16 minutes ago
Government bond yields are falling
Treasury yields fell across the curve as traders gauge the prospects that the Fed will complete rate hikes for the year.
The benchmark 10-year Treasury yield traded at 4.718%, down 7 basis points. The yield on short-term two-year bonds fell about 2 basis points to 4.956%.
See grafic…
1-day chart for the 10-year Treasury yield
2 hours ago
European stocks open higher
European stock markets opened higher on Thursday after posting a positive session for the third straight session.
The Stoxx 600 index was up 1.16% at 8:28 a.m. London time, with France’s CAC 40 up 1.26% and Germany’s DAX up 1.16%. Britain’s FTSE 100 was 1% higher.
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Stoxx 600 index.
9 hours ago
Hong Kong retail sales are growing at their slowest pace since the start of the year
Retail sales in Hong Kong grew at their slowest pace since January, highlighting the impact of the global high interest rate environment.
Official data showed late Wednesday that retail sales rose 13% year-on-year in September, less than the 13.7% rise the previous month.
“The reason for the sluggish recovery is elevated interest rates, which are dampening consumption and tourism, foreign trade and investment,” said Samuel Tse, a DBS economist. “Hong Kong’s economic fundamentals are closely aligned with those of the mainland (China).”
Tse said foreign demand from both China and the rest of the world was subdued, highlighting that rising interest rates were holding back consumption due to high fixed-term deposit rates, a strong Hong Kong dollar and a weak asset market.
—Shreyashi Sanyal
8 hours ago
Australia’s September trade surplus narrows to its lowest level in 32 months
Official data showed Australia’s goods balance fell to 6.79 billion Australian dollars ($4.37 billion) in September, seasonally adjusted.
The figure was the lowest since March 2021 and was below a Portal poll forecast of AU$9.64 billion.
Exports fell 1.4%, driven by a decline in non-monetary gold shipments. Imports rose 7.5%, led by a 74% increase in imports of industrial transportation equipment.
The Australian Bureau of Statistics said it had stopped publishing trade services data monthly and would now publish it quarterly.
—Shreyashi Sanyal
11 hours ago
South Korea reports higher-than-expected inflation, accelerating for the third straight month
South Korea’s inflation rate accelerated for the third straight month in October, with the consumer price index rising 3.8% year-on-year.
That was higher than the 3.6% expected by economists polled by Portal and also higher than the 3.7% rise in September.
The reading marks the third consecutive month that the country’s inflation rate has risen, after hitting a 25-month low of 2.3% in July.
—Lim Hui Jie
12 hours ago
Stocks heading for weekly gains
With more than half of the trading week now behind us, the three major indexes are on track to close higher.
The Dow and S&P 500 are up 2.6% and 2.9%, respectively, since the start of the week. The Nasdaq Composite rose 3.3%, underscoring the particularly strong performance of technology stocks.
—Alex Harring
12 hours ago
See how stocks move in extended trading
These are some of the stocks moving after-hours:
- SolarEdge – Solar stocks plunged 23% after SolarEdge released a dismal third-quarter report and guidance for current-quarter revenue.
- Qualcomm – Shares rose 3.6% after the wireless technology beat analysts’ estimates in the fiscal fourth quarter.
- Airbnb – The vacation rental platform fell nearly 3% on disappointing revenue forecasts.
The full list can be found here.
—Alex Harring
12 hours ago
Stock futures have barely changed
Stock futures traded almost flat on Wednesday evening.
Dow futures were near zero, while S&P 500 and Nasdaq 100 futures each gained about 0.1%.
—Alex Harring