HK Financial Chief Sees Rebound in Second-Quarter Retail Sales
Retail sales increased in May from a year earlier after 14 months of declines, Chan wrote in a blog post on Sunday, indicating early signs of market stabilization. He said he was 'cautiously optimistic' on the outlook for June data.
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Yahoo
3 minutes ago
- Yahoo
Asian shares retreat after Trump's order imposing new tariffs on 68 countries and the EU
MANILA, Philippines (AP) — Asian shares retreated Friday following choppy trading on Wall Street that saw more losses as investors assess President Donald Trump's order imposing new tariffs on 68 countries and the European Union starting in seven days. Trump's order, which pushed back the tariff deadline earlier set on Aug. 1, has injected a new dose of uncertainty in an already uncertain process. Japan's Nikkei 225 slid 0.4 % to 40,914.66 while South Korea's Kospi tumbled 2.8% to 3,154.53. Hong Kong's Hang Seng index trimmed earlier losses, shedding 0.2% to 24,726.38, while the Shanghai Composite slipped 0.1% to 3,570.21. Australia's S&P ASX 200 shed 0.8% to 8,676.80, India's BSE Sensex fell 0.4% to 81,185.58 and Taiwan's TAIEX slid 0.4% to 23,453.56. "US and European equity futures are pointing negative, Asian stocks are taking a beating and the DXY index is still rising,' Benjamin Picton, senior market strategist at Rabo Bank, said in a commentary about Trump's new order updating reciprocal tariff rates. "The USA is cherry-picking high value-add industry for its own economy while forcing trading partners to grant preferential market access for its exports and supply it with cheap imports. Make no mistake, this is imperial trade,' he added. Mizuho Bank noted in "somewhat a turn of the tables, Asia (and in particular Southeast Asia) which was harder hit post-'Liberation Day' now appear to be in a better position by virtue of tariffs differentials though intra-regional differences remain small.' On Wall Street on Thursday, stocks capped the trading day with more losses after an early big tech rally faded and a health care sector pullback led the market lower. The S&P 500 fell 0.4%, its third straight decline. The benchmark index, which is just below the record high it set Monday, notched a 2.2% gain for the month of July and is up 7.8% so far this year. The Dow Jones Industrial Average lost 0.7% and the Nasdaq composite closed less than 0.1% lower. Roughly 70% of stocks in the S&P 500 lost ground, with health care companies accounting for the biggest drag on the market. Health care stocks sank after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Eli Lilly & Co. fell 2.6%, UnitedHealth Group slid 6.2% and Bristol-Myers Squibb dropped 5.8%. Gains by some big technology stocks with hefty values helped temper the impact of the broader market's decline. Meta Platforms surged 11.3% after the parent company of Facebook and Instagram crushed Wall Street's sales and profit targets even as the company continues to pour billions of dollars into artificial intelligence. Microsoft climbed 3.9% after posting better results than analysts expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centerpiece of the company's artificial intelligence efforts. Big Tech companies have regularly been the driving force behind much of the market's gains over enthusiasm for the future of artificial intelligence. In other dealings Friday, U.S. benchmark crude oil lost 5 cents to $69.21 per barrel, while Brent crude, the international standard, shed 3 cents to $71.67 per barrel. The U.S. dollar climbed to 150.68 Japanese yen from 150.67 yen. The euro rose to $1.1418 from $1.1421. ___ Associated Press Business Writers Damian J. Troise and Alex Veiga contributed Teresa Cerojano, The Associated Press Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Android Authority
4 minutes ago
- Android Authority
Nothing just snubbed its biggest market while defending Phone 3 price
C. Scott Brown / Android Authority TL;DR Nothing has defended criticism about the Phone 3's price by saying that the device isn't meant for every region. Specifically, a Nothing spokesperson told Bloomberg that the company's largest market isn't the core focus for Phone 3 — a statement fans might find problematic. The company also noted it has no plans to lower the price of the device. The Nothing Phone 3 is proving to be divisive by design…literally. Its offbeat camera layout, new Glyph Matrix, and a price tag that stretches way beyond previous Nothing phones have made the Phone 3 a talking point across tech forums and comment sections. And while strong reactions to Nothing's products aren't anything new for the Carl Pei-led startup, the company's latest statement about who the Phone 3 is really for is a bit concerning. In response to rising complaints about the Phone 3's price, a Nothing spokesperson told Bloomberg that the company has 'no plans to lower the price' of the device and that its margins are key to sustaining investment. Then came the kicker: The spokesperson said that the majority of the cost complaints are coming from users in India, but that the region 'isn't the core focus market' for the Phone 3. The spokesperson went on to say, 'We've designed our product portfolio with different price points to serve different regions, and we have other offerings in the range that are more India-focused.' For a market that consists of Nothing's largest user base and the market where it has seen the fastest growth in the last two years, the statement feels a bit dismissive. As per Counterpoint Research, Nothing just recorded a 146% year-on-year increase in shipments in the region in question for Q2 2025, marking its sixth straight quarter as the fastest-growing smartphone brand there. This growth has largely been driven by the success of the impressive CMF Phone 2 Pro and Nothing's expanding offline presence. But while the brand's more affordable lineup is clearly resonating with buyers, the Phone 3, its first self-admitted 'true flagship,' has received criticism for not delivering a premium experience comparable to the Galaxy S25 series or the Pixel 9 lineup. Instead of addressing the criticism about pricing and positioning, the company, which is known for being community-focused, has taken a noticeably defensive tone. CEO Carl Pei also recently took to YouTube to respond to Phone 3 reviews. 'I don't know why people are so emotional about a phone design,' he said. 'Either you like it or you don't like it. And if you don't like it, just move on.' He added that while it's heartening to see how invested the community is, things may have gone too far: 'We have colleagues who are getting harassed now for the design.' There's no doubt that online criticism can sometimes cross lines, and harassment of any kind should not be acceptable. But it's equally important for companies to hear out and consider legitimate consumer concerns. Saying a major market 'isn't the focus,' especially when it accounts for the bulk of your brand's growth, could be seen as sending out the wrong message. It's also notable that the iPhone 16 has come out on top as the most shipped device in India this past quarter, signaling that flagships are very much in demand in the country. As per Counterpoint, the ultra-premium price segment grew 37% year-over-year in India. So really, Nothing's statement implies that criticism from a large segment of its user base doesn't matter, or worse, that these consumers aren't worthy of the flagship experience at all. While it's Nothing's perogative to design different products for different markets, because it's a business at the end of the day, it's a little out of character to see that a brand that's always positioned itself as one that listens to its users is telling a huge chunk of its fan base that its latest product isn't meant for them. Follow
Bloomberg
5 minutes ago
- Bloomberg
UBP Senior Economist Asia Casanova on Tariffs
UBP MD & Senior Economist Asia Carlos Casanova discusses the implication of new US tariffs on Asian economies. He speaks with David Ingles and Yvonne Man on "Bloomberg: the China Show." (Source: Bloomberg)
