Gulf bourses end lower ahead
Stock markets in the Gulf ended lower on Thursday as investors await more third-quarter earnings amid escalating geopolitical tensions in the region and softening oil prices.
Lately the markets have been under pressure on worries that Israel would attack Iran in retaliation for the latter’s Oct. 1 missile strike.
Russia is warning Israel to not even consider striking Iranian nuclear facilities, state news agency TASS quoted Deputy Foreign Minister Sergei Ryabkov as saying on Thursday.
European stocks headed for weekly gains
European shares opened muted on Friday, after the European Central Bank’s latest rate cut and upbeat earnings prompted strong gains in the previous session, with the main stocks gauge headed for a second weekly rise.
The Europe-wide STOXX 600 index was down 0.05 percent at 0718 GMT, with real estate firms leading losses down 0.6 percent, while basic resources and autos helped to keep it afloat.
The ECB trimmed its interest rates on Thursday to 3.25 percent, and while President Christine Lagarde did not provide hints on future moves, four sources close to the matter told Reuters a fourth cut in December is likely unless key data turns south in the coming weeks.
London shares open lower
London stocks opened lower on Friday as investors digested an unexpected rise in retail sales data, although both indexes were poised to break a two-week losing streak, buoyed by anticipated Bank of England rate (BoE) cuts and healthy corporate updates.
The blue-chip index was down 0.4 percent after closing at its strongest level since late May in the previous session, while the domestically-focused FTSE 250 index dropped 0.2 percent after hitting over a two-week high on Thursday.
A 1.7 percent gain in the industrial metal miners sector kept losses at check, as copper prices rose due to China’s stimulus measures.
Hong Kong shares jump more than 3pc
Hong Kong stocks rallied more than 3 percent in the afternoon on Friday as traders welcomed more measures from China to boost the economy and data showing growth beating expectations.
The Hang Seng Index jumped 3.18 percent, or 637.78 points, to 20,716.88.
The Shanghai Composite Index jumped 2.91 percent, or 92.18 points, to 3,261.56 and the Shenzhen Composite Index on China’s second exchange piled on 4.09 percent, or 74.98 points, to 1,906.86.
Australian stocks slip from record
Australian shares fell on Friday, dragged by local miners on weaker underlying commodity prices, while investors reduced expectations of an interest rate cut this year from the country’s central bank after a stronger local jobs report.
The S&P/ASX 200 index slipped 0.5 percent to 8,316.6, as of 2341 GMT.
The benchmark climbed 0.9 percent to end at an all-time high on Thursday.
Local miners were the biggest drag on the benchmark, falling 1.2 percent for a third straight session after a lack of fresh stimulus from a key policy briefing in top consumer China brought down iron ore prices.
Mining heavyweights BHP Group, Rio Tinto and Fortescue were down between 0.3 percent and 1.4 percent.
Data on Thursday showed Australia’s labour market remained tight as net employment surged in September, pushing back hopes of a rate cut this year by the Reserve Bank of Australia.
Japan’s Nikkei trades higher
Japan’s Nikkei share average traded higher on Friday, after robust US retail data for September lifted the Dow, but a decline in heavyweight technology stocks capped gains.
The Nikkei was up 0.38 percent at 39,058.32 by the midday break but is set to fall 1.38 percent for the week.
The broader Topix traded 0.31 percent higher at 2,696.06 but is poised to lose 0.37 percent for the week.
The Dow Jones Industrial Average advanced on Thursday to its fourth record close in the last five sessions, as stronger-than-expected monthly retail sales indicated a robust US consumer and TSMC’s upbeat forecast buoyed chipmakers’ stocks.
“The Nikkei rose as sentiment was lifted by optimism of the US economy,” said Kentaro Hayashi, senior strategist at Daiwa Securities.
Uniqlo-owner Fast Retailing rose 1.15 percent to become the biggest support to the Nikkei. Chipmaking device supplier Disco jumped 6.75 percent. Technology investor SoftBank Group lost 0.65 percent to weigh the most on the Nikkei.
China shares rise
Chinese stocks rose on Friday after the central bank urged swift adoption of financial policies to support capital markets and flagged more rate cuts, but a slew of mixed economic data kept up pressure on policymakers for more stimulus.
After a morning of choppy action, the blue-chip CSI300 Index was up 0.63 percent, while the Shanghai Composite Index rose 0.56 percent. Hong Kong’s benchmark Hang Seng gained 0.8 percent.
Data on Friday showed China’s economy grew in the third quarter at its slowest pace since early 2023, but a tumbling property sector remains a big challenge even though consumption and industrial output figures for last month beat forecasts.
Indian stocks drop
Indian shares opened lower on Friday, as IT bellwether Infosys slid after a disappointing forecast and automakers deepened their losses, while continuing foreign fund outflows further weighed on sentiment.
The Nifty 50 index dropped 0.4 percent to 24,655 points as of 9:35 a.m. IST, while the S&P BSE Sensex edged down 0.5 percent to 80,623.
The benchmarks have suffered losses over the past three sessions as foreign investors pulled out money from Indian equities to focus on China.
Foreign institutional investors have pulled out $8.4 billion so far in October, already set for the highest monthly outflows since at least 2002.