US stocks closed sharply lower on Friday as a Broadcom-led rout among the largest tech weights sparked a rotation into cyclicals and defensive names. The S&P 500 fell 1% and the Dow gave back 0.4% after touching record highs, while the Nasdaq dropped 1.8%, with Broadcom plunging 11.4% after warning of margin pressure. Other heavyweight, AI-exposed and semiconductor names also posted steep losses, including Nvidia (-3.3%), Oracle (-4.5%), Palantir (-2.1%), AMD (-4.8%), and Micron (-6.7%) setting the pace for a sharp selloff in the sector. The pullback reflects margin concerns and growing...
The Hang Seng rose 175 points or 0.7% to close at 25,936 on Thursday, partly rebounding from a steep fall the prior day amid firmer U.S. futures ahead of Friday's PCE index and the Fed's final policy meeting of the year, where a 25bps rate cut is widely expected. Meanwhile, China may keep its 2026 growth target at around 5% as top leaders convene later this month to map out next year's economic agenda. On the corporate front, Country Garden secured shareholder approval for USD 13 billion in convertible bonds as the indebted builder pushes forward with its debt restructuring. CMOC Hong Kong...
The Nikkei 225 Index jumped 2.33% to close at 51,028, while the broader Topix Index rose 1.92% to 3,398 on Thursday, with the latter hitting fresh record highs as robot makers and technology shares rallied on renewed investor interest. Fanuc led the advance, surging 13% after the automation company recently announced a partnership with Nvidia to develop industrial robots. Other robotics firms posted strong gains as well, including Yaskawa Electric (11.4%) and Nabtesco (11.3%). Major tech names also climbed, with notable increases in SoftBank Group (9.2%), Lasertec (6.2%) and Disco Corp...
The Nikkei 225 Index jumped 2.33% to close at 51,028, while the broader Topix Index rose 1.92% to 3,398 on Thursday, with the latter hitting fresh record highs as robot makers and technology shares rallied on renewed investor interest. Fanuc led the advance, surging 13% after the automation company recently announced a partnership with Nvidia to develop industrial robots. Other robotics firms posted strong gains as well, including Yaskawa Electric (11.4%) and Nabtesco (11.3%). Major tech names also climbed, with notable increases in SoftBank Group (9.2%), Lasertec (6.2%) and Disco Corp...
Hong Kong equities rose 75 points, or 0.3%, to 25,834 in Thursday morning deals, reversing a sharp drop the previous day as gains mainly from tech and consumer stocks lifted risk appetite. An extended rally on Wall Street overnight lent further support ahead of Friday's PCE index, the Fed's preferred inflation gauge, while markets priced in a potential 25bps rate cut next week amid softer labor market signals. Locally, economists expect Hong Kong's HIBOR to stay between 2-3% in the coming quarters, providing a stable backdrop for asset markets and the broader economy. Gains were capped,...
Asian stocks opened higher on Thursday, following gains in US markets. Positive sentiment stemmed from weak US jobs data, bolstering confidence that the Federal Reserve could cut interest rates at its meeting next week. The MSCI Asia stock index rose around 0.2%, while US stock index futures held steady after the S&P 500 rose 0.3% and the Nasdaq 100 gained 0.2% on Wednesday. In global financial markets, the US dollar index remained flat after previously falling 0.4%. US Treasury yields also fell, with the two-year yield hovering around 3.48% as expectations for an interest rate cut...