Asian stocks today: Indices trade mixed; tech firms lift HSI over 0.2%, Shanghai slips 0.1%
Japan's Nikei traded at 39,909, up 230 points or 0.58%. Hong Kong's HSI also surged 68 points or 0.28%, reaching 24,658. This rally was led by tech firms, after US chip giant Nvidia announced it would resume exports to China following Washington's decision to lift licensing restrictions.
Shanghai traded in red, shredding 4 points or 0.13%, reaching 3500. South Korea's Kospi also slumped 23 points or 0.73%, reaching 3,191 at 10:20 AM IST.
The dollar climbed to its strongest level against the yen since early April, supported by a jump in US Treasury yields to their highest in over a month. The move came after Tuesday's data showed US consumer prices rose by 0.3% in June, matching forecasts but marking the biggest monthly gain since January.
Economists pointed to rising prices for goods like coffee and home furnishings as evidence of the inflationary effect of the Trump administration's expanding tariffs.
The Federal Reserve has held interest rates steady in recent months as it waits to assess the full impact of tariffs on inflation. Chair Jerome Powell had earlier said he expected the effect of the tariffs to become more visible during the summer.
Meanwhile, tech stocks continued to show resilience. Shares of AI leader Nvidia surged 4% overnight, helping lift sentiment in the sector.
Oil prices remained under pressure, with Brent crude steady at around $69 per barrel.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
a few seconds ago
- India Today
Trump says US ‘very close' to trade deal with India
US President Donald Trump on Wednesday stated that Washington is 'very close' to a trade deal with India, suggesting that the two nations are close to resolving ongoing negotiations. Speaking during a meeting with Bahrain's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa in the Oval Office, Trump said, 'We're very close to a deal with India, where they open it up.'advertisementThe President emphasised ongoing efforts to expand market access for American businesses, saying, 'We've made deals with a lot of great places. We have another one coming up, maybe with India. I don't know, we're in negotiation. When I send out a letter, that's a deal.'Just a day earlier, Trump had indicated that a trade pact with India is in progress and would provide the US greater access to the Indian market. 'We will have full access into Indonesia, and we have a couple of those deals that are going to be announced. India basically is working along that same line,' he said before leaving for Pittsburgh. Trump also highlighted the previous lack of access to key foreign markets for US businesses and credited his administration's tariff policies with opening doors: 'You have to understand, we had no access into any of these countries and now we're getting access because of what we're doing with the tariffs.'India and the US have been negotiating a limited trade pact aimed at reducing tariffs, particularly keeping them below 20 per cent on certain goods and services.- EndsTune InMust Watch
Mint
10 minutes ago
- Mint
Donald Trump looks to remove Fed Chair Jerome Powell soon: ‘Terrible job, terrible chair'
US President Donald Trump on Wednesday (July 16) denied report that he is planning to fire Federal Reserve Chair Jerome Powell, pushing back against a Bloomberg report citing a White House official who claimed Trump was likely to do so. 'Such reports are not true,' Trump told reporters. While dismissing immediate action, Trump said he wouldn't entirely rule out removing Powell under extreme circumstances. 'I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud,' he said, referring to criticism from the White House and Republican lawmakers about cost overruns in the Federal Reserve's $2.5 billion headquarters renovation in Washington, D.C. Trump acknowledged that he had conversations with some congressional Republicans about the possibility of firing Powell, but said his own stance was more cautious. The US President said he did talk to some Republicans about it, and they're more aggressive than him. Trump launched a fresh verbal attack on Powell on Tuesday, sharply criticising his performance while clarifying that no immediate action is planned. Speaking to reporters, Trump said Powell is "doing a terrible job" and labeled him a "terrible chair." The remarks mark the latest in a series of public criticisms Trump has leveled at Powell. In response to the mounting speculation, a Federal Reserve official reiterated Powell's commitment to serving out his current term, which ends on May 15, 2026. When asked whether the White House has signaled any intention to remove Powell, the official simply referred to Powell's earlier public statements affirming his plan to complete the term. Federal Reserve Chair Jerome Powell, who was first nominated by President Donald Trump in 2017 and reappointed for a second term by President Joe Biden in 2021, is facing fresh criticism from the Trump White House over cost overruns in a major renovation project at the Fed's historic headquarters. Powell's current term runs through May 15, 2026. Tensions escalated last week after the White House intensified its criticism of the Fed's spending. Russell Vought, Director of the Office of Management and Budget, sent Powell a letter expressing Trump's dissatisfaction, saying the president was 'extremely troubled' by the soaring costs of the $2.5 billion renovation. According to Vought, features like 'VIP dining rooms' and upgraded elevators had contributed to what he called 'exorbitant' expenditures inappropriate for a government facility. The Fed also published a detailed FAQ-style factsheet on its website, rebutting several of Vought's claims. The document sought to clarify misconceptions about the building's design features, and to explain the budgeting process behind the project. Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, accusing him of failing to cut interest rates and urging his resignation. The president has argued that lower rates would reduce the federal government's borrowing costs, a point he has stressed repeatedly in recent weeks. For months, Trump has publicly railed against Powell and the Fed's decision to hold interest rates steady, arguing that the current rate range of 4.25% to 4.5% is too high. He contends that rate cuts are essential to supporting economic growth and reducing the cost of financing federal debt.
Hindustan Times
12 minutes ago
- Hindustan Times
Something similar with India, says Donald Trump after trade deal with Indonesia sealed
WASHINGTON DC: US President Donald Trump said on Tuesday that he believes Washington will conclude a trade deal with India similar to the agreement reached with Indonesia, offering the clearest indication yet of his expectations for the ongoing trade negotiations. U.S. President Donald Trump speaks with the media, accompanied by U.S. Secretary of the Interior Doug Burgum and U.S. Secretary of Commerce Howard Lutnick, upon his arrival from Pennsylvania, at Joint Base Andrews, Maryland, U.S., July 15, 2025 (REUTERS) 'Indonesia was great. He (Prabowo Subianto) is a great President and we made a terrific deal where they opened up the entire country to trade with the United States. We weren't allowed to go in and trade. I think something similar will happen, I would say, with India,' Trump told reporters on Tuesday. Trump announced that under the Indonesia agreement, Indonesian goods would face a 19% tariff when exported to the United States, while US exports would face no tariffs entering the Indonesian market — an asymmetric arrangement favouring American exporters. 'As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in US Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's,' Trump wrote on his social media platform Truth Social. Indonesia initially received a tariff letter stating that the country's goods would face a 32% American tariff starting on August 1 if an agreement was not reached, before concluding the deal that reduced this to 19%. The reference to an Indonesia-style deal comes as New Delhi and Washington remain engaged in intensive trade negotiations. An early harvest deal covering goods is currently awaiting political approval from President Trump, with increased access for American agricultural goods and automobiles into the Indian market remaining key sticking points. India has been notably absent from the tariff ultimatum letters sent by the Trump administration over the past weeks, suggesting continued diplomatic engagement despite the approaching August 1 deadline for additional tariffs. An Indian trade team led by chief negotiator for the deal Rajesh Agrawal is due to hold meetings with American counterparts this week. Should India and the United States fail to reach a deal, an additional 16% reciprocal tariff will be imposed on Indian goods starting August 1, adding to the 10% baseline tariff already being levied. Former US trade negotiator Mark Linscott suggested the negotiations have reached unprecedented depths despite Trump's unpredictable approach. 'It's almost impossible to assess the thinking of the President. He clearly engages in complicated calculus of what is beneficial for the United States, what's beneficial for the administration, what's beneficial for him in terms of winning in a negotiation. What I can provide is my own assessment which is that I don't think that the United States and India have ever gone so far in trade negotiations,' Linscott said in an interview to HT earlier this month. When asked about the possibility of a US-India deal falling through, Linscott expressed hope that negotiations would succeed. 'It's a possibility. I hope it's not the case. I think it would be a mistake. I think what seems to have been negotiated already is clearly in US interests. I can't say definitively that it won't happen, but I certainly hope that it doesn't happen.' President Trump's threats to place tariffs on Brics nations, including India, have added complexity to the bilateral negotiations. Additionally, America's proposed Russia sanctions bill could impose a 500% tariff on countries that purchase Russian energy, including India. Trump said he would 'strongly consider' the Russia sanctions bill, which is currently making its way through the United States Senate, potentially creating another layer of trade complications for India. The potential Indonesia-style deal would operate within the broader framework established during Prime Minister Modi's February visit to America, when India and the United States announced they would work to raise bilateral trade to $500 billion by 2030 under the 'Mission 500' initiative.
