Stocks in the US closed near the flatline on Friday as investors weighed President Trump's push for higher tariffs on the European Union against strong economic data and corporate earnings. The S&P 500 and Nasdaq 100 finished mostly muted near their records, while the Dow Jones dropped 142 points, pressured by a 2.2% decline in American Express shares. Trump reportedly demands a minimum 15-20% tariff in any deal with the EU, which is working to finalize an agreement before his August 1 deadline. On the corporate front, Netflix shares fell 5.1% despite beating revenue and earnings...
The Nikkei 225 Index rose 0.4% to above 37,600 while the broader Topix Index gained 0.4% to 2,767 on Friday, reversing losses from the previous session as the recent phone call between US President Donald Trump and Chinese President Xi Jinping lifted market sentiment. The two leaders agreed to resume trade negotiations aimed at ending the ongoing trade war. In Japan, data showed that household spending unexpectedly declined in April, reflecting the impact of rising prices on consumer demand. The softer spending figures add to the growing list of considerations for the Bank of Japan as it...
Wall Street closed lower on Thursday as investors grappled with a public feud between President Trump and Elon Musk, fresh U.S.-China trade uncertainty and growing signs of a weakening labor market. The S&P 500 fell 0.5%, the Dow dropped 107 points and the tech-heavy Nasdaq dropped 0.8%, dragged down by Tesla's sharp losses. Tesla shares plunged 14.3% after Trump criticized Musk for his opposition to a sweeping tax and spending bill, suggesting he might strip Musk's companies of government contracts and subsidies. Earlier optimism from a phone call between Trump and Chinese President Xi...
European stocks rose on Thursday after the ECB cut interest rates for the eighth time in a year. The ECB lowered borrowing costs by 25 basis points and revised down its inflation forecasts for 2025 and 2026. While the rate cut was largely priced in, the sharper-than-expected downward revision to the 2026 inflation outlook caught some market participants by surprise. ECB President Lagarde acknowledged that the inflation outlook remains more uncertain than usual. Also supporting sentiment was news of a phone call between U.S. President Trump and Chinese President Xi, which indicated progress...
The three major US stock averages hovered around the flatline on Thursday, as investors weighed mixed economic data and reports of a phone call between US President Trump and Chinese President Xi, though no details of the conversation were disclosed. On the data front, initial jobless claims unexpectedly rose to 247K, the highest level since October last year, signaling potential softening in the labor market. Additionally, labor costs rose more than initially estimated, adding to inflationary concerns. Traders are now looking ahead to Friday's key jobs report for further insight into the...
The Hang Seng climbed 253 points or 1.1% to close at 23,907 on Thursday, notching its third straight gain and a two-week high. Broad-based sector advances drove the rally, with sentiment boosted by a rebound in China's services activity for May, following April's seven-month low. The tech index led the rise, up near 2.0% after a strong performance in Chinese ADRs listed in New York. Property, consumer, and financials also advanced, aided by optimism over potential U.S.-China trade talks, despite President Trump saying it was "extremely hard" to reach a deal with Xi Jinping. Meantime, U.S....