logo
US stocks end mostly up as markets eye trade talks

US stocks end mostly up as markets eye trade talks

RTHK2 days ago

US stocks end mostly up as markets eye trade talks
US stocks barely moved, with the Dow down 0.15 percent, the S&P 500 up 0.08 percent, and the Nasdaq up 0.30 percent. File photo: AFP
Wall Street stocks edged higher on Monday as US and Chinese representatives held high-stakes trade talks and markets looked ahead to key economic data.
Trade representatives for the world's two biggest economies plan a second day of talks on Tuesday following an opening round on Monday.
Although there were no breakthroughs, the market has welcomed the negotiations.
"There's hopes that they're inching closer to some sort of a deal," said Peter Cardillo of Spartan Capital Securities.
The Dow Jones Industrial Average finished flat at 42,761.
The broad-based S&P 500 climbed 0.1 percent to 6,005, while the tech-rich Nasdaq Composite Index added 0.3 percent at 19,591.
Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation, while China's team included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.
Among individual companies, Apple fell 1.2 percent after company executives emphasised its artificial intelligence efforts at the tech giant's annual developers conference, including allowing app makers to directly access a device's AI capabilities.
Apple has lagged some rivals in introducing AI-advancing updates to its Siri voice assistant and other programs.
Warner Brothers Discovery finished down 3 percent after unveiling a plan to split itself into two companies to better position for the streaming era.
The entertainment giant will break itself into two publicly traded companies: one covering "Streaming & Studios" and the other "Global Networks."
The shift, designed to enable each venture to "maximize its potential," is expected to be completed by mid-2026, the company said.
This week's agenda includes releases on consumer and producer prices, and key benchmarks on inflation. (AFP)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US Treasury chief slams ‘unreliable' China at House hearing on Trump trade policy
US Treasury chief slams ‘unreliable' China at House hearing on Trump trade policy

South China Morning Post

time4 hours ago

  • South China Morning Post

US Treasury chief slams ‘unreliable' China at House hearing on Trump trade policy

US Treasury Secretary Scott Bessent slammed Beijing on Wednesday for its aggressive export policies, urged it to be a more dependable partner and depicted China's disjointed economic structure as hurting not only the US but the entire globe. 'China currently has the most unbalanced economy in the history of the world,' Bessent, a former hedge fund manager, told the powerful House Ways and Means Committee. 'They cannot be allowed to export their way back to prosperity, not only for working Americans but for working citizens around the world.' Noting his return hours earlier from two days of negotiating with China in London, Bessent said this week's bilateral agreement offered Beijing a chance to become a more balanced economic player. The deal could also help China boost its domestic consumption rather than extend a long-standing pattern of excessive production distorting the global economy, according to the Treasury secretary. But Bessent urged vigilance. 'China has proven an unreliable partner,' he testified before adding that 'we will see' if it is more reliable this time.

Debt crunch at New World stokes risk of ‘downside scenario' in Hong Kong home prices: S&P
Debt crunch at New World stokes risk of ‘downside scenario' in Hong Kong home prices: S&P

South China Morning Post

time11 hours ago

  • South China Morning Post

Debt crunch at New World stokes risk of ‘downside scenario' in Hong Kong home prices: S&P

The liquidity crunch at New World Development (NWD), one of Hong Kong's biggest developers, is a blemish on the resurgent housing market, threatening to shake confidence among homebuyers and trigger a 'downside scenario' in home prices, according to S&P Global Ratings. The developer deferred coupon payments on four series of perpetual bonds after months of speculation about its finances, sending a poor signal to creditors about its default risk. It surprised investors last month by not redeeming a US$345 million debt on the first call date, causing the coupon rate to step up to 10 per cent annually from 6.15 per cent. Companies have the right to defer coupon payments on perpetual securities and may not repay the bonds since they have no maturity dates. Investors typically view call events as a test of their creditworthiness. The deferral 'is a complication for a handful of hybrid investors today', S&P said in a report on Wednesday. 'Tomorrow, it may become a headache for the oversupplied Hong Kong property market. It could trigger cascading effects where homebuyers lose confidence and delay purchases.' S&P said the end result 'may be our downside scenario for the Hong Kong property market', which is a 5 per cent to 7 per cent drop in home prices this year. The rating company expects prices to 'stay flat' in its base case scenario. Chairman Henry Cheng Kar-shun is trying to steady the ship at NWD amid a liquidity crunch. Photo: Dickson Lee The debt pressure is a stain on Hong Kong's improving market conditions, helped by a cut in stamp duty in Financial Secretary Paul Chan Mo-po's budget plan in February. A government report last month showed Hong Kong's lived-in home prices rose 0.35 per cent in April, halting a four-month slide.

Vice premier He calls for equal dialogue with US
Vice premier He calls for equal dialogue with US

RTHK

time12 hours ago

  • RTHK

Vice premier He calls for equal dialogue with US

Vice premier He calls for equal dialogue with US At the London trade talks are, from left, Jamieson Greer, Howard Lutnick, Scott Bessent, He Lifeng, Commerce Minister Wang Wentao, and Chinese International Trade Representative and Vice Minister of Commerce Li Chenggang. Photo: AFP The United States should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, Vice Premier He Lifeng said. China reiterates that the United States should work with China to honour their words with actions and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus so as to jointly safeguard the hard-won outcomes of dialogue, He said. The vice premier made the remarks during the first meeting of the China-US economic and trade consultation mechanism held in London on Monday and Tuesday with the US delegation led by Treasury Secretary Scott Bessent and including Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. During the talks, the two sides held candid and in-depth talks and thoroughly exchanged views on economic and trade issues of mutual concern. The two sides reached a principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other's economic and trade concerns. Calling the meeting an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5, He said China's position on Sino-US economic and trade issues is clear and consistent. Noting that the essence of Sino-US economic and trade relations lies in mutual benefit and win-win cooperation, he said cooperation in the economic and trade field benefits both sides, while confrontation harms both. There are no winners in trade wars, he said, adding that China does not seek conflict but will not be intimidated by one. The vice premier urged the United States to resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, adding that while China is sincere in pursuing economic and trade consultations, it also has its principles. Next, the two sides should, in accordance with the important consensus and requirements reached by the two heads of state during their phone call, make better use of the China-US economic and trade consultation mechanism and work to enhance their consensus, reduce misunderstandings and strengthen cooperation, He said. The two sides should maintain communication and consultation and promote the steady and sustained growth of Sino-US economic and trade relations so as to inject more certainty and stability into the world economy, He added. The US side said that the meeting had achieved positive outcomes and further stabilized bilateral economic and trade relations, adding that it would walk in the same direction as China in accordance with the requirements of the phone call between the two heads of state to jointly implement the consensus reached at this meeting. (Xinhua)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store