The US Dollar Index (DXY) continued its strengthening for a second day and briefly hovered around 98.20 during the Asian session, driven by hawkish comments from Kansas City Fed President Jeffrey Schmid. He emphasized that the Fed must maintain credibility in combating inflation, stating that inflation remains too high, and assessing that current monetary policy is "properly calibrated." However, this encouragement is met with growing expectations of an interest rate cut, coupled with the ongoing US government shutdown. The CME FedWatch tool now projects a 94% chance of a 25 bps cut in...
Japanese stocks rose as some bargain hunting began following recent declines despite continued uncertainty over U.S. tariffs. Electronics and heavy industry shares led the gains. TDK rose 3.0% and Lasertec added 1.5% while Kawasaki Heavy Industries gained 2.4% and IHI added 1.4%. USD/JPY was at 142.28, compared with 142.36 at the close of trading on the Tokyo Stock Exchange on Wednesday. Investors were focused on tariff-related news ahead of the earnings season that starts next week. The Nikkei Stock Average was up 0.2% at 33,986.96. Source: Bloomberg
Wall Street faced a broad sell-off on Wednesday, led by a steep downturn in tech stocks as trade tensions escalated and investors digested cautious remarks from Federal Reserve Chair Jerome Powell. The S&P 500 lost 2.2%, the Dow dropped nearly 700 points, and the Nasdaq sank 3%. Nvidia plunging 6.9% after the chipmaker disclosed it would take a $5.5 billion charge due to new US export restrictions on its AI chips bound for China. Other chipmakers followed suit, with AMD (-7.3%) and Micron Technology (-2.4%) both falling on cost warnings and weak demand. Powell's speech in Chicago added...
European stocks trimmed early losses but still lower on Wednesday, pressured by pessimistic corporate earnings and persistent concerns that tariffs by the US government will erode growth for major economies. The Eurozone's STOXX 50 closed marginally below the flatline at 4,967 and the pan-European STOXX 600 dropped 0.2% to close at 507. ASML posted a decline in its revenues and noted that concerns surrounding the unpredictable economic policy in the US is likely to hit orders from its main clients, driving its share price to plunge by 5.2%. In the meantime, LVMH lost 1% to extend its...
Stocks fell on Wednesday as investors assessed a stark warning from Nvidia that pressured global tech. The Dow Jones Industrial Average shed 180 points, or 0.4%. The S&P 500 dropped 0.9%, and the Nasdaq Composite pulled back 1.8%. Shares of Nvidia lost 6% after the chip giant said it will post a $5.5 billion quarterly charge related to exporting its H20 graphics processing units to China and other nations. The company said in a filing that the U.S. government required a license to send chips from the U.S. to China. Other chipmakers followed Nvidia lower. AMD slid more than 6%, while...
The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs. Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China's 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China's economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%. Losses were almost broad-based, led by tech stocks, with the sector...
European markets opened lower on Wednesday as uncertainty over the direction of U.S. trade tariffs continues to dent sentiment. The pan-European Stoxx 600 index was 0.93% lower at 8:45 a.m. U.K. time following two strong sessions of gains. Critical chip firm ASML dropped 5.5% after it missed expectations on net bookings and flagged uncertainty around U.S. trade. Industry peer ASM International was pulled 3.85% lower. U.K. inflation data for March came in at 2.6% in March, according to figures published by the Office for National Statistics on Wednesday, below the 2.7% forecast in a Reuters...
Japanese stocks fell after the close on Wednesday (4/16), as losses in the Paper & Pulp, Transportation and Communications sectors led shares lower. At the close in Tokyo, the Nikkei 225 was down 1.03%. The best performers on the Nikkei 225 were Toho Co., Ltd. (TYO:9602), which rose 6.04% or 461.00 points to trade at 8,097.00 at the close. Meanwhile, Eisai Co., Ltd. (TYO:4523) gained 3.70% or 138.00 points to close at 3,865.00 and Shimizu Corp. (TYO:1803) gained 2.93% or 39.00 points to 1,372.00 in late trade. The worst performers on the session were Advantest Corp. (TYO:6857), which...
Hong Kong stocks plunged 536 points, or 2.5%, to 20,934 around midday on Wednesday, ending a six-session winning streak as traders locked in profits after the Hang Seng hit a two-month high earlier this week. U.S. stock futures also fell sharply, tracking overnight losses on Wall Street, as Nvidia shares slumped following fresh U.S. government restrictions on sales of its H20 AI chips to China and other regions. The Hang Seng Tech Index plunged more than 4%, with Meituan down 7.0%, while Tencent Holdings and Alibaba Group dropped 2.4% and 1.5%, respectively. (Newsmaker23) Source: Trading...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....