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...
Hong Kong stocks rose 124 points or 0.5% to a seven-week high of 23,806 in early trade Wednesday, extending gains from the previous session as most sectors advanced. Sentiment continued to be supported by China's central bank cutting key lending rates for the first time in seven months to support growth and ease trade-related risks. Major state banks in the mainland also lowered deposit rates to relieve pressure from narrowing interest margins. However, gains were somewhat limited by a rise in the city's jobless rate to 3.4% in the three months ending April its highest in over two years...
The Nikkei 225 slipped 76 points or 0.2% to 37,454 in Wednesday's morning session, retreating from a modest gain the previous day as investors digested Japan's latest trade figures. Exports rose 2.0% year-on-year in April, marking the slowest growth in seven months amid mounting pressure from rising U.S. tariffs. Meanwhile, imports fell less than expected, reflecting Tokyo's efforts to support domestic demand in the face of trade uncertainty. Japan's chief trade negotiator, Ryosei Akazawa, reaffirmed the country's demand for the removal of U.S. tariffs, with the third round of trade talks...
Asia-Pacific markets traded mostly higher Wednesday after Wall Street halted its six-day win streak. Japan's benchmark Nikkei 225 slipped 0.23% after the country reported that exports slowed for a second straight month as the country reels under U.S. President Donald Trump's sweeping tariffs. South Korea's Kospi limbed 0.58% while the small-cap Kosdaq traded 0.95% higher. Australia's benchmark S&P/ASX 200 climbed 0.43%. Hong Kong's Hang Seng index rose 0.45% at the open, while mainland China's CSI 300 traded flat. The Bank of Indonesia is also slated to release its policy decision...
U.S. stocks fell in afternoon trading, with the S&P 500 down 0.8% and on track to snap a six-day winning streak. The Nasdaq fell 0.9%, while the Dow Jones Industrial Average dropped 250 points. The declines followed a recent rally fueled by easing trade tensions and investor optimism about President Trump's proposed tax and tariff policies. However, growing concerns that investor relief over easing inflation and trade progress may be premature weighed on sentiment. A selloff in big tech companies dragged the market lower, with Alphabet down during the Google I/O event and additional...
European stocks closed higher on Tuesday, recovering from a slight decline in the previous session and hitting a two-month high, amid continued support from the prospect of increased government spending in Europe. The euro zone STOXX 50 closed 0.4% higher at 5,450 and the STOXX 600 gained 0.7% to 554, supported by a strong session for pharmaceutical heavyweights. Consumer discretionary stocks pared some of the previous session's steep losses, with LVM, BMW and Kering rising between 4% and 1.5%. Banks were also mostly higher, led by BBVA, UniCredit and Intesa Sanpaolo up more than...