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...
Asia-Pacific markets climbed Wednesday, after all three key benchmarks on Wall Street advanced overnight on optimism that U.S.-China trade tensions could ease. This comes after U.S. President Donald Trump indicated that final tariffs on Chinese exports to the U.S. "won't be anywhere near as high as 145%." However, he added that the duties "won't be 0%." Trump also said he has "no intention" to fire Federal Reserve chair Jerome Powell before his term ends, alleviating investors' concerns over the central bank's independence. Hong Kong stocks led gains in the region, with the Hang Seng...
US stocks rose on Tuesday as hopes of an easing in the US-China trade war lifted investor sentiment after a sharp sell-off the previous day. The S&P 500 and Nasdaq each rose 2.5%, while the Dow Jones jumped 1,016 points. Optimism was fueled by comments from Treasury Secretary Bessent at a JPMorgan-hosted summit, in which he said the current tariff standoff was "unsustainable" and hinted that negotiations with China were moving toward a resolution. However, gains eased later in the day as Bessent acknowledged that formal talks had not yet begun and warned that negotiations would likely be...
European stocks reversed early losses and closed higher on Tuesday, helped by a rebound in U.S. equities as markets continued to assess how lower trade risks with the U.S. could affect Europe's corporate giants. The eurozone STOXX 50 gained 0.4% to close at 4,956 and the pan-European STOXX 600 gained 0.2% to close at 508. Carmakers were among the biggest gainers on the session, with Mercedes-Benz, BMW and Volkswagen all up more than 2%. Banks, meanwhile, were solidly ahead, with BNP Paribas, Intesa Sanpaolo and ING all up around 1.5%, although UniCredit slumped almost 3% after the Italian...
US stocks were higher on Tuesday, trimming the selloff from the prior session as markets continued to assess risks to the autonomy of the Federal Reserve and the uncertain economic policy route by the Presidential administration. The S&P 500, the Nasdaq 100, and the Dow were all up by slightly more than 1%. Equities booked sharp losses at the start of the week, aligning with declines in Treasury securities and the US dollar after President Trump and cabinet members signaled pressure on Fed Chair Powell to be replaced. This extended the pivot away from dollar assets amid ongoing trade...
The Hang Seng rose 167 points or 0.8% to close at 21,562 on Tuesday, swinging from early declines amid a jump in U.S. futures. The recovery followed a rout on Wall Street Monday, after President Trump intensified pressure on Fed Chair Jerome Powell, labeling him a "major loser" and demanding immediate rate cuts. Investor sentiment also improved after reports suggested China's "national team" and retail investors stepped in to support mainland equities. All sectors ended in the green, led by property, financials, and consumer stocks. Wanda Hotel surged 9.7% after Tongcheng Travel agreed to...