The Hang Seng climbed 233 points, or 0.9%, to close at 26,855 on Tuesday, reversing early losses to hit a two-week high on broad-based gains. The index jumped 7% in September, its fifth straight monthly advance, and posted a third quarterly gain of 11.6%, fueled by AI optimism, strong inflows, and bets of fresh policy support from Beijing ahead of the October plenum. Still, upside was capped by U.S. political uncertainty, with Vice President Vance warning the government was "headed to a shutdown" amid stalled budget talks. Profit-taking also weighed as traders braced for China's week-long...
The Nikkei 225 weakened 0.1% to 45,600, while the Topix gained 0.2% to 3,177 on Thursday, as Japanese equities lacked a clear direction due to pressure on technology stocks. This followed two consecutive days of declines in major US indexes, driven by concerns over record-high valuations and complex interdependencies in the AI sector. Domestically, minutes of the Bank of Japan's July meeting suggested that policymakers remain inclined to raise interest rates further if economic and price conditions develop as expected. Investors are now eyeing Friday's Tokyo inflation data, a key...
Asian stocks traded in a tight range at the open after losses on Wall Street as signs of fatigue crept into the AI-fueled equity rally. Shares in Japan and Australia edged up while those in South Korea retreated. The S&P 500, Nasdaq 100 and a gauge of global stocks each dropped 0.3% Wednesday, extending declines from the prior day. An index of US-listed Chinese companies rallied against the downcast mood on Wall Street to climb 2.8%. Equity-index futures for Hong Kong retreated as the city returns to normalcy after Super Typhoon Ragasa....
US stocks weakened for a second straight day on Wednesday as investors weighed pressure on AI leaders, mixed signals from the Federal Reserve, and profit-taking near record highs. The S&P 500 fell 0.3%, the Nasdaq 100 and the Dow Jones Industrial Average each fell 0.4%, extending Tuesday's decline that ended a three-day winning streak. Nvidia fell nearly 1% after announcing a $100 billion partnership with OpenAI, while Oracle fell 1.7% and Micron Technology slumped 2.9% despite posting higher-than-expected earnings. Conversely, Alibaba's pledge to increase AI spending beyond its initial...
European stocks closed near the flatline on Wednesday (September 24), extending the relatively subdued movement in equity markets this week, as weakness among major luxury brands offset modest gains in other sectors. The Eurozone STOXX 50 and the pan-European STOXX 600 were both flat on the session. Luxury brands reversed their strong momentum from yesterday to close sharply lower, with LVMH, Hermes, Ferrari, L'Oreal, and EssilorLuxxotica all down between 3% and 1.5%. Meanwhile, companies in the crude oil exploration and extraction sector rose sharply amid a rebound in benchmark prices,...
US stocks rose on Wednesday (September 24), paring losses from the previous session as the market assessed the prospects for returns on large investments in artificial intelligence and the outlook for long-term US interest rates. The S&P 500 and Nasdaq 100 rose 0.3%, while the Dow Jones Industrial Average rose 100 points. Companies in the AI sector rose sharply after Alibaba announced plans to increase AI spending beyond the $50 billion initially promised. The Chinese tech giant's depositary receipts (DRPs) jumped 8%, while Nvidia and MetaTrader 5 each rose nearly 1%. Meanwhile,...