European stock markets edged higher on Monday, as investors looked ahead to a trading week due to feature key economic data and a potential U.S. government shutdown. The pan-European Stoxx 600 had climbed by 0.3%, while the Dax in Germany gained 0.2%, the CAC 40 in France rose 0.1%, and the FTSE 100 in the U.K. increased around 0.2%. Shares of Britain's GSK rallied over 2%, boosting the wider health care sector, on news that the drugmaker's CEO Emma Walmsley will step down. Walmsley is due to be replaced by Luke Miels in January. AstraZeneca's stock price also ticked up after the U.K....
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave up earlier gains, ending 0.3% lower and below Thursday's record close, the Dow dropped 220 points, while the Nasdaq 100 was flat. The economy added just 22K jobs, well below the 75K forecast, while the unemployment rate rose to 4.3%, highlighting a cooling labor market. Traders priced in a higher chance of interest-rate cuts, with bets rising on a potential 50bps reduction this month. Banks,...
European stocks closed on Friday, tracking the pullback in US equities after pessimistic labor data from the US sounded alarms over the world's largest economy. The Eurozone's STOXX 50 dropped 0.6% to 5,330, and the pan-European STOXX 600 fell 0.2% to 549. Nonfarm payrolls in the US were well under market expectations and the unemployment rate, which is under special scrutiny by the Federal Reserve, rose to a near-four-year high. The results backed bets of incoming cuts by the Fed, but such support was offset by concerns of a weakening economy and the pressure on export-oriented sectors in...
US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones Industrial Average rose nearly 100 points as a weak jobs report reinforced expectations of a Fed rate cut this year. The US economy added only 22,000 jobs in August, well below the 75,000 expected, while the unemployment rate rose to 4.3%, the highest since 2021 and in line with expectations. The figures point to a cooling labor market and reinforce speculation that the Fed will cut interest rates later this month, with the market now pricing in...
The Hang Seng index surged 359 points, or 1.4%, to close at 25,418 on Friday, ending a three-day losing streak. Optimism improved after Wall Street's S&P 500 hit a record high on Thursday, with traders betting that the Fed would cut interest rates this month amid further signs of a weakening US labor market. For the week, the index also gained 1.4%, reversing the previous week's decline, supported by a CNY 1 trillion liquidity injection from China's central bank. Gains were capped by the sharpest weekly decline in five months in mainland stocks as traders booked profits following a...
The Hang Seng Index opened 77 points, or 0.31%, higher at 25,136 points. The Hang Seng China Enterprises Index rose by 22 points, or 0.25%, to 8,960 points, while the Tech Index increased by 23 points, or 0.42%, reaching 5,602 points. In the technology sector, stocks displayed varied performance: Tencent gained 1.1%, while Alibaba fell by 1%. Meituan declined by 0.1%, Xiaomi increased by 1%, JD.com also rose by 1%, and Kuaishou edged up by 0.1%.In the technology sector, stocks displayed varied performance: Tencent gained 1.1%, while Alibaba fell by 1%. Meituan declined by 0.1%, Xiaomi...