Latest news with #equities
Bloomberg
a day ago
- Business
- Bloomberg
Europe's Stocks Dominate World Markets as US Trade War Backfires
Europe's equities have emerged clear winners worldwide as the region's economic outlook brightens at a time when President Donald Trump's trade war hobbles US financial markets. Five months into the year, eight of the world's 10 best-performing stock markets are in Europe, according to data compiled by Bloomberg. That list features Germany's DAX Index with a rally of more than 30% in dollar terms, as well as peripheral markets such as Slovenia, Poland, Greece and Hungary.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Wall Street futures down as Trump's tariffs stay put after latest court ruling
Stocks have seen immense volatility this month due to US President Donald Trump's on-and-off tariff moves. (Reuters pic) NEW YORK : Wall Street futures slipped today, as investors took stock of an appeals court decision to undo a prior ruling that had blocked most of US President Donald Trump's tariffs, heading into the last trading day of a solid month for equities. The S&P 500 and the Nasdaq are on pace for their best monthly showing since November 2023, while the Dow is also set for a near 4% monthly advance. Stocks have seen immense volatility this month on Trump's on-and-off tariff moves, though the S&P 500 has rebounded from its April low and now sits about 4% lower from its all-time high hit in February. US equities had initially rallied yesterday when the court of international trade ruled late yesterday to effectively block most levies imposed since January, but did not address some industry-specific tariffs. However, a federal appeals court yesterday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. 'This week's courtroom drama has added another layer of uncertainty to what was already an unsettling series of events,' Richard Hunter, head of markets at interactive investor, said in a morning note. Hopes of more trade deals between the US and major trading partners, along with upbeat earnings and tame inflation data, have been some of the main drivers of gains in equities this month. US treasury secretary Scott Bessent stated that US trade talks with China are 'a bit stalled' and getting a deal over the finish line will likely need the direct involvement of President Trump and Chinese President Xi Jinping. At 5.14am, Dow E-minis were down 31 points, or 0.07%, S&P 500 E-minis were down 8.5 points, or 0.14% and Nasdaq 100 E-minis were down 36.5 points, or 0.17%. Most megacap and growth stocks inched lower in premarket trading, with Nvidia off 0.7% after gaining in the last session on reporting robust quarterly revenue growth. Chipmaker Marvell Technology shed 3.9% despite forecasting second-quarter revenue above estimates. Ulta Beauty gained 8.6% after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Zscaler advanced 3.2% as the cloud security firm raised its annual profit and revenue forecasts and named Kevin Rubin as its CFO. Later in the day, the personal consumption expenditure data – the Federal Reserve's (Fed) favoured inflation indicator – is scheduled for release at 8.30am, which could shed more light on the US Fed's interest rate trajectory. Trump called Fed chair Jerome Powell to the White House late yesterday for their first face-to-face meeting since he took office in January and told the central bank chief he was making a 'mistake' by not lowering interest rates. Traders currently see at least two 25 basis points of cuts by the end of the year, according to data compiled by LSEG.
Zawya
3 days ago
- Business
- Zawya
Wall Street futures down as Trump's tariffs stay put after latest court ruling
Wall Street futures slipped on Friday, as investors took stock of an appeals court decision to undo a prior ruling that had blocked most of U.S. President Donald Trump's tariffs, heading into the last trading day of a solid month for equities. The S&P 500 and the Nasdaq are on pace for their best monthly showing since November 2023, while the Dow is also set for a near 4% monthly advance. Stocks have seen immense volatility this month on Trump's on-and-off tariff moves, though the S&P 500 has rebounded from its April low and now sits about 4% lower from its all-time high hit in February. U.S. equities had initially rallied on Thursday when the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, but did not address some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. "This week's courtroom drama has added another layer of uncertainty to what was already an unsettling series of events," Richard Hunter, head of markets at interactive investor, said in a morning note. Hopes of more trade deals between the U.S. and major trading partners, along with upbeat earnings and tame inflation data, have been some of the main drivers of gains in equities this month. U.S. Treasury Secretary Scott Bessent stated that U.S. trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Trump and Chinese President Xi Jinping. At 5:14 a.m. ET, Dow E-minis were down 31 points, or 0.07%, S&P 500 E-minis were down 8.5 points, or 0.14% and Nasdaq 100 E-minis were down 36.5 points, or 0.17%. Most megacap and growth stocks inched lower in premarket trading, with Nvidia off 0.7% after gaining in the last session on reporting robust quarterly revenue growth. Chipmaker Marvell Technology shed 3.9% despite forecasting second-quarter revenue above estimates. Ulta Beauty gained 8.6% after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Zscaler advanced 3.2% as the cloud security firm raised its annual profit and revenue forecasts and named Kevin Rubin as its chief financial officer. Later in the day, the Personal Consumption Expenditure data - the Fed's favored inflation indicator - is scheduled for release at 8:30 a.m. ET, which could shed more light on the U.S. Federal Reserve's interest rate trajectory. Trump called Fed Chair Jerome Powell to the White House late on Thursday for their first face-to-face meeting since he took office in January and told the central bank chief he was making a "mistake" by not lowering interest rates. Traders currently see at least two 25 basis points of cuts by the end of the year, according to data compiled by LSEG.
Reuters
3 days ago
- Business
- Reuters
Wall Street futures down as Trump's tariffs stay put after latest court ruling
May 30 (Reuters) - Wall Street futures slipped on Friday, as investors took stock of an appeals court decision to undo a prior ruling that had blocked most of U.S. President Donald Trump's tariffs, heading into the last trading day of a solid month for equities. The S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab are on pace for their best monthly showing since November 2023, while the Dow (.DJI), opens new tab is also set for a near 4% monthly advance. Stocks have seen immense volatility this month on Trump's on-and-off tariff moves, though the S&P 500 has rebounded from its April low and now sits about 4% lower from its all-time high hit in February. U.S. equities had initially rallied on Thursday when the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, but did not address some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. "This week's courtroom drama has added another layer of uncertainty to what was already an unsettling series of events," Richard Hunter, head of markets at interactive investor, said in a morning note. Hopes of more trade deals between the U.S. and major trading partners, along with upbeat earnings and tame inflation data, have been some of the main drivers of gains in equities this month. U.S. Treasury Secretary Scott Bessent stated that U.S. trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Trump and Chinese President Xi Jinping. At 5:14 a.m. ET, Dow E-minis were down 31 points, or 0.07%, S&P 500 E-minis were down 8.5 points, or 0.14% and Nasdaq 100 E-minis were down 36.5 points, or 0.17%. Most megacap and growth stocks inched lower in premarket trading, with Nvidia (NVDA.O), opens new tab off 0.7% after gaining in the last session on reporting robust quarterly revenue growth. Chipmaker Marvell Technology (MRVL.O), opens new tab shed 3.9% despite forecasting second-quarter revenue above estimates. Ulta Beauty (ULTA.O), opens new tab gained 8.6% after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Zscaler (ZS.O), opens new tab advanced 3.2% as the cloud security firm raised its annual profit and revenue forecasts and named Kevin Rubin as its chief financial officer. Later in the day, the Personal Consumption Expenditure data - the Fed's favored inflation indicator - is scheduled for release at 8:30 a.m. ET, which could shed more light on the U.S. Federal Reserve's interest rate trajectory. Trump called Fed Chair Jerome Powell to the White House late on Thursday for their first face-to-face meeting since he took office in January and told the central bank chief he was making a "mistake" by not lowering interest rates. Traders currently see at least two 25 basis points of cuts by the end of the year, according to data compiled by LSEG.
South China Morning Post
3 days ago
- Business
- South China Morning Post
‘Trickle' of global inflows to Chinese stocks could become a ‘flood': Cambridge Associates
Global investors are reassessing their US-heavy portfolios and looking at undervalued equities in Hong Kong and mainland China to 'provide defence' amid geopolitical tensions, according to global investment advisory Cambridge Associates. Advertisement 'One of the surprising things this year is that despite the Trump tariffs being very aggressive towards Asia, particularly China, actually equities [in the region] have outperformed,' Aaron Costello, the firm's head of Asia, said in an interview this week. 'Even after recent gains, Chinese and Hong Kong stocks are still attractive from a valuation perspective and can provide defence in this environment, especially compared with US stocks, which are quite expensive.' He added that with valuations still compelling and interest rates falling in the region, the case for diversifying away from US equities was getting stronger. The sentiment followed Washington and Beijing's agreement on May 12 to reduce most tariffs. The breakthrough indicated that the US administration may be open to striking broader deals and eased some of the geopolitical risk that had kept foreign investors on the sidelines. Advertisement Hong Kong's Hang Seng Index has risen about 15.9 per cent so far this year, supported by monetary easing and signs of policy coordination between Beijing and Washington. The index is currently valued at around 10.5 times projected earnings for the year, compared with the S&P 500's 22.5 times and the Nikkei 225's 19.3 times, according to Bloomberg data. Costello said institutional portfolios were starting to tilt away from US markets, with Asia benefiting from both relative value and early signs of policy support. The Boston-based firm, which managed US$610 billion in clients' assets, said global investors were more interested in non-US assets, despite most of the buying this year coming from local and mainland investors.
