The Hang Seng fell 212 points, or 0.9%, to close at 24,072 on Monday, down for a third straight session as all sectors declined. Sentiment was weighed down by a third straight monthly decline in China's manufacturing sector in June, ahead of similar results from a private survey due on Tuesday. Financials led the decline, followed by property, technology and consumer discretionary. Significant losers included Bank of China Hong Kong (-5.5%), Li Auto (-3.3%), Meituan (-2.9%) and Tencent Hlds. (-1.5%). On the positive side, Laopu Gold surged to a record high, buoyed by high gold prices, even...
US stocks were firmly higher on Monday, extending the sharp gains from the previous week as the softer stance on tariffs by the US government allowed markets to focus on signs of multiple rate cuts by the Fed this year. The S&P 500 and the Nasdaq 100 advanced around 0.5% each to reach new record highs, while the Dow added over 200 points. White House officials announced that the US and China had formally reached an agreement to prevent the return of tariff exchanges that topped levies at 145%. Additionally, President Trump noted that he is open to extending the July 9th deadline for...
European stocks closed mostly lower on Monday as markets assessed the level of US tariffs against major trading partners. The STOXX 50 dropped 0.4% to 5,305 and the STOXX fell 0.4% to 542. US officials said negotiations with major partners such as China and the European Union are making progress, while Canada scrapped its planned Digital Services Tax following President Trump's announcement over the weekend that he would terminate all trade discussions with Canada. Monday also marked the official start of the UK-US trade deal that was brokered last month. On the data front, inflation in...