U.S. index futures rose in pre-market trading Thursday, buoyed
by strong third-quarter earnings. This follows three straight days
of declines for the Dow and S&P 500, pressured by the recent
surge in 10-year Treasury yields.
At 05:15 AM, Dow Jones futures fell 29 points, or 0.07%. S&P
500 futures gained 0.45%, and Nasdaq-100 futures rose 0.80%. The
10-year Treasury yield stood at 4.198%.
In commodities, oil futures rebounded, recovering some earlier
losses, driven by tensions in the Middle East and strong distillate
demand expectations for Q4. The increase followed intense clashes
between Israel and Hezbollah, raising concerns about oil
supply.
West Texas Intermediate crude for December rose 1.71% to $71.98
per barrel, while Brent for December climbed 1.60% to $76.18 per
barrel.
Zinc prices reached a 20-month high, hitting $3,260.50 per ton,
driven by signs of global market strength. The rise was fueled by
mine disruptions limiting supply, pushing prices up for the third
consecutive day.
In the U.S. economic calendar, initial jobless claims for
October 19 are due at 8:30 AM, with forecasts of 250,000, higher
than the previous 241,000. At 8:45 AM, Cleveland Fed President Beth
Hammack will give opening remarks. At 09:45 AM, the U.S.
preliminary services and manufacturing PMI will be released,
followed at 10:00 AM by the September new home sales report,
expected to reach 720,000 units, slightly above the prior
716,000.
In Asia-Pacific markets, South Korea’s Kospi fell 0.72%, and the
Kosdaq dropped 1.42%. Japan’s Nikkei 225 rose 0.1%, while the Topix
lost 0.05%. In Australia, the S&P/ASX 200 declined 0.12%. Hong
Kong’s Hang Seng dropped 1.35% in late trading, while China’s CSI
300 closed down 1.12%.
South Korea avoided a technical recession, with GDP growing 0.1%
in Q3, below Reuters’ forecast of 0.5%. Annual growth was 1.5%,
slower than the expected 2%.
Horizon Robotics shares surged 28.3% in their
debut, after raising $696 million in Hong Kong’s largest IPO of the
year. The company sold shares at HK$3.99, starting trading at
HK$5.12. The IPO exceeded China Resources Beverage’s offer and is
the largest tech IPO since 2021.
WiseTech Global (ASX:WTC) announced that CEO
Richard White will step down, just two days after a legal filing
revealed a settlement tied to personal allegations against the
billionaire. White, the company’s founder and largest shareholder,
will take on a consultancy role.
Seven & i Holdings unveiled a growth plan
focused on 7-Eleven stores, without mentioning the $47 billion
takeover bid from Canada’s Couche-Tard. The company aims to double
sales by 2030, expanding into markets like Vietnam and Australia,
but faces criticism over its slow supermarket performance.
Bank of Japan Governor Kazuo Ueda said reaching the 2% inflation
target will take time, signaling caution on raising interest rates.
He also warned that speculation could hurt the yen if the increase
is too slow, emphasizing the need to balance global
uncertainties.
Japan’s Finance Minister Katsunobu Kato expressed concern over
currency speculation, highlighting the impact of rapid fluctuations
that are weakening the yen. He stressed the importance of a stable
exchange rate and that the government is closely monitoring the
market, especially after the dollar crossed 153 yen.
In India, economic activity accelerated in October, driven by
growth in manufacturing and services, according to an HSBC survey.
The manufacturing index rose to 57.4, and the services index to
57.9, both indicating expansion. Demand increased, but
manufacturers’ margins remain pressured by input inflation.
European markets are trading higher as various companies report
strong earnings. Among sectors, travel and leisure are performing
best, while retail stocks lag behind.
Dassault Systèmes (EU:DSY) cut its 2024 revenue
growth forecast for the second time, now expecting a 5% to 7%
increase, down from the previous 6% to 8%, due to a slowdown in the
global automotive industry.
Unilever (LSE:ULVR) and Danone
(EU:BN) exceeded third-quarter sales expectations by lowering price
increases and investing in innovations to attract consumers who had
switched to cheaper brands due to inflation. Unilever saw 4.5%
sales growth, and Danone, 4.2%, highlighting a recovery in sales
volumes.
London Stock Exchange Group (LSE:LSEG) reported
a 9.5% revenue increase in the third quarter, reaching £2.12
billion, beating expectations. Growth was driven by a 6% rise in
annual subscription value (ASV).
Anglo American (LSE:LSEG) reported
third-quarter declines of 13% in copper production and 25% in
diamonds, but maintained its 2024 production forecast.
Kering (EU:KER) said its 2024 operating revenue
will fall by nearly half due to weak demand in China. Revenue
dropped 16% in the third quarter.
Hermès (EU:RMS) reported €3.7 billion in
third-quarter 2024 revenue, an 11.3% increase at constant exchange
rates, beating estimates. The company maintained its revenue growth
forecast, citing strong demand for luxury bags supporting overall
performance.
Michelin (EU:ML) cut its annual forecast,
citing lower demand due to high interest rates. The tire maker now
expects a 4% to 6% drop in sales volumes for 2024 and reduced its
operating profit forecast to around €3.4 billion.
Renault (EU:RNO) surprised with a third-quarter
revenue increase, driven by strong demand for its high-end
models.
Atos SE (EU:ATO) received approval from the
Nanterre Commercial Court for its accelerated restructuring plan.
The restructuring will occur between November 2024 and January
2025, involving capital increases and debt issuance.
Siemens AG (TG:SIE) is in talks to potentially
acquire software maker Altair Engineering (TG:8A2)
in one of the German group’s largest acquisitions. Altair, valued
at $9.1 billion, is exploring a sale. Altair’s shares have risen
27% this year, and other bidders may emerge.
London’s IPO market has struggled, but Applied Nutrition
Plc‘s (LSE:APN) offering provided a boost with its debut
on the London Stock Exchange. Shares opened at 150 pence, above the
IPO price of 140 pence.
On Wednesday, the Dow Jones fell 1.0%, the Nasdaq dropped 1.6%,
and the S&P 500 lost 0.9%, with the Dow and S&P extending
their losses to three days. Weakness was driven by rising Treasury
yields and concerns over Fed interest rate policy. CME Group’s
FedWatch tool suggested the odds of the Fed leaving rates unchanged
in December jumped from just 13.9% to 30.2% last week.
U.S. existing home sales hit a 14-year low in September due to
rising mortgage rates and high prices. Economists believe
residential investment will continue to fall. Despite higher
supply, affordable homes remain scarce, making it difficult for
first-time buyers.
U.S. existing home sales fell 1.0% in September to a seasonally
adjusted annual rate of 3.84 million units, and the median home
price rose 3.0% year-over-year to $404,500.
In the earnings front, reports are expected from
American
Airlines (NASDAQ:AAL), UPS (NYSE:UPS), Southwest
Airlines (NYSE:LUV), LKQ (NASDAQ:LKQ), Nasdaq (NASDAQ:NDAQ), Carrier (NYSE:CARR), OSI
Systems (NASDAQ:OSIS), Tri Pointe
Homes (NYSE:TPH), Tractor Supply
Co. (NASDAQ:TSCO) and Union
Pacific (NYSE:UNP) before the opening bell.
After the close, earnings are expected from
Dexcom (NASDAQ:DXCM), Deckers
Brands (NYSE:DECK), Western
Digital (NASDAQ:WDC), Skechers (NYSE:SKX), Edwards
Lifesciences (NYSE:EW), Boyd
Gaming (NYSE:BYD), Coursera (NYSE:COUR), Texas
Roadhouse (NASDAQ:TXRH), AppFolio (NASDAQ:APPF)
and Kinsale Capital
Group (NYSE:KNSL).
United Parcel Service (NYSE:UPS)
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