Global markets today: Wall Street, European stocks gain ahead of Fed meet

This week, investors will also keep a close eye on policy announcement from Japan’s central bank and China factory data.

Wall Street

The US stocks rallied more than 1% on Monday ahead of jobs data and the Federal Reserve’s two-day monetary policy meeting.

The S&P 500 gained 49.19 points, or 1.19%, to end at 4,166.56 points. The Nasdaq Composite gained 143.74 points, or 1.14%, at 12,786.75. The Dow Jones Industrial Average rose 512.02 points, or 1.58%, at 32,927.51.

On Tuesday, the Federal Open Markets Committee (FOMC) will convene for a two-day meeting.

The yield on the 10-year treasury rose to 4.89% from 4.84% late Friday.

McDonald’s earnings – McDonald’s Corp. reported better-than-expected sales in the third quarter ended September  30, boosted by popular promotions. Its net income — which included a $26 million charge for a restructuring announced last spring —jumped 17% to $2.3 billion.

Onsemi earnings – The chipmaker forecast weak fourth quarter revenue on slowing demand for electric vehicles. Its third quarter revenue of $2.18 billion inched past expectations of $2.15 billion.

Currencies 

The US dollar fell at 149.00 Japanese yen from 149.52. The euro rose at $1.0618 from $1.0567.

Energy prices 

US crude oil benchmark for December delivery fell $3.23 to $82.31 a barrel on Monday. Brent crude for December delivery lost $3.03 at $87.45 a barrel.

Natural gas for Decemberdelivery fell 13 cents at $3.35 per 1,000 cubic feet.

Europe

European shares rose on Monday, boosted by a drop in bond yields.

The pan-European STOXX 600 gained 0.4% after falling more than 4% in the past two weeks. The healthcare sector rose 1.1%.

Britain’s FTSE 100 edged up 0.5% at 7,327.39.

Germany’s DAX rose 0.2% at 14,716.54.

France’s CAC 40 added 0.4% at 6,825.07.

HSBC earnings – Shares of HSBC fell 2.3% after Europe’s largest bank doubled its third quarter profit. 

Its pre-tax profit more than doubled to $7.7 billion. 

Asia

In Asian stock markets, Hong Kong’s Hang Seng index ended flat at 17,406.36. China’s Shanghai Compositeadded 0.1% at 3,021.55. 

Japan’s Nikkei 225 fell 1% at 30,696.96.

Australia’s S&P/ASX 200 index fell 0.8% to close at 6,772.9. New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to close at 10,741.57. 

Bullion 

Gold for December delivery rose $7.10 at $2,005.60 an ounce. Silver for December delivery added 51 cents at $23.40 an ounce.

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Updated: 31 Oct 2023, 01:48 AM IST