Wall Street's indexes closed at record highs on Wednesday, buoyed by strong sector performance and optimism that the US government shutdown will be brief. Investors shrugged off the first day of the shutdown and weaker-than-expected private payrolls data, with the S&P 500 gaining 0.3%, the Nasdaq 100 rising 0.5%, and the Dow adding 43 points. Health-care stocks led the advance, driven by sharp gains in Regeneron (+6.7%), Moderna (+6.8%), Eli Lilly (+8.2%), and AbbVie (+5.5%), while optimism over Pfizer's (+2.2%) deal with the White House on Medicaid drug pricing provided additional...
US stocks traded higher on Tuesday, with the three major averages up about 0.5%, as the latest CPI report bolstered expectations of a Fed rate cut next month. Headline annual inflation held at 2.7% in July, below the 2.8% forecast, while core inflation accelerated more than expected to 3.1%. The figures indicated that tariff-related price pressures remain limited so far, giving the Fed room to deliver a 25 bps cut in September. Rate-cut odds, which were at 88% late yesterday, have now climbed to nearly 93%. Sentiment was also lifted after President Trump extended the suspension of steep...
The Hang Seng rose 63 points or 0.25% to close at 24,970 on Tuesday, swinging from early losses and marking the second straight gain. Sentiment finally improved after Washington and Beijing extended their tariff truce by another 90 days, averting triple-digit duties on Chinese exports to the U.S. Meanwhile, mainland markets have trended higher in recent weeks as investors look ahead to October's key annual conclave, expected to focus on the next five-year economic plan. On the economic front, China's vehicle sales grew 14.7% yoy in July, accelerating from June's 13.8%, according to the...
European stocks traded higher on Tuesday (August 12th), with the STOXX 50 and STOXX 600 rising nearly 0.3%, recovering from a sluggish session the previous day, as traders welcomed the extension of the US-China trade truce. President Trump extended the suspension of high tariffs on Chinese goods for another 90 days, until November 10th, while China announced a similar extension for its own tariff suspension. Investors also digested key European economic data, with no major earnings reports scheduled. In the UK, recent data confirmed that the labor market continues to slow, although wage...
The Nikkei 225 jumped 2.15% to close at 42,718, while the broader Topix Index rose 1.39% to 3,066 in post-holiday trading on Tuesday (August 12th), with both benchmarks hitting new record highs thanks to strong corporate performance and improving global trade sentiment. The US-China trade truce was extended for 90 days, easing tensions and giving negotiators more time to finalize a deal. Domestically, investors continued to assess the Bank of Japan's policy outlook, with board members still divided over the timing and pace of future interest rate hikes. In corporate news, SoftBank Group...
Hong Kong stocks fell 84 points, or 0.3%, to 24,826 in a volatile Tuesday morning session, reversing the previous day's modest gains. Investors were cautious following negative sentiment on Wall Street overnight, ahead of key US inflation data, with the CPI figures due today and the PPI scheduled for Thursday. The decline was led by technology and consumer discretionary stocks, while property stocks were muted despite the Beijing government lifting restrictions on home purchases in the suburbs. Further declines were capped by the latest tariff developments, after President Trump signed an...