The Hang Seng Index fell 347 points, or 1.4%, to close at 25,177 on Wednesday (July 30th), extending losses from the previous session amid widespread declines. Technology stocks slumped 2.7%, while consumer discretionary and financial stocks each fell about 1.5%, after US-China trade talks ended without substantial progress, leaving President Trump with the final decision on tariffs. Caution is also growing ahead of today's Fed interest rate decision, with analysts saying most officials prefer to assess the inflationary impact of tariffs, especially with Trump's August 1st deadline...
The S&P 500 and Nasdaq Composite were down sharply Monday on concern about an artificial intelligence stock bubble popping because of the emergence of Chinese startup DeepSeek, which has possibly made a competitive AI model for a fraction of the billions Silicon Valley is spending. The Nasdaq Composite lost 3.07%, falling to 19,341.83, and the S&P 500 slid 1.46% to 6,012.28. The Dow Jones Industrial Averageadded 289.33 points, or 0.65%, to close at 44,713.58. Gains in Apple Johnson & Johnson and Travelers helped lift the 30-stock index. Last week, DeepSeek released R1, an...
Policymakers around the globe should not react in haste to announcements by U.S. President Donald Trump's administration, and be prepared to argue their case, World Bank President Ajay Banga told Reuters. Trump's first week in office has seen a flurry of executive orders and policy plans, ranging from tariffs on Canada, Mexico and China to a review on all existing foreign assistance. "My only advice to everyone is don't be in too much of a hurry to respond or judge," Banga told Reuters in an interview on the sidelines of the Mission 300 Africa Energy Summit in Tanzania's commercial capital...
The Dow Jones Industrial Average (DJIA) dipped into the 44,000 handle during Monday's early overnight session, driven lower by a fresh bout of souring in investor risk appetite after a Chinese company globally released an open-source competitor to US-based AI models that have been largely proprietary up to this point. Investor sentiment was driven further into the floorboards by a political spat between United States (US) President Donald Trump and Colombia over the weekend after a disagreement between the two countries over the return of Colombian migrants from the US led to President Trump...
US stocks plunged on Monday (1/27), with the S&P 500 down 1.8%, the Dow Jones down about 207 points and the Nasdaq nearly 3%, driven by growing concerns about US dominance in AI. The latest AI model from Chinese startup DeepSeek, which has been praised for its cost-effectiveness and ability to run on less advanced chips, attracted significant attention as its AI Assistant overtook ChatGPT to become the top-rated free app on the US Apple App Store. The technology sector was by far the worst performer. Nvidia plunged more than 10%, Broadcom slumped 11.5% and Micron Technology lost more...
European stocks slumped on Monday (27/1) as the technology sector tracked a rout in other markets after China's improved low-cost, low-power artificial intelligence (AI) models fueled concerns about rivals' profits and the need for expensive technology. The pan-European STOXX 600 (.STOXX) was down 0.7% by 0815 GMT. U.S. Nasdaq Composite futures fell 3.1%, while S&P 500 futures fell 1%. Startup DeepSeek has launched a free assistant that it says uses low-cost chips and less data, appearing to challenge widespread bets in financial markets that AI will drive demand along the supply chain...