Lucid Group dropped 14.9% to $2.80 after the electric vehicle company announced a stock offering to sell 262.5 million. 

The company also said its major stockholder, Ayar Third Investment, and an affiliate of the Saudi Arabia-controlled sovereign wealth fund have agreed to purchase 374.7 million shares in a concurrent private placement. 

Retail and food services sales increased at an annual rate of 1.7% in September, but the pace of increase was the slowest in eight months, according to the U.S. Census Bureau. 

Sales are adjusted for seasonal factors but not adjusted for inflation. 

Preliminary retail and food services sales increased 0.4% from the previous month to $714.4 billion. 

Sales at food services and drinking places increased 1% from the previous month; miscellaneous stores advanced 4%, but declined 3.3% at electronic and appliance stores and fell 1.6% at gasoline stations. 

Sales at auto dealers were flat. 

However, sales excluding food services, auto dealers, building materials stores, and gasoline stations, which are used to calculate gross domestic product, jumped 0.7%. 

Morgan Stanley increased 7.5% to $120.50 after the financial services company reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $15.4 billion from $13.3 billion, net income advanced to $3.2 billion from $2.4 billion, and diluted earnings per share rose to $1.88 from $1.38 a year ago. 

Revenue in the institutional securities division increased to $6.8 billion from $5.7 billion, wealth management jumped to $7.2 billion from $6.4 billion, and investment management advanced to $1.5 billion from $1.3 billion a year ago. 

The wealth management unit attracted $64 billion in new assets, increasing total client assets to $6 trillion. 

Investment management unit received a net long-term asset flow of $7 billion, and assets at the end of the quarter increased to $1.6 trillion. 

United Airlines rose 7.5% to $68.90 after the company announced a stock repurchase plan as part of its quarterly earnings update. 

The airline said it plans to buyback up to $1.5 billion of its stock and warrants originally issued to the U.S. Treasury, the first such purchase since before the COVID-19 pandemic. 

In the quarter, the company repurchased in the open market just over 2 million shares of its common stock in connection with the exercise of roughly 6.4 million warrants issued to the U.S. Treasury under the CARES Act and Payroll Support Program.

The company repurchased shares at an average price of $39.99. 

The repurchase of these shares eliminated the dilution associated with the warrants exercised and are separate from the new stock repurchase plan of $1.5 billion. 

Revenue in the third quarter increased 2.5% to $14.8 billion from $14.5 billion, net income declined 15.1% to $965 million, and diluted earnings per share dropped to $2.90 from $3.42 a year ago. 

UnitedHealth Group declined 9.1% to $549.99 after the health insurer reported higher-than-expected medical costs. 

Revenue in the third quarter increased to $100.8 billion from $92.4 billion, net income attributable to shareholders advanced to $6.1 billion from $5.8 billion, and diluted earnings per share rose to $7.15 from $6.56 a year ago. 

Medical costs jumped to $66 billion from $59.6 billion, and total operating costs rose to $92.1 billion from $83.8 billion a year ago. 

The company lowered its full-year net income per share outlook to between $15.50 and $15.75. 

Citigroup decreased 1.5% to $65.01 after the global bank reported third quarter results that fell short of investor expectations. 

Revenue increased 1% to $20.3 billion from $20.1 billion, net income fell 9% to $3.2 billion from $3.5 billion, and diluted earnings per share fell to $1.51 from $1.63 a year ago. 

 

Bank of America advanced 2.7% to $43.06 after the financial service provider reported better-than-expected earnings. 

Revenue in the third quarter increased to $25.3 billion from $25.2 billion, net income eased to $6.9 billion from $7.8 billion, and diluted earnings per share fell to 81 cents from 90 cents a year ago. 

Provision for credit losses was flat at $1.5 billion from the previous quarter and higher than $1.2 billion a year ago. 

Goldman Sachs increased 2.6% to $536.55 after the investment banker reported better-than-expected quarterly results. 

Revenue in the third quarter increased 7% to $12.7 billion from $11.8 billion, net income advanced 45% to $2.99 billion from $2.06 billion, and diluted earnings per share rose 54% to $8.40 from $5.47 a year ago. 

World Markets Trade In Tight Range as Investors Review Latest Earnings

Market indexes on Wall Street fell for the second day in a row as bond yields rebounded to a three-month high. 

The S&P 500 index and the Nasdaq Composite decreased 0.3%, and both indexes extended two-day losses to close to 1%. 

The yield on 10-year Treasury notes edged closer to 4.20% as investors reassessed their interest rate outlook following a stream of positive economic data over the last five weeks. 

The S&P 500 index rallied in the previous six consecutive weeks after several economic data confirmed resilience of the U.S. economy and moderating but still expanding labor markets.

Moreover, the steady decline in inflation also supported the market enthusiasm for the Fed's plan to lower interest rates while avoiding a recession. 

U.S. GDP growth, factory orders, retail sales, and nonfarm payroll data support the view that the U.S. economy is still growing above its long-term average of 2% despite elevated interest rates. 

The latest economic data also support the case for policymakers to lower rates at a gradual pace, and the Federal Reserve is less likely to repeat the rate cut of 50 basis points announced on September 18 at the next policy meeting on November 7. 

Investors also reacted to the latest earnings from 3M, General Motors, General Electric, Philip Morris, Danaher, Sherwin Williams, and Verizon. 

General Electric and Verizon fell more than 5% after their revenues were below expectations set by Wall Street analysts. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.3% to 5,839.45, the Nasdaq Composite fell 0.3% to 18,501.29, and the Russell 2000 index declined 0.5% to 2,229.13. 

For the year so far as of Monday, the S&P 500 index is up 22%, the Nasdaq Composite has advanced 26%, and the Russell 2000 index has gained 10.9%. 

The yield on 2-year Treasury notes edged higher to 4.02%, 10-year Treasury notes inched up to 4.17%, and 30-year Treasury bonds inched higher to 4.47%.

WTI crude oil increased $1.78 to $71.82 a barrel, and natural gas prices edged up 1 cent to $2.33 a thermal unit.

Gold rose by $19.78 to $2,741.36 an ounce, and silver increased by $0.90 to $34.74.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 104.03.

U.S. Stock Movers

3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results. 

Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago. 

The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%. 

The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30. 

Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company. 

Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results. 

Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago. 

The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share. 

European Markets Extend 2-Day Losses, New Car Registration Drop In September 

Stock market indexes in key European cities declined for the second day in a row this week, and the euro and the pound edged lower. 

Benchmark indexes in Paris, London, Frankfurt, and Milan eased after investors lowered expectations of a rate cut in the imminent future. 

Crude oil prices edged higher amid elevated tensions in the Middle East, and investors are bracing for possible supply disruptions as early as next week.

Israel is preparing for a military strike targeting Iran's oil infrastructure, including storage depots, distribution pipelines, and port facilities. 

In other economic news, the U.K.'s budget deficit widened more than expected in September and reached a three-year high for the month amid rising spending. 

Automakers were in focus after passenger car registrations declined for the second month in a row amid high interest rates and elevated cost of living. 

Monthly passenger car sales are now running 50% lower compared to a monthly average between 2015 and 2019. 

Passenger Car Registration Falls for the Second Month In September 

On the economic front, passenger car registration in September declined 6% to 809,163 units. according to the European Automobile Manufacturers' Association, or ACEA. 

Passenger car sales declined for the second month in a row after falling 18% in the previous month, and sales declined in three of the four key markets in the region. 

Registrations declined 11.1% in France, 10.7% in Italy, and 7% in Germany, but rose 6.3% in Spain. 

Registration increased 0.6% to almost 8 million units in the nine-month period to September and fell 1.8% in France and 1.0% in Germany. 

However, registration in the nine-month period rose 4.7% in Spain and 2.1% in Italy. 

Buyers continued to prefer battery-operated vehicles, with their market share accounting 17.3% in September, higher than 14.3% in the corresponding month a year ago. 

However, market share of the battery-operated vehicles in the nine-month period decreased to 13% from 14% a year ago. 

Europe Indexes and Yields

The DAX index decreased by 0.2% to 19,421.91; the CAC-40 index fell by 0.1% to 7,535.10; and the FTSE 100 index decreased by 0.1% to 8,306.54. 

The yield on 10-year German bonds edged higher to 2.33%, French bonds inched higher to 3.06%, the UK gilts edged up to 4.17%, and Italian bonds increased to 3.55%.

The euro edged lower to $1.08; the British pound inched higher to $1.29; and the U.S. dollar strengthened to 86.57 Swiss cents.

Brent crude increased $1.89 to $76.18 a barrel, and the Dutch TTF natural gas rose by €1.01 to €41.04 per MWh. 

Europe Stock Movers

SAP SE increased 4% to €219.35 after the German resource planning software company lifted its full-year sales estimate, backed by strong demand for its cloud services in the third quarter. 

Logitech International SA decreased 4.5% to CHF 73.0 despite the Swiss computer accessory maker raising its full-year outlook. 

Tele2 AB decreased 3.2% to SEK 107.85 after the Swedish telecom company reported net sales in line with market expectations in the third quarter. 

Saab AB jumped 6.5% to SEK 234.25 after the Swedish aerospace and defense company reported a strong increase in new orders and earnings in the third quarter. 

Mulberry Group PLC declined 0.8% to 126.50 pence after the fashion group rejected a second hostile offer from Fraser Group. 

Intercontinental Hotels Group increased 0.7% to 8,628.0 pence after the company said its revenue per available room increased 1.5% in the third quarter. 

Halfords Group plc advanced 7.5% to 152.40 pence after the retailer of vehicle parts and service center operator reported stable first-half sales and the company reiterated its full-year outlook. 

Japan Indexes Drop 1% and Yen Weakens to 3-Month Low 

Market indexes dropped to a three-week low as investors awaited the start of the earnings season from leading corporations this week.

Moreover, general election uncertainty also weighed on the market sentiment. 

The ruling LDP party is hoping to return to power with a smaller majority as the party scrambles to win the confidence of voters amid corruption scandals and the rising cost of living. 

Wages in Japan have been stagnant for two decades, and the latest bout of inflation induced by the high cost of energy has also soured voters' moods. 

The Japanese Trade Union Confederation, or Rengo, won wage increases of 5.17% at the end of successful negotiations in March 2024, and union leaders are targeting increases of a similar size in the next spring. 

Japan Stock Movers 

The Nikkei 225 stock average declined 1.4% to 38,411.96, and the broader Topix index dropped 1% to 2,651.47. 

Mitsubishi UFJ Financial Group decreased 1.3% to ¥1,591.50, Mizuho Financial Group declined 1.2% to ¥3,141.0, and Sumitomo Mitsui Financial fell 1.3% to ¥3,160.0. 

Seven & I fell 0.8% to ¥2,220.0, Fast Retailing decreased 3.2% to ¥51,430.0, and Isetan Mitsukoshi declined 0.1% to ¥2,213.0. 

Tokyo Electron dropped 3% to ¥22,990.0, Advantest Corp. declined 2.7% to ¥7,960.0, and Lasertec Corp. fell 1.8% to ¥21,350.0. 

Nippon Yusen Corp. gained 1.1% to ¥5,299.0, Mitsui O.S.K. Lines added 1.1% to ¥5,119.0, and Kawasaki Kisen Kaisha increased 0.6% to ¥2,174.0. 

Fiscal Stimulus Hopes Keep China Indexes Above Flatline 

Stocks in China advanced in the hopes of additional fiscal measures following monetary policy measures to support property market lending and easing of regulatory curbs on residential property transactions in large cities. 

The Hang Seng index increased 0.1%, the CSI 300 index advanced 0.2%, and the yuan traded at 7.13 against the U.S. dollar. 

In cautious trading, investors held out for additional fiscal stimulus measures following a raft of monetary policy stimulus measures announced by the central bank last month. 

Investors are looking forward to announcements from the committee of the National People's Congress approving increased borrowing limits and government spending plans. 

Those measures for issuing additional debt may take more than two months and may fall short of market expectations. 

China's policymakers are struggling on several fronts as local government debt hovers at record levels, the working-age population shrinks, and industrial overcapacity dampens investor enthusiasm. 

The Chinese economy is undergoing deep structural changes, and investors are struggling to reconcile as GDP annual growth is expected to slow to less than 3% over the next three years. 

China Stock Movers 

The Hang Seng index increased 0.1% to 20,496.15, and the mainland-focused CSI 300 index rose 0.2% to 3,942.67. 

Ping An Insurance Group decreased 1.8% to HK $48.15 after the company reported weaker-than-expected results. 

The insurance company reported third quarter income was 44.6 billion yuan, or $6.3 billion, and fell short of market expectations of 50.3 billion yuan. 

Electric vehicle makers advanced on the speculation that sales in the current month are running ahead of the previous month. 

Li Auto increased 5.2% to HK $101.20, Geely Automobile Holdings soared 7.2% to HK $13.66, Xpeng increased 3.2% to $42.50, and BYD declined 2.9% to HK $284.80. 

U.S. Movers: 3M Company, Cheesecake Factory, General Motors, Sherwin Williams

3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results. 

Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago. 

The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%. 

The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30. 

Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company. 

Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results. 

Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago. 

The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share. 

General Motors increased 9.4% to $53.51 after the vehicle maker reported better-than-expected quarterly results and  lifted its annual outlook. 

Revenue in the third quarter increased 10.5% to $48.7 billion from $44.1 billion, net income edged 0.3% lower to $3.0 billion, and diluted earnings per share increased to $2.68 from $2.20 a year ago. 

The company tightened its annual net income attributable to shareholders outlook to a new range between $10.4 billion and $11.1 billion from the previous estimate between $10.0 billion and $11.4 billion. 

The company revised its annual diluted earnings per share range to between $$9.14 and $9.64 from the previous estimate between $8.93 and $9.93.  

Rebound In Treasury Yields Overshadow Stock Trading On Wall Street

Stocks on Wall Street declined for the second day in a row as bond yields rebounded to a three-month high. 

The S&P 500 index and the Nasdaq Composite decreased 0.4%, and both indexes extended two-day losses to close to 1%. 

The yield on 10-year Treasury notes edged closer to 4.20% as investors reassessed their interest rate outlook following a stream of positive economic data over the last five weeks. 

The S&P 500 index rallied in the previous six consecutive weeks after several economic data confirmed resilience of the U.S. economy and moderating but still expanding labor markets.

Moreover, the steady decline in inflation also supported the market enthusiasm for the Fed's plan to lower interest rates while avoiding a recession. 

U.S. GDP growth, factory orders, retail sales, and nonfarm payroll data support the view that the U.S. economy is still growing above its long-term average of 2% despite elevated interest rates. 

The latest economic data also support the case for policymakers to lower rates at a gradual pace, and the Federal Reserve is less likely to repeat the rate cut of 50 basis points announced on September 18 at the next policy meeting on November 7. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.4% to 5,829.67, the Nasdaq Composite fell 0.4% to 18,474.71, and the Russell 2000 index declined 0.3% to 2,233.39. 

For the year so far as of Monday, the S&P 500 index is up 22%, the Nasdaq Composite has advanced 26%, and the Russell 2000 index has gained 10.9%. 

The yield on 2-year Treasury notes edged higher to 4.02%, 10-year Treasury notes inched up to 4.17%, and 30-year Treasury bonds inched higher to 4.47%.

WTI crude oil increased $0.58 to $70.62 a barrel, and natural gas prices edged down 2 cents to $2.28 a thermal unit.

Gold rose by $17.81 to $2,739.12 an ounce, and silver increased by $0.44 to $34.44.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.96.

U.S. Stock Movers

3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results. 

Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago. 

The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%. 

The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30. 

Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company. 

Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results. 

Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago. 

The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share. 

Europe Movers: Halfords, Intercontinental Hotels, Logitech, Mulberry Group, Saab Group, SAP, Tele2

European stock market indexes struggled to advance for the second day in a row, and investors reacted to the fresh batch of earnings. 

Passenger car registrations declined for the second month in a row in September. 

The DAX index decreased by 0.4% to 19,378.65; the CAC-40 index fell by 0.8% to 7,473.65; and the FTSE 100 index decreased by 0.7% to 8,257.15. 

The yield on 10-year German bonds edged higher to 2.33%, French bonds inched higher to 3.06%, the UK gilts edged up to 4.17%, and Italian bonds increased to 3.55%.

SAP SE increased 4% to €219.35 after the German resource planning software company lifted its full-year sales estimate, backed by strong demand for its cloud services in the third quarter. 

Logitech International SA decreased 4.5% to CHF 73.0 despite the Swiss computer accessory maker raising its full-year outlook. 

Tele2 AB decreased 3.2% to SEK 107.85 after the Swedish telecom company reported net sales in line with market expectations in the third quarter. 

Saab AB jumped 6.5% to SEK 234.25 after the Swedish aerospace and defense company reported a strong increase in new orders and earnings in the third quarter. 

Mulberry Group PLC declined 0.8% to 126.50 pence after the fashion group rejected a second hostile offer from Fraser Group. 

Intercontinental Hotels Group increased 0.7% to 8,628.0 pence after the company said its revenue per available room increased 1.5% in the third quarter. 

Halfords Group plc advanced 7.5% to 152.40 pence after the retailer of vehicle parts and service center operator reported stable first-half sales and the company reiterated its full-year outlook. 

European Markets Extend 2-Day Losses, New Car Registration Drop In September

Stock market indexes in key European cities declined for the second day in a row this week, and the euro and the pound edged lower. 

Benchmark indexes in Paris, London, Frankfurt, and Milan eased after investors lowered expectations of a rate cut in the imminent future. 

Crude oil prices edged higher amid elevated tensions in the Middle East, and investors are bracing for possible supply disruptions as early as next week.

Israel is preparing for a military strike targeting Iran's oil infrastructure, including storage depots, distribution pipelines, and port facilities. 

In other economic news, the U.K.'s budget deficit widened more than expected in September and reached a three-year high for the month amid rising spending. 

Automakers were in focus after passenger car registrations declined for the second month in a row amid high interest rates and elevated cost of living. 

Monthly passenger car sales are now running 50% lower compared to a monthly average between 2015 and 2019. 

Passenger Car Registration Falls for the Second Month In September 

Passenger car registration in September declined 6% to 809,163 units. according to the European Automobile Manufacturers' Association, or ACEA. 

Passenger car sales declined for the second month in a row after falling 18% in the previous month, and sales declined in three of the four key markets in the region. 

Registrations declined 11.1% in France, 10.7% in Italy, and 7% in Germany, but rose 6.3% in Spain. 

Registration increased 0.6% to almost 8 million units in the nine-month period to September and fell 1.8% in France and 1.0% in Germany. 

However, registration in the nine-month period rose 4.7% in Spain and 2.1% in Italy. 

Buyers continued to prefer battery-operated vehicles, with their market share accounting 17.3% in September, higher than 14.3% in the corresponding month a year ago. 

However, market share of the battery-operated vehicles in the nine-month period decreased to 13% from 14% a year ago. 

Europe Indexes and Yields

The DAX index decreased by 0.4% to 19,378.65; the CAC-40 index fell by 0.8% to 7,473.65; and the FTSE 100 index decreased by 0.7% to 8,257.15. 

The yield on 10-year German bonds edged higher to 2.33%, French bonds inched higher to 3.06%, the UK gilts edged up to 4.17%, and Italian bonds increased to 3.55%.

The euro edged lower to $1.08; the British pound inched higher to $1.29; and the U.S. dollar strengthened to 86.57 Swiss cents.

Brent crude increased $0.76 to $75.05 a barrel, and the Dutch TTF natural gas rose by €0.65 to €40.68 per MWh. 

Europe Stock Movers

SAP SE increased 4% to €219.35 after the German resource planning software company lifted its full-year sales estimate, backed by strong demand for its cloud services in the third quarter. 

Logitech International SA decreased 4.5% to CHF 73.0 despite the Swiss computer accessory maker raising its full-year outlook. 

Tele2 AB decreased 3.2% to SEK 107.85 after the Swedish telecom company reported net sales in line with market expectations in the third quarter. 

Saab AB jumped 6.5% to SEK 234.25 after the Swedish aerospace and defense company reported a strong increase in new orders and earnings in the third quarter. 

Mulberry Group PLC declined 0.8% to 126.50 pence after the fashion group rejected a second hostile offer from Fraser Group. 

Intercontinental Hotels Group increased 0.7% to 8,628.0 pence after the company said its revenue per available room increased 1.5% in the third quarter. 

Halfords Group plc advanced 7.5% to 152.40 pence after the retailer of vehicle parts and service center operator reported stable first-half sales and the company reiterated its full-year outlook. 

Japan Indexes Drop 1% and Yen Weakens to 3-Month Low

Market indexes dropped to a three-week low as investors awaited the start of the earnings season from leading corporations this week.

Moreover, general election uncertainty also weighed on the market sentiment. 

The ruling LDP party is hoping to return to power with a smaller majority as the party scrambles to win the confidence of voters amid corruption scandals and the rising cost of living. 

Wages in Japan have been stagnant for two decades, and the latest bout of inflation induced by the high cost of energy has also soured voters' moods. 

The Japanese Trade Union Confederation, or Rengo, won wage increases of 5.17% at the end of successful negotiations in March 2024, and union leaders are targeting increases of a similar size in the next spring. 

Japan Stock Movers 

The Nikkei 225 stock average declined 1.4% to 38,411.96, and the broader Topix index dropped 1% to 2,651.47. 

Mitsubishi UFJ Financial Group decreased 1.3% to ¥1,591.50, Mizuho Financial Group declined 1.2% to ¥3,141.0, and Sumitomo Mitsui Financial fell 1.3% to ¥3,160.0. 

Seven & I fell 0.8% to ¥2,220.0, Fast Retailing decreased 3.2% to ¥51,430.0, and Isetan Mitsukoshi declined 0.1% to ¥2,213.0. 

Tokyo Electron dropped 3% to ¥22,990.0, Advantest Corp. declined 2.7% to ¥7,960.0, and Lasertec Corp. fell 1.8% to ¥21,350.0. 

Nippon Yusen Corp. gained 1.1% to ¥5,299.0, Mitsui O.S.K. Lines added 1.1% to ¥5,119.0, and Kawasaki Kisen Kaisha increased 0.6% to ¥2,174.0. 

Fiscal Stimulus Hopes Keep China Indexes Above Flatline

Stocks in China advanced in the hopes of additional fiscal measures following monetary policy measures to support property market lending and easing of regulatory curbs on residential property transactions in large cities. 

The Hang Seng index increased 0.1%, the CSI 300 index advanced 0.2%, and the yuan traded at 7.13 against the U.S. dollar. 

In cautious trading, investors held out for additional fiscal stimulus measures following a raft of monetary policy stimulus measures announced by the central bank last month. 

Investors are looking forward to announcements from the committee of the National People's Congress approving increased borrowing limits and government spending plans. 

Those measures for issuing additional debt may take more than two months and may fall short of market expectations. 

China's policymakers are struggling on several fronts as local government debt hovers at record levels, the working-age population shrinks, and industrial overcapacity dampens investor enthusiasm. 

The Chinese economy is undergoing deep structural changes, and investors are struggling to reconcile as GDP annual growth is expected to slow to less than 3% over the next three years. 

China Stock Movers 

The Hang Seng index increased 0.1% to 20,496.15, and the mainland-focused CSI 300 index rose 0.2% to 3,942.67. 

Ping An Insurance Group decreased 1.8% to HK $48.15 after the company reported weaker-than-expected results. 

The insurance company reported third quarter income was 44.6 billion yuan, or $6.3 billion, and fell short of market expectations of 50.3 billion yuan. 

Electric vehicle makers advanced on the speculation that sales in the current month are running ahead of the previous month. 

Li Auto increased 5.2% to HK $101.20, Geely Automobile Holdings soared 7.2% to HK $13.66, Xpeng increased 3.2% to $42.50, and BYD declined 2.9% to HK $284.80.