European Shares Seen Opening Up On China Optimism

RTTNews | 24 days ago
European Shares Seen Opening Up On China Optimism

(RTTNews) - European stocks are seen opening on a positive note Friday amid optimism about the Chinese economy and stimulus push.

China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence, survey results from S&P Global showed today.

The Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September.

Also, China's residential property sales rose in October, marking the first on-year increase of 2024.

Asian stocks were broadly higher, even as Chinese and Hong Kong markets crept higher ahead of a meeting of China's top legislative body from Nov. 4-8, with officials likely to approve over 10 trillion yuan ($1.4 trillion) in additional borrowing in the coming years to shore up the economy.

Japan's Nikkei index was down over 2 percent despite the yen retracing some of its recent gains after the release of weak manufacturing data.

London copper edged up on a softer dollar as investors await the all-important U.S. jobs report as well as a reading on manufacturing activity later in the day for additional clues on the Fed's rate trajectory.

Closer home, factory purchasing managers' survey results and house price data from the U.K. are due, headlining a light day for the European economic news.

The dollar steadied against major peers while gold edged up slightly as the latest core PCE inflation data suggested that the Fed is still on a bumpy course in this last mile to quell inflation and declare victory.

Oil prices were up nearly 2 percent in Asian trading following reports that Iran is preparing to attack Israel from Iraqi territory in the coming days.

On the earnings front, Apple reported weaker-than-anticipated sales in China. while Amazon and Intel issued strong guidance.

Exxon Mobil and Chevron are due to report their earnings results before the U.S. opening bell later in the day.

U.S. stocks tumbled overnight as Meta Platforms and Microsoft warned of rising costs for artificial intelligence.

In economic news, consumer spending beat expectations in September and unemployment claims dropped to a five-month low while labor costs posted their smallest increase in more than three years in the third quarter amid cooling wage growth, separate set of data showed.

PCE index, the Fed's preferred inflation measure, revealed a slight decline in the headline inflation rate to 2.1 percent year-over-year in September while core PCE inflation held steady at 2.7 percent versus 2.6 percent expected, adding to recent concerns the Fed will lower rates more slowly than hoped.

The tech-heavy Nasdaq Composite plummeted 2.8 percent, the S&P 500 plunged 1.9 percent and the Dow dropped 0.9 percent.

European stocks fell notably on Thursday as data revealed a bigger than expected increase in euro zone inflation.

The pan European STOXX 600 declined 1.2 percent. The German DAX dipped 0.9 percent, France's CAC 40 lost 1.1 percent and the U.K.'s FTSE 100 gave up 0.6 percent.

read more
U.S. Dollar Falls Amid Risk Appetite

U.S. Dollar Falls Amid Risk Appetite

The U.S. dollar weakened against other major currencies in the Asian session on Monday amid risk appetite, following the broadly positive cues from Wall Street on Friday, boosted by strong gains in markets in Japan, Indonesia and South Korea as traders remain optimistic about a 25-basis point rate cut by the U.S. Fed in December after data showing consumer sentiment in the U.S. improved less than expected in November.
RTTNews | 5h 1min ago
European Economic News Preview: German Ifo Business Confidence Data Due

European Economic News Preview: German Ifo Business Confidence Data Due

Business confidence survey data from Germany is the only major economic report due on Monday, headlining a light day for the European economic news. At 2.00 am ET, manufacturing sentiment and capacity utilization figures are due from Turkey. At 2.30 am ET, Switzerland's Federal Statistical Office releases employment data for the third quarter.
RTTNews | 6h 7min ago
European Shares Set To Open On Buoyant Note

European Shares Set To Open On Buoyant Note

European stocks look set to open notably higher on Monday after U.S. President-elect Donald Trump picked hedge fund billionaire Scott Bessent as his Treasury Secretary, raising optimism he would recommend "tariffs be layered in gradually".
RTTNews | 6h 52min ago
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, boosted by strong gains in markets in Japan, Indonesia and South Korea as traders remain optimistic about a 25-basis point rate cut by the US Fed in December after data showing consumer sentiment in the U.S. improved less than expected in November.
RTTNews | 8h 58min ago
Sensex, Nifty Set For Gap-up Opening

Sensex, Nifty Set For Gap-up Opening

Indian shares may see a gap-up opening on Monday after BJP-led alliance scored significant victory in the Maharashtra state assembly elections, raising expectations for increased government spending to boost domestic demand.
RTTNews | 9h 56min ago
Japanese Market Sharply Higher

Japanese Market Sharply Higher

The Japanese stock market is trading sharply higher on Monday, adding to the gains in the previous session. The benchmark S&P/ASX 200 is moving above the 38,900 level, following the broadly positive cues from Wall Street on Friday, with gains across most sectors led by index heavyweights, financial and technology stocks after recent data showed headline inflation slowing to a nine-month low.
RTTNews | 10h 5min ago
Thai Stock Market Expected To Open In The Green On Monday

Thai Stock Market Expected To Open In The Green On Monday

The Thai stock market rebounded on Friday, one day after snapping the three-day winning streak in which it had gathered more than 20 points or 1.5 percent. The Stock Exchange of Thailand now sits just above the 1,445-point plateau and it's tipped to open to the upside again on Monday.
RTTNews | 10h 26min ago