Online retailer Shein's 2024 sales hit $2.77 billion in UK
($1 = 0.7392 pounds)
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CNA
3 hours ago
- CNA
World equities flat, crude oil prices fall as markets await Trump-Putin talks
NEW YORK/LONDON :Global stocks were flat but still traded near record highs on Friday as investors awaited talks in Alaska between U.S. President Donald Trump and his Russian counterpart Vladimir Putin over Ukraine. Short-term U.S. Treasury bond yields fell with markets anticipating a Federal Reserve interest rate cut. The Dow hit a record high earlier in the session, becoming the last of Wall Street's main indexes to soar to a new peak. Benchmark S&P 500 and the Nasdaq were losing ground, dragged down by technology, utilities and financials stocks. The Dow Jones Industrial Average rose 0.09 per cent, the S&P 500 fell 0.25 per cent and the Nasdaq Composite fell 0.36 per cent. "This market continues to move higher and the story is just earnings and margins," said Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey. "The inflation numbers that we saw this week were mostly services and in a services-based economy like ours, this is good for profit margins." Data showed that U.S. retail sales increased solidly in July, rising 0.5 per cent from the prior month, after an unexpected spike in producer price data on Thursday renewed inflation concerns and pared market expectations for Federal Reserve rate cuts this year. European shares touched a near five-month high before pulling back, as investors drew support from a largely positive earnings season. The pan-European STOXX 600 index was flat at 0.08 per cent. The MSCI All Country World Index consolidated recent gains. It was last up 0.05 per cent at 952.34, just shy of the record level of 954.21 set on Wednesday. The White House has said the Trump-Putin meeting will take place at 11 a.m. Alaska time (1900 GMT), with the U.S. president's hopes of a ceasefire agreement on Ukraine uncertain. Trump has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks go well. Details and the longevity of any agreement will be key, and for now investors are on standby. Ukraine's government bonds - key indicators of the mood - in recent days have largely stalled at a still-distressed 55 cents on the dollar. "There's still a small degree of risk premium in European markets because of the war. Any type of resolution will ultimately pare that back," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, adding that oil and other commodity prices could also react. "But I think that the market has learnt not to expect too much from these negotiations. Ultimately, Zelenskiy and the Europeans are not invited. They will need to be involved in any final negotiation," Ramjee added. The two-year note yield, which typically moves in step with interest rate expectations for the Fed, fell 0.9 basis points to 3.73 per cent. The yield on benchmark U.S. 10-year notes rose 0.3 basis points to 4.297 per cent. In currency markets, the dollar weakened 0.64 per cent to 146.82 against the Japanese yen and was down 0.35 per cent to 0.805 against the Swiss franc. The euro was up 0.57 per cent at $1.1712. The dollar index, which tracks the greenback against a basket of six major currencies, was last trading down 0.45 per cent at 97.74. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0 per cent in the April-to-June quarter, beating analyst estimates. The dollar weakened 0.6 per cent against the yen to 146.875. Brent crude was down 0.79 per cent at $66.32 per barrel. U.S. crude fell 0.89 per cent to $63.45. Spot gold rose 0.17 per cent to $3,341.26 an ounce. U.S. gold futures rose 0.22 per cent to $3,342.70 an ounce.
CNA
10 hours ago
- CNA
Global stocks near record highs as markets await Trump-Putin talks
LONDON :Global stocks traded near record highs on Friday as investors awaited key talks between Donald Trump and Vladimir Putin over Ukraine in Alaska and for U.S. retail data that may give clues on the health of the world's biggest economy. The MSCI All Country World Index consolidated recent gains as European stocks edged higher in early trading. The index was last up 0.2 per cent at 953.4, just shy of the record level of 954.21 set on Wednesday. Wall Street futures were also up slightly around 0.1-0.2 per cent. The White House has said the Trump-Putin meeting will take place at 11 a.m. Alaska time (1900 GMT), with the U.S. president's hopes of a ceasefire agreement on Ukraine uncertain. Trump has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks go well. "There's still a small degree of risk premium in European markets because of the war. Any type of resolution will ultimately pare that back," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, adding that oil and other commodity prices could also react. "But I think that the market has learnt not to expect too much from these negotiations. Ultimately, Zelenskiy and the Europeans are not invited. They will need to be involved in any final negotiation." Investors are also training their sights on U.S. retail data due later, after an unexpected spike in producer price data on Thursday renewed inflation concerns and pared market expectations for Federal Reserve rate cuts this year. "What it did was to get rid of all the chat about a 50 basis point cut (in September)," said Mike Houlahan, director at Electus Financial Ltd in Auckland. The 10-year U.S. Treasury yield was flat at 4.287 per cent, after the previous day's 5 basis point rise in the aftermath of the PPI data. [US/] The dollar index, which tracks the greenback against a basket of six major currencies, was last trading down 0.2 per cent at 97.965. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0 per cent in the April-June quarter, beating analyst estimates. The dollar weakened 0.4 per cent against the yen to 147.16. In commodities markets, Brent crude was down 0.7 per cent at $63.52 per barrel. Gold edged up 0.2 per cent to $3,342 per ounce.
CNA
11 hours ago
- CNA
Intel's Frankfurt-listed shares rise 3.6% after report US could take stake in chipmaker
LONDON :Intel's Frankfurt-listed shares rose 3.6 per cent on Friday, a day after Bloomberg News reported the Trump administration is in talks with the struggling chipmaker to have the U.S. government potentially take a stake in the company. Intel's U.S. shares surged more than 7 per cent in regular trading Thursday and then another 2.6 per cent after the bell.
