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...
US President Donald Trump urged Ukraine to give up on hopes of regaining annexed Crimea or joining NATO, as he prepared to host President Volodymyr Zelenskiy and European leaders in Washington on Monday to urge Kyiv to accept a peace deal with Russia. After rolling out the red carpet for Russian President Vladimir Putin in Alaska on Friday, Trump urged Ukraine to accept a deal to end Europe's deadliest war in 80 years, which has killed tens of thousands of people and displaced millions. Trump will meet first with Zelenskiy and then with the leaders of Britain, Germany, France, Italy,...
The Trump administration has expanded its 50% tariffs on steel and aluminum imports to cover hundreds of additional products. In a Federal Register notice on Friday, the Commerce Department's Bureau of Industry and Security said 407 new product codes were being added to the U.S. Harmonized Tariff Schedule, making them subject to duties on their steel and aluminum content. The notice clarified that non-steel and non-aluminum components will still face tariff rates already imposed on goods from certain countries. The expanded levies will take effect today, August 18. President Trump told...
Talks on a proposed U.S.-India trade deal have been delayed after a planned visit by American negotiators to New Delhi on August 25–29 was called off, Reuters reported. The move dashed hopes of easing fresh U.S. tariffs on Indian goods set to take effect August 27. The U.S. embassy reportedly said it had no further details, noting that talks are led by the U.S. Trade Representative (USTR). Earlier this month, President Trump imposed an extra 25% tariff on Indian goods over New Delhi's continued imports of Russian oil, pushing some duties to as high as 50%—among the steepest on any U.S....
US consumer sentiment fell to 58.6 in August from 61.7—the first decline since April. The University of Michigan survey was conducted July 29–August 11, with tariff concerns again weighing on confidence. Full-year inflation expectations rose to 4.9%, while the 5–10-year forecast was 3.9%. Both were worse than economists' forecasts. Job concerns also increased: 62% of respondents predicted unemployment would rise. 58% planned to cut back on spending (cars, household goods, dining out), and durable goods purchasing conditions fell to their lowest in a year. Meanwhile, retail sales continued...
President Donald Trump said he would set levies on semiconductors in the coming two weeks, the latest indication he's readying a substantial expansion of his tariff regime. "I'll be setting tariffs next week and the week after, on steel and on, I would, say chips — chips and semiconductors, we'll be setting sometime next week, week after," Trump told reporters Friday aboard Air Force One en route to Alaska for a summit with Russian President Vladimir Putin. It wasn't clear if Trump misspoke about steel tariffs. He already hiked duties on steel and aluminum imports to 50% in...