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International Market Update
- European stocks closed higher on Thursday as global market participants digested the latest U.S. inflation data. Inflation data that showed prices continuing to rise. The pan-European Stoxx 600 provisionally closed 0.3% higher, boosted by a 3.7% rise in mining stocks. On the flip side, the European basket of travel and leisure stocks slipped 1.1%. Siemens beat revenue and profit expectations for the quarter and forecast further profitable growth as the company expects supply chain bottlenecks to ease by 2022. Shares of the German industrial conglomerate climbed 2.8%.
- The Nasdaq Composite rebounded Thursday after poor inflation data and rising bond yields triggered a selloff in technology stocks in the previous session. Shares of commodity producers in the S&P 500 advanced as investors bet on continued inflation. On the flip side, shares of Disney fell after the media giant missed on both earnings and losses in its quarterly results. Disney+ Subscribers also fell short of estimates. The bond market was down on Thursday because of Veterans Day.
- Stocks in the Asia-Pacific region were mostly higher this morning after tech stocks in the U.S. gained overnight and the Nasdaq Composite rallied. Meanwhile, Hong Kong-listed shares of Chinese chipmaker Semiconductor Manufacturing International Corporation, listed in Hong Kong, fell nearly 4% after the company announced that a top executive and several board members had resigned. The Hang Seng Tech Index rose more than 1%.
In International news
China’s JD.com breaks its Singles Day record with $48.7 billion in revenue
Chinese e-commerce giant JD.com has turned over 311.4 billion yuan ($48.6 billion) across its platforms as of 2:09 p.m. Beijing time, breaking its record set last year. The figure released by JD.com is called transaction volume. This is the amount of money transacted through its e-commerce platforms, rather than the company’s direct revenue. Still, it’s indicative of shopper appetite on Singles Day, or Double 11, a major shopping event in China that dwarfs Black Friday and Cyber Monday in the U.S. in terms of sales. Last year, JD’s transaction volume was 271.5 billion yuan. With Singles Day continuing for a few more hours this year and JD’s sales ending at midnight Chinese time on Friday, the transaction volume is set to rise. JD rival Alibaba has not yet released figures for transactions across its platforms.
Shares of Coach owner Tapestry rise on upbeat outlook and easing supply chain fears
Shares of Coach, which owns Tapestry, rose more than 8% on Thursday after the company, which makes high-end handbags, raised its sales forecast for the year and said customers needn’t worry about shelves being empty this holiday season. Tapestry raised its fiscal 2022 revenue forecast to $6.6 billion from its previous forecast of $6.4 billion. The company also raised its adjusted earnings per share forecast to $3.45 to $3.50 from $3.30 to $3.35. Analysts had expected adjusted earnings of $3.36 on revenue of $6.42 billion, according to Refinitiv data.