world markets daily news

World Markets News 30/10/2024

ASIA/PACIFIC


-The Australian stockmarket closed lower on Wednesday as headline inflation for the September quarter rising 2.8% year on year, failed to buoy sentiment.

-Asia-Pacific markets were mostly down as the European Union (EU) announced the imposition of additional tariffs on electric vehicles (EVs) imported from China, prompting an angry response from Beijing.

-The Bank of Japan kicked off its two-day policy meeting on Wednesday, with economists polled by Reuters expecting the central bank to keep interest rates steady at 0.25%.

. EUROPE


– Major European stock markets started Wednesday’s trading session with losses as investors are looking ahead to the U.K. government’s budget, the first Labour budget for 14 years.

-The October consumer confidence index was confirmed at a negative 12.5 points in the Eurozone and a negative 11.2 in the EU, increasing by 0.4 points and 0.5 points from September, respectively. Eurozone’s gross domestic product (GDP) expanded by 0.4% in the third quarter compared to the second, Eurostat said.

-Swiss banking giant UBS Group AG on Wednesday reported a net profit of $1.4 billion for the third quarter of 2024, after completing its first wave of client migrations following its integration of collapsed domestic rival Credit Suisse.

. AMERICAS  


North America

-S&P 500 futures were little changed on Wednesday as traders prepared for a series of reports from major tech companies and looked ahead to a key reading on the U.S. economy’s growth.

Latin America

-Brazil tops world bank arm IFC investment list with 12% increase in funding, the Rio Times reported.

-Prices could be barrier to further banking M&A in Argentina, bankers told Latin Finance. While there is room for further consolidation after HSBC and Itaú exited the country, it isn’t a given.

. AFRICA


-Ethiopia tightens rules for foreign investors seeking to repatriate earnings, as part of the ongoing forex market reforms aimed at protecting the forex reserves and the fragile local currency, The East African reported.

-Tanzania will be selling its cashew nuts through the newly established commodities exchange, Tanzania Mercantile Exchange (TMX).

-Business confidence in Nigeria has declined sharply due to the impact of naira devaluation and the removal of fuel subsidies, a new report by Standard Bank’s Africa Trade Barometer has revealed.

. MIDDLE EAST


-Saudi Arabia is among the top IPO markets worldwide, ignited by the offering of energy giant Aramco in 2019 and continued by a local market wanting to invest in successful regional companies, Ken Moelis, chairman and CEO at NYSE-listed investment bank Moelis and Company, told the annual Future Investment Initiative (FII) summit in Riyadh.

-Mamoura Diversified Global Holding PJSC, an investment company indirectly owned by Abu Dhabi’s Mubadala Investment Company, has launched a 1 billion dirham ($272 million) sukuk issuance at 4.6% yield, Zawya reported.

-UAE-based issuers led the GCC bonds and sukuk market, raising $11.7 billion across 28 issuances in Q3 2024, compared to $7.8 billion through 17 issuances a year ago, according to Kuwait Financial Centre (Markaz).

. COMMODITIES


GOLD

Gold hit a lifetime high on Wednesday on safe-haven demand, Reuters reported. Spot gold was up 0.3% to $2,783.38 per ounce after hitting an all-time high of $2,789.73 earlier in the session. U.S. gold futures rose 0.5% to $2,795.90.

OIL

Oil prices stabilized on Wednesday on industry data showing a crude oil inventories in the United States decreased by 573,000 barrels in the week that ended October 25. Brent crude futures gained 21 cents, or 0.3%, to $71.33 a barrel by 0002 GMT. U.S. West Texas Intermediate crude futures rose 22 cents, or 0.3%, to $67.43 per barrel.