- Arun Goswami
- 22 Oct, 2024
- Mumbai
Market indexes in Mumbai lacked direction after investors reviewed the fresh batch of earnings.
The Reserve Bank of India estimated GDP growth of 7.2% in the fiscal year 2025.
The Sensex index increased by 0.2% to 81,384.18, and the Nifty index rose by 0.3% to 24,842.30.
On the Mumbai stock exchange, 73 stocks traded at their 52-week highs, and 64 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 eased to 84.05 against the U.S. dollar.
E2E Networks decreased 5% to ₹3,621.0 after the company reported fiscal second quarter results.
Revenue increased to ₹47.55 crore from ₹21.6 crore and net income rose to ₹12.1 crore from ₹5.8 crore a year ago.
Aurionpro Solutions edged up 0.1% to ₹1,723.60, and the payment processing company reported better-than-expected quarterly results.
Consolidated revenue in the fiscal second quarter increased to ₹278 crore from ₹261 crore, and net income advanced to ₹45.1 crore from ₹43.4 crore a year ago.
Balu Forge declined 2.6% to ₹822.0, and the engineering company reported a surge in revenue and earnings in the fiscal second quarter.
Revenue soared 60.4% to ₹223 crore from ₹139 crore, and net income surged 109% ₹48 crore from ₹23 crore a year ago.
Aurum Proptech decreased 2.7% to ₹189.90, and the technology services company said loss in the fiscal second quarter shrank.
Revenue in the September quarter increased to ₹64 crore from ₹52.8 crore and net loss shrank to ₹95.5 crore from ₹201 crore a year ago.
City Union Bank rose 8.9% to ₹164.0 after the financial service company reported quarterly results.
Consolidated net interest income jumped 8% to ₹582 crore from ₹528 crore, and net profit rose 1.4% to ₹285 crore from ₹281 crore a year ago.
Gross non-performing asset ratio improved to 3.54% from 3.88%, and net non-performing asset ratio shrank to 1.62% from 1.87%.
Supreme Petrochem declined 3.8% to ₹758.40 after the company reported weaker-than-expected quarterly results.
Revenue in the September quarter increased 17.7% to ₹758.40 and net income advanced 15.4% to ₹90 crore from ₹78 crore a year ago.
Union Bank of India decreased 0.5% to ₹111.07 after the financial service company reported a decline in net interest income in the September quarter.
Consolidated net interest income declined 0.9% to 9,047 crore from 9.126 crore, and net profit surged 34% to 4,720 crore from 3,511 crore a year ago.
Gross non-performing asset ratio improved to 4.36% from 4.54%, and net non-performing asset ratio expanded to 0.98% from 0.9% a year ago.
Bajaj Housing Finance rose 1.8% to ₹138.70 after the non-bank lending company reported a strong rise in revenue and earnings.
Net interest income advanced 13% to ₹713 crore from ₹631 crore, and revenue from operations rose 26% to ₹2,410 crore from ₹1,911 crore a year ago.
Consolidated net income increased 21% to 546 crore from 451 crore a year ago.
- Alexander Garcia
- 21 Oct, 2024
- Miami
Stock market indexes turned lower in Monday's trading after popular benchmarks closed at record highs in Friday's trading.
The S&P 500 index and the Dow Jones Industrial Average traded at new highs after advancing about 0.9% in the previous week and extending the rally to the sixth consecutive week.
The S&P 500 index and the Dow Jones Industrial Average have reached multiple new highs in 2024 as investors cheered resilient economic data and grew more confident about the Fed's ability to engineer a so-called soft landing—keeping the economic growth intact while lowering inflation.
Cautious optimism has prevailed on Wall Street as earnings roll in from leading banks, financial services companies, and transportation services providers.
This week investors are looking forward to quarterly results from at least 450 companies as the earnings season picks up momentum.
3M, AT&T, Amazon.com, Baker Hughes, Hilton Worldwide, Moody’s Corp, Pulte Homes, Tesla, Xerox Corp, and Verizon are on tap to release results this week.
Investors are also anticipating the release of U.S. durable goods orders on Friday and U.S. new home sales data on Thursday.
Crude oil prices rebounded amid rising tensions in the Middle East as Israel prepares to strike Iran's crude oil infrastructure over the next two weeks.
Middle East experts anticipate Israel's expected strike is likely to disrupt crude oil supplies in the Middle East, which could spike crude oil prices by more than 10%.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.4% to 5,840.32, the Nasdaq Composite fell 0.2% to 18,452.43, and the Russell 2000 index declined 1.5% to 2,242.32.
The yield on 2-year Treasury notes edged lower to 3.99%, 10-year Treasury notes inched up to 4.13%, and 30-year Treasury bonds inched higher to 4.44%.
WTI crude oil increased $1.29 to $70.51 a barrel, and natural gas prices edged up 6 cents to $2.32 a thermal unit.
Gold rose by $0.62 to $2,722.71 an ounce, and silver increased by $0.06 to $33.77.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.58.
U.S. Stock Movers
Boeing increased 3.9% to $161.09 after the company and its machinists' union agreed on a new wage contract that could be ratified as early as Wednesday.
The new wage proposal includes several incentives, including a 35% wage increase over the next four years, a higher signing bonus, a guaranteed annual minimum bonus, and contributions to retirement plans.
Energy complex companies traded higher after crude oil prices rebounded amid rising tensions in the Middle East and growing worry of supply disruptions.
Exxon Mobil increased 0.1% to $120.06, Chevron Corp. advanced 0.4% to $151.31, and Marathon Oil decreased 0.3% to $26.71.
Artificial intelligence-linked stocks advanced as investors returned to add more exposure to advanced chipmakers.
Nvidia increased 2.5% to $141.42, AMD advanced 0.2% to $155.86, and Broadcom jumped 0.3% to $180.45.
European Markets Hover Near Record Highs In Cautious Trading, Germany's Producer Price Deflation Extends to 15th Month
European markets struggled to rise above the flatline after advancing in the previous two consecutive weeks.
Benchmark indexes in Paris, London, and Frankfurt lacked direction amid elevated tensions in the Middle East and election uncertainty in the U.S. and Japan.
On the economic front, investors are looking forward to the release of business surveys in France and Germany and producer price inflation data in Spain.
Germany's producer prices slipped 1.4% in September after falling at 0.8% in the previous two months, the Federal Statistical Office, or Destatis, reported Monday.
Producer prices fell for the 15th consecutive month in a row, largely driven by the ongoing decline in energy prices.
Producer prices, excluding energy prices, rose 1.2% from a year ago in the month.
Moldova narrowly voted for European Union membership according to the preliminary results published by the election commission.
About 50.17% of voters preferred to join the European Union, far fewer than predicted by polls in the run-up to the voting.
Incumbent president Mai Sandu received 42% of votes cast in the first round of the presidential election held on October 20, trailed by Alexsandr Stoianoglo with 26% of votes.
Sandu and Stoianoglo advanced to the second and final phase of the election to be held on November 3.
Europe Indexes and Yields
The DAX index decreased by 1.0% to 19,461.19; the CAC-40 index fell by 1.0% to 7,536.25; and the FTSE 100 index decreased by 0.5% to 8,318.24.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.12%, and Italian bonds increased to 3.44%.
The euro edged lower to $1.08; the British pound inched higher to $1.30; and the U.S. dollar strengthened to 86.42 Swiss cents.
Brent crude increased $1.15 to $74.21 a barrel, and the Dutch TTF natural gas rose by €0.68 to €40.03 per MWh.
Europe Stock Movers
Resource stocks advanced in Monday's trading after commodity prices rose in Asian and European trading.
BP plc increased 1.9% to 407.35 pence, Shell PLC advanced 1.1% to 2,564.50 pence, Antofagasta rose 0.6% to 1,839.50 pence, Anglo American inched higher 0.1% to 2,381.50, and Glencore added 0.7% to 411.49 pence.
FirstGroup plc added 0.4% to 139.90 pence, and the company confirmed the acquisition of the London-based coach operator Anderson Travel.
Hollywood Bowl PLC jumped 2.5% to 334.50 pence after the company estimated adjusted earnings in fiscal 2024 are likely to surpass market expectations.
Forvia SE advanced 6.5% to €8.50 after the automobile parts maker reported better-than-expected third quarter sales.
JDE Peets jumped 16.7% to €22.14 after the company reiterated its annual outlook and appointed a new chief executive officer.
Nokia Oyj gained 1.5% to €4.34 after the Finnish telecom company announced a new partnership with Vietnam Posts and Telecoms Group to deploy 5G networks.
DNB Bank ASA increased 0.5% to €18.57, and Norway's largest bank agreed to acquire all shares of Carnegie Holding AB for SEK 12 billion.
Japan Indexes Struggled Ahead of Earnings and National Election Uncertainty
Investors turned cautious in Monday's trading in Tokyo ahead of the national election this weekend.
The Nikkei 225 stock average and broader Topix index declined a fraction as investors hoped that the ruling LDP party would return to power amid widespread dissatisfaction with the government.
Investors also reviewed the People's Bank of China's decision to lower loan prime rates by 25 basis points over the weekend.
The move is widely expected to support local residential property market transactions, but the latest monetary measure did not go far enough to bolster market sentiment.
Market indexes in China extended weekly losses as investors looked forward to a meeting of the parliament committee later this month, where lawmakers are expected to increase the government's borrowing limits.
Closer to home, market indexes in Tokyo extended weekly gains in cautious trading ahead of the national election this week.
Prime Minister Shigeru is facing widespread voter discontent following a political fund-raising scandal where lawmakers of the ruling LDP party failed to make appropriate disclosures.
On the economic front, Japan is expected to announce its manufacturing and service sector surveys and Tokyo-area inflation data later in the week.
Gold traded at a new high of $2,727.70 an ounce in international trading as the People's Bank of China continued to increase its exposure to the yellow metal.
Moreover, steady retail demand from India, China, and the Middle East also supported the precious metal's advance in recent weeks.
Moreover, investors looked forward to the release of quarterly results from at least 30 leading corporations this week.
Japan Movers
The Nikkei 225 Stock Average decreased 0.1% to 38,954.60, and the broader Topix index declined 0.3% to 2,679.91.
The yen edged slightly higher to 149.35 against the U.S. dollar, keeping the stock market advance in check.
Mitsubishi UFJ Financial declined 1.9% to ¥1,613.0, Sumitomo Mitsui Financial decreased 1.9% to ¥3,202.0, and Mizuho Financial fell 0.8% to ¥3,180.0.
Semiconductor equipment stocks advanced following a rise in advanced chip companies in Friday's New York trading.
Tokyo Electron increased 0.9% to ¥23,720.0, and Advantest Corp. rose 2.6% to ¥8,181.0. and Disco Corp. jumped 3.2% to ¥39,540.0.
Toyota Motor decreased 0.4% to ¥2,541.50, Honda Motor Co declined 0.5% to ¥1,525.50, and Nissan Motor Co added 0.9% to ¥399.10.
Nippon Yusen KK jumped 1.9% to ¥5,238.0, Mitsui O.S.K. Lines added 1.2% to ¥5,055.0, and Kawasaki Kisen Kaisha Ltd. added 3.9% to ¥2,161.0.
Panasonic Holdings jumped 0.4% to ¥1,276.0, Nidec Corp advanced 0.7% to ¥2,889.0, and Fanuc Corp decreased 0.6% to ¥3,958.0.
Seven & I increased 1.2% to ¥2,237.50, Fast Retailing decreased 0.8% to ¥53,120.0, and Isetan Mitsukoshi decreased 3.9% to ¥2,215.50.
PBoC Lowers Loan Prime Rates, Hang Seng Index Extends Weekly Losses
Stock market indexes in Hong Kong and China traded down amid growing worry that fiscal stimulus measures are likely to fall short of market expectations.
The Hang Seng index dropped 1.5% and the CSI 300 index advanced 0.3% in volatile trading after the central bank lowered its key lending rates over the weekend.
The People's Bank of China lowered its loan prime rate for one year and five years by 25 basis points to 3.1% and 3.6%, respectively.
The move was widely anticipated, but the latest monetary step is going to provide little fillip to the property market.
Investors shifted their focus to a meeting of the National People's Congress later in the week.
The docile parliament is widely expected to approve the increase in government spending and borrowing limit as China's finance ministry and the central bank prepare to inject more money into the economy through the banking system.
The China market rally since mid-September has been losing steam as investors dial down their expectations of additional fiscal stimulus to revive the property market and consumer confidence.
Investors are also eyeing the release of earnings from leading insurance and technology companies this week, including results from Ping An Insurance, Hong Kong Stock Exchanges and Clearing, and Sands China.
China Stock Movers
The Hang Seng index decreased 1.5% to 20,492.13, and the CSI 300 index advanced 0.5% to 20,492.13.
Ping An declined 1.9% to HK $49.0, Sands China Ltd. decreased 3.4% to HK $18.14, and Galaxy Entertainment dropped 3.4% to HK $33.80.
Tencent Holdings decreased 2.5% to HK $419.80, Alibaba Group fell 3.4% to HK $96.95, and JD.com Inc. dropped 2.8% to HK $154.30.
- Barry Adams
- 21 Oct, 2024
- New York City
Stock market indexes edged slightly lower in Monday's trading after popular benchmarks closed at record highs in Friday's trading.
The S&P 500 index and the Dow Jones Industrial Average traded at new highs after advancing about 0.9% in the previous week and extending the rally to the sixth consecutive week.
Cautious optimism has prevailed on Wall Street as earnings roll in from leading banks, financial services companies, and transportation services providers.
This week investors are looking forward to quarterly results from at least 450 companies as the earnings season picks up momentum.
3M, AT&T, Amazon.com, Baker Hughes, Hilton Worldwide, Moody’s Corp, Pulte Homes, Tesla, Xerox Corp, and Verizon are on tap to release results this week.
Investors are also anticipating the release of U.S. durable goods orders on Friday and U.S. new home sales data on Thursday.
Crude oil prices rebounded amid rising tensions in the Middle East as Israel prepares to strike Iran's crude oil infrastructure over the next two weeks.
Middle East experts anticipate Israel's expected strike is likely to disrupt crude oil supplies in the Middle East, which could spike crude oil prices by more than 10%.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.04% to 5,862.46, the Nasdaq Composite rose 0.04% to 18,496.74, and the Russell 2000 index declined 0.3% to 2,273.92.
The yield on 2-year Treasury notes edged lower to 3.99%, 10-year Treasury notes inched up to 4.13%, and 30-year Treasury bonds inched higher to 4.44%.
WTI crude oil increased $1.32 to $70.54 a barrel, and natural gas prices edged up 4 cents to $2.30 a thermal unit.
Gold rose by $17.39 to $2,738.77 an ounce, and silver increased by $0.48 to $34.19.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.58.
U.S. Stock Movers
Boeing increased 3.9% to $161.09 after the company and its machinists' union agreed on a new wage contract that could be ratified as early as Wednesday.
The new wage proposal includes several incentives, including a 35% wage increase over the next four years, a higher signing bonus, a guaranteed annual minimum bonus, and contributions to retirement plans.
Energy complex companies traded higher after crude oil prices rebounded amid rising tensions in the Middle East and growing worry of supply disruptions.
Exxon Mobil increased 0.1% to $120.06, Chevron Corp. advanced 0.4% to $151.31, and Marathon Oil decreased 0.3% to $26.71.
Artificial intelligence-linked stocks advanced as investors returned to add more exposure to advanced chipmakers.
Nvidia increased 2.5% to $141.42, AMD advanced 0.2% to $155.86, and Broadcom jumped 0.3% to $180.45.
- Inga Muller
- 21 Oct, 2024
- Frankfurt
European markets struggled to advance after rising in the previous two consecutive weeks.
Germany's producer prices fell for the 15th month in a row, driven by an ongoing decline in energy prices.
The DAX index decreased by 0.7% to 19,519.77; the CAC-40 index fell by 0.8% to 7,555.50; and the FTSE 100 index decreased by 0.2% to 8,340.44.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.12%, and Italian bonds increased to 3.44%.
Resource stocks advanced in Monday's trading after commodity prices rose in Asian and European trading.
BP plc increased 1.9% to 407.35 pence, Shell PLC advanced 1.1% to 2,564.50 pence, Antofagasta rose 0.6% to 1,839.50 pence, Anglo American inched higher 0.1% to 2,381.50, and Glencore added 0.7% to 411.49 pence.
FirstGroup plc added 0.4% to 139.90 pence, and the company confirmed the acquisition of the London-based coach operator Anderson Travel.
Hollywood Bowl PLC jumped 2.5% to 334.50 pence after the company estimated adjusted earnings in fiscal 2024 are likely to surpass market expectations.
Forvia SE advanced 6.5% to €8.50 after the automobile parts maker reported better-than-expected third quarter sales.
JDE Peets NV jumped 16.7% to €22.14 after the company reiterated its annual outlook and appointed a new chief executive officer.
Nokia Oyj gained 1.5% to €4.34 after the Finnish telecom company announced a new partnership with Vietnam Posts and Telecoms Group to deploy 5G networks.
DNB Bank ASA increased 0.5% to €18.57, and Norway's largest bank agreed to acquire all shares of Carnegie Holding AB for SEK 12 billion.
- Bridgette Randall
- 21 Oct, 2024
- London
European markets struggled to rise above the flatline after advancing in the previous two consecutive weeks.
Benchmark indexes in Paris, London, and Frankfurt lacked direction amid elevated tensions in the Middle East and election uncertainty in the U.S. and Japan.
On the economic front, investors are looking forward to the release of business surveys in France and Germany and producer price inflation data in Spain.
Germany's producer prices slipped 1.4% in September after falling at 0.8% in the previous two months, the Federal Statistical Office, or Destatis, reported Monday.
Producer prices fell for the 15th consecutive month in a row, largely driven by the ongoing decline in energy prices.
Producer prices, excluding energy prices, rose 1.2% from a year ago in the month.
Moldova narrowly voted for European Union membership according to the preliminary results published by the election commission.
About 50.17% of voters preferred to join the European Union, far fewer than predicted by polls in the run-up to the voting.
Incumbent president Mai Sandu received 42% of votes cast in the first round of the presidential election held on October 20, trailed by Alexsandr Stoianoglo with 26% of votes.
Sandu and Stoianoglo advanced to the second and final phase of the election to be held on November 3.
Europe Indexes and Yields
The DAX index decreased by 0.7% to 19,519.77; the CAC-40 index fell by 0.8% to 7,555.50; and the FTSE 100 index decreased by 0.2% to 8,340.44.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.12%, and Italian bonds increased to 3.44%.
The euro edged lower to $1.08; the British pound inched higher to $1.30; and the U.S. dollar strengthened to 86.42 Swiss cents.
Brent crude decreased $1.20 to $74.35 a barrel, and the Dutch TTF natural gas rose by €0.81 to €40.15 per MWh.
Europe Stock Movers
Resource stocks advanced in Monday's trading after commodity prices rose in Asian and European trading.
BP plc increased 1.9% to 407.35 pence, Shell PLC advanced 1.1% to 2,564.50 pence, Antofagasta rose 0.6% to 1,839.50 pence, Anglo American inched higher 0.1% to 2,381.50, and Glencore added 0.7% to 411.49 pence.
FirstGroup plc added 0.4% to 139.90 pence, and the company confirmed the acquisition of the London-based coach operator Anderson Travel.
Hollywood Bowl PLC jumped 2.5% to 334.50 pence after the company estimated adjusted earnings in fiscal 2024 are likely to surpass market expectations.
Forvia SE advanced 6.5% to €8.50 after the automobile parts maker reported better-than-expected third quarter sales.
JDE Peets jumped 16.7% to €22.14 after the company reiterated its annual outlook and appointed a new chief executive officer.
Nokia Oyj gained 1.5% to €4.34 after the Finnish telecom company announced a new partnership with Vietnam Posts and Telecoms Group to deploy 5G networks.
DNB Bank ASA increased 0.5% to €18.57, and Norway's largest bank agreed to acquire all shares of Carnegie Holding AB for SEK 12 billion.
- Akira Ito
- 21 Oct, 2024
- Tokyo
Investors turned cautious in Monday's trading in Tokyo ahead of the national election this weekend.
The Nikkei 225 stock average and broader Topix index declined a fraction as investors hoped that the ruling LDP party would return to power amid widespread dissatisfaction with the government.
Investors also reviewed the People's Bank of China's decision to lower loan prime rates by 25 basis points over the weekend.
The move is widely expected to support local residential property market transactions, but the latest monetary measure did not go far enough to bolster market sentiment.
Market indexes in China extended weekly losses as investors looked forward to a meeting of the parliament committee later this month, where lawmakers are expected to increase the government's borrowing limits.
Closer to home, market indexes in Tokyo extended weekly gains in cautious trading ahead of the national election this week.
Prime Minister Shigeru is facing widespread voter discontent following a political fund-raising scandal where lawmakers of the ruling LDP party failed to make appropriate disclosures.
On the economic front, Japan is expected to announce its manufacturing and service sector surveys and Tokyo-area inflation data later in the week.
Gold traded at a new high of $2,727.70 an ounce in international trading as the People's Bank of China continued to increase its exposure to the yellow metal.
Moreover, steady retail demand from India, China, and the Middle East also supported the precious metal's advance in recent weeks.
Moreover, investors looked forward to the release of quarterly results from at least 30 leading corporations this week.
Japan Movers
The Nikkei 225 Stock Average decreased 0.1% to 38,954.60, and the broader Topix index declined 0.3% to 2,679.91.
The yen edged slightly higher to 149.35 against the U.S. dollar, keeping the stock market advance in check.
Mitsubishi UFJ Financial declined 1.9% to ¥1,613.0, Sumitomo Mitsui Financial decreased 1.9% to ¥3,202.0, and Mizuho Financial fell 0.8% to ¥3,180.0.
Semiconductor equipment stocks advanced following a rise in advanced chip companies in Friday's New York trading.
Tokyo Electron increased 0.9% to ¥23,720.0, and Advantest Corp. rose 2.6% to ¥8,181.0. and Disco Corp. jumped 3.2% to ¥39,540.0.
Toyota Motor decreased 0.4% to ¥2,541.50, Honda Motor Co declined 0.5% to ¥1,525.50, and Nissan Motor Co added 0.9% to ¥399.10.
Nippon Yusen KK jumped 1.9% to ¥5,238.0, Mitsui O.S.K. Lines added 1.2% to ¥5,055.0, and Kawasaki Kisen Kaisha Ltd. added 3.9% to ¥2,161.0.
Panasonic Holdings jumped 0.4% to ¥1,276.0, Nidec Corp advanced 0.7% to ¥2,889.0, and Fanuc Corp decreased 0.6% to ¥3,958.0.
Seven & I increased 1.2% to ¥2,237.50, Fast Retailing decreased 0.8% to ¥53,120.0, and Isetan Mitsukoshi decreased 3.9% to ¥2,215.50.
- Li Chen
- 21 Oct, 2024
- Hong Kong
Stock market indexes in Hong Kong and China traded down amid growing worry that fiscal stimulus measures are likely to fall short of market expectations.
The Hang Seng index dropped 1.5% and the CSI 300 index advanced 0.3% in volatile trading after the central bank lowered its key lending rates over the weekend.
The People's Bank of China lowered its loan prime rate for one year and five years by 25 basis points to 3.1% and 3.6%, respectively.
The move was widely anticipated, but the latest monetary step is going to provide little fillip to the property market.
Investors shifted their focus to a meeting of the National People's Congress later in the week.
The docile parliament is widely expected to approve the increase in government spending and borrowing limit as China's finance ministry and the central bank prepare to inject more money into the economy through the banking system.
The China market rally since mid-September has been losing steam as investors dial down their expectations of additional fiscal stimulus to revive the property market and consumer confidence.
Investors are also eyeing the release of earnings from leading insurance and technology companies this week, including results from Ping An Insurance, Hong Kong Stock Exchanges and Clearing, and Sands China.
China Stock Movers
The Hang Seng index decreased 1.5% to 20,492.13, and the CSI 300 index advanced 0.5% to 20,492.13.
Ping An declined 1.9% to HK $49.0, Sands China Ltd. decreased 3.4% to HK $18.14, and Galaxy Entertainment dropped 3.4% to HK $33.80.
Tencent Holdings decreased 2.5% to HK $419.80, Alibaba Group fell 3.4% to HK $96.95, and JD.com Inc. dropped 2.8% to HK $154.30.
- Arun Goswami
- 21 Oct, 2024
- Mumbai
In cautious trading, market indexes in Mumbai traded higher as investors reviewed the latest earnings from leading banks.
In a busy week of earnings, investors are looking forward to quarterly results from about 400 companies this week.
The Sensex index decreased by 0.2% to 81,069.10, and the Nifty index fell by 0.4% to 24,759.35.
On the Mumbai stock exchange, 124 stocks traded at their 52-week highs, and 28 stocks traded at their 52-week lows.
HDFC Bank increased 2% to ₹1,715.0 after the company reported its September quarterly results.
Net interest income in the fiscal second quarter rose 9.9% to ₹30,107.90 crore, and net income advanced 5.3% to ₹16,821 crore from a year ago.
Gross NPA (non-performing assets) increased to 1.3%, and net NPA advanced to 0.41%.
The company said it plans to raise as much as ₹10,000 crore through the sale of a stake in a public offering of HDFC Financial Services.
Kotak Mahindra declined 2.7% to ₹1,819.95, and the financial service company reported weaker-than-expected quarterly results.
Net interest income in the September quarter increased 11.5% to 7,019.6 crore, and net income rose 4.8% to 3,343.7 crore.
Gross NPA increased to 1.49%, and net NPA advanced to 0.43%.
RBL Bank decreased 0.6% to ₹193.0 after the financial services company reported weaker-than-expected quarterly results.
Net interest income in the September quarter increased 9% to ₹1,615 crore from ₹1.475 crore and net income dropped 24% to ₹223 crore from ₹294.1 crore a year ago.
Gross NPA increased to 2.88%, and net NPA advanced to 0.79%.
UCO Bank advanced 4.5% to ₹4₹7.75 after the financial service company reported strong gains in revenue and earnings in the September quarter.
Net interest income in the fiscal second quarter increased 20% to₹2,300.4 crore from ₹1,916.5 crore, and net income soared 50% to ₹602.7 crore from ₹401.7 crore a year ago.
The bank's net interest margin, or NIM, in the quarter improved to 3.10% from 2.84% a year ago and rose in the first half to 3.09% from 2.92% a year ago.
MCX increased 0.7% to ₹6,630.0 after the commodity exchange operator reported quarterly results.
Revenue in the September quarter increased to ₹310.8 crore from ₹180.0 crore, net income swung to a profit of ₹153 crore from a loss of ₹19 crore, and diluted earnings per share improved to ₹30.12 from a loss of ₹3.74 a year ago.
Tata Consumer Products dropped 9.9% to ₹988.25 after the food product maker reported weak quarterly results.
Revenue in the fiscal second quarter increased 13% from a year ago to ₹4,215 crore and net income advanced 1% to ₹367 crore.
Oberoi Realty Ltd. increased 2.7% to ₹1,979.50 after the residential real estate developer reported better-than-expected quarterly results.
Revenue in the September quarter increased 8.4% to ₹1.320 crore from ₹1,217 crore and net income advanced 29% to ₹589 crore from ₹457 crore a year ago.
- Scott Peters
- 18 Oct, 2024
- New York City
Procter & Gamble declined 1.8% to $168.53 after the consumer products company reported quarterly results.
Revenue in the fiscal first quarter ending in September declined 1% to $21.7 billion from $21.9 billion, net income decreased 12% to $3.9 billion from $4.5 billion, and diluted earnings per share dropped 12% to $1.81 from $1.61 from $1.83 a year ago.
The company reiterated its full-year revenue growth to range between 2% and 4% and diluted earnings per share to increase between 10% and 12% from $6.02 in 2024, or between $6.91 and $7.05.
Netflix increased 10.2% to $759.70 after the streaming services provider reported better-than-expected quarterly results.
Revenue in the third quarter increased 15% to $9.8 billion from $8.5 billion, net income rose 26% to $2.3 billion from $1.7 billion, and diluted earnings per share advanced 45% to $5.40 from $3.73 a year ago.
Global streaming paid net members increased 14.4% to 282.7 million, and the company added 5.07 million new net paid members.
CVS Healthcare declined 7.5% to $58.90 after the drugstore chain announced preliminary third quarter earnings and replaced its chief executive.
The company estimated diluted earnings per share to range between 3 cents and 8 cents and adjusted earnings per share between $1.05 and $1.10.
The company appointed longtime executive David Joyner as the new chief executive and president, replacing Karen Lynch effective October 17.
The drug retailer said it plans to take a restructuring charge of $1.2 billion in the third quarter, related to incremental store closure costs and previously disclosed cost reduction actions.
American Express declined 5% to $271.68 after the financial service company reported weaker-than-expected quarterly results.
Total revenue net of interest expenses in the third quarter increased 8% to $16.6 billion from $15.4 billion, net income advanced 2% to $2.50 from $2.45 billion, and diluted earnings per share rose 6% to $3.49 from $3.30 a year ago.
The company reiterated its full-year revenue growth at around 9% and lifted its annual earnings per share outlook to between $13.75 and $14.05 from the previous range between $13.30 and $13.80.
- Barry Adams
- 18 Oct, 2024
- New York City
Stock market indexes extended gains for the sixth week in a row amid positive earnings and a stable macroeconomic backdrop.
The S&P 500 index increased 0.2% and the Nasdaq Composite advanced 0.6%, and they are likely to close higher by more than 0.5% for the week.
Market sentiment was positive after investors reviewed the latest earnings from American Express, Procter & Gamble, and Travelers.
CVS Healthcare plunged more than 10% after the company announced a change in leadership and reported weaker-than-expected third quarter preliminary earnings per share.
On the economic front, housing starts decreased 0.5% from the previous month in September to 1.354 million, and building permits fell 2.9% to 1.428 million, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Housing completions declined 5.7% from the revised estimate in August to an annual rate of 1.68 million.
In the overseas market, China reported a raft of economic data confirming slowdown and persistent weakness in the housing market.
GDP in the third quarter expanded at an annual pace of 4.6%, slower than the 4.7% rate in the second quarter, and new home prices plunged 6.1% across 70 mainland cities in September.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.2% to 5,853.0, the Nasdaq Composite rose 0.6% to 18,490.27, and the Russell 2000 index advanced 0.1% to 2,284.36.
The yield on 2-year Treasury notes edged lower to 3.96%, 10-year Treasury notes inched up to 4.08%, and 30-year Treasury bonds inched higher to 4.39%.
WTI crude oil decreased $0.32 to $70.35 a barrel, and natural gas prices edged up 1 cent to $2.34 a thermal unit.
Gold rose by $17.11 to $2,711.20 an ounce, and silver increased by $0.46 to $32.24.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.53.
U.S. Stock Movers
Procter & Gamble declined 1.8% to $168.53 after the consumer products company reported quarterly results.
Revenue in the fiscal first quarter ending in September declined 1% to $21.7 billion from $21.9 billion, net income decreased 12% to $3.9 billion from $4.5 billion, and diluted earnings per share dropped 12% to $1.81 from $1.61 from $1.83 a year ago.
The company reiterated its full-year revenue growth to range between 2% and 4% and diluted earnings per share to increase between 10% and 12% from $6.02 in 2024, or between $6.91 and $7.05.
Netflix increased 10.2% to $759.70 after the streaming services provider reported better-than-expected quarterly results.
Revenue in the third quarter increased 15% to $9.8 billion from $8.5 billion, net income rose 26% to $2.3 billion from $1.7 billion, and diluted earnings per share advanced 45% to $5.40 from $3.73 a year ago.
Global streaming paid net members increased 14.4% to 282.7 million, and the company added 5.07 million new net paid members.
CVS Healthcare declined 7.5% to $58.90 after the drugstore chain announced preliminary third quarter earnings and replaced its chief executive.
The company estimated diluted earnings per share to range between 3 cents and 8 cents and adjusted earnings per share between $1.05 and $1.10.
The company appointed longtime executive David Joyner as the new chief executive and president, replacing Karen Lynch effective October 17.
The drug retailer said it plans to take a restructuring charge of $1.2 billion in the third quarter, related to incremental store closure costs and previously disclosed cost reduction actions.
- Inga Muller
- 18 Oct, 2024
- Frankfurt
European markets advanced about 1% in the week after the ECB lowered its key lending rates for the third time in 2024 and signaled possible rate cuts in the future.
The DAX index increased by 0.1% to 19,609.65; the CAC-40 index rose by 0.5% to 7,621.52; and the FTSE 100 index decreased by 0.3% to 8,363.31.
The yield on 10-year German bonds edged lower to 2.19%, French bonds inched lower to 2.91%, the UK gilts edged up to 4.09%, and Italian bonds decreased to 3.37%.
EssilorLuxottica SA declined 0.1% to €215.70 after the eyewear company reported slightly weaker-than-expected quarterly results.
Revenue in the third quarter increased 2.3% to €6.4 billion from €6.3 billion, driven by 1.6% increase in North America and 5.6% rise in Europe and Middle East region.
Weakening macroeconomic conditions in Greater China weighed on sales growth in Asia Pacific region, and sales growth slowed down to 5% from 11.7% in the period a year ago.
Brunello Cucinelli jumped 4.8% to €97.75 after the fashion company reported a 12% increase in sales in its latest nine-month period.
Luxury goods makers advanced after the Cucinelli's results, and Kering SA gained 5% to €242.80, Hermes International jumped 2% to €2,110.0, and LVMH gained 3% to €627.40.
Oil exploration companies traded lower after crude oil prices hovered near a two-week low.
BP plc jumped 0.9% to 403.65 pence, Shell PLC edged up 0.1% to 2,554.50 pence, and TotalEnergies SE gained 0.9% to €60.27.
- Bridgette Randall
- 18 Oct, 2024
- London
European markets traded mixed a day after the European Central Bank lowered its key lending rates for the third time in 2024.
Benchmark indexes in Paris, London, and Frankfurt traded around the flatline, and crude oil prices hovered near a two-week low.
For the week, market indexes in London edged up 1.3%, in Paris rose 0.7%, and in Frankfurt advanced 0.9%.
Investors were cautious after China reported lackluster economic data and persistent weakness in the housing market.
China's third-quarter GDP expanded at an annual pace of 4.6%, faster than estimated, but economists warned that the world's second-largest economy is still likely to miss its annual growth target rate of 5%.
China's GDP growth slowed from 4.7% in the second quarter after consumer spending growth eased, according to the statistical agency.
New home prices in September declined 6.1% from a year ago across 70 mainland cities, a larger than 5.7% fall in August.
Home prices fell at the fastest pace since May 2015 and extended losses to the 16th consecutive month, according to the statistics bureau.
Existing home prices fell on average 1.2% in September across the top-tier cities, faster than the 0.3% monthly decline in August.
Meanwhile, geopolitical tensions persist in the Middle East after Hamas leader Yahya Sinwar was killed by the Israeli army during an operation in Gaza.
The killing of Sinwar is likely to escalate tensions in the region as Israel conducts its offensive in Lebanon and Gaza and prepares for a significant assault targeting Iranian oil infrastructure.
Israel is widely expected to strike before November 5, ahead of the U.S. presidential election, despite the White House's attempts to prevent a wider war in the Middle East.
Europe Indexes and Yields
The DAX index increased by 0.1% to 19,609.65; the CAC-40 index rose by 0.5% to 7,621.52; and the FTSE 100 index decreased by 0.3% to 8,363.31.
The yield on 10-year German bonds edged lower to 2.19%, French bonds inched lower to 2.91%, the UK gilts edged up to 4.09%, and Italian bonds decreased to 3.37%.
The euro edged lower to $1.08; the British pound inched higher to $1.30; and the U.S. dollar strengthened to 86.61 Swiss cents.
Brent crude decreased $0.42 to $74.02 a barrel, and the Dutch TTF natural gas fell by €0.35 to €39.21 per MWh.
Europe Stock Movers
EssilorLuxottica SA declined 0.1% to €215.70 after the eyewear company reported slightly weaker-than-expected quarterly results.
Brunello Cucinelli jumped 4.8% to €97.75 after the fashion company reported a 12% increase in sales in its latest nine-month period.
Luxury goods makers advanced after the Cucinelli's results, and Kering SA gained 5% to €242.80, Hermes International jumped 2% to €2,110.0, and LVMH gained 3% to €627.40.
Oil exploration companies traded lower after crude oil prices hovered near a two-week low.
BP plc jumped 0.9% to 403.65 pence, Shell PLC edged up 0.1% to 2,554.50 pence, and TotalEnergies SE gained 0.9% to €60.27.
- Akira Ito
- 18 Oct, 2024
- Tokyo
Stocks in Tokyo advanced and halted a two-day slide after fears of hawkish monetary policy eased following the release of inflation data.
The Nikkei 225 stock average increased 0.2%, and the broader Topix index edged slightly higher in lackluster trading.
The yen drifted lower and traded at a six-week low of 150.06 against the dollar after the interest rate worry receded following the release of the inflation report.
Investors have been on edge despite a growing campaign by central bank officials that rates are not likely to be raised in the immediate future and policymakers are looking for a gradual increase in interest rates.
Earlier in the week, Bank of Japan board member Seiji Adachi said that the central bank must raise rates at a "very moderate" pace, signaling the gradual approach amid elevated global geopolitical uncertainties.
Consumer price inflation in September eased to an annual pace of 2.5% from 3.0% in August, said the Ministry of Internal Affairs and Communications on Friday.
Core consumer price inflation, which excludes food prices but not energy prices, declined to an annual pace of 2.4% amid weakening inflation in energy and transportation prices.
The overall and core consumer price inflation dropped to a five-month low as the electricity prices increased at the slowest pace after the removal of government subsidies.
Japan Stock Movers
The Nikkei 225 Stock Average rose 0.2% to 38,981.75 and the broader Topix index advanced 0.04% to 2,688.98.
Tokyo Electron decreased 0.1% to ¥23,500.0, Advantest Corp. fell 0.4% to ¥7,968.0, Lasertec Corporation eased 0.8% to ¥21,345.0, and Disco Corp. jumped 7.7% to ¥38,310.0.
Mitsubishi UFJ Financial Group added 1.5% to ¥1,644.0, Sumitomo Mitsui Financial Group added 0.7% to ¥3,263.0, and Mizuho Financial Group advanced 1% to ¥3,204.0.
Seven & I declined 0.2% to ¥2,212.0, Fast Retailing Company increased 1% to ¥53,570.0, and Isetan Mitsukoshi declined 2.8% to ¥2,306.0.
Toyota Motor increased 0.1% to ¥2,552.50, Honda Motor decreased 0.1% to ¥1,533.0, and Nissan Motor declined 0.5% to ¥395.50.
Nippon Yusen KK rose 0.5% to ¥5,142.0, Kawasaki Kisen Kaisha added 1% to ¥2,082.00, and Mitsui O.S.K. Lines added 0.8% to ¥4,994.0.
- Li Chen
- 18 Oct, 2024
- Hong Kong
Stock market indexes in Hong Kong and mainland China soared on renewed calls for additional fiscal stimulus following the latest batch of economic data.
The Hang Seng index and CSI 300 index jumped as much as 3% after investors reviewed updates on retail sales, new home prices, and third quarter GDP growth.
China's property market, once the main driver of the economy, has now become a drag as home prices continue to fall.
China's retail sales advanced 3.2% and industrial output rose 5.4% in September, according to separate reports released by the National Bureau of Statistics.
In addition, China's third quarter GDP expanded at an annual pace of 4.6%, faster than estimated, but economists warned that the world's second-largest economy is still likely to miss its annual growth target rate of 5%.
China's GDP growth slowed from 4.7% in the second quarter after consumer spending growth eased, according to the statistical agency.
New home prices in September declined 6.1% from a year ago across 70 mainland cities, a larger than 5.7% fall in August.
Prices fell at the fastest pace since May 2015 and extended losses to the 16th consecutive month, according to the statistics bureau.
Existing home prices fell on average 1.2% in September across the top-tier cities, faster than the 0.3% monthly decline in August.
Market sentiment was further bolstered after PBoC Governor Pan Gongsheng suggested that the central bank is ready to act if economic conditions warrant such a move.
Governor Gongsheng said at a financial forum that the central bank is prepared to lower the cash reserve ratio requirement and other policy rates by the end of the year, depending on the liquidity condition.
China Stock Movers
The Hang Seng index rose 2.8% to 20,639.04, and the CSI 300 index rose 3.2% to 3,907.37.
China Vanke increased 4.6% to HK $6.91, China Resources Land jumped 3.8% to HK $26.15, and Longfor Group added 2.2% to HK $12.22.
Alibaba Group Holding increased 1% to HK $99.50, JD.com rose 1.6% to HK $157.10, and Tencent Holdings advanced 3.9% to HK $428.60.
- Arun Goswami
- 18 Oct, 2024
- Mumbai
The Sensex and Nifty indexes extended weekly losses to more than 1% after a week of choppy trading as investors reviewed a mixed batch of earnings.
Crude oil prices extended two-week losses to over 10%, and the rupee hovered near a record low.
The Sensex index decreased by 0.4% to 80,651.83, and the Nifty index fell by 0.3% to 24,667.65.
On the Mumbai stock exchange, 93 stocks traded at their 52-week highs, and 44 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.77%, and the Indian rupee eased to 84.04 against the U.S. dollar.
Hyundai Motor India's initial public offering was oversubscribed amid strong participation from institutional investors.
The mega-issue was oversubscribed by 2.37 times at the conclusion of the three-day subscription period on October 17.
The ₹27,870 crore public offering of 9.97 crore shares attracted bids totaling 23.6 crore, driven by a strong demand from institutional investors.
Total institutional tranche attracted bids totaling nearly 7 times the offering size, and retail investor portion received bids for 50% of the allocated shares, according to the data available on the NSE website.
The South Korea-based Hyundai Motor Company is the sole seller in the offering, and the company is not issuing new shares.
Zomato fell 0.7% to ₹269.25 after the delivery company said its board at a meeting on October 22 plans to consider raising additional funds through an institutional offering.
The company is also scheduled to release its quarterly results on the same day.
Infosys declined 2.9% to ₹1,910.75 after the company reported weaker-than-expected revenue and earnings growth in the September quarter.
Operating revenue increased 5.1% to ₹40,986 crore from ₹38,994 crore, and net income advanced 4.7% to ₹6,506 crore from ₹6,212 crore a year ago.
The technology services provider lifted its full-year revenue growth range to between 3.75% and 4.5% from the previous estimate between 3% and 4%.
Mazagon Dock Shipbuilders rose 2.2% to ₹4,334.55 as the company reported strong quarterly results.
Operating revenue in the September quarter increased 8.5% to ₹2,357 crore from ₹2,172.6 crore, and net income advanced 121% to ₹696 crore from ₹314.3 crore a year ago.
Axis Bank increased 3.9% to ₹1,176.10 after the financial service company reported better-than-expected quarterly results.
Total income in the September quarter increased to ₹37,142 crore from ₹31,660 crore and net income advanced 18% to ₹6,918 crore from ₹5,864 crore a year ago.
Net interest income increased 9% and net interest margin was 3.99%, and the bank added gross non-performing loans advanced by 29% to 1.44% and net non-performing loans eased 2 basis points to 0.34%.
Polycab India decreased 3.2% to ₹6,888.20 after the wire and cable company said strong competition hurt its operating margins in the September quarter.
Operating revenue in the quarter increased 30.4% to ₹5,498 crore from ₹4,217 crore and total comprehensive income advanced 3.7% to ₹445 crore from ₹429 crore a year ago.