The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
President Donald Trump said on Tuesday that the US and China have reached a deal on TikTok. The deal will transfer the assets of the ByteDance-owned short-video app to its US owner so it can continue operating in the country. The deal potentially resolves a saga that has dragged on for nearly a year. The deal for the popular social media app, which has 170 million users in the US, represents a breakthrough in months of negotiations between the world's two largest economies in an effort to defuse a trade war that has roiled global markets. "We've reached a deal with TikTok. We have a group...
Both President Donald Trump and Chinese President Xi Jinping will speak on Friday to discuss the terms. Trump also said in a Truth Social post Monday that a deal was reached "on a ‘certain' company that young people in our Country very much wanted to save." Bessent indicated the framework could pivot the platform to U.S.-controlled ownership. TikTok did not immediately respond to a request for comment. China's lead trade negotiator, Li Chenggang, confirmed the framework deal was in place and said the U.S. should not continue to suppress Chinese companies, according to Reuters. The...
The European Union is falling further behind global rivals on growth and governments are failing to grasp the urgency to act, former European Central Bank president and Italian prime minister Mario Draghi said on Tuesday. Draghi, who delivered a far-reaching report on EU competitiveness at the European Commission's request 12 months ago, said the EU's growth model was "fading fast", vulnerabilities were mounting and there was no clear path to financing necessary investments. Draghi said the bloc had come up with ambitious plans, but it was moving ahead too slowly and governments had "not...
The U.S. and China on Monday reached a commercial agreement that would place short-video app TikTok under U.S. ownership, with final approval expected during a Friday call between President Trump and Chinese President Xi Jinping. Treasury Secretary Scott Bessent, after a meeting with Chinese negotiators in Madrid, declined to disclose details, including whether TikTok's algorithm would be included. Chinese negotiator Li Chenggang confirmed a framework deal after "candid, in-depth" exchanges, adding the U.S. showed willingness to reduce investment barriers. Trump extended the deadline for...
Israeli Prime Minister Benjamin Netanyahu said he would not rule out further attacks on Hamas leaders "wherever they are," as Arab and Muslim leaders held a summit to show support for Qatar following Israel's attack on the Gulf state last week. The September 9 attack targeting leaders of the Palestinian militant group in Doha marked a significant escalation of Israeli military action in a region rocked by conflict since the October 7, 2023, Hamas-led attack that sparked the Gaza war. As the gathered Arab and Muslim leaders expressed solidarity with Qatar, US Secretary of State Marco Rubio...