U.S. index futures rose in premarket trading on Thursday, after
the Dow Jones Industrial Average set its second record of the week.
Investors are closely watching upcoming corporate earnings and
today’s economic data.
At 5:25 AM, Dow Jones futures (DOWI:DJI) were up 16 points, or
0.04%. S&P 500 futures gained 0.37%, and Nasdaq-100 futures
advanced 0.69%. The 10-year Treasury yield stood at 4.038%.
In commodities, oil prices edged higher, with investors focused
on Middle East conflicts and China’s stimulus plans. Oil dropped
6-7% this week after OPEC and IEA cut demand forecasts for
2024-2025. The U.S. Energy Information Administration will release
oil inventory data today, and the European Central Bank may cut
rates for the second time in 13 years. Uncertainty remains over
Israel’s possible response to Iran following the recent attack,
elevating oil price risks.
West Texas Intermediate crude for November rose 0.24% to $70.56
per barrel, while Brent for December increased 0.30% to $74.44 per
barrel.
Gold prices (PM:XAUUSD) gained 0.1% to $2,677.94 per ounce after
hitting a record high of $2,685.69, driven by demand for safe-haven
assets ahead of U.S. data releases and a tight presidential race.
Lower interest rates also boosted gold.
Iron ore hit a three-week low, reflecting investor doubts about
China’s ability to boost the housing market and steel demand.
Despite housing project support, iron futures fell, suggesting the
stimulus won’t immediately increase demand.
In today’s U.S. economic calendar, initial jobless claims for
the week ending October 12 are expected at 245,000, and September
retail sales are projected to rise 0.3%, both at 8:30 AM. At 9:15
AM, the Philadelphia Fed manufacturing index is expected at 2.9,
followed by September’s industrial production and capacity
utilization. August business inventories (0.3% forecast) and
October’s builder confidence index (expected at 42) will be
released at 10:00 AM.
Asia-Pacific markets closed lower on Thursday, with the Chinese
stock rally losing steam after a weak briefing from the Ministry of
Housing. China’s CSI 300 fell 1.13%, Hong Kong’s Hang Seng dropped
1.3% in the final hour of trading, and Japan’s Nikkei 225 slipped
0.69%. South Korea’s Kospi ended flat, while the Kosdaq dipped
0.1%.
Australia was an exception, with the S&P/ASX 200 rising
0.86%. Australia’s unemployment rate in September was 4.1%, below
the expected 4.2%, while labor force participation rose to 67.2%,
as predicted.
Taiwan’s Taiex index also climbed, 0.19%, although Taiwan
Semiconductor Manufacturing Company (NYSE:TSM) only reported its
impressive earnings after markets closed.
In Japan, exports fell 1.7% in September, marking the first
decline in 10 months, contrary to a Reuters forecast of a 0.5%
rise. Imports grew 2.1%, below the 3.2% expectation. The trade
deficit reached $1.97 billion (¥294.3 billion), exceeding the
forecast of ¥237.6 billion.
Tokyo Stock Exchange CEO Hiromi Yamaji stated that the
exchange’s role is to facilitate dialogue between companies and
investors, not to dictate management practices. He emphasized that
sustainable changes depend on voluntary actions by companies, and
investors should focus on long-term growth.
Hyundai Motor India plans to price its shares
at ₹1,960, at the top of the indicated range, to raise $3.3 billion
in its initial public offering. The company will sell 142.2 million
shares, making it India’s largest IPO, with an estimated market
value of $19 billion.
Minister Ni Hong said China will expand a “white list” of
housing projects for financing and increase bank loans by $562
billion (¥4 trillion) by year-end. Additionally, the reconstruction
of one million “urban villages” aims to absorb housing inventory
and support the real estate sector.
European markets rose Thursday morning, with investors awaiting
the European Central Bank’s monetary policy decision, which is
expected to be the third rate cut this year. The banking sector is
performing best, while telecoms are lagging.
The ECB is expected to cut rates again on Thursday, as inflation
in the eurozone is under control and the economy stagnates. This
shift, aimed at protecting economic growth, follows two years of
underperformance compared to the U.S.
Among individual stocks, Sartorius (TG:SRT3)
shares jumped 12.1% after the company maintained its annual outlook
and reported nine-month results in line with expectations. Despite
a 24% drop this year, strong performance compared to competitors
and high short selling helped boost the price.
Mondi (LSE:MNDI) shares fell 7.2% after the
company reported a quarterly profit decline, hurt by weak market
conditions, high costs, and maintenance shutdowns. EBITDA dropped
to $242.2 million.
Publicis Groupe (EU:PUB) raised its annual
organic growth forecast for 2024 from 5% to at least 5.5%, despite
economic and geopolitical challenges. In Q3, the company posted net
revenue of $3.7 billion (€3.42 billion), slightly below the €3.44
billion estimate. Shares are up 1.5%.
Airbus (EU:AIR) plans to cut up to 2,500 jobs
in its Defense and Space division, about 7% of the workforce, by
2026. This follows significant losses in its satellite business,
particularly the OneSat project. The cuts come amid union
negotiations, with shares rising 3.7%.
Nestlé (LSE:0RR6) announced leadership and
operational structure changes after weaker-than-expected sales
growth. The company cut its organic sales growth forecast to 2% in
2024, facing challenges such as rising costs and weak consumer
demand. New CEO Laurent Freixe plans to restructure several
regional units.
Pernod Ricard (EU:RI) reported a 5.9% drop in
Q1 sales due to weak demand in China and the U.S. Sales in China
fell 26%, impacted by anti-dumping measures. Despite this result,
the company still expects growth in FY 2024/25 sales. Shares are up
1.5%.
Man Group Plc (LSE:EMG) reported $5.5 billion
in outflows in Q3, the largest in four years, after a client
shifted to passive investments. Assets under management fell to
$174.9 billion. The outflow exceeded estimates and was partially
offset by performance gains. Shares are down 0.9%.
ABB Ltd. (LSE:0A6W) raised its profit margin
forecast, driven by strong demand for power grid products due to
data center investments, offsetting a decline in industrial
automation sales. The company reported a 2% rise in Q3 orders,
totaling $8.2 billion, and expects a margin above 18%.
Merck KGaA (TG:MRK) cut its growth forecast for
its healthcare division, which includes multiple sclerosis drug
Mavenclad and cancer treatment Bavencio. The company also lowered
its growth target for its life sciences unit from 10% to 9%,
following failures in key drug trials. Shares are up 5.2%.
On Wednesday, the Dow Jones rose 0.8% to 43,077.70, driven by
gains in Cisco (NASDAQ:CSCO) and
UnitedHealth (NYSE:UNH). The Nasdaq advanced 0.3%,
closing at 18,367.08, and the S&P 500 gained 0.5% to 5,842.47.
The recovery was driven by economic optimism, despite uncertainty
early in the session and declines in tech stocks.
The Labor Department reported a 0.4% drop in import prices in
September, indicating moderate inflation pressures. Export prices
fell 0.7%, beating economists’ expectations.
The Cleveland Federal Reserve reported that rent inflation will
continue to burden consumers until 2026. The gap between new rents
and existing leases is a major cause of the increase. This may
hinder the goal of lowering overall inflation to 2%, even with the
predicted slowdown.
Earnings reports are expected from
TSMC (NYSE:TSM), Travelers (NYSE:TRV), Huntington
Bancshares (NASDAQ:HBAN), Elevance
Health (NYSE:ELV), The Blackstone
Group (NYSE:BX), Infosys (NYSE:INFY), Texas
Capital
Bank (NASDAQ:TCBI), Truist (NYSE:TFC), Commercial
Metals (NYSE:CMC)
and Iridium (NASDAQ:IRDM) before the
open.
After the close, earnings are expected from
Netflix (NASDAQ:NFLX), Intuitive
Surgical (NASDAQ:ISRG), WD-40 (NASDAQ:WDFC), Crown
Holdings (NYSE:CCK), First National
Bank (NYSE:FNB), OceanFirst
Bank (NASDAQ:OCFC), Bank
OZK (NASDAQ:OZK), Alpine Income Property
Trust (NYSE:PINE), Marten
Transport (NASDAQ:MRTN) and Metropolitan
Commercial Bank (NYSE:MCB).
Iridium Communications (NASDAQ:IRDM)
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