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Business Times
2 days ago
- Business
- Business Times
Asia: Stocks mixed before US-Russia summit
ASIAN stocks were mixed Friday after better-than-expected Japanese growth and weak Chinese data, while oil slipped back ahead of a US-Russia summit on Ukraine. On Thursday Wall Street finished little changed as strong wholesale inflation data tempered optimism about the US Federal Reserve cutting interest rates. A quarter-point cut is still expected but a larger half-point rate cut is likely 'off the table', said Jack Ablin of Cresset Capital Management. Intel surged 7.4 per cent following a Bloomberg News report that US President Donald Trump is considering an investment in the beleaguered chip company in exchange for a government stake. Japan's economy grew 0.3 per cent in the three months to June, while output for the previous period was revised upwards, averting a possible technical recession for the world's number four economy. The expansion came despite tariffs imposed by Trump on Japanese imports, including on cars - an industry accounting for eight per cent of Japanese jobs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In morning trade in Asia, the Nikkei was up almost one per cent while Shanghai, Seoul and Sydney also moved higher. But Hong Kong's Hang Seng fell for the second straight day after Chinese retail sales and industrial production grew at a slower rate than expected last month. A long-term crisis in the real estate sector and high youth unemployment have been weighing on Chinese consumer sentiment for several years. The situation has worsened with the heightened turmoil sparked by Trump's trade war. Oil prices dipped, reversing gains on Thursday ahead of Trump's Alaska summit with Russian President Vladimir Putin on ending the Ukraine war. Oil traders are worried 'that if the meeting doesn't go well, we'll see stronger sanctions on Russian oil thereby depriving the world of or making it much difficult for this oil to get to the market', said Stephen Schork of the Schork Group. AFP
Int'l Business Times
2 days ago
- Business
- Int'l Business Times
Asia Stocks Mixed Before US-Russia Summit
Asian stocks were mixed Friday after better-than-expected Japanese growth and weak Chinese data, while oil slipped back ahead of a US-Russia summit on Ukraine. On Thursday Wall Street finished little changed as strong wholesale inflation data tempered optimism about the US Federal Reserve cutting interest rates. A quarter-point cut is still expected but a larger half-point rate cut is likely "off the table", said Jack Ablin of Cresset Capital Management. Intel surged 7.4 percent following a Bloomberg News report that US President Donald Trump is considering an investment in the beleaguered chip company in exchange for a government stake. Japan's economy grew 0.3 percent in the three months to June, while output for the previous period was revised upwards, averting a possible technical recession for the world's number four economy. The expansion came despite tariffs imposed by Trump on Japanese imports, including on cars -- an industry accounting for eight percent of Japanese jobs. In morning trade in Asia, the Nikkei was up almost one percent while Shanghai, Seoul and Sydney also moved higher. But Hong Kong's Hang Seng fell for the second straight day after Chinese retail sales and industrial production grew at a slower rate than expected last month. A long-term crisis in the real estate sector and high youth unemployment have been weighing on Chinese consumer sentiment for several years. The situation has worsened with the heightened turmoil sparked by Trump's trade war. Oil prices dipped, reversing gains on Thursday ahead of Trump's Alaska summit with Russian President Vladimir Putin on ending the Ukraine war. Oil traders are worried "that if the meeting doesn't go well, we'll see stronger sanctions on Russian oil thereby depriving the world of or making it much difficult for this oil to get to the market", said Stephen Schork of the Schork Group. Tokyo - Nikkei 225: UP 0.9 percent at 43,036.46 Hong Kong - Hang Seng Index: DOWN 1.1 percent at 25,236.62 Shanghai - Composite: UP 0.3 percent at 3,675.05 Euro/dollar: UP at $1.1658 from $1.1657 on Thursday Pound/dollar: UP at $1.3543 from $1.3535 Dollar/yen: DOWN at 147.28 yen from 147.76 Euro/pound: UP at 86.06 pence from 86.05 pence West Texas Intermediate: DOWN 0.2 percent at $63.84 per barrel Brent North Sea Crude: DOWN 0.1 percent at $66.76 per barrel New York - Dow: DOWN less than 0.1 percent at 44,911.26 (close) London - FTSE 100: UP 0.1 percent at 9,177.24 (close)
Business Times
2 days ago
- Business
- Business Times
US: Stocks hold steady after wholesale prices jump
[NEW YORK] Wall Street stocks shook off early losses to finish essentially flat on Thursday as markets digested disappointing inflation data that complicates expectations for lower Federal Reserve interest rates. The producer price index rose 0.9 per cent on a month-on-month basis, much greater than analysts expected following benign consumer pricing data earlier this week. The Dow Jones Industrial Average finished down less than 0.1 per cent at 44,911.26. The broad-based S&P 500 edged up less than 0.1 per cent to 6,468.54, while the tech-rich Nasdaq Composite Index was virtually unchanged at 21,710.67. Markets have been monitoring inflation in light of President Donald Trump's tariffs, with Tuesday's consumer price report adding to confidence the Fed will lower rates in September. But after Thursday's report, a potential half-point interest rate cut is probably 'off the table,' said Jack Ablin of Cresset Capital Management. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The report 'suggests that companies are currently bearing the brunt of tariffs,' Ablin said. 'We would expect that companies will start to pass these costs along.' Among individual companies, Intel surged 7.4 per cent following a Bloomberg News report that Trump is considering an investment in the beleaguered chip company in exchange for a government stake. Such a deal would represent Trump's latest departure from the US government's traditional laissez-faire posture towards business. Deere & Co sank 6.8 per cent after it reported a drop in profits and lowered the ceiling of its full-year earnings range. AFP
New Straits Times
18-07-2025
- Business
- New Straits Times
US stocks end at fresh records as markets shrug off tariff worries
NEW YORK: A jump in US retail sales boosted world markets Thursday even as investors mulled the US rates outlook, US President Donald Trump's tariffs and the future of Federal Reserve boss Jerome Powell. Both the S&P 500 and Nasdaq finished at fresh records as investors focused on solid US economic data and earnings and shrugged off lingering worries about tariffs and Powell. "Right now, as long as the markets don't have a reason to sell off, they're going to go up," said Steve Sosnick of Interactive Brokers. "The news on the economy this week has been good enough." Investors were wary heading into second-quarter earnings season, but "the data so far and the earnings are coming in better than expected," said Jack Ablin of Cresset Capital Management. Earlier, European markets also finished strongly in the green. Frankfurt and Paris closed almost 1.5 per cent ahead although London could only manage a 0.5 per cent rise amid a higher official UK jobless count and slowing wages growth. Overall, US retail sales were up 0.6 per cent in June to US$720.1 billion, reversing a May 0.9 per cent decline. The figures topped analyst expectations. Besides retail sales, another week of modest weekly US jobless claims provided reassurance on the economy, said Art Hogan of B. Riley Wealth Management. "We've been worried about earnings and trade wars, but the economic data (...) remains resilient," Hogan said. Thursday's strong session on Wall Street followed a volatile round the day before. Stocks had briefly nose-dived on Wednesday following reports that Trump was planning to fire Powell, lambasting him for not cutting interest rates. But the US president swiftly denied the story, sending markets higher again. Powell's apparent security in the role also helped lift the dollar again Thursday, its latest rise in July after an historic retreat in the first six months of 2025. Trump's unrelenting criticism of Powell has prompted foreign exchange traders to anticipate that "we are moving to a world where the US wants to have a more accommodative monetary policy," said Kit Juckes, chief FX strategist at Societe Generale. But the dollar's resilience in the wake of the latest Powell-Trump dustup suggests markets still believe "monetary policy in the US is still credible," Juckes said. Among individual companies, United Airlines climbed 3.1 per cent as it offered an upbeat outlook on travel demand in the second half of 2025 despite reporting a drop in second-quarter profits. Tokyo-listed shares in the Japanese owner of convenience store giant 7-Eleven plunged after a Canadian rival, Alimentation Couche-Tard, pulled out of a US$47 billion takeover bid.
RTHK
18-07-2025
- Business
- RTHK
S&P 500, Nasdaq end at record highs
S&P 500, Nasdaq end at record highs Analysts say they expect the bullish sentiment in the markets to continue until there is a reason for it to stop. Photo: Reuters Wall Street stocks rose to fresh record highs on Thursday as markets focused on solid US retail sales data and corporate earnings, rather than lingering worries about US President Donald Trump's tariffs. The S&P 500 rose 0.5 percent to 6,297, while the Nasdaq gained 0.7 percent to 20,884, its fourth straight closing record. The Dow Jones climbed 0.5 percent to 44,484. Analysts said they expect the bullish sentiment in the markets to continue until there is a reason for it to stop. "Right now, as long as the markets don't have a reason to sell off, they're going to go up," said Steve Sosnick of Interactive Brokers. "The news on the economy this week has been good enough." Investors were wary heading into second-quarter earnings season, but "the data so far and the earnings are coming in better than expected," said Jack Ablin of Cresset Capital Management. US retail sales climbed 0.6 percent in June to US$720 billion, reversing the 0.9 percent decline in May and easily topping analyst expectations. But with tariffs and inflation a growing worry, the strong retail sales trend appears likely to moderate, said Neil Saunders, managing director of GlobalData. "However, it is still unlikely that the consumer will fall into a full-blown recession – especially so if interest rates come down," Saunders said. Among individual companies, United Airlines climbed 3.1 percent as it offered an upbeat outlook on travel demand in the second half of 2025 despite reporting a drop in second-quarter profits. PepsiCo was another outperformer, winning 7.5 percent as analysts cited its revenue growth after three straight quarters of lower sales. (AFP)
