The Hang Seng rose 169 points or 0.7% to close at 24,902 on Tuesday, reversing early losses and marking its second consecutive session of gains. Sentiment improved after a private survey showed China's services activity grew at the fastest pace in 14 months in July, supported by rises in new orders, foreign sales, and employment. A rally on Wall Street also lifted mood, as weaker U.S. jobs data fueled bets on a Fed rate cut in September. Gains were broad-based, led by financials, tech, and consumers, as investors looked past weather-related disruptions in Hong Kong, including heavy rain...
U.S. stocks plunged for a third straight session on Monday, as the White House doubled down on aggressive tariffs against key trading partners despite growing market turmoil. The S&P 500 sank 3.7%, pushing its decline from its February record high to 20%, officially entering bear market territory. The Dow Jones dropped another 1,200 points, or 3.3%, while the Nasdaq fell 3.7%, having already entered a bear market last week amid mounting recession fears sparked by President Trump's sweeping trade policies. On Friday, China announced a 34% tariff on all U.S. imports instead of returning...
The Hang Seng plunged 3,021 points or 13.2% on Monday, marking its steepest one-day loss since 2008, to end below the 20,000 mark at 19,828. It was the second session of heavy selling, dragging the index to an over two-month low as most sectors, particularly tech, consumer, and financials, posted double-digit losses. The plunge followed escalating trade tensions, with the White House standing firm on tariff plans and China announcing retaliatory levies on U.S. goods. President Trump said markets would have to "take their medicine," saying no deal would be made until the U.S. trade gap was...
Japan's Nikkei share average slumped on Monday to the lowest level in 1-1/2 years, with the index of Japanese bank stocks diving more than 17% at one point, as concerns over a tariff-induced global recession continued to rip through markets. The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023, before ending the day down 7.8% at 31,136.58. All 225 component stocks of the index finished in the red. The broader Topix sank as much as 9.6% before closing down 7.8%. Speaking on Sunday aboard Air Force One, U.S. President Donald Trump characterized his...
European stocks dropped sharply on Monday, deepening a global market rout that kicked off last week following the latest announcements of U.S. President Donald Trump's tariffs regime. The pan-European Stoxx 600 was 6% lower shortly after the opening bell, with all sectors and major bourses suffering significant losses. Germany's DAX index was more than 9.5% lower during early deals. Last week, the regional Stoxx 600 index notched an 8.4% loss, marking its worst week in five years. In the past decade, the Stoxx 600 only performed worse at the beginning the Covid-19 pandemic in 2020. Trump...
Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump's tariffs fueled a risk-off mood. Hong Kong markets led losses in the region, with the Hang Seng Index declining 10.37%. Mainland China's CSI 300 fell 6.31%. Over in Japan, the benchmark Nikkei 225 lost 6.20% to hit an 18-month low while the broader Topix index plummeted 6.50%. Earlier in the day, trading in Japanese futures was suspended due the market hitting circuit breakers. In South Korea, the Kospi index was last down 4.74%, while the small-cap Kosdaq declined...