Gold futures traded flat at around $3,308 per troy ounce, after previously weakening following the Federal Reserve's decision to hold interest rates. The Fed cited the risk of inflation due to tariffs as the primary reason, reinforcing the prospect of prolonged high interest rates, which typically dampens gold's appeal. The strengthening of the US dollar over the past week has also been a major factor weighing on gold prices. A stronger dollar makes gold more expensive for global buyers and reduces its appeal as a safe-haven asset. Gold prices at the time of writing were at...
European stocks closed mixed on Wednesday, with the Stoxx 50 down 0.5% while the Stoxx 600 gained 0.5% for a seventh straight session, as investors digested a wave of earnings and downbeat U.S. economic data. Despite early losses, gains in health care and banking helped the market recover. Autos fell 1.2%, as weak earnings overshadowed President Trump's order to ease some auto tariffs. Health care stocks rose 1.3%, with GSK, AstraZeneca and Smith+Nephew saying they were prepared for the impact of tariffs. UBS beat expectations with earnings of $1.692 billion, while Barclays also beat...
US stocks were firmly lower on Wednesday after the US GDP unexpectedly contracted in the first quarter, underscoring the negative initial impact of tariff threats and uncertain economic policy by President Trump. The S&P 500 fell 2%, the Dow dropped nearly 600 points, and the tech heavy Nasdaq slumped 3% ahead of earnings releases among its key members. The US GDP contracted at an annualized 0.3% in the March quarter, contrasting with expectations of a 0.3% expansion amid softer consumer spending and soaring imports to undercut tariffs, while headline and core PCE prices accelerated...
The Hang Seng rose 111 points or 0.5% to close at 22,119 on Wednesday, recovering from early declines and posting a second straight day of gains as most sectors advanced. Sentiment improved on hopes that Beijing would ramp up efforts to cushion the blow from the ongoing U.S.-China trade dispute. Tech stocks led the rally, with the sector index climbing over 1% after President Xi Jinping called for breakthroughs in AI during a visit to Shanghai. Consumer and property shares also rose on bets of policy support aimed at boosting domestic consumption. However, the benchmark fell 4.3% in April,...
European stock markets traded mostly higher on Wednesday as investors digested a wave of earnings and Eurozone GDP data. The Stoxx 600 rose 0.4%, extending its longest winning streak since January, while the Stoxx 50 was flat to slightly lower. Autos gained nearly 1%, supported by a softer stance on US automotive tariffs after President Trump signed an order reducing duties on inputs like steel and aluminum, though the 25% vehicle import rate remains. In corporate updates, Stellantis (+2.5%) suspended its full-year outlook due to trade risks. UBS (+2%) beat expectations with a $1.692B...
Japan stocks were higher after the close on Wednesday, as gains in the Real Estate, Banking and Textile sectors led shares higher. At the close in Tokyo, the Nikkei 225 added 0.57% to hit a new 1-month high. The best performers of the session on the Nikkei 225 were Sumitomo Dainippon Pharma Co Ltd (TYO:4506), which rose 14.56% or 100.00 points to trade at 787.00 at the close. Meanwhile, TOTO Ltd. (TYO:5332) added 9.49% or 329.00 points to end at 3,794.00 and Tokuyama Corp. (TYO:4043) was up 7.31% or 198.00 points to 2,906.00 in late trade. The worst performers of the session were Mitsui...