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...
Shares in Japan and South Korea closed sharply lower on Friday as US President Donald Trump's volley of tariff measures sparked fresh fears about a global trade war. Japan's Nikkei 225 closed down 2.88 percent at 37,155.50, while in Seoul the Kospi ended 3.39 percent lower at 2,532.78. The Hang Seng in Hong Kong was off 3.47 percent in afternoon trade. Source: AFP
Shares in Hong Kong plunged 309 points or 1.3% to 23,415 on the last trading day of February, marking a second session of losses. Sentiment deteriorated as the US will impose an additional 10% tariff on Chinese imports on March 4 while moving forward with 25% levies on products from Canada and Mexico. The Hang Seng fell further from its highest in over three years, hit earlier in the week, and was on track for its first weekly drop in seven, with all sectors suffering sharp losses. The tech index tumbled over 2.5% as an AI-driven rally lost steam after Nvidia's underwhelming earnings...
The Nikkei 225 Index plunged 2.5% to around 37,300 on Friday, hitting its lowest levels in five months and mirroring losses on Wall Street overnight where Nvidia and other technology stocks were sold off. Investors also grappled with Trump's escalating tariffs and mounting economic concerns in the US. Trump confirmed that tariffs against Mexico and Canada will proceed next week, while China will be slapped with an additional 10% tariff. In Japan, the latest economic reports pointed to softening activity, including retail sales, industrial production and Tokyo inflation figures. Chip and...
The major U.S. averages fell sharply on Thursday, dragged down by a selloff in technology stocks. The S&P 500 fell 1.6%, the Nasdaq 100 dropped 2.7%, and the Dow dropped 192 points. Nvidia slumped 6.1% after its earnings report, weighing on the broader market as investors weighed economic risks. Sentiment weakened further after President Trump confirmed a 25% tariff on European cars and new levies on Mexico and Canada starting March 4. Salesforce fell 2.9% on weak guidance, while Uber dropped 2.3% amid reports that Tesla (-3.1%) is seeking approval to operate a ride-hailing service in...
European stock markets fell broadly on Thursday after U.S. President Donald Trump on Wednesday again threatened to impose 25% tariffs on imports from the European Union. The Stoxx 600 provisionally closed 0.51% lower, paring earlier losses, as car prices plunged 4%. The highly globalized sector was rocked earlier this month by expectations of escalating U.S. trade tensions with the rest of the world. Data earlier this week showing a 2.6% year-on-year decline in passenger car sales further dampened sentiment around the industry. Meanwhile, Ferrari shares plunged almost 8% after Exor, the...