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...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance increased to 218,000 for the week ending July 26. The latest figure was lower than the initial estimate (224,000), while the previous week's figure was 217,000. The report showed a seasonally adjusted insured unemployment rate of 1.3%. Furthermore, the four-week moving average decreased by 3.5,000, to 221,000 from the previous week's unrevised average. Furthermore, Continuing Jobless Claims remained at 1.946 million for the week ending...
President Donald Trump again criticized Federal Reserve Chairman Jerome Powell after the central bank declined to cut interest rates, ending a brief easing of tensions. "jerome ‘late' powell is at it again!!! he is too late, and even too angry, too stupid, & too political, to be fed chairman," trump wrote on his social media platforms on thursday, slamming the bank for holding interest rates steady. and trump again criticized powell over the central bank renovation construction project that has angered the president and his allies over cost overruns, just a week after he toured the...
US President Donald Trump intensified his trade war with Canada a day before the August 1 tariff deadline. He said it would be "very difficult" to reach a deal with Canada after Canada expressed its support for Palestinian statehood. Trump will impose a 35% tariff on all Canadian goods not covered by the US-Mexico-Canada trade agreement if the two countries do not reach a deal by the deadline. "Wow! Canada just announced its support for Palestinian statehood. That's going to make it very difficult for us to reach a Trade Deal with them," Trump said on Truth Social. Canadian Prime Minister...
US President Donald Trump announced a new trade deal with South Korea, stating that the United States (US) would charge a 15% tariff on imports from South Korea, Reuters reported on Wednesday. The agreement includes a $350 billion commitment from South Korea toward US-owned and controlled investments. Key quotes The United States and South Korea have reached a full and complete trade deal. South Korea will provide $350 billion for U.S.-owned and controlled investments, selected by the U.S. President. South Korea will purchase $100 billion in LNG or other energy products from the U.S. An...
The United States has agreed a trade deal with South Korea that will subject South Korean imports to a 15% tariff rate, President Donald Trump said on Wednesday.South Korea will also invest $350 billion in the United States and purchase $100 billion in U.S. energy products, Trump said on Truth Social. "It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc," Trump added