US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
The S&P 500 traded around the flatline and the Nasdaq declined 0.2% while the Dow Jones gained about 210 points on Wednesday, as traders awaited further clarity on trade policy amid growing concerns over the economic outlook. On Tuesday, President Trump reaffirmed his opposition to too many exceptions on reciprocal tariffs, set to take effect on April 2nd. Meanwhile, durable goods orders were mixed, with total orders surprisingly rising while orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, fell 0.3%, missing forecasts of a...
European stocks opened broadly lower on Wednesday ahead of a U.K.-focused day for markets. The pan-European Stoxx 600 was 0.7% lower by 9:25 a.m. in London, with most sectors seeing losses. Wednesday will be a busy day for U.K. financial markets, with the "Spring Statement" from U.K. Finance Minister Rachel Reeves due just after midday local time, and official figures showing U.K. inflation cooled slightly to 2.8% in February. Reeves is expected to announce billions of pounds worth of spending cuts as a way to close a budget shortfall caused by a rise in borrowing costs since her first...
The Hang Seng climbed 139 points or 0.6% to close at 23,483 on Wednesday, partially rebounding from a near two-week low in the prior session. Sentiment improved after the Trump administration suggested that upcoming US tariffs may be more targeted than initially feared. Traders also welcomed news that Morgan Stanley raised its 2025 year-end targets for Chinese stocks, while Goldman Sachs strategists predicted further upside driven by positive earnings revisions. Geopolitical developments also provided support, with the US announcing a Russia- Ukraine ceasefire in the Black Sea. However, a...
The Nikkei 225 Index rose 0.65% to close at 38,027, while the Topix Index gained 0.55% to 2,813 on Wednesday, marking a second straight session of gains. Japanese stocks followed Wall Street's strong overnight performance, buoyed by hopes of a less aggressive stance on Trump's tit-for-tat tariffs. Meanwhile, Bank of Japan Governor Kazuo Ueda told parliament that it would continue to raise interest rates if economic projections materialize. Ueda said growth has been beating expectations as the positive cycle from rising incomes to rising spending gradually strengthens. Consumer stocks led the...
Hong Kong shares rose 65 points, or 0.3%, to 23,404 in early trade on Wednesday, trying to bounce back from a near two-week low hit the previous day. Gains were led by the technology, consumer discretionary and property sectors, with traders reacting positively to trade data showing the city's exports and imports rose at the fastest pace in 13 months. Meanwhile, U.S. stock futures edged higher after Wall Street posted modest overnight gains ahead of President Trump's April 2 tariff deadline. In China, Morgan Stanley raised its outlook on mainland stocks for the second time in just over a...