European stocks look set for a tepid start as traders await a European Central Bank monetary policy decision. A Chinese share rally fizzled after a press briefing on the property market failed to deliver major stimulus. Euro Stoxx 50 futures were little changed while US equity contracts fell in Asian trading. China’s CSI 300 erased a rally of as much as 1.3% after officials said the government will expand a program to support “white list” projects to 4 trillion yuan ($562 billion) from about 2.23 trillion yuan already deployed. The negative market reaction shows investors have set an increasingly high bar for stimulus optimism. The ECB is forecast to lower interest rates for a second straight meeting Thursday after data showed slowing inflation is being accompanied by a worsening economy. Nestle SA, Nordea Bank Abp and Nokia Oyj are among companies that have announced earnings Thursday. The challenge for China investors “right now is that we don’t have a big enough package to get people excited,” Jun Bei Liu, a fund manager at Tribeca Investment Partners, said on Bloomberg Television. “The Chinese economy is sitting at the bottom, but to reignite the growth, they really need to reignite confidence.” Elsewhere in Asia, stock benchmarks declined in Japan and South Korea, and rose in Australia. Taiwan Semiconductor Manufacturing Co. reported net income for the third quarter that beat the average analyst estimate. The data eased concerns over the chip sector after ASML Holding NV offered surprisingly dour order numbers and cut its 2025 revenue forecast earlier this week. In European earnings, Nestle guided for a lower-than-expected organic revenue growth of 2% for the full-year, while Nordea Bank met estimate for its net interest income. Nokia Oyj sales failed to meet analysts’ estimates in the third quarter, as a recovery takes shape slower than previously expected. Chinese data due Friday will show the world’s second-biggest economy expanded 4.5% in the third quarter from a year ago, according to economists surveyed by Bloomberg. That would mark its weakest pace in six quarters. Chinese President Xi Jinping has called on government officials to make every effort to help the country meet its annual growth target of around 5%. However, after a series of press conferences this month in which policymakers offered no details of fresh stimulus, fears are now mounting that efforts may not be enough to revive growth. China’s fading rally coupled with a selloff in technology companies is souring the outlook for Asian markets. The region’s MSCI equity index is still on course for its best year since 2020, but with traders expecting the Federal Reserve to set back interest-rate cuts and earnings slowing in markets such as India and Korea, risk sentiment needs fresh triggers to sustain momentum. The Treasury 10-year yield climbed two basis points in Asian trade to 4.03%, and the Bloomberg dollar index was little changed. Australia’s dollar gained after the country’s unemployment rate was 4.1% in September, lower than the forecast of 4.2% in a Bloomberg survey. Gains for US small-caps on Wednesday indicated investors are shifting out of the world’s largest tech companies that have soared on the back of the artificial intelligence boom and into other stocks that benefit in benign economic conditions. Oil climbed, after four days of declines, as traders weighed potential risks to production from the Middle East against concerns over a global glut. Bitcoin fell after rising 1.7% Wednesday to touch the highest level since July. Iron ore tumbled to a three-week low, a sign that investors doubt whether China’s latest moves to shore up the property market will do enough to boost construction activity and steel demand. US After Hours AA +8.8%, SNV +3.1%, STLD +2.8% higher on earnings; EFX -4.6%, CSX -4.3%, KMI -2.6%, DFS -1.2% lower on earnings; GEVO +45.8% and CLMT +18.6% higher on Dept of Energy awards.
Nikkei -0.12% Hang Seng +0.36% CSI -0.07% Shanghai -0.05% Shenzen +0.55%
Eur$ 1.0854 CNH 7.1346 CNY 7.1213 JPY 149.52 GBP 1.2987 CHF 0.8662 RUB 97.5023 TRY 34.1860 WTI$ 70.57 +0.26% Gold 2,684 +0.37% BTC 67,324 -0.44% ETH 2,626.6 +0.33%
S&P -0.10% Nasdaq -0.04% EuroStoxx +0.04% FTSE +0.24% Dax +0.04% SMI -0.39%
Macro :
- Trump Gets 50% Nationally, Harris Gets 48%: Fox News Poll
- Bitcoin Pulls Ahead in Markets in Sign of Bets on Trump Victory
- Druckenmiller Says Market Is ‘Very Convinced’ Trump Will Win
- Goldman’s Trading Desk Sees S&P 500 Reaching 6,270 by Year-End
- US AIRLINES INDEX POSTS BEST DAY SINCE OCTOBER 2022, UP 6.5%
- US AIRLINES INDEX POSTS BEST DAY SINCE OCTOBER 2022, UP 6.5%
- McKinsey to Pay at Least $500 Million in DOJ Opioid Probe (1)
- Buy DAX Strangles to Play SAP Earnings, JPMorgan Strategists Say
- JPMorgan Wraps Up $1 Billion Debt-Swap Deal for El Salvador
- Switzerland Sept. Watch Exports Fell 12.4% Y/Y
Keep an eye on :
Keep an eye on :
- ABBN SW : ABB Sees FY Op. Ebita Margin Above 18%, Saw About 18%, Est. 18%
- ADP FP : ADP Sept. Passenger Traffic +5.5%
- AA US : Alcoa Shares Rise as Adjusted Ebitda Beats Street Estimates
- AA US : Alcoa Shares Rise as Adjusted Ebitda Beats Street Estimates
- AAL LN : BHP Chief Met With South Africa Officials, PIC Last Week: FT
- MT NA : Alcoa Shares Rise as Adjusted Ebitda Beats Street Estimates
- APAM NA : Aperam to Buy Universal Stainless for $45/Share in All-Cash Deal
- AAPL US : Apple Secretly Worked With China’s BYD on Long-Range EV Battery
- ARJOB SS : Arjo 3Q Net Sales Misses Estimates
- ASML NA : ASML Questioned by Dutch Regulator After Results Release Mistake
- BIOAB SS : BioArctic Drops After Australia’s TGA Turns Down Leqembi Drug
- BA US : Boeing Close on Plan to Raise $15B Via Stock, Hybrid Bonds: Rtrs
- CHEMM DC : ChemoMetec Jumps on Revenue Forecast Boost, Ovizio Binding Offer
- ROO LN : Deliveroo 3Q Gross Transaction Value Misses Estimates
- ENTRA NO : Entra 3Q Net Operating Income Meets Estimates
- EQT SS : EQT 3Q Total Investments EU6B Vs. EU2B Y/y
- EQT SS : Temasek to Buy 17%-18% Stake in VFS Global for $950m: Mint
- EXPE US : Uber Has Explored Possible Bid for Expedia: FT
- GFC FP : Gecina FY Recurrent Net per Share Forecast Beats Estimates
- GET FP : Getlink 3Q Revenue Beats Estimates
- GEVO US : Gevo Secures Conditional Commitment from U.S. Department of Energy Loan Programs Office for its Net-Zero 1 Sustainable Aviation +15% in after Hours
- GS US : Goldman Sachs Unit in Talks to Join Northvolt Rescue Effort
- HNSA SS : Hansa Biopharma 3Q Net Loss SEK103.8M, Est. Loss SEK262.5M
- KINDSDB SS : Kindred Prelim 3Q Gross Winnings Revenue GBP283.1M
- EMG LN : Man Group 3Q Net Outflows $5.5B Vs. Inflows $700M Y/y
- MRK GY : Merck KGaA Trims Health Care And Life Sciences Targets, Eyes M&A
- META US : Meta criticised for calling its AI models ‘open-source’
- NA9 GY : Nagarro Confirms It’s in Talks on Potential Take-Private
- NESN SW : Nestle FY Organic Revenue Forecast Misses Estimates (1)
- NESN SW : Nestlé announces changes to its organization and its Executive Board
- NKE US : NIKE ticks lower following report it's ready for a global push for its outdoor business, All Conditions Gear, according to Bloomberg
- NOKIA FH : Nokia Sales Miss Estimates as Turnaround Fails to Materialize
- NDA FH : Nordea Raises 2024 Outlook and Unveils More Share Buybacks
- NVDA US : DRUCKENMILLER: SELLING ALL MY NVIDIA STOCK WAS 'A BIG MISTAKE'
- NVAX US : Novavax Shares Slump After FDA Hold on Covid-Flu Shot Candidates
- OKLO US : Google Says Nuclear Is Key to Around-the-Clock Clean Power
- RI FP : Pernod Ricard 1Q Organic Sales Misses Estimates
- PST IM : Poste Italiane Placing Postponed to November: Sole
- PCELL SS : PowerCell 3Q Sales SEK71.9M Vs. SEK69.9M Y/y
- PUB FP : Publicis 3Q Organic Revenue Beats Estimates
- RBI AV : UniCredit, Raiffeisen See Fading Options to Get Out of Russia
- RTO LN : Rentokil 3Q North America Revenue Beats Estimates
- SAN FP : Sanofi Invests €300M for 16% in New Entity Under Orano Med Brand
- DIM FP : Sartorius Stedim 9M Underlying Ebitda EU564.7M Vs. EU594.0M Y/y
- SRT GY : Sartorius 9M Adjusted Ebitda EU686.5M Vs. EU733.4M Y/y
- SU FP : Schneider Electric to Buy 75% of Motivair for $850M:M&A Snapshot
- SCHP SW : Schindler 3Q Ebit Beats Estimates
- SCHP SW : Schindler Plans Up to CHF500M Share Buyback Program
- SES IM : Sesa Drops as CEO of Partner Firm Digital Value Investigated
- ENR GY : Siemens Energy: Kaeser seeks second term as Chairman of the Supervisory Board : Handelsblatt
- SIP BB : Sipef 9M Palm Oil Output 266,502 Metric Tons Vs. 292,880 Y/y
- SLIGR NA : Sligro 3Q Sales EU730M Vs. EU705M Y/y
- STERV FH : Stora Enso CEO Says Efforts on Cash Flow Went ‘Too Far’: DI
- TLGO SM : Talgo Receives Takeover Interest From Sidenor Group
- TIETO FH : TietoEVRY Sees FY Organic Revenue -2%, Saw 0% to +3%
- 2330 TT : TSMC’s Profit Beats Estimates During an AI Chip Boom (1)
- UBER US : Uber Has Explored Possible Bid for Expedia: FT
- UCG IM : UniCredit, Raiffeisen See Fading Options to Get Out of Russia
- UCG IM !: UniCredit Agrees to 1,000 Voluntary Layoffs, 500 Hires: Union
- USAP US : Aperam to Buy Universal Stainless for $45/Share in All-Cash Deal
- VACN SW : VAT 9M Net Sales CHF659.0M Vs. CHF663.5M Y/y