The Dow Jones Industrial Average (DJIA) softened on Tuesday, falling back for a second straight day as bullish-prone equity markets pivot into a defensive stance ahead of the latest interest rate decision from the Federal Reserve (Fed). A raft of key United States (US) economic data is stuffing the chute through the rest of the week, with Gross Domestic Product (GDP), US Personal Consumption Expenditure Price Index (PCE) inflation, and the latest Nonfarm Payrolls report. The Dow Jones slipped back below 44,800, shedding around 200 points and backsliding four-tenths of one percent on the...
Hang Seng Index opened higher by 48 points at 22,664 before extending its rally, climbing as much as 418 points to reach an intraday high of 23,034. By late morning, the index was up 406 points, or 1.79%, at 23,022, with turnover on the main board totalling HK$1.168 billion. At 10.50am local time, the index was trading at 22,951.64, up 335.41 points or 1.48%. Technology stocks led the charge, with Tencent rising 2.3%, Alibaba surging 4.6%, Meituan gaining 1.6%, Xiaomi climbing 5.9%, JD.com up 1%, and Kuaishou advancing 4.1%. Financial stocks also supported the market's momentum, with HSBC...
Australia's central bank cuts interest rate for the first time in more than four yearsThe Reserve Bank of Australia on Tuesday cut benchmark interest rates for the first time in over four years, joining ranks with other major global central banks, as softening inflation allows room for easing policy. The RBA cut rates by 25 basis points to 4.10%. This marked the RBA's first easing since November 2020, when the central bank cut its key rate to a record low, as it battled a slowing economy during the pandemic. The central bank had held its policy rate steady at 4.35% since November 2023,...
The Hang Seng Index opened higher on Monday, gaining 48 points or 0.21% to reach 22,664. The China Enterprises Index rose by 20 points or 0.24% to 8,343, while the Technology Index climbed 19 points or 0.36% to 5,519. Technology stocks showed mixed performance. Tencent Holdings edged up 0.1%, while Alibaba fell by 0.1%. Meituan and JD.com both gained 0.7%, with Kuaishou Technology rising 0.1%. Xiaomi Corporation remained unchanged. Financial stocks exhibited varied results, with HSBC Holdings advancing 0.7%, while AIA Group and Hong Kong Exchanges and Clearing saw no movement. Ping An...
The Nikkei 225 Index gained 0.2%, surpassing 39,250, while the broader Topix Index added 0.15% to reach 2,770 on Tuesday, extending gains from the previous session as the yen halted its recent rally, easing pressure on domestic equities. On Monday, data revealed that Japan's economy grew by 0.7% quarter-on-quarter in the fourth quarter, up from 0.4% growth in the previous quarter and exceeding expectations of 0.3%. On an annualized basis, Japan's GDP expanded by 2.8% in Q4, in line with forecasts and accelerating from a 1.7% increase in Q3. However, investor sentiment remained cautious after...
Asia-Pacific markets were set to open mixed Tuesday, a day after Chinese President Xi Jinping signaled support to the country's private sector and urged businesses to "show their "talents." Australia's S&P/ASX 200 was down 0.43%, ahead of the Reserve Bank of Australia's policy decision. Reuters estimates a 25-basis-point rate cut to 4.1%. The Australian dollar had strengthened 0.05% to 635 against the dollar. Japan's benchmark Nikkei 225 started the day 0.28% higher, while the broader Topix index advanced 0.37%. South Korea's Kospi was marginally higher, while the small-cap Kosdaq...