Latest news with #INGEconomics
Time of India
2 days ago
- Business
- Time of India
Global stock markets rise as political shift in South Korea and US tariff hopes boost sentiment
Stocks advanced across Europe and Asia on Wednesday, tracking gains on Wall Street as optimism grew around easing trade tensions and political developments in South Korea. US futures also pointed higher, with investors eyeing key economic data later in the week. Tired of too many ads? go ad free now In Europe, Germany's DAX climbed 0.9 per cent to 24,309.65, while France's CAC 40 rose 0.7 per cent to 7,819.43. The UK's FTSE 100 edged up 0.1 per cent to 8,798.65. Futures for the S&P 500 and the Dow Jones Industrial Average each advanced 0.2 per cent in early trading. In Asia, South Korea's Kospi led regional gains, surging 2.7 per cent to 2,770.84, after liberal opposition candidate Lee Jae-myung was elected president. Lee's win follows a turbulent political period that saw the ousting of conservative leader Yoon Suk Yeol after a controversial but short-lived imposition of martial law, according to an AP report. 'Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2 per cent quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' said Min Joo Kang of ING Economics in a report. Japan's Nikkei 225 added 0.8 per cent to 37,747.45, supported by gains in technology and pharmaceutical shares. Toyota Motor Corp rose 1.9 per cent after announcing plans to acquire Toyota Industries Corp—a key supplier of auto parts and lift trucks—for USD 33 billion, taking the company private. Tired of too many ads? go ad free now However, shares of Toyota Industries tumbled nearly 12 per cent. Chinese markets posted modest gains, with Hong Kong's Hang Seng up 0.6 per cent at 23,654.03, and the Shanghai Composite Index rising 0.4 per cent to 3,376.20. In Australia, the S&P/ASX 200 closed 0.9 per cent higher at 8,541.80, while Taiwan's Taiex jumped 2.3 per cent. Investor focus remained on the unfolding US trade policy, particularly around former President Donald Trump's tariffs. New 50 per cent tariffs on steel and aluminum imports were set to take effect Wednesday. With domestic industries lobbying for broader protection on downstream products, analysts warned that prices for many basic goods could climb. On Tuesday, the S&P 500 rose 0.6 per cent, now less than 3 per cent from its all-time high. The Dow Jones Industrial Average added 0.5 per cent, and the Nasdaq Composite climbed 0.8 per cent. Among standout gainers, Dollar General surged 15.8 per cent after posting stronger-than-expected profit and revenue for the start of the year. The rally was supported by signs of a resilient US labour market. A report showed that job openings at the end of April exceeded economists' expectations, setting the stage for Friday's crucial non-farm payrolls report. Technology stocks also led gains. Nvidia rose 2.9 per cent, and Broadcom advanced 3.3 per cent, continuing a rebound from earlier losses this year triggered by valuation concerns. Treasury yields remained relatively stable after the encouraging jobs data. This pause follows two months of sharp increases, fueled in part by concerns over growing US debt levels amid potential tax cuts. Higher yields typically increase borrowing costs and can weigh on equity valuations. In commodity markets, US benchmark crude edged up 1 cent to USD 63.42 per barrel. Brent crude, the international benchmark, gained 4 cents to USD 65.67 per barrel. In currency trading, the US dollar slipped to 143.88 Japanese yen from 144.00 yen, while the euro rose to USD 1.1404 from USD 1.1370.
San Francisco Chronicle
2 days ago
- Business
- San Francisco Chronicle
World shares push higher as US stocks inch toward their records
Shares advanced Wednesday in Europe and Asia after U.S. stocks drifted closer to their records. Germany's DAX climbed 0.9% to 24,309.65, while the CAC 40 in Paris picked up 0.7% to 7,819.43. Britain's FTSE 100 inched up 0.1% to 8,798.65. South Korea's Kospi led gains in Asia, jumping 2.7% to 2,770.84 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States. 'Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' Min Joo Kang of ING Economics said in a report. Tokyo's Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies. Toyota Motor Corp.'s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.6% to 23,654.03, while the Shanghai Composite index gained 0.4% to 3,376.20. In Australia, the S&P/ASX 200 closed 0.9% higher at 8,541.80. Taiwan's Taiex climbed 2.3%. Investors were watching for updates on President Donald Trump's tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year. The Dow industrials added 0.5% and the Nasdaq composite rose 0.8%. Dollar General jumped 15.8% for one of the market's bigger gains after reporting stronger profit and revenue for the start of the year than analysts expected. A report Tuesday showed U.S. employers were advertising more job openings at the end of April than economists expected, the latest signal that the labor market remains resilient. It set the stage for a more important report coming on Friday, which will show how much hiring and firing U.S. employers did in May. On the trade front, hopes are still high that Trump will reach trade deals with other countries that will ultimately lower tariffs, particularly with the world's second-largest economy. Tech stocks helped lead the way again as Nvidia rose 2.9%, and Broadcom climbed 3.3%. The chip companies have recovered their sharp losses from earlier this year borne amid worries their stock prices had shot too high. Treasury yields held relatively steady following the encouraging report on the U.S. job market. It's a cooldown from a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the U.S. government may be set to add trillions of dollars to its debt through tax cuts. Higher Treasury yields make it more expensive for U.S. households and businesses to borrow money and can discourage investors from paying high prices for stocks and other investments. In other dealings early Wednesday, U.S. benchmark crude oil added 1 cent to $63.42 per barrel. Brent crude, the international standard, rose 4 cents to $65.67 per barrel. The U.S. dollar fell to 143.88 Japanese yen from 144.00 yen. The euro rose to $1.1404 from $1.1370.
Asahi Shimbun
2 days ago
- Business
- Asahi Shimbun
Asian shares shoot higher as U.S. stocks inch toward their records
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm on June 4 in Tokyo. (AP Photo) Shares advanced Wednesday in Asia after U.S. stocks drifted closer to their records, while U.S. futures edged lower. South Korea's Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States. 'Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' Min Joo Kang of ING Economics said in a report. Tokyo's Nikkei 225 index surged 1% on gains for technology and pharmaceutical companies. Toyota Motor Corp.'s shares rose 2% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled 12.5%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.6% to 23,650.12, while the Shanghai Composite index gained 0.3% to 3,372.85. Taiwan's Taiex climbed 2.1%. Investors were watching for updates on President Donald Trump's tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year, at 5,970.37. The Dow Jones Industrial Average added 0.5% to 42,519.64. The Nasdaq composite rose 0.8% to 19,398.96. Dollar General jumped 15.8% for one of the market's bigger gains after reporting stronger profit and revenue for the start of the year than analysts expected. Many companies have cut or withdrawn their financial forecasts for the upcoming year because of the uncertainty caused by Trump's on-again-off-again rollout of tariffs. The Organization for Economic Cooperation and Development said on Tuesday that it's forecasting 1.6% growth for the U.S. economy this year, down from 2.8% last year. A report on Tuesday morning showed U.S. employers were advertising more job openings at the end of April than economists expected, the latest signal that the labor market remains resilient. It set the stage for a more important report coming on Friday, which will show how much hiring and firing U.S. employers did in May. On the trade front, hopes are still high on Wall Street that Trump will reach trade deals with other countries that will ultimately lower tariffs, particularly with the world's second-largest economy. The U.S. side said President Donald Trump was expecting to speak with Chinese leader Xi Jinping this week. A Chinese foreign ministry spokesperson said Tuesday that they had no information on that. Tech stocks helped lead the way again as Nvidia rose 2.9%, and Broadcom climbed 3.3%. The chip companies have recovered their sharp losses from earlier this year borne amid worries their stock prices had shot too high. Treasury yields held relatively steady following the encouraging report on the U.S. job market. It's a cooldown from a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the U.S. government may be set to add trillions of dollars to its debt through tax cuts. Higher Treasury yields make it more expensive for U.S. households and businesses to borrow money and can discourage investors from paying high prices for stocks and other investments. In other dealings early Wednesday, U.S. benchmark crude oil lost 19 cents to $63.22 per barrel. Brent crude, the international standard, fell 16 cents to $65.47 per barrel. The U.S. dollar fell to 143.86 Japanese yen from 144.00 yen. The euro rose to $1.1383 from $1.1370.
Arab Times
2 days ago
- Business
- Arab Times
World shares push higher as US stocks inch toward their records
WASHINGTON, June 4, (AP): Shares advanced Wednesday in Europe and Asia after U.S. stocks drifted closer to their records. Germany's DAX climbed 0.8% to 24,284.99, while the CAC 40 in Paris picked up 0.4% to 7,794.86. Britain's FTSE 100 inched up less than 0.1%, to 8,790.23. The futures for the S&P 500 and the Dow Jones Industrial Average were nearly unchanged. South Korea's Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States. "Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' Min Joo Kang of ING Economics said in a report. Tokyo's Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies. Toyota Motor Corp.'s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.5% to 23,618.72, while the Shanghai Composite index gained 0.4% to 3,376.20. Taiwan's Taiex climbed 2.3%. Investors were watching for updates on President Donald Trump's tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year. The Dow industrials added 0.5% and the Nasdaq composite rose 0.8%.
2 days ago
- Business
World shares push higher as US stocks inch toward their records
Shares advanced Wednesday in Europe and Asia after U.S. stocks drifted closer to their records. Germany's DAX climbed 0.8% to 24,284.99, while the CAC 40 in Paris picked up 0.4% to 7,794.86. Britain's FTSE 100 inched up less than 0.1%, to 8,790.23. The futures for the S&P 500 and the Dow Jones Industrial Average were nearly unchanged. South Korea's Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States. 'Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' Min Joo Kang of ING Economics said in a report. Tokyo's Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies. Toyota Motor Corp.'s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.5% to 23,618.72, while the Shanghai Composite index gained 0.4% to 3,376.20. Taiwan's Taiex climbed 2.3%. Investors were watching for updates on President Donald Trump's tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year. The Dow industrials added 0.5% and the Nasdaq composite rose 0.8%. Dollar General jumped 15.8% for one of the market's bigger gains after reporting stronger profit and revenue for the start of the year than analysts expected. A report Tuesday showed U.S. employers were advertising more job openings at the end of April than economists expected, the latest signal that the labor market remains resilient. It set the stage for a more important report coming on Friday, which will show how much hiring and firing U.S. employers did in May. On the trade front, hopes are still high that Trump will reach trade deals with other countries that will ultimately lower tariffs, particularly with the world's second-largest economy. Tech stocks helped lead the way again as Nvidia rose 2.9%, and Broadcom climbed 3.3%. The chip companies have recovered their sharp losses from earlier this year borne amid worries their stock prices had shot too high. Treasury yields held relatively steady following the encouraging report on the U.S. job market. It's a cooldown from a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the U.S. government may be set to add trillions of dollars to its debt through tax cuts. Higher Treasury yields make it more expensive for U.S. households and businesses to borrow money and can discourage investors from paying high prices for stocks and other investments. In other dealings early Wednesday, U.S. benchmark crude oil lost 25 cents to $63.16 per barrel. Brent crude, the international standard, fell 23 cents to $65.40 per barrel.
