Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan prime rates for July, as well as the latest developments on the trade front. Trade came into focus once again over the weekend as the White House reiterated its position on tariffs. On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the "hard deadline" for countries to start paying tariffs, though he also added that "nothing stops countries from talking to us after August 1." South Korean markets started the day higher Monday. As of...
Nominal wages in Japan rose 2.6% year-on-year in October 2024, marking the slowest growth since May, in line with market expectations. In contrast, inflation-adjusted real wages—a key measure of consumer purchasing power—held steady compared with October 2023. That was an improvement from a 0.4% decline in September and a 0.8% decline in August. The stability in real wages has strengthened expectations of an interest rate hike by the Bank of Japan this month, although market sentiment remains divided over whether the next hike will come in December or January. BOJ Governor Kazuo Ueda...
US stocks closed lower on Thursday, retreating from records as investors tread cautiously ahead of Friday's pivotal jobs report, which could influence the Federal Reserve's December rate decision. The S&P 500 and Nasdaq slipped 0.2%, while the Dow Jones dropped 248 points. Weekly jobless claims rose to 224,000, slightly above expectations, indicating a cooling labor market. Tomorrow's nonfarm payrolls report is anticipated to show a gain of 200,000 jobs, with weaker data potentially bolstering expectations for a rate cut, currently at a 74% probability for a 25-basis-point reduction at...
Wall Street's main indexes were mostly flat on Thursday after recording all-time closing highs in the previous session, with focus on the monthly employment report due on Friday as markets mostly brushed off weekly jobless claims data. The crucial nonfarm payrolls report, scheduled for release before markets open, could be key in gauging the Federal Reserve's interest rate trajectory. Eric Clark, portfolio manager at the Rational Dynamic Brands Fund, said the market could get a rate cut in December but the Fed might be more cautious going forward. "They have already hinted about being...
European stocks edged higher on Thursday, with the Stoxx 50 and Stoxx 600 both up around 0.5%, extending gains from the past five sessions despite sectoral volatility. Banking and travel stocks led with over 2% gains, while oil and gas stocks dipped 0.4%. In France, markets remained steady despite political upheaval, as the CAC 40 rose 0.4% to its highest since mid-November after Prime Minister Michel Barnier's government fell to a no-confidence vote. Analysts noted no immediate risk of a government shutdown, easing investor concerns. In the UK, the Competition and Markets Authority...
Wall Street was set for a muted open on Thursday following record highs for all three main indexes in the previous session, as investors awaited upcoming employment data later this week. The S&P 500, the Nasdaq and the blue-chip Dow clocked record closing highs on Wednesday as technology shares rallied after upbeat results from companies including and Marvell Technology. U.S. Federal Reserve Chair Jerome Powell appeared to signal support for a slower pace of interest-rate cuts ahead when he spoke on Wednesday, saying the economy was stronger at this point than the central bank had...