Wall Street’s major indexes erased earlier gains and turned negative in the final trading hour of Wednesday, pressured by declines in energy stocks and some megacaps shares. Earlier gains were driven by signs of a cooling US labor market, as indicated by the ADP report showing fewer-than-expected job additions in November and lower-than-anticipated labor costs in Q3. These data reinforced expectations of the Fed concluding its tightening campaign and potential rate cuts in the coming year. However, a nearly 4% drop in oil prices weighed on the energy sector with Exxon Mobil and Marathon Petroleum sliding 1.4% and 3.5%, respectively. Also, Nvidia fell 1.7% as it collaborates with the US government to comply with export restrictions for its new chips for the Chinese market. Megacap stocks, including Apple, Microsoft, and Amazon, declined between 0.3% and 0.1%. Conversely, Tesla rose by about 1.4%. After the bell, GameStop is on tap to report its quarterly results.

US Stocks Set Back

The FTSE 100 managed to close about 0.3% up at 7,515 on Wednesday, halting two consecutive sessions of losses, as markets continue to price in interest rate cuts next year. Locally, the Bank of England stated that the UK economy has weathered the worst of a rapid interest rate tightening cycle this year, but warned about ongoing challenges and the yet-to-be-felt full impact of higher interest rates on businesses and households. Among single stocks, BT continued its recent strong run, rising 4.9%, in response to the favorable outlook on European telecoms. IAG (+3.9%), Croda International (+3.8%) and Prudential (+3.6%) also posted solid gains. On the negative side, British American Tobacco plunged over 8%.

UK Stocks Snap 2-Day Losing Streak

In London,  the FTSE 100 Index gained 41 points or 0.54 percent on Wednesday. Gains were led by TUI (13.87%), Carnival PLC (5.47%) and BT (4.34%). Biggest losers were British American Tobacco (-8.50%), Imperial Brands (-1.26%) and Royal Dutch Shell (-1.15%).

The FTSE 100 Index Closes 0.54% Higher

In Milan,  the FTSE MIB Index went up by 280 points or 0.93 percent on Wednesday. Top gainers were Diasorin (5.11%), Interpump Group (4.23%) and Stellantis N.V. (3.13%). Biggest losses came from Saipem (-1.91%), Tenaris (-1.57%) and Eni (-1.06%).

The FTSE MIB Index Closes 0.93% Higher

European stocks extended gains on Wednesday, with the Stoxx 50 rising by 0.6% to a 16-year high of 4,483, driven by an over 2% gain in auto stocks and a 1.6% increase in mining companies. However, oil and gas stocks fell nearly 1% as oil prices hit five-month lows on oversupply concerns. The broader Stoxx 600 index also climbed by 0.6%, reaching a four-month high of 471. Germany's DAX index notably achieved a record level above 16,656. In corporate news, travel operator TUI reported more than doubling its operating profit in 2023 and anticipated a robust 25% surge for 2024, leading to a 15% increase in its shares. Conversely, H&M fell by 1.8% following a downgrade from hold to sell by Deutsche Bank analysts.

European Stocks Rise, EU 50 at 16-Year High

In Frankfurt,  the DAX Index rose 151 points or 0.92 percent on Wednesday. Leading the gains are Volkswagen (5.36%), Sartorius (3.68%) and Infineon (2.80%). Top losers were Merck (-12.94%), Fresenius Medical Care (-1.40%) and Puma (-1.29%).

The DAX Index Closes 0.92% Higher

In Paris,  the CAC 40 Index gained 56 points or 0.75 percent on Wednesday. Gains were led by Renault (6.31%), WorldLine (5.49%) and Alstom (3.75%). Biggest losers were Teleperformance SE (-1.54%), TotalEnergies SE (-1.19%) and Carrefour (-1.07%).

The CAC 40 Index Closes 0.75% Higher

The CAC 40 index closed 0.66% higher at 7,436 on Wednesday, reaching a 4-month high, after a lower-than-expected increase in US private employment reinforced investors' bets that the Fed will start cutting rates soon. Among CAC 40 index individual stocks, automakers Renault and Stellantis grew 6% and 3.2%, respectively, tracking a rise in the European automotive sector. Also, Alstom and Wordline increased 5.5% and 3.7%. Conversely, Teleperformance (-1.5%) and TotalEnergies (-1.2%) were the biggest laggards.

French Stocks Reach 4-Month High

The JSE All Share Index rose about 0.3% to close at 75,401 on Wednesday, after subdued US labor data reinforced hopes of monetary easing by the Federal Reserve next year. Private employers added fewer jobs than expected last month at 103,000 and labor costs fell by 1.2% in final third-quarter data, providing further indication that wage inflation is tending to decline. Locally, concerns mounted that the South African economy might dip into a recession by the end of 2023 following disappointing Q3 GDP data and the resurgence of severe power outages. On the corporate front, Anglo American Platinum, Redefine, Impala Platinum and MTN Group were the top performers, with gains of over 3% each. Conversely, the UK-based British American Tobacco lost over 10%, after saying it expects a one-off impairment of around $31.5 billion this year due to market pressure on some of its U.S. cigarette brands.

South African Stocks End Slightly Up

All three major US stocks pared gains to trade around the flatline on Wednesday, dragged down by energy shares after oil prices tumbled over 3% on supply concerns. Earlier, stocks attempted gains on further signs the US labour market is cooling. The ADP report showed private businesses added less jobs than expected in November while labour costs fell more than initially anticipated in Q3. Figures reinforced bets the Fed's tightening campaign is over and rate cuts could happen next year. On the corporate front, Nvidia fell 0.6% after the company said is working closely with the US government to ensure that its new chips for the Chinese market comply with export restrictions and other megacap stocks including Apple, Microsoft and Amazon were down between 0.5% and 1.2%. On the other hand, Tesla added about 2%.

US Stocks Pare Gains

Frankfurt's DAX 40 surged by 0.9% on Wednesday afternoon, reaching a new record high of 16,680 points, as US data indicating weaker-than-expected private employment growth in November bolstered the belief that major central banks might initiate interest rate cuts sooner than previously anticipated. On the corporate front, German tourism group TUI surged by 15% after forecasting operating profit to jump 25% this year, and saying it is considering delisting from London, while Volkswagen climbed more than 5% after an audit of its jointly owned site in Xinjiang, China, found no signs of forced labor. Merck plummeted by more than 12% after the pharmaceutical company's experimental multiple sclerosis drug evobrutinib failed to meet the primary objective in late-stage trials. On the economic data front, German factory orders plummeted by 3.7% in October, missing market expectations of a 0.2% increase. Meanwhile, a PMI survey showed the country's construction sector remained deep in recession.

DAX Extends Rally to New Peak

The TSX Composite went up 0.3% to trade around the 20320 level on Wednesday, pairing the two previous session losses following the Bank of Canada's announcement of their monetary policy decision. The central bank maintained its target for the overnight rate at 5% for a third consecutive meeting in December 2023, aligning with market expectations and leaving borrowing costs at a 22-year high. The financial sector led gains, with Brookfield Corporation at the forefront with a 1.7% increase, followed by Bank of Montreal at 1.4%, Royal Bank of Canada at 0.9%, and TD Bank at 0.4%. Conversely, key players in the energy sector, including Canadian Natural Resources (-1.2%), Suncor Energy (-1%), Imperial Oil (-0.7%), and Cenovus Energy (-0.5%), experienced declines pressured by declining oil prices.

Canadian Stocks Recover After BoC Policy Decision

EU50 increased to a near 16-year high of 4494

Stocks in Euro Area Hit Near 16-year High

ES35 increased to a near 6-year high of 10295

Stocks in Spain Hit Near 6-year High

The Ibovespa hovered near the flatline at the 126,900 level on Wednesday, after a slight recovery in the previous session, as expectation of Selic rate cuts increased, while JP Morgan’s downgrade dragged the meat processing sector. The positive sentiment in NY, fueled by weaker-than-expected job market data in the November ADP report, led to a retreat in U.S. Treasury yields, alleviating concerns and bolstering Brazilian assets, particularly those sensitive to interest rates. Consequently, Raizen emerged as the top gainer for the day with a 4.3% increase, followed by Atacadao at 3.6% and Natura at 3.1%. Meanwhile, Vale's shares rose by 0.8% as iron ore prices recovered. On the other hand, the food sector, particularly meat processing, faced downward pressure as JP Morgan downgraded its recommendation for BRF shares, resulting in the day's largest decline with 4.5% losses. JBS and Marfrig also posted losses of 2.7% and 2.5%, respectively.

Brazilian Stocks Hover Flat on Wednesday

US stocks were higher on Wednesday, with both the S&P 500 and the Nasdaq adding about 0.5% while the Dow Jones gained more than 150 points, as traders digest fresh data suggesting the US labour market is cooling. The ADP report showed private businesses added less jobs than expected in November while labour costs fell more than initially anticipated in Q3. Figures reinforced bets the Fed's tightening campaign is over and rate cuts could happen next year. Consumer discretionary, financials, industrials and materials were the top performing sectors while energy and consumer staples were in the red. On the corporate front, Nvidia gained more than 1% after the company said is working closely with the US government to ensure that its new chips for the Chinese market comply with export restrictions. Tesla also added about 2.4% while other megacap stocks including Apple, Microsoft and Amazon were around the flatline.

US Stocks Rise on Labour Data

US stock futures extended small gains on Wednesday, with contracts on the three major averages adding about 0.3%, after the ADP report showed private businesses added less jobs than expected, reinforcing the view the labour market is cooling and raising bets the Fed's tightening campaign is over and rate cuts could happen next year. On the corporate front, Nvidia stocks rose about 0.9% in premarket trading after the company said is working closely with the U.S. government to ensure that its new chips for the Chinese market comply with export restrictions. Tesla also added about 1% while other megacap stocks including Apple, Microsoft and Amazon were around the flatline in premarket hours.

US Futures Extend Gains after ADP

US stock futures were slightly higher on Wednesday, with contracts on the three major averages adding about 0.1%, as traders await ADP employment figures to gauge the labour market performance. At the same time, investors continue to bet the Fed's tightening campaign is over and interest rates could be cut next year. On the corporate front, Nvidia stocks rose about 0.9% in premarket trading after the company said is working closely with the U.S. government to ensure that its new chips for the Chinese market comply with export restrictions. Tesla also added about 1% while other megacap stocks including Apple, Microsoft and Amazon were around the flatline in premarket hours.

US Stock Futures Rise Slightly

The NSE-All Share index touched a fresh record level of 71,866 on December 6th 2023, marking the second straight session of gains, reflecting investor confidence toward listed companies. The main support came from stocks linked to consumer goods, namely FBN Holdings (+9.9%), Coronation Insurance (+9.2%), Access Holdings (+8.3%) and UBA (+6.3%). The Nigerian stock market has experienced a notable increase in valuation since the inauguration of the new administration under President Bola Tinubu on May 29th.

Nigeria Stocks Hit New High

The BSE Sensex closed 0.52% higher at a record 69,654 on Wednesday, primarily driven by energy and IT stocks, due to moderating oil prices and increasing bets of earlier rate cuts amid a cooler US labor market. Meanwhile, traders eagerly awaited the RBI's monetary policy decision on Thursday, with the market expecting the central bank to hold interest rate at 6.5% for the fifth consecutive meeting. On the corporate front, Ola Electric downwardly revised its 2023-2024 sales by 66% and delayed its target of achieving profits by a year, after a decline in government incentives drove e-scooter prices up. Among Sensex individual stocks, Wipro and ITC were the top performers, rising 3.6% and 2.5%. Conversely, NTPC declined 1.5%.

Sensex Continues To Rise On Wednesday

The FTSE MIB added 0.4% to trade around the 30,200 threshold on Wednesday, slightly outperforming its European peers, as traders try to assess the monetary policy outlook and await further catalysts including labour market data for the US. At the same time, bond yields remain close to multi-month lows amid expectations that major central banks could start cutting interest rates next year. On the corporate front, Banca Monte dei Paschi Siena continued its strong performance, rising 2.7%. Stellantis (+1.2%) also stood out in anticipation of the upcoming meeting at Mimit with unions to discuss the future of Italian production units. Moreover, Telecom Italia is moving around the flatline as Optics Bidco, controlled by KKR, confirmed its interest in continuing negotiations for the acquisition of Sparkle. Conversely, Enel (-0.2%) is in the red despite S&P Global revising the company's long-term rating upwards.

Italian Stocks Extend Rally on Wednesday

The CAC 40 index edged higher to trade near the 7390 level on Wednesday, as traders continue to assess the monetary policy outlook and await further catalysts including labour market data for the US. On the corporate front, Thales (+1.5%) was among the top performers and Renault rebounded by 1.4% after two consecutive sessions of decline. Worldline also performed well with a 1.4% rise. Conversely, Teleperformance (-1.5%) posted the biggest declines, followed by Air Liquide (-1%) and Sanofi (-0.9%).

French Stocks Edge Higher On Wednesday

NSE-All Share increased to an all-time high of 71666

Stocks in Nigeria Hit All-time High

The IBEX 35 edged up to 10,250 on Wednesday, hovering at 5-year highs and following its European peers, driven by hopes that major central banks would start monetary easing earlier than anticipated. The top gainers of the session were Grifols (2.7%), Naturgy Energy (1.2%), Melia Hotels (1.1%), and IAG (1.1%). On the other hand, losses were recorded by heavyweight Inditex (-1.6%) and Indra Sistemas (-1.1%). The textile giant received a cut in target price and sell recommendation from Deutsche Bank analysts.

Spain Stocks Above Flatline

The JSE All Share Index traded slightly higher above 75,600 on Wednesday, driven by expectations that interest rates among major central banks have likely reached their peak and could potentially decline next year. Traders are eagerly awaiting the publication of the ADP survey on job creation in the private sector in the United States for further insights into the Fed's interest rate outlook. Among individual stocks, Bytes (+4.1%) and South32 (+4%) led the gains, followed by Anglo American Platinum (+3.9%) and BHP (+3%).

South African Stocks Edge Up

The ruble-based MOEX Russia index fell to 3,110 on Wednesday, resuming the downward trend, weighed by the fears of another rate hike by the central bank at December meeting amid further depreciation of ruble. Investors also digested the latest corporate news and followed the movement in commodities. The telecommunications and utilities sectors were the main laggards, while small wins came from consumer goods. Among individual stocks, QIWI (-3.2%), Unipro (-2.2%), Sberbank (-2.2%), and VTB (-1.8%) suffered the largest losses. Today Sberbank presented its 3-year strategy, planning to allocate 50% of its profits to pay dividends. Capital adequacy is expected to be above 13.3% and return on equity is above 22%. The lender will also focus on the implementation of the AI technologies.

MOEX Resumes Declines, Sberbank in Spotlight

Stocks in Hong Kong rose 135.40 points or 0.83% to finish at 16,463.26 on Wednesday, swinging from losses in the prior three sessions while rebounding from its lowest in 13 months notched a day before, as investors took some profits amid rises from tech, industrials, telecommunication. A statement from S&P Global Ratings that there have been no changes in its ratings on China lifted sentiment after  Moody's downgraded its outlook on the country's credit rating to negative a day before. Traders welcomed a Reuters poll that showed that  Chinese trade figures with exports likely falling by 0.8% in November, the seventh straight month of drop but the softest in the sequence. The projection came after Tuesday's private survey data that showed the Chinese service sector grew the most in three months last month. Lenovo surged 10.03%, followed by Netease (4.56%), Sand China (3.96%), and Li Ning (3.76%).

Hang Seng Rises 0.8% at Finish

WIG increased to an all-time high of 77376

Stocks in Poland Hit All-time High

The FTSE 100 traded 0.5% higher on Wednesday, rebounding from two consecutive days of losses. This uptick was primarily driven by gains in mining stocks, with industrial metal miners rising nearly 2% due to increased metal prices. Precious metal miners also saw a gain of over 1%, supported by a rise in gold prices. Additionally, Ocado Group's stock surged by around 3% following an upgrade from J.P. Morgan to "neutral" from "underweight." However, British American Tobacco faced a significant setback, plummeting over 6% after announcing a 25 billion pounds ($31.50 billion) impairment charge related to the reassessment of the value of some of its U.S. cigarette brands.

UK Stocks Rebound on Wednesday

Frankfurt's DAX 40 hit a fresh record peak of 16,570 points on Wednesday, propelled by a decline in bond yields, as anticipation grew that major central banks might halt rate hikes and potentially initiate interest rate cuts sooner than previously anticipated. However, on the corporate front, Merck plummeted by more than 13% after the pharmaceutical company's experimental multiple sclerosis drug evobrutinib failed to meet the primary objective in late-stage trials.

DAX 40 Reaches New Peak

European stocks rose on Wednesday, building on Tuesday's significant gains, underpinned by a decrease in bond yields due to expectations that major central banks might pivot from rate hikes to potential rate cuts sooner than anticipated. The STOXX 50 inched up by 0.2% to hit 4,460 points, marking its peak since July 31st, while the broader STOXX 600 climbed by 0.4% to reach a fresh four-month high at 468 points. In corporate developments, British American Tobacco upheld its full-year revenue growth projection, while travel operator TUI reported a more than doubling of its operating profit in 2023 and anticipated a robust 25% surge for 2024.

European Shares Extend Rally

BET increased to an all-time high of 14880

Stocks in Romania Hit All-time High

DE40 increased to an all-time high of 16568

Stocks in Germany Hit All-time High

The Shanghai Composite fell 0.11% to close at 2,969 while the Shenzhen Component gained 0.66% to 9,533 in mixed trade on Wednesday, as investors remained cautious while awaiting fresh cues to guide the outlook. Chinese markets also continued to reel from a heavy selloff on Tuesday when Moody’s downgraded the outlook for China's government credit ratings to negative from stable,  citing economic uncertainties and property market risks. Investors now look ahead to trade figures and the latest inflation report later this week, as well as key policy meetings this month. Consumer-related stocks mostly fell, with losses from Kweichow Moutai (-0.4%), Chengdu Hi-Tech (-6.5%) and Seres Group (-0.1%). Meanwhile, new energy stocks advanced, with gains from Tianqi Lithium (9.5%), Contemporary Amperex (2.6%) and Ganfeng Lithium (6.8%).

China Stocks Mixed on Wednesday

European equity markets were headed for a higher open on Wednesday, tracking global peers higher as risk sentiment improved. Investors will also assess Eurozone retail sales data for October and construction PMI data for November across the region. On the monetary policy front, European Central Bank board member Isabel Schnabel told Reuters on Tuesday that the central bank can take further rate hikes off the table given a “remarkable” fall in inflation and that policy makers should not guide for rates to remain steady through mid-2024. Euro Stoxx 50 and FTSE 100 futures were up 0.2% and 0.4%, respectively, in premarket trade.

European Markets Head for Higher Open

In Tokyo,  the Nikkei 225 Index rose 651 points or 1.99 percent on Wednesday. Leading the gains are Toppan (11.00%), Tokyo Electric Power (7.79%) and Screen Holdings (4.10%).

The Nikkei 225 Index Closes 1.99% Higher

The S&P/ASX 200 Index jumped 1.65% to close at 7,178 on Wednesday, hitting its highest levels in 11 weeks, with all sectors participating in the advance. Those gains came as weaker-than-expected GDP data supported bets that the Reserve Bank of Australia could start considering cutting interest rates. Australia’s economy expanded 0.2% QoQ in the third quarter, missing forecasts of 0.4% and posting the slowest growth in a year. On an annual basis, the economy grew 2.1% in the September quarter, exceeding forecasts of 1.8%. On Tuesday, the RBA held rates steady to allow itself “time to assess the impact of increases in interest rates on demand, inflation and the labor market.” Notable gains were seen from index heavyweights such as BHP Group (1.5%), Pilbara Minerals (5.6%), Commonwealth Bank (1.6%), CSL Ltd (1.7%) and Woodside Energy (1.1%).

Australian Shares Hit 11-Week Highs

KASE increased to an all-time high of 4244

Stocks in Kazakhstan Hit All-time High

The stock market in New Zealand advanced106.5 points or 0.94% to finish at 11,463.49 on Wednesday after trading slightly lower in early deals, ending higher while reaching its highest in three months, lifted by advances from utilities, communication, and technologies. The government finance figure lifted sentiment after the latest data showed the government budget in New Zealand marginally better than expected but remained in a sizeable deficit of $ 3.85 billion. Meanwhile, tax revenue was $38.6 billion, 6.6% higher than a month before. Tuesday's private survey data that showed the Chinese service sector grew the most in three months last month fuelled the index. Meridian Energy rose 1.2%, followed by Infratil (1.82%), Contact Energy (1.69%), Fisher & Paykel (1.59%), A2 Milk (1.42), Spark New Zealand (1.27%), and Manfreight (11.08%).

New Zealand Shares Close at 3-Month High

The BSE Sensex rose 172.8 points or 0.2% to 69,468.9 in morning deals on Wednesday, reaching a fresh record high for the third straight day while advancing for the seventh consecutive session. The rise came after the US employment data fuelled best that the Fed will cut interest rates in the first half of 2024. Robust economic data, renewed foreign inflow, moderating oil prices, and a high possibility of political stability after the ruling party won elections lifted sentiment. Traders anticipated the RBI's monetary policy decision on Thursday, with the market expecting the central bank to hold interest rate at 6.5% for the fifth consecutive meeting. Technology stocks, oil & gas, consumer goods, and pharmaceuticals boosted the index, with early performers were Adani Ports (3.1%), LTIMindtree (2.0%), UPL (1.9%), Adani Enterprises (1.8%),  ITC (1.7%), and Wipro (1.7%).

Sensex Hits New Record High

SENSEX increased to an all-time high of 69536

Stocks in India Hit All-time High

The Shanghai Composite rose 0.1% to around 2,975 while the Shenzhen Component climbed 0.7% to 9,540 on Wednesday, recouping some losses from the previous session and tracking gains in global markets as risk sentiment improved. On Tuesday, both benchmark indexes tumbled nearly 2% as Moody’s downgraded the outlook for China's government credit ratings from stable to negative, which was announced after the market closed. Investors now look ahead to fresh economic data and policy meetings in China for further guidance. New energy stocks led the advance, with strong gains from Tianqi Lithium (9.4%), Contemporary Amperex (4%), Ganfeng Lithium (8.2%), Jiangxi Special (5.5%) and Longi Green Energy (2.6%).

China Stocks Track Global Peers Higher

The Hang Seng climbed 113.83 points or 0.70% to 16,441.69 in morning trade on Wednesday, gaining for the first session in four, lifted by advances from technologies, properties & construction, and consumers. Traders anticipated Chinese trade figures due Thursday, with the market expecting exports in the mainland likely drop by 0.8% in November, the seventh straight month of decline but the softest in the sequence. However, Moody's decision to downgrade China's credit outlook to negative from stable Tuesday capped the gains. Market participants now await US jobs data due Friday that could alter expectations that the Federal Reserve will cut interest rates early next year. Among early gainers were Lenovo 4.62%, Xiaomi (1.49%), China Unicom (1.44%), and Techtronic Industries (1.16%).

Hong Kong Equities Trade Higher

Asian equity markets rose on Wednesday, recouping losses from the previous session as risk sentiment improved. Investors also assessed data showing Australia’s economy expanded 2.1% year-on-year in the third quarter, exceeding forecasts for a 1.8% growth. In Japan, a private survey showed that sentiment among manufacturers improved markedly in December as the auto sector continued to recover from last year's semiconductor shortage and supply chain woes. Shares in Australia, Japan, South Korea, Hong Kong and mainland China all advanced.

Asian Stocks Rebound

The Nikkei 225 Index jumped 1.3% to around 33,200 while the broader Topix Index climbed 0.9% to 2,360 on Wednesday, rebounding from three-week lows and tracking gains in US technology stocks overnight. Investors also assessed data showing manufacturers’ sentiment in Japan improved markedly in December as the auto sector continued to recover from last year's semiconductor shortage and supply chain woes. Gains in the technology sector were led by Tokyo Electron (1.7%), Sakura Internet (6.4%), Advantest (1.7%), Lasertec (4.2%), Keyence (1.4%) and Disco Corp (2.5%). Other index heavyweights also posted strong gains, including Toyota Motor (1.2%), Sony Group (2.3%) and Fast Retailing (1.2%).

Japanese Shares Rise on Tech Boost

The S&P/ASX 200 Index rose 0.7% to above 7,100 on Wednesday, recouping losses from the previous session, with nearly all sectors participating in the advance. On Tuesday, the Reserve Bank of Australia held interest rates steady to allow itself “time to assess the impact of increases in interest rates on demand, inflation and the labor market.” Investors will now assess the country’s third quarter GDP numbers which could provide clues on the path for monetary policy. Notable gains were seen from index heavyweights such as Pilbara Minerals (3.3%), Commonwealth Bank (1%), CSL Ltd (1.2%), Macquarie Group (1.1%) and Woolworths Group (1.4%). Meanwhile, gold stocks declined amid a fall in bullion prices, with sharp losses from Evolution Mining (-14.7%), Newmont Corp (-1.8%) and Northern Star Resources (-1.3%).

Australian Shares Rise in Broad Advance

US stock futures were little changed on Wednesday after the major averages ended mixed during Tuesday’s regular session. In extended trading, MongoDB dropped about 6% despite crushing estimates, while Box tumbled 12% after reporting third quarter results that missed analyst expectations. In regular trading on Tuesday, the Dow and S&P 500 fell 0.22% and 0.06%, respectively, while the Nasdaq Composite rose 0.31%. Energy, material and industrial stocks declined the most, while technology stocks outperformed the market. Notable gains were seen from mega-cap tech names such as Tesla (1.3%), Nvidia (2.3%) and Apple (2.1%). On the data front, US job openings came below expectations and reached the lowest level since March 2021, a sign the labor market is cooling. Meanwhile, the ISM Services PMI topped forecasts and continued to point to a resilient services sector. Investors now look ahead to Friday’s monthly jobs report.

US Futures Flat After Mixed Session

The NZX 50 dropped 13.92 points or 0.12% to 11,343.07 around midday on Wednesday, down for the second session in a row, rattled by weakness from materials, consumer durables, and healthcare. Traders were downbeat after Moody's Investors Service downgraded its outlook for New Zealand's top trading partner, China, to negative from stable. Market participants turned their attention to China’s trade readings due Thursday. Capping the losses was government finance in New Zealand marginally better than expected but remained in a sizeable deficit of $ 3.85 billion. Meanwhile, tax revenue was $38.6 billion, 6.6% higher than a month before. Among early decliners were Vulcan Steel (-2.39%), A2 Milk (-1.18%), Gentrack Group (-0.78%), Ryman Healthcare (-0.74%), Chorus (-0.52%), Ebos Group (-0.50%), and Fisher & Paykel (-0.43%). Investors now anticipated US jobs data due Friday that could alter expectations that the Federal Reserve will cut interest rates early next year.

Shares in New Zealand Extend Losses

The Ibovespa finished 0.1% higher at the 126,959 level on Tuesday, building on the losses from the previous session after the release of the third-quarter GDP data. Brazil’s GDP grew by 0.1% in the third quarter of 2023, beating estimates of a contraction of 0.2%. Although there was an expansion in the Brazilian economy, the numbers still signaled a weakening economy, according to the Minister of Finance Fernando Haddad, prompting bets that the Selic rate cuts would proceed as planned with 50 bps reductions in at least the next two meetings. Consumer discretionary sector advanced the most followed by academic & educational services and healthcare, while energy and materials underperformed. Among retailers, Pao Acucar advanced the most (+15.8%), followed by Magazine Luiza (+6.5%) and Arezzo (+3.9%). Meanwhile, Vale continued to shed valuation as iron ore prices extended their recent declines and posted losses of 0.8%, while Petrobras edged lower by 0.3%, in line with oil prices.

Ibovespa Inches Higher after GDP Data

The S&P/TSX Composite Index ended 0.1% lower at the 20,375 mark on Tuesday, holding loosely onto the slight losses from the previous session dragged by commodity-linked shares. The resource-heavy index faced pressure, particularly from lower precious metals prices, resulting in the day’s biggest losers led by Iamgold (-5%), followed by Ero Copper (-4.4%), Hudbay Minerals (-1.1%), American Silver (-2.4%), Teck Resources (-1.9%) and Pan and Barrick Gold (-0.6%). Similarly, key players in the energy sector, including Cenovus Energy (-2.1%), ARC Resources (-1.8%) and Suncor Energy (-1.3%), were pressured by low oil prices. On the other hand, tech shares advanced sharply as Shopify rose 3%. The financial industry held off further declines, as Royal Bank of Canada gained 0.5% and Bank of Montreal added 1.3%.

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