Would you like to be notified of the latest news and updates on the stock market?

You can disable these notifications through your browser settings.

Alibaba's Strong Singles' Day Sales Kickoff Hints At China Consumer Rebound

by Erica Kollmann, Benzinga Staff Writer
October 31, 2024 10:56 AM | 2 min read |
Zinger Key Points
  • Alibaba reports solid sales momentum during the initial sales period leading up to Singles' Day.
  • Singles’ Day has become a proxy for consumer sentiment in China and an indicator of its economic health.

Alibaba Group Holdings, Ltd.

Get Free Report
reported strong demand during the initial sales period of its Singles’ Day shopping festival, signaling a potential rebound in consumer confidence in China. 

Singles' Day is the world's largest online shopping festival and while the holiday itself is on Nov. 11, Alibaba hosts a nearly month-long sales event leading up to the holiday on its Taobao and Tmall e-commerce platforms. 

Read Next: AMD’s AI Data Center Business Booms: CEO Says It’s ‘Closed A Good Part Of That Gap’ With Nvidia

Solid Sales: During the initial sales period which began on Oct. 14, Alibaba reported “solid momentum” with 284 brands each surpassing sales of approximately $14 million. Taobao and Tmall saw strong sales growth in designer toys, niche home appliances and furniture. 

Pet products and pet food were also in high demand with 658 brands doubling their sales in the first four hours compared to the same period last year.

Online consumer spending has picked up in China, according to data from Meritco Services. The major e-commerce platforms, Tmall and Taobao, JD.com, Inc.

Get Free Report
and ByteDance's Douyin reported a five-fold increase in daily sales for cosmetics and designer toys in the lead up to Singles' Day compared to earlier months of the year.

E-commerce sites also saw nearly four-fold growth in sales of outdoor gear over the same period. 

China's Economy: China recently unleashed a broad set of policies intended to revive its slowing economy and is considering another substantial fiscal initiative next week with plans to approve over $1.4 trillion in additional debt issuance.

Singles' Day has become a proxy for consumer sentiment in China and an indicator of its economic health. The sales results from the initial Singles' Day promotion period suggest consumer confidence in China is looking up. 

BABA Price Action: According to Benzinga Pro, Alibaba shares are down 1.59% at $97.13 at the time of publication Thursday.

Read Also: 

Image: Markus Winkler from Pixabay

"I advise managers that run billions on where to invest."

Gain an unfair advantage by getting Matt Maley's latest trades. Click here to see his top AI stock for 2024.

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Comments
Posted In: AsiaLarge CapNewsGlobalTop StoriesChinaecommerceKeyProjSingles' DayStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Aeva Technologies Inks Multi-Year Deal With The Indoor Lab, Growing Its Commercial Momentum And Increasing Revenue Potential

by Meg Flippin, Benzinga Staff Writer
October 28, 2024 9:00 AM | 4 min read | Make a Comment
Keep a look out for more Aeva Technologies Inc. announcements here.  In what is further evidence of the growing adoption of Aeva Technologies Inc.’s AEVA differentiated technology, the maker of advanced FMCW 4D LiDAR sensors inked a multi-year sensor supply deal with The Indoor Lab, a LiDAR perception and analytics solutions company. Indoor Lab operates a LiDAR analytics platform used to improve safety, security and operational efficiency for major U.S. airports, mass transit railways, agriculture, smart infrastructure at theme parks and other large venues across the U.S. and for cities at a broader level, as well The multi-year agreement marks the first industrial customer production win for Atlas, Aeva's next-generation 4D LiDAR. Notably, sensor shipments are beginning this month and planned to ramp up in 2025 to support multiple projects at scale , the companies reported. Importantly, this deal can provide increasing near-term revenue opportunity for Aeva ahead of its production launch with Daimler Truck, as well as complement its other production programs such as the one with Nikon and May Mobilit Initially, The Indoor Lab will integrate Aeva's 4D LiDAR at some of the nation's largest and most heavy-traffic airports including John F. Kennedy International Airport's New Terminal One and San Francisco International Airport. The Indoor Lab also plans to use Aeva's sensors for yet to be disclosed integrations in agriculture and in smart infrastructure at theme parks, cities and other large venues across the U.S Aeva's advanced LiDAR technology uses a low-power continuous laser beam to measure range and velocity at the same time, which it says unlocks new levels of perception by instantaneously discriminating between moving and non-moving points and knowing the precise velocity of objects in motion. The company's LiDAR technology integrates all key LiDAR components onto a silicon photonics chip in a compact module, which enables a small and scalable solution that the company says opens the door for a variety of automation applications
Read More

Seasonal Tokens: A Case Study For Emergent Phenomena In Decentralized Finance

by Meg Flippin, Benzinga Staff Writer
October 29, 2024 8:26 AM | 3 min read | Make a Comment
When Bitcoin first emerged on the scene, it was hailed as a new way to conduct transactions, after all, it eliminates the need for a middleman or central authority. With Bitcoin, parties can transact anonymously and efficiently in real-time. Ethereum was next, ushering in virtual machines that enable applications to operate trustless. If you verify everything about a system independently, there isn't a need for trust between parties. Both developments paved the way for decentralized finance, or DeFi, an entirely new sector of financial services DeFi leverages blockchain technology, the underpinnings of cryptocurrency, to provide financial services from lending to trading without intermediaries. Since DeFi splashed on the scene about a decade ago, it has become a big business. As of October 2024, the total value locked in DeFi platforms was around $81.2 billio With DeFi projects smart contracts automatically execute transactions based on the terms coded within. There is no need for financial institutions to connect a borrower with a lender, for example Consider the following chart for evidence of how this works. It shows the historical relative price of the four Seasonal Tokens. Notice how prices move in relation to each other, showcasing complex interactions within the DeFi ecosystem
Read More

Oil Prices Almost Recoup Week Losses As Iran Mulls Retaliatory Attack On Israel Prior To US Elections

by Piero Cingari, Benzinga Staff Writer
November 1, 2024 11:35 AM | 2 min read | 1 Comment
Crude prices are nearing full recovery from early-week losses, poised for a third consecutive daily gain on Friday amid escalating geopolitical tensions in the Middle East. A report by Axios on Thursday, citing two Israeli intelligence sources, indicates Iran may be preparing a major retaliatory strike from Iraq within days. Israeli intelligence reportedly anticipates an attack using numerous drones and ballistic missiles launched from Iraq Yet, U.S. officials told Axios that they remain uncertain whether Iran has finalized a decision to act Iranian Revolutionary Guard Corps commander Hussein Salami warned on Thursday that Iran's response would be beyond any scenario Israel might anticipate Diplomatic efforts led by the U.S. struggled to make headway
Read More

Asia In Red, Europe Markets Gain; Crude Oil Rises 2.5% - Global Markets Today While US Slept

by Akanksha Bakshi, Benzinga Editor
November 1, 2024 6:52 AM | 2 min read | 1 Comment
Zinger Key Points
  • Crude Oil WTI traded higher by 2.63% at $71.08/bbl, and Brent was up 2.40% at $74.56/bbl.
  • The U.S. Dollar Index rose 0.16% to 104.15, and USD/JPY was up 0.48% at 152.77.
On Thursday, October 31st, U.S. markets closed lower as Microsoft and Meta highlighted rising AI-related costs that could affect future earnings, dampening optimism for megacap stocks that have driven this year’s rally. Meta and Microsoft shares both slipped despite beating earnings estimates, while Amazon and Apple reported strong quarterly results after market close, bolstered by growth in cloud services and iPhone sales, respectively. According to economic data, U.S. initial jobless claims fell by 12,000 to 216,000 for the week ending October 26th, while the personal consumption expenditure price index rose by 0.2% in September, up from a 0.1% increase in August S&P 500 sectors fell, led by information technology, consumer discretionary, and real estate, while utilities and energy stocks closed higher The Dow Jones Industrial Average dipped 0.90% to close at 41,763.46, the S&P 500 declined 1.86% to 5,705.45, and the Nasdaq Composite fell 2.76% to finish at 18,095.15 Eurozone at 06.00 AM E
Read More

Kansas City Chiefs, Los Angeles Dodgers Championships Could Predict 2024 Presidential Election: Here's Who Has The Edge In Trump Vs. Harris

by Chris Katje, Benzinga Staff Writer
November 1, 2024 10:45 AM | 3 min read | Make a Comment
Zinger Key Points
  • The Los Angeles Dodgers and Kansas City Chiefs have been dominant in recent years and won several league championships.
  • The MLB and NFL teams could help predict the 2024 presidential election.
The Los Angeles Dodgers won its eighth World Series title in 2024 with a comeback victory over the New York Yankees in Game 5. While the win could be great for Dodgers fans because it is the team's second title in four years, it could also help predict the 2024 presidential election. What Happened: The Dodgers and Yankees — the two most valuable teams in key television markets — having faced off in the 2024 World Series could help the quarterly financial results of Fox Corp FOXFOXA. The World Series saw strong viewership thanks to the matchup and strong interest from Japanese fans thanks to Dodgers star Shohei Ohtani, who is from the country Similar to the Dodgers winning two championships in the past four years, the National Football League's (NFL) Kansas City Chiefs have had success in recent years. The NFL team has Super Bowl wins in 2020, 2023 and 2024 The Chiefs’ Super Bowl win in 2020 was its first Super Bowl championship in 50 years and kicked off a run that has the team considered one of the most recent NFL dynasties with three Super Bowl wins in four years In 2020, the Chiefs won the Super Bowl, the Dodgers won the World Series and Donald Trump lost the presidential election. In 2024, the Chiefs won the Super Bowl, the Dodgers won the World Series and Trump is running for president again, with the outcome to be determined
Read More

Exxon Q3 Earnings: $11.3 Billion Cost Savings, Rising Production, Dividend Hike And More

by Lekha Gupta, Benzinga Editor
November 1, 2024 8:24 AM | 2 min read | 1 Comment
Zinger Key Points
  • ExxonMobil’s Q3 net production rose 5%, reaching 4,582 MBOED, driven by Pioneer asset volumes.
  • Adjusted EPS of $1.92 beat estimates; dividend raised by 4% to $0.99 per share.
Exxon Mobil Corporation XOM shares are trading higher after the company reported third-quarter results.  Total revenues and other income stood at $90.016 billion, missing the consensus of $93.938 billion Net production stood at 4,582 thousand oil-equivalent barrels per day, an increase of 5% from the previous quarter, driven by increased volumes from Pioneer assets Read: Exxon Mobil Q3 Preview: Will Rising Production, Cost Cuts Boost Earnings?company’s full-year guidance of $28 billion
Read More

Regional Banking Boom Shines Spotlight On Direxion's 3X DPST Fund

October 28, 2024 3:08 PM | 2 min read | 1 Comment
While apprehensiveness ahead of the third-quarter earnings season permeated the air, the U.S. regional banking sector has proven doubters wrong, at least according to JPMorgan Chase analyst Anthony Elian. With small-to-middle-capitalization banks posting better-than-expected financial results, the underlying ecosystem stands poised for potentially sustained growth. As the one-week mark of the Q3 earnings season passed, seven of the regional banks which JPMorgan covers disclosed their results, with five of them beating analysts' bottom-line expectations. As Benzinga's Piero Cingari mentioned, the "primary driver behind these beats was stronger-than-expected net interest margins (NIM) and net interest income (NII)." What's more, several key metrics for U.S. banks boded well for the broader economy. "Average deposits increased at a 7% annualized rate, while average loans grew by 2% annually. On a period-end basis, deposits rose at an even stronger 11% annualized pace, and loans increased by 3% annually. Importantly, NII expanded at a robust 12% annualized rate," wrote Cingari To be fair, not every element fared well. In particular, a few banks reported a lift in non-performing assets (NPA) due to headwinds associated with office loans. However, the space has improved considerably from the lows of last year's regional banking crisis. In addition, experts point to the sector still trading below historical valuation Primarily, the DPST ETF brings to the table leverage in a convenient format. While traders can use options for leveraged transactions, such strategies can be complicated. With this 3X fund, investors can pick up individual units much like regular stocks. Moreover, the Daily Regional Banks Bull 3X Shares covers a wide range of individual banks, such as Regions Financial Corp RF and M&T Bank Corp MT
Read More

Stocks Rebound After Selloff As October Hiring Slump Fuels Interest Rate Cut Bets: 10 ETFs To Watch Friday

by Piero Cingari, Benzinga Staff Writer
November 1, 2024 10:17 AM | 3 min read | Make a Comment
Zinger Key Points
  • October's hiring freeze boosted market expectations for Federal Reserve rate cuts, lifting U.S. stocks after Thursday's decline.
  • Markets fully priced in a 25-basis-point cut at the Fed's next meeting; December cut expectations jumped to 85%.
A hiring freeze in October lifted market expectations for a Federal Reserve interest rate cuts, providing relief to U.S. stocks after Thursday's decline. The U.S. economy added only 12,000 jobs in October, 211,000 fewer than in September. This marked the lowest monthly pace since December 2020 and sharply missed estimates of 113,000 Market pricing now reflects a full probability of a 25-basis-point rate cut at next week's Federal Reserve meeting, with the likelihood of another cut in December surging to 85%, according to the CME FedWatch tool Beyond the dismal October employment figures, which suggest a recession-like scenario, factors such as hurricanes and strikes have significantly disrupted hiring across the nation "It is likely that payroll employment estimates in some industries were affected by the hurricanes; however, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates," the Bureau of Labor Statistics (BLS) stated in its report
Read More

Jobs Report Preview: Could October Nonfarm Payrolls Defy Hurricane Disruptions, Strikes And Election Uncertainty?

by Piero Cingari, Benzinga Staff Writer
October 31, 2024 1:16 PM | 4 min read | 1 Comment
Zinger Key Points
  • Economists forecast a slowdown, with nonfarm payrolls expected to drop from 254,000 in September to 113,000 in October.
  • Disruptions from hurricanes and strikes may reduce payrolls by around 50,000 jobs, according to government estimates.
Traders are eagerly awaiting October’s official jobs data, set for release on Friday at 8:30 a.m. ET — widely viewed as the week’s most crucial economic event. The Employment Situation report is expected to provide valuable insights into the resilience of the U.S. labor market, especially in light of recent disruptions from hurricanes, strikes and uncertainties surrounding the imminent U.S. election What are economists forecasting, and how have markets responded to recent jobs reports? See Also: US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October
Read More

Crossroads Summit Taps Leading AI Expert Pascal Bornet For November Event To Offer Insights On Tackling Chaos Caused By Disruptive Innovation

November 1, 2024 12:10 PM | 4 min read | Make a Comment
The 2024 Crossroads Summit is less than a month away – get your tickets for this event that promises important insights! When Challenger, Gray & Christmas, an executive outplacement firm, began tracking the effect AI was having on labor markets, it noted that it was "no longer a just threat on the horizon." One of America's leading authorities on hyperautomation, a combination of robotic process automation (RPA) and AI, agrees that the future is almost here – but it doesn't have to mean jobs are threatened According to award-winning expert Pascal Bornet, "algorithms are to white-collar workers what tractors were to farmers." Bornet should know. He is a recognized thought leader on the subjects of RPA and AI Bornet is the author of the best-selling book "Intelligent Automation" and is ranked as one of the top 10 global experts in AI and Automation. He was named the Global Top Voice in Tech in 2019 and the number one Global Thought Leader in RPA in 2020 Bornet is a senior executive with more than 20 years of experience in digital transformation. He founded and led the "AI and Automation" practices at McKinsey & Company and Ernst & Young (EY) and is currently on the leadership team of Mountain View, California-based software innovator Aera Technology
Read More

Biggest Gold ETF Posts Highest Monthly Inflows In 2.5 Years As Investors Rush To Safe Haven Ahead Of Presidential Election

by Piero Cingari, Benzinga Staff Writer
October 31, 2024 3:58 PM | 3 min read | 1 Comment
Zinger Key Points
  • The SPDR Gold Trust saw $1.8 billion in October inflows, its strongest since March 2022, amid U.S. election-related uncertainties.
  • Global demand rose 5% year-over-year in Q3, reaching 1,313 tonnes, driven by economic concerns and geopolitical risks.
The SPDR Gold Trust GLD, the largest physically backed gold ETF, saw a significant influx of capital this month as economic and policy uncertainties surrounding the upcoming U.S. presidential election drive investors toward safe-haven assets. GLD’s assets under management reached $79.7 billion as of Oct. 30, bolstered by $1.8 billion in net inflows for October — the fund’s strongest monthly inflow since March 2022, data from TradingView shows Additionally, the ETF notched its fourth consecutive month of gains and its eleventh positive month out of the last 13, with a remarkable 50% rally from the lows of October 2023 Global demand for gold surged 5% year-over-year in the third quarter of 2024, reaching 1,313 tonnes, a record level for the third quarter, according to a report from the World Gold Council released this week Gold prices touched new record highs throughout the quarter as demand continued to build
Read More

Shock October Jobs Report Leaves Fed In 'Tight Spot': Experts Say Interest Rate Cuts Ahead

by Erica Kollmann, Benzinga Staff Writer
November 1, 2024 12:01 PM | 2 min read | 1 Comment
Zinger Key Points
  • Markets are reacting to the cooler-than-anticipated jobs report by moving higher Friday on rate cut expectations.
  • “Given the storm-related distortion, the Fed is in a tight spot as they adhere to data-dependency,” Jeffrey Roach says.
The October employment report released Friday morning showed the U.S. economy added only 12,000 jobs in October, well-below estimates of 113,000 and the lowest monthly pace since December 2020. Economists are weighing in on the impact of the hurricanes on the report and the potential for future interest rate cuts.  Experts Weigh In: Jeffrey Roach, chief economist for LPL Financial, indicated that hurricanes across the Southeast likely affected the establishment survey. He also noted response rates for the household survey were within normal ranges He said investors should focus on the household survey data which showed long-term unemployment rose to 22% of total unemployed persons and the number of permanent job losers edged up to 1.8 million in October versus 1.2 million in February 2020. Roach sees the Fed cutting rates at its next two meetings as economic conditions weakened "Given the storm-related distortion, the Fed is in a tight spot as they adhere to data-dependency," Roach stated Quincy Krosby, chief global strategist for LPL Financial, said the Federal Reserve will have to "do the math" on the weaker-than-expected employment report to determine if it reflects only the effects of the hurricanes and the Boeing workers' strike or if it shows a broader deterioration in the labor market
Read More

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga

© 2024 Benzinga | All Rights Reserved