President Donald Trump said he is considering a lawsuit against Federal Reserve Chairman Jerome Powell over the renovation of the central bank's headquarters, a project whose cost overruns have been investigated. In a social media post on Tuesday, Trump again criticized the Fed Chairman for the central bank's decision to keep interest rates steady and repeated his criticism of Powell over the renovation work. "The damage he's done by being late is incalculable. Fortunately, the economy is doing so well that we've moved past Powell and the complacent Board," Trump said. "However, I am...
The Hang Seng surged 754 points, or 3.3%, to close at a more than three-year high of 23,788 on Wednesday, rebounding sharply from the previous session's decline. The rally came as investors reacted positively to Hong Kong's 2024-25 budget, in which Financial Secretary Paul Chan unveiled plans to curb public spending and raise revenue to narrow the fiscal deficit. Meanwhile, payroll taxes and corporate profits taxes will be completely waived, with certain restrictions. Sentiment was further boosted by reports that Chinese lawmakers are reviewing a draft law introducing new safeguards against...
Asia-Pacific markets traded mixed Wednesday, tracking declines in two key Wall Street benchmarks overnight after the U.S. consumer confidence survey came in much weaker than economists' estimates. Japan's benchmark Nikkei 225 and Topix were in negative territory for the second consecutive day. The Nikkei 225 fell 1.09%, while the broader Topix index was down 0.99% South Korea's Kospi rose 0.11% while the small-cap Kosdaq advanced 0.52%. Mainland China's CSI300 index started the day 0.16% higher. Hong Kong's Hang Seng index climbed 1.71% at the open. The Asian financial hub's annual...
The Hang Seng Index opened 204 points, or 0.88%, higher at 23,238 points this morning. The National Enterprises Index climbed by 69 points, or 0.81%, to reach 8,568 points, while the Technology Index increased by 64 points, or 1.13%, to 5,763 points. At 10.10am, the Hang Seng Index was trading at 23,521.59, up by 487.57 points or 2.12%.In the tech sector, notable gains were seen with Tencent rising by 0.6%, Alibaba by 1.3%, Meituan by 1.5%, Xiaomi by 1.9%, JD.com by 1.8%, and Kuaishou by 0.2%.Financial stocks remained stable, with HSBC Holdings up by 2.1%, AIA Insurance gaining 0.5%, Ping An...
The Nikkei 225 Index fell 1% to below 37,900 on Wednesday, hitting its lowest level in three months, mirroring losses on Wall Street amid growing economic concerns. Investors are also awaiting Nvidia's earnings report later today to assess whether the artificial intelligence rally remains strong. Meanwhile, traders in Japan are gearing up for a series of key economic reports due on Friday, which could provide fresh insights into the Bank of Japan's future monetary policy. The data, including figures on industrial production, retail sales, and Tokyo inflation, will be closely watched. Chip...
Stocks fell broadly on Tuesday, with the S&P 500 on track for its fourth straight decline, as traders weighed concerns about economic growth and global trade. The broad-market index fell 0.2%. The Nasdaq Composite fell 1%, with Nvidia's 1.4% drop leading the decliners. This week's losses have pulled the tech-focused Nasdaq into negative territory for the year. Meanwhile, the Dow Jones Industrial Average was trading higher by 220 points, or 0.5%. The market fell after the Conference Board's latest consumer confidence survey came in much weaker than economists had expected. It followed a...
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...
The very data that caused President Donald Trump to fire the head of the Bureau of Labor Statistics because he did not like the July employment report, calling it "rigged," is being taken as serious...