- Barry Adams
- 13 Dec, 2024
- New York City
Stocks on Wall Street advanced following a down day in the previous session after tech stocks led the rebound.
The S&P 500 index gained 0.3%, and the Nasdaq Composite gained 0.7% after Broadcom posted a surge in revenue in its AI segment.
The two widely followed benchmark indexes are set to extend weekly gains to above 1% and stretch weekly advance to the fourth consecutive week.
Investors are worried that the recent market rally may have stretched valuation after consumer price inflation met expectations, but the core rate of inflation has stayed well above the Fed's target rate of 2% for several months.
Moreover, the acceleration in the producer price inflation suggested that goods prices are still rising, despite the Fed's increasing rates more than eleven times over 2022 and 2023.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 6,071.79, the Nasdaq Composite fell 0.1% to 20,001.43, and the Russell 2000 index fell by 1.4% to 2,361.08.
The yield on 2-year Treasury notes edged higher to 4.18%, 10-year Treasury notes inched up to 4.30%, and 30-year Treasury bonds increased to 4.52%.
WTI crude oil increased $0.03 to $70.32 a barrel, and natural gas prices edged down 5 cents to $3.32 a thermal unit.
Gold decreased by $10.88 to $2,710.88 an ounce, and silver fell by $0.05 to $31.87.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.05 to 106.77.
U.S. Stock Movers
RH jumped 13.5% to $432.99 after the home furnishing company lifted its fourth quarter and full-year outlook.
The retailer estimated revenue in the fourth quarter to rise between 18% and 20% and in the full year to advance between 6.8% and 7.2%.
Revenue in the third quarter ending on November 2 increased to $811.7 million from $751.2 million, net income swung to a profit of $33.2 million from a loss of $2.2 million, and diluted earnings per share were $1.66 compared to a loss of 12 cents a year earlier.
Broadcom Inc. soared 17.5% to $212.36 after the advanced semiconductor chipmaker reported better-than-expected fiscal fourth quarter earnings.
Total revenue in the fourth quarter soared 51% to $14.1 billion from $9.3 billion, net income advanced to $4.3 billion from $3.5 billion, and diluted earnings per share rose 90 cents from 83 cents a year earlier.
"Broadcom's fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware," said Hock Tan, President and CEO.
"Semiconductor revenue was a record $30.1 billion, driven by AI revenue of $12.2 billion. AI revenue, which grew 220 percent year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio," added Tan.
The company guided fiscal first quarter revenue of $14.6 billion and estimated adjusted operating earnings of 66% of projected revenue, indicating rising operating margin because of the sale of higher-value chips.
The company declared a quarterly cash dividend of 59 cents per share payable on December 31 to shareholders on record on December 23.
In the previous quarter, the chipmaker reported lukewarm revenue when adjusted for the purchase of VMware.
Consolidated revenue in the third quarter, including the latest acquisition of VMware, soared 47% to $13.1 billion from $8.9 billion, and excluding VMware, it rose 4% from a year ago, respectively.
Net income swung to a loss of $1.9 billion from a profit of $3.3 billion, and diluted earnings per share were a loss of 40 cents compared to a profit of 77 cents a year earlier.
- Barry Adams
- 13 Dec, 2024
- New York City
Stocks on Wall Street advanced following a down day in the previous session after tech stocks led the rebound.
The S&P 500 index gained 0.3%, and the Nasdaq Composite gained 0.7% after Broadcom posted a surge in revenue in its AI segment.
The two widely followed benchmark indexes are set to extend weekly gains to above 1% and stretch weekly advance to the fourth consecutive week.
Investors are worried that the recent market rally may have stretched valuation after consumer price inflation met expectations, but the core rate of inflation has stayed well above the Fed's target rate of 2% for several months.
Moreover, the acceleration in the producer price inflation suggested that goods prices are still rising, despite the Fed's increasing rates more than eleven times over 2022 and 2023.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 6,071.79, the Nasdaq Composite fell 0.1% to 20,001.43, and the Russell 2000 index fell by 1.4% to 2,361.08.
The yield on 2-year Treasury notes edged higher to 4.18%, 10-year Treasury notes inched up to 4.30%, and 30-year Treasury bonds increased to 4.52%.
WTI crude oil increased $0.03 to $70.32 a barrel, and natural gas prices edged down 5 cents to $3.32 a thermal unit.
Gold decreased by $10.88 to $2,710.88 an ounce, and silver fell by $0.05 to $31.87.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.05 to 106.77.
U.S. Stock Movers
RH jumped 13.5% to $432.99 after the home furnishing company lifted its fourth quarter and full-year outlook.
The retailer estimated revenue in the fourth quarter to rise between 18% and 20% and in the full year to advance between 6.8% and 7.2%.
Revenue in the third quarter ending on November 2 increased to $811.7 million from $751.2 million, net income swung to a profit of $33.2 million from a loss of $2.2 million, and diluted earnings per share were $1.66 compared to a loss of 12 cents a year earlier.
Broadcom Inc. soared 17.5% to $212.36 after the advanced semiconductor chipmaker reported better-than-expected fiscal fourth quarter earnings.
Total revenue in the fourth quarter soared 51% to $14.1 billion from $9.3 billion, net income advanced to $4.3 billion from $3.5 billion, and diluted earnings per share rose 90 cents from 83 cents a year earlier.
"Broadcom's fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware," said Hock Tan, President and CEO.
"Semiconductor revenue was a record $30.1 billion, driven by AI revenue of $12.2 billion. AI revenue, which grew 220 percent year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio," added Tan.
The company guided fiscal first quarter revenue of $14.6 billion and estimated adjusted operating earnings of 66% of projected revenue, indicating rising operating margin because of the sale of higher-value chips.
The company declared a quarterly cash dividend of 59 cents per share payable on December 31 to shareholders on record on December 23.
In the previous quarter, the chipmaker reported lukewarm revenue when adjusted for the purchase of VMware.
Consolidated revenue in the third quarter, including the latest acquisition of VMware, soared 47% to $13.1 billion from $8.9 billion, and excluding VMware, it rose 4% from a year ago, respectively.
Net income swung to a loss of $1.9 billion from a profit of $3.3 billion, and diluted earnings per share were a loss of 40 cents compared to a profit of 77 cents a year earlier.
- Scott Peters
- 13 Dec, 2024
- New York City
RH jumped 13.5% to $432.99 after the home furnishing company lifted its fourth quarter and full-year outlook.
The retailer estimated revenue in the fourth quarter to rise between 18% and 20% and in the full year to advance between 6.8% and 7.2%.
Revenue in the third quarter ending on November 2 increased to $811.7 million from $751.2 million, net income swung to a profit of $33.2 million from a loss of $2.2 million, and diluted earnings per share were $1.66 compared to a loss of 12 cents a year earlier.
Broadcom Inc. soared 17.5% to $212.36 after the advanced semiconductor chipmaker reported better-than-expected fiscal fourth quarter earnings.
Total revenue in the fourth quarter soared 51% to $14.1 billion from $9.3 billion, net income advanced to $4.3 billion from $3.5 billion, and diluted earnings per share rose 90 cents from 83 cents a year earlier.
"Broadcom's fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware," said Hock Tan, President and CEO.
"Semiconductor revenue was a record $30.1 billion, driven by AI revenue of $12.2 billion. AI revenue, which grew 220 percent year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio," added Tan.
The company guided fiscal first quarter revenue of $14.6 billion and estimated adjusted operating earnings of 66% of projected revenue, indicating rising operating margin because of the sale of higher-value chips.
The company declared a quarterly cash dividend of 59 cents per share payable on December 31 to shareholders on record on December 23.
In the previous quarter, the chipmaker reported lukewarm revenue when adjusted for the purchase of VMware.
Consolidated revenue in the third quarter, including the latest acquisition of VMware, soared 47% to $13.1 billion from $8.9 billion, and excluding VMware, it rose 4% from a year ago, respectively.
Net income swung to a loss of $1.9 billion from a profit of $3.3 billion, and diluted earnings per share were a loss of 40 cents compared to a profit of 77 cents a year earlier.
- Scott Peters
- 13 Dec, 2024
- New York City
RH jumped 13.5% to $432.99 after the home furnishing company lifted its fourth quarter and full-year outlook.
The retailer estimated revenue in the fourth quarter to rise between 18% and 20% and in the full year to advance between 6.8% and 7.2%.
Revenue in the third quarter ending on November 2 increased to $811.7 million from $751.2 million, net income swung to a profit of $33.2 million from a loss of $2.2 million, and diluted earnings per share were $1.66 compared to a loss of 12 cents a year earlier.
Broadcom Inc. soared 17.5% to $212.36 after the advanced semiconductor chipmaker reported better-than-expected fiscal fourth quarter earnings.
Total revenue in the fourth quarter soared 51% to $14.1 billion from $9.3 billion, net income advanced to $4.3 billion from $3.5 billion, and diluted earnings per share rose 90 cents from 83 cents a year earlier.
"Broadcom's fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware," said Hock Tan, President and CEO.
"Semiconductor revenue was a record $30.1 billion, driven by AI revenue of $12.2 billion. AI revenue, which grew 220 percent year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio," added Tan.
The company guided fiscal first quarter revenue of $14.6 billion and estimated adjusted operating earnings of 66% of projected revenue, indicating rising operating margin because of the sale of higher-value chips.
The company declared a quarterly cash dividend of 59 cents per share payable on December 31 to shareholders on record on December 23.
In the previous quarter, the chipmaker reported lukewarm revenue when adjusted for the purchase of VMware.
Consolidated revenue in the third quarter, including the latest acquisition of VMware, soared 47% to $13.1 billion from $8.9 billion, and excluding VMware, it rose 4% from a year ago, respectively.
Net income swung to a loss of $1.9 billion from a profit of $3.3 billion, and diluted earnings per share were a loss of 40 cents compared to a profit of 77 cents a year earlier.
- Inga Muller
- 13 Dec, 2024
- Frankfurt
Stock market indexes in Europe trimmed weekly gains, and investors reviewed the latest economic updates.
German trade surplus continues to shrink, and eurozone industrial production extended multi-month weakness.
The DAX index increased by 0.3% to 20,486.18; the CAC-40 index rose by 0.3% to 7,443.68; and the FTSE 100 index inched higher by 0.1% to 8,319.98.
The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.98%, the UK gilts increased to 4.37%, and Italian bonds increased to 3.34%.
Swiss Re AG jumped 3.7% to CHF 132.50 after the reinsurance company said it is targeting after-tax income of 4.4 billion in 2025.
Munich Re AG soared 5.4% to €514.80 after the German reinsurance company estimated the group's 2025 revenue to reach €64 billion and net income of €6.0 billion.
Tullow Oil plc plunged 11% to 23.15 pence after the U.S.-based Kosmos Energy confirmed that the company is in "preliminary discussions" for a possible all-share takeover offer for the London-based oil explorer.
Pricer AB jumped 9.1% to SEK 13.22, and a Swedish electronic shelf labeling provider said its partner JRTech Solutions signed an agreement with Canada-based Sobeys to install 5 million digital labels.
Sobeys, Canada's family grocery store, operates about 1,600 stores across all 10 provinces under various brand names, including IGA, Safeway, Foodland, and Thrifty Foods.
- Inga Muller
- 13 Dec, 2024
- Frankfurt
Stock market indexes in Europe trimmed weekly gains, and investors reviewed the latest economic updates.
German trade surplus continues to shrink, and eurozone industrial production extended multi-month weakness.
The DAX index increased by 0.3% to 20,486.18; the CAC-40 index rose by 0.3% to 7,443.68; and the FTSE 100 index inched higher by 0.1% to 8,319.98.
The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.98%, the UK gilts increased to 4.37%, and Italian bonds increased to 3.34%.
Swiss Re AG jumped 3.7% to CHF 132.50 after the reinsurance company said it is targeting after-tax income of 4.4 billion in 2025.
Munich Re AG soared 5.4% to €514.80 after the German reinsurance company estimated the group's 2025 revenue to reach €64 billion and net income of €6.0 billion.
Tullow Oil plc plunged 11% to 23.15 pence after the U.S.-based Kosmos Energy confirmed that the company is in "preliminary discussions" for a possible all-share takeover offer for the London-based oil explorer.
Pricer AB jumped 9.1% to SEK 13.22, and a Swedish electronic shelf labeling provider said its partner JRTech Solutions signed an agreement with Canada-based Sobeys to install 5 million digital labels.
Sobeys, Canada's family grocery store, operates about 1,600 stores across all 10 provinces under various brand names, including IGA, Safeway, Foodland, and Thrifty Foods.
- Bridgette Randall
- 13 Dec, 2024
- London
Stock market indexes across Europe struggled to advance but extended weekly gains for the fourth week in a row amid a raft of economic updates.
Benchmark indexes in Paris, Frankfurt, Milan, and London advanced and extended weekly gains a day after the European Central Bank trimmed its key lending rates and lowered its growth and inflation outlook.
The Elysee Palace said on Thursday evening that President Emmanuel Macron is expected to name the next prime minister of France on Friday.
Macron is struggling to form the next government after the historic collapse of the minority government over budget disagreements and leadership challenges.
France Confirms October Inflation
France's consumer price inflation was confirmed at 1.3% in November, slightly higher than 1.2% in October.
The statistical agency INSEE confirmed the preliminary inflation data released on November 29.
Eurozone Industrial Production Holds Steady
Industrial production in the Euro Area held steady in October, following a 1.5% decline in September, Eurostat reported Friday.
Among major economies in the eurozone, Germany recorded a decline of 1.1% in production, while France's output decreased by only 0.2%. Spain's production rose by 1%.
On an annual basis, industrial production decreased by 1.2% in October, easing from a fall of 2.2% in September, amid worries of export growth and weak domestic demand.
Germany's Trade Surplus Continues to Shrink in October
Germany's calendar and seasonally adjusted goods exports decreased 2.8% to €124.6 billion, and imports rose 1.7% to €111.2 billion, resulting in a 29.1% decrease in trade surplus to €13.4 billion.
German shipments to the U.S., the leading destination for the country's goods, fell 14.2% to €12.2 billion, according to the report released by Destatis.
Shipments to the People's Republic of China fell by 3.8% to €6.9 billion but rose to the UK by 2.1% to €6.5 billion.
Imports from China, the leading source of goods for Germany, decreased 3% to €13.7 billion; arrivals from the U.S. fell by 3.9% to €7.4 billion, and from the UK increased by 1.4% to €3.0 billion.
Germany's Wholesale Deflation Extends to Fourth Month
Germany's wholesale price inflation decreased 0.6% in November, slower than a decline of 0.8% in October, the Federal Statistical Office, or Destatis, reported Friday.
The wholesale prices have been on the slide since May 2023, and the latest fall was the weakest in four months.
Europe Indexes and Yields
The DAX index increased by 0.3% to 20,486.18; the CAC-40 index rose by 0.3% to 7,443.68; and the FTSE 100 index inched higher by 0.1% to 8,319.98.
The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.98%, the UK gilts increased to 4.37%, and Italian bonds increased to 3.34%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar advanced to 89.40 Swiss cents.
Brent crude increased $0.69 to $74.07 a barrel, and the Dutch TTF natural gas rose by €0.37 to €42.93 per MWh.
Europe Stock Movers
Swiss Re AG jumped 3.7% to CHF 132.50 after the reinsurance company said it is targeting after-tax income of 4.4 billion in 2025.
Munich Re AG soared 5.4% to €514.80 after the German reinsurance company estimated the group's 2025 revenue to reach €64 billion and net income of €6.0 billion.
Tullow Oil plc plunged 11% to 23.15 pence after the U.S.-based Kosmos Energy confirmed that the company is in "preliminary discussions" for a possible all-share takeover offer for the London-based oil explorer.
Pricer AB jumped 9.1% to SEK 13.22, and a Swedish electronic shelf labeling provider said its partner JRTech Solutions signed an agreement with Canada-based Sobeys to install 5 million digital labels.
Sobeys, Canada's family grocery store, operates about 1,600 stores across all 10 provinces under various brand names, including IGA, Safeway, Foodland, and Thrifty Foods.
- Bridgette Randall
- 13 Dec, 2024
- London
Stock market indexes across Europe struggled to advance but extended weekly gains for the fourth week in a row amid a raft of economic updates.
Benchmark indexes in Paris, Frankfurt, Milan, and London advanced and extended weekly gains a day after the European Central Bank trimmed its key lending rates and lowered its growth and inflation outlook.
The Elysee Palace said on Thursday evening that President Emmanuel Macron is expected to name the next prime minister of France on Friday.
Macron is struggling to form the next government after the historic collapse of the minority government over budget disagreements and leadership challenges.
France Confirms October Inflation
France's consumer price inflation was confirmed at 1.3% in November, slightly higher than 1.2% in October.
The statistical agency INSEE confirmed the preliminary inflation data released on November 29.
Eurozone Industrial Production Holds Steady
Industrial production in the Euro Area held steady in October, following a 1.5% decline in September, Eurostat reported Friday.
Among major economies in the eurozone, Germany recorded a decline of 1.1% in production, while France's output decreased by only 0.2%. Spain's production rose by 1%.
On an annual basis, industrial production decreased by 1.2% in October, easing from a fall of 2.2% in September, amid worries of export growth and weak domestic demand.
Germany's Trade Surplus Continues to Shrink in October
Germany's calendar and seasonally adjusted goods exports decreased 2.8% to €124.6 billion, and imports rose 1.7% to €111.2 billion, resulting in a 29.1% decrease in trade surplus to €13.4 billion.
German shipments to the U.S., the leading destination for the country's goods, fell 14.2% to €12.2 billion, according to the report released by Destatis.
Shipments to the People's Republic of China fell by 3.8% to €6.9 billion but rose 2.1% to €6.5 billion.
Imports from China, the leading source of goods for Germany, decreased 3% to €13.7 billion; arrivals from the U.S. fell by 3.9% to €7.4 billion, and from the UK increased by 1.4% to €3.0 billion.
Germany's Wholesale Deflation Extends to Fourth Month
Germany's wholesale price inflation decreased 0.6% in November, slower than a decline of 0.8% in October, the Federal Statistical Office, or Destatis, reported Friday.
The wholesale prices have been on the slide since May 2023, and the latest fall was the weakest in four months.
Europe Indexes and Yields
The DAX index increased by 0.3% to 20,486.18; the CAC-40 index rose by 0.3% to 7,443.68; and the FTSE 100 index inched higher by 0.1% to 8,319.98.
The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.98%, the UK gilts increased to 4.37%, and Italian bonds increased to 3.34%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar advanced to 89.40 Swiss cents.
Brent crude increased $0.69 to $74.07 a barrel, and the Dutch TTF natural gas rose by €0.37 to €42.93 per MWh.
Europe Stock Movers
Swiss Re AG jumped 3.7% to CHF 132.50 after the reinsurance company said it is targeting after-tax income of 4.4 billion in 2025.
Munich Re AG soared 5.4% to €514.80 after the German reinsurance company estimated the group's 2025 revenue to reach €64 billion and net income of €6.0 billion.
Tullow Oil plc plunged 11% to 23.15 pence after the U.S.-based Kosmos Energy confirmed that the company is in "preliminary discussions" for a possible all-share takeover offer for the London-based oil explorer.
Pricer AB jumped 9.1% to SEK 13.22, and a Swedish electronic shelf labeling provider said its partner JRTech Solutions signed an agreement with Canada-based Sobeys to install 5 million digital labels.
Sobeys, Canada's family grocery store, operates about 1,600 stores across all 10 provinces under various brand names, including IGA, Safeway, Foodland, and Thrifty Foods.
- Akira Ito
- 13 Dec, 2024
- Tokyo
Stock market indexes in Japan halted a four-day slide, and the yen remained in focus ahead of the Bank of Japan's rate decisions.
The Nikkei 225 stock average and Topix indexes dropped 1%, following the weakness in New York.
For the week, the Nikkei and the Topix indexes advanced 1.1%, tracking gains in tech stocks in the U.S. markets, but remained range bound ahead of the Bank of Japan's rate decisions next week.
On the economic front, the Bank of Japan's Tankan survey of large business sentiment increased to 14 in the fourth quarter, higher than 13 in the previous two consecutive quarters.
Capital expenditure by large firms in the current fiscal year ending in March is estimated to rise 11.3%, from the previous estimate of 10.6%.
Business sentiment strengthened among businesses active in the production of petroleum and coal, chemicals, paper & pulp, and general-purpose machinery.
The Japanese yen weakened to 152.77 against the U.S. dollar ahead of rate decisions by the Bank of Japan and the U.S. Federal Reserve next week.
The European Central Bank lowered its benchmark rate by 25 basis points to 3.0%, the fourth rate cut in 2024 amid a weakening economic backdrop in the currency union.
The Swiss National Bank cut its key lending rate by 50 basis points to 0.5%, and the central bank estimated annual economic growth to stay near 1%.
Japan Stock Movers
The Nikkei 225 Stock Average dropped 1% to 39,470.44, and the broader Topix index fell 0.95% to 2,746.48.
Mitsubishi UFJ Financial Group declined 1.1% to ¥1,849.50, Sumitomo Mitsui Financial Group dropped 1% to ¥1,849.50, and Mizuho Financial Group fell 0.8% to ¥3,817.0.
Heavy industry stocks were among the leading decliners after the release of the quarterly survey.
Kawasaki Heavy Industries Ltd. dropped 3.3% to ¥6,410.0, IHI Corp. fell 5.4% to ¥8,278.0, and Mitsubishi Heavy Industries fell 4.1% to ¥2,291.50.
Volatile semiconductor equipment and services provider declined following a weakness in tech stocks in overnight trading in New York.
Tokyo Electron fell 3.2% to ¥23,860.0, Advantest Corp. gained 5.8% to ¥9,380.0, and Screen Holdings eased 3.3% to ¥9,302.0.
- Akira Ito
- 13 Dec, 2024
- Tokyo
Stock market indexes in Japan halted a four-day slide, and the yen remained in focus ahead of the Bank of Japan's rate decisions.
The Nikkei 225 stock average and Topix indexes dropped 1%, following the weakness in New York.
For the week, the Nikkei and the Topix indexes advanced 1.1%, tracking gains in tech stocks in the U.S. markets, but remained range bound ahead of the Bank of Japan's rate decisions next week.
On the economic front, the Bank of Japan's Tankan survey of large business sentiment increased to 14 in the fourth quarter, higher than 13 in the previous two consecutive quarters.
Capital expenditure by large firms in the current fiscal year ending in March is estimated to rise 11.3%, from the previous estimate of 10.6%.
Business sentiment strengthened among businesses active in the production of petroleum and coal, chemicals, paper & pulp, and general-purpose machinery.
The Japanese yen weakened to 152.77 against the U.S. dollar ahead of rate decisions by the Bank of Japan and the U.S. Federal Reserve next week.
The European Central Bank lowered its benchmark rate by 25 basis points to 3.0%, the fourth rate cut in 2024 amid a weakening economic backdrop in the currency union.
The Swiss National Bank cut its key lending rate by 50 basis points to 0.5%, and the central bank estimated annual economic growth to stay near 1%.
Japan Stock Movers
The Nikkei 225 Stock Average dropped 1% to 39,470.44, and the broader Topix index fell 0.95% to 2,746.48.
Mitsubishi UFJ Financial Group declined 1.1% to ¥1,849.50, Sumitomo Mitsui Financial Group dropped 1% to ¥1,849.50, and Mizuho Financial Group fell 0.8% to ¥3,817.0.
Heavy industry stocks were among the leading decliners after the release of the quarterly survey.
Kawasaki Heavy Industries Ltd. dropped 3.3% to ¥6,410.0, IHI Corp. fell 5.4% to ¥8,278.0, and Mitsubishi Heavy Industries fell 4.1% to ¥2,291.50.
Volatile semiconductor equipment and services provider declined following a weakness in tech stocks in overnight trading in New York.
Tokyo Electron fell 3.2% to ¥23,860.0, Advantest Corp. gained 5.8% to ¥9,380.0, and Screen Holdings eased 3.3% to ¥9,302.0.
- Li Chen
- 13 Dec, 2024
- Hong Kong
Stock market indexes in China and Hong Kong plunged after the key policy meeting failed to provide additional clarity about fiscal stimulus measures.
The Hang Seng index and CSI 300 index dropped nearly 2% after the policymakers released another vague commitment to sustain economic growth, lacking concrete details and execution plans.
At the end of a two-day economic work conference, policymakers reiterated the need to increase government spending, issue more long-term bonds, and provide ample liquidity to bond markets.
However, those statements of commitment fell short of market expectations.
The yield on 10-year bonds declined for the seventh day in a row and fell to 1.77% amid persistent economic growth deceleration worries.
Over the last five weeks, foreign investors have been trimming exposure to Chinese stocks amid growing realization that Chinese leaders are lacking urgency in implementing fiscal stimulus measures announced in late September.
In addition, private companies are bracing for a sharp escalation in U.S. tariffs and trade barriers, which could shave off annual goods exports growth to less than 3% in 2025.
China Indexes and Stocks
The Hang Seng Index dropped 1.8% to 20,023.97, and the CSI 300 index fell 1.9% to 3,952.67.
Property developers led decliners in Shanghai and Hong Kong after the latest high-powered meeting chaired by President Xi Jinping failed to release concrete plans to revive the flailing residential property market.
Longfor Group Holdings Ltd. dropped 5.7% to HK $10.88, China Vanke decreased 6.2% to HK $6.24, and China Resources Land fell 2.6% to HK $23.40.
Tech stocks fell for the second day in a row amid worries of faltering consumer confidence and a lack of progress in alleviating high youth unemployment.
Alibaba Group dropped 1.3% to HK $86.85, Tencent Holdings declined 1.1% to HK $411.20, and Meituan eased 2.6% to HK $164.50.
- Li Chen
- 13 Dec, 2024
- Hong Kong
Stock market indexes in China and Hong Kong plunged after the key policy meeting failed to provide additional clarity about fiscal stimulus measures.
The Hang Seng index and CSI 300 index dropped nearly 2% after the policymakers released another vague commitment to sustain economic growth, lacking concrete details and execution plans.
At the end of a two-day economic work conference, policymakers reiterated the need to increase government spending, issue more long-term bonds, and provide ample liquidity to bond markets.
However, those statements of commitment fell short of market expectations.
The yield on 10-year bonds declined for the seventh day in a row and fell to 1.77% amid persistent economic growth deceleration worries.
Over the last five weeks, foreign investors have been trimming exposure to Chinese stocks amid growing realization that Chinese leaders are lacking urgency in implementing fiscal stimulus measures announced in late September.
In addition, private companies are bracing for a sharp escalation in U.S. tariffs and trade barriers, which could shave off annual goods exports growth to less than 3% in 2025.
China Indexes and Stocks
The Hang Seng Index dropped 1.8% to 20,023.97, and the CSI 300 index fell 1.9% to 3,952.67.
Property developers led decliners in Shanghai and Hong Kong after the latest high-powered meeting chaired by President Xi Jinping failed to release concrete plans to revive the flailing residential property market.
Longfor Group Holdings Ltd. dropped 5.7% to HK $10.88, China Vanke decreased 6.2% to HK $6.24, and China Resources Land fell 2.6% to HK $23.40.
Tech stocks fell for the second day in a row amid worries of faltering consumer confidence and a lack of progress in alleviating high youth unemployment.
Alibaba Group dropped 1.3% to HK $86.85, Tencent Holdings declined 1.1% to HK $411.20, and Meituan eased 2.6% to HK $164.50.
- Arun Goswami
- 13 Dec, 2024
- Mumbai
India's industrial production accelerated in October, and consumer price inflation edged lower in November after food price inflation slowed.
For the week, two benchmark indexes are set to close down more than 1.5%.
The Sensex index decreased by 0.03% to 81,511.29, and the Nifty index advanced by 0.1% to 24,626.10.
On the Mumbai stock exchange, 85 stocks traded at their 52-week highs, and 13 stocks traded at their 52-week lows.
Reliance Industries declined 0.7% to ₹1,253.60, and Russia's Rosneft agreed to supply 500,000 barrels of crude oil a day to the company's refinery.
Zomato Ltd. decreased 0.8% to ₹282.75, and the Goods and Services Tax Department in Thane demanded 803.4 crore of unpaid tax with interest and penalty.
NBCC (India) Ltd. declined 1.3% to ₹99.11, and the company was appointed as a project consultant to complete 16 real estate projects of Supertech Ltd.
Supertech, led by Ram Kishore Arora, has been operating under NCLT supervision for about two years, and the company defaulted on its term loans from Punjab and Sind Bank for more than six years.
The real estate company is in the process of completing 20,000 residential apartments in the National Capital Region after defaulting on loans totaling ₹1,588 crore.
Punjab & Sind Bank declined 1.3% to ₹51.81, and the financial services company plans to raise 3,000 crore through its first infrastructure bond.
Ashok Leyland Ltd. decreased 0.8% to ₹228.06, and the company said it received a ₹345.5 crore order for the supply of 1,475 passenger buses to Tamil Nadu State Transport Corporation.