India is struggling to cope with the economic fallout from President Donald Trump's tariff threats, which have left officials in New Delhi shocked, disappointed, and unsure how to respond. Trump's harsh language, calling India's economy "dead," its tariff barriers "obnoxious," and its people indifferent to the plight of the Ukrainian people, was like a slap in the face, according to an official in New Delhi, who asked not to be named because the discussions were private. Officials don't have a pattern for dealing with this kind of public attack, the person said, adding that the latest...
European stocks closed sharply lower on Friday after US President Trump said he was recommending 50% tariffs on the European Union, potentially taking away demand from Europe's main export source. The eurozone STOXX 50 fell 1.9% to 5,322 and the pan-European STOXX 600 dropped to 545. Carmakers, luxury brands and textile producers led the losses due to their heavy reliance on US consumers, with Mercedes Benz, BMW, Stellantis, Hermes and Inditex down between 4.5% and 2%. Meanwhile, the possibility of retaliation by the European Commission weighed on banks, with Intesa Sanpaolo, UniCredit and...
Stocks declined Friday after President Donald Trump ramped up his trade fight again, slapping a tariff on Apple for foreign-made iPhones and recommending new stiffer duties on the European Union. The Dow Jones Industrial Average lost 284 points, or 0.7%. The S&P 500 shed 0.8%, and the Nasdaq Composite dropped 1%. Apple shares shed more than 2% after Trump posted on Truth Social that iPhones sold in the U.S. must be made in the U.S. and if they are not "a tariff of at least 25% must be paid by Apple." The move against Apple by Trump is the first against a specific company in his tariff...
The Hang Seng rose 57 points or 0.24% to close at 23,601 on Friday, rebounding from sharp losses in the prior session amid gains in financials. Sentiment improved after the PBoC injected CNY 500 billion into the system through its one-year lending facility. The central bank also lowered the cap on deposit rates to support bank profitability and encourage spending over saving. For the week, the index added 1.1%, marking its sixth straight weekly rise—the longest streak since February—boosted by strong IPO momentum. Meanwhile, Beijing and Washington remained in high-level contact during a...
Japan stocks were higher after the close on Friday, as gains in the Real Estate, Banking and Textile sectors led shares higher. At the close in Tokyo, the Nikkei 225 gained 0.42%. The best performers of the session on the Nikkei 225 were Japan Steel Works Ltd (TYO:5631), which rose 10.05% or 590.00 points to trade at 6,463.00 at the close. Meanwhile, Mitsubishi Heavy Industries, Ltd. (TYO:7011) added 5.39% or 164.00 points to end at 3,208.00 and Nintendo Co Ltd (TYO:7974) was up 5.36% or 600.00 points to 11,800.00 in late trade. The worst performers of the session were Mercari Inc...
Both the STOXX 50 and STOXX 600 edged up 0.2% on Friday, rebounding after two consecutive sessions of losses. Despite the modest gains, both indexes are on track to end the week largely unchanged, as traders await fresh catalysts amid ongoing concerns over the US fiscal outlook, which continues to unsettle global markets and push bond yields higher. On the trade front, high-level dialogue between Beijing and Washington continued, with senior officials holding a call on Thursday, an encouraging sign that both sides remain open to reaching an agreement. EU and US officials are also expected...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
President Donald Trump said Treasury Secretary Scott Bessent told him he did not want to be nominated to replace Jerome Powell as the next chair of the Federal...