK $12.0 per share, at the bottom end of its filing range of HK $12.0 and HK $14.40. 

After the public offering, the company will have a total of 273.02 million outstanding shares. 

Revenue in the six months to June increased to 9.97 billion yuan from 9.31 billion yuan, but net income declined to 52.3 million yuan from 105.98 million yuan a year earlier. 

Yen Advanced to Six-Week High After Tokyo Area Inflation Accelerated

Stock market indexes in Tokyo edged lower after investors reviewed a raft of economic reports and the yen surged to a six-week high. 

The Nikkei 225 Stock Average decreased 0.4% to 38,208.03, and the broader Topix index fell 0.3%. 

For the week, the Nikkei 225 index declined 1.7%, and the Topix index decreased 1.6%, and for November, indexes declined 2.2% and 0.6%, respectively. 

The Japanese yen closed down 1.2% to 149.67 against the yen amid rising speculation that the Bank of Japan is more likely to raise rates by at least 25 basis points at the end of the two-day meeting on December 19. 

The yen jumped after the latest inflation report confirmed strong inflationary trends in place, and this is the last report before the policy meeting next week. 

Other economic data matched the expectations set by the Bank of Japan, supporting the case for the central bank to raise rates if financial markets remain stable. 

Consumer Price Inflation Stays Above 2%

Core consumer price index in the Tokyo metro region accelerated from a year ago to 2.2% in November from 1.8% in October, the Statistics Bureau of Japan reported Friday. 

Core consumer prices exclude only food prices, and energy prices are included in the calculations. 

The Ku-area of Tokyo in Japan is seen as a leading indicator of national price trends, and Japan's inflation data are generally released three weeks later. 

The overall inflation increased by 2.6% in the month, largely because of higher food prices, and core inflation's increase was driven largely because of the winding down of the energy subsidies. 

However, Prime Minister Ishiba is likely to reintroduce energy subsidies to low-income families, and the Cabinet is expected to approve an additional budget Friday to support economic growth and provide relief to consumers from inflation. 

Japan Retail Sales Extend Gains to 31st Month 

Japan's retail sales in October rose 1.6% from a year ago, marking the 31st month of increase in a row, according to the data released by the Ministry of Economy, Trade & Industry.

Automobile sales rose 7.8%, machinery and equipment sales increased 3.8%, and non-store sales advanced 4% from a year ago, respectively. 

However, food and beverage sales decreased 0.3%, and department store sales fell 3.9%. 

The state of retail sales is important for Japanese economic growth because factory production is likely to face headwinds amid possible trade confrontation with the U.S. and falling demand from China next year. 

Jobless Rate Edges Higher In October

Japan's jobless rate edged up to 2.5% in October from the eight-month low of 2.4% in September, a separate report from the METI showed. 

Jobs-to-application ratio increased to a six-month peak of 1.25 in October from 1.24 in September, indicating tight labor market conditions. 

The total number of employed increased by 160,000 to a seasonally adjusted 67.98 million, and the number of unemployed advanced by 30,000 to 1.71 million, the ministry said in the report. 

The non-seasonally adjusted labor force participation rate increased to 63.5% from 62.1%. 

Of the unemployed, the number of people who voluntarily left their jobs fell 5.4% to 700,000, but employees who were asked to leave, including those who retired, increased 5.4% to 390,000. 

Japan's Industrial Production Rebounds In October 

Japan's industrial production increased 3% from the previous month in October, accelerating from 1.6% in the previous month, the METI said in a report on Friday. 

Industrial output increased for the second month in a row and advanced at the fastest pace since July. 

Industrial output's increase was driven by the 21.7% surge in machinery production compared to a 1.7% decrease; motor vehicle production rose 6.4% from 7.1%, and fabricated metals production jumped 8.1% compared to a 0.2% decrease in the previous month, respectively. 

On an annual basis, industrial production increased 1.6%, reversing a 2.6% fall in September and the first increase in three months. 

Japan Stock Movers 

Banks, retailers, and tech stocks were in focus after the yen surged in Friday's trading. 

Mitsubishi UFJ Financial increased 1.3% to ¥1,792.0, Sumitomo Mitsui Financial advanced 1.1% to ¥3,686.0, and Mizuho Financial gained 1.6% to ¥3,784.0. 

Seven & I decreased 0.7% to ¥2,604.0, Fast Retailing edged up 0.02% to ¥51,110.0, and Isetan Mitsukoshi declined 1.9% to ¥2,130.50. 

Advantest Corp. gained 0.4% to ¥8,240.0, Tokyo Electron decreased 1.8% to ¥23,310.0, and Lasertec fell 0.9% to ¥16,440.0. 

Yen In Tokyo Advanced to Six-Week High After Tokyo Area Inflation Accelerated

Stock market indexes in Tokyo edged lower after investors reviewed a raft of economic reports and the yen surged to a six-week high. 

The Nikkei 225 Stock Average decreased 0.4% to 38,208.03, and the broader Topix index fell 0.3%. 

For the week, the Nikkei 225 index declined 1.7%, and the Topix index decreased 1.6%, and for November, indexes declined 2.2% and 0.6%, respectively. 

The Japanese yen closed down 1.2% to 149.67 against the yen amid rising speculation that the Bank of Japan is more likely to raise rates by at least 25 basis points at the end of the two-day meeting on December 19. 

The yen jumped after the latest inflation report confirmed strong inflationary trends in place, and this is the last report before the policy meeting next week. 

Other economic data matched the expectations set by the Bank of Japan, supporting the case for the central bank to raise rates if financial markets remain stable. 

Consumer Price Inflation Stays Above 2%

Core consumer price index in the Tokyo metro region accelerated from a year ago to 2.2% in November from 1.8% in October, the Statistics Bureau of Japan reported Friday. 

Core consumer prices exclude only food prices, and energy prices are included in the calculations. 

The Ku-area of Tokyo in Japan is seen as a leading indicator of national price trends, and Japan's inflation data are generally released three weeks later. 

The overall inflation increased by 2.6% in the month, largely because of higher food prices, and core inflation's increase was driven largely because of the winding down of the energy subsidies. 

However, Prime Minister Ishiba is likely to reintroduce energy subsidies to low-income families, and the Cabinet is expected to approve an additional budget Friday to support economic growth and provide relief to consumers from inflation. 

Japan Retail Sales Extend Gains to 31st Month 

Japan's retail sales in October rose 1.6% from a year ago, marking the 31st month of increase in a row, according to the data released by the Ministry of Economy, Trade & Industry.

Automobile sales rose 7.8%, machinery and equipment sales increased 3.8%, and non-store sales advanced 4% from a year ago, respectively. 

However, food and beverage sales decreased 0.3%, and department store sales fell 3.9%. 

The state of retail sales is important for Japanese economic growth because factory production is likely to face headwinds amid possible trade confrontation with the U.S. and falling demand from China next year. 

Jobless Rate Edges Higher In October

Japan's jobless rate edged up to 2.5% in October from the eight-month low of 2.4% in September, a separate report from the METI showed. 

Jobs-to-application ratio increased to a six-month peak of 1.25 in October from 1.24 in September, indicating tight labor market conditions. 

The total number of employed increased by 160,000 to a seasonally adjusted 67.98 million, and the number of unemployed advanced by 30,000 to 1.71 million, the ministry said in the report. 

The non-seasonally adjusted labor force participation rate increased to 63.5% from 62.1%. 

Of the unemployed, the number of people who voluntarily left their jobs fell 5.4% to 700,000, but employees who were asked to leave, including those who retired, increased 5.4% to 390,000. 

Japan's Industrial Production Rebounds In October 

Japan's industrial production increased 3% from the previous month in October, accelerating from 1.6% in the previous month, the METI said in a report on Friday. 

Industrial output increased for the second month in a row and advanced at the fastest pace since July. 

Industrial output's increase was driven by the 21.7% surge in machinery production compared to a 1.7% decrease; motor vehicle production rose 6.4% from 7.1%, and fabricated metals production jumped 8.1% compared to a 0.2% decrease in the previous month, respectively. 

On an annual basis, industrial production increased 1.6%, reversing a 2.6% fall in September and the first increase in three months. 

Japan Stock Movers 

Banks, retailers, and tech stocks were in focus after the yen surged in Friday's trading. 

Mitsubishi UFJ Financial increased 1.3% to ¥1,792.0, Sumitomo Mitsui Financial advanced 1.1% to ¥3,686.0, and Mizuho Financial gained 1.6% to ¥3,784.0. 

Seven & I decreased 0.7% to ¥2,604.0, Fast Retailing edged up 0.02% to ¥51,110.0, and Isetan Mitsukoshi declined 1.9% to ¥2,130.50. 

Advantest Corp. gained 0.4% to ¥8,240.0, Tokyo Electron decreased 1.8% to ¥23,310.0, and Lasertec fell 0.9% to ¥16,440.0. 

Friday's Market Rebound Trimmed Weekly Losses In India

Stock market indexes in Mumbai rebounded sharply after falling in the previous session as investors debated the future rate path and outlook for urban consumer spending growth. 

The Sensex index increased 0.8% to 79,765.23, and the Nifty index rose 0.9% to 24,123.95. 

For the week, the Sensex declined 0.5% and the Nifty index fell 0.8% in volatile trading. 

Market sentiment remained weak as Adani Group stocks lacked direction and investors worried about the future rate paths amid falling urban consumer spending. 

Crude oil prices in international trading held steady in thin trading as investors await the OPEC+ meeting this Sunday. 

Investors are hoping that the group will postpone its previously planned production increase next month amid weak demand growth from key customers in Asia and a supply glut. 

India Stock Movers 

Sun Pharmaceuticals increased 1.7% to ₹1,764.40, and the company said the Ministry of Corporate Affairs has levied fines on a select list of past and present board of directors for not seeking board approval for related party transactions and failure to make disclosures. 

PCBL Ltd. increased 0.6% to ₹433.45, and the company said it has completed the expansion of its specialty chemical capacity at the Mundra plant in Gujarat to 40,000 tons per annum from 20,000 TPA.

Zee Entertainment Enterprises Ltd. increased 5.5% to ₹129.88, and the company's proposal to reappoint Punit Goenka as director of the company was rejected by shareholders. 

The proposal to reappoint Goenka as the company director received 49.54% of the total number of votes, and 50.4% voted against the resolution, according to a regulatory filing. 

However, shareholders approved three other resolutions, including dividend payment, adopting fiscal year 2024 financial statements, and auditor remuneration. 

NCC Ltd. jumped 2.5% to₹311.10 after the company said it received an order worth ₹3,389 crore from various departments of the central government. 

The project linking the Ken River in Madhya Pradesh and the Betwa River in Uttar Pradesh was first approved in 2021 to irrigate the drought-prone Bundelkhand region, provide drinking water to 62 lakh people, and generate 103 MW of hydropower. 

PC Jeweller Ltd. advanced 2.6% to ₹160.0 after the company set December 16 as a record date for its 1-to-10 stock split. 

The retailer reported a sharp reversal in its performance in the fiscal second quarter ending in September; revenue rose to ₹505 crore from ₹33 crore and net income swung to a profit of ₹179 crore from a loss of ₹152 crore a year earlier. 

ONGC jumped 0.8% to ₹254.15, and the oil minister said the company is still awaiting the oil field leasing rights for four oil fields discovered in Ashokenagar, West Bengal, for six years. 

The Union Oil Minister Hardeep Singh Puri said in Lok Sabha that the state-controlled company is still waiting for permits to commence operations from the West Bengal government. 

The company applied for mining rights in a 5.88-square-kilometer area to the state in 2020. 

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Summary

Friday's Market Rebound Trimmed Weekly Losses In India

Stock market indexes in Mumbai rebounded sharply after falling in the previous session as investors debated the future rate path and outlook for urban consumer spending growth. 

The Sensex index increased 0.8% to 79,765.23, and the Nifty index rose 0.9% to 24,123.95. 

For the week, the Sensex declined 0.5% and the Nifty index fell 0.8% in volatile trading. 

Market sentiment remained weak as Adani Group stocks lacked direction and investors worried about the future rate paths amid falling urban consumer spending. 

Crude oil prices in international trading held steady in thin trading as investors await the OPEC+ meeting this Sunday. 

Investors are hoping that the group will postpone its previously planned production increase next month amid weak demand growth from key customers in Asia and a supply glut. 

India Stock Movers 

Sun Pharmaceuticals increased 1.7% to ₹1,764.40, and the company said the Ministry of Corporate Affairs has levied fines on a select list of past and present board of directors for not seeking board approval for related party transactions and failure to make disclosures. 

PCBL Ltd. increased 0.6% to ₹433.45, and the company said it has completed the expansion of its specialty chemical capacity at the Mundra plant in Gujarat to 40,000 tons per annum from 20,000 TPA.

Zee Entertainment Enterprises Ltd. increased 5.5% to ₹129.88, and the company's proposal to reappoint Punit Goenka as director of the company was rejected by shareholders. 

The proposal to reappoint Goenka as the company director received 49.54% of the total number of votes, and 50.4% voted against the resolution, according to a regulatory filing. 

However, shareholders approved three other resolutions, including dividend payment, adopting fiscal year 2024 financial statements, and auditor remuneration. 

NCC Ltd. jumped 2.5% to₹311.10 after the company said it received an order worth ₹3,389 crore from various departments of the central government. 

The project linking the Ken River in Madhya Pradesh and the Betwa River in Uttar Pradesh was first approved in 2021 to irrigate the drought-prone Bundelkhand region, provide drinking water to 62 lakh people, and generate 103 MW of hydropower. 

PC Jeweller Ltd. advanced 2.6% to ₹160.0 after the company set December 16 as a record date for its 1-to-10 stock split. 

The retailer reported a sharp reversal in its performance in the fiscal second quarter ending in September; revenue rose to ₹505 crore from ₹33 crore and net income swung to a profit of ₹179 crore from a loss of ₹152 crore a year earlier. 

ONGC jumped 0.8% to ₹254.15, and the oil minister said the company is still awaiting the oil field leasing rights for four oil fields discovered in Ashokenagar, West Bengal, for six years. 

The Union Oil Minister Hardeep Singh Puri said in Lok Sabha that the state-controlled company is still waiting for permits to commence operations from the West Bengal government. 

The company applied for mining rights in a 5.88-square-kilometer area to the state in 2020.