The Hang Seng Index plunged 404 points, or 1.6%, to close at 24,773 on Thursday (July 31), marking its third consecutive decline and its lowest close in two weeks. Sentiment worsened after China's official PMI showed services activity grew at its slowest pace in eight months and factory output fell the most in six months, amid rising trade barriers and extreme weather. Meanwhile, US President Trump's "reciprocal" tariff suspension is set to expire on Friday, with only eight trade deals reached in the past 120 days. On the monetary front, Fed Chairman Powell dismissed expectations of a...
US stocks rose on Thursday, with the S&P 500 rising 0.6%, the Nasdaq adding 0.9% and the Dow Jones jumping 230 points, as investors welcomed President Trump's announcement of a US-UK trade deal. Sentiment was further boosted by reports that the administration is preparing to roll back some Biden-era restrictions on chipmakers. Consumer discretionary, energy and communication services were by far the top performers while health and utilities underperformed. Megacaps Apple (0.6%), Microsoft (1.6%), Nvidia (0.5%), Amazon (1.2%), Meta (2.2%), Alphabet (1.2%) and Tesla (3.2%) were all...
The Hang Seng rose 84 points or 0.4% to close at 22,776 on Thursday, marking its sixth straight gain amid a rally in U.S. futures. Optimism was fueled by President Trump's hint at a major trade deal with a "big, and highly respected country," likely the UK, with more details later today. The index hovered near a one-month top, lifted by news that a sovereign wealth fund would continue efforts to support mainland markets. Sentiment also benefited from the PBOC rate cuts aimed at supporting growth amid U.S.-China trade disputes. Tech stocks advanced on reports that the U.S. may ease chip...
European stocks edged higher on Thursday, with the Stoxx 50 and Stoxx 600 both up 0.3%, as investors awaited central bank rate decisions and monitor corporate earnings. Optimism also grew around UK-U.S. trade ties, as reports suggest Britain may become the first country to strike a deal following new U.S. tariffs. In corporate headlines, Puma SE delivered a stable Q1 performance, offering reassurance despite lacking a CEO. AB InBev posted profits at the top end of its guidance, helped by better-than-expected sales volumes. Maersk also beat expectations for Q1 operating profit and held its...
Hong Kong stocks rose 187 points, or 0.8%, to 22,881 in early trading on Thursday, extending gains for a sixth straight session amid a small rise in U.S. stock futures after the Federal Reserve kept its benchmark interest rate steady for a third straight meeting, as expected. Echoing the Fed, the HKMA also kept its benchmark interest rate unchanged at 4.75%. Market sentiment was further boosted by reports that President Trump will hold a press conference to discuss a major trade deal later in the day. In China, the People's Bank of China (PBOC) unveiled sweeping policy measures on Wednesday,...
Japanese stocks opened lower, with the Topix declining for the first day in 10 as the yen held steady after the FOMC meeting. The Topix Index fell 0.5% to 2,681.86 as of 9:35 a.m. Tokyo time. It's the first day of losses since April 21 Sony Group contributed the most to declines in the index, down 2.9% Out of 1,689 stocks in the Topix, 327 rose and 1,314 fell, while 48 were unchanged The Nikkei shed 0.2% to 36,701.35 The yen was trading at 143.74 against the dollar early in Tokyo, compared with 143.83 Wednesday morning, despite initially weakening after Federal...