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Sinopec, China's largest oil refiner, reported a significant decline in third-quarter profits, with net earnings dropping to 8.03 billion yuan ($1.1 billion) from 17.9 billion yuan a year earlier. The company faces mounting challenges due to the country's economic struggles and the shift towards electrified transportation.
Cnooc Ltd. reported a third-quarter profit increase, with net income rising to 36.9 billion yuan ($5.2 billion) from 33.9 billion yuan last year. This growth was achieved despite a decline in Brent crude prices, averaging around $79 a barrel, attributed to weaker demand in China.
The US dollar remains the dominant global currency, holding 62% of foreign exchange reserves, while the euro trails at 20%. Despite efforts from BRICS nations to establish alternatives, the dollar's unique attributes—such as a large economy, liquid capital markets, and free tradability—ensure its continued supremacy. The euro is the only potential challenger, but its structural flaws hinder confidence in its viability.
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.
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