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...
Back-to-back calls between U.S. President Donald Trump and the leaders of Japan and China have so far done little to defuse the diplomatic spat occurring between Beijing and Tokyo, as experts warn that a de-escalation of the crisis remains nowhere in sight. Japanese Prime Minister Sanae Takaichi spoke with Trump on Tuesday, hours after he held a separate call with Chinese President Xi Jinping. Takaichi, in remarks to the media after her call with Trump, said that she discussed China relations during their conversation. The flurry of calls followed a dispute triggered by Takaichi's recent...
Chinese President Xi Jinping pressed U.S. President Donald Trump on the status of the self-governing island of Taiwan and urged his counterpart to maintain better relations, according to the Chinese Foreign Ministry. Xi told Trump that Taiwan's return to China was an important part of the post-World War II international order, according to a statement from the call. The Chinese leader also said the two countries should maintain the positive momentum generated during their meeting last month in South Korea and expand cooperation, the statement said. The two leaders also discussed Russia's...
U.S. economic growth will increase slightly next year but employment gains will remain sluggish and the Federal Reserve will slow any further rate cuts, economists polled by the National Association for Business Economics said in the group's year-end forecast survey. The survey of 42 professional forecasters, conducted from November 3 to 11, found the median outlook was for growth of 2%, up from 1.8% in a prior October survey and in contrast to a growth rate of only 1.3% projected in June. Increased personal spending and business investment are seen driving growth higher, offset by what...
U.S. President Donald Trump said fiscal revenue from his trade tariffs is set to "skyrocket" in the coming months as inventory levels among local importers run dry. Trump said in a Truth.Social post that local businesses had stocked up on inventories to sidestep his tariffs in the near-term. But those inventory levels were now "wearing thin," which he said will result in businesses paying tariffs on more goods. "...soon Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET," Trump said. Trump also added that he was looking...
U.S. factory activity slowed to a four-month low in November as higher prices because of tariffs on imports restrained demand, leading to a piling up of unsold goods that could hinder growth in the overall economy. Relief for manufacturers is unlikely to come soon as the University of Michigan's Surveys of Consumers separately showed on Friday a sharp drop in buying conditions for long-lasting manufactured goods. The University of Michigan noted that "consumers remain frustrated about the persistence of high prices and weakening incomes." President Donald Trump's sweeping import duties...