Hong Kong stocks opened higher on Tuesday, following Wall Street's rally, amid hopes of fresh stimulus after a report showed China's manufacturing activity remained weak. The Hang Seng Index rose 0.4% to 26,736.44, while Hang Seng Tech added 1%. Technology and e-commerce stocks led the gains, with Alibaba surging nearly 2%, JD.com rising 0.8%, and Semiconductor Manufacturing International surging 3.7%. Meanwhile, Baidu and Trip.com shares weakened, while New Oriental plunged nearly 2%. Official data showed China's manufacturing PMI in September stood at 49.8, marking the sixth consecutive...
Asia-Pacific markets mostly rose as investors assessed the four-day losing streak for the S&P 500, led by declines in tech stocks. Investors in the region are awaiting India's HSBC Composite flash purchasing managers' index reading for August, which provides an early snapshot of the performance of the private sector economy, expected later in the day. Economists polled by Reuters expect it to come in at 60.5, compared with 61.1 in the month before. Japan's Nikkei 225 was down 0.21% in early trade, while the broader Topix index ticked down 0.4%. In South Korea, the Kospi index rose...
US equities fell on Wednesday as skepticism on grounds for future AI returns pressured tech companies, while markets assessed earnings from retailers and FOMC minutes. The S&P 500 and the Nasdaq 100 lost 0.5% and 1%, respectively, while the Dow was slightly lower. Magnificent 7 companies fell further for a second session, coinciding with research noting that most AI firms will not be profitable. Nvidia, Meta, and Alphabet were over 1% down. In turn, retail earnings were mixed. Target slumped 10% as it revealed a new CEO, despite beating earnings, while Estee Lauder lost 4% on a...
European indices were mixed on Wednesday following a tech-led selloff on Wall Street, while U.K. inflation came in hotter than expected, raising doubts over future monetary easing by the Bank of England. The DAX index in Germany dropped 0.7%, while the CAC 40 in France slipped 0.1% and the FTSE 100 in the U.K. rallied 1.1%. Tech-led weakness European markets have followed their Asian counterparts lower on Wednesday, following the overnight weakness on Wall Street after tech stocks fretted about President Donald Trump's growing influence over the sector. U.S. Commerce Secretary Howard...
US stocks were mixed for a second session on Wednesday as the market assessed the sustainability of the AI-driven rally, retail earnings results, and the outlook for US interest rates. The Dow Jones Industrial Average edged higher while the S&P 500 held near the flatline, although the Nasdaq 100 weakened as the tech giant continued its aggressive decline from the previous session. Tech giants' stocks weakened further amid concerns that valuations may have become overstretched, in line with research indicating that most AI companies will be unprofitable, while MetaTrader has overhauled...
The Hang Seng Index rose 43 points, or 0.2%, to close at 25,166 on Wednesday, reversing early losses and ending a four-day losing streak. Market sentiment improved as Chinese equities rallied, boosted by the People's Bank of China's decision to maintain its benchmark interest rate-a move expected to inject liquidity and counter deflationary pressures. Meanwhile, trading and listing activity in Hong Kong continued to increase, supported by policy measures to stimulate the capital market and simplify IPO procedures. Investors tried to brush aside reports that the US was intensifying scrutiny...