{
}
Surat's diamond industry, a key player in India's gems and jewellery exports, faces significant challenges marked by layoffs and factory shutdowns due to global disruptions and reduced demand from the US and China. With around 800,000 workers affected, the sector hopes for a festive boost this Diwali, despite the ongoing impact of Western sanctions on Russian diamonds. The industry, which processes nearly 90% of the world's diamonds, is eager for a revival as it navigates these turbulent times.
Copper, known as "the gold of the energy transition," is experiencing a significant correction after peaking in May, driven by weak economic data from the USA and China. Experts suggest this downturn may present a strong entry opportunity for investors, with predictions of a super cycle due to supply shortages. Additionally, three promising copper stocks are highlighted as potential beneficiaries of a future price increase.
The Nasdaq Composite reached an all-time high, closing the week up 0.2%, while the S&P 500 and Dow Jones snapped their six-week winning streaks due to disappointing earnings from major companies. Japan's ruling coalition lost its parliamentary majority, contributing to a weaker yen, while China's industrial profits plummeted 27.1%, marking the steepest decline since the pandemic began. Oil prices fell over 4% amid geopolitical tensions, and investors are looking ahead to a busy week of earnings reports and economic data.
Philips (PHIA) has revised its sales-growth forecast for 2024, now expecting an increase of up to 1.5%, down from a previous estimate of 5%. This adjustment comes as the company faces a 2% decline in order intake in the third quarter, primarily due to weak demand from China.
European markets are set for a mixed opening as Philips lowers its full-year sales outlook due to deteriorating demand in China, now expecting growth of only 0.5% to 1.5%. CEO Roy Jakobs noted that while consumer confidence is weak, China remains a crucial market for future growth. Meanwhile, the Japanese yen has hit a three-month low against the dollar following recent elections.
Shares of major Chinese steelmakers surged following a commitment from the China Iron & Steel Association to propose reforms aimed at addressing declining demand and profitability in the sector. Angang Steel Co. saw a rise of up to 17%, Maanshan Iron & Steel Co. climbed 24%, and Beijing Shougang Co. advanced nearly 9%. The announcement has sparked speculation about potential consolidation that could favor large state-owned producers.
The SMI closed higher, with Sonova experiencing significant gains, while Wall Street showed firmness. In Asian currency trading, the yen fell to 153.55 per US dollar amid political shifts, with analysts predicting a potential rise to 155 yen as the Bank of Japan deliberates on interest rates. The dollar also strengthened against the yuan and Swiss franc, while the euro remained stable against the dollar.
China's central bank, the PBOC, has activated its open market outright reverse repo operations facility, aiming to maintain ample liquidity in the banking system. This new tool, with a tenor of less than one year, will be utilized monthly with primary dealers and is expected to facilitate liquidity adjustments over the coming year.
China's steel and oil refining sectors are facing significant challenges amid a sluggish economy, with steelmakers reporting cumulative losses of 34 billion yuan ($5 billion) in the first nine months of the year. The oil refining industry has also seen its losses deepen to 32 billion yuan during the same period, reflecting a broader decline in profits among industrial firms.
The global art market shows signs of resilience despite a 32% drop in average spending in 2023, with median values remaining stable. Wealthy collectors, particularly from China, are optimistic, with 91% expecting market growth, and they increasingly support new galleries and emerging artists. The proportion of works by women in collections has also risen to a seven-year high, reflecting a shift in purchasing behavior towards informed decisions rather than impulse buys.
Chinese Yuan
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
surat diamond industry faces challenges ahead of diwali celebrations
09:03 28.10.2024
copper market correction presents potential investment opportunities amid supply concerns
08:54 28.10.2024
nasdaq reaches all time high as other indexes decline amid mixed earnings
United States Dollar
Japanese Yen
Chinese Yuan
Tesla, Inc.
Coca-Cola Consolidated, Inc.
Amazon.com, Inc.
Aqua Metals, Inc.
Microsoft Corporation
JPN
USA
CHN
Pia Singh
James Quincey
Alex Harring
Brian Evans
Show more
08:30 28.10.2024
philips lowers sales forecast amid declining demand from china
07:03 28.10.2024
Philips lowers sales outlook amid declining demand in China
United States Dollar
Japanese Yen
Chinese Yuan
Koninklijke Philips N.V.
NLD
Ganesh Rao
Roy Jakobs
Jason Hsu
Show more
06:47 28.10.2024
Chinese steelmaker stocks soar on reform proposals from industry association
Chinese Yuan
Angang Steel Company Limited
Beijing Shougang Co., Ltd.
Maanshan Iron & Steel Company Limited
CHN
Show more
06:31 28.10.2024
stock market update yen declines as dollar strengthens ahead of policy decision
06:09 28.10.2024
PBOC launches new reverse repo operations to enhance liquidity management
03:03 28.10.2024
china's steel and oil sectors face significant losses amid economic slowdown
01:13 28.10.2024
wealthy collectors drive optimism in art market despite spending decline
Swiss Franc
Chinese Yuan
Euro
United States Dollar
UBS AG
Art Basel
CHN
CHE
FRA
Noah Horowitz
Show more
12:02 27.10.2024
Trending
Subcategory
Corporate News
Industry Trends
Stock Market Updates
Retail and Consumer Goods
Startups & Entrepreneurship
CEO Changes
Financial Scams and Security
Banking Regulations
Global Financial Events
Finance Mergers & Acquisitions
Market Analysis and Predictions
Industry Mergers & Acquisitions
Central Bank Actions
Hedge Funds & Private Equity
Global Trade Developments
Workplace Trends
Supply Chain Management
Government Economic Policies
Corporate Social Responsibility
AI Innovations
Countries:
Companies:
Tesla, Inc.
Wells Fargo & Company
Bank of America Corporation
The Goldman Sachs Group, Inc.
Barclays PLC
NatWest Group plc
Apple Inc.
JPMorgan Chase & Co.
Lloyds Banking Group plc
Mastercard Inc
Visa Inc.
Santander UK plc
Citigroup Inc.
Morgan Stanley
HSBC Holdings plc
Nintendo Co., Ltd.
Berkshire Hathaway Inc.
Mercedes-Benz Group AG
Amazon.com, Inc.
OpenAI ERC USD
Currencies:
United States Dollar
Chinese Yuan
British Pound Sterling
Swiss Franc
Euro
Japanese Yen
Indonesian Rupiah
Indian Rupee
Offshore Chinese Yuan
United Arab Emirates Dirham
Singapore Dollar
Qatari Riyal
South Korean Won
Jordanian Dinar
Brazilian Real
People: