U.S. index futures fell in pre-market trading on Thursday,
pressured by GDP readings that fell short of expectations, along
with disappointing earnings reports from Meta
(NASDAQ:META) and Microsoft (NASDAQ:MSFT). Reports
on the Personal Consumption Expenditures (PCE) price index, a
preferred inflation indicator by the Fed, and the October payroll
report are highly anticipated as they will influence investor
expectations for the upcoming interest rate decision.
At 6:25 AM, Dow Jones futures (DOWI:DJI) were down 214 points,
or 0.51%. S&P 500 futures lost 0.8%, while Nasdaq-100 futures
dropped 1.1%. The yield on 10-year Treasury bonds stood at
4.276%.
In the commodities market, West Texas Intermediate crude oil for
December rose 0.47% to $68.93 per barrel, while Brent for December
increased 0.39% to $72.83 per barrel.
Oil prices climbed on Thursday, supported by an unexpected drop
in U.S. oil and gasoline inventories, indicating
stronger-than-expected demand. Additionally, the potential decision
by OPEC+ to postpone a production increase provided further support
to prices, which had previously declined due to reduced tensions in
the Middle East. OPEC+ is scheduled to meet on December 1.
Gold was priced at $2,773.89, down 0.43%. Gold reached a record
of $2,790.10 an ounce, driven by a flight to safe-haven assets
ahead of the U.S. elections, despite positive economic data that
could influence Fed rate cuts. The metal has risen more than a
third this year, supported by central bank purchases and
geopolitical tensions.
In today’s U.S. economic agenda, at 8:30 AM, important data will
be released, including personal income for October, expected to
grow by 0.4%, up from the previous 0.2%, and personal spending,
also anticipated at 0.4%.
The PCE index, which measures inflation, is expected to rise by
0.2% in October, reaching 2.1% year-over-year, slightly below the
prior 2.2%. The core PCE is projected at 0.3% for the month, with a
yearly rate of 2.6%.
At the same time, initial jobless claims for October 26 are
forecasted at 235,000, up from 227,000. Also at 8:30 AM, the Q3
Labor Cost Index will be released, with expectations of 1.0%. At
9:45 AM, the Chicago PMI for October is expected to be reported at
46.1, down from the previous 46.6.
Among the major Asian indices, South Korea’s Kospi led the
losses, falling 1.45% to 2,556.15, its lowest level since
September. China’s CSI 300 closed virtually unchanged. Australia’s
S&P/ASX 200 dropped 0.25%. Japan’s Nikkei 225 ended down 0.5%
following the BOJ’s decision, while Hong Kong’s Hang Seng rose
0.13% in the final trading hour.
The Bank of Japan maintained its interest rates at 0.25%, citing
the need to assess global economic conditions. The bank projected
inflation near 2%, but indicated that it would only raise rates if
domestic economic recovery is consistent. Internal and external
political uncertainties, particularly following the loss of a
governing majority, influence the pace of adjustments.
Japan’s industrial production grew 1.4% in September, exceeding
the 0.8% forecast, driven by increases in automobile and chemical
manufacturing. However, production fell 2.8% compared to the
previous year. Retail sales declined 2.3% in September,
highlighting uncertainties about future demand.
In China, the largest banks reported increased profits for the
third quarter, driven by reduced provisions. AgBank saw a net
profit increase of 5.88%, while ICBC reported a rise of 3.8%.
However, net interest margins declined for some banks, reflecting
ongoing pressures due to government policies and moderate credit
demand.
China’s industrial activity expanded in October after six
months, with the PMI rising to 50.1. Beijing expects recent
stimulus to promote economic growth and revive investments, despite
challenges in the real estate sector and low consumer confidence.
Chinese service and construction activity grew slightly, with the
non-manufacturing PMI rising to 50.2, up from 50.0 in September,
according to the National Bureau of Statistics.
In South Korea, Kakao Corp. founder Brian Kim
was released after posting bail of $218,000 (300 million won) while
facing accusations of stock manipulation related to the acquisition
of SM Entertainment in 2023. Kim is accused of inflating SM’s stock
to surpass a rival bid, a case with potential implications for
Kakao and the country’s tech sector.
Samsung Electronics reported lower profits
compared to last year, primarily impacted by its semiconductor
unit, which posted an operating profit of $2.8 billion (3.86
trillion won), a 40% decline from the previous quarter.
European markets are trading lower, led by losses in the retail
sector, as investors review eurozone inflation data and corporate
earnings.
Eurozone inflation rose to 2% in October, surpassing
expectations of 1.9%. In September, the rate was revised to 1.7%.
Meanwhile, third-quarter economic growth of 0.4% surprised
positively but with forecasts of future slowdown.
Inflation in France remains below the ECB’s target, with
consumer prices in October up 1.5% year-over-year. This scenario
reinforces the possibility of further rate cuts, with the ECB
likely reducing rates for the third time in December. The French
economy is expected to slow down as the economic boost from the
Olympics fades and fiscal tightening looms.
Shares of BNP Paribas (EU:BNP) fell after the
bank reported a 2.6% decline in retail revenue in the third
quarter. Nevertheless, it reported a net profit of €2.87 billion, a
5.9% increase, in line with expectations of €2.86 billion, driven
by growth in investment banking and cost control. Total revenue of
€11.94 billion also met forecasts.
Geberit (LSE:0RQ0) exceeded expectations in the
third quarter with a net profit of 150.3 million Swiss francs,
above the forecast of 138.1 million, and revenue of 762 million
francs, surpassing the estimated 727.6 million.
In terms of quarterly reports, numbers are expected from
Uber (NYSE:UBER), Peloton (NASDAQ:PTON), Merck (NYSE:MRK), ConocoPhillips (NYSE:COP), SiriusXM (NASDAQ:SIRI), Altria (NYSE:MO), Mastercard (NYSE:MA), Estée
Lauder (NYSE:EL), Kellanova (NYSE:K)
and Norwegian Cruise Line (NYSE:NCLH)
before the market opens.
After the close, results from
Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Intel (NASDAQ:INTC), Atlassian (NASDAQ:TEAM), ICF
International (NASDAQ:ICFI), Eldorado
Gold (NYSE:EGO), Ardelyx (NASDAQ:ARDX), AES
Corporation (NYSE:AES), Nine Energy
Service (NYSE:NINE) and United States
Steel (NYSE:X), among others, are awaited.
US Steel (NYSE:X)
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