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...
Hong Kong stocks fell on Friday, snapping a three-day gain, after talks between US President Donald Trump and his Chinese counterpart Xi Jinping failed to produce a breakthrough on ending the tariff dispute. The Hang Seng Index eased 0.4 per cent to 23,823.89 at 10.10am local time, trimming the week's advance to 2.3 per cent. The Hang Seng Tech Index dropped 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.1 per cent. Chinese electric-vehicle maker Li Auto lost 2.4 per cent to HK$114 and China Mobile retreated 2.2 per cent to HK$87.25....
The Nikkei 225 Index rose 0.4% to above 37,600 while the broader Topix Index gained 0.4% to 2,767 on Friday, reversing losses from the previous session as the recent phone call between US President Donald Trump and Chinese President Xi Jinping lifted market sentiment. The two leaders agreed to resume trade negotiations aimed at ending the ongoing trade war. In Japan, data showed that household spending unexpectedly declined in April, reflecting the impact of rising prices on consumer demand. The softer spending figures add to the growing list of considerations for the Bank of Japan as it...
Wall Street closed lower on Thursday as investors grappled with a public feud between President Trump and Elon Musk, fresh U.S.-China trade uncertainty and growing signs of a weakening labor market. The S&P 500 fell 0.5%, the Dow dropped 107 points and the tech-heavy Nasdaq dropped 0.8%, dragged down by Tesla's sharp losses. Tesla shares plunged 14.3% after Trump criticized Musk for his opposition to a sweeping tax and spending bill, suggesting he might strip Musk's companies of government contracts and subsidies. Earlier optimism from a phone call between Trump and Chinese President Xi...
European stocks rose on Thursday after the ECB cut interest rates for the eighth time in a year. The ECB lowered borrowing costs by 25 basis points and revised down its inflation forecasts for 2025 and 2026. While the rate cut was largely priced in, the sharper-than-expected downward revision to the 2026 inflation outlook caught some market participants by surprise. ECB President Lagarde acknowledged that the inflation outlook remains more uncertain than usual. Also supporting sentiment was news of a phone call between U.S. President Trump and Chinese President Xi, which indicated progress...
The three major US stock averages hovered around the flatline on Thursday, as investors weighed mixed economic data and reports of a phone call between US President Trump and Chinese President Xi, though no details of the conversation were disclosed. On the data front, initial jobless claims unexpectedly rose to 247K, the highest level since October last year, signaling potential softening in the labor market. Additionally, labor costs rose more than initially estimated, adding to inflationary concerns. Traders are now looking ahead to Friday's key jobs report for further insight into the...
The Hang Seng climbed 253 points or 1.1% to close at 23,907 on Thursday, notching its third straight gain and a two-week high. Broad-based sector advances drove the rally, with sentiment boosted by a rebound in China's services activity for May, following April's seven-month low. The tech index led the rise, up near 2.0% after a strong performance in Chinese ADRs listed in New York. Property, consumer, and financials also advanced, aided by optimism over potential U.S.-China trade talks, despite President Trump saying it was "extremely hard" to reach a deal with Xi Jinping. Meantime, U.S....
The Nikkei 225 Index fell 0.51% to close at 37,554 while the broader Topix Index dropped 1.03% to 2,756 on Thursday, giving back gains from the previous session as US stocks struggled for momentum overnight. The downturn followed a lackluster performance in US markets, where weak labor and services data raised concerns about the impact of trade policy uncertainty on the economy. The ADP report showed US private-sector hiring slowed to its lowest level in over two years, while the US ISM services PMI for May pointed to the first contraction in nearly a year. On the domestic front, data...
Both the STOXX 50 and STOXX 600 edged 0.1% higher on Thursday, as investors refrain from making big bets ahead of the European Central Bank's monetary policy decision later in the day. The ECB is widely expected to cut interest rates once more before potentially pausing to assess the broader impact of US trade policies under President Trump on the European economy. On the data front, German factory orders unexpectedly rose in April, defying forecasts of a decline. In corporate news, shares of LVMH (+1.1%), ASML Holding (+1.2%), L'Oréal (+0.7%), EssilorLuxottica (+1.1%), and Bayer (+3.5%)...
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....