US stock markets: live updates
10 minutes ago
Bank of America says: Expect the equally weighted S&P 500 to outperform
Bank of America’s Savita Subramanian said the bank expects the equal-weighted version of the S&P 500 to outperform the maximum-weighted version of the index. Why? (1) earnings growth bottomed out in the second quarter, and investors tend to become price sensitive as growth accelerates. (2) value stocks are historically inexpensive; and (3) our system model has shifted to recovery, which favors deep value. “.
Fred Imbert, Michael Blum
6 hours ago
Chinese Trade Declines Less Than Expected In August
China’s exports and imports fell less-than-expected in August, down 8.8% and 7.3% y/y, respectively.
This is less sharp than the 9.2% decline in exports and 9% in imports that economists polled by Reuters had expected.
The country’s trade balance came in at $68.36 billion, lower than the $80.6 billion recorded in June and also less than the $73.9 billion expected in the Reuters poll.
– Lim Hwi Ji
7 hours ago
Australia’s trade surplus in July is smaller than expected. Exports and imports decline
Australia’s trade surplus for July came in at A$8.04 billion (US$7 billion), which is nearly a third lower than June’s revised figure of A$10.27 billion.
The figure was also less than the A$10 billion surplus that economists polled by Reuters had expected.
Exports fell 2% on a monthly basis, led by a decline driven by non-monetary gold, while imports rose 2.5%, led by imports of non-industrial transportation equipment.
– Lim Hwi Ji
8 hours ago
India’s consumer market to become the third largest market in the world by 2027
India’s consumer market is expected to become the third largest consumer market in the world by 2027 with a rising number of middle-to-high-income households, according to a report by BMI.
The report predicted that per capita growth in household spending in India would outpace that of other developing Asian economies such as Indonesia, the Philippines and Thailand, by 7.8% on an annual basis.
BMI estimates indicate that Indian household spending will exceed $3 trillion with disposable income rising at a compound rate of 14.6% annually until 2027. By then, 25.8% of Indian households are expected to reach $10,000 in annual disposable income.
“The majority of these households will be located in economic hubs, such as New Delhi, Mumbai and Bengaluru. The wealthiest households are mainly located in urban areas, making it easier for retailers to target their key target markets,” BMI said.
Read the full story here.
— Charmaine Jacob
11 hours ago
West Texas crude oil futures rose to their highest levels for the year on Wednesday
October West Texas Intermediate (WTI) crude contracts reached $88.08 a barrel on Wednesday, the highest price since November 15, 2022, when crude traded at $88.68 a barrel. (A barrel of oil contains 42 gallons). WTI is up 9.1% so far in 2023.
November Brent crude futures, the global benchmark, closed at $90.60 a barrel on Wednesday and are up 5.5% in 2023.
September RBOB gasoline futures (RBOB stands for Reformulated Oxygen Blend) rose 0.80% on Wednesday to $2.6014 a gallon, up 5.8% year-to-date.
See chart…
WTI Crude Oil futures for the month of October for the past three months.
Scott Schneiber, Gina Francola
11 hours ago
Stock futures open with little change
Stock futures were little changed on Wednesday, as Wall Street now focused on the future path of the Federal Reserve’s benchmark interest rates.
Futures contracts linked to the Dow Jones Industrial Average fell 9 points, or 0.03%. S&P 500 futures were down 0.02%, while Nasdaq futures were down 0.06%.
– Brian Evans
(tags for translation) Breaking news: Markets
