U.S. index futures are mixed in pre-market trading on Monday,
following record highs for the Dow Jones and S&P 500 and their
best weekly streaks of 2024. Investors are anticipating more
corporate earnings this week, while remaining cautious about
overvalued prices and geopolitical risks.
As of 5:05 AM, Dow Jones futures (DOWI:DJI) rose 24 points or
0.06%, S&P 500 futures lost 0.05%, and Nasdaq-100 futures
declined 0.17%. The 10-year Treasury yield stood at 4.116%.
In commodities, West Texas Intermediate crude for November rose
1.46% to $70.22 per barrel, while Brent crude for December rose
1.25% to $73.97 per barrel.
Oil futures rose as Saudi Aramco’s CEO remained optimistic about
recovering oil demand in China, driven by economic stimulus and
aviation fuel demand. Meanwhile, China cut interest rates to
reactivate its economy, which is facing slow growth.
Geopolitically, Middle Eastern tensions are rising as a drone
exploded near Israeli Prime Minister Netanyahu’s home, followed by
Israeli strikes on Hezbollah in Lebanon. Additionally, U.S. energy
companies reduced active rigs for the fourth period in five
weeks.
However, these gains haven’t yet offset last week’s significant
losses when Brent and WTI fell by approximately 7% and 8%,
respectively, due to concerns over Chinese demand and easing risks
in the Middle East.
Gold reached a record high on Monday, driven by safe-haven
demand due to Middle Eastern tensions and the U.S. electoral
dispute. Gold (PM:XAUUSD) rose 0.3%, reaching $2,732.04 per
ounce.
On today’s U.S. economic agenda, at 8:55 AM, Dallas Fed
President Lorie Logan will speak. At 10:00 AM, the September
Leading Economic Index will be released, expected to drop 0.3%,
compared to a 0.2% decline the previous month. At 5:05 PM, Kansas
City Fed President Jeff Schmid will speak, followed by San
Francisco Fed President Mary Daly at 6:40 PM.
Asia-Pacific markets closed mixed. Japan’s Nikkei 225 saw a
slight drop, and the Topix fell 0.34%. In South Korea, the Kospi
rose 0.43%, and the Kosdaq advanced 0.89%. Australia’s S&P/ASX
200 rose 0.74%. Hong Kong’s Hang Seng fell 1.43% in the final
trading hour, while China’s CSI 300 rose 0.25%.
China cut benchmark interest rates by 25 basis points, reducing
the one-year LPR to 3.10% and the five-year LPR to 3.60%, as part
of economic stimulus measures. These cuts follow previous
reductions, with real estate support and consumption remaining
priorities.
In 2024, China will account for less than half of global steel
consumption for the first time in six years, due to the real estate
downturn. Global demand, driven by regions like South Asia and
Latin America, continues to grow, while Chinese demand is expected
to fall to 869 million tons.
The Bank of Japan will hold a two-day meeting through October 31
after the general elections, where newly elected Prime Minister
Shigeru Ishiba faces a key test. The bank is likely to keep rates
steady, according to Reuters, as stable inflation and global
economic risks prevent immediate hikes.
In South Korea, exports fell 2.9% in the first 20 days of
October compared to last year. Despite a 36.1% increase in
semiconductor exports, automotive and petroleum-related exports
fell 3.3% and 40%, respectively. Shipments to China rose 1.2%,
while those to the U.S. and EU dropped.
This week, investors await Tokyo’s October inflation data and
South Korea’s preliminary Q3 GDP figures.
European markets rose slightly, with the oil and gas sector
leading gains, while insurance was the main laggard.
UK property prices rose only 0.3% in October, below the 1.3%
monthly average, with more homes available for sale. Some buyers
are waiting for clarity on tax changes in the upcoming budget and
potential reductions in borrowing costs. Real estate demand remains
strong.
Gediminas Simkus of the ECB stated that if inflation continues
to fall, borrowing costs will be reduced. While he didn’t predict
December’s decision, he indicated less restrictive monetary policy.
Investors are betting on rate cuts, with inflation already below
2%.
Basque steelmaker Sidenor is in talks to buy
part or all of Spanish train manufacturer Talgo‘s
(TG:XTG) shares.
WiseTech Global (TG:17W) is investigating
issues related to its CEO, Richard White, after media allegations
about his personal life, including payments to an ex-partner. White
faces accusations of misconduct, and the company is seeking
external advice to assess the impact of these allegations.
Prosus NV (EU:PRX) plans to generate $400
million in adjusted profit before interest and taxes from its
e-commerce operations by March. CEO Fabricio Bloisi stated that
this growth pace will continue, with e-commerce becoming a major
profit and cash flow source for the group in the future.
Ocean Wilsons Holdings (LSE:OCN) will sell
56.47% of Wilson Sons to SAS Shipping for $768 million, resulting
in $593 million net after taxes and costs. The deal is expected to
close next year.
XLMedia (LSE:XLM) will sell its U.S. businesses
to Sportradar (TG:1M4) for up to $30 million.
After the sale, the company will focus on North American profit
distribution and selling European and Canadian assets.
FirstGroup (LSE:FGP) acquired Anderson Travel,
which operates around 40 buses in London. Founder Mark Anderson
will continue leading operations, with the company generating $9.5
million in revenue last year.
Shares of JDE Peet’s (TG:JDE) jumped 16.9%
after naming Rafael Oliveira as CEO, and shares of
Moller-Maersk (TG:DP4A) rose 3.9% after announcing
the immediate suspension of all transport bookings to and from
Haiti due to the country’s political crisis.
U.S. stocks closed higher on Friday, with the Nasdaq gaining
0.6% and the S&P 500 rising 0.4%, both setting new closing
records. The Dow also rose 0.1%, ending at 43,275.91. Notably,
Netflix (NASDAQ:NFLX) surged 11.1% after
announcing better-than-expected quarterly results. American
Express (NYSE:AXP) fell 3.2% due to lower-than-expected
revenues.
The U.S. Commerce Department reported a slight dip in September
housing starts, down 0.5%, resulting in an annual rate of 1.354
million, after a 7.8% increase in August. Economists had predicted
a 0.4% decline. The report also revealed a steep 2.9% drop in
building permits, a future demand indicator, to 1.428 million,
exceeding expectations of a smaller 1% decline. Permits had risen
4.6% the previous month.
On the earnings front, reports from Dynex
Capital (NYSE:DX), Lufax (NYSE:LU), Kaspi.kz (NASDAQ:KSPI), Sandy
Spring Bank (NASDAQ:SASR), HBT
Financial (NASDAQ:HBT), Guaranty Bank
& Trust (NYSE:GNTY) and Preferred
Bank (NASDAQ:PFBC) are expected before the open.
After the close, earnings reports from
SAP (NYSE:SAP), Nucor (NYSE:NUE), WR Berkley (NYSE:WRB), BOK
Financial (NASDAQ:BOKF), Logitech (NASDAQ:LOGI), Zions
Bancorporation (NASDAQ:ZION), AGNC
Investment
Corp (NASDAQ:AGNC), Washington Trust
Bancorp (NASDAQ:WASH), TFI
International (NYSE:TFII) and RLI
Corp (NYSE:RLI) are expected.
Ocean Wilsons (holdings)... (LSE:OCN)
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