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 Jerome Powell should "resign immediately" if allegations from critics that the Federal Reserve chairman misled lawmakers about renovations at the central bank's headquarters are proven true. Trump repeated his criticism of the Fed chairman at a Cabinet meeting Tuesday, calling Powell "terrible," and telling reporters that deceiving Congress would be grounds for a quick exit. "Then he should resign immediately," Trump said. "We have to put somebody in there who will lower interest rates." Trump has attacked Powell over the bank's position on keeping interest...
President Donald Trump says he will not offer any extension to the new Aug. 1 deadline for imposing higher tariffs on many goods imported into the U.S. "Tariffs Will Begin Be Paid On August 1, 2025. There has been no change to this date, and there will be no change," Trump wrote on his Truth Social platform on Tuesday. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted." Trump began notifying trading partners of the new tariffs on Monday ahead of a deadline originally this week for countries to conclude trade negotiations with his...
China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher U.S. tariffs from...
The 17th annual BRICS meeting in Rio de Janeiro lasted for two days and officially closed yesterday. Attended by representatives from 11 full member countries, this meeting confirmed BRICS' position as a new geopolitical power that dares to challenge the dominance of Western global institutions and pressure from the United States, especially under the leadership of Donald Trump. This year's meeting is an important moment for BRICS with the presence of Indonesia as a full member, along with Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. BRICS...
President Donald Trump announced the first in a series of letters threatening higher tariffs on major trading partners, including 25% tariffs on goods from Japan and South Korea, and signed an executive order delaying the new duties until Aug. 1. Trump also announced 25% tariffs on Malaysia, Kazakhstan and Tunisia, while South Africa will face 30% tariffs and Laos and Myanmar will face 40% tariffs. Other countries hit with tariffs include Indonesia with 32% tariffs, Bangladesh with 35% tariffs, and Thailand and Cambodia with 36% tariffs. Bosnia received 30% tariffs, while Serbia faced 35%...