Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy. Bullion traded below $3,340 an ounce in early Asian hours, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June. San Francisco Fed President Mary Daly said she still thinks it's reasonable for policymakers to plan on two interest-rate cuts this...
Hong Kong stocks lost 283 points or 1.2 to 23,929 in Friday morning trade, marking their second straight session of decline as all sectors retreated. Sentiment remained weak following a drop on Wall Street overnight, as traders cautiously digested the latest U.S. economic data amid concerns over President Trump's tariffs. Meanwhile, uncertainty over the timing and scale of Beijing's latest plan to boost consumption prompted investors to move away from riskier assets. Among the early laggards were CK Asset Holdings (-5.7%), KE Holdings (-3.7%), Innovent Biologics (-3.6%), and Semiconductor...
The Nikkei 225 Index gained 0.5% to surpass 37,900, while the broader Topix Index rose 0.4% to 2,807 in post-holiday trade on Friday. Japanese stocks advanced as they caught up with global market gains, following the US Federal Reserve's signal of two interest rate cuts this year. Fed Chair Jerome Powell also reassured markets that tariff-driven inflation is likely "transitory." Both the Nikkei and Topix are on track to climb over 2% and 3%, respectively, for the week. In economic data, Japan's core inflation slowed to 3% in February from 3.2% in January but still exceeded forecasts of...
Asia-Pacific markets opened mixed, as Wall Street losses and uncertainty around the U.S. economy continued to weigh on equities. Australia's S&P/ASX 200 traded 0.12% higher. Japan's Nikkei 225 rose 0.34% while the Topix added 0.27%. South Korea's Kospi slipped 0.16% while the small-cap Kosdaq dipped 0.86%. Hong Kong's Hang Seng index futures were at 24,065 also weaker than the HSI's last close of 24,219.95. Japan's headline inflation rose 3.7% year on year in February, easing from a two-year high of 4% seen in January. U.S. stock futures traded around the flatline after an attempt...
The S&P 500 ticked lower on Thursday as uncertainty around the U.S. economy continued to weigh on equities, thwarting the market's attempts at recovery from a monthlong rout. The broad market index pulled back 0.2%, while the Nasdaq Composite slid 0.3%, as Apple shares sank about 0.5%. The Dow Jones Industrial Average hovered around the flatline. Shares of Alphabet saw declines, weighing on the market. Meta Platforms and Nvidia, however, were outliers among the "Magnificent Seven" stocks, each rising almost 1%. The moves comes a day after the latest Federal Reserve meeting, at which...
European markets closed lower on Thursday, as global economic uncertainty cast a shadow over monetary policy announcements from the Bank of England, Swiss National Bank and Sweden's Riksbank. After a muted start, the regional Stoxx 600 closed 0.43% lower, snapping a four-day winning streak. Shipping giant Hapag-Lloyd posts 2024 profit decline, flags ‘challenging' environment | view postUK wage growth steady at expected 5.9% ahead of BOE decision | view postChina's central bank follows U.S. Fed in keeping rates steady as tariff threats pressure yuan | view postNorway's $1.8 trillion...
The S&P 500 was trading in the green on Thursday after some solid housing data eased some concerns about the U.S. economy sliding into recession. The broad market index rose 0.5%, and the Nasdaq Composite gained 0.7%. The tech-heavy index's gains were supported by gains in large-cap tech stocks such as Meta Platforms and Amazon, which rose about 4% and more than 1%, respectively. The Dow Jones Industrial Average was trading 217 points higher, or 0.5%. New economic data released Thursday suggested that economic concerns may have been overblown. Data from the National Association of...
The Hang Seng plunged 551 points, or 2.2%, to close at 24,220 on Thursday, ending a two-session winning streak amid broad-based losses. The index fell from a three-year peak as traders took profits. Modest gains in US futures failed to lift sentiment after Beijing's latest plan to boost consumption and stabilize stock and real estate markets lacked clarity on timing and scale. Concerns also grew after Fitch Ratings warned that higher US tariffs, including a projected effective rate of 35% on Chinese goods, could shave 1 ppt off China's GDP by 2026. Fitch also forecast global growth to slow...
European markets were mixed at the open on Thursday, as investors awaited monetary policy announcements from the Bank of England, the Swiss National Bank and Sweden's Riksbank. The regional Stoxx 600 was near the flatline in early trade. The index has closed higher for the past four sessions, recovering from a 1.22% loss last week. Germany's DAX gave up gains on Wednesday as investors appeared to "buy the rumor, sell the fact" after lawmakers voted to allow exemptions to its debt rules, unlocking hundreds of billions in defense, infrastructure and climate spending. The potential reforms...
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....