China's government land sales revenue down 4.6% Y/Y in January-July
The revenue slid 4.6% year-on-year against a 6.5% drop in the first half.
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Reuters
40 minutes ago
- Reuters
Wall Street tech selloff deepens, European shares steady
MUMBAI/SAN FRANCISCO, Aug 20 (Reuters) - Wall Street shares dropped on Wednesday, with a tech selloff extending into a second day, while a key meeting of central bankers later this week remained in focus for currency and rates traders. The S&P 500 (.SPX), opens new tab declined 0.5% and the tech-heavy Nasdaq Composite (.IXIC), opens new tab dropped 1.1%, adding to a steep decline on Tuesday. The Dow Jones Industrial Average (.DJI), opens new tab was down 0.1%. Analysts blamed a confluence of factors for the weakness in tech stocks, including concerns over steep valuations, investors exiting profitable positions, and risk aversion. "To me, tech was overbought," said Seth Hickle, managing partner at Mindset Wealth Management. "We had really good earnings, and now it's kind of natural for the market just to sell some of that good news." Wariness over U.S. President Donald Trump's growing influence over tech companies has also been in focus for investors. U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel (INTC.O), opens new tab and other chip companies, two sources told Reuters. That follows other unusual revenue-sharing deals Washington recently struck with artificial intelligence chip giant Nvidia (NVDA.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab. While the individual developments may be brushed aside by markets, they fall into the broader bucket of concerns over the institutional framework in the United States, Laidler said. AI heavyweights Nvidia, Broadcom (AVGO.O), opens new tab, Meta Platforms (META.O), opens new tab, Amazon (AMZN.O), opens new tab and Alphabet (GOOGL.O), opens new tab were all down more than 1%. The Nasdaq is down about 2.5% over the past two sessions. European shares rose, with the pan-European STOXX 600 index (.STOXX), opens new tab up 0.25%. Britain's FTSE 100 (.FTSE), opens new tab rallied 1.17% to a record high, boosted by gains in consumer and healthcare companies. The U.S. dollar weakened slightly against a basket of peers after Trump called on Federal Reserve Governor Lisa Cook to resign. The 10-year U.S. Treasury yield eased to 3.29%, while the 2-year Treasury yield slipped to 3.74%. The focus is now on the Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on Friday on the economic outlook and the U.S. central bank's policy framework. Powell's remarks on the near-term outlook for interest rates will be keenly watched as traders are almost fully pricing in a rate cut next month. "Even if Federal Reserve Chair Jerome Powell emphasises muted unemployment over sharply revised payrolls, that would be a hard sell to both the White House and a market that is pricing in 21 bp of rate cuts for September," analysts at ING said in a note. The minutes of the Fed's July policy meeting due later on Wednesday are unlikely to spur meaningful market reactions as they predate weak U.S. labor market data that firmed rate cut expectations. Elsewhere, Sweden's central bank kept its key interest rate on hold as expected, while the Reserve Bank of New Zealand cut policy rates to a three-year low and signaled further easing, sending the kiwi down by more than 1%. Consumer prices in Britain climbed 3.8% in July, data showed, the fastest annual rise for a Group of Seven economy. The data nudged sterling higher but it quickly pared gains, while the fact that inflation was not even higher prompted a rally in government bonds. The benchmark 10-year gilt yield was last down 7 basis points at 4.68% . Oil prices climbed about 1% on a bigger-than-expected weekly drop in U.S. crude inventories as investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Spot gold rose 0.8% to $3,339.69 an ounce.
Reuters
an hour ago
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Sony hikes PlayStation 5 prices in US as tariff uncertainty weighs
Aug 20 (Reuters) - Sony (6758.T), opens new tab will raise prices of its PlayStation 5 consoles in the United States by around $50 from Thursday, as the Japanese conglomerate navigates a slow recovery in the videogame market while U.S. tariffs threaten to raise costs. All three PlayStation 5 consoles will see a similar price hike, with the most expensive PS5 Pro version expected to cost $749.99, the company said in a blog post on Wednesday. The price changes come after U.S. President Donald Trump announced sweeping tariffs on imports from global manufacturing hubs such as China and Japan, leading to fears of supply chain disruptions and high material costs. Sony had raised prices of its consoles in various European markets in April. Rival Xbox also hiked sticker prices of its consoles and accessories in the U.S., Europe, Australia and the UK a month later. Consoles were expected to be a major driver of videogame market growth this year due to the launch of premium titles such as Take-Two Interactive's (TTWO.O), opens new tab "Grand Theft Auto VI" and Nintendo's (7974.T), opens new tab Switch 2. But console price hikes and the delay of highly-anticipated "GTA VI" to next year have cast some doubt on the pace of growth in the industry. On Wednesday, Sony said there are no price changes for other markets and prices of PlayStation 5 accessories remain unchanged.
Reuters
an hour ago
- Reuters
U.S. Senator Sanders favors Trump plan to take stake in Intel, others
WASHINGTON, Aug 20 (Reuters) - Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies. "If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment," Sanders, an Independent who caucuses with Democrats, said in a statement to Reuters. The awards were part of the 2022 Chips and Science Act, which sought to lure chip production away from Asia and boost American domestic semiconductor output with $39 billion in subsidies. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for the grants, sources told Reuters on Tuesday. Much of the funding for companies such as Micron (MU.O), opens new tab, Taiwan Semiconductor Manufacturing Co ( opens new tab and Samsung ( opens new tab has not been dispersed.
