10 minutes ago
Expect the equal-weighted S&P 500 to outperform, Bank of America says
Savita Subramanian of Bank of America said that the bank expects the equal-weighted version of the Standard & Poor’s 500 index to outperform the maximum-weighted version of the index. “Why? (1) Earnings growth bottomed out in the second quarter, and investors tend to become price sensitive as growth accelerates. (2) Value stocks are historically inexpensive; and (3) our system model has shifted to recovery, which favors deep value “.
– Fred Imbert, Michael Bloom
6 hours ago
Chinese trade falls less than expected in August
Chinese exports and imports fell less than expected in August, down 8.8% and 7.3% year-on-year respectively.
This is less severe than the 9.2% decline in exports and 9% in imports that economists polled by Reuters had expected.
The country’s trade balance reached $68.36 billion, less than the $80.6 billion recorded in June and also less than the $73.9 billion expected in the Reuters poll.
– Lim Hui Ji
7 hours ago
Australia’s trade surplus in July is lower than expected. Exports and imports decrease
Australia’s trade surplus As for July, it reached 8.04 billion Australian dollars (7 billion US dollars), nearly a third less than the revised figure for June of 10.27 billion Australian dollars.
The figure was also lower than the A$10 billion surplus expected by economists polled by Reuters.
Exports fell by 2% month-on-month, driven by a decline driven by non-monetary gold, while imports rose by 2.5%, driven by imports of non-industrial transport equipment.
– Lim Hui Ji
8 hours ago
India’s consumer market to become the third largest in the world by 2027
India’s consumer market is expected to become the third largest in the world by 2027 with a rise in the number of middle to high income households, according to a report by BMI.
The report expected that the growth of per capita household spending in India would exceed that of other developing Asian economies such as Indonesia, the Philippines and Thailand by 7.8% on an annual basis.
BMI estimates that Indian household spending will exceed $3 trillion with disposable income rising at a compound rate of 14.6% annually until 2027. By then, 25.8% of Indian households are expected to have $10,000 in annual disposable income.
“The majority of these households will be located in economic hubs, such as New Delhi, Mumbai and Bengaluru. The wealthiest households are mainly concentrated in urban areas, making it easier for retailers to target their key target markets,” BMI said.
Read the full story here.
— Charmaine Jacob
11 hours ago
West Texas crude oil futures rose to their highest levels of the year on Wednesday
West Texas Intermediate crude futures for October reached $88.08 per barrel intraday Wednesday, the highest price since November. October 15, 2022, when crude traded at $88.68 per barrel. (A barrel of oil contains 42 gallons). WTI will rise 9.1% so far in 2023.
November Brent crude futures, the global benchmark, closed at $90.60 a barrel on Wednesday and advance 5.5% in 2023.
September RBOB gasoline futures (RBOB stands for Recast Oxygen Blend) rose 0.80% on Wednesday to $2.6014 a gallon, up 5.8% year to date.
See chart…
October WTI futures for the past three months.
-Scott Schnepper, Gina Francola
11 hours ago
Stock futures are open little changed
Stock futures were little changed on Wednesday, with Wall Street now focused on the Federal Reserve’s future path for benchmark interest rates.
Futures contracts tied to the Dow Jones Industrial Average fell 9 points, or 0.03%. S&P 500 futures fell 0.02%, while Nasdaq futures fell 0.06%.
– Brian Evans
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
