Japanese stocks experienced a sharp decline on Wednesday, led by chip and electronics stocks, which were pressured by weakness in US technology stocks overnight. The Nikkei Stock Average fell 1.9% to 50,523.00. Stocks such as Kioxia Holdings fell 11%, SoftBank Group fell 9.1%, and Advantest plunged 8.1%. This decline reflects uncertainty in the Japanese market regarding the global technology sector. The Japanese yen also weakened slightly against the US dollar, with USD/JPY trading at 153.62, slightly higher than 153.55 at the Tokyo market close the previous day. Investors are now focused...
EUR/USD moves little after registering more than 1% losses in the previous session, trading around 1.1590 during the Asian hours on Tuesday. The pair faced challenges as the US Dollar (USD) rose on trade optimism, driven by the trade deal between the United States (US) and the European Union (EU). The US and EU reached a framework trade agreement on Sunday that sets 15% tariffs on most European goods, taking effect on August 1. This deal has ended a months-long stand-off, per Bloomberg. European Commission President Ursula von der Leyen said on Sunday that the bloc agreed not to impose...
The Japanese yen hovered around 148.3 per dollar on Tuesday, holding near one-week lows after a sharp three-day decline, pressured by broad dollar strength. The greenback remained supported as recent global trade agreements are seen as disproportionately benefiting the US economy. US President Donald Trump also reiterated on Monday that countries unwilling to negotiate separate trade deals could soon face tariffs of 15% to 20%, significantly above the 10% headline rate imposed in April. On the domestic front, the Bank of Japan is set to announce its latest policy decision this week. While...
A dollar index remained steady as traders weigh US-China trade talks ahead of key economic data releases expected later this week. The Bloomberg Dollar Spot Index little changed on Tuesday after rising 0.8% a day earlier US Commerce Secretary Howard Lutnick said a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm US economic data to be released on Tuesday include wholesale inventories, JOLTS job openings, Conference Board consumer confidence "On US-China, a better-than-expected result,...
Oil edges higher in early Asian trade, aided by renewed supply concerns. President Trump said that he would give Russian President Putin 10 or 12 days to reach a cease-fire with Ukraine or face more economic pressure from the U.S.. Previously, Trump had threatened Moscow with 100% secondary tariffs to create pressure toward a peace deal, ANZ Research analysts say in a research report. Trump's remarks have reignited fears that Russia's oil flows would be impacted, the analysts add. Front-month WTI crude oil futures are 0.2% higher at $66.85/bbl; front-month Brent crude oil futures are 0.2%...
Gold consolidates in the early Asian session, but may be weighed by trade-deal hopes. The Trump administration engaged in negotiations with China in Sweden on Monday, with additional discussions expected on Tuesday. The recent wave of trade optimism has resulted in a temporary outflow of capital from safe-haven assets such as gold into riskier assets such as equities, XS.com's Linh Tran says in an email. Hence, gold, which traditionally acts as a hedge against uncertainty, has lost some of its upward momentum in the short term, the market analyst adds. Spot gold is little changed at...