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 225 Index rose 1.1% to surpass 39,300, while the broader Topix Index climbed 0.9% to 2,757 on Thursday, extending the previous session's gains. Nearly all sectors participated in the rally, fueled by a strong corporate earnings season that lifted market sentiment in Japan. This came despite a rise in producer inflation, which reached a 20-month high in January. Japanese stocks also brushed off the hotter-than-expected US consumer inflation data, which strengthened the case for the Federal Reserve to keep interest rates steady. Among the top performers were Advantest (+3.6%),...
Asia-Pacific markets opened higher Thursday, breaking ranks with Wall Street that fell overnight as a stronger-than-expected U.S. inflation reading diminished prospects of policy easing by the U.S. Federal Reserve. Australia's S&P/ASX 200 rose 0.2%. Japan's Nikkei 225 rose 0.54% while the Topix climbed 0.52%. South Korea's Kospi traded 0.34% higher, while the small-cap Kosdaq rose 0.45%. Hong Kong's Hang Seng index futures were at 22,072, also higher than the HSI's last close of 21,857.92. Overnight in the U.S., the S&P 500 tumbled and bond yields spiked after consumer prices...
Japanese stocks rose in early trading as a weaker yen boosted earnings growth hopes. Autos and pharma shares led the gains. Subaru Corp. rose 2.8% and Daiichi Sankyo gained 4.9%. USD/JPY was at 154.24, up from 153.64 at the close of the Tokyo Stock Exchange on Wednesday.Meanwhile, SoftBank Group fell 4.6% after posting a third-quarter net loss. Investors are focused on earnings as well as U.S. trade policy. Daiwa House Industry and Sumitomo Forestry are due to release their results later in the day. The Nikkei Stock Average was up 0.5% at 39,172.02.Source: Bloomberg
The S&P 500 plunged and interest rates jumped on Wednesday after consumer prices rose more than expected in January, raising concerns that inflation could return. The broad market index slipped 0.27% to end at 6,051.97, and the Dow Jones Industrial Average dropped 225.09 points, or 0.5%, to 44,368.56. The Nasdaq Composite gained a modest 0.03% to close at 19,649.95. "The higher-than-expected CPI confirms investor concerns about inflation being too high that will keep the Fed on the sidelines," said Sameer Samana, head of global equities and real assets at Wells Fargo Investment...
Stocks in the US were sharply lower on Wednesday, with the three major averages tumbling nearly 1% after the US CPI report showed rising inflationary pressures and stalled progress in curbing inflation. All measures came above forecasts with the headline inflation unexpectedly rising to 3% and the core one increasing to 3.3%. At the monthly level, the CPI also rose 0.5%, the most since August 2023. Figures reinforced the Fed's cautious approach on further rate cuts. Traders are now only pricing in a 25 bps reduction in the fed funds rate for December. All sectors traded in the red, with...