(Kitco News) - Analysts cut their projections for fourth-quarter earnings at companies in the S&P 500 by 3.9% in October, according to FactSet, more than twice the 10-year average of 1.8%. That marks the deepest reduction during the first month of a quarter in more than three years.
— Equities today: Asian and European markets were mixed to firmer in overnight trading. U.S. Dow opened up around 355 points higher. In Asia, Japan +0.3%. Hong Kong -0.2%. China +0.3%. India closed. In Europe, at midday, London -0.4%. Paris +0.1%. Frankfurt +0.4%.
Energy costs dropped 4.5% , with gasoline declining 5.3%, utility gas service falling 15.8% and fuel oil sinking 21.4%. The National Retail Federation estimates that this year's seasonal workforce will range between 345,000 and 445,000 workers, marking a potential decrease of up to 40% compared to the recent high in 2021.
— The euro strengthened to $1.08, marking its highest level since early September. This surge was driven by investors selling off the U.S. dollar after data revealed that the U.S. inflation rate in October had slowed more than anticipated. Earlier, the euro had already gained ground due to better-than-expected German investor confidence in November, reaching positive territory for the first time since April.
— Australia's ports face 30,000 container backlog after cyberattack. Australia's ports, including those in Melbourne, Sydney, Brisbane, and Fremantle, are grappling with a backlog of 30,000 shipping containers following a cyberattack on DP World, which led to a temporary shutdown of operations. Additionally, the government has given the green light for a 10% increase in the domestic sugar price. This decision aims to assist sugarcane producers who are facing higher production costs. Thailand is the world's second-largest sugar exporter and has experienced reduced sugar production this year due to drought conditions, resulting in an estimated production of 8 million metric tons . Out of this, 2.5 MMT will be used domestically, while 5.5 MMT is earmarked for export.
Furthermore, rising fuel costs have prompted cane crushers to prioritize more profitable ethanol production over raw sugar, further constraining the supply of sugar.CONGRESS — Johnson to consider two-step CR under suspension of the rules. Support for House Speaker Mike Johnson's "two-step CR" was weak among House Republicans, leading to the decision to consider the bill under suspension of the rules. This process requires a two-thirds majority for passage, or 290 yes votes.
Don’t forget: The CR measure includes a 2018 Farm Bill extension through September 2024 and funding for 21 “orphan” programs paid for via biorefinery programs. — Biden and Xi to announce agreement on fentanyl crackdown. President Joe Biden and Chinese President Xi Jinping are expected to announce an agreement to crack down on the manufacture and export of fentanyl. Under this deal, according to Bloomberg, China would take action against chemical companies involved in the production of fentanyl and its source materials.
— Biden, AMLO to meet. President Biden and Mexican President Andrés Manuel López Obrador will discuss ongoing efforts to strengthen bilateral relations and "address issues of shared concern" during a meeting on Friday in San Francisco, said the White House.— Boston pulls out of a pilot program to ban fossil fuels in buildings.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada’s trying to fight inflation and restore economic growth through rear-view mirror policiesThe Hill Times
Read more »
Bank of Canada Raises Interest Rates to Curb InflationThe Bank of Canada has increased its policy interest rate in an attempt to control rising inflation after the pandemic. The housing market has been a significant factor in the decline of economic output in several regions, with investment falling to levels not seen since the 1990s.
Read more »
Gold and Silver Prices Rise on Tamer U.S. Inflation ReportGold and silver prices are solidly higher in midday U.S. trading Tuesday, following a key U.S. inflation report this morning that came in tamer than market expectations and in turn sunk the U.S. dollar index and dropped U.S. Treasury yields. Short covering in the gold and silver futures markets was featured today, along with some perceived bargain hunting in the cash markets. December gold was last up $17.40 at $1,967.50. December silver was last up $0.837 at $23.20. Today’s U.S. data point of the week saw the consumer price index report for October come in at up 3.2%, year-on-year. CPI was forecast at up 3.3%, year-on-year, versus a gain of 3.7% in the September report. The core CPI rate was up 4.0% in October, compared to the consensus forecast of up 4.1% and up 4.1% in the September CPI report. This data falls into the camp of the U.S. monetary policy doves, who want to see the Federal Reserve halt its interest-rate-tightening cycle. U.S. Treasury yields solidly down-ticked on the CPI data and the U.S. dollar index sold off sharply. The U.S.
Read more »
Argentina’s Inflation Hits 143% in Final Release Before ElectionArgentina’s inflation rate has reached 143% in the final release before the election. This high inflation rate is a major concern for the country's economy.
Read more »
Argentina’s Inflation Hits 143% in Final Release Before ElectionArgentina’s inflation rate has reached 143% in the final release before the election. This high inflation rate is a major concern for the country's economy.
Read more »
$14M Milton, Ont. mansion most viewed home in Canada$14M Milton, Ont. mansion most viewed home in Canada. Click on the image below to read more ↓
Read more »