The US dollar (USD) weakened on Friday (July 18th), retreating from a three-week high as momentum waned. However, the greenback remained supported by strong US economic data released this week, which has reduced the likelihood of an immediate interest rate cut by the Federal Reserve (Fed). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, fell about 0.36%, approaching 98.30 in the European session on Friday. This decline came after the index hit a three-week high on Thursday, briefly approaching 99.00. This week's US data has reinforced the...
Hong Kong stocks plunged 321 points, or 1.6%, to 20,077 in early trade on Friday, shedding gains from the previous session amid sharp losses across sectors. Traders fled riskier assets after the minutes of China's Central Economic Work Conference lacked policy details, with top leaders reportedly pledging only to raise the fiscal deficit target for next year. Overnight in the U.S., a rally on Wall Street stalled after weekly jobless claims rose more than expected, and producer price data was mixed. Locally, industrial output in Hong Kong fell in the third quarter of 2024 after rising for...
The Nikkei 225 index fell 0.8% to around 39,530 while the broader Topix index fell 0.8% to 2,750 on Friday, paring gains from the previous session and tracking losses on Wall Street overnight after some potentially disappointing economic data in the U.S. On the domestic front, investors reacted to data showing a slight improvement in sentiment among Japan's major manufacturers in the fourth quarter. This has reinforced expectations of a hawkish stance from the Bank of Japan, although uncertainty remains over whether the central bank will raise interest rates in December or January....
Asia-Pacific markets fell on Friday, mirroring Wall Street's moves, weighed down by a higher-than-expected reading on producer price inflation. The producer price index, a measure of wholesale inflation, rose 0.4% in November, beating the Dow Jones estimate of 0.2%. On an annualized basis, the PPI rose 3%, its biggest gain since the 12 months ended February 2023. In Asia, investors weighed China's stimulus pledge after Beijing on Thursday reiterated its recent policy shift and emphasized plans to boost growth after a key meeting. Investors also weighed the Bank of Japan's Tankan survey,...
Wall Street closed lower on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve's meeting next week. The Nasdaq had surged past the 20,000 mark for the first time on Wednesday, driven by a strong rally in technology stocks. Meanwhile, the S&P 500 reached its highest level in nearly a week, buoyed by an inflation report that solidified expectations for a 25-basis-point rate cut at the Fed's Dec. 17-18 meeting. Haworth added there was profit-taking after the Nasdaq touched an all-time high on Wednesday. Trader bets on the cut next week stand at over...
European stocks held their muted momentum and closed near the flatline on Thursday as markets digested the European Central Bank's rate cut. The Stoxx 50 added 0.2% to close at 4,970, while the pan-European Stoxx 600 dropped 0.2% to close at 519. The ECB delivered 25bps cuts in its three main rates, as largely expected, and omitted previous signals that monetary policy must remain restrictive to fight inflation, stoking expectations of more rate cuts next year. Tech and luxury performed well, with SAP and ASML adding over 1% each amid hopes of strong demand and good trade relations with...
The Hang Seng surged 242 points, or 1.2%, to close at 20,397 on Thursday, reversing losses in the previous two sessions amid expectations of strong policy support measures from China's ongoing annual Central Economic Work Conference. Earlier this week, the Politburo recommended a "moderately loose" monetary policy to support the sluggish economy, though it did not provide details. However, a significant drop in U.S. futures capped further gains, following a record close on Wall Street's Nasdaq on Wednesday, as U.S. inflation matched expectations ahead of next week's FOMC meeting. While...
The Nikkei 225 index jumped 1.21% to close at 39,849 while the broader Topix index jumped 0.86% to 2,773 on Thursday, with Japanese shares hitting a multi-month high and tracking a rally on Wall Street overnight after U.S. inflation data appeared to pave the way for a Federal Reserve interest rate cut. Markets are now pricing in a near 100% chance that the Fed will deliver another 25 basis point cut next week. Meanwhile, the outlook for Bank of Japan monetary policy remains highly uncertain, with markets divided over whether the central bank will raise rates again in December or January. All...
European equity markets were poised to open little changed on Thursday as investors awaited the European Central Bank's latest monetary policy decision. The ECB is widely expected to implement another 25 basis point rate cut, with traders also focusing on its quarterly growth and inflation projections. The Swiss National Bank is also anticipated to announce another rate cut. Meanwhile, the latest US inflation data came in line with expectations, setting the stage for the Federal Reserve to reduce borrowing costs further next week. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....