Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures. "It makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now," Waller told a gathering of the Money Marketeers of New York University. "I see the hard and soft data on economic activity and the labor market as consistent: The economy is still growing, but its momentum...
The Hang Seng ended the session with little move on Wednesday, closing around 19,742 after rising in the previous three sessions. Traders digested private survey data that showed an unexpected slowdown in China's services activity last month, despite a series of support measures since September. In Hong Kong, private sector activity grew for a second straight month, albeit at a slower pace. Market participants were warily watching political developments in South Korea, where a brief declaration of martial law led to opposition calls for the impeachment of President Yoon Suk Yeol. On the...
Japanese stocks rose after the close on Wednesday, as gains in the Banking, Insurance and Transportation Equipment sectors boosted shares. At the close of trading in Tokyo, the Nikkei 225 rose 0.06%. The best performers on the Nikkei 225 were Isetan Mitsukoshi Holdings Ltd. (TYO:3099), which rose 6.41% or 142.50 points to close at 2,366.00 at the close of trading. Meanwhile, Kawasaki Heavy Industries, Ltd. (TYO:7012) rose 5.77% or 344.00 points to close at 6,302.00 and Mitsubishi Heavy Industries, Ltd. (TYO:7011) gained 4.76% or 108.50 points to close at 2,388.00 in the last trading...
European stocks were mixed on Wednesday as regional market attention focused on an upcoming no-confidence vote in the French parliament, the National Assembly. The vote is expected to take place tonight after lawmakers debated two motions of no confidence, brought by the left-wing New Popular Front alliance and the right-wing National Rally party, against Prime Minister Michel Barnier's minority government. The motions came after Barnier used special constitutional powers on Monday to push through a disputed budget bill without a parliamentary vote. The National Rally has said it will...
China's 10-year government bond yield plunged to around 1.98%, nearing an all-time low, following the release of the latest PMI data. On Wednesday, a private survey showed China's services PMI fell in November 2024 from a three-month high in October, missing market expectations. In contrast, earlier this week, the same survey offered a more optimistic outlook, with the manufacturing PMI showing expansion for a second straight month, hitting a five-month high and beating estimates. The mixed signals underscore the uneven recovery across China's economic sectors. Elsewhere, the Communist...
The Shanghai Composite declined 0.2% to around 3,372, while the Shenzhen Component dropped 0.1% to 10,700 on Wednesday, with Chinese stocks struggling to build on recent gains as caution prevailed in the region following a political upheaval in South Korea. Economic uncertainties in China, exacerbated by US President-elect Donald Trump's tariff threats, also weighed on the market outlook. Moreover, data showed that Chinese services sector growth unexpectedly decelerated in November amid slowing new business and foreign sales. Adding to the uncertainty, China's Politburo chose not to...
According to a statement by the Federal Reserve (Fed), Fed Chair Jerome Powell met with United States (US) President Donald Trump on Thursday, where the head of the Fed reiterated that the Fed's...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...