The Hang Seng Index plunged 265 points, or 1.1%, to close at 24,508 on Friday (August 1), weakening for a fourth session and hitting a two-week low. Risk sentiment weakened after the US imposed high tariffs on dozens of trading partners, while US futures prices fell sharply after higher June inflation data. The new tariffs are expected to add to price pressures, fueling concerns about further inflation. Traders are also cautious ahead of US employment data due later today. For the week, the index fell 3.5%, its first weekly decline in four weeks, amid concerns about slowing Chinese...
US stocks closed higher on Friday, marking a fourth straight session of gains, driven by strength in Big Tech, while President Trump's latest tariff remarks kept trade tensions in the spotlight. The S&P 500 rose 0.7%, the Nasdaq gained 1.1%, and the Dow gained 20 points. Trump's suggestion of a 50% tariff would be a "total victory" added to uncertainty, while Beijing dismissed claims that talks were ongoing, offsetting optimism from China's decision to exempt some US goods from tariffs. Alphabet shares rose 1.5% after beating earnings estimates, declaring its first dividend, and...
European stocks extended their rally into a fourth session on Friday, with the STOXX 50 up 0.8% and the STOXX 600 up 0.3%. Traders took some comfort from signs of a potential U.S.-China tariff truce, despite denials from China and advances from the U.S. Reports suggested China was considering suspending 125% tariffs on certain U.S. imports, while President Trump reiterated that trade talks were going well. Both indexes posted a second straight week of gains, up 4.4% and 2.5% respectively. Earnings season, meanwhile, remained in focus, with Safran shares up 4.2% after the company reported...
The three major averages in the US swung between small gains and losses on Friday, after gaining in the previous three sessions, as traders weigh confusing signals on trade developments and a fresh batch of corporate earnings. There were reports that China was considering suspending its 125% tariff on certain US imports, but Chinese authorities stated that no tariff negotiations were underway. Meanwhile, President Trump said his administration was in discussions with Beijing. Communication services was by far the top performer while energy, materials and health booked the biggest...
The Hang Seng rose 71 points or 0.3% to close at 21,981 on Friday, recovering from the previous session's declines following a strong rally on Wall Street Thursday. Sentiment also improved after PBoC Governor Pan Gongsheng reaffirmed the central bank's commitment to an "appropriately loose" monetary policy to support China's economy. Reports that Beijing may exempt some U.S. goods from its 125% tariffs also lifted the mood, as China weighs the economic toll of the trade war. For the week, the index added 2.7%, its second straight weekly gain, fueled by optimism over Beijing's move to...
The STOXX 50 rose 0.7% and the STOXX 600 gained 0.4% on Friday, marking a fourth consecutive session of gains. Both indexes were on track to end the week up approximately 3.7% and 2.4%, respectively. Investor sentiment was buoyed by easing trade tensions and a more conciliatory tone from the White House. On Thursday, President Trump stated that his administration was in discussions with China, while Bloomberg reported today that Beijing is considering suspending its 125% tariff on certain US imports, citing sources familiar with the matter. Travel and auto stocks were among the top...