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T3's Take 3: Q3 Ends on a Happy Note


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

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World Equity Markets

Asian and European stocks rallied today despite weak economic data.

In Japan, industrial production declined 0.5%, missing economists' expectations for a gain.

The decline suggests the economy shrank, making stimulus from the Bank of Japan during next month's meeting more likely. Retail sales data showed an 0.8% increase in August, slightly below the 1.1% expectations. The Nikkei finished up 2.7%.

The Shanghai Composite finished up 0.5% ahead of a week-long holiday that begins Thursday. Traders will be watching for PMI data that will be released tomorrow. Automakers saw the largest gains after Beijing announced that it will halve taxes on small cars. 

The Hong Kong Hang Seng index rallied 1.6%. The Australian ASX jumped 2.1%, and the Korean Kopsi finished up 1%.

Europe finished the third quarter with a strong rally.  Shares of mining company Glencore surged about 14% for a second day after the company announced it is taking "proactive steps" to navigate the commodity market conditions, and that it has no issues regarding debt.

Like Japan, Europe rallied big despite weak economic data as stimulus may be on the horizon.

This morning, following the release of weak Italian and German unemployment data, a Bank of Spain official said the European Central Bank will do it all it can do to avoid a deflation scenario.

US Markets Rally

American stocks rallied following the gains in Asia and Europe. 

The S&P 500 finished up 1.9%, with technology, energy, and healthcare stocks boasting the largest gains.  

The biotech sector, which led the market down for three days in a row, saw big gains today as traders embraced risky stocks. The NASDAQ Biotechnology Index ETF (IBB) rose an impressive 4.8%.

Energy stocks rallied as oil price firmed despite a bigger-than-expected inventory build.

US bond yields rose slightly as investors opted for the stock rally. The dollar gained against most major currency pairings.

US economic data was mixed. Chicago PMI and ISM Milwaukee numbers missed estimates, but the ADP employment change was slightly better-than-expected.

Tesla Model X

Tesla (TSLA) unveiled its Model X SUV crossover yesterday night at a gathering in Fremont, California. The presentation was headed by CEO Elon Musk. The $132,000 vehicle is equipped with two electric motors and a 90-kWh battery pack, with the Model X P90D having a "Ludicrous Mode," allowing the vehicle to reach 60 mph in 3.2 seconds and a top speed of 155 mph. The Model X can reach about 250 miles on a single charge. 

The new vehicle also made headlines for its its "Bioweapon Defense Mode."

While just six people took the first delivery of the Model X last night, buyers that have put in their pre-orders since two years ago will have to wait 8-12 months before receiving their cars. 

Tesla shares finished down 2.0%, as investors believe the price may be too high to generate substantial unit sales.

Thursday's Financial Outlook

US economic data for tomorrow will include Challenger job cuts, jobless claims, Markit US manufacturing PMI, Bloomberg consumer comfort, construction spending, ISM, EIA natural gas storage, and Ward's auto sales. 

Overseas economic data will feature Swiss retail sales & PMI, British PMI, and Japan's monetary base.

McCormick (MKC) will be releasing earnings before the open tomorrow, while Micron (MU) will report its earnings after the close. 
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