US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
The Hang Seng rose 57 points or 0.24% to close at 23,601 on Friday, rebounding from sharp losses in the prior session amid gains in financials. Sentiment improved after the PBoC injected CNY 500 billion into the system through its one-year lending facility. The central bank also lowered the cap on deposit rates to support bank profitability and encourage spending over saving. For the week, the index added 1.1%, marking its sixth straight weekly rise—the longest streak since February—boosted by strong IPO momentum. Meanwhile, Beijing and Washington remained in high-level contact during a...
Japan stocks were higher after the close on Friday, as gains in the Real Estate, Banking and Textile sectors led shares higher. At the close in Tokyo, the Nikkei 225 gained 0.42%. The best performers of the session on the Nikkei 225 were Japan Steel Works Ltd (TYO:5631), which rose 10.05% or 590.00 points to trade at 6,463.00 at the close. Meanwhile, Mitsubishi Heavy Industries, Ltd. (TYO:7011) added 5.39% or 164.00 points to end at 3,208.00 and Nintendo Co Ltd (TYO:7974) was up 5.36% or 600.00 points to 11,800.00 in late trade. The worst performers of the session were Mercari Inc...
Both the STOXX 50 and STOXX 600 edged up 0.2% on Friday, rebounding after two consecutive sessions of losses. Despite the modest gains, both indexes are on track to end the week largely unchanged, as traders await fresh catalysts amid ongoing concerns over the US fiscal outlook, which continues to unsettle global markets and push bond yields higher. On the trade front, high-level dialogue between Beijing and Washington continued, with senior officials holding a call on Thursday, an encouraging sign that both sides remain open to reaching an agreement. EU and US officials are also expected...
Hong Kong stocks rose 89 points or 0.4% to 23,627 in early trade Friday, swinging from the previous session's drop after the U.S. and China agreed to maintain open communication following a call between Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau. Sentiment was also lifted by the PBoC's recent move to cut key interest rates, including those at major state-owned banks, in a step expected to prompt smaller lenders to follow suit amid shrinking net interest margins. Gains were broad-based, led by financials, tech, and consumer stocks. For the...
Asia-Pacific markets mostly climbed Friday as investors assess a slew of economic data from the region. Japan's benchmark Nikkei 225 rose 1.04% and the Topix climbed 0.89%. South Korea's Kospi rose 0.36% while the small-cap Kosdaq was down 0.34%. Australia's benchmark S&P/ASX 200 was up 0.33%. Hong Kong's Hang Seng index and mainland China's CSI 300 traded flat at the open. The U.S. and China agreed to maintain communication following a call between Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary Christopher Landau, according to a readout released by the Chinese...