«A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call,» the company said. News of Tesla’s sales dip comes a week after the company announced third-quarter vehicle deliveries that came in below deliveries and production from the previous quarter. All the sectors in the S&P 500 ended in the red Friday, with technology stocks the biggest drag on the index. Wall Street capped a choppy week of trading with a broad slide for stocks Friday, giving the S&P 500 its second losing week in a row.
JD.com shares tumbled to its lowest in a year, hit by a series of broker downgrades and target price revisions on the prospect of weaker retail growth for the Chinese e-commerce giant. Leading the index’s losses is e-commerce giant JD.com, which slumped as much as 12% to its lowest in a year. Hong Kong’s Hang Seng Index fell more than 2%, dragged by the consumer cyclicals sector. «These agencies have sprouted to meet soaring demand,» Joel Gallo, an adjunct professor of finance at New York University Shanghai, told Bloomberg. «They act as quasi-banking firms, yet operate without the scrutiny of one and adroitly engage in regulatory arbitrage by standing in a gray zone.»
- All the sectors in the S&P 500 ended in the red Friday, with technology stocks the biggest drag on the index.
- Bucking the decline in trade with major trading partners were Chinese imports from the European Union, up modestly in September from a year ago, according to CNBC calculations of the official data.
- Hong Kong’s Hang Seng Index fell more than 2%, dragged by the consumer cyclicals sector.
- Besides the war in Gaza and oil prices, there are also worries about the effects of workers’ strikes across the country and Capitol Hill dysfunction that could result in another U.S. government shutdown.
- “The Fed is still likely to remain on hold next week, but if the economy continues to surprise to the upside, all bets are off as to what they’ll do after their final two policy meetings of the year,” he said.
Inflation at the consumer level edged higher than expected in August, but high gasoline prices were the biggest driver. Oil prices have been climbing over the summer after Saudi Arabia decided to maintain production cuts. The nation could be on the verge of a «lost decade» similar to the one that slammed Japan’s economy in the 1990s, scholars say. That could bring on a debt deflation loop, Morgan Stanley strategists warned, a scenario where prices continue to free-fall while debt rises and economic growth stagnates. Wells Fargo rose 3.1% after it likewise topped analysts’ expectations for profit during the summer quarter. Bank customers continue to borrow, even at higher interest rates, as consumers put more and more expenses on their credit cards.
Singapore’s GDP expands in the third quarter, beating expectations
Funds can move through an informal, underground banking system known as «hawala,» the Bloomberg report said, which isn’t regulated and is largely contingent on faith. Advisers to the rich have reported a surge in demand for backup options like these as Beijing tries to gain control over the financial tumult in the country. Ignoring those and other particularly volatile prices, underlying inflation trends in Thursday’s report were closer to economists’ expectations.
- Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September.
- This entitles you to a portion of that company’s profits when they’re redistributed to investors as dividends.
- After the government unveiled new measures meant to revive the ailing property market, the CSI 300 turned positive.
- What’s more, to rely on this system, individuals risk associating with criminals.
- TOKYO — Asian shares advanced Friday, with solid gains for Chinese markets after the central bank eased the reserve requirements for banks to encourage more lending and prop up the slowing economy.
- The Hang Seng China Enterprises index in Hong Kong fell as much as 7.4 percent, the index’s worst tumble since the 2008 global financial crisis.
China’s recovery from the pandemic slowed in the last few months, dragged down by a slump in the massive real estate sector. The pace of crude oil imports on a year-to-date basis in September was little changed from August. «The future of the COVID Zero policy remains an open-ended question. Now with power more concentrated at the top, this decision hinges even more on President Xi’s views,» the report by Bank of America said. «The new leadership indicates more concentration in top decision-making procedure,» a report published on Monday by Bank of America and quoted by NIKKEI Asia said. «Some investors may worry about the lack of checks and balances, and the risk [that] potential policy mistakes evolve into major shocks to the economy.»
Artificial intelligence-related stocks have rallied as the theme gained traction this year, with investors piling into favorites such as Nvidia and Microsoft. The analysts expect the South Asian country to give «one of the highest returns among key markets throughout the world for the next several years.» Just last week, the Reserve Bank of India kept interest rates steady at 6.5%. China’s exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year. Other stocks dragging down the index include China Merchants Bank which fell 1.27%, while Ping An Insurance lost 1.67%.
Chinese officials also asked mutual funds in the nation to stop net equity sales to boost its stock market, sources told Bloomberg. On Sunday, the Chinese government announced a package of new initiatives to support its stock market. That included measures like reducing required collateral and slashing a tax on stock transactions in half.
Bloomberg
Investors are overwhelmingly betting that the Fed will hold interest rates steady when it closes a two-day meeting on Wednesday. They also expect the central bank could xtb.com reviews hold rates steady for the rest of the year. The Fed has said it remains willing to continue raising rates if it seems necessary to continue fighting inflation.
That reflects a remarkably resilient job market, which has withstood a steep jump in interest rates. A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected, which implies the number of layoffs remains low. Boosting market sentiment this week was a report Thursday that said U.S. shoppers spent more at retailers last month than economists expected. A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected. The Fed has pulled its overnight interest rate to the highest level since 2001, up from virtually zero at the start of last year, in hopes of starving painful inflation of its fuel.
The Monetary Authority of Singapore does not disclose any detail relating to this band. Morgan Stanley analysts downgraded JD.com to equal-weight from overweight, while Jeffries slashed its price target for JD.com’s Nasdaq listing from $97 to $80 per share. In Japan, the Nikkei 225 slipped 0.55% to close at 32,315.99 and South Korea’s Kospi fell 0.95% to end at 2,456.15. Yet, per Bloomberg, opportunities to move cash without breaking any rules are limited, and individuals can typically wire no more than $50,000 a year overseas, and emigrating only offers a one-time chance to move money.
MarketWatch
High rates and longer-term bond yields knock down prices for all kinds of investments, while also slowing the overall economy. Treasury yields initially jumped following Thursday’s reports on fears they could push the Fed to raise rates again or at least to keep rates higher for longer. But economists pointed out that much of last month’s acceleration in wholesale inflation was due to higher fuel prices, which can shift direction sharply and quickly.
S&P 500 Futures Climb in Premarket Trading; First Solar, Fastenal Lead
The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, rose to 4.33% from 4.29% late Thursday. Stocks are fungible — that is, sellable — financial instruments representing ownership of a fraction of a company. If you own a unit of stock, termed a share, then you’re a complete guide to web development in python a part owner of the corporation it’s from. This entitles you to a portion of that company’s profits when they’re redistributed to investors as dividends. And — if the organization increases in value — the value of your shares will also rise accordingly (the same is also true if the company falls in value).
China Stock Markets Down Following Xi Jinping’s Power Play
“A lot of the optimism about the Fed pausing is priced into markets,” Stucky said. The Dow Jones Industrial Average dropped 0.8% and the Nasdaq composite gave back 1.6%. After the government unveiled new measures meant to revive the ailing property market, the CSI 300 turned positive. China is set to report September retail sales on Oct. 18, along with third-quarter GDP figures. China’s exports of ships and boats for the year picked up pace from August on a unit basis to a 16.2% year-on-year increase in the third quarter. By product category, China’s global export of autos remained the fastest growing, up on a unit basis by 64.4% from a year ago for the first three quarters of 2023.
Japanese, Hong Kong stocks slump Friday
Tepid prices underscore what China’s top leaders labeled as a «tortuous» economic recovery after the country emerged from its draconian zero Covid curbs toward the end of last year. The consumer price index was flat on an annual basis in September, data from questrade review the National Bureau of Statistics showed. Citing the UK’s National Crime Agency, Bloomberg reported that it’s highly likely these underground banks have pools of funds ready in key locations in order to users to get their money quickly in local currencies.