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Stock futures fall slightly as Fed decision looms: Live updates

49 Mins Ago

Europe stocks open higher

European stocks opened higher Wednesday, as global markets look to shake off a gloomy October.

The Stoxx 600 index was up 0.48% at 8:15 a.m., with health-care, autos and retail stocks all gaining around 1%, while utilities fell 0.7%.

France’s CAC 40 index gained 0.44%, while Germany’s DAX and the U.K.’s FSTE 100 were both 0.4% higher.

See Chart…

Stoxx 600 index.

7 Hours Ago

South Korea logs first rise in exports in 13 months; manufacturing activity remains in contraction

South Korea saw its first rise in exports in 13 months, with exports in October climbing 5.1% year-on-year.

This was a reversal from the 4.4% drop seen in September, and the first time since September 2022 that the country has posted a year-on-year expansion in exports.

Separately, South Korea’s factory activity saw a slightly deeper contraction in October, with the purchasing managers index coming in at 49.8, compared with 49.9 in September.

— Lim Hui Jie

7 Hours Ago

Yen holds at over one-year lows

Japan’s yen held at an over one-year low against the U.S. dollar a day after the country’s central bank stood pat on interest rates and said it will be more flexible with its yield curve control policy.

The yen weakened 0.25%, falling past the 150 per dollar threshold to trade at 151.29. The current level was the lowest since late October 2022.

The Bank of Japan said on Tuesday the target level of the 10-year Japanese government bond yield will be held at 0%, but will take the upper bound of 1% “as a reference.”

— Shreyashi Sanyal

7 Hours Ago

China manufacturing contracts unexpectedly in October, private survey shows

China’s manufacturing activity logged a surprise contraction in October, a private survey showed.

The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September. This was the first contraction in four months. Economists polled by Reuters expected a reading of 50.8.

A PMI reading below 50 denotes a contraction.

The survey mirrors the official figure released by the country’s national bureau of statistics on Tuesday.

— Shreyashi Sanyal

8 Hours Ago

Japan markets pop about 2% a day after BOJ decision

Japan’s markets saw a strong open, extending gains from Tuesday when the Bank of Japan increased the flexibility around its yield curve control policy.

The Nikkei 225 was 2.05% higher, powered by gains in distribution services and consumer durable stocks.

Some of the top gainers on the Nikkei include automaker Subaru, investment broker Daiwa Securities, and Lasertec, which manufactures inspection equipment for semiconductor firms.

— Lim Hui Jie

4 Hours Ago

China’s consumers are cautious now: China Beige Book

Chinese consumers are very cautious now, said Shehzad Qazi, managing director of China Beige Book.

Qazi notes consumers in China are pulling back from discretionary spending and really sticking to the staples, highlighting that industries like food and apparel fared better than luxury.  

“The bulk of revenge spending took place in the travel and leisure sector, maybe a little in luxury earlier in the year but the whole revenge spending thesis was wildly optimistic and wildly unrealistic,” Qazi told CNBC’s “Squawk Box Asia.

Qazi says policymakers in China appear to be confident in achieving the 5% growth target they’ve set for the year, and hence, there is not much pressure to inject additional stimulus into the economy.

“Unless Beijing does an about-face on its decision to do more household focused stimulus, there really isn’t much option on the table for stimulus to be the driver of consumer spending,” Qazi said.

— Shreyashi Sanyal

10 Hours Ago

Stocks suffered a horrible October

October was not a kind month for Wall Street, with the major averages notching a three-month losing streak. That marks the longest monthly slide for the Dow and S&P 500 since the first quarter of 2020.

Here’s a breakdown of the benchmarks’ performance:

— Fred Imbert

10 Hours Ago

These are the stocks making the biggest moves in late trading

Check out the companies making headlines in after-hours trading.

  • Paycom Software — Shares dropped 26.5% after the company missed third-quarter revenue estimates. Paycom posted $406.3 million in revenue for the period, while analysts polled by FactSet had called for $411.2 million. Earnings per share beat forecasts, however.
  • Livent — The maker of battery-grade lithium hydroxide dropped 4.4% after cutting its forward guidance and reporting a 10% decline in quarterly revenue. The company reported adjusted earnings of 44 cents per share on $211.4 million in revenue for the third quarter, while analysts surveyed by FactSet had called for earnings of 48 cents per share on $264.4 million in revenue.
  • Advanced Micro Devices — The chipmaker declined 4.5% after its fourth-quarter revenue estimate of $6.1 billion disappointed investors. The company reported 70 cents per share in earnings surpassing analysts’ forecast of 68 cents per share, according to LSEG. Its revenue for the third quarter also came out higher than expected.

Read here for the full list.

— Pia Singh

11 Hours Ago

Stock futures open slightly lower

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