Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan prime rates for July, as well as the latest developments on the trade front. Trade came into focus once again over the weekend as the White House reiterated its position on tariffs. On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the "hard deadline" for countries to start paying tariffs, though he also added that "nothing stops countries from talking to us after August 1." South Korean markets started the day higher Monday. As of...
Wall Street closed lower on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve's meeting next week. The Nasdaq had surged past the 20,000 mark for the first time on Wednesday, driven by a strong rally in technology stocks. Meanwhile, the S&P 500 reached its highest level in nearly a week, buoyed by an inflation report that solidified expectations for a 25-basis-point rate cut at the Fed's Dec. 17-18 meeting. Haworth added there was profit-taking after the Nasdaq touched an all-time high on Wednesday. Trader bets on the cut next week stand at over...
European stocks held their muted momentum and closed near the flatline on Thursday as markets digested the European Central Bank's rate cut. The Stoxx 50 added 0.2% to close at 4,970, while the pan-European Stoxx 600 dropped 0.2% to close at 519. The ECB delivered 25bps cuts in its three main rates, as largely expected, and omitted previous signals that monetary policy must remain restrictive to fight inflation, stoking expectations of more rate cuts next year. Tech and luxury performed well, with SAP and ASML adding over 1% each amid hopes of strong demand and good trade relations with...
The Hang Seng surged 242 points, or 1.2%, to close at 20,397 on Thursday, reversing losses in the previous two sessions amid expectations of strong policy support measures from China's ongoing annual Central Economic Work Conference. Earlier this week, the Politburo recommended a "moderately loose" monetary policy to support the sluggish economy, though it did not provide details. However, a significant drop in U.S. futures capped further gains, following a record close on Wall Street's Nasdaq on Wednesday, as U.S. inflation matched expectations ahead of next week's FOMC meeting. While...
The Nikkei 225 index jumped 1.21% to close at 39,849 while the broader Topix index jumped 0.86% to 2,773 on Thursday, with Japanese shares hitting a multi-month high and tracking a rally on Wall Street overnight after U.S. inflation data appeared to pave the way for a Federal Reserve interest rate cut. Markets are now pricing in a near 100% chance that the Fed will deliver another 25 basis point cut next week. Meanwhile, the outlook for Bank of Japan monetary policy remains highly uncertain, with markets divided over whether the central bank will raise rates again in December or January. All...
European equity markets were poised to open little changed on Thursday as investors awaited the European Central Bank's latest monetary policy decision. The ECB is widely expected to implement another 25 basis point rate cut, with traders also focusing on its quarterly growth and inflation projections. The Swiss National Bank is also anticipated to announce another rate cut. Meanwhile, the latest US inflation data came in line with expectations, setting the stage for the Federal Reserve to reduce borrowing costs further next week. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures...