Gold continues to be supported by expectations of dovish monetary policy from the Federal Reserve, economic uncertainty, and geopolitical tensions, said ActivTrades analyst Ricardo Evangelista. Although non-farm payrolls increased by 64,000 jobs, the US unemployment rate rose to 4.6% in November, its highest level since September 2021. The market is awaiting key US inflation data this week, with the Consumer Price Index due on Thursday and Personal Consumption Expenditures on Friday. Last week, the Federal Reserve delivered its third and final quarter-point interest rate cut of the year,...
The Hang Seng slipped 356 points, or 1.4%, to end at 26,128 on Friday, marking a second straight session of losses as consumer stocks slumped after President Trump proposed steep tariffs, including a 100% levy on branded drugs not made in the U.S., a 25% tariff on heavy trucks, and duties of up to 50% on furniture. Sentiment was also cautious ahead of China's week-long National Day and Mid-Autumn Festival holidays starting October 1, and Hong Kong markets also shut on October 1 and 7. Pharma stocks led falls, with the Hong Kong-listed innovative drug index down 3%, dragged by Wuxi Biologics...
Major European bourses traded slightly higher on Friday, with the STOXX 50 up 0.4% and the STOXX 600 gaining around 0.3%, after two straight sessions of losses. However, upside momentum was capped by US President Trump's new tariff measures. Starting October 1st, branded or patented pharmaceutical products will face a 100% tariff unless the manufacturer is building a production facility in the US. Additional duties include a 25% levy on heavy trucks, a 50% tariff on kitchen cabinets and bathroom vanities, and a 30% tax on upholstered furniture imports. Sector-wise, travel and leisure,...
Japan stocks were lower after the close on Friday, as losses in the Paper & Pulp, Transport and Communication sectors led shares lower. At the close in Tokyo, the Nikkei 225 lost 0.80%. The best performers of the session on the Nikkei 225 were Fujifilm Holdings Corp. (TYO:4901), which rose 3.56% or 128.00 points to trade at 3,727.00 at the close. Meanwhile, Japan Steel Works Ltd (TYO:5631) added 3.41% or 293.00 points to end at 8,889.00 and Tokyo Tatemono Co., Ltd. (TYO:8804) was up 3.29% or 96.00 points to 3,012.00 in late trade. The worst performers of the session were Lasertec Corp...
The Hang Seng Index started the day down by 212 points or 0.8%, closing at 26,272 points; the H-share index fell by 77 points or 0.82%, to 9,366 points; while the technology index dropped by 61 points or 0.96%, settling at 6,317 points. In the tech sector, Tencent saw a decline of 0.7%; Alibaba dropped by 2%; Meituan fell by 1.2%; Xiaomi Group was down by 0.7%; JD.com Group experienced a 1.6% decrease; and Kuaishou dropped by 0.1%. Financial stocks exhibited softness, with HSBC Holdings falling by 1.1%; AIA Insurance down by 0.4%; China Ping An declining by 0.7%; and Hong Kong Exchanges...
Asia-Pacific markets fell Friday after U.S. President Donald Trump announced fresh tariffs on furniture, heavy trucks and pharmaceutical products. Starting from Oct. 1, kitchen cabinets, bathroom vanities and associated products will face a 50% tariff, while a 30% tariff will be charged for upholstered furniture, Trump said on Truth Social early Friday. Additionally, heavy trucks will be imposed a 25% levy. Meanwhile "any branded or patented Pharmaceutical Product" faces 100% duties, except for companies that build drug manufacturing plants in the U.S., Trump added. Overnight in the U.S.,...
The Japanese stock market is poised to weaken on Friday due to uncertainty over the impact of US tariffs on corporate profits. Nikkei futures on the SGX fell 0.3% to 45,330, signaling pressure on the Japanese stock market.However, the weakening yen provided some support. The USD/JPY exchange rate stood at 149.85, higher than Thursday's close of 148.83. A weaker yen typically benefits Japanese exporters by increasing the competitiveness of their products in the global market. Investors are now focused on developments in the ruling Liberal Democratic Party (LDP) leadership election. The...
US stocks weakened for a third session on Thursday, as investors weighed strong economic data against expectations of future Fed rate cuts. The S&P 500 and Nasdaq 100 each fell 0.5%, the Dow Jones Industrial Average fell 175 points, with all sectors except energy in negative territory. Initial jobless claims fell to 218,000 for the week ending September 20, signaling a resilient labor market, while second-quarter GDP growth was revised up sharply to 3.8% annualized, driven by strong consumer spending and business investment. Market participants are now recalibrating expectations for the...
European stocks closed sharply lower on Thursday, tracking declines in major equity markets amid concerns about rising global interest rates and new trade barriers with the United States. The Eurozone STOXX 50 fell 0.6% to 5,435, and the pan-European STOXX 600 fell 0.7% to 550. European yields rose sharply after strong US economic data dampened speculation of two more Federal Reserve rate cuts this year, pressuring credit-sensitive sectors, with Ferrari, Adidas, Stellantis, and Saint-Gobain all down more than 2%. Meanwhile, shares of biotechnology companies plunged after US authorities...
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....