U.S. Movers: Adobe, Chewy, Uber

Chewy Inc. decreased 3.3% to $31.44 after the company announced a fully underwritten stock offering of $500 million by a key shareholder. 

Buddy Chester Sub LLC will receive all proceeds from the offering, and concurrently Chewy said it plans to acquire $50 million of its share directly from the investor. 

Adobe Inc. dropped 10.6% to $491.50 after the software company issued a weaker-than-expected revenue outlook for the fiscal first quarter. 

Total revenue in the fiscal fourth quarter ending in November increased to $5.6 million from $5.0 million, net income rose to $1.68 million from $1.48 million, and diluted earnings per share advanced to $3.79 from $3.23 a year earlier. 

The company estimated fiscal first quarter revenue to range between $5.63 billion and $5.68 billion and earnings per share between $3.85 and $3.89. 

Uber Technologies rose 3% to $63.03, and investors worried about the company's alliance with General Motors after the vehicle maker scrapped its plans to continue to fund the robotaxi venture Cruise. 

Cruise has a multi-year contract with Uber to introduce autonomous vehicles on the Uber platform; however, after the GM's announcement, the future of that contract is in doubt. 

Federal Reserve Struggles to Cool Inflation to 2%, Stocks Head Lower

Stock market indexes on Wall Street traded down after a measure of wholesale price inflation accelerated in November. 

The S&P 500 index and the Nasdaq Composite declined around 0.3% after the producer price inflation was higher than anticipated. 

Producer price inflation increased 0.4% in November from the previous month and accelerated from 0.3% in October, according to the latest data released by the U.S. Bureau of Labor Statistics. 

Core producer price inflation, which excludes volatile food and energy prices, accelerated to a monthly 0.3% from 0.2% and stalled at an annual 3.4%. 

On Wednesday, the government agency reported consumer prices accelerated in November, largely driven by higher costs of shelter, medical care, and vehicles. 

Investors have bid up stocks in 2024 in the hopes that inflation is on a sustained downward path and likely to reach the Fed's target rate of 2% in the near future. 

However, inflation has stalled near 3% for nearly six months and shows no sign of easing. In addition, most of the slowdown in inflation is reflecting a sharp fall in energy prices, which are not impacted by the Fed's actions. 

Core consumer price inflation is likely to stay above 3% in 2025 and beyond for two reasons: first, because of wage inflation of 4%, and second, most service providers are still passing on higher prices to consumers at a faster than 3% annual rate. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.3% to 6,069.26, the Nasdaq Composite fell 0.4% to 19,962.03, and the Russell 2000 index advanced by 0.5% to 2,394.16. 

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 

Chewy Inc. decreased 3.3% to $31.44 after the company announced a fully underwritten stock offering of $500 million by a key shareholder. 

Buddy Chester Sub LLC will receive all proceeds from the offering, and concurrently Chewy said it plans to acquire $50 million of its share directly from the investor. 

Adobe Inc. dropped 10.6% to $491.50 after the software company issued a weaker-than-expected revenue outlook for the fiscal first quarter. 

Total revenue in the fiscal fourth quarter ending in November increased to $5.6 million from $5.0 million, net income rose to $1.68 million from $1.48 million, and diluted earnings per share advanced to $3.79 from $3.23 a year earlier. 

The company estimated fiscal first quarter revenue to range between $5.63 billion and $5.68 billion and earnings per share between $3.85 and $3.89. 

Federal Reserve Struggles to Cool Inflation to 2%, Stocks Head Lower

Stock market indexes on Wall Street traded down after a measure of wholesale price inflation accelerated in November. 

The S&P 500 index and the Nasdaq Composite declined around 0.3% after the producer price inflation was higher than anticipated. 

Producer price inflation increased 0.4% in November from the previous month and accelerated from 0.3% in October, according to the latest data released by the U.S. Bureau of Labor Statistics. 

Core producer price inflation, which excludes volatile food and energy prices, accelerated to a monthly 0.3% from 0.2% and stalled at an annual 3.4%. 

On Wednesday, the government agency reported consumer prices accelerated in November, largely driven by higher costs of shelter, medical care, and vehicles. 

Investors have bid up stocks in 2024 in the hopes that inflation is on a sustained downward path and likely to reach the Fed's target rate of 2% in the near future. 

However, inflation has stalled near 3% for nearly six months and shows no sign of easing. In addition, most of the slowdown in inflation is reflecting a sharp fall in energy prices, which are not impacted by the Fed's actions. 

Core consumer price inflation is likely to stay above 3% in 2025 and beyond for two reasons: first, because of wage inflation of 4%, and second, most service providers are still passing on higher prices to consumers at a faster than 3% annual rate. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.3% to 6,069.26, the Nasdaq Composite fell 0.4% to 19,962.03, and the Russell 2000 index advanced by 0.5% to 2,394.16. 

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 10677.

Stock Movers 

Chewy Inc. decreased 3.3% to $31.44 after the company announced a fully underwritten stock offering of $500 million by a key shareholder. 

Buddy Chester Sub LLC will receive all proceeds from the offering, and concurrently Chewy said it plans to acquire $50 million of its share directly from the investor. 

Adobe Inc. dropped 10.6% to $491.50 after the software company issued a weaker-than-expected revenue outlook for the fiscal first quarter. 

Total revenue in the fiscal fourth quarter ending in November increased to $5.6 million from $5.0 million, net income rose to $1.68 million from $1.48 million, and diluted earnings per share advanced to $3.79 from $3.23 a year earlier. 

The company estimated fiscal first quarter revenue to range between $5.63 billion and $5.68 billion and earnings per share between $3.85 and $3.89. 

Europe Movers: Bodycote, Curry, Mining Companies, SThree

The Swiss National Bank lowered its rate at the steepest pace in ten years amid a weak global economic backdrop. 

The European Central Bank is expected to signal additional rate cuts over the next two quarters. 

The DAX index increased by 0.03% to 20,405.54; the CAC-40 index rose by 0.006% to 7,423.61; and the FTSE 100 index inched higher by 0.3% to 8,322.21.

The yield on 10-year German bonds edged higher to 2.15%, French bonds inched up to 2.90%, the UK gilts increased to 4.35%, and Italian bonds increased to 3.24%.

Mining companies advanced after China's political leaders agreed to increase the fiscal deficit ratio and issue new bonds to finance fiscal stimulus. 

Antofagasta declined 1% to 1,745.0 pence, Anglo American edged up 0.1%, and Glencore dropped 0.3% to 382.0 pence. 

Bodycote PLC jumped 0.8% to 669.27 pence after the thermal processing services provider expanded its stock repurchase plan by £30 million to £90 million. 

SThree Plc plunged 22% to 279.25 pence after the specialist recruitment company estimated a sharp decline in profits. 

Net fees for the fiscal year ending in November dropped 9% to £369.1 million, driven by a 7% fall in the contract segment, which represents 84% of net fees. 

The annual revenue in the UK, U.S., and Germany declined between 12% and 14%. 

The contract order book plunged 10% to £161 million. 

The company estimated fiscal 2025 pre-tax profit to hover around £25 million, including a one-time charge of £7 million related to cost-cutting efforts.

Curry PLC advanced 13.5% to 89.74 pence after the electronics retailer reported a narrower loss in the first half, and the company reiterated its annual outlook. 

Revenue in the first half increased 1% to £3.9 billion, net loss shrank to 8 million from 39 million, and diluted loss per share eased to 0.7 pence from 3.3 pence a year earlier. 

"Trading during the six weeks since the period end has remained in line with the Board's expectations, and the Group expects to see growth in profits and free cash flow for the year," according to the company's trading update released to investors. 

Europe Movers: Bodycote, Curry, Mining Companies, SThree

The Swiss National Bank lowered its rate at the steepest pace in ten years amid a weak global economic backdrop. 

The European Central Bank is expected to signal additional rate cuts over the next two quarters. 

The DAX index increased by 0.03% to 20,405.54; the CAC-40 index rose by 0.006% to 7,423.61; and the FTSE 100 index inched higher by 0.3% to 8,322.21.

The yield on 10-year German bonds edged higher to 2.15%, French bonds inched up to 2.90%, the UK gilts increased to 4.35%, and Italian bonds increased to 3.24%.

Mining companies advanced after China's political leaders agreed to increase the fiscal deficit ratio and issue new bonds to finance fiscal stimulus. 

Antofagasta declined 1% to 1,745.0 pence, Anglo American edged up 0.1%, and Glencore dropped 0.3% to 382.0 pence. 

Bodycote PLC jumped 0.8% to 669.27 pence after the thermal processing services provider expanded its stock repurchase plan by £30 million to £90 million. 

SThree Plc plunged 22% to 279.25 pence after the specialist recruitment company estimated a sharp decline in profits. 

Net fees for the fiscal year ending in November dropped 9% to £369.1 million, driven by a 7% fall in the contract segment, which represents 84% of net fees. 

The annual revenue in the UK, U.S., and Germany declined between 12% and 14%. 

The contract order book plunged 10% to £161 million. 

The company estimated fiscal 2025 pre-tax profit to hover around £25 million, including a one-time charge of £7 million related to cost-cutting efforts.

Curry PLC advanced 13.5% to 89.74 pence after the electronics retailer reported a narrower loss in the first half, and the company reiterated its annual outlook. 

Revenue in the first half increased 1% to £3.9 billion, net loss shrank to 8 million from 39 million, and diluted loss per share eased to 0.7 pence from 3.3 pence a year earlier. 

"Trading during the six weeks since the period end has remained in line with the Board's expectations, and the Group expects to see growth in profits and free cash flow for the year," according to the company's trading update released to investors. 

European Markets Hold Steady Ahead of ECB Rate Decisions, SNB Lowers Rates by 50 bps

Stock market indexes across Europe held steady ahead of the rate decision from the European Central Bank. 

The ECB is widely anticipated to lower its key lending rate by 25 basis points to 3%, its fourth consecutive rate cut. 

Meanwhile, investors are looking for a timetable for additional rate cuts over the next six months, and many market watchers are looking for at least four additional rate cuts of 25 basis points, bringing down the key rate to 2%. 

The Euro Area is grappling with a looming trade war with the U.S. and China, political uncertainty in France and Germany, and slowing business activities across several sectors. 

Switzerland Lowers Rates by 50 Basis Points, Steepest Decline in 10 Years

The Swiss National Bank lowered its key lending rate by a whopping 50 basis points to 0.5%, as the central bank battles strong currency and rising economic uncertainty. 

The central bank lowered its rate for the fourth consecutive meeting in a row and dropped the rates by the largest amount in ten years, bringing borrowing costs to the lowest level since November 2022. 

The Swiss economy is highly dependent on goods and services exports, and the stronger currency has become a headwind for many exporters. 

Policymakers also weighed annual economic growth of less than one percent against the rising geopolitical tensions and weakening demand growth outlook for the nation's premium goods. 

Europe Indexes and Yields

The DAX index increased by 0.03% to 20,405.54; the CAC-40 index rose by 0.006% to 7,423.61; and the FTSE 100 index inched higher by 0.3% to 8,322.21.

The yield on 10-year German bonds edged higher to 2.15%, French bonds inched up to 2.90%, the UK gilts increased to 4.35%, and Italian bonds increased to 3.24%.

The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.66 Swiss cents.

Brent crude decreased $0.14 to $73.37 a barrel, and the Dutch TTF natural gas rose by €1.40 to €43.33 per MWh. 

Europe Stock Movers

Mining companies advanced after China's political leaders agreed to increase the fiscal deficit ratio and issue new bonds to finance fiscal stimulus. 

Antofagasta declined 1% to 1,745.0 pence, Anglo American edged up 0.1%, and Glencore dropped 0.3% to 382.0 pence. 

Bodycote PLC jumped 0.8% to 669.27 pence after the thermal processing services provider expanded its stock repurchase plan by £30 million to £90 million. 

SThree Plc plunged 22% to 279.25 pence after the specialist recruitment company estimated a sharp decline in profits. 

Net fees for the fiscal year ending in November dropped 9% to £369.1 million, driven by a 7% fall in the contract segment, which represents 84% of net fees. 

The annual revenue in the UK, U.S., and Germany declined between 12% and 14%. 

The contract order book plunged 10% to £161 million. 

The company estimated fiscal 2025 pre-tax profit to hover around £25 million, including a one-time charge of £7 million related to cost-cutting efforts.

Curry PLC advanced 13.5% to 89.74 pence after the electronics retailer reported a narrower loss in the first half, and the company reiterated its annual outlook. 

Revenue in the first half increased 1% to £3.9 billion, net loss shrank to 8 million from 39 million, and diluted loss per share eased to 0.7 pence from 3.3 pence a year earlier. 

"Trading during the six weeks since the period end has remained in line with the Board's expectations, and the Group expects to see growth in profits and free cash flow for the year," according to the company's trading update released to investors. 

European Markets Hold Steady Ahead of ECB Rate Decisions, SNB Lowers Rates by 50 bps

Stock market indexes across Europe held steady ahead of the rate decision from the European Central Bank. 

The ECB is widely anticipated to lower its key lending rate by 25 basis points to 3%, its fourth consecutive rate cut. 

Meanwhile, investors are looking for a timetable for additional rate cuts over the next six months, and many market watchers are looking for at least four additional rate cuts of 25 basis points, bringing down the key rate to 2%. 

The Euro Area is grappling with a looming trade war with the U.S. and China, political uncertainty in France and Germany, and slowing business activities across several sectors. 

Switzerland Lowers Rates by 50 Basis Points, Steepest Decline in 10 Years

The Swiss National Bank lowered its key lending rate by a whopping 50 basis points to 0.5%, as the central bank battles strong currency and rising economic uncertainty. 

The central bank lowered its rate for the fourth consecutive meeting in a row and dropped the rates by the largest amount in ten years, bringing borrowing costs to the lowest level since November 2022. 

The Swiss economy is highly dependent on goods and services exports, and the stronger currency has become a headwind for many exporters. 

Policymakers also weighed annual economic growth of less than one percent against the rising geopolitical tensions and weakening demand growth outlook for the nation's premium goods. 

Europe Indexes and Yields

The DAX index increased by 0.03% to 20,405.54; the CAC-40 index rose by 0.006% to 7,423.61; and the FTSE 100 index inched higher by 0.3% to 8,322.21.

The yield on 10-year German bonds edged higher to 2.15%, French bonds inched up to 2.90%, the UK gilts increased to 4.35%, and Italian bonds increased to 3.24%.

The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.66 Swiss cents.

Brent crude decreased $0.14 to $73.37 a barrel, and the Dutch TTF natural gas rose by €1.40 to €43.33 per MWh. 

Europe Stock Movers

Mining companies advanced after China's political leaders agreed to increase the fiscal deficit ratio and issue new bonds to finance fiscal stimulus. 

Antofagasta declined 1% to 1,745.0 pence, Anglo American edged up 0.1%, and Glencore dropped 0.3% to 382.0 pence. 

Bodycote PLC jumped 0.8% to 669.27 pence after the thermal processing services provider expanded its stock repurchase plan by £30 million to £90 million. 

SThree Plc plunged 22% to 279.25 pence after the specialist recruitment company estimated a sharp decline in profits. 

Net fees for the fiscal year ending in November dropped 9% to £369.1 million, driven by a 7% fall in the contract segment, which represents 84% of net fees. 

The annual revenue in the UK, U.S., and Germany declined between 12% and 14%. 

The contract order book plunged 10% to £161 million. 

The company estimated fiscal 2025 pre-tax profit to hover around £25 million, including a one-time charge of £7 million related to cost-cutting efforts.

Curry PLC advanced 13.5% to 89.74 pence after the electronics retailer reported a narrower loss in the first half, and the company reiterated its annual outlook. 

Revenue in the first half increased 1% to £3.9 billion, net loss shrank to 8 million from 39 million, and diluted loss per share eased to 0.7 pence from 3.3 pence a year earlier. 

"Trading during the six weeks since the period end has remained in line with the Board's expectations, and the Group expects to see growth in profits and free cash flow for the year," according to the company's trading update released to investors. 

Japan Indexes Near Multi-Month Highs as Rate Decisions Approach

Stock market indexes in Tokyo advanced, tracking gains in New York as investors debated rate outlook in Japan. 

The Nikkei 225 stock average and the broader Topix index gained around 1% amid uncertainty surrounding the Bank of Japan's rate policy. 

Later today, the European Central Bank is widely expected to lower its benchmark lending rates by 25 basis points, and the Federal Reserve is also expected to cut its policy rate by the same. 

However, traders are not sure if the Bank of Japan will raise rates at the end of its policy meeting next week. 

Governor of the Bank of Japan Kazuo Ueda has supported the gradual increase in interest rates following the sustained increase in inflation and other mixed economic signals. 

Sentiment among large export-driven businesses has remained weak amid demand growth slowdown in the U.S. and China, and real household spending has struggled to advance in 2024. 

However, Governor Ueda and other policymakers have favored a gradual increase in rates so as not to destabilize stock and currency markets. 

The Japanese yen weakened to 152.75 against the U.S. dollar, and currency traders are divided about the BoJ's rate actions next week. 

Japan Stock Movers 

The Nikkei 225 Stock Average increased 1.2% to 39,849.14, and the broader Topix index gained 0.9% to 2,773.03. 

Retail stocks advanced following the weakening of the yen. 

Fast Retailing Co. Ltd. increased 0.9% to ¥54,470.0, Seven & I Holdings Co. Ltd. decreased 1.6% to ¥2,510.50, Isetan Mitsukoshi Holdings Ltd. gained 1% to ¥2,311.0, and Takashimaya advanced 0.7% to ¥1,250.0. 

Financial stocks were among the most actively traded stocks in Tokyo as the yen resumed its downward slide ahead of the BoJ's rate decisions. 

Sumitomo Mitsui Financial Group decreased 0.1% to ¥3,807.0, Mitsubishi UFJ Financial gained 0.5% to ¥1,851.50, and Mizuho Financial Group advanced 0.2% to ¥3,847.0. 

Osaka Gas Co. Ltd. rose 1.7% to ¥3,268.0, Chubu Electric Power jumped 4.5% to ¥1,624.0, Furukawa Electric advanced 1.6% to ¥6,606.0, and Mitsubishi Electric jumped 2% to ¥2,698.50. 

Japan Indexes Near Multi-Month Highs as Rate Decisions Approach

Stock market indexes in Tokyo advanced, tracking gains in New York as investors debated rate outlook in Japan. 

The Nikkei 225 stock average and the broader Topix index gained around 1% amid uncertainty surrounding the Bank of Japan's rate policy. 

Later today, the European Central Bank is widely expected to lower its benchmark lending rates by 25 basis points, and the Federal Reserve is also expected to cut its policy rate by the same. 

However, traders are not sure if the Bank of Japan will raise rates at the end of its policy meeting next week. 

Governor of the Bank of Japan Kazuo Ueda has supported the gradual increase in interest rates following the sustained increase in inflation and other mixed economic signals. 

Sentiment among large export-driven businesses has remained weak amid demand growth slowdown in the U.S. and China, and real household spending has struggled to advance in 2024. 

However, Governor Ueda and other policymakers have favored a gradual increase in rates so as not to destabilize stock and currency markets. 

The Japanese yen weakened to 152.75 against the U.S. dollar, and currency traders are divided about the BoJ's rate actions next week. 

Japan Stock Movers 

The Nikkei 225 Stock Average increased 1.2% to 39,849.14, and the broader Topix index gained 0.9% to 2,773.03. 

Retail stocks advanced following the weakening of the yen. 

Fast Retailing Co. Ltd. increased 0.9% to ¥54,470.0, Seven & I Holdings Co. Ltd. decreased 1.6% to ¥2,510.50, Isetan Mitsukoshi Holdings Ltd. gained 1% to ¥2,311.0, and Takashimaya advanced 0.7% to ¥1,250.0. 

Financial stocks were among the most actively traded stocks in Tokyo as the yen resumed its downward slide ahead of the BoJ's rate decisions. 

Sumitomo Mitsui Financial Group decreased 0.1% to ¥3,807.0, Mitsubishi UFJ Financial gained 0.5% to ¥1,851.50, and Mizuho Financial Group advanced 0.2% to ¥3,847.0. 

Osaka Gas Co. Ltd. rose 1.7% to ¥3,268.0, Chubu Electric Power jumped 4.5% to ¥1,624.0, Furukawa Electric advanced 1.6% to ¥6,606.0, and Mitsubishi Electric jumped 2% to ¥2,698.50. 

Speculators Drive Up China Indexes Ahead of Economic Policy Announcements

Stock market indexes in China and Hong Kong advanced ahead of announcements at the conclusion of a key economic policy meeting. 

The Hang Seng index gained 1.4%, and the CSI 300 index gained 0.7% as investors raised expectations for additional stimulus measures with a clear timetable for implementation. 

The yield on China's 10-year bonds edged lower for the seventh day in a row and hovered near 1.813%, and the yuan eased to 7.20 against the U.S. dollar. 

The Hang Seng index rebounded about 40% from its low on September 11 over the next three weeks following a raft of economic stimulus measures announced by the People's Bank of China and political leaders. 

However, those measures failed to revive consumer confidence and property market activities, and benchmark indexes trimmed gains by half over the next two months. 

Investors are skeptical that Chinese leaders are serious about implementing broad and structural economic reforms in the imminent future amid rising government debt and lack of demand growth from consumers. 

A statement at the end of a two-day policy meeting later today is likely to show additional measures agreed by top political leaders. 

China Stock Movers 

The Hang Seng index increased 1.4% to 20,436.94, and the CSI 300 index advanced 0.7% to 4,018.29. 

China Mengniu Dairy advanced 8.2% to HK $19.02, China Resources Beer Holdings Co. Ltd jumped 7.7% to HK $28.40, and Haidilao Pot jumped 5.4% to HK $17.84. 

BYD gained 2.2% to HK $279.60, Li Auto soared 2.9% to HK $91.15, and Xpeng advanced 1.3% to HK $51.25. 

Alibaba Group Holding gained 2.6% to HK $88.45, Tencent Holdings increased 2.4% to HK $419.80, and Meituan expanded 1.7% to HK $169.80. 

Speculators Drive Up China Indexes Ahead of Economic Policy Announcements

Stock market indexes in China and Hong Kong advanced ahead of announcements at the conclusion of a key economic policy meeting. 

The Hang Seng index gained 1.4%, and the CSI 300 index gained 0.7% as investors raised expectations for additional stimulus measures with a clear timetable for implementation. 

The yield on China's 10-year bonds edged lower for the seventh day in a row and hovered near 1.813%, and the yuan eased to 7.20 against the U.S. dollar. 

The Hang Seng index rebounded about 40% from its low on September 11 over the next three weeks following a raft of economic stimulus measures announced by the People's Bank of China and political leaders. 

However, those measures failed to revive consumer confidence and property market activities, and benchmark indexes trimmed gains by half over the next two months. 

Investors are skeptical that Chinese leaders are serious about implementing broad and structural economic reforms in the imminent future amid rising government debt and lack of demand growth from consumers. 

A statement at the end of a two-day policy meeting later today is likely to show additional measures agreed by top political leaders. 

China Stock Movers 

The Hang Seng index increased 1.4% to 20,436.94, and the CSI 300 index advanced 0.7% to 4,018.29. 

China Mengniu Dairy advanced 8.2% to HK $19.02, China Resources Beer Holdings Co. Ltd jumped 7.7% to HK $28.40, and Haidilao Pot jumped 5.4% to HK $17.84. 

BYD gained 2.2% to HK $279.60, Li Auto soared 2.9% to HK $91.15, and Xpeng advanced 1.3% to HK $51.25. 

Alibaba Group Holding gained 2.6% to HK $88.45, Tencent Holdings increased 2.4% to HK $419.80, and Meituan expanded 1.7% to HK $169.80. 

India Movers: Ami Organics, Emami, Jubilant Food Works, Sammaan Capital, Shriram Finance, SBI, Vedanta

Stock market indexes in Mumbai struggled to find direction ahead of the domestic inflation data later in the week. 

The Sensex and Nifty indexes stayed around the flatline ahead of the release of industrial output data later in the day. 

Consumer price inflation in November is expected to ease following the slowdown in food price inflation. 

Industrial output is likely to struggle to advance amid a weak rebound in manufacturing activities. 

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, 212 stocks traded at their 52-week highs, and 14 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.75%, and the Indian rupee eased to 84.84 against the U.S. dollar.

Vedanta Limited advanced 1.3% to ₹521.0, and the company's board at a meeting on December 16 is likely to review a possible fourth interim dividend. 

Ami Organics gained 2.4% to ₹2,249.75, and the company's board approved additional capital expenditure of 177 crore to manufacture electrolyte additives products at a brownfield facility located in Jhagadia. 

Emami Ltd. decreased 0.3% to ₹620.65, and the Central Delhi District consumer watchdog has imposed a ₹15 lakh fine for its unfair marketing practices linked to its Fair and Handsome Cream. 

Sammaan Capital declined 0.1% to ₹167.70, and the formerly known Indiabulls Housing Finance's board has approved a secondary equity offering to raise ₹2,500 crore. 

State Bank of India decreased 0.1% to ₹860.70, and the company invited bids for the sale of bad debts worth 52,074 crore issued to Jaiprakash Associates. 

Shriram Finance Limited increased 0.2% to ₹3,253.60, and the company sold its entire 84.44% stake in its housing finance subsidiary for ₹3,929 crore to Warburg Pincus. 

Reliance Infrastructure Ltd. advanced 1% to ₹298.0, and the Supreme Court issued a contempt notice for the company's subsidiary Delhi Metro Air Express and Axis Bank for failing to pay a refund of ₹4,700 crore to Delhi Metro Rail Corporation. 

Jubilant Food Works declined 2.9% to ₹687.35 after the company's parent company, Jubilant Bhartia Group, agreed to acquire a 40% stake in Hindustan Coca-Cola Beverages. 

India Movers: Ami Organics, Emami, Jubilant Food Works, Sammaan Capital, Shriram Finance, SBI, Vedanta

Stock market indexes in Mumbai struggled to find direction ahead of the domestic inflation data later in the week. 

The Sensex and Nifty indexes stayed around the flatline ahead of the release of industrial output data later in the day. 

Consumer price inflation in November is expected to ease following the slowdown in food price inflation. 

Industrial output is likely to struggle to advance amid a weak rebound in manufacturing activities. 

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, 212 stocks traded at their 52-week highs, and 14 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.75%, and the Indian rupee eased to 84.84 against the U.S. dollar.

Vedanta Limited advanced 1.3% to ₹521.0, and the company's board at a meeting on December 16 is likely to review a possible fourth interim dividend. 

Ami Organics gained 2.4% to ₹2,249.75, and the company's board approved additional capital expenditure of 177 crore to manufacture electrolyte additives products at a brownfield facility located in Jhagadia. 

Emami Ltd. decreased 0.3% to ₹620.65, and the Central Delhi District consumer watchdog has imposed a ₹15 lakh fine for its unfair marketing practices linked to its Fair and Handsome Cream. 

Sammaan Capital declined 0.1% to ₹167.70, and the formerly known Indiabulls Housing Finance's board has approved a secondary equity offering to raise ₹2,500 crore. 

State Bank of India decreased 0.1% to ₹860.70, and the company invited bids for the sale of bad debts worth 52,074 crore issued to Jaiprakash Associates. 

Shriram Finance Limited increased 0.2% to ₹3,253.60, and the company sold its entire 84.44% stake in its housing finance subsidiary for ₹3,929 crore to Warburg Pincus. 

Reliance Infrastructure Ltd. advanced 1% to ₹298.0, and the Supreme Court issued a contempt notice for the company's subsidiary Delhi Metro Air Express and Axis Bank for failing to pay a refund of ₹4,700 crore to Delhi Metro Rail Corporation. 

Jubilant Food Works declined 2.9% to ₹687.35 after the company's parent company, Jubilant Bhartia Group, agreed to acquire a 40% stake in Hindustan Coca-Cola Beverages. 

U.S. and European Markets Scale New Record Highs, Asian Markets Struggle

Tech stocks led the broad market advance on Wall Street after inflation met expectations set by investors. 

The S&P 500 index advanced 0.7%, and the Nasdaq Composite jumped more than 1% after consumer price inflation edged slightly higher in November. 

The annual consumer price inflation increased to 2.7% in November from 2.6% in October, largely driven by persistent increases in the cost of shelter, medical care, new and used vehicles, and furnishing. 

Core consumer price inflation, which excludes volatile food and energy prices, held at 3.3%, unchanged from September and October. 

On a monthly basis, overall and core inflation rose 0.3%, largely driven by an increase in shelter prices. 

Tech stocks led the gainers following the inflation report, and Tesla, Nvidia, Meta Platforms, and Amazon.com advanced. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.9% to 6,090.23, the Nasdaq Composite rose 1.7% to 20,024.81, and the Russell 2000 index advanced by 0.7% to 2,399.03. 

The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds increased to 4.43%.

WTI crude oil increased $1.30 to $69.89 a barrel, and natural gas prices edged up 21 cents to $3.39 a thermal unit.

Gold increased by 23.43 to $2,719.32 an ounce, and silver rose by $0.03 to $31.92. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.11 to 106.50.

Stock Movers 

General Motors advanced 0.7% to $53.55 after the company canceled its plan to stop funding self-driving technology by car company Cruise. 

GE Vernova Inc. increased 2.7% to $336.37 after the company released its full-year outlook for 2024 and 2025. 

The company estimated revenue in 2024 closer to the upper end of its range between $34 billion and $35 billion and in 2025 to range between $36 billion and $37 billion. 

Free cash flow in 2024 is expected to trend closer to the range between $1.3 billion and $1.7 billion and in 2025 to range between $2.0 billion and $2.5 billion. 

Macy's declined 10.5% to $14.92 after the department store chain cut its full-year earnings estimate. 

The company lowered its adjusted earnings per share to range between $2.25 and $2.50 from the previous estimate between $2.55 and $2.90. 

However, the company revised its full-year sales to fall between $22.3 billion and $22.5 billion from the previous estimate between $22.1 billion and $22.4 billion. 

Dave & Buster's Entertainment plunged 16.7% to $30.77 after the arcade and dining venue operator reported a loss and announced the departure of the company's chief executive. 

Revenue in the third quarter decreased 3% to $453 million, driven by a 7% decline in comparable sales from a year ago. 

Net loss expanded to $32.7 million from $5.2 million, and diluted earnings per share rose to 84 cents from 12 cents a year ago, respectively. 

The company's chief executive, Chris Morris, has resigned, and the current chairman of the board, Kevin Sheehan, is acting as the interim chief executive until a permanent chief executive has been appointed. 

During the third quarter, the company repurchased $28 million of shares, bringing its total repurchases year to date to $88 million, representing 2 million shares or 5.1% of the outstanding shares as of the end of fiscal 2023. 

The company has $112 million remaining on its share repurchase authorization. 

Investors In Europe Hope Thursday's Rate Cut to Follow More Trims In First Quarter 

European stock market indexes traded around the flatline ahead of rate decisions on Thursday amid ongoing political turmoil in France and Germany. 

Benchmark indexes in Paris, Frankfurt, Milan, and London lacked direction for the third consecutive day, and investors anticipated a rate cut of at least 25 basis points at the end of the policy meeting on Thursday. 

Investors are also looking forward to the policy committee's estimates on inflation and economic growth outlook in the currency union. 

Market indexes soared as much as 4% in the previous week in the hopes that the central bank is ready to cut rates by 25 basis points and may signal additional cuts in the imminent future following a string of weak economic indicators. 

Europe Indexes and Yields

The DAX index increased by 0.4% to 20,399.16; the CAC-40 index rose by 0.4% to 7,423.40; and the FTSE 100 index inched higher by 0.3% to 8,301.62.

The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.

The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.99 Swiss cents.

Brent crude decreased $1.10 to $73.30 a barrel, and the Dutch TTF natural gas rose by €0.90 to €44.73 per MWh. 

Europe Stock Movers

Adidas AG decreased 1.1% to €236.80 after the German tax authorities raided the company’s headquarters as part of the ongoing tax investigation.

Inditex SA declined 6.5% to €51.32 after the parent company of Zara reported weaker-than-expected sales and profit in the third quarter.

However, the apparel retailer signaled a strong start to holiday season sales.

Siemens Energy AG dropped 1.4% to €48.72 after the U.S.-based rival GE Vernova offered a cautious outlook for its struggling wind energy unit.

Zalando SE plunged 4.7% to €32.80 after the online fashion group agreed to acquire its rival About You Holding for €1.1 billion. 

About You shareholders Otto Group, Otto Family, Heartland, and the company management entered into binding agreements to sell their shares, representing about 73% of total outstanding shares.

After Zalando's offer, About You Holding SE jumped 65% to €6.45. 

TUI AG declined 2.2% to €8.26 despite the tour operator reporting higher profit in fiscal 2024 and estimating higher profits in fiscal 2025.

Bilfinger SE rose 5.3% to €47.85 after the company launched a new stock buyback plan. 

Cohort PLC jumped 5.2% to 1,075.80 pence after the software company reported record performance in the fiscal first half. 

British American Tobacco PLC jumped 1.1% to 2,999.67 pence after the company reaffirmed its annual outlook.

RM plc rose 8.5% to 96.61 pence after the education technology and assessment solution provider said its fiscal year 2024 ending in November is likely to surpass market expectations. 

China Investors Hope Next Stimulus Measures Will Have Clear Implementation Goals 

Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors debated the outcome of the latest policy meeting. 

The Hang Seng index declined 0.2%, and the CSI 300 index dropped 0.3% as the two-day economic work conference got underway in Beijing. 

Investors are looking forward to possible announcements of additional fiscal stimulus at the end of the meeting chaired by President Xi Jinping that could set the tone for the economic growth target for the next year. 

China investors have turned cautious following a series of high-profile announcements of fiscal stimulus from political leaders that have not been followed by concrete measures to revive consumer confidence and arrest the debt-deflation spiral. 

Over the last two months, political leaders and legislative committees have promised several vague and lofty measures to support China's property market and rekindle consumer confidence, but little in the way of plans to achieve those goals. 

China Stock Movers 

The Hang Seng index decreased 0.2% to 20,265.19, and the CSI 300 index fell 0.3% to 3,984.37. 

Consumer-driven stocks advanced in Hong Kong trading as investors searched for bargains. 

Haidilao International increased 2.4% to HK $17.0, China Mengniu Dairy Company rose 2.4% to $17.70, and China Resources Beer Holdings gained 0.6% to HK $26.85. 

Fosun Tourism Group soared 80.2% to HK $7.23 after the company proposed to go private with an offer price of HK $7.80 per share. 

U.S. and European Markets Scale New Record Highs, Asian Ma Struggle

Tech stocks led the broad market advance on Wall Street after inflation met expectations set by investors. 

The S&P 500 index advanced 0.7%, and the Nasdaq Composite jumped more than 1% after consumer price inflation edged slightly higher in November. 

The annual consumer price inflation increased to 2.7% in November from 2.6% in October, largely driven by persistent increases in the cost of shelter, medical care, new and used vehicles, and furnishing. 

Core consumer price inflation, which excludes volatile food and energy prices, held at 3.3%, unchanged from September and October. 

On a monthly basis, overall and core inflation rose 0.3%, largely driven by an increase in shelter prices. 

Tech stocks led the gainers following the inflation report, and Tesla, Nvidia, Meta Platforms, and Amazon.com advanced. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.9% to 6,090.23, the Nasdaq Composite rose 1.7% to 20,024.81, and the Russell 2000 index advanced by 0.7% to 2,399.03. 

The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds increased to 4.43%.

WTI crude oil increased $1.30 to $69.89 a barrel, and natural gas prices edged up 21 cents to $3.39 a thermal unit.

Gold increased by 23.43 to $2,719.32 an ounce, and silver rose by $0.03 to $31.92. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.11 to 106.50.

Stock Movers 

General Motors advanced 0.7% to $53.55 after the company canceled its plan to stop funding self-driving technology by car company Cruise. 

GE Vernova Inc. increased 2.7% to $336.37 after the company released its full-year outlook for 2024 and 2025. 

The company estimated revenue in 2024 closer to the upper end of its range between $34 billion and $35 billion and in 2025 to range between $36 billion and $37 billion. 

Free cash flow in 2024 is expected to trend closer to the range between $1.3 billion and $1.7 billion and in 2025 to range between $2.0 billion and $2.5 billion. 

Macy's declined 10.5% to $14.92 after the department store chain cut its full-year earnings estimate. 

The company lowered its adjusted earnings per share to range between $2.25 and $2.50 from the previous estimate between $2.55 and $2.90. 

However, the company revised its full-year sales to fall between $22.3 billion and $22.5 billion from the previous estimate between $22.1 billion and $22.4 billion. 

Dave & Buster's Entertainment plunged 16.7% to $30.77 after the arcade and dining venue operator reported a loss and announced the departure of the company's chief executive. 

Revenue in the third quarter decreased 3% to $453 million, driven by a 7% decline in comparable sales from a year ago. 

Net loss expanded to $32.7 million from $5.2 million, and diluted earnings per share rose to 84 cents from 12 cents a year ago, respectively. 

The company's chief executive, Chris Morris, has resigned, and the current chairman of the board, Kevin Sheehan, is acting as the interim chief executive until a permanent chief executive has been appointed. 

During the third quarter, the company repurchased $28 million of shares, bringing its total repurchases year to date to $88 million, representing 2 million shares or 5.1% of the outstanding shares as of the end of fiscal 2023. 

The company has $112 million remaining on its share repurchase authorization. 

Investors In Europe Hope Thursday's Rate Cut to Follow More Trims In First Quarter 

European stock market indexes traded around the flatline ahead of rate decisions on Thursday amid ongoing political turmoil in France and Germany. 

Benchmark indexes in Paris, Frankfurt, Milan, and London lacked direction for the third consecutive day, and investors anticipated a rate cut of at least 25 basis points at the end of the policy meeting on Thursday. 

Investors are also looking forward to the policy committee's estimates on inflation and economic growth outlook in the currency union. 

Market indexes soared as much as 4% in the previous week in the hopes that the central bank is ready to cut rates by 25 basis points and may signal additional cuts in the imminent future following a string of weak economic indicators. 

Europe Indexes and Yields

The DAX index increased by 0.4% to 20,399.16; the CAC-40 index rose by 0.4% to 7,423.40; and the FTSE 100 index inched higher by 0.3% to 8,301.62.

The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.

The euro edged higher to $1.05; the British pound inched up to $41.27; and the U.S. dollar eased to 87.99 Swiss cents.

Brent crude decreased $1.10 to $73.30 a barrel, and the Dutch TTF natural gas rose by €0.90 to €44.73 per MWh. 

Europe Stock Movers

Adidas AG decreased 1.1% to €236.80 after the German tax authorities raided the company’s headquarters as part of the ongoing tax investigation.

Inditex SA declined 6.5% to €51.32 after the parent company of Zara reported weaker-than-expected sales and profit in the third quarter.

However, the apparel retailer signaled a strong start to holiday season sales.

Siemens Energy AG dropped 1.4% to €48.72 after the U.S.-based rival GE Vernova offered a cautious outlook for its struggling wind energy unit.

Zalando SE plunged 4.7% to €32.80 after the online fashion group agreed to acquire its rival About You Holding for €1.1 billion. 

About You shareholders Otto Group, Otto Family, Heartland, and the company management entered into binding agreements to sell their shares, representing about 73% of total outstanding shares.

After Zalando's offer, About You Holding SE jumped 65% to €6.45. 

TUI AG declined 2.2% to €8.26 despite the tour operator reporting higher profit in fiscal 2024 and estimating higher profits in fiscal 2025.

Bilfinger SE rose 5.3% to €47.85 after the company launched a new stock buyback plan. 

Cohort PLC jumped 5.2% to 1,075.80 pence after the software company reported record performance in the fiscal first half. 

British American Tobacco PLC jumped 1.1% to 2,999.67 pence after the company reaffirmed its annual outlook.

RM plc rose 8.5% to 96.61 pence after the education technology and assessment solution provider said its fiscal year 2024 ending in November is likely to surpass market expectations. 

China Investors Hope Next Stimulus Measures Will Have Clear Implementation Goals 

Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors debated the outcome of the latest policy meeting. 

The Hang Seng index declined 0.2%, and the CSI 300 index dropped 0.3% as the two-day economic work conference got underway in Beijing. 

Investors are looking forward to possible announcements of additional fiscal stimulus at the end of the meeting chaired by President Xi Jinping that could set the tone for the economic growth target for the next year. 

China investors have turned cautious following a series of high-profile announcements of fiscal stimulus from political leaders that have not been followed by concrete measures to revive consumer confidence and arrest the debt-deflation spiral. 

Over the last two months, political leaders and legislative committees have promised several vague and lofty measures to support China's property market and rekindle consumer confidence, but little in the way of plans to achieve those goals. 

China Stock Movers 

The Hang Seng index decreased 0.2% to 20,265.19, and the CSI 300 index fell 0.3% to 3,984.37. 

Consumer-driven stocks advanced in Hong Kong trading as investors searched for bargains. 

Haidilao International increased 2.4% to HK $17.0, China Mengniu Dairy Company rose 2.4% to $17.70, and China Resources Beer Holdings gained 0.6% to HK $26.85. 

Fosun Tourism Group soared 80.2% to HK $7.23 after the company proposed to go private with an offer price of HK $7.80 per share.