European shares poised for sixth weekly gain, aided by trade optimism By Reuters



(Reuters) – European shares were on course for a sixth straight weekly gain on Friday, following a record close on Wall Street as bullish comments from a White House official on a U.S.-China trade deal boosted trade-sensitive miners, technology stocks and automakers.

The pan-European STOXX 600 index () gained 0.4% by 0819 GMT, inching back to a four-year high hit last week.

White House economic adviser Larry Kudlow said late on Thursday Washington and Beijing were getting close to a trade agreement, citing what he called very constructive talks with Beijing about ending a 16-month trade war.

Miners () were the top gainers on the day, up about 1.5%, followed by technology stocks ().

Shares in chipmakers Infineon (DE:), STMicroelectronics (BN:) and ASML Holding (AS:) rose between 0.8% and 1%, after industry bellwether Applied Materials (O:) forecast a strong first quarter ahead of the 5G rollout in key markets.

Telecom shares () were boosted by a 2.5% gain in Orange (PA:) after France’s biggest telecoms operator said it was preparing to split its mobile towers unit into a separate company.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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European shares fall on Hong Kong unrest, Trump’s disappointing trade comments By Reuters



(Reuters) – European shares retreated from four-year highs on Wednesday, as a highly anticipated speech by U.S. President Donald Trump gave no new clues on the progress of a trade deal with China, and as anti-government protests in Hong Kong raged on, denting sentiment.

The pan-European STOXX 600 index () fell 0.2% after positive German investor sentiment data and a slew of upbeat earnings had helped it scale highs not seen since 2015 on Tuesday.

Banks () as well as trade sensitive auto () and mining sectors () were among the biggest decliners, along with media-related stocks ().

Satellite company SES (PA:) slumped after a JP Morgan downgrade to neutral, while German commercial broadcaster ProSiebenSat.1 (DE:) slid 2.5% after Italy’s Mediaset (MI:) said it could increase its stake in the German peer, but ruled out a full takeover.

Spanish stocks () led losses among regional peers as investors were doubtful of a new coalition between Socialists and far-left Unidas Podemos formed on Tuesday. The unexpectedly fast preliminary agreement was formed between two parties that recently refused to work together.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Nissan shares skid after profit plunge, outlook cut By Reuters


© Reuters. FILE PHOTO: A Nissan logo is pictured at the Tokyo Motor Show, in Tokyo

TOKYO (Reuters) – Shares of Nissan Motor (T:) slid more than 4% in early trade on Wednesday, a day after the Japanese automaker reported a 70% plunge in quarterly profit and slashed its full-year forecast to an 11-year low.

Nissan’s bottom line was hit by a strong yen and falling sales and its poor performance highlights the turmoil at the automaker after the ouster of former boss Carlos Ghosn.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Asia shares turn sluggish ahead of Trump speech By Reuters



By Wayne Cole

SYDNEY (Reuters) – Asian share markets got off to a sluggish start on Tuesday amid uncertainty over both the Sino-U.S. trade talks and the domestic political situation in Hong Kong.

MSCI’s broadest index of Asia-Pacific shares outside Japan () eased 0.05%, following a sharp 1.2% pullback on Monday.

Japan’s Nikkei () dithered either side of flat, while South Korean stocks () inched up 0.3%. E-Mini futures for the S&P 500 () was off 0.1% in quiet trade.

Caution ruled ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day in case there was any new word on the Sino-U.S. Phase one trade deal.

Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China.

On a more positive note, Politico reported Trump would announce this week that he is delaying a decision on whether to slap tariffs on imported European Union autos for another six months.

Investors were also eyeing the situation in Hong Kong after a violent escalation of protests knocked nearly 2% off Asia-exposed banks HSBC (L:) and StanChart (L:).

A partial holiday in the United States closed the Treasury market on Monday and made for a quiet session on Wall Street. The Dow () ended up 0.04%, while the S&P 500 () lost 0.20% and the Nasdaq () 0.13%.

Shares of Boeing Co (N:) jumped 4.5% after saying it expected U.S. regulators to approve the return to commercial service of its grounded 737 MAX jet in the coming weeks, and expects commercial service to resume in January.

In currency markets, the main action was in sterling which hit a six-month high on the euro after the Brexit Party said it would not contest previously Conservative held seats in the UK election.

In a significant boost for Prime Minister Boris Johnson ahead of the Dec. 12 election, Brexit Party leader Nigel Farage said he did not want anti-Brexit parties to win, so was standing down candidates in seats won by the Conservatives in 2017.

The pound reached 0.8582 per euro (), and firmed to $1.2864 having risen 0.6% overnight.

The dollar also eased back elsewhere, dipping to 98.210 on a basket of currencies ().

The euro edged up to $1.1035 () and away from a three-week low of $1.1015, while the dollar faded to 109.02 yen .

suffered a third day of declines, to touch its lowest since early August at $1,447.89 per ounce .

Oil prices edged lower as the lack of progress on U.S.-China trade negotiations kept prices pressured, though bullish inventory data offered some support. [O/R]

U.S. crude () lost 22 cents to $56.64 a barrel, while Brent crude () futures were yet to trade.

Graphic: Asian stock markets (https://product.datastream.com/dscharting/gateway.aspx?guid=516bc8cb-b44e-4346-bce3-06590d8e396b&action=REFRESH)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



GoDaddy shares surge on biggest buyback plan


FILE PHOTO: The logo for internet company GoDaddy inc is shown on a computer screen in this illustration photo in Encinitas, California May 3, 2016. REUTERS/Mike Blake

(Reuters) – GoDaddy Inc (GDDY.N) on Wednesday announced its biggest ever share buyback of $500 million and reported a 12% rise in quarterly revenue as the web hosting company earned more per user, sending its shares up 10% in extended trading.

The company, which manages about a fifth of all global web domains, has been helping its customers market and grow their businesses through inbuilt tools to expand their reach on social media platforms.

Average revenue per user rose 7.1% to $155 in the third quarter.

At the end of the quarter, GoDaddy had 19.1 million customers, up 4.6% from a year earlier.

The Scottsdale, Arizona-based company also tightened its full-year revenue forecast to a range of $2.98 billion to $2.99 billion, from the $2.97 billion to $3.00 billion expected earlier.

Net income attributable to the company rose to $76.2 million, or 42 cents per class A share, in the quarter ended Sept. 30, from $13.2 million, or 8 cents per share, a year earlier.

Total revenue rose 12% to $760.5 million.

Reporting by Chinmay Rautmare in Bengaluru; Editing by Shailesh Kuber



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Uber’s quarterly loss widens as costs rise; shares fall sharply


(Reuters) – Uber Technologies Inc (UBER.N) on Monday posted a wider third-quarter loss as costs soared at the ride-hailing company, sending shares down 4.4% in after-hours trading.

FILE PHOTO: A screen displays the company logo for Uber Technologies Inc. on the day of it’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. REUTERS/Brendan McDermid

But the company promised it would be profitable by the end of 2021 as quarterly revenue beat expectations.

Uber Chief Executive Dara Khosrowshahi told journalists on a conference call that the company would achieve adjusted EBITDA profitability for the full year of 2021. The move follows a similar announcement by smaller ride-hailing competitor Lyft Inc (LYFT.O) on Wednesday.

But Uber at the same time is spending heavily to expand into new business areas and is offering vast promotions to gain market share.

Uber’s costs jumped about 33% to $4.92 billion in the latest quarter. Gross bookings, which include ride-hailing, mobility, food delivery and freight payments before costs and other expenses, rose 29.4% from a year earlier to $16.47 billion.

“Another quarter with more than a billion in losses, but I’m unsure why anyone would be surprised by that,” said Clement Thibault, analyst at investing.com. “Uber has done nothing but log losses so far,” he said, adding that the results “change neither the bull nor the bear thesis on the company.”

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Uber, known for its ride-hailing app available in more than 700 cities worldwide, has vastly diversified its business over the past years.

The company is building out its food delivery and long-haul trucking business, developing self-driving cars, offering banking services to its drivers and even planning commercial passenger drone shuttles by 2023.

Uber’s shares are expected to be further pressured on Wednesday, when a restriction on selling stock lifts. Some analysts expect more than 80% of the company’s outstanding shares will become eligible for sale.

Uber said its monthly active platform users rose to 103 million globally in the third quarter, from 82 million a year earlier, but fell short of analysts’ estimates of 105.5 million, according to IBES data from Refinitiv.

Total revenue rose nearly 30% to $3.81 billion, beating estimates of $3.69 billion.

Lyft’s results last week soothed some worries as the ride-hailing company posted better-than-expected third-quarter revenue and an improved outlook showed it was well on its way to profitability by the end of 2021.

Revenue from Uber’s ride-hailing business rose about 19% to $2.90 billion while sales from its Uber Eats segment rose 64%.

Net loss attributable to the company widened to $1.16 billion in the quarter ended Sept. 30, from $986 million a year earlier.

On a per-share basis, net loss attributable to stockholders narrowed to 68 cents from $2.21.

Uber was the biggest of a group of Silicon Valley startups that have gone public this year against the backdrop of a global stock market sell-off sparked by trade tensions between the United States and China. Uber also faces increased regulation in several countries and fights with its drivers over wages and working conditions.

The company’s shares were down 4.4% at $29.70 in after-hours trading.

Reporting by Akanksha Rana in Bengaluru and Tina Bellon in New York; Editing by Shounak Dasgupta and Matthew Lewis



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Spotify shares surge after surprise profit, rise in paid users


(Reuters) – Spotify Technology SA (SPOT.N) posted a surprise profit and beat Wall Street expectations for third-quarter revenue as the music streaming company added more-than-expected subscribers to its premium service, sending its shares up 12%.

A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson

The Swedish company, which has outstripped Apple Music (AAPL.O) in the race to dominate music streaming globally, said its number of premium subscribers had risen by 26 million in the past year to 113 million at the end of September.

“The fact that it’s delivering growth against an increasingly competitive backdrop is particularly impressive – especially when that competition is Amazon and Apple,” said Hargreaves Lansdown analyst Nicholas Hyett.

Spotify said in a letter to shareholders it was adding roughly twice as many subscribers per month as Apple.

However, lower-than-expected addition of new subscribers in the second quarter had led to concerns that rivals might be gaining on Spotify, particularly in countries where Spotify faces home-grown competitors.

“Investors were concerned that competition within the streaming music market was beginning to impact Spotify,” Atlantic Equities analyst James Cordwell said. “But the Q3 results seems to put this concern to rest.”

Spotify said it had also reduced artist marketing and research and development costs in the quarter, contributing to the surprise profit.

Spotify, which launched its service over a decade ago, has overcome resistance from large record labels and some major music artists to reshape how people listen to music.

The world’s most popular music streaming service forecast fourth-quarter total premium subscribers of 120 million to 125 million, largely in line with analysts’ expectations of 122.6 million.

The company expects its broader measure of monthly average users to grow to between 255 million and 270 million in the current quarter.

Net income attributable to shareholders rose to 241 million euros, or 36 cents per share, for the third quarter, compared with 43 million euros, or 23 cents per share, a year earlier. Analysts were expecting a loss of 29 cents per share.

Revenue rose 28% to 1.73 billion euros ($1.92 billion) for the three months ended Sept. 30. Analysts were expecting revenue of 1.72 billion euros.

Spotify said Chief Financial Officer Barry McCarthy would retire in January and be replaced by Paul Vogel, the current vice president of financial planning and analysis. McCarthy will rejoin the board of directors after he steps down.

Reporting by Neha Malara and Supantha Mukherjee in Bengaluru, additional reporting by Ayanti Bera; Editing by Shinjini Ganguli and Patrick Graham



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Asian shares climb to 3-month high, currencies mark time


SYDNEY (Reuters) – Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong U.S. corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

FILE PHOTO: A passerby walks past in front of a stock quotation board outside a brokerage in Tokyo, Japan, May 10, 2019. REUTERS/Issei Kato

European shares are expected to edge up, with pan-European Euro Stoxx 50 futures STXEc1 and German DAX futures FDXc1 traded up slightly ahead of European trade.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.5% for its third straight day of gains to the highest since late July.

Leading the gains were Chinese and Hong Kong shares. The CSI300 .CSI300 of blue-chip mainland shares were up 0.6% and Hong Kong’s Hang Seng index .HSI jumped 1.0%.

Japan’s Nikkei .N225 was also upbeat, rising 0.3% to a one-year high.

The gains came after a positive session in U.S. and European markets on Friday.

U.S. and Chinese officials are “close to finalising” some parts of a trade agreement after high-level telephone discussions on Friday, the U.S. Trade Representative’s office and China’s Commerce Ministry said, with talks to continue.

U.S. President Donald Trump has said he hopes to sign the deal with China’s President Xi Jinping next month at a summit in Chile.

The protracted trade war between the world’s largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms.

“Up until now, uncertainties from the U.S.-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment,” said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo.

Optimism that Beijing and Washington were finally close to resolving their dispute led the S&P500 .SPX to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&P 500’s total return index .SPXT posted an all-time high.

E-mini futures for the S&P 500 ESc1 started firm on Monday, up 0.15%.

Strong results from companies including Intel (INTC.O) also boosted sentiment in equities markets. More than 81% of U.S. companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war.

Investors next await earnings from the likes of Alphabet Inc (GOOGL.O), Apple (AAPL.O), Facebook (FB.O) and Exxon (XOM.N).

Activity later in the week will be dominated by the U.S. Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting.

The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and U.S. manufacturing will be released.

“The outcome of the FOMC policy meeting will most likely draw the largest market reaction,” said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank.

“We also think the risk is the FOMC will articulate a pause,” for future rate decisions, Grace added.

“That means the 27.6% pricing for an additional 25 bps cut in December will quickly evaporate, sending U.S. yields and the USD higher.”

In currencies, the dollar index .DXY was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar JPY=.

Sterling GBP= was last trading at $1.2822, a tad below Friday’s close.

The European Union agreed to London’s request for a Brexit deadline extension but set no new departure date. That gave Britain’s divided parliament time to decide on Prime Minister Boris Johnson’s call for a snap election.

Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain’s divorce until Jan. 31 with an earlier departure possible.

The euro EUR=D3 trod water too at $1.1083.

“It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings,” said Chris Weston, Sydney-based strategist at Pepperstone.

Oil prices eased after strong gains last week.

U.S. crude CLcv1 slipped 14 cents to $56.52 a barrel, while Brent LCOcv1 edged down 12 cents to $61.90.

Spot gold XAU= quoted at $1,506.3 an ounce.

Additional reporting by Hideyuki Sano in Tokyo, Editing by Jacqueline Wong



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Halliburton vows more cost cuts as shale demand dwindles, shares rise


(Reuters) – Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.

FILE PHOTO: Oil production equipment is seen in a Halliburton yard in Williston, North Dakota, U.S., April 30, 2016. REUTERS/Andrew Cullen/File Photo

The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America, said it would take steps over the next few quarters that will lead to $300 million in annualized cost savings.

Oilfield service providers are struggling with reduced spending by oil and gas producers as investors push for higher buybacks and dividends rather than growth in a weak oil price environment.

Larger rival Schlumberger NV said on Friday it had recorded a $1.58 billion goodwill impairment charge related to its pressure pumping business in North America.

“HAL is taking costs out more aggressively than the Street forecast, which it expects to lead to strong Q4 operating margin improvement in the Drilling & Evaluation segments despite falling revenue,” said Anish Kapadia, founder of London-based oil and gas consultancy firm AKap Energy.

Halliburton warned of further activity declines in North America, with fourth-quarter revenue for its hydraulic fracturing business declining by low double digits and margins by 125 basis points to 175 basis points.

“Feedback from our customers lead us to believe that the rig count and completions activity may be lower than the fourth quarter of last year,” Chief Executive Officer Jeff Miller told analysts during a post-earnings call.

Halliburton said its revenue from North America, which accounts for more than half of the company’s total, fell 21% in the third quarter. Revenue from completion and production fell 16% in the three months ended Sept. 30.

The company also idled more equipment in the third quarter than the first six months of the year, Miller said.

Evercore ISI analyst James West said Halliburton was “showing leadership by walking away from unprofitable or low return work.”

Net profit attributable to Halliburton fell to $295 million, or 34 cents per share, in the three months ended Sept. 30, from $435 million, or 50 cents per share, a year earlier.

Analysts had on average estimated 34 cents per share, according to Refinitiv IBES data.

Revenue fell to $5.55 billion, below analysts’ average estimate of $5.80 billion.

Halliburton’s shares were last up 5.9% at $19.52. The stock also pulled rivals higher, with Schlumberger gaining 2.4%.

Reporting by Shariq Khan and Taru Jain in Bengaluru; Editing by Sriraj Kalluvila



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China revises Stock Connect rules to include HK-listed dual-class shares By Reuters


© Reuters. China revises Stock Connect rules to include HK-listed dual-class shares

SHANGHAI/HONG KONG (Reuters) – Chinese bourses revised rules that would allow Hong Kong-listed dual-class shares to be included in the Stock Connect scheme for the first time, potentially benefiting Xiaomi Corp (HK:) and Meituan Dianping (HK:).

The rule change, which takes effect on Oct. 28, came 15 months after China and Hong Kong bourses started work towards including dual-class shares in the investment link following a rare public dispute over the issue.

Dual-class shares give greater voting rights to company founders over individual investors.

Under revised rules published late Friday separately by the Shanghai and Shenzhen stock exchanges, stocks qualified for inclusion must meet certain thresholds in terms of liquidity, market cap and trading period.

For example, they must have a minimum listing history of six months plus 20 trading days on the Hong Kong Exchanges and Clearing (HKEX) (HK:), and a minimum market cap of HK$20 billion ($2.6 billion) on average during the 183 days prior to the vetting.

Xiaomi and Meituan, China’s biggest platform for on-­demand services, both listed in Hong Kong last year with two classes of shares, after the Hong Kong exchange changed its rules to allow companies to do so. 

Days after Xiaomi’s initial public offering (IPO), the Shanghai and Shenzhen stock exchanges said that they would not allow companies with two classes of shares to be included in Stock Connect, triggering a dispute with HKEX.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.