US index futures rose in Monday’s pre-market as investors
awaited major tech earnings, boosting Nasdaq prospects. Optimism
was furthered by easing geopolitical tensions following Israel’s
strikes on Iran, which avoided critical targets. Traders also look
to key economic data this week, including GDP, PCE, and the
September jobs report.
At 5:21 AM, Dow Jones futures (DOWI:DJI) rose 201 points, or
0.47%. S&P 500 futures gained 0.58%, and Nasdaq-100 futures
rose 0.74%. The 10-year Treasury yield stood at 4.27%.
In commodities, West Texas Intermediate crude for December fell
5.61% to $67.75 a barrel, while Brent for December dropped 5.42% to
$71.93.
Oil prices declined as Israel’s strike on Iran targeted military
installations, avoiding nuclear and oil facilities, and didn’t
disrupt energy supplies, easing Middle East tensions. The prospect
of a ceasefire between Israel and Hamas also reduced geopolitical
risk, prompting Citi to cut its Brent forecast to $70.
Gold (PM:XAUUSD) dipped as Israel’s strikes on Iran were less
extensive than anticipated, with the metal trading near $2,732.93
per ounce. Without an immediate response from Tehran, gold’s demand
as a safe haven dropped. Investors now focus on U.S. inflation and
employment data, which could influence Federal Reserve rate
decisions and benefit gold if rates fall.
In Asia-Pacific markets, South Korea’s Kospi rose 1.13%, with
the Kosdaq up 1.8%, recovering from a six-week low. Australia’s
S&P/ASX 200 gained 0.12%, while Hong Kong’s Hang Seng reversed
losses, climbing 0.18% in the final hour of trading.
China’s CSI 300 rose 0.2%, led by steelmakers after the industry
association announced plans to support the sector amid low demand
and reduced profits. Companies like Angang Steel
and Maanshan Iron & Steel saw significant
stock increases amid speculation of consolidation favoring major
state producers in a market affected by the property crisis and
threatened exports.
Moreover, the People’s Bank of China introduced a new reverse
repo tool to inject liquidity and support credit ahead of large
medium-term loan maturities totaling $406.6 billion (2.9 trillion
yuan). The move aims to improve credit availability and modernize
the bank’s monetary policy, aligning it with U.S. and European
standards.
Japan’s Nikkei closed 1.82% higher after Prime Minister Shigeru
Ishiba’s coalition lost its parliamentary majority, raising
political uncertainty. The yen’s decline favored exporters like
Toyota and Nissan, which gained 4% and 3.5%, respectively. Analysts
warn that political instability could limit ambitious economic
policies and raise fiscal concerns.
Bank of Japan Governor Kazuo Ueda highlighted the need to
improve communication with markets after an unexpected rate hike in
July triggered a market decline. According to Reuters, Vice
Governor Himino and other leaders recognize the need for clearer,
more frequent communication to prevent surprises but acknowledge
challenges in unifying messages among bank policymakers.
In Singapore, disinflation remains steady, and economic growth
is expected to last through 2025, with the central bank projecting
core inflation at 2% this year and between 1.5% and 2.5% by 2025.
Risks include trade tensions and a slowdown in China, potentially
affecting recovery and raising prices.
European markets opened higher on Monday as investors cautiously
assessed the Middle East crisis, with most sectors performing
positively. Philips (EU:PHIA) shares, however,
plummeted after revising its annual forecast downwards due to
weaker demand in China.
In other highlights, online trading platform
Plus500 (LSE:PLUS) expects its revenue and EBITDA
to reach $724.5 million and $338.3 million, respectively. In Q3,
EBITDA rose 2% to $82.2 million, with revenue growing 11% to $187.3
million.
The UK’s Financial Conduct Authority fined Wise
(LSE:WISE) CEO Kristo Kaarmann $453,705 for tax defaults in fiscal
year 2017-18. Although the fine followed an investigation, it
didn’t question Kaarmann’s integrity in leading Wise.
UK-based rail ticketing company Trainline
(LSE:TRN) again raised its 2023 forecast, now expecting revenue
growth between 11% and 13%, up from the prior 7%-11% range, and
adjusted EBITDA at 2.6% of net ticket sales.
On Friday, U.S. stock indices had mixed performance. The Nasdaq
rose 0.6%, while the Dow fell for the fifth consecutive session,
reflecting rate concerns. The Dow Jones dropped 0.6% on Friday,
marking a weekly loss of 2.7%. The S&P 500 had a slight
1.74-point decline for a weekly decrease of 1.0%. The Nasdaq
achieved a seventh consecutive week of gains, though the Dow and
S&P closed six-week positive streaks.
Initial optimism waned as Treasury yields rose. In economic
data, the consumer confidence index climbed to 70.5, the highest
since April, as markets await upcoming employment reports and major
earnings.
On the quarterly earnings front, reports are expected from
Onsemi (NASDAQ:ON), Philips (NYSE:PHG), Cemex (NYSE:CX), CenterPoint
Energy (NYSE:CNP), Procept
Biorobotics (NASDAQ:PRCT), Acadia Realty
Trust (NYSE:AKR), Bank of
Marin (NASDAQ:BMRC), Bank of
Hawaii (NYSE:BOH), SJW
Group (NYSE:SJW) and Alliance Resource
Partners (NASDAQ:ARLP) before the opening.
After the close, earnings from
Ford (NYSE:F), TransMedics (NASDAQ:TMDX), Cadence
Design Systems (NASDAQ:CDNS), Waste
Management (NYSE:WM), Rambus (NASDAQ:RMBS), VF
Corporation (NYSE:VFC), F5
Networks (NASDAQ:FFIV), Brown &
Brown (NYSE:BRO), Amkor
Technology (NASDAQ:AMKR) and Ultra Clean
Holdings (NASDAQ:UCTT) are anticipated.
Bank of Marin Bancorp (NASDAQ:BMRC)
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