The Dow Jones Industrial Average faced renewed downside pressure on Tuesday, tumbling 680 points from the previous day's close at its lowest before finding a half-hearted technical floor near 46,255. The major equity index has pushed into a fourth consecutive bearish day as investors face headwinds on multiple fronts. US labor data continues to tease around the edges of a steepening downturn after US Initial Jobless Claims came in within familiar territory, rising slightly to 232K from the previous print of 219K. ADP's Employment Change 4-week average improved to -2.5K from the previous...
The Hang Seng lost 77 points or 0.3% to end at 26,752 on Thursday, declining for the fourth session as most sectors weakened. The financial index dropped 0.7% after reports that HSBC Holdings plans to buy out minority shareholders in its majority-owned Hang Seng Bank for about USD 13.6 billion. HSBC's Hong Kong-listed shares plunged 5.5%, while Hang Seng Bank surged 26%, with Citi analyst Andrew Coombs noting that investors were questioning "why now and at this price." Tech shares retreated as sentiment soured after China broadened its rare earth export controls, citing tech and military...
The Hang Seng lost 77 points or 0.3% to end at 26,752 on Thursday, declining for the fourth session as most sectors weakened. The financial index dropped 0.7% after reports that HSBC Holdings plans to buy out minority shareholders in its majority-owned Hang Seng Bank for about USD 13.6 billion. HSBC's Hong Kong-listed shares plunged 5.5%, while Hang Seng Bank surged 26%, with Citi analyst Andrew Coombs noting that investors were questioning "why now and at this price." Tech shares retreated as sentiment soured after China broadened its rare earth export controls, citing tech and military...
European stocks held steady on Thursday after hitting new records the previous day, as investors awaited the latest news on the French political crisis. The Stoxx Europe 600 was virtually flat at 8:15 a.m. in London, while Germany's DAX edged up to another record. Mining and travel & leisure sectors led, while autos and banks lagged. In individual stocks, HSBC fell after proposing a takeover plan for Hang Seng Bank in Hong Kong, valuing the entity at around $37 billion. In Paris, the CAC 40 edged higher following President Emmanuel Macron's signal that he would appoint a new prime...
Japanese stocks closed higher on Thursday, following a Wall Street rally driven by renewed buying in AI-related stocks. The Nikkei 225 rose 1.8%, or 845 points, to 48,580.44, signaling investors were more focused on corporate performance prospects and hopes for a Fed rate cut, although the ongoing earnings season will test that optimism. On a fundamental level, the Japan Economists Survey Index edged up to 47.1 in September, reflecting support from household demand that offset weakness in food and beverage production. On the corporate front, Hitachi Construction Machinery entered a...
Hong Kong stocks weakened on Thursday, signaling sluggish "golden week" holiday shopping in mainland China. The Hang Seng Index fell 1.1% to 26,521.75 as of 9:55 a.m. local time, while Hang Seng Tech shed 0.6%. On the mainland, markets reopened with the CSI 300 up 0.4% and the Shanghai Composite up 0.2%. The main highlight came from Hang Seng Bank, which surged 27% to HK$150.60—having soared as high as 41% earlier in the session—following HSBC's proposal to privatize the bank at HK$155 per share (a 30.3% premium). Among other movers, ZTO Express rose 1.9%, Li Auto +1.4%, Trip.com +1.2%, and...