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...
European stocks dipped on Monday, snapping a five-week winning streak, as a surprise U.S. credit rating downgrade and weak economic data from China weighed on investor sentiment. The pan-European STOXX 600 index was down 0.5% by 0725 GMT, retreating from seven-week highs touched on Friday. U.S. stock index futures fell more than 1% and longer-dated U.S. Treasury yields rose after credit rating agency Moody's cut its ratings on the country's debt, citing concerns about the nation's growing $36 trillion debt pile. Euro zone government bond yields also edged higher. [GVD/EUR] Meanwhile,...
Asia-Pacific markets fell Monday as investors assess the latest slate of economic data from China and Moody's downgrade of the U.S. credit rating. Hong Kong's Hang Seng index declined 0.73%, while mainland China's CSI 300 dropped 0.48%. Japan's benchmark Nikkei 22 slipped 0.54% while the Topix lost 0.36%. South Korea's Kospi declined 0.47% and the small-cap Kosdaq traded 0.77% lower. Australia's benchmark S&P/ASX 200 was down 0.15%.On Friday, Moody's Ratings downgraded the U.S. sovereign credit rating by one level from Aaa to Aa1, citing mounting challenges in funding the federal...
(Hong Kong) The Hong Kong stock market opened on a softer note on May 19, with the Hang Seng Index (HSI) down 188 points, or 0.8%, at 23,156. The China Enterprises Index dropped 69 points, or 0.81%, to 8,399, while the Technology Index fell 53 points, or 1.01%, to 5,227. Technology stocks saw broad declines. Alibaba Group slid 2.8%, Meituan lost 1.7%, Xiaomi Corporation and JD.com both fell 1.3%, and Kuaishou dropped 0.8%. Tencent Holdings remained unchanged. The financial sector also struggled, with HSBC Holdings down 0.2%, AIA Group declining 0.9%, Ping An Insurance losing 1.1%, and Hong...
The Nikkei 225 dropped 247 points or 0.9% to 37,595 in Monday morning trade, while the broader Topix fell 0.3% to 2,733, tracking a plunge in U.S. futures after Moody's downgraded the U.S. credit rating to Aa1 from Aaa on Friday, citing a deteriorating fiscal trajectory and "a lack of effective policy action" to rein in deficits. Sentiment was further pressured by Treasury Secretary Bessent's warning that trade partners would face maximum tariffs if they failed to negotiate with the U.S. in "good faith." Additionally, Japan's Q1 2025 GDP shrank 0.2% qoq, worse than the expected 0.1% fall and...
The S&P 500 rose Friday for a fifth session and posted a sharp weekly gain, as investors looked past the release of disappointing consumer sentiment data and persistent inflation worry. The broad market index climbed 0.70% to end at 5,958.38, while the Nasdaq Composite gained 0.52% to close at 19,211.10. The Dow Jones Industrial Average gained 331.99 points, or 0.78%, settling at 42,654.74. Friday's advance put the 30-stock benchmark into positive territory for 2025. For the week, the S&P 500 surged 5.3%, and the Dow gained 3.4%. The Nasdaq Composite jumped 7.2% this week....
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...