Shares in mainland China rebounded as traders found renewed optimism for more stimulus measures. Traders around the word awaited U.S. inflation data for September—and the implications it will have for rate cuts at the Federal Reserve’s November meeting.
- S&P 500 Futures: 5,828.75 ⬇️ down 0.21%
- S&P 500: 5,792.04 ⬆️ up 0.71%
- Nasdaq Composite: 18,291.62 ⬆️ up 0.60%
- Dow Jones Industrial Average: 42,512.00 ⬆️ up 1.03%
- FTSE 100: 8,236.20 ⬇️ down 0.09%
- SSE Composite: 3,301.93 ⬆️ up 1.32%
- Nikkei 225: 39,380.89 ⬆️ up 0.26%
- Bitcoin: $60,753.69 ⬇️ down 2.14%
China: Hong Kong and Shanghai rise on stimulus optimism rebound
A day after China’s mainland shares took a steep dive, Shanghai’s SSE Composite rose 1.32%, while Hong Kong’s Hang Seng jumped another 2.98% as stimulus optimism returned. Markets were aided by Beijing’s announcement that its finance minister will give another stimulus briefing on Saturday, at which investors expect more measures to boost the economy.
Japan: Nikkei posts small rise as producer prices rise more than expected
The Nikkei 225 hovered near breakeven, posting a minimal 0.26% rise with the financial sector leading the way, as traders awaited the release of U.S. before the bell in New York. The mood was tempered by producer prices, which increased 2.8%, above the 2.3% expected by economists.
Europe: Shares waver ahead of U.S. CPI as GSK soars on court settlement
European stocks slid slightly early Thursday as traders there also prepared for the release of U.S inflation data. The U.K.’s FTSE 100 was down a marginal 0.09% in early trading, saved from steeper losses by an over 5% surge in GSK over news that the pharma giant had reached a $2.2 billion deal to settle thousands of claims in U.S. courts that linked cancer cases to its heartburn drug Zantac. The STOXX Europe 600 was down 0.21%.
U.S. premarket slips with inflation numbers in focus
A day after all three markets posted ample rises—and the Dow and S&P 500 both set fresh records—the main U.S. indexes were all down slightly in premarket trading Thursday. Investors awaited the pre-market release of September CPI inflation numbers, which will have implications for the Fed’s plans to cut interest rates—or not—in November. On Wednesday, cruise lines saw their shares surge as oil prices dropped, with Norwegian Cruise Line Holdings leading the pack with a 10.91% gain. The announcement that the DOJ might push to split up Google weighed on owner Alphabet—which dropped 1.59%—and the tech-heavy Nasdaq.
And earnings season continues…
Delta Air Lines reports today, and JPMorgan, Wells Fargo, and BlackRock on Friday.