The procedures begin today vote in the USA, although it will take a day to have the final verdict. On the market there can only be a climate of anxious waiting after the polls gave the contest as being in the balance until the very end. Instead, the bags in china are on the rise thanks to data tonight that indicated a higher consumer and business confidence, a sign that government stimulus is likely starting to kick in. Japan is also rising after a long holiday weekend.
Il dollar, which had weakened as traders made final adjustments to positions, was bought at 152,46 yen and traded at $1,0879 per euro, levels seen as neutral by investors who generally expect a clear victory for Republican Donald Trump to lift the dollar, while a victory for Democrat Kamala Harris would send it lower.
Wall Street slightly down, but Intel and Tesla are the worst
Wall Street closed in fractional decline, with the Dow Jones leaving 0,61% on the floor; along the same line, the S&P-500 fell in the final minutes, below the levels of the day before at 5.713 points. The Nasdaq 100 fell fractionally (-0,35%). The energy (+500%) and materials (+1,87%) sectors stood out in the S&P 0,47 basket. At the bottom of the ranking, the greatest declines were seen in the utilities (-1,21%), telecommunications (-0,92%) and financial (-0,71%) sectors. The worst performances, however, were recorded on Intel, which closed at -2,89%. A sharp decline for Tesla Motors, which marks a -2,47%.
Among today's macroeconomic events, the trade balance is scheduled at 14:30 PM (expected -83,3 billion dollars; previous -70,4 billion), at 15:45 PM the composite PMI (expected 54,3 points; previous 54 points) and the services PMI (expected 55,3 points; previous 55,2 points). At 16:00 PM the ISM non-manufacturing (expected 53,7 points; previous 54,9 points). Today the futures on the Dow Jones are +0,18% and those on the S&P500 are +0,14%).
Consumer and business confidence returns in China
Le chinese bags accelerated after a slow start, towards the end of the session the CSI 300 index of the stock markets Shanghai and Shenzhen gain nearly 2% at 4023 points, near its highest level in four weeks. The Hang Seng Index Hong Kong rises by 1,2%: the most important contribution to the movement comes from Alibaba +2%. The largest price change is Sunny Optical +10%: Apple's customer is reportedly working on its own line of smart glasses.
It emerges from the data released last night, that in the last month theservice activities in China recorded its strongest pace of expansion since July, a sign that the consumer demand could be in recovery after Beijing moved to support growth with a series of stimulus measures. Caixin China's services purchasing managers' index rose to 52 in October from 50,3 the previous month, the largest increase since March last year. Economists' median forecast was 50,5. "Supply and demand continued to grow as the market improved," said Wang Zhe, senior economist at Caixin Insight. "Businesses are confident when looking at the near-term macroeconomic conditions." The Caixin and S&P report also showed that Business confidence rose at its highest since May, citing anecdotal evidence that companies are more confident about the economic climate. New business expansion increased for the first time in four months. Chinese Premier Li Qiang expressed confidence overnight that the government would meet its 2024 GDP growth target of 5%. Hours earlier, Chinese lawmakers began considering a proposal to transfer some off-balance sheet debt of local governments into their official accounts, paving the way for the first mid-year increase in the borrowing limit since 2015.
China appeals to WTO over EU import duties on electric vehicles
China has filed a lawsuit against the final decision of theEuropean Union on the anti-subsidy case against the electric vehicles (Ev) Chinese at the World Trade Organization (WTO), with the aim of safeguarding the interests of the development of the EV sector and global cooperation on green transformation, the Chinese Ministry of Commerce explained. "The final ruling of the EU lacks a factual and legal basis, which violates WTO rules and is an abuse of trade remedy measures," the ministry explained. "This is trade protectionism in the name of imposing countervailing duties." The duties, which range from 7,8% to 35,3% depending on the brand, are in addition to the current 10% tax and have been levied since last week. The measures, designed by the European Commission to offset Beijing's financial aid and prevent EU companies from being squeezed out of the electric vehicle sector, are expected to remain in place for five years. Since the US elections, Chinese markets have feared that protectionist trade policies by Trump, in particular, could fuel inflation and hit exports.
Tokyo rises 1,3%, yen weakens to 152,5
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0,3%. Tokyo's Nikkei, which returned from a long weekend holiday, rose 1,4%. The Bank of Japan is unlikely to raise interest rates again until March next year, Yuichiro Tamaki, a potential ally of Prime Minister Shigeru Ishiba's party, said overnight. In an interview with BloombergTamaki said the central bank should carefully examine the outcome of next year’s wage deal before moving forward with monetary policy. “Until we achieve nominal wage growth of 2 percent above inflation, we should continue with monetary easing and proactive fiscal spending,” the Japanese parliament member said. “We are still in a very important phase, trying to get out of 30 years of deflation, so we want that to be our top priority.”
The stock market closed down 0,4% Sidney: Australia's central bank left its benchmark interest rates on hold overnight, with no indication of its next moves.
European stock markets: what's happening today
European stock markets expected to be little moved with the future on the Eurostoxx50 at +0,10%) and the euro up 0,44% to 1,085 dollars also awaiting the Ecofin meeting, which will also be attended by the vice president of the European Central Bank, Luis de Guindos. At 15:30 the speech of the president of the ECB, Christine Lagarde, is expected. At 08:45 industrial production in September in French (previous: +1,4% month on month), at 10:30 the PMI services in October final of the Britain (preliminary: 51,8 points)
stellantis. The Ministry of Transport reported that 2024 cars were registered in Italy in October 126.488, down 9,1% compared to 139.078 in the same period last year. Stellantis sales also declined. In October 2024, the group's registrations amounted to almost 32 thousand units, down 27,8% compared to the over 44 thousand cars sold in October 2023. As a result, Stellantis' market share stood at 25,16%.
Ferrari releases financial results for the 3rd quarter of 2024.
Bank Bpm. The Morningstar rating agency DBRS has today revised the Trend rating on Banco BPM's Long-Term Deposits from 'Stable' to 'Positive', while confirming both the long-term and short-term ratings for this type of deposit.
Intesa Sanpaolo announces that the international agency Morningstar DBRS has affirmed the long-term senior preferred (unsecured) rating at 'BBB (high)', revising its trend from stable to positive.
Mediocredito Centrale announces that, today, the rating agency Morningstar has changed the Trend of the Long-Term and Short-Term Issuer Ratings of Mediocredito Centrale – Banca del Mezzogiorno SpA from stable to positive. At the same time, Morningstar DBRS has affirmed all credit ratings of the Bank, including the Long-Term Issuer Rating at BBB and the Short-Term Issuer Rating at R-2 (high).
Unicredit has completed the acquisition of Alpha Bank Romania, which will be merged into its Romanian subsidiary, creating the third largest banking group in terms of assets in the country with a market share of 12%. Today, November 5, the board of directors of the institution will meet to discuss the third quarter of 2024. The press release is expected on November 6.
Tim. The Brazilian subsidiary Tim SA closed the third quarter with a normalized net profit of 805 million reais (above expectations of 777,2 million) and a normalized EBITDA of 3,24 billion reais, in line with expectations. Tim Brasil will pay shareholders in 2024 about 3,5 billion reais in dividends and interest on capital.
hugo boss The German fashion house reported that currency-adjusted sales were 1 percent above the prior-year level in the third quarter of 2024. In group currency, revenue amounted to 1.029 million euros in the third quarter (third quarter of 2023: 1.027 million) and were therefore slightly above the prior-year level.
