U.S. index futures fell in premarket trading on Tuesday after
the Dow Jones ended a three-day winning streak. Investors are
focused on interest rate comments and Q3 earnings, with 20% of the
S&P 500 reporting profits this week. However, concerns over
excessive 2025 expectations remain.
At 5:00 AM ET, Dow Jones futures (DOWI:DJI) dropped 128 points,
or 0.30%. S&P 500 futures fell 0.36%, and Nasdaq-100 futures
declined 0.46%. The 10-year Treasury yield stood at 4.208%.
In commodities, oil futures dropped on Tuesday due to U.S.
efforts for a Middle East ceasefire and weak Chinese demand. A
strong dollar also pressured oil prices, making it more expensive
for foreign buyers.
On Monday, Brent and WTI rose nearly 2% after falling 7% the
previous week. The market remains volatile, concerned about
potential supply disruptions from conflicts and possible surpluses
in the coming quarters.
West Texas Intermediate crude for November fell 0.20% to $70.42
a barrel, while December Brent crude dropped 0.27% to $74.09 a
barrel.
Gold (PM:XAUUSD) increased 0.50% to $2,735.12 an ounce, near
record highs. Despite higher Treasury yields, investors sought
safety in the metal amid economic uncertainties, interest rate cut
expectations, geopolitical tensions, and upcoming U.S.
elections.
Citi Research raised its gold price forecast to $2,800 in three
months and $3,000 in 6-12 months, driven by U.S. labor market
weakness, rate cuts, and geopolitical uncertainties. For the 6-12
month horizon, silver (PM:XAGUSD) was raised to $40, while platinum
(PM:XPTUSD) remains neutral-optimistic at $1,100, and palladium
(PM:XPDUSD) is expected to decline to $900.
Global sugar supply is expected to hit a six-year low in 2025
due to drought in Brazil, the largest exporter. Sugarcane
production is affected, delaying the harvest and driving prices up.
Brazil is expected to account for 75% of global raw sugar exports
this year.
On today’s U.S. economic calendar, Philadelphia Fed President
Patrick Harker will give a speech at 10:00 AM ET.
Asia-Pacific markets mostly closed lower. The Nikkei fell 1.39%
due to election concerns. Australia’s S&P/ASX 200 dropped
1.66%, and South Korea’s Kospi lost 1.31%. However, Hong Kong’s
Hang Seng rose 0.12% in the final hour of trading, and China’s CSI
300 gained 0.57%.
In China, the youth unemployment rate for those aged 16-24
dropped to 17.6% in September, down from 18.8% in August. This
provided relief to officials after two consecutive months of rising
rates. Youth unemployment peaked at 21.3% in June 2022 before a
methodology adjustment.
A Reuters poll revealed that South Korea’s economy likely
returned to growth in the last quarter, with a 0.5% expansion
driven by exports, following a 0.2% contraction in the previous
quarter. However, domestic demand likely remained weak due to high
borrowing costs, despite the Bank of Korea cutting its base
rate.
In Hong Kong, short selling hit its lowest level in three and a
half years following Chinese stimulus measures, which boosted the
market. The proportion of short positions fell to 9.7% on Friday,
with a modest recovery to 10.7% on Monday, as the Hang Seng has
gained 20% since September.
The U.S. is in talks with the Philippines, Singapore, and
Thailand about deploying small modular nuclear reactors (SMRs) to
provide low-carbon energy. These Southeast Asian nations are
seeking alternatives to meet growing energy demand while reducing
fossil fuel use.
Hyundai Motor India’s shares fell as much as 6%
on their market debut following lukewarm retail investor response
to its initial public offering price. Listed at 1,934 rupees,
shares dropped to 1,882.10 rupees, below the offer price.
Westpac Banking announced that its 2024 profit
would be impacted by $82.26 million due to losses in economic
hedges and inefficiencies. Net profit for 2023 was A$7.195 billion,
with 2024 results set to be released on November 4.
Horizon Robotics, a Chinese autonomous driving
technology provider, priced its Hong Kong IPO at the top of its
range, raising $696 million (HK$5.4 billion). The IPO, scheduled
for Thursday, saw strong demand, with Alibaba and Baidu committing
to invest around $220 million.
European markets were mixed on Tuesday, with the FTSE 100 and
CAC 40 down, while the DAX rose. Real estate, telecoms, and
utilities underperformed, while tech and miners gained.
Global bond selloffs have impacted the market. Among individual
stocks, SAP (TG:SAP) shares rose after solid
quarterly results, while AP Moller-Maersk A/S
(TG:DP4A) fell after early gains.
HEIQ (LSE:HEIQ) shares dropped 64.1% after the
company announced plans to delist from the London Stock Exchange
and restructure to cut costs. HEIQ aims to reduce expenses by 20%
by the end of 2025 due to weak demand and recovery expectations
only in the second half of 2025.
Luxury brand Mulberry (LSE:MUL) rejected a
second takeover bid from Mike Ashley’s Frasers
Group (LSE:FRAS), calling it “unsustainable.” Frasers
offered 150 pence per share, valuing the company at $144 million
(£111 million), but the largest shareholder, Challice Limited, did
not support the offer.
Randstad (EU:RAND) reported slightly
better-than-expected quarterly profit, with EBITA of $212 million
(€196 million), and also announced the purchase of Zorgwerk for
€323 million, aiming to expand its healthcare sector presence.
Sosandar (LSE:SOS) expects revenue below
forecasts for the fiscal year, projecting £40 million compared to
the £45.6 million estimate. The company reduced its first-half loss
to £0.7 million despite declining revenue. Gross margin rose to
62%, reflecting the success of its new pricing strategy.
In Britain, the commercial real estate market is recovering
post-pandemic, with lower prices on high-value office properties.
Investors are selling at reduced prices, and demand for new offices
with advanced amenities is growing. Falling inflation and interest
rates are encouraging investment.
On Monday, U.S. markets closed mixed, with the Dow down 0.8% due
to declines in stocks like American Express
(NYSE:AXP) and Merck (NYSE:MRK), while the S&P
500 fell 0.2%. The Nasdaq, however, rose 0.3%, reaching its highest
level since July.
The Conference Board reported that the U.S. leading economic
index fell 0.5% in September, beating the forecast of 0.3%. The
August decline was revised to 0.3% from the initial 0.2%, signaling
a larger-than-expected economic slowdown.
Three Federal Reserve members expressed support for gradual
interest rate cuts, citing economic strength and future
uncertainty. Jeffrey Schmid, Neel Kashkari, and Lorie Logan
suggested that the pace of cuts should be cautious to avoid
volatility. The next decision will be made in November after the
quiet period.
Schmid, president of the Kansas City Federal Reserve, advocated
for gradual rate cuts to avoid aggressive measures. He believes
inflation is close to the 2% target and the labor market is
stabilizing, preferring a cautious approach to avoid financial
volatility.
Mary Daly, president of the San Francisco Federal Reserve,
stated that rate cuts should continue as rates remain high enough
to restrict the economy. She seeks a “soft landing,” with 2%
inflation, a strong labor market, and adjusted wages.
In earnings reports, figures are expected from
Verizon (NYSE:VZ), General
Motors (NYSE:GM), RTX (NYSE:RTX), 3M (NYSE:MMM), Freeport-McMoRan (NYSE:FCX), GE
Aerospace (NYSE:GE), Lockheed
Martin (NYSE:LMT), Quest
Diagnostics (NYSE:DGX), Fiserv (NYSE:FI)
and Denny’s (NASDAQ:DENN) before the
market opens.
After the close, reports are expected from Enphase
Energy (NASDAQ:ENPH), Brandywine Realty
Trust (NYSE:BDN), Seagate (NASDAQ:STX), Baker
Hughes (NASDAQ:BKR), Canadian National
Railway (NYSE:CNI), Volaris (NYSE:VLRS), Texas
Instruments (NASDAQ:TXN), Nabors
Industries (NYSE:NBR), PennyMac (NYSE:PFSI)
and Matador Resources (NYSE:MTDR).
Quest Diagnostics (NYSE:DGX)
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