US stocks moved lower on Friday, with the S&P 500 down 1% and the Nasdaq falling 1.6%, both hitting one-month lows, while the Dow Jones dropped about 400 points. The tech sector remained under heavy pressure as investors grew increasingly concerned about stretched valuations in AI-related stocks and the risk of a bubble. Concerns also mounted that the Fed may hesitate to cut rates next month, after several policymakers expressed skepticism about the need for another reduction. Market odds of a 25 bps cut in December have fallen to just below 50%, down from nearly 65% earlier in the...
US stock indices were muted on Tuesday amid fresh labor market concerns and continued skepticism on whether AI valuations are warranted by fundamentals. The S&P 500 and the Nasdaq 100 inched lower, while the Dow was close to the flatline. Data from the ADP indicated an average of 11,250 jobs were lost per week through most of October, consolidating the wave of pessimistic labour reports released by other private sources. In the meantime, stocks with exposure to soaring AI capital expenditures remained under pressure from recent concerns of frothiness after SoftBank sold its entire $5.8...
Stocks in Europe were higher on Tuesday, with the STOXX 50 adding 0.5% and the STOXX 600 rising 0.6%, extending gains from the previous session, amid further signs the end of the US government shutdown is close. After a pact reached in the Senate on Sunday between some Democrats who defected the party's leadership and some Republicans, the US Senate voted 60-40 yesterday to pass a bill to end the longest ever government shutdown in the US. Fresh corporate updates also boosted investor sentiment. Shares of LVMH were up 1.8% after Bloomberg reported the luxury brand is set to open major...
The Hang Seng added 47 points, or 0.2%, to close at 26,696 on Tuesday, reversing morning losses amid eventual gains in property and financial stocks. Markets ended in the green for the second day, supported by relief over the impending end of the U.S. government shutdown, after the Senate passed a funding deal. At the same time, hopes grew that domestic activity in China will remain resilient toward year-end as Beijing continues its efforts to support the sluggish economy. Meanwhile, Hong Kong's final Q3 GDP figures are due later this week and may show modest improvement, according to flash...
The Nikkei 225 index fell 0.14% to close at 50,843 on Tuesday (November 11), losing gains from earlier in the session as investors took profits from rising tech stocks amid ongoing concerns over high AI valuations. Significant losses were seen in AI-related stocks such as Kioxia Holdings (-0.9%), Fujikura (-6%), Advantest (-4.1%), and Disco Corp (-4.5%). In corporate news, Honda Motor shares rose 0.8% even after cutting its full-year profit forecast amid pressure from US tariffs and a global chip shortage, while facing increasing competition from Chinese electric vehicle manufacturers. Sony...
Shutdown AS Reda, Investor Asia Gaspol Lagi? The reopening of the US federal government is approaching. This has given investors relief as official economic data will begin to flow again, providing clues to the direction of monetary policy. Risk sentiment is strengthening: the Hang Seng Index is nearing a one-month high of 26,651, while the Hang Seng Tech index edged up 0.3%. In mainland China, the CSI 300 and Shanghai Composite Index fell 0.2%. Blue-chip stocks rose: Baidu +2.9%, Xiaomi +2.2%, HSBC +2.0%, and AIA +1.7%. The boost comes from news that the US Senate is advancing plans to...