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The Hill
24 minutes ago
- The Hill
Asian shares charge higher after US stocks rally to records on hopes for interest rate cuts
BANGKOK (AP) — Shares advanced Wednesday in Asia after the U.S. stock market rallied to records when data showed inflation across the United States improved slightly last month. Tokyo's benchmark Nikkei 225 added to its record set a day earlier. Shares in Hong Kong, Singapore and Malaysia also gained more than 1%. The recent rally in share prices has been driven partly by relief over an extended truce in President Donald Trump's trade war with China, and partly by persisting hopes the Federal Reserve will cut interest rates. Those were reinforced by a moderation in the consumer price index in July. 'Asia woke up in full risk-on mode, riding the coattails of a U.S. session that looked like someone hit the 'infinite bid' button after CPI didn't blow the inflation doors off,' Stephen Innes of SPI Asset Management said in a commentary. China and the U.S. agreed to extend by 90 days the pause in drastically higher tariff rates to allow more time for talks on a broad trade agreement. Although uncertainty over what the negotiations will yield remains, the truce has relieved pressure on companies and countries across Asia that rely heavily in supply chains routed through China. Hong Kong's Hang Seng surged 1.9% to 25,439.91, while the Shanghai Composite index added 0.6% to 3,686.34. In Japan, relief over the Trump administration's confirmation that its exports will face a flat 15% U.S. import duty has driven strong buying of computer chip-related companies and other exporters. The Nikkei 225 gained 1.6% to 43,407.46. Elsewhere in Asia, South Korea's Kospi advanced 0.8% to 3,215.43. In Australia, the S&P/ASX 200 shed 0.5% to 8,840.30. Taiwan's Taiex was up 0.8% and the Sensex in India gained 0.4%. In Bangkok, the SET climbed 0.9%. On Tuesday, the S&P 500 rose 1.1% to top its all-time high set two weeks ago. It closed at 6,445.76. The Dow Jones Industrial Average climbed 1.1% to 44,458.61, while the Nasdaq composite jumped 1.4% to set its own record of 21,681.90. Intel's stock rose 5.6% after Trump said its CEO has an 'amazing story,' less than a week after he had demanded Lip-Bu Tan's resignation. Circle Internet Group, the company behind the popular USDC cryptocurrency that tracks the U.S. dollar, climbed 1.3% despite reporting a larger loss for the latest quarter than analysts expected. It said its total revenue and reserve income grew 53% in its first quarter as a publicly traded company, which topped forecasts. The better-than-expected report on inflation raised hopes the Federal Reserve will have the leeway to cut interest rates at its next meeting in September. Tuesday's report said U.S. consumers paid prices for groceries, gasoline and other costs of living that were overall 2.7% higher in July than a year earlier. That's the same inflation rate as June's, and it was below the 2.8% that economists expected. Lower rates would give a boost to investment prices and to the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment. President Donald Trump has angrily been calling for cuts to help the economy, often insulting the Fed's chair personally while doing so. The Fed has hesitated, worried that Trump's tariffs could make inflation much worse. The Fed will get one more report on inflation and another on the U.S. job market, before its next meeting, which ends Sept. 17. The most recent jobs report was a stunner, coming in much weaker than economists expected. Critics say the broad U.S. stock market is looking expensive after its surge from a bottom in April. That's putting pressure on companies to deliver continued growth in profit. In other dealings early Wednesday, U.S. benchmark crude oil edged 4 cents higher to $63.21 per barrel. Brent crude, the international standard, was up 8 cents at $66.20 per barrel. The U.S. dollar rose to 147.94 Japanese yen from 147.84 yen. The euro climbed to $1.1686 from $1.1677.
25 minutes ago
Asian shares charge higher after US stocks rally
BANGKOK -- Shares advanced Wednesday in Asia after the U.S. stock market rallied to records when data showed inflation across the United States improved slightly last month. Tokyo's benchmark Nikkei 225 added to its record set a day earlier. Shares in Hong Kong, Singapore and Malaysia also gained more than 1%. The recent rally in share prices has been driven partly by relief over an extended truce in President Donald Trump's trade war with China, and partly by persisting hopes the Federal Reserve will cut interest rates. Those were reinforced by a moderation in the consumer price index in July. 'Asia woke up in full risk-on mode, riding the coattails of a U.S. session that looked like someone hit the 'infinite bid' button after CPI didn't blow the inflation doors off,' Stephen Innes of SPI Asset Management said in a commentary. China and the U.S. agreed to extend by 90 days the pause in drastically higher tariff rates to allow more time for talks on a broad trade agreement. Although uncertainty over what the negotiations will yield remains, the truce has relieved pressure on companies and countries across Asia that rely heavily in supply chains routed through China. Hong Kong's Hang Seng surged 1.9% to 25,439.91, while the Shanghai Composite index added 0.6% to 3,686.34. In Japan, relief over the Trump administration's confirmation that its exports will face a flat 15% U.S. import duty has driven strong buying of computer chip-related companies and other exporters. The Nikkei 225 gained 1.6% to 43,407.46. Elsewhere in Asia, South Korea's Kospi advanced 0.8% to 3,215.43. In Australia, the S&P/ASX 200 shed 0.5% to 8,840.30. Taiwan's Taiex was up 0.8% and the Sensex in India gained 0.4%. In Bangkok, the SET climbed 0.9%. On Tuesday, the S&P 500 rose 1.1% to top its all-time high set two weeks ago. It closed at 6,445.76. The Dow Jones Industrial Average climbed 1.1% to 44,458.61, while the Nasdaq composite jumped 1.4% to set its own record of 21,681.90. Intel's stock rose 5.6% after Trump said its CEO has an 'amazing story,' less than a week after he had demanded Lip-Bu Tan's resignation. Circle Internet Group, the company behind the popular USDC cryptocurrency that tracks the U.S. dollar, climbed 1.3% despite reporting a larger loss for the latest quarter than analysts expected. It said its total revenue and reserve income grew 53% in its first quarter as a publicly traded company, which topped forecasts. The better-than-expected report on inflation raised hopes the Federal Reserve will have the leeway to cut interest rates at its next meeting in September. Tuesday's report said U.S. consumers paid prices for groceries, gasoline and other costs of living that were overall 2.7% higher in July than a year earlier. That's the same inflation rate as June's, and it was below the 2.8% that economists expected. Lower rates would give a boost to investment prices and to the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment. President Donald Trump has angrily been calling for cuts to help the economy, often insulting the Fed's chair personally while doing so. The Fed has hesitated, worried that Trump's tariffs could make inflation much worse. The Fed will get one more report on inflation and another on the U.S. job market, before its next meeting, which ends Sept. 17. The most recent jobs report was a stunner, coming in much weaker than economists expected. Critics say the broad U.S. stock market is looking expensive after its surge from a bottom in April. That's putting pressure on companies to deliver continued growth in profit. In other dealings early Wednesday, U.S. benchmark crude oil edged 4 cents higher to $63.21 per barrel. Brent crude, the international standard, was up 8 cents at $66.20 per barrel. The U.S. dollar rose to 147.94 Japanese yen from 147.84 yen. The euro climbed to $1.1686 from $1.1677.
Bloomberg
25 minutes ago
- Bloomberg
Bessent Dismisses China Investing in US for a Trade Pact
00:00 What is our understanding at a time, of course, when negotiations between the US and China continue? We have that 90 day extension in terms of what this agreement could look like if investments in the US and China are not part of that. There is so many touchpoints, there are so many touch points, as you say, when it comes to that relationship. And if you can't talk about actual investment, which has been a consistent concern, not just with China, but you mentioned Japan as well, the Nippon Steel Deal has really brought into question how much foreign direct investment you actually want at the end of the day, which is ironic given it's such a key pillar of Donald Trump's policy, bringing in that foreign investment to kind of offset some of the expenditures when it comes to things that the government would need to spend. In terms of the country, it's one of the components of U.S. GDP. But the other key touchpoints are things like where it's IP, it's technology, but it's also a manufacturing and supply chain story that extends not into China, just into trying to Vietnam, the Philippines, Malaysia, etc. that ultimately comes back to the end consumer. And the point that Scott Bessant is trying to make here is that there's already so much interdependence between the two. So do we need to include foreign direct investment on top of that? Anecdotally, for example, when the Chinese invested in the Empire State Building, just as a hypothetical, that is where there was a lot of concern about the fact that some of these massive American projects are foreign owned. And that was something that domestically caused quite a bit of concern. This was years ago, of course, but that kind of sentiment that's starting to come back up more broadly in terms of that, in terms of the revenue increase coming through from tariffs, we get away any clearer to a point where that is starting to offset concerns about the US deficit. Is it is it making a mark as we see those revenues tick up year on year pretty, pretty substantially? They're enormous. I mean, the last three months just from the tariff collected since Liberation Day, even as these kind of negotiations are ongoing, are a pretty decent chunk of change. You're talking about billions of dollars being collected by the IRS, but billions it doesn't solve $1,000,000,000,000 problem or multi-trillion dollar problem. And that's really where the concern is. His argument or Donald Trump's argument is simply that the math will add up, that the tariff revenue plus the tax cuts will somehow offset the deficit. But we've talked to economists and market participants throughout programming who've suddenly said, well, the math doesn't add up because you're not actually taking into account some of the other pieces as well. That being said, is the interest rate payments that are ultimately causing the kind of snowball effect in the deficit. And that's where those kind of essentially dose cuts were pointed at to kind of get rid of the underlying thing that is ultimately spending the money and then be able to bring the deficit down. We are making a dent, but it's a tiny debt.
