(Hong Kong) On the final trading day of July, the Hang Seng Index opened 194 points, or 0.77%, lower at 24,982. The China Enterprises Index fell by 61 points, or 0.68%, to 8,976, while the Technology Index declined 31 points, or 0.58%, to 5,458. WuXi AppTec saw its share price drop 4% after a discounted share placement. Technology stocks broadly weakened, with Meituan leading the decline, falling 3.06%. Alibaba slipped 0.95%, Xiaomi Group dropped 0.82%, Trip.com Group eased 0.57%, and Tencent edged down 0.36%. Financial stocks also displayed weakness. HSBC Holdings extended its losses by...
The Nikkei 225 Index dropped 1.1% to around 38,160, while the broader Topix Index fell 1.3% to 2,653 on Friday, marking their lowest levels in at least a month. The declines followed losses on Wall Street overnight, driven by a sell-off in megacap technology stocks. Investor focus shifted to the upcoming Bank of Japan monetary policy decision, as Governor Kazuo Ueda indicated on Wednesday that the central bank would consider raising interest rates at its next meeting. In corporate news, Nintendo saw a sharp 6% drop after announcing the launch of its Switch 2 console later this year. Other...
U.S. stocks dipped on Thursday as a jump in the prior session cooled, while investors eyed the most recent corporate earnings and gauged economic data to determine the path of Federal Reserve rate cuts. A benign reading on inflation calmed fears about a renewal in price pressures and strong bank earnings helped the three major U.S. indexes notch their biggest one-day percentage gain since Nov. 6 on Wednesday. Morgan Stanley (MS.N), advanced 4.03% after the lender said earnings increased in the fourth quarter, propelled by a wave of dealmaking, while Bank of America (BAC.N), shares declined...
European markets closed higher Thursday, with luxury stocks soaring on strong results from Cartier owner Richemont The regional Stoxx 600 index provisionally ended the day 0.93% higher, with most sectors in positive territory. Retail stocks pared earlier gains to fall 0.2%. Luxury sector bellwether Richemont jumped 16% after reporting a better-than-expected 10% increase in fiscal third-quarter sales, while France's LVMH, Kering and Christian Dior all rising. Retailers Moncler, Burberry, Swatch and Hermes also crowded around the top of the Stoxx index. Technology stocks closed 1.9% higher,...
US stocks rose slightly on Thursday, with the three major indexes up about 0.1%, following strong gains the previous day. Traders digested the latest economic data while remaining optimistic that the Federal Reserve has room to implement further interest rate cuts this year. Retail sales rose less than anticipated last month and initial claims came in above estimates. Tech stocks such as Nvidia (1.5%) and Super Micro Computer (2.7%) rose, supported by a positive outlook from Taiwan Semiconductor Manufacturing. Meanwhile, earnings season continued with Bank of America shares rising 0.1%...
The STOXX 50 rose 0.9% and the STOXX 600 gained 0.6% on Thursday, in line with a rise in global equities. The rally was driven by optimism following the U.S. CPI report, which reinforced expectations that the Federal Reserve has room to continue cutting interest rates this year. Meanwhile, traders were also focused on corporate results, with Richemont shares jumping more than 15% after the luxury company reported a 10% jump in Q3 sales. The luxury sector received a boost from the news, with LVMH (8%), Kering (9%), Moncler (7.6%) and Hermes (5.1%) surging. ASML Holding (3.5%), L'Oreal (2.6%)...