The Hang Seng Index weakened 38 points, or 0.15%, to close at 25,524 on Tuesday (July 29th), reversing gains from the previous session as most sectors declined. Traders are increasingly cautious about the potential negative impact of the US-EU trade deal, including its implications for growth and inflation. Meanwhile, President Trump raised global tariffs by 15% to 20% for non-negotiating partners, a level not seen since the Great Depression. Profit-taking also weighed after benchmark indexes in Hong Kong and China recently hit multi-year highs. However, the benchmark indexes pared earlier...
US stocks were muted on Tuesday as markets assessed the latest earnings and the risks that tariffs and uncertain economic policy may have on corporate returns. The three main averages were close to the flatline. Trade and economic policy uncertainty drove UPS to refrain from giving a full-year outlook, pressuring their shares by 2%. Also, while GM sank 4% after it cancelled its share buyback and pulled its outlook due to the possibility of tariffs. Additionally, Amazon fell by 1% after stating it will list the additional surcharge on its goods due to tariffs, driving White House officials...
The Hang Seng rose 36 points or 0.2% to end at 22,008 on Tuesday, mainly helped by strength in tech and financials after a muted prior session. Markets trimmed early gains, amid caution ahead of April's official PMI data in China that will be due Wednesday. Investors continued to await more clarity on U.S. tariff plans and their potential impact on China. Beijing Monday held off on new stimulus but reiterated support for exporters and workers affected by U.S. tariffs and said contingency plans for the economy are in place. Meantime, mainland markets will be closed from May 1 for a 5-day...
European markets were mixed on Tuesday as investors assessed a wave of earnings for signs of how US tariffs and global uncertainty are affecting companies. The Stoxx 50 was down 0.2% while the Stoxx 600 rose 0.2%, though the autos sector slipped 0.4%, led by Volvo Cars, which reported a sharp drop in Q1 profit and suspended its full-year guidance. The Swedish automaker also announced SEK 18 billion ($1.87 billion) in cost cuts. Porsche fell 7.4% after cutting its sales and margin forecasts, citing US tariffs. In banking, HSBC beat Q1 estimates despite year-on-year declines in profit and...
Hong Kong equities rose 123 points or 0.6% to 22,095 in Tuesday's morning session, rebounding from a muted day as a modest rise in U.S. futures lifted sentiment. Gains came as investors awaited more earnings reports following a volatile Wall Street session overnight. China's commitment on Monday to aid exporters and workers impacted by U.S. tariffs continued to boost confidence, complemented by contingency plans aimed at bolstering the broader economy. On the trade front, Hong Kong's exports surged 18.5% yoy in March—the strongest growth in over a year and the highest value in three years—as...
Asia-Pacific markets had a sluggish open as investors awaited the extent of the impact of U.S. President Donald Trump's tariffs on corporate earnings and economic data expected from Wall Street this week. Market watchers were also closely monitoring developments surrounding trade deal negotiations between the U.S. and countries in the region. Australia's benchmark S&P/ASX 200 started the day 0.38% higher. Over in South Korea, the Kospi index was down 0.13% while the small-cap Kosdaq added 0.43%. Futures for Hong Kong's Hang Seng index stood at 21,999, pointing to a slightly higher...