The Hang Seng Index weakened 146 points, or 0.5%, to close at 27,141 on Friday (October 3), retreating from a four-year high after three sessions of gains, as traders took profits following five consecutive months of gains since May. Sentiment was also impacted by concerns over the US government shutdown, which has halted much official activity, including the jobs report originally due today, with markets bracing for a shutdown that could last until next week. Trading was also sluggish as mainland Chinese markets remain closed until October 8. The decline was broad-based, with technology...
Japanese stocks are lower in early trade after U.S. tech stock selling continued overnight. Pharmaceutical and auto stocks are leading the declines. Daiichi Sankyo is down 5.6% and Honda Motor is 1.7% lower. USD/JPY is at 147.37, compared with 147.23 as of Wednesday's Tokyo stock market close. Investors are watching for any developments related to the war in Ukraine and domestic politics. The Nikkei Stock Average is down 0.2% at 42790.90. Source: Marketwatch
Asia-Pacific markets mostly rose as investors assessed the four-day losing streak for the S&P 500, led by declines in tech stocks. Investors in the region are awaiting India's HSBC Composite flash purchasing managers' index reading for August, which provides an early snapshot of the performance of the private sector economy, expected later in the day. Economists polled by Reuters expect it to come in at 60.5, compared with 61.1 in the month before. Japan's Nikkei 225 was down 0.21% in early trade, while the broader Topix index ticked down 0.4%. In South Korea, the Kospi index rose...
US equities fell on Wednesday as skepticism on grounds for future AI returns pressured tech companies, while markets assessed earnings from retailers and FOMC minutes. The S&P 500 and the Nasdaq 100 lost 0.5% and 1%, respectively, while the Dow was slightly lower. Magnificent 7 companies fell further for a second session, coinciding with research noting that most AI firms will not be profitable. Nvidia, Meta, and Alphabet were over 1% down. In turn, retail earnings were mixed. Target slumped 10% as it revealed a new CEO, despite beating earnings, while Estee Lauder lost 4% on a...
European indices were mixed on Wednesday following a tech-led selloff on Wall Street, while U.K. inflation came in hotter than expected, raising doubts over future monetary easing by the Bank of England. The DAX index in Germany dropped 0.7%, while the CAC 40 in France slipped 0.1% and the FTSE 100 in the U.K. rallied 1.1%. Tech-led weakness European markets have followed their Asian counterparts lower on Wednesday, following the overnight weakness on Wall Street after tech stocks fretted about President Donald Trump's growing influence over the sector. U.S. Commerce Secretary Howard...
US stocks were mixed for a second session on Wednesday as the market assessed the sustainability of the AI-driven rally, retail earnings results, and the outlook for US interest rates. The Dow Jones Industrial Average edged higher while the S&P 500 held near the flatline, although the Nasdaq 100 weakened as the tech giant continued its aggressive decline from the previous session. Tech giants' stocks weakened further amid concerns that valuations may have become overstretched, in line with research indicating that most AI companies will be unprofitable, while MetaTrader has overhauled...