- Barry Adams
- 11 Dec, 2024
- New York City
Wall Street indexes advanced after the latest consumer price inflation update met expectations set by economists.
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, the U.S. Bureau of Labor Statistics reported Wednesday.
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 0.7% to 6,074.54, the Nasdaq Composite rose 1.3% to 19,934.40, and the Russell 2000 index advanced by 0.5% to 2,393.18.
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 $0.81 to $69.35 a barrel, and natural gas prices edged up 13 cents to $3.29 a thermal unit.
Gold increased by $6.32 to $2,701.34 an ounce, and silver fell by $0.13 to $31.77.
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.
- Scott Peters
- 11 Dec, 2024
- New York City
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.
- Scott Peters
- 11 Dec, 2024
- New York City
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.
- Barry Adams
- 11 Dec, 2024
- New York City
Wall Street indexes advanced after the latest consumer price inflation update met expectations set by economists.
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 0.7% to 6,074.54, the Nasdaq Composite rose 1.3% to 19,934.40, and the Russell 2000 index advanced by 0.5% to 2,393.18.
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 $0.81 to $69.35 a barrel, and natural gas prices edged up 13 cents to $3.29 a thermal unit.
Gold increased by $6.32 to $2,701.34 an ounce, and silver fell by $0.13 to $31.77.
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.
- Inga Muller
- 11 Dec, 2024
- Frankfurt
The European Central Bank is widely expected to announce a rate cut by at least 25 basis points and signal its readiness for additional rate cuts if the economy warrants.
The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
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%.
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.
- Inga Muller
- 11 Dec, 2024
- Frankfurt
The European Central Bank is widely expected to announce a rate cut by at least 25 basis points and signal its readiness for additional rate cuts if the economy warrants.
The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
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%.
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.
- Bridgette Randall
- 11 Dec, 2024
- London
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 decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
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 $1.27; and the U.S. dollar eased to 87.99 Swiss cents.
Brent crude decreased $0.41 to $71.72 a barrel, and the Dutch TTF natural gas rose by €0.17 to €45.10 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.
- Bridgette Randall
- 11 Dec, 2024
- London
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 decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.
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 $0.41 to $71.72 a barrel, and the Dutch TTF natural gas rose by €0.17 to €45.10 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.
- Li Chen
- 11 Dec, 2024
- Hong Kong
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.
- Li Chen
- 11 Dec, 2024
- Hong Kong
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.
- Li Chen
- 11 Dec, 2024
- Hong Kong
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 went underway in Beijing.
Investors are looking forward to possible announcement of additional fiscal stimulus at the end of the meeting chaired by President Xi Jinping, that could set the tone for 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 which have not been followed by concrete measures to revive consumer confidence and arrest debt-deflation spiral.
Over the last two months, political leaders and legislative committee's 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 Holding 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.
- Arun Goswami
- 11 Dec, 2024
- Mumbai
Investors turned cautious amid worries of persistent high inflation, largely driven by elevated food inflation and lack of progress in improving the nation's food storage and distribution system.
The Sensex index increased by 0.03% to 81,540.45, and the Nifty index advanced by 0.1% to 24,626.10.
On the Mumbai stock exchange, 139 stocks traded at their 52-week highs, and 13 stocks traded at their 52-week lows.
NTPC Green Energy rose 2.2% to ₹149.95, and the company's subsidiary, NTPC Renewable Energy Limited, won an order from the Solar Energy Corporation of India.
The ₹2,000 MW solar power project, along with the ₹4,000 MW battery storage system, has a tariff of ₹3.52 per MWh.
Asian Paints Ltd increased 0.8% to ₹2,406.80, and the Life Insurance Corporation increased its stake in the company to 7% from 5%.
HG Infra Engineering Ltd. advanced 3.5% to ₹1,505.95, and the company said it won a ₹763.1 crore worth road project in Uttar Pradesh from the Ministry of Road Transport and Highways.
Indian Overseas Bank gained 2.2% to ₹58.13 after the Income Tax Department issued a refund of ₹1,359.29 for the fiscal year 2016.
Awfis Space Solutions increased 0.4% to ₹719.80, and Bisque, Peak XV Partners, and Link Investment Trust are likely to sell as many as 86 lakh shares in the company through a block deal.
Adani Ports and SEZ Limited edged up 0.1% to ₹1,249.50, and the company said it plans to use its internal resources to finance a project in Sri Lanka.
Reliance Industries inched up 0.1% to ₹1,286.05 after several reports suggested that the diversified conglomerate is in talks to arrange a loan worth $3 billion, or ₹26,000 crore, from international investors.
- Arun Goswami
- 11 Dec, 2024
- Mumbai
Investors turned cautious amid worries of persistent high inflation, largely driven by elevated food inflation and lack of progress in improving the nation's food storage and distribution system.
The Sensex index increased by 0.03% to 81,540.45, and the Nifty index advanced by 0.1% to 24,626.10.
On the Mumbai stock exchange, 139 stocks traded at their 52-week highs, and 13 stocks traded at their 52-week lows.
NTPC Green Energy rose 2.2% to ₹149.95, and the company's subsidiary, NTPC Renewable Energy Limited, won an order from the Solar Energy Corporation of India.
The ₹2,000 MW solar power project, along with the ₹4,000 MW battery storage system, has a tariff of ₹3.52 per MWh.
Asian Paints Ltd increased 0.8% to ₹2,406.80, and the Life Insurance Corporation increased its stake in the company to 7% from 5%.
HG Infra Engineering Ltd. advanced 3.5% to ₹1,505.95, and the company said it won a ₹763.1 crore worth road project in Uttar Pradesh from the Ministry of Road Transport and Highways.
Indian Overseas Bank gained 2.2% to ₹58.13 after the Income Tax Department issued a refund of ₹1,359.29 for the fiscal year 2016.
Awfis Space Solutions increased 0.4% to ₹719.80, and Bisque, Peak XV Partners, and Link Investment Trust are likely to sell as many as 86 lakh shares in the company through a block deal.
Adani Ports and SEZ Limited edged up 0.1% to ₹1,249.50, and the company said it plans to use its internal resources to finance a project in Sri Lanka.
Reliance Industries inched up 0.1% to ₹1,286.05 after several reports suggested that the diversified conglomerate is in talks to arrange a loan worth $3 billion, or ₹26,000 crore, from international investors.
- Alexander Garcia
- 10 Dec, 2024
- Miami
Wall Street indexes struggled to advance ahead of rate decisions from central banks and the U.S. inflation reports.
The S&P 500 index increased a fraction, but the Nasdaq Composite advanced 0.7% as investors stayed focused on mega-cap companies, including Microsoft, Meta Platforms, Google-parent Alphabet, and Amazon.com.
A string of positive labor market reports and factory orders last week supported the case for the Federal Reserve to consider one more rate cut at the last policy meeting of 2024 next week.
Investors are hoping that consumer and producer price inflation reports later in the week confirm the disinflationary trend in place for more than a year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.01% to 6,052.58, the Nasdaq Composite rose 0.1% to 19,756.70, and the Russell 2000 index rose by 0.3% to 2,399.60.
The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.23%, and 30-year Treasury bonds increased to 4.43%.
WTI crude oil increased $0.49 to $68.86 a barrel, and natural gas prices edged down 4 cents to $3.13 a thermal unit.
Gold increased by $34.01 to $2,694.63 an ounce, and silver rose by $0.16 to $32.06.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.40 to 106.54.
Stock Movers
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
Political Uncertainty In Germany and France Keeps European Market Indexes Under Pressure
European markets struggled to advance ahead of the rate decisions and ongoing political turmoil in Germany and France.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to stay above the flatline as France struggled to form the next government, and the ECB is set to announce its rate decisions on Thursday.
President Emmanuel Macron invited leaders of political parties to discuss the selection of the next prime minister, excluding the far-right National Rally party and the far-left party France La Insoumise.
Historically, French politics has avoided coalitions of parties that compromise on ideas, but with not a single party holding a majority to form the government, political leaders are learning the art of compromise.
On the economic front, Germany's consumer price inflation edged higher to 2.2% in November from 2.0% in October, confirming the preliminary estimate released by the Destatis.
Consumer price inflation in Norway dropped to 2.4% in November from 2.6% in October, Statistics Norway reported Tuesday.
Consumer prices rose at the slowest pace since December 2020 in the energy-rich nation, primarily due to the slowdown in housing and utility costs to 2.1% from 4.5% in the previous month.
Mining stocks in London and luxury goods stocks in Paris faced selling pressure after China's exports rose at a slower-than-expected pace in November.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 20,329.16; the CAC-40 index fell by 1.1% to 7,394.78; and the FTSE 100 index inched lower by 0.9% to 8,280.36.
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 $0.39 to $72.52 a barrel, and the Dutch TTF natural gas rose by €0.72 to €45.64 per MWh.
Europe Stock Movers
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
China's Export Growth Slowed In November
China's export growth slowed down in November, but the overall exports stayed elevated amid the sustained demand for its products in the ASEAN region, the European Union, and the U.S.
On an annual basis, China's exports increased 6.7% to $312.3 billion, and imports declined 3.9% to $214.9 billion, resulting in a trade surplus surge of 40% to $97.4 billion.
Exports to the U.S. rose 8%, to the European Union by 7.2%, to Japan by 6.4%, and to the ASEAN region by 20.1%.
China's exports in the first eleven months to November increased 5.4% to $3.24 trillion, driven by higher shipments of textiles, aluminum products, and mechanical and electrical products.
- Barry Adams
- 10 Dec, 2024
- Miami
Wall Street indexes struggled to advance ahead of rate decisions from central banks and the U.S. inflation reports.
The S&P 500 index increased a fraction, but the Nasdaq Composite advanced 0.7% as investors stayed focused on mega-cap companies, including Microsoft, Meta Platforms, Google-parent Alphabet, and Amazon.com.
A string of positive labor market reports and factory orders last week supported the case for the Federal Reserve to consider one more rate cut at the last policy meeting of 2024 next week.
Investors are hoping that consumer and producer price inflation reports later in the week confirm the disinflationary trend in place for more than a year.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.01% to 6,052.58, the Nasdaq Composite rose 0.1% to 19,756.70, and the Russell 2000 index rose by 0.3% to 2,399.60.
The yield on 2-year Treasury notes edged higher to 4.15%, 10-year Treasury notes inched up to 4.23%, and 30-year Treasury bonds increased to 4.43%.
WTI crude oil increased $0.49 to $68.86 a barrel, and natural gas prices edged down 4 cents to $3.13 a thermal unit.
Gold increased by $34.01 to $2,694.63 an ounce, and silver rose by $0.16 to $32.06.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.40 to 106.54.
Stock Movers
Oracle Corp. dropped 6.5% to $178.06 after the database developer and cloud services provider reported strong revenue growth in the fiscal second quarter, but earnings fell short of expectations.
Total revenue in the quarter increased 9% to $14.1 billion, driven by a 24% surge in cloud service revenue of $5.9 billion.
Net income jumped 26% to $3.2 billion from $2.5 billion, and diluted earnings per share advanced to $1.10 from 89 cents a year ago.
The company's board of directors declared a cash dividend of 40 cents per share payable on January 23 to shareholders on record on January 9.
MongoDB declined 7.4% to $325.50 after the database developer lifted its outlook for the fourth quarter.
Total revenue in the third quarter increased 22% to $529.4 million, net loss shrank to $9.8 million from $29.3 million, and diluted loss per share eased to 13 cents from 41 cents a year ago.
The company estimated fourth quarter revenue to range between $515 million and $519 million, adjusted operating income between $55 million and $58 million, and adjusted earnings per share between 62 cents and 65 cents.
Vail Resorts jumped 4% to $198.50 after the ski resort operator reported quarterly results.
Revenue in the fiscal first quarter ending in October increased to $260.3 million from $258.6 million, net loss shrank to $172.8 million from $175.5 million, and diluted loss per share edged up to $4.61 from $4.60 a year ago.
For the fiscal year 2025, the company revised its estimate of operating earnings to range between $240 million and $316 million from $224 million to $300 million.
The company declared a cash dividend of $2.22 per share, payable on January 9 to shareholders on record on December 26.
Political Uncertainty In Germany and France Keeps European Market Indexes Under Pressure
European markets struggled to advance ahead of the rate decisions and ongoing political turmoil in Germany and France.
Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to stay above the flatline as France struggled to form the next government, and the ECB is set to announce its rate decisions on Thursday.
President Emmanuel Macron invited leaders of political parties to discuss the selection of the next prime minister, excluding the far-right National Rally party and the far-left party France La Insoumise.
Historically, French politics has avoided coalitions of parties that compromise on ideas, but with not a single party holding a majority to form the government, political leaders are learning the art of compromise.
On the economic front, Germany's consumer price inflation edged higher to 2.2% in November from 2.0% in October, confirming the preliminary estimate released by the Destatis.
Consumer price inflation in Norway dropped to 2.4% in November from 2.6% in October, Statistics Norway reported Tuesday.
Consumer prices rose at the slowest pace since December 2020 in the energy-rich nation, primarily due to the slowdown in housing and utility costs to 2.1% from 4.5% in the previous month.
Mining stocks in London and luxury goods stocks in Paris faced selling pressure after China's exports rose at a slower-than-expected pace in November.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 20,329.16; the CAC-40 index fell by 1.1% to 7,394.78; and the FTSE 100 index inched lower by 0.9% to 8,280.36.
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 $0.39 to $72.52 a barrel, and the Dutch TTF natural gas rose by €0.72 to €45.64 per MWh.
Europe Stock Movers
Delivery Hero SE plunged 10.2% to €31.92 after the Germany-based delivery company's Middle Eastern unit Talabat completed its initial public offering and commenced trading in Dubai.
The United Arab Emirates' largest public offering in 2024 was priced at 1.60 dirham and advanced 6% to 1.70 dirham in trading.
Delivery Hero sold a 20% stake in the company and raised about €1.9 billion.
Volkswagen AG increased 1.3% to €88.25, and the company and workers' union agreed to extend talks to agree on a framework for plant closures.
TeamViewer SE declined 12.7% to €10.99, and the German remote access and support software developer agreed to acquire the UK-based 1E for an enterprise value of $720 million.
Centrica PLC decreased 0.2% to 131.10 pence after the parent company of British Gas expanded its stock repurchase plan by £300 million to £1.5 billion.
Ashtead Group declined 12.5% to 5,489.59 pence after the equipment rental company said it plans to move its stock listing to New York from London.
FirstGroup plc increased 4% to 160.30 pence after the company agreed to acquire RATP London from RATP Developpement for an enterprise value of £90 million.
China's Exports Growth Slowed In November
On an annual basis, China's exports increased 6.7% to $312.3 billion, and imports declined 3.9% to $214.9 billion, resulting in a trade surplus surge of 40% to $97.4 billion.
Exports to the U.S. rose 8%, to the European Union by 7.2%, to Japan by 6.4%, and to the ASEAN region by 20.1%.
China's exports in the first eleven months to November increased 5.4% to $3.24 trillion, driven by higher shipments of textiles, aluminum products, and mechanical and electrical products.