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...
The Nikkei fell 255 points or 0.7% to close at 37,499 after a flat performance in the prior session, while the broader Topix edged down almost 0.1%, marking its second consecutive subdued day. A sharp drop in U.S. futures rattled sentiment after Moody's downgrade of the U.S. credit outlook raised fears of a potential flight from U.S. assets. Meanwhile, the White House kept up trade pressure, with Treasury Secretary Bessent warning that partners would face maximum tariffs if they failed to negotiate "in good faith." Investors remained cautious, closely watching U.S.-Japan trade talks as...
European stocks dipped on Monday, snapping a five-week winning streak, as a surprise U.S. credit rating downgrade and weak economic data from China weighed on investor sentiment. The pan-European STOXX 600 index was down 0.5% by 0725 GMT, retreating from seven-week highs touched on Friday. U.S. stock index futures fell more than 1% and longer-dated U.S. Treasury yields rose after credit rating agency Moody's cut its ratings on the country's debt, citing concerns about the nation's growing $36 trillion debt pile. Euro zone government bond yields also edged higher. [GVD/EUR] Meanwhile,...
Asia-Pacific markets fell Monday as investors assess the latest slate of economic data from China and Moody's downgrade of the U.S. credit rating. Hong Kong's Hang Seng index declined 0.73%, while mainland China's CSI 300 dropped 0.48%. Japan's benchmark Nikkei 22 slipped 0.54% while the Topix lost 0.36%. South Korea's Kospi declined 0.47% and the small-cap Kosdaq traded 0.77% lower. Australia's benchmark S&P/ASX 200 was down 0.15%.On Friday, Moody's Ratings downgraded the U.S. sovereign credit rating by one level from Aaa to Aa1, citing mounting challenges in funding the federal...
(Hong Kong) The Hong Kong stock market opened on a softer note on May 19, with the Hang Seng Index (HSI) down 188 points, or 0.8%, at 23,156. The China Enterprises Index dropped 69 points, or 0.81%, to 8,399, while the Technology Index fell 53 points, or 1.01%, to 5,227. Technology stocks saw broad declines. Alibaba Group slid 2.8%, Meituan lost 1.7%, Xiaomi Corporation and JD.com both fell 1.3%, and Kuaishou dropped 0.8%. Tencent Holdings remained unchanged. The financial sector also struggled, with HSBC Holdings down 0.2%, AIA Group declining 0.9%, Ping An Insurance losing 1.1%, and Hong...
The Nikkei 225 dropped 247 points or 0.9% to 37,595 in Monday morning trade, while the broader Topix fell 0.3% to 2,733, tracking a plunge in U.S. futures after Moody's downgraded the U.S. credit rating to Aa1 from Aaa on Friday, citing a deteriorating fiscal trajectory and "a lack of effective policy action" to rein in deficits. Sentiment was further pressured by Treasury Secretary Bessent's warning that trade partners would face maximum tariffs if they failed to negotiate with the U.S. in "good faith." Additionally, Japan's Q1 2025 GDP shrank 0.2% qoq, worse than the expected 0.1% fall and...