European stocks closed sharply higher on Wednesday (July 23), halting three previous trading sessions' declines, buoyed by speculation that the US might accept lower tariffs following a new trade deal with Japan. The Eurozone STOXX 50 rose 1.1% to 5,350, and the pan-European STOXX 600 gained 1.1% to 550. President Trump lowered tariffs on Japan to 15% from an initial threat of 25%, despite no reports of substantial progress in trade negotiations between the EU and the US. Progress on auto tariffs with Japan, which has significant exposure to automakers, lifted shares of BMW, Stellantis,...
US stocks were lower on Wednesday, with both the S&P 500 and the Nasdaq falling 0.5% and the Dow Jones losing more than 300 points, extending losses from the previous session. Investor sentiment weakened amid growing concerns over the US fiscal outlook, with lawmakers discussing President Trump's tax-and-spending bill that will likely increase the budget deficits by nearly $3 billion over a decade. Frustration is also mounting over the lack of progress in trade negotiations. Consumer discretionary was by far the worst performing sector while communication services manged to stay in the...
The Hang Seng rose 146 points or 0.6% to finish at 23,828 on Wednesday, marking its second straight session of gains and reaching its highest level since late March. All sectors advanced, led by consumer, tech, and property stocks. Market sentiment was buoyed by a positive call from Morgan Stanley, which raised its targets for Chinese stock indexes, citing structural improvements and progress on tariffs and earnings. However, further upside was limited by a sharp drop in U.S. futures following Wall Street's recent rally. Also, Morgan Stanley warned that deflation risks in China may...
Both the STOXX 50 and STOXX 600 slipped 0.2% on Wednesday, retreating from nearly two-month highs reached the previous day, as traders awaited new catalysts amid concerns over stalled trade talks, weak economic data, and corporate earnings. Markets are closely watching the ongoing G7 finance ministers' meeting for any signals that a weaker dollar could support progress in trade negotiations. In the UK, inflation rose to 3.5%, prompting investors to scale back expectations for Bank of England rate cuts. On the corporate front, JD Sports shares plunged over 7% after reporting a 2% drop in...
The Nikkei 225 fell 214 points or 0.6% to close at 37,315 on Wednesday, following small gains in the previous session. Meanwhile, the broader Topix index slipped 0.3%, giving up early gains. These declines followed fresh trade data showing Japan's exports grew at the slowest pace in seven months in April, as rising U.S. tariffs began to weigh. Exports to the U.S. fell for the first time in four months, driven by weaker demand for automobiles, steel, and ships. According to the Nikkei newspaper, lead trade negotiator Ryosei Akazawa is set to visit the U.S. on Friday for a third round of...
Hong Kong stocks rose 124 points or 0.5% to a seven-week high of 23,806 in early trade Wednesday, extending gains from the previous session as most sectors advanced. Sentiment continued to be supported by China's central bank cutting key lending rates for the first time in seven months to support growth and ease trade-related risks. Major state banks in the mainland also lowered deposit rates to relieve pressure from narrowing interest margins. However, gains were somewhat limited by a rise in the city's jobless rate to 3.4% in the three months ending April its highest in over two years...