Hong Kong Takes Another Currency Hit With a Smile
The Hong Kong Monetary Authority in recent months has intervened at both the top and the bottom ranges of the Hong Kong dollar's fixed exchange-rate band with the U.S. dollar, causing big swings in interest rates. Cue chatter in the financial press about whether Hong Kong's peg to the greenback could be scrapped under market pressure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures trade flat as Wall Street awaits Fed decision, Big Tech results
US stock futures traded flat as investors braced for the Federal Reserve's next interest rate decision and earnings from tech giants Microsoft (MSFT) and Meta (META). Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) held steady. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%. Read more: The latest on Trump's tariffs Stocks fell on Tuesday, leading the S&P 500 to snap its six-day record streak. US-China trade talks wrapped up without an extension of the tariff pause currently in place between the two countries, but Treasury Secretary Scott Bessent said President Trump would make a "final call" on the matter soon. Job openings, meanwhile, slid, raising the stakes for the July jobs report, which arrives Friday. Starbucks stock popped in after-hours trading after the company's earnings showed US sales fell less than feared. During day trading, Boeing (BA), Spotify (SPOT), Merck (MRK), and UnitedHealth (UNH) also reported earnings, with only Boeing seeing a stock jump following its results. The Fed kicked off its two-day policy meeting Tuesday and will report its decision on interest rates Wednesday at 2 p.m. ET. With the central bank is expected to hold rates steady, Wall Street will be closely watching the Fed's "dot plot" and remarks from Fed Chair Jerome Powell for signals on potential rate cuts later this year. Also on Wednesday, after the bell, Big Tech stalwarts Microsoft and Meta are set to report earnings. Both companies are contending with growing scrutiny over whether their eye-popping AI investments are paying off. Looking forward to Thursday, Apple (AAPL) and Amazon (AMZN) will report their results. Wall Street will also get another clue as to the possible direction of interest rates with the release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index. Finally, Trump's deadline for trade partners to strike deals with the US or else face blanket tariff rates looms over markets this week, with the cutoff set for Friday. Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
Trump's Trade Deals Come With Few Details to Flesh Out Big Numbers
President Donald Trump's flurry of trade deal announcements are so far proving light on detail — with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Trump touted landmark agreements with Japan and the European Union in the past week, adding to pacts with a handful of smaller economies. An extension of the US-China tariff truce is also in the works. The administration is taking a victory lap, claiming vindication for Trump's bargaining style as he prepares a raft of import-tax hikes before an Aug. 1 deadline.
CNBC
an hour ago
- CNBC
Asia markets set to fall as U.S. trade talks with China hang in the balance
Asia-Pacific markets are expected to fall as U.S. Commerce Secretary Howard Lutnick affirmed that President Donald Trump's upcoming Friday deadline to impose major tariffs on a slew of trading partners will not be delayed further. However, Lutnick noted that trade negotiations with China are progressing on a separate timeline, he said on CNBC's "Squawk Box." Happy mid-week from Singapore. Asia markets are poised for a lower open. Futures for Hong Kong's Hang Seng Index stood at 25,344, pointing to a weaker open compared with the HSI's last close of 25,524.45 Similarly, Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,662, compared with its last close of 8,704.6. Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Osaka last traded at 40,650 against the index's last close of 40,674.55. — Lee Ying Shan Stocks closed lower on Tuesday, as investors turn their attention to the Federal Reserve's interest rate decision. The S&P 500 slipped 0.30% to close at 6,370.86, while the Nasdaq Composite lost 0.38% to 21,098.29. The Dow Jones Industrial Average slipped 204.57 points, or 0.46%, to finish the session at 44,632.99. — Brian Evans Investors should remain vigilant and not look past the potential risks of tariffs, according to UBS. "The impact of tariffs can't be overlooked even though recent deals have provided greater clarity. While the 15% tariff rate on most EU and Japanese goods was lower than earlier threats from the U.S., the higher levies will still create headwinds for growth," said Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management. "While our base case is that the resilience of the US consumer should help the U.S. economy avoid recession, a larger-than-expected impact on inflation or more severe hit to corporate margins could quickly change the current optimistic market narrative," she added. — Brian Evans
