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Economic Times
a day ago
- Business
- Economic Times
World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks
Global stock markets remained stable near record highs on Friday. Donald Trump and Vladimir Putin met in Alaska to discuss Ukraine. US Treasury bond prices declined amid expectations of a Federal Reserve rate cut. The Dow reached a new intraday high. European shares saw a slight pullback after nearing a five-month high. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Global stocks were flat but still traded near record highs on Friday as U.S. President Donald Trump and his Russian counterpart Vladimir Putin held high-stakes talks in Alaska over Ukraine.U.S. Treasury bond prices fell across the board with markets anticipating a Federal Reserve interest rate Dow hit an intra-day record high during the session, becoming the last of Wall Street's main indexes to climb to a new peak this week. The benchmark S&P 500 and the Nasdaq dropped, dragged down mainly by technology, financials, industrials and utilities stocks. The Dow Jones Industrial Average rose 0.08%, the S&P 500 fell 0.29% and the Nasdaq Composite fell 0.40%."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% 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 shares touched a near five-month high before pulling back, as investors drew encouragement from a largely positive earnings season. The pan-European STOXX 600 index finished flat at 0.06%. The MSCI All Country World Index consolidated recent gains. It was last flat at 951.70, just shy of the record level of 954.21 set on Wednesday. Trump and Putin met face to face in Alaska in a high-stakes meeting that could determine whether a ceasefire can be reached in the deadliest war in Europe since World War has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks with Putin 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 - have largely stalled in recent days 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, rose 1.1 basis points to 3.751%, paring earlier losses. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.32%. In currency markets, the dollar weakened 0.38% to 146.72 against the Japanese yen and was down 0.15% at 0.806 against the Swiss franc. The euro was up 0.48% at $ dollar index, which tracks the greenback against a basket of six major currencies, was last trading down 0.34% at 97.85. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-to-June quarter, beating analyst crude fell 1.5% to settle at $66.85 per barrel. U.S. crude fell 1.8% to settle at $ gold rose 0.09% to $3,338.65 an ounce. U.S. gold futures settled almost flat at $3,382.60. Cryptocurrency markets stabilised after bitcoin touched a record $124,480.82 on Thursday. It was down 0.78% at $117,033.52.
Time of India
a day ago
- Business
- Time of India
World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks
Global stock markets remained stable near record highs on Friday. Donald Trump and Vladimir Putin met in Alaska to discuss Ukraine. US Treasury bond prices declined amid expectations of a Federal Reserve rate cut. The Dow reached a new intraday high. European shares saw a slight pullback after nearing a five-month high. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Global stocks were flat but still traded near record highs on Friday as U.S. President Donald Trump and his Russian counterpart Vladimir Putin held high-stakes talks in Alaska over Ukraine.U.S. Treasury bond prices fell across the board with markets anticipating a Federal Reserve interest rate Dow hit an intra-day record high during the session, becoming the last of Wall Street's main indexes to climb to a new peak this week. The benchmark S&P 500 and the Nasdaq dropped, dragged down mainly by technology, financials, industrials and utilities stocks. The Dow Jones Industrial Average rose 0.08%, the S&P 500 fell 0.29% and the Nasdaq Composite fell 0.40%."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% 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 shares touched a near five-month high before pulling back, as investors drew encouragement from a largely positive earnings season. The pan-European STOXX 600 index finished flat at 0.06%. The MSCI All Country World Index consolidated recent gains. It was last flat at 951.70, just shy of the record level of 954.21 set on Wednesday. Trump and Putin met face to face in Alaska in a high-stakes meeting that could determine whether a ceasefire can be reached in the deadliest war in Europe since World War has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks with Putin 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 - have largely stalled in recent days 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, rose 1.1 basis points to 3.751%, paring earlier losses. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.32%. In currency markets, the dollar weakened 0.38% to 146.72 against the Japanese yen and was down 0.15% at 0.806 against the Swiss franc. The euro was up 0.48% at $ dollar index, which tracks the greenback against a basket of six major currencies, was last trading down 0.34% at 97.85. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-to-June quarter, beating analyst crude fell 1.5% to settle at $66.85 per barrel. U.S. crude fell 1.8% to settle at $ gold rose 0.09% to $3,338.65 an ounce. U.S. gold futures settled almost flat at $3,382.60. Cryptocurrency markets stabilised after bitcoin touched a record $124,480.82 on Thursday. It was down 0.78% at $117,033.52.
Time of India
20-05-2025
- Business
- Time of India
Wall Street stocks finish flat with sentiment weakened by Moody's downgrade
U.S. stocks finished near the unchanged mark on Monday with market sentiment weakened by the downgrade of the federal government's perfect sovereign credit rating owing to its huge debt profile. Moody's slashed the U.S. sovereign credit rating to "Aa1" from "Aaa" after markets closed on Friday, citing the government's $36 trillion outstanding debt and interest. "It is to be understood that markets were going to have a little bit of reaction because the (Moody's) announcement was after markets closed," said Talley Leger, chief market strategist at The Wealth Consulting Group. "But my view is that the 'sell-America' trade is overdone." Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Equities had rebounded from declines earlier in the session to finish near the unchanged mark. Still, the benchmark S&P 500 notched its sixth straight sessions of gains. Seven out of the 11 S&P sectors advanced led by healthcare, consumer staples, industrials , materials and utilities stocks. Live Events Energy stocks were the biggest losers in addition to consumer discretionary. The Dow Jones Industrial Average rose 137.33 points, or 0.32%, to 42,792.07, the S&P 500 gained 5.22 points, or 0.09%, to 5,963.60 and the Nasdaq Composite gained 4.36 points, or 0.02%, to 19,215.46. Benchmark 10-year Treasury yields gained on concerns that a U.S. tax bill will increase the debt load by more than previously expected. The yield on benchmark U.S. 10-year notes rose 1 basis point to 4.449%. President Donald Trump's sweeping tax-cut bill had won approval from a key congressional committee on Sunday. TXNM Energy rose 7% after the utility said it would be acquired by the infrastructure unit of Blackstone in an $11.5-billion deal. Novavax shares jumped 15% after the company secured a long-awaited U.S. regulatory approval for its COVID-19 vaccine. Regeneron Pharmaceuticals rose 0.4% after it announced it will buy genomics firm 23andMe Holdings for $256 million through a bankruptcy auction. Declining issues outnumbered advancers by a 1-to-1 ratio on the NYSE. There were 216 new highs and 50 new lows on the NYSE. The S&P 500 posted 26 new 52-week highs and no new lows while the Nasdaq Composite recorded 57 new highs and 57 new lows. Volume on U.S. exchanges was 19.41 billion shares, compared with the 17.34 billion average for the full session over the last 20 trading days.
New Straits Times
20-05-2025
- Business
- New Straits Times
Wall Street stocks finish flat with sentiment weakened by Moody's downgrade
NEW YORK: US stocks finished near the unchanged mark on Monday with market sentiment weakened by the downgrade of the federal government's perfect sovereign credit rating owing to its huge debt profile. Moody's slashed the US sovereign credit rating to "Aa1" from "Aaa" after markets closed on Friday, citing the government's US$36 trillion outstanding debt and interest. "It is to be understood that markets were going to have a little bit of reaction because the (Moody's) announcement was after markets closed," said Talley Leger, chief market strategist at The Wealth Consulting Group. "But my view is that the 'sell-America' trade is overdone." Equities had rebounded from declines earlier in the session to finish near the unchanged mark. Still, the benchmark S&P 500 notched its sixth straight sessions of gains. Seven out of the 11 S&P sectors advanced led by healthcare, consumer staples, industrials , materials and utilities stocks. Energy stocks were the biggest losers in addition to consumer discretionary. The Dow Jones Industrial Average rose 137.33 points, or 0.32 per cent, to 42,792.07, the S&P 500 gained 5.22 points, or 0.09 per cent, to 5,963.60 and the Nasdaq Composite gained 4.36 points, or 0.02 per cent, to 19,215.46. Benchmark 10-year Treasury yields gained on concerns that a US tax bill will increase the debt load by more than previously expected. The yield on benchmark US 10-year notes rose 1 basis point to 4.449 per cent. President Donald Trump's sweeping tax-cut bill had won approval from a key congressional committee on Sunday. TXNM Energy rose 7 per cent after the utility said it would be acquired by the infrastructure unit of Blackstone in an US$11.5-billion deal. Novavax shares jumped 15 per cent after the company secured a long-awaited US regulatory approval for its COVID-19 vaccine. Regeneron Pharmaceuticals rose 0.4 per cent after it announced it will buy genomics firm 23andMe Holdings for US$256 million through a bankruptcy auction. Declining issues outnumbered advancers by a 1-to-1 ratio on the NYSE. There were 216 new highs and 50 new lows on the NYSE. The S&P 500 posted 26 new 52-week highs and no new lows while the Nasdaq Composite recorded 57 new highs and 57 new lows. Volume on US exchanges was 19.41 billion shares, compared with the 17.34 billion average for the full session over the last 20 trading days.
West Australian
04-05-2025
- Business
- West Australian
Wall Street stocks buoyed by strong economic data
Wall Street stocks advanced on Friday, notching the second straight week of gains, helped by strong economic data and potential easing of trade tensions between the US and China. The US economy added 177,000 jobs in April, exceeding expectations, while the unemployment rate held steady at 4.2 per cent. The data helped to assuage concerns of a economic slowdown following a Commerce Department report, showing a contraction in US gross domestic product for the first time in three years, weighed down by a tariff-induced flood of imports. "The stock market is cheering this morning's payroll report but I have to point out that job growth did slow on the month and I haven't seen too many comments about that," said Talley Leger, chief market strategist at The Wealth Consulting Group. "I was a bit surprised because I was expecting a sharper slowdown given that non-farm payroll survey happened the week after the tariffs were announced. So I think the market is taking this in a positive light." Beijing on Friday said it was evaluating an offer from Washington to hold talks over President Donald Trump's 145 per cent tariffs, which he had imposed on Chinese imports. The tit-for-tat tariffs between the world's two largest economies have kept investors on edge, with both sides unwilling to be seen backing down in a trade war that has roiled global markets. Still, Trump's reversal of some tariffs has helped US stock indexes recover from recent losses. The S&P 500 has erased the slump set off by Trump's "Liberation Day" tariff announcement on April 2, with the index now up 0.3 per cent since the close of April 2. The tech-heavy Nasdaq was trading at levels last seen before April 2. The S&P 500 also reached its ninth consecutive session of gains, matching a winning streak from 2004, while the Dow hit a nine-day winning streak for the first since December 2023. For the week, the S&P 500 gained 2.9 per cent, the Dow climbed 3.0 per cent, and the Nasdaq added 3.43 per cent. The Dow Jones Industrial Average rose 564.47 points, or 1.39 per cent, to 41,317.43, the S&P 500 gained 82.54 points, or 1.47 per cent, to 5,686.68 and the Nasdaq Composite gained 266.99 points, or 1.51 per cent, to 17,977.73. "I do think what today is saying is that the economy is a lot stronger than people thought and a lot more resilient in the face of all of these tariffs and fears about tariffs," said Thomas Hayes, chairman at Great Hill Capital in New York. Apple fell nearly 4.0 per cent after the iPhone maker trimmed its share buyback program by $US10 billion ($A16 billion) and CEO Tim Cook told analysts that tariffs could add about $US900 million ($A1.4 billion) in costs this quarter. Other so-called Magnificent Seven stocks such as Meta Platform rose 4.3 per cent and Nvidia gained 2.6 per cent. Amazon dipped 0.1 per cent. Chevron rose 1.6 per cent and ExxonMobil gained 0.4 per cent after both energy giants reported quarterly results. Block slumped 20 per cent after cutting its profit forecast for 2025 and missing estimates for quarterly earnings. Video game maker Take-Two Interactive fell nearly 7.0 per cent after it delayed the release of "Grand Theft Auto VI" to May 2026. Advancing issues outnumbered decliners by a 3.81-to-1 ratio on the NYSE. There were 144 new highs and 47 new lows on the NYSE. The S&P 500 posted 12 new 52-week highs and 3 new lows while the Nasdaq Composite recorded 51 new highs and 38 new lows. Volume on US exchanges was 15.99 billion shares, compared with the 19.3 billion average for the full session over the last 20 trading days.
