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...
U.S. President Donald Trump said on Tuesday that India will likely face trade tariffs of 20% to 25%, although a deal is yet to be finalized. The tariff level is far greater than the 15% duties recently imposed on Japan and the European Union, and comes despite earlier signaling from Trump that talks with India were progressing well. "I think so," Trump told reporters aboard Air Force One when asked if 20% to 25% was a possible tariff rate against India. A Reuters report earlier in the day suggested that India was likely to face the tariffs on some exports as a temporary measure. The...
U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth. No major breakthroughs were announced, and U.S. officials said it was up to President Donald Trump to decide whether to extend a trade truce that expires on August 12 or potentially let tariffs shoot back up to triple-digit figures. But U.S. Treasury Secretary Scott Bessent tamped down any expectation...
The United States and the European Union agreed on a framework trade deal to end months of uncertainty for industries and consumers. The two sides aim to produce a joint statement to clarify what they have agreed to, but here are the main elements of the deal that will enter into force on August 1 through an executive order by President Donald Trump, according to EU officials: * BASELINE TARIFF RATE: Almost all EU goods entering the U.S. will be subject to a 15% baseline tariff. The 15% tariff is not added to any existing rates. * CARS: Cars and car parts will be subject to the 15%...
US job openings declined to 7.44 million in June from a revised 7.71 million in May, according to data released Tuesday by the Bureau of Labor Statistics. The drop follows two consecutive months of gains and keeps the overall level within a consistent range observed over the past year, suggesting generally stable demand for workers. The figure came in slightly below the median estimate of 7.5 million in a Bloomberg survey of economists. This data is closely watched by the Federal Reserve as it evaluates the health of the labor market and its impact on inflation. Despite the monthly dip, the...
The Kremlin said it was "taking note" of Donald Trump's threat to sharply shorten Vladimir Putin's deadline to end his war in Ukraine, although it stressed that the Russian president was unlikely to change course. "I would like to avoid making any judgments" about Trump's statement, Kremlin spokesman Dmitry Peskov told reporters on Tuesday. Russia continues the war and is also committed to resolving the conflict "and to ensuring our interests in this settlement," he said. Trump threatened on Monday to impose secondary sanctions within 10-12 days on countries buying Russian exports,...