The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Asian stocks traded in a narrow range at Thursday's open, easing after three days of gains driven by bets on a Federal Reserve interest rate cut next month. The MSCI Asia Pacific Index fell 0.2% as stocks in Japan retreated 1%. The yen gained 0.4% against the dollar. US Treasury Secretary Scott Bessent said the Bank of Japan is falling behind the curve in addressing inflation and expected the central bank to hike rates. Chinese equities will be in focus after the Nasdaq Golden Dragon China Index rose for a second session, helped by earnings...
Stocks in the US closed higher on Wednesday, extending their recent momentum as growing expectations for a Federal Reserve rate cut in September continued to lift sentiment. The S&P 500 gained 0.3% and the Nasdaq added 0.1%, with both indexes briefly hitting record highs, while the Dow Jones advanced 463 points. The rally built on Tuesday's surge, sparked by a softer-than-expected inflation reading that reinforced bets on monetary easing, with traders fully pricing in a September cut and some anticipating a 50 basis-point move. Sector gains were led by materials, healthcare, and...
European stocks closed sharply higher on Wednesday, their highest in two weeks as the outlook of lower interest rates in the United States and the possibility of lower energy prices supported a backdrop of stronger growth in the bloc. The STOXX 50 gained 1% to 5,390 and the STOXX 600 jumped 0.6% to 551. The heavyweight sectors of banks, luxury, and tech were among the largest gainers of the session with Intesa Sanpaolo, LVMH, Kering, SAP, and Prosus jumping between 4% and 1.5%. Healthcare also closed sharply higher following their volatile momentum in the first half of the month, with...
Stocks rose Wednesday, adding to their recent momentum as expectations for lower U.S. Federal Reserve rates continue driving the major indexes to all-time highs. The S&P 500 and Nasdaq Composite advanced 0.4% and 0.5%, respectively, reaching fresh record highs. The Dow Jones Industrial Average gained 1250 points, or 0.6%. AMD popped more than 5% to lead gains in tech. Apple also advanced about 1%, along with Oracle. Those moves followed a record-setting session Tuesday sparked by a tamer-than-expected inflation report that gave investors hope of a Fed rate cut in September. Traders...
The Hang Seng jumped 644 points or 2.6% to finish at 25,614 on Wednesday, notching its highest level in two weeks while marking the largest one-day rise since mid-May. It was the second straight advance, with all sectors rallying. Sentiment was boosted by China's year-long plan to subsidize consumer loan interest—90% funded by the central government and 10% by provinces—to spur household spending. A strong Wall Street session on Tuesday also supported risk appetite, as slower U.S. inflation data reinforced bets of a Fed rate cut in September and suggested limited pass-through from U.S....