2024-11-08 21:21
Nov 8 (Reuters) - Canada's main stock index slipped on Friday, weighed down by mining and energy shares, as markets trimmed bets for a 50-basis-point interest rate cut by the Bank of Canada next month after domestic jobs data. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab was down 86.53 points, or 0.35%, at 24,759.40. The pullback came as the index closed higher for the week after two straight weeks of declines, broadly benefiting from Donald Trump's reelection in the United States and his proposals for tax cuts and looser regulations on corporations. However, his planned 10% tariff on all imports could have serious implications for Canada, the world's No. 4 crude oil producer. Canada's materials sector (.GSPTTMT) , opens new tab fell 1.9% as gold prices logged their steepest weekly decline in over five months, pressured by a stronger dollar and uncertainty about Trump's victory's impact on the U.S. rate cut trajectory Lower copper prices also weighed on the sector as China's latest fiscal stimulus disappointed investors. Among top losers were Sandstorm Gold (SSL.TO) , opens new tab, Ivanhoe Mines (IVN.TO) , opens new tab and First Quantum Minerals (FM.TO) , opens new tab that fell between 7% and 9%. The energy sector (.SPTTEN) , opens new tab fell 1.1%, tracking oil prices as concerns eased over Hurricane Rafael's impact on the U.S. Gulf's oil and gas infrastructure. Canada added lower-than-expected 14,500 jobs in October, while wages of permanent employees rose. The unemployment rate stayed unchanged from September but hovered around a 34-month high of 6.5%. Traders see a 60% chance of a 50-bps cut at the Bank of Canada's December policy meeting, slightly below the 64% likelihood seen before the data. BoC's peer, the U.S. Federal Reserve, cut rates by 25 basis points on Thursday. "Potentially, the Fed is going to have a slower and shallower rate cutting path relative to the Bank of Canada and other central banks that will apply some upward pressure on the dollar and therefore weigh on some of these commodity prices," Angelo Kourkafas, senior investment strategist at Edward Jones said. The biggest gainer on the index, Mattr (MATR.TO) , opens new tab, jumped 16% after the material technology company agreed to buy power cable producer AmerCable from France-based Nexans (NEXS.PA) , opens new tab for $280 million. Sign up here. https://www.reuters.com/markets/tsx-futures-fall-lower-oil-prices-domestic-jobs-data-tap-2024-11-08/
2024-11-08 21:00
Consumer sentiment rises in November Major U.S. indexes notch weekly gains China ADRs fall after stimulus measures disappoint Indexes up: Dow 0.59%, S&P 500 0.38%, Nasdaq 0.09% NEW YORK, Nov 8 (Reuters) - The S&P 500 briefly surpassed the 6,000 mark and closed with its biggest weekly percentage gain in a year, as Donald Trump's election victory and a possible Republican Party sweep in Congress fueled expectations for favorable business policies. Also supporting stocks this week was a widely expected interest rate cut of 25 basis points by the Federal Reserve on Thursday. The S&P 500 and the Dow Industrials (.DJI) , opens new tab registered their best weekly percentage jump since early November 2023, while the Nasdaq (.IXIC) , opens new tab notched its best week in two months and second-best week of 2024. Investors were also monitoring for a likely "Red Sweep" as Republicans were set to keep their narrow lead in the House of Representatives after winning control of the Senate. That would make it easier for Trump to enact his legislative plans. Expectations for lower corporate taxes and deregulation lifted the Nasdaq to record closing highs for three straight sessions. The S&P secured its 50th record close of the year. "It is a psychologically important number but with all the developments this week, I don't think it's terribly important if we close at 6,005 or if we close at 5,995. The market is way up this week," said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina. "There's been so many things, so much good news for the market this week as evidenced by the prices. All of that far outweighs whether or not we're on the right or left hand side of that 6,000 number when the close happens." The Dow Jones Industrial Average (.DJI) , opens new tab rose 259.65 points, or 0.59%, to 43,988.99, the S&P 500 (.SPX) , opens new tab gained 22.44 points, or 0.38%, to 5,995.54 and the Nasdaq Composite (.IXIC) , opens new tab gained 17.32 points, or 0.09%, to 19,286.78. For the week, the S&P 500 gained 4.66%, the Nasdaq rose 5.74%, and the Dow climbed 4.61%. The Dow rose above 44,000 for the first time, in part due to a late boost from Salesforce (CRM.N) , opens new tab, which climbed 3.59% after Bloomberg reported the software company will hire 1,000 employees to promote its artificial intelligence Agentforce Tool. The S&P 500 and Nasdaq secured their fourth straight session of gains. Rate-sensitive sectors such as real estate (.SPLRCR) , opens new tab and utilities (.SPLRCU) , opens new tab were the best performing of the 11 major S&P 500 groups as Treasury yields fell for a second straight session after a sharp jump following the election. But the benchmark 10-year U.S. Treasury note yield (.YS10YT=RR) , opens new tab remained near a four-month high, and markets have scaled back expectations for the pace of Fed rate cuts in 2025 as concerns remain over the incoming administration's proposed tariffs which are likely to rekindle inflation. The small cap Russell 2000 (.RUT) , opens new tab also advanced and was up 8.51% for the week, registering its largest weekly percentage gain since April 2020, as domestically concentrated stocks are seen as likely to benefit from easier regulations, lower taxes and less exposure to import tariffs. U.S. consumer sentiment rose to a seven-month high in early November, with a measure of households' expectations for the future climbing to the highest in more than three years, led by brightening outlooks among Republicans, the University of Michigan's Consumer Sentiment Index showed. Airbnb (ABNB.O) , opens new tab shares dropped 8.66% after the homestay company missed third-quarter profit estimates, while social media company Pinterest (PINS.N) , opens new tab tumbled 14% after a disappointing revenue forecast. U.S.-listings of Chinese companies lost ground as the government's latest fiscal support measures once again failed to impress investors. JD.com fell 6.99% and Alibaba lost 5.94%. Advancing issues outnumbered decliners by a 1.7-to-1 ratio on the NYSE and by a 1.21-to-1 ratio on the Nasdaq. The S&P 500 posted 88 new 52-week highs and 10 new lows while the Nasdaq Composite recorded 211 new highs and 108 new lows. Volume on U.S. exchanges was 15.46 billion shares, compared with the 12.74 billion average for the full session over the last 20 trading days. Sign up here. https://www.reuters.com/markets/us/sp-500-futures-cross-6000-mark-equities-ride-higher-trumps-victory-2024-11-08/
2024-11-08 20:52
WASHINGTON, Nov 8 (Reuters) - Democratic governors of two U.S. states pledged on Friday to keep building programs on renewable energy and curbing climate change after President-elect Donald Trump's victory this week. WHY IT'S IMPORTANT The comments are a first indication that the Democratic governors are planning to push ahead and fight on climate change. Trump, a Republican, has said he may repeal subsidies for electric vehicles, a core provision of President Joe Biden's signature climate law, the Inflation Reduction Act. The IRA contains billions of dollars in subsidies for clean energy, including for wind and solar energy, and batteries. It is unclear whether Trump would also aim to target those. KEY QUOTES "We are going to move forward in the United States, state by state, county by county, city by city, in continuing our tremendous dynamic growth of our clean energy economy," Governor Jay Inslee of Washington state told reporters. Inslee is a founding member of the U.S. Climate Alliance, a bipartisan coalition of 24 governors of states and U.S. territories, which it says represents 57% of the U.S. economy. Governor Michelle Lujan Grisham of New Mexico said governors have a responsibility to a remind people in the United States and around the world that they act as "subnationals, irrespective of what the agenda is by the leadership in the White House." Her state is a big oil producer, but also produces large amounts of wind, geothermal and solar power. BY THE NUMBERS Washington state voters easily defeated an attempt to ax the state's carbon market, which has raised more than $2 billion for programs including innovative public transit, protection from wildfires, and salmon conservation since its 2023 launch. "This is going to serve, I believe, as a further inspiration to the legislators and governors across the United States to continue unabated our effort reining climate emissions and build our economy," Inslee said. Sign up here. https://www.reuters.com/world/us/us-governors-pledge-press-ahead-climate-after-trump-win-2024-11-08/
2024-11-08 19:43
NHTSA wants answers in its FSD investigation by Dec. 18 Agency questions Tesla postings on social media about performance of FSD NHTSA asks Tesla to "revisit its communications" on driver assistance system WASHINGTON, Nov 8 (Reuters) - The National Highway Traffic Safety Administration raised concerns about Tesla (TSLA.O) , opens new tab social media posts that suggested its Full Self-Driving software can be used as a robotaxi and does not need driver attention. NHTSA in October opened an investigation into 2.4 million Tesla vehicles with FSD software after four reported collisions, including a 2023 fatal crash, during conditions including sun glare, fog, and airborne dust. In a May 14 email made public on Friday, NHTSA told Tesla its social media postings could encourage people to see FSD as a robotaxi "rather than a partial automation/driver assist system that requires persistent attention and intermittent intervention by the driver." NHTSA cited Tesla postings on X including reposting the story of an individual who opted to use FSD to drive him 13 miles (21 km) from his home to the emergency room during a heart attack, along with another depicting a 50-minute drive home using FSD from a sporting event. "We believe that Tesla’s postings conflict with its stated messaging that the driver is to maintain continued control over the dynamic driving task," NHTSA wrote, asking Tesla to revisit its communications. Tesla, which met with the agency in May about the social media posts, told NHTSA that its owner's manual and in other places tells drivers that the vehicle is not autonomous and that they must remain vigilant. Tesla did not immediately comment on Friday. Elon Musk is CEO of Tesla and owns X, the social media site formerly known as Twitter. NHTSA on Friday released a letter dated Monday to Tesla seeking answers to questions in its investigation by Dec. 18, including the driver assistance system's "potential failure to perform, including detecting and responding appropriately in specific situations where there is reduced roadway visibility that may limit FSD’s ability to safely operate." NHTSA added that its "investigation will consider the adequacy of feedback or information the system provides to drivers to enable them to make a decision in real time when the capability of the system has been exceeded." A 71-year-old woman who exited a vehicle following a rear-end collision with two other vehicles was killed in Rimrock, Arizona when she was struck by a Tesla in FSD mode with a driver battling sun glare who was not charged. In December 2023, Tesla agreed to recall over 2 million vehicles in the U.S. to install new safeguards in its Autopilot advanced driver-assistance system under pressure from NHTSA, which is still considering the adequacy of the safeguards. Sign up here. https://www.reuters.com/business/autos-transportation/us-agency-raises-concerns-about-tesla-full-self-driving-social-media-posts-2024-11-08/
2024-11-08 19:17
Nov 8 (Reuters) - Federal revenue from energy production on public lands and waters fell 10% in the latest fiscal year to $16.4 billion, the U.S. Interior Department said on Friday. WHY IT'S IMPORTANT The total was the lowest since 2021, the first year of the administration of U.S. President Joe Biden, but was the fourth highest year since 1982. Biden has overseen record domestic oil and gas production even as his administration has slowed new leasing on federal lands and implemented policies to transition away from fossil fuels. President-elect Donald Trump has promised to maximize oil and gas production by loosening regulations. BY THE NUMBERS The U.S. disbursed $16.45 billion to federal, state, local and tribal governments from energy production in the year ended in September. That was down from $18.24 billion in fiscal 2023. The Treasury received $6.3 billion, while $4.3 billion went to state and local governments. New Mexico received $2.88 billion, far more than any other state. Wyoming was second with $590.9 million and Louisiana third with $163.47 million. Revenue from natural gas production was down 62% at $1.1 billion as prices softened, while oil revenue increased a slight 4%. In a sign of the decline in new leasing, revenue from winning bids slid 54% to $521 million. Sign up here. https://www.reuters.com/business/energy/us-federal-energy-revenue-falls-10-2024-still-among-biggest-years-ever-2024-11-08/
2024-11-08 19:12
Nov 8 (Reuters) - Computer chip equipment maker ASML (ASML.AS) , opens new tab had a global IT systems outage on Friday, which has been resolved, a spokesperson for the company told Reuters. "All systems are fully recovered," the company said, adding that the cause of the outage is currently being investigated. The outage, which caused some employees to work remotely, was first reported by Dutch newspaper Eindhovens Dagblad. ASML — one of the foremost semiconductor equipment makers in the world — last month prematurely released its third-quarter earnings during trading hours, half a day earlier than scheduled, attributing the incident to a "technical error." ASML supplies chip making equipment to companies such as Samsung Electronics (005930.KS) , opens new tab and TSMC (2330.TW) , opens new tab, which makes chips for Nvidia (NVDA.O) , opens new tab. Sign up here. https://www.reuters.com/technology/asml-hit-with-global-it-outage-that-was-resolved-2024-11-08/
