Shares in mainland China tumbled as U.S. inflation data clouded hopes for another Fed rate cut and traders awaited Beijing’s Saturday briefing on stimulus measures.
- S&P 500 Futures: 5,820.25 ⬇️ down 0.15%
- S&P 500: 5,780.05 ⬇️ down 0.21%
- Nasdaq Composite: 18,282.05 ⬇️ down 0.05%
- DowJones Industrial Average: 42,454.12 ⬇️ down 0.14%
- FTSE 100: 8,227.34 ⬇️ down 0.13%
- SSE Composite: 3,217.74 ⬇️ down 2.55%
- Nikkei 225: 39,605.80 ⬆️ up 0.57%
- Bitcoin: $60,842.04 ⬆️ up 0.16%
China: Shares slip ahead of stimulus briefing
A day after China shares rebounded on stimulus optimism, Shanghai’s SSE Composite slid 2.5%. Markets digested the unclear choices faced by the U.S. Federal Reserve, as it received U.S. inflation data for September, which came in slightly above expectations, as well as a rise in unemployment benefit numbers. Markets are cautious ahead of Beijing’s Saturday stimulus briefing, at which investors are hoping for more measures to boost the economy. Hong Kong markets were closed for a public holiday.
Japan: Nikkei posts small rise and the back of banks and Uniqlo
The Nikkei 225 notched a 0.57% rise as it headed into the weekend, led by the financial sector and a 6.09% jump in Uniqlo-owner Fast Retailing, which hit an all-time high after reporting stronger-than-expected revenue and profits for the year.
Europe: Shares largely unchanged as traders weigh U.S. CPI and unemployment data
European stocks hovered early Friday as traders digested U.S. inflation and jobless benefits data in the run-up to China’s Saturday stimulus briefing. The U.K.’s FTSE 100 was down 0.13% in early trading, while the STOXX Europe 600 was down 0.07%. BP slipped some 0.5% after it announced that lower than expected refining margins would cut quarterly earnings by $400-600 million.
U.S. premarket slips as Tesla robotaxi reveal does not impress
The main U.S. indexes were all down slightly in premarket trading Friday. Investors digested the slightly warm September CPI inflation numbers, and punished Tesla with a 5.88% premarket haircut after its Thursday evening Cybercab reveal failed to live up to their hopes. On Thursday, Wall Street retreated from its records following the dual reports showing cooling inflation and climbing unemployment.
And earnings season continues…
JPMorgan Chase, Wells Fargo, and BlackRock report on Friday, while Goldman Sachs, Bank of America and Citigroup all show their numbers Tuesday.