The US Dollar (USD) gains positive traction on Thursday, recovering from a brief wobble late Wednesday after reports emerged that US President Donald Trump was considering firing Federal Reserve (Fed) Chair Jerome Powell. Market tensions eased after Trump walked back the threat, stating it was "highly unlikely" that he would dismiss Powell. The Greenback also finds support from stronger-than-expected Retail Sales data, which highlights resilient consumer spending and reduces the likelihood of near-term Fed rate cuts. The US Dollar Index (DXY), which tracks the value of the Greenback against...
European stocks pared early morning gains but still closed slightly lower on Friday, ending a volatile week as markets continued to assess the impact of U.S. tariffs on the EU on the European economy. The Eurozone STOXX 50 fell 0.4% to close at 5,451, not too far from a record high hit last week, while the STOXX 600 closed just below the flatline at 557, just below Wednesday's all-time high. Technology stocks led the declines as markets weighed the cautious outlook for the U.S. tech sector and potential tariffs from Washington, with ASML and Infineon down 3-1% and 2.2% respectively. In turn,...
The S&P 500 hovered around the flatline, the Nasdaq fell about 0.6% and the Dow Jones gained nearly 90 points on Friday, with the tech sector remaining under pressure and traders digesting the latest PCE report and escalating trade tensions. Nvidia shares dropped 2%, extending the previous session's sell-off after its quarterly results failed to impress investors. Also, Broadcom was down 0.8%, Tesla fell 0.9%, and Oracle slipped 2%. Meanwhile, PCE price data aligned with expectations, with annual rates easing slightly. This provided some relief over inflationary pressures and reinforced...
European markets opened in negative territory on Friday, after U.S. President Donald Trump threatened once again to slap tariffs on the EU and followed through with new levies on Canada and Mexico. The pan-European Stoxx 600 index was 0.5% lower during early trade, with almost every sector losing ground. All major bourses saw losses, with France's CAC 40 and the German Dax both down more than 0.5%. Regional markets ended Thursday's session lower after Trump threatened to impose 25% duties on imports from the EU, saying the tariffs would be announced "very soon" and apply to "cars and...
The Hang Seng plunged 777 points, or 3.3%, to close at 22,941 on Friday, falling for a second day after the U.S. slapped 10% tariffs on Chinese imports, adding to the 10% tariffs imposed on Feb. 4 to bring the total to 20%. In response, China vowed to take all "necessary" countermeasures, further escalating tensions between the two countries. The market extended its decline from a three-year high, down 2.3% weekly, as losses hit all sectors. The tech index plunged 5.3% after Nvidia's disappointing earnings, prompting profit-taking in stocks such as Horizon Robotics (-14.0%), Sunny Optical...
Shares in Japan and South Korea closed sharply lower on Friday as US President Donald Trump's volley of tariff measures sparked fresh fears about a global trade war. Japan's Nikkei 225 closed down 2.88 percent at 37,155.50, while in Seoul the Kospi ended 3.39 percent lower at 2,532.78. The Hang Seng in Hong Kong was off 3.47 percent in afternoon trade. Source: AFP
Shares in Hong Kong plunged 309 points or 1.3% to 23,415 on the last trading day of February, marking a second session of losses. Sentiment deteriorated as the US will impose an additional 10% tariff on Chinese imports on March 4 while moving forward with 25% levies on products from Canada and Mexico. The Hang Seng fell further from its highest in over three years, hit earlier in the week, and was on track for its first weekly drop in seven, with all sectors suffering sharp losses. The tech index tumbled over 2.5% as an AI-driven rally lost steam after Nvidia's underwhelming earnings...
The Nikkei 225 Index plunged 2.5% to around 37,300 on Friday, hitting its lowest levels in five months and mirroring losses on Wall Street overnight where Nvidia and other technology stocks were sold off. Investors also grappled with Trump's escalating tariffs and mounting economic concerns in the US. Trump confirmed that tariffs against Mexico and Canada will proceed next week, while China will be slapped with an additional 10% tariff. In Japan, the latest economic reports pointed to softening activity, including retail sales, industrial production and Tokyo inflation figures. Chip and...
The major U.S. averages fell sharply on Thursday, dragged down by a selloff in technology stocks. The S&P 500 fell 1.6%, the Nasdaq 100 dropped 2.7%, and the Dow dropped 192 points. Nvidia slumped 6.1% after its earnings report, weighing on the broader market as investors weighed economic risks. Sentiment weakened further after President Trump confirmed a 25% tariff on European cars and new levies on Mexico and Canada starting March 4. Salesforce fell 2.9% on weak guidance, while Uber dropped 2.3% amid reports that Tesla (-3.1%) is seeking approval to operate a ride-hailing service in...
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....