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India's retail inflation is projected to surge to 6.15% in October, exceeding the Reserve Bank of India's (RBI) tolerance threshold of 6%, according to a new report by Union Bank of India. The spike is attributed to persistent <keyword id="21013592" type="General" weightage="20" keywordseo="food-price-pressures" source="keywords">food price pressures</keyword> and the waning of favorable base effects from the previous year. Earlier this month, RBI governor Shaktikanta Das also echoed similar sentiments and noted that the inflation print for October 2024 could stay well above 5.5%. This is why, as Das highlighted, cutting interest rates as early as December would be very early and premature The <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) data for October, which will be released at 4 pm on Tuesday, as opposed to the previous practice of releasing this data at 5:30 pm on the 12th of every month, follows September's inflation reading of 5.49%, up from 3.65% in August 2024. The last time inflation breached the RBI's upper limit was in August 2023. Despite the RBI's anticipation of an October inflation "hump," the Union Bank report suggests that the magnitude of the increase might raise concerns, particularly as November's figures are also tracking at elevated levels. The bank maintains its forecast of unchanged interest rates in December's monetary policy meeting, with a modest 50 basis points rate cut cycle predicted to begin in February 2025. Food inflation remains a key driver of price pressures, with vegetables and edible oils leading the recent surge. In September 2024, India's YoY food inflation rate hit 9.24%, up from 5.66% in the month prior. However, the report projects some easing of food inflation in the January-March quarter, citing typical winter price moderation and improving prospects for rabi crops. Despite this, potential risks from food supply disruptions, imported edible oil prices, and the impact of potential trade tariff hikes will exist. The RBI, which aims to maintain retail inflation at 4%, has held the repo rate steady at 6.5% for the tenth consecutive time in its last meeting as part of its inflation containment strategy. A recent SBI report also noted that expecting rate cuts in this quarter would be immature, and easing was possible only during the first half of 2025. "Given the current estimates of FY25 real GDP growth at 7.2% and CPI at 4.50%, the RBI would quite possibly keep policy rates stable over the coming quarter at least. Emerging trends in the growth outlook would possibly determine the timing and extent of any policy easing. With near-term CPI numbers likely to stay elevated, it’s premature to consider expectations of any easing in the December review. "However, high-frequency data do validate a softness in growth data on an incremental basis. Given the anticipated aligning of CPI closer to the target over H2, a shallow easing, if any can be a reasonable possibility over H1 of CY 25", it added.

Retail inflation expected to breach 6% mark in October, says UBI Report

Economists at the country's largest lender, SBI, today said they see India's Q2 real GDP growth slowing down further to 6.5% in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and whether it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7%. SBI analysts join a long line of agencies like Fitch, ADB, IMF, Moody, World Bank, S&amp;P, and even RBI in forecasting India's GDP growth for FY25 in the range of 6.8% to 7.2% for FY25, driven by robust consumption and investment. SIP inflows have been at an all-time high, and so has QIP (qualified institutional placement) fundraising. As many as 71 companies raised Rs 88,678 crore this year through QIPs. Activity in Indian primary markets also remained robust, with 78 mainboard IPOs in 2024; this is a 111% rise from just 38 listings in FY23. Between April and June 2024, India's real GDP grew by 6.7%, the lowest growth seen in 15 quarters, pushing experts to believe that India is caught in a cycle of slowdown. "There is some incipient pressure evident on the domestic economy. Based on our analysis of 50 meaningful leading indicators (both consumption and demand-centric), a dip looks plausible across select cohorts of agriculture, industry, and services in Q2," the <keyword id="22337294" type="General" weightage="20" keywordseo="SBI-economists" source="keywords">SBI economists</keyword> added. Stating that they track 50 indicators to gauge economic activity, SBIs note said the proportion of indicators showing acceleration declined to 69% in Q2 FY25, as against 80% in Q2 FY24 and 78% in Q1 FY25. However, things might be changing now, given that rural demand has started looking up amidst muted urban demand. SBI also explained that the ongoing regulatory tightening on unsecured lending and roadblocks that are hindering rollover/refinancing of debt through unsecured credit are dismantling the unwarranted exuberance that had built up post-pandemic, especially in the urban areas. Madhu Lunawat, CIO &amp; Fund Manager, Bharat Value Fund states that the overall investment environment remains strong due to favorable economic conditions supporting government policies &amp; reforms. "The sustainable inflow from domestic investors is going to support the Indian equity market in any kind of correction. The long-term bullish structure of Indian economy will continue to attract new domestic &amp; global investors to participate in India’s growth story through various Investment avenues.” <h2>Rate cuts not on cards</h2>RBI Governor Shaktikanta Das clarified today that changing the monetary policy stance to 'neutral' does not mean a rate cut is imminent in the central bank's next policy announcement. Notably, RBI MPC is set to meet between December 4 and 6, 2024, to decide if the prevailing repo rate of 6.5%, which has stayed unchanged for the last 2 years, should be brought down or not. In its last meeting, The <keyword id="20501100" type="General" weightage="20" keywordseo="RBI-monetary-policy" source="keywords">RBI monetary policy</keyword> committee had shifted its stance to 'neutral' indicating that it is open to adjusting interest rates based on economic conditions. "It should not be assumed that we have done this, so therefore the next step is a rate cut. A change in stance doesn't mean that the next step is a rate cut in the very next meeting. It's not so," Das said. Das also cautioned that inflation remains a key factor, and inflation and CPI prints for October are expected to stay high.

SBI economists see Q2 GDP growth slowing down to 6.5%; FY25 growth to be closer to 7%

India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

<ul class="summary-list"><li>Uber's stock fell Thursday after the ride-share company reported mixed third-quarter results.</li><li>Gross bookings, or the dollar value of rides and deliveries, came in slightly below expectations.</li></ul>Uber took a hit Thursday after the <a target="_blank" class="" href="https://www.businessinsider.com/expedia-deal-could-push-uber-closer-khosrowshahi-super-app-vision-2024-10">ride-hailing and delivery company</a> reported mixed third-quarter results.The company reported gross bookings of $41 billion in the quarter, up 16% from the same period last year. That figure, which represents the dollar value of rides and deliveries, came in slightly below Bloomberg analyst expectations of $41.3 billion.The near miss, coupled with a slightly muted forecast for this current quarter, sent shares down more than 10%. "It's really tough to gauge market expectations," <a target="_blank" class="" href="https://www.businessinsider.com/uber-ceo-criticizes-ev-tariffs-supports-chinese-makers-climate-solution-2024-10">CEO Dara Khosrowshahi</a> told <a target="_blank" class="" href="https://www.cnbc.com/2024/10/31/uber-uber-q3-2024-earnings.html">CNBC</a> following the news. "We're very excited about the delivery of the results this quarter and incredibly optimistic about where we're going from here."The $43 billion mid-point of Uber's gross bookings forecast range for the fourth quarter was just below the estimate for $43.7 billion, according to Bloomberg. Trip activity for Q4 will be "sort of in line with what we saw in Q3 with a little bit less benefit from pricing," CFO Prashanth Mahendra-Rajah said.CEO Khosrowshahi said the company has seen US transaction growth slow a little as it passed on higher insurance costs to customers, but he expects those costs to increase at a more moderate rate going forward. While consumers are "a little more price sensitive in terms of whether they choose to go out or not" on the weekend, weekday demand is very strong, he said, as is Uber For Business. Uber is "pretty optimistic" in general in terms of the US going forward, he said.

Uber drops after its bookings results and forecast fail to impress

<ul class="summary-list"><li>Disney's stock rose 8% Thursday after upbeat earnings and a rare three-year guidance update. </li><li>The company beat estimates for revenue and earnings-per-share. </li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/dis-stock">Disney</a> stock shot up 8% on Thursday after the entertainment giant reported earnings that beat estimates and surprised investors with guidance that gave a strong outlook for the next three years. The stock traded 8.4% higher around 10:45 a.m. ET, at $111.05 a share.The company beat revenue estimates for the third quarter, reporting $22.57 billion, versus estimates of $22.45 billion. Earnings per share came in at $1.14 versus estimates of $1.10.The outlook provided to investors was also a big highlight of the report. The guidance update is rare for Disney, which usually doesn't provide forward earnings forecasts. The three-year timeframe is also significant, since most companies rarely make forecasts further out than one year, and many don't provide guidance at all. The company forecasts high single-digit earnings-per-share growth for the next fiscal year and an $875 million increase in operating income for its streaming division. For the 2026 and 2027 fiscal years, the company projects double-digit earnings growth."Thanks to the significant progress we've made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future," CEO Bob Iger said in a statement.The company's streaming unit—which includes <a target="_blank" href="https://www.businessinsider.com/guides/tech/disney-plus-price">Disney+</a>, ESPN+, and Hulu—saw a quarterly profit of $321 million, far outpacing a loss of $387 the year prior.The profits follow years of heavy investment amid a tense <a target="_blank" href="https://www.businessinsider.com/netflix-earnings-winning-streaming-wars-not-even-close-2024-1">streaming war</a> with competitors like <a target="_blank" href="https://www.businessinsider.com/netflix-wins-streaming-wars-this-chart-shows-why-2024-1">Netflix</a>, Max, and Paramount+.Its TV networks, meanwhile, comprised of ABC and cable channels like the Disney Channel and Freeform, saw profits fall 38% to $498 million, while revenue dropped 6% to $2.5 billion.The company's theme park and cruise profits also slowed, falling 6% from the year before to an operating income of $1.66 billion amid rising costs after launching two <a target="_blank" href="https://www.businessinsider.com/disney-cruise-line-expanding-new-ships-private-destination-2024-8">new cruise ships</a>, plus slowing foot traffic at international parks like Disneyland Paris.Spending and attendance at US parks remained strong, though, the company said.Bank of America analysts maintained their bullish outlook for the stock following the report. They reiterated their "buy" rating and $120 price target, which would represent almost 8% upside from current levels. "DIS has a collection of best-in-class premiere assets (in content/IP as well as Theme Parks). Near term catalysts include: 1) profitability inflection in DTC and 2) reacceleration in parks business," Bank of America analyst Jessica Reif Ehrlich wrote in a note.

Disney stock surges as rare 3-year forecast sees strong profit growth ahead 

<ul class="summary-list"><li>Business Insider is seeking nominations for its 2024 Oracles of Wall Street list.</li><li>The list highlights top forecasters in finance and economics who made accurate market predictions.</li></ul>A 50-basis-point rate cut from the Federal Reserve. The S&amp;P 500 rallying 20%. Shares of Nvidia soaring over 180%. Inflation returning to pre-pandemic levels.Did you or someone you know on Wall Street predict these and other significant developments in 2024? We'd like to hear from you.Business Insider is seeking nominations for its 2024 Oracles of Wall Street list, which highlights the top forecasters among economists, strategists, and analysts this year.<h2 id="86451aa1-1085-48f3-9e45-42b621a23b74"><a target="_blank" href="https://docs.google.com/forms/d/e/1FAIpQLSfu9VdooXwk-dGXU3oOlqPUr63-fje76kQLRiUHYCYSNaB7cQ/viewform?usp=sf_link">Nominations can be made through this form.</a></h2>Nominees can be financial professionals from firms of any size. Their calls from this year or last must be verifiable through published documents or media coverage.The types of calls we're looking for include those that made a correct assertion about something in financial markets or the macroeconomic picture. A few examples are listed above. Forecasts that made last year's list can also be found <a target="_blank" href="https://www.businessinsider.com/top-forecasts-predictions-for-2024-wall-street-oracles-2023-12">here</a>.The deadline for <a target="_blank" href="https://docs.google.com/forms/d/e/1FAIpQLSfu9VdooXwk-dGXU3oOlqPUr63-fje76kQLRiUHYCYSNaB7cQ/viewform?usp=sf_link">submissions</a> is end-of-day on Tuesday, November 19, 2024. Please direct any questions to William Edwards at <a target="_blank" href="mailto:wedwards@businessinsider.com">wedwards@businessinsider.com</a>.

The most accurate forecasts of 2024: Seeking nominations for Business Insider's Oracles of Wall Street list

The national capital, Delhi, is once again grappling with a severe <keyword id="19900550" type="General" weightage="20" keywordseo="Air-Pollution" source="keywords">air pollution</keyword> crisis. With an AQI of 339, the city’s air quality has plummeted into the “very poor” category, casting a thick layer of smog over its residents. This deteriorating air quality poses a significant threat to <keyword id="19913584" type="General" weightage="20" keywordseo="Public-Health" source="keywords">public health</keyword> and has prompted widespread concern. The Indian Institute of Tropical Meteorology's (IITM) forecast paints a grim picture, predicting that the situation will likely persist for the next few days, with a further dip into the “very poor” category expected by Sunday. This annual decline in air quality is a result of a confluence of factors, including vehicle emissions, <keyword id="23593130" type="General" weightage="20" keywordseo="Construction-Dust" source="keywords">construction dust</keyword>, and most notably, <keyword id="19990732" type="General" weightage="20" keywordseo="Stubble-Burning" source="keywords">stubble burning</keyword> in neighbouring states. Despite strict regulations, the practice of stubble burning continues to be a major contributor to the air <keyword id="23291827" type="General" weightage="20" keywordseo="Pollution-Crisis" source="keywords">pollution crisis</keyword> in Delhi. Particulate matter emitted from this practice exacerbates the pollution levels, leading to a significant deterioration in air quality. The Supreme Court has recently criticised Punjab and Haryana for their failure to comply with anti-pollution laws related to stubble burning, increasing pressure on these states to take action. In response to the deteriorating air quality, the <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-Government" source="keywords">Delhi government</keyword> has implemented several measures. The <keyword id="22644303" type="General" weightage="20" keywordseo="Winter-Action-Plan" source="keywords">Winter Action Plan</keyword>, launched in late September, outlines 21 strategies aimed at curbing pollution. These include initiatives such as bio-decomposer spraying to reduce the effects of crop stubble burning and an anti-dust campaign targeting construction sites. Additionally, the Delhi Environment Minister, <keyword id="19931852" type="General" weightage="20" keywordseo="gopal-rai" source="keywords">Gopal Rai</keyword>, has introduced further measures to monitor the city’s pollution hotspots. While these efforts are commendable, the challenges posed by the deteriorating air quality remain significant. The combination of low temperatures and calm winds hinders the dispersal of pollutants, making it difficult to improve the air quality. Rainfall, when it occurs, can provide some relief, but the recurring nature of Delhi’s pollution problem highlights the urgent need for long-term solutions. As Delhi continues to grapple with this environmental crisis, it is imperative that both the government and citizens work together to address the root causes of air pollution. Sustainable practices, stricter regulations, and collective action are key to ensuring a healthier and more livable city for all. <div type="Article" hostid="261" msid="114186705" title="Delhi breathing clean air despite Dussehra celebrations, AQI better than before: Gopal Rai" mstype="2" mssubtype="0"></div>

Delhi's AQI turns "very poor" today; Supreme Court criticises Punjab-Haryana for stubble-burning practices

<ul class="summary-list"><li>Bonds have sold off as traders reassess the path of Fed Reserve rate cuts.</li><li>Strong economic data and the potential for a Trump win have pushed interest rates higher.</li></ul>The bond market is in sell-off mode as traders reassess the path of interest rate cuts from the Federal Reserve.Strong economic data in recent weeks and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">the potential for a Donald Trump victory in November</a> have helped push bond yields higher and prices lower, with traders adjusting their outlooks after pricing in aggressive rate cuts following the Fed's big 50 basis point move last month. The 10-year US Treasury yield jumped to 4.22% on Tuesday, representing its highest level since July and a sharp increase from the 3.62% level it traded at in mid-September when the Fed delivered a jumbo rate cut.The Bloomberg Aggregate Bond Index dropped 3% since mid-September, and long-term treasuries, as measured by the iShares 20+ Year Treasury Bond ETF, are down about 9% over the same time period.<h3 id="7160ed09-f479-4f19-b8bf-61bc929e8b05">Hot data dims rate-cut views</h3>On the economic front, investors have focused on a recent string of hot data, which has whittled the odds of swift, steep cuts from the central bank at upcoming meetings. A strong September jobs report showing a stunning 254,000 jobs added completely erased the odds of another 50 basis point cut. The jobs data, combined with solid retail sales, slightly hotter-than-expected inflation, and the Atlanta Fed's prediction of third-quarter GDP growth of 3.4%, has forced markets to rethink how eager the Fed will be to cut borrowing costs in order to support the economy. Apollo chief economist Torsten Sløk argued in a note over the weekend that officials will "reverse course" and keep interest rates unchanged at next month's meeting of the Federal Open Market Committee. "The US consumer continues to do well, driven by solid job growth, strong wage growth, and high stock prices and home prices," Sløk said.Sløk says the key indicator to watch is the upcoming October jobs report."Look at the next nonfarm payrolls report. If we do get that at 150 or 200,000, we could easily get a scenario where the Fed will basically have to reverse course and begin to stay on hold," Sløk told Bloomberg on Monday.That would be a big surprise to traders, with the market <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">pricing in a 90% chance</a> of a 25-basis point interest rate cut from the Fed next month.Fed officials, for their part, have indicated they're likely to move cautiously, though more rate cuts are still their base case."So far, I haven't seen any information that would suggest we wouldn't continue to reduce the interest rate," San Francisco Fed President Mary Daly said on Monday.Other Fed officials had a similar message.Minneapolis Fed President Neel Kashkari said he expects "modest cuts over the next quarters." Dallas Fed President Lorie Logan said she expects interest rates will fall "gradually," and Kansas City Fed President Jeff Schmid endorsed a "cautious and gradual" approach to cutting interest rates.<h3 id="0e188fe0-eedc-4e3f-8df3-1f35ea8459b5">Markets see Trump win boosting rates</h3>Meanwhile, a potential Trump win next month is seen as being inflationary due to his proposed policy of universal tariffs. Tariffs have been the centerpiece of Trump's economic proposals, which he insists would bring down costs, even though economists warn that taxes on imports will ultimately get passed on to consumers.A resurgence in inflation would lead to a more hawkish Fed, which could pump the brakes on rate cuts or even raise interest rates again to offset rising prices. "Should he re-take the White House in November, the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in a recent note.Experts told Business Insider that a Trump administration pursuing its most extreme campaign proposals would be <a target="_blank" class="" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">a "seismic" shift for the US economy</a>, leading to big impacts on inflation and Fed policy.

The bond market is selling off after traders got their Fed forecasts wrong

<ul class="summary-list"><li>Chip stocks tumbled Tuesday, with NVDA and AMD down 5% and ASML plunging 16%.</li><li>The downturn came as ASML lowered its 2025 sales guidance. </li></ul>Semiconductor stocks fell Tuesday after ASML slashed guidance for next year, and as the sector mulled reports that the US was weighing a cap on chip exports from some American companies.ASML, Europe's most valuable tech company, plunged 16% in its biggest single-day drop since 1998. Other chip stocks followed, with NVDA dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday.SMCI, meanwhile, fell as much as 3.4% earlier in the day before paring most losses.The industry's downturn comes after ASML, a Dutch chip machine maker, posted a downbeat earnings report and cut its sales guidance for next year. The report's forward guidance lowered total net sales for 2025 to between €30 billion and €35 billion, the lower half of the previously stated range, citing weak demand from chipmakers for its machinery."It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness," CEO Christophe Fouquet said in a statement.ASML's third quarter bookings were €2.6 billion, coming in under half the average estimate of €5.39 billion, according to a Bloomberg survey.The report was posted a day earlier than expected, adding to the surprise of the results and lower guidance. Flows into AI stocks slowed over the summer as investors <a target="_blank" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7?utm_medium=ingest&amp;utm_source=markets">expressed worries</a> about returns on huge spending on AI. Investment in the sector has rebounded in recent weeks, though, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-tests-record-highs-wall-street-defends-valuation-blackwell-2024-10?utm_medium=ingest&amp;utm_source=markets">propelling Nvidia</a> to a fresh high on Monday to help the S&amp;P 500 hit <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">another record close</a>.Reports that the US is weighing a cap on chip exports from American chipmakers only compounded the industry's tumultuous start to the week.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-15/us-weighs-capping-exports-of-ai-chips-from-nvidia-and-amd-to-some-countries">Bloomberg</a>, the Biden administration has been in talks to cap sales of advanced AI chips from some American chip companies—including Nvidia—to certain countries in order to protect national security.The plans would likely target Persian Gulf countries, which are increasingly interested in AI, sources told the outlet, and would build on existing restrictions that originally set out to curb China's progress in AI. Previously implemented restrictions have regulated chip shipments to over 40 countries in the Middle East, Africa, and Asia to prevent chip technology from flowing to China.

Chipmakers tumble as ASML forecast cut issues a growth warning to the sector

<ul class="summary-list"><li>Semiconductor stocks rose after TSMC's strong sales forecast.</li><li>The bellwether chipmaker expects AI-product revenue to triple this year.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/tsm-stock?_gl=1*178bzfp*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTcyMjk1LjU2LjAuMA..">Taiwan Semiconductor Manufacturing Company</a> has offered something of an antidote to the brief crisis of confidence that hit the chipmaker industry.Two days after a broad semiconductor-stock sell-off driven by a light forecast from the Dutch firm <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">ASML</a>, chipmakers rallied on Thursday on TSMC's strong results. TSMC itself climbed as much as 13% in New York trading, while major industry players <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/avgo-stock">Broadcom</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/mu-stock">Micron</a> each rose roughly 4% at intraday highs.The <a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-semiconductor-etf-us4642875235">iShares Semiconductor ETF</a> also rose as much as 3%.TSMC's third-quarter earnings report saw the company increase its 2024 sales-growth forecast to 30%, up from previous projections of mid-20% expansion. The firm also said AI-product revenue would triple this year, making up 15% of the company's total revenue."The demand is real," CEO C.C. Wei said on the post-earnings conference call. "One of my key customers said, the demand right now is insane. It's just the beginning."The results offer a sigh of relief for an industry that briefly panicked this week after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">ASML</a> offered a far <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">bleaker demand outlook</a>. TSMC is now up more than 100% year-to-date, trailing Nvidia's 182% climb but easily outpacing the iShares Semis ETF (21%) and the benchmark S&amp;P 500 (23%) over the same period.

Chip stocks rally after TSMC's strong sales forecast calms growth worries

<ul class="summary-list"><li>Coca-Cola reported a decline in revenues in its third-quarter earnings on Wednesday.</li><li>Despite the slide, revenue was higher than analysts' expectations.</li></ul>Coca-Cola posted its first quarterly decline in revenue this year in its third-quarter earnings on Wednesday.Net revenues fell by 1% to $11.9 billion for the three months to September 30. The results beat analysts' predictions, which had forecast revenues of $11.65 billion for the beverage giant.Earnings per share declined 7% to $0.66, lower than the analyst consensus of $0.74.Shares dipped more than 2% in premarket trading, but the stock is up 16% this year.Coca-Cola said its slightly better-than-expected revenue performance had been driven by a 10% jump in price/mix, the amount the company adjusts prices, versus a 2% decline in concentrate sales.The results were boosted by an 11% jump in sales of Coca-Cola Zero Sugar across all markets."Our business continues to demonstrate resilience in the face of a dynamic external environment," said CEO James Quincey."We are encouraged by our year-to-date performance and our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities."The soda giant also signaled that there was growing potential in the non-carbonated drink market, pointing to its success as an <a target="_blank" class="" href="https://www.businessinsider.com/inside-coca-cola-company-2024-olympics-marketing-strategy-powerade-athletes-2024-7">official sponsor</a> of the 2024 Paris Olympics."During the opening and closing ceremonies in Paris, a special-edition smartwater gold bottle for athletes quickly garnered 42 million impressions and contributed to smartwater gaining both volume and value share during the quarter," the company said.Powerade, Fuze Tea, and Topo Chico were also highlighted as regional leaders in its plans to evolve a "total beverage portfolio."In recent quarters, strong international sales have helped boost Coca-Cola's results, offsetting weaker consumer demand in the US. However, in its third quarter, unit case volume declined in Europe, Middle East &amp; Africa and Asia Pacific, and remained even in Latin America.Investors will look to the soft drink maker's earnings for insight into consumer spending behavior heading into the year-end.US consumers are thought to have spent excess savings from the pandemic and are now grappling with accumulated price increases driven by global inflation.In September, core retail sales in the US grew by 2.4%. However, many <a target="_blank" class="" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">retailers have taken creative approaches</a> to incentivizing spending, including loyalty programs and <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">exciting product offerings</a>.Retailers, including Costco, PepsiCo, and Walmart, have been <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-offer-fewer-deals-under-new-ceo-2024-10">cutting prices</a> amid a pattern of more cautious consumer spending this year.The results come after Coca-Cola's rival PepsiCo posted weaker-than-expected sales for the second quarter in a row. PepsiCo lowered its full-year organic sales outlook, saying it now expects a low-single-digit rise, down from the previously forecast 4% growth.PepsiCo executives said the "cumulative effects of inflationary pressures continue to impact budgets and spending patterns."

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