2 minutes ago
Stocks are coming off a mixed week
The three major indexes were mixed last week amid volatile trading.
The S&P 500 index advanced 0.5% over the week, marking its second week of gains in a row. Meanwhile, the Dow Jones Industrial Average rose 0.8% during the week.
But the Nasdaq Composite lagged, with the technology-driven Composite Index falling nearly 0.2% for the week.
-Alex Haring
51 minutes ago
RBC raises its earnings forecast
RBC raised its 2023 and 2024 earnings per share forecasts for the S&P 500 after a strong start to the third-quarter season.
“There are three key things to know about our revised EPS forecast,” said Lori Calvasina, head of US interest rates strategy at RBC. “First, our 2024 forecast assumes a significant moderation in inflation, an easing of interest rate pressures in the latter half of the year, and a slowdown in GDP and industrial production expectations. … Second, our 2024 EPS forecast assumes less robust revenue growth than the expected growth in Last year.Bottom-up consensus, and assumes a less rosy view of where margins are headed.
“Third…our new EPS forecasts suggest the S&P 500 could exceed 4,700 by the end of 2023 and 5,300 by the end of 2024,” Calvasina said.
– Fred Imbert, Michael Bloom
4 hours ago
European stock markets open higher
European markets started the new trading week on a positive note, despite the ongoing turmoil in the Middle East.
The European Stoxx 600 index rose 0.3% at the opening of the session, with most sectors moving in positive territory. Mining resources led the pack, rising 1.3%, while utilities bucked the trend and fell 0.1%.
8 hours ago
J&T Express is looking to raise $500 million in an IPO in Hong Kong
Logistics company J&T Express is eyeing a $500 million listing in Hong Kong in what will be the city’s second-largest listing of 2023.
The company will issue 326.5 million shares at a price of HK$12 (US$1.53) per share, according to the company’s prospectus. Upon listing, J&T will have a market capitalization of $13.5 billion.
Last February, Reuters reported that the company had previously aimed to raise at least $1 billion through an initial public offering in Hong Kong in the second half of 2023.
The company revealed that it has nine cornerstone investors, including Chinese technology giant Tencent and Singapore state-owned investment company Temasek. Cornerstone investors will commit $199.5 million, or about 39.9% of the IPO.
– Lim Hui Ji
8 hours ago
China leaves interest rates on medium and short-term loans unchanged
China kept its key short-term and medium-term lending rates unchanged, with the 7-day reverse repo rate at 1.8% and the one-year interest rate at 1.8%. Medium-term lending facilities Rate 2.5%.
The People’s Bank of China also injected 106 billion yuan ($14.77 billion) of 7-day reverse repos at the same rate of 1.8%.
Following the move, the onshore yuan weakened marginally to trade at 7.3093 against the dollar, while the offshore yuan also weakened to 7.3121.
9 hours ago
The New Zealand dollar rises after the election results
The New Zealand dollar rose on Monday after former Conservative businessman Christopher Luxon was elected as the country’s new prime minister.
The New Zealand dollar rose 0.49 percent to $0.5913 in Asian trading. Luxon’s centre-right National Party will form a new government with his preferred coalition party, ACT.
Investors are also awaiting New Zealand’s inflation numbers due on Tuesday for further clues on whether interest rates could be raised again. Consumer prices are expected to rise 2.0% in the third quarter, compared to 1.1% in the previous quarter.
– Shreyashi Sanyal
13 hours ago
Where the major averages stand
With October half way through, here’s where all the major averages stand:
Dow Jones Industrial Average:
- It rose 0.8% last week
- An increase of 0.5% since the beginning of the month
- By 1.6% this year
Standard & Poor’s 500:
- It lost 0.5% last week
- It rose 0.9% in October
- An increase of 12.7% this year
Nasdaq Composite:
- It fell 0.18% during the week
- By 1.4% this month
- An increase of 28.1% in 2023
-Samantha Sobin
13 hours ago
