The Hang Seng Index plunged 376 points, or 1.4%, to close at 25,907 on Friday, marking its third consecutive session of decline amid widespread declines across sectors. Market sentiment weakened after China's official PMI showed manufacturing activity contracted at its fastest pace in six months in October, while service sector growth remained weak. Meanwhile, the temporary US-China trade truce failed to boost confidence, with investors viewing it as a short-term respite rather than a meaningful breakthrough. Further pressure came after US Federal Reserve Chairman Powell signaled that a...
Japanese stocks dropped for a third day, with investors remaining on the sidelines as central bankers gather in Jackson Hole, Wyoming for an eagerly awaited annual symposium. Topix Index fell 0.5% to 3,082.95 as of 3:31 p.m. Tokyo time Out of 1,679 stocks in the index, 694 rose and 911 fell, while 74 were unchanged Nikkei declined 0.6% to 42,610.17 Auto and pharmaceutical shares slumped, while profit-taking pressured sectors such as construction. Meanwhile, some AI-related stocks including Advantest were picked up by investors after Wednesday's selloff to gain...
Hong Kong shares were little changed on Thursday morning, holding near 25,174 after a modest gain in the previous session. Investors digested minutes from the latest FOMC meeting, which struck a hawkish tone amid lingering inflation risks. Meanwhile, U.S. President Trump reportedly called on Fed Governor Lisa Cook to resign over allegations of providing false information to secure favorable mortgage terms. In China, equities extended gains as funds rotated into stocks despite ongoing U.S. trade tensions, while Beijing pressed ahead with curbs on excessive competition. Sector performance...
Japanese stocks are lower in early trade after U.S. tech stock selling continued overnight. Pharmaceutical and auto stocks are leading the declines. Daiichi Sankyo is down 5.6% and Honda Motor is 1.7% lower. USD/JPY is at 147.37, compared with 147.23 as of Wednesday's Tokyo stock market close. Investors are watching for any developments related to the war in Ukraine and domestic politics. The Nikkei Stock Average is down 0.2% at 42790.90. Source: Marketwatch
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...