U.S. index futures rose slightly in pre-market trading on
Tuesday as markets await the outcome of a tight presidential race
between Trump and Harris. With voting set to begin and an uncertain
race that could delay vote counts, caution prevails. Additionally,
the Federal Reserve’s decision and earnings reports are expected to
impact markets in the coming days.
As of 5:38 AM, Dow Jones futures (DOWI:DJI) were up 54 points,
or 0.13%. S&P 500 futures gained 0.17%, while Nasdaq-100
futures rose 0.27%. The 10-year Treasury yield stood at 4.307%.
In commodities, West Texas Intermediate crude for December rose
0.35% to $71.72 per barrel, and Brent for January gained 0.33% to
$75.33 per barrel.
Oil prices are trading in a narrow range as the market remains
cautious ahead of the U.S. presidential election and the Federal
Reserve meeting. OPEC+’s decision to delay production hikes has
supported prices, but economic uncertainty and events like China’s
Congress and possible storms in the Gulf of Mexico are limiting
major moves. Oil production recovery in Libya and Iran’s expansion
plans are also influencing short-term supply.
Spot gold (PM:XAUUSD) increased by 0.06% to $2,738.405 per
ounce.
Copper (CCOM:COPPER) rose for the third consecutive day, driven
by positive economic data from China and expectations for further
support measures from Beijing. Chinese services activity expanded
rapidly, and recent stimulus efforts appear effective. The
government is expected to announce more economic support this
week.
In the U.S. economic calendar today, the September trade deficit
is set for release at 8:30 AM, with an expected increase to -$84.0
billion from -$70.4 billion. At 10:00 AM, the ISM Services Index
for October will be released, expected to fall to 53.7% from 54.9%
in the previous month.
Asia-Pacific markets closed mixed on Tuesday, with notable gains
in Japanese stocks, which rose on strong corporate earnings during
the first day of extended trading. The Topix closed up 0.76%, and
the Nikkei 225 gained 1.11%, supported by exporters and positive
results from companies like Nomura Holdings and
Murata Manufacturing.
China’s CSI 300 index rose 2.53%, and Hong Kong’s Hang Seng rose
1.8% in the final hour of trading. South Korea’s Kospi fell 0.47%,
while Australia’s S&P/ASX 200 declined 0.4%.
In China, services activity accelerated in October, with the
Caixin/S&P Global services PMI rising to 52.0, boosted by
Beijing’s stimulus efforts. This aligns with the official PMI,
showing expansion in services and construction sectors. Business
confidence improved, though deflationary pressures and weak loan
demand mean stimulus efforts are essential to sustaining economic
growth in 2024.
In South Korea, inflation slowed to 1.3% in October, the lowest
since January 2021 and below the Bank of Korea’s 2% target. This
result raises expectations for rate cuts, currently at 3.25%.
Declines in oil and food prices contributed to the slowdown, and
core inflation, excluding food and energy, rose by just 1.8%.
Australia’s Reserve Bank (RBA) held rates at 4.35%, a 12-year
high, signaling a restrictive stance to control underlying
inflation. The RBA expects a gradual slowdown in core inflation,
projecting 3.4% by the end of 2024 and 2.5% by 2026. Employment
growth is expected to reach 2.6% by year-end, with unemployment
rising to 4.5% by 2025.
Nintendo cut its annual operating profit
forecast by 10% to $2.36 billion due to weakening Switch console
sales. Sales for the first fiscal half reached 4.7 million units,
compared to 6.8 million the prior year. Annual Switch sales
expectations were reduced by 7% to 12.5 million units.
European markets are trading slightly higher amid anticipation
for the U.S. presidential election. Mining is the top-performing
sector, while oil and gas are lagging.
Notably, Hugo Boss (TG:BOSS) slightly exceeded
third-quarter operating profit expectations, reporting EBIT of €95
million, above the forecast of €90 million, despite a 7%
year-over-year decline. Currency-adjusted sales reached €1.029
billion, supported by cost management and moderate demand.
Associated British Foods Plc (LSE:ABF) saw
profits rise, driven by Primark’s continued recovery as input costs
decreased. The company, which has divisions in sugar and food,
raised its dividend by 50% and launched a £500 million share
buyback. Despite retail challenges, Primark’s autumn and winter
sales were strong. AB Foods anticipates lower sugar sector profits
due to reduced prices but projects a recovery in 2026.
Schroders Plc (LSE:SDR) experienced outflows of
$3 billion (£2.3 billion) last quarter and expects an additional £8
billion this quarter due to a Scottish Widows contract and
institutional client losses. Facing challenges amid outflows and
slow growth, the firm appointed Richard Oldfield, former CFO and
new CEO, replacing Peter Harrison.
Vestas Wind Systems (AQEU:VWSC) shares fell
sharply after the company lowered its annual EBIT margin forecast
to the lower end of 4-5% and revised its net investment to €1
billion, with service EBIT projected at €450 million.
Adecco Group (LSE:0QNM) reported third-quarter
results below expectations, with net income down to €99 million and
revenue 4% lower. Adjusted EBITDA fell 21% to €186 million, below
analyst forecasts.
AIB Group (LSE:AIBG) maintained its annual
outlook but raised its loan portfolio growth forecast to 5-6% in
2024, up from the previous 4%. In the third quarter, gross loans
rose 5% to €70.4 billion.
Syensqo (EU:SYENS) shares rose 6.5% after
reporting third-quarter profits of €162 million, exceeding
expectations. The company also announced a $326.4 million (300
million euros) share buyback program.
Hornby (LSE:HRN) sold its loss-making Oxford
Diecast brand for $1.8 million to EKD Enterprises, controlled by
former chairman Lyndon Davies. The sale is part of the company’s
restructuring, now focusing on its core Corgi, Hornby train, and
Scalextric racing car brands.
French tech firm Atos SE (EU:ATO), facing
financial difficulties, agreed to sell its Worldgrid unit to
Alten SA (EU:ATE) for $294 million, including
debt. Worldgrid, which specializes in utility consulting, received
regulatory approval and expects to complete the sale by
year-end.
The £15 billion merger between Vodafone
(LSE:VOD) and Three can proceed if they implement
solutions to address competitive concerns. The Competition and
Markets Authority deemed the merger potentially favorable, provided
significant investments and tariff protections are in place. A
final decision is expected by December 7.
Lastly, Schaeffler AG (TG:SHA0) will cut 4,700
jobs across Europe and close two facilities due to the automotive
crisis, aiming to save €290 million.
On Monday, U.S. stocks were volatile, ending slightly down after
a strong performance on Friday. The Dow Jones fell 0.6%, influenced
by Intel (NASDAQ:INTC) and Dow Inc. (NYSE:DOW)
exiting the index, replaced by Nvidia
(NASDAQ:NVDA) and Sherwin-Williams (NYSE:SHW).
Both Nasdaq and S&P 500 dropped 0.3%. The market reflected
uncertainty over the U.S. election and Federal Reserve policy,
expected to cut rates by 25 basis points. Energy stocks rose as oil
prices climbed after the OPEC+ decision.
Election results could impact year-end stock performance, but
short-term volatility is expected. Historically, indices tend to
rise post-election but may decline the following week. Market
instability may increase due to the uncertain outcome, prompting
Wall Street strategists to assess potential economic impacts of
Trump or Harris victories.
Trump proposed Elon Musk lead an efficiency committee, with Musk
planning to reduce the federal budget by $2 trillion. Piper Sandler
listed 100 stocks sensitive to these cuts, including
Boeing (NYSE:BA) and General
Dynamics (NYSE:GD). Defense companies may benefit from
increased military spending in a Republican win, while a Harris
victory would favor electric vehicle companies and
homebuilders.
In addition to the election, the Federal Reserve’s rate decision
and remarks from Jerome Powell are anticipated and may affect
movements.
On the earnings front, reports from
Melco (NASDAQ:MLCO), Sundial
Growers (NASDAQ:SNDL), ADM (ADM), Apellis (NASDAQ:APLS), Ferrari (NYSE:RACE), Apollo (NYSE:APO), Builders
FirstSource (NYSE:BLDR), GlobalFoundries (NASDAQ:GFS), LP
Building Solutions (NYSE:LPX) and Navios
Maritime Partners (NYSE:NMM) are expected before the
open.
After market close, earnings from
Supermicro (NASDAQ:SMCI), Devon
Energy (NYSE:DVN), Lumen (NYSE:LUMN), Pan
American Silver (NYSE:PAAS), Kinross
Gold (NYSE:KGC), Microchip
Technology (NASDAQ:MCHP), Coupang (NYSE:CPNG), BigBear.ai (NYSE:BBAI), Exact
Sciences (NASDAQ:EXAS)
and iRobot (NASDAQ:IRBT), among others,
are anticipated.
Builders FirstSource (NYSE:BLDR)
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