Nasdaq dips before big tech earnings as EU tariff deadline looms
Meanwhile, European markets remained cautious ahead of an August 1 deadline for the EU to avoid steep US tariffs.
The Dow and S&P 500 closed higher, but the Nasdaq fell 0.4 percent, ending a six-day streak of record highs.
Alphabet and Tesla, part of Wall Street's 'Magnificent Seven,' will report earnings on Wednesday, with Apple and Meta set to follow next week.
Corporate earnings have so far shown resilience in the US economy, though Trump's tariffs on major trading partners have impacted sectors like automobiles.
Art Hogan of B. Riley Wealth Management noted that Tuesday's dip in Nvidia and other tech stocks suggested profit-taking after recent gains.
'It's a difficult earnings season where expectations are really low but stocks are already priced very high,' Hogan said.
In Europe, only London ended in positive territory, while Paris and Frankfurt declined.
The EU faces potential tariffs if no deal is reached with the Trump administration by August 1.
'European markets have been getting increasingly jittery as the deadline approaches,' said David Morrison of Trade Nation.
'With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU.'
US Treasury Secretary Scott Bessent will meet Chinese officials in Stockholm next week for tariff talks, as another mid-August deadline looms for US tariffs on China.
Big Earnings Reports
General Motors reported a 35 percent drop in second-quarter profits, hit by $1.1 billion in US tariffs, though it maintained its full-year forecast. Its shares fell 8.1 percent.
'Expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year,' said Jochen Stanzl of CMC Markets.
AstraZeneca announced a $50 billion US investment by 2030 amid tariff threats on pharmaceuticals.
The dollar weakened further, while oil prices dropped on concerns over slowing global economic activity.
In Asia, Hong Kong's index hit its highest close since late 2021, fueled by Chinese tech stocks and mainland investor inflows.
Tokyo dipped after Japan's ruling coalition lost its upper-house majority, raising political uncertainty. - AFP
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The Star
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- The Star
Indonesia's first high-speed railway is now transforming inbound travel and driving economic growth
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With up to 62 daily train services and a peak daily ridership of 26,800, public enthusiasm continues to rise. For Sophia, a 37-year-old mother of two who commutes between Jakarta and Bandung every weekend, the benefits are deeply personal. "Whoosh has become a proper mode of transportation. Time is valuable; we shouldn't have to spend so much of it on the road," she said. Beyond convenience, Whoosh has also triggered notable economic benefits. Business owners like 45-year-old Akhyar, who runs a cake shop near Bandung's train station, have witnessed a sharp rise in customers, many of whom are tourists brought in by the high-speed service. Similarly, the Indonesian Travel Agent Association reported growing demand for group tours using Whoosh, especially among students and corporate travelers. "It helps promote Jakarta as a tourist destination, especially for ASEAN visitors," said the association's Chairwoman, Pauline Suharno, using the acronym for the Association of Southeast Asian Nations. "Among ASEAN countries, only Indonesia has a high-speed train." According to Segara Research Institute Executive Director Piter Abdullah, Whoosh is not only a game changer for mobility, but a catalyst for new economic activity. "Mobility is a driver of the economy. The growing number of passengers shows that people are increasingly recognizing the value of time efficiency and travel comfort. High-speed rail can trigger the emergence of new economic centers," he said. This project represents a crucial first step in developing rail-based transportation across Java Island, unlocking new zones of productivity and investment, he added. ENHANCED CONNECTIVITY The areas surrounding Whoosh's stations, such as Tegalluar, Padalarang, and Karawang, are already seeing the rise of new residential communities, commercial centers, and upgraded infrastructure. Halim Station, near Jakarta's international airport, is evolving into a critical intermodal hub, supporting seamless air-rail connectivity. "Whoosh has significantly enhanced regional connectivity and land value," said KCIC's Corporate Communications Manager Emir Monti. "It's also generated thousands of jobs and supported the growth of a full high-speed rail industry chain in Indonesia." Emir believed that Whoosh is not just a transport upgrade, but a strategic leap in Indonesia's development. "We didn't expect such a high level of enthusiasm at the beginning. But Whoosh has truly improved connectivity between Jakarta and Bandung and brought real convenience to the public," he said. He also emphasized the project's role as a model for international collaboration and local capacity building. "This isn't just about importing equipment; it's about building an integrated system. Through our joint venture with Chinese partners, we've transferred technology, trained local talent, and developed Indonesian professionals in operations, maintenance, and management," he said. Today, all train drivers and mechanics are Indonesians, a testament to the project's commitment to localization and sustainability. "From technology to management, our local teams are growing through hands-on experience," said Emir. "Whoosh didn't just bring infrastructure. It built a foundation for future Indonesian expertise." GROWING EXPECTATION According to Dwiyana Slamet Riyadi, president director of KCIC, Whoosh is the first full-scale application of Chinese high-speed rail technology abroad, making Indonesia the first country outside China to operate trains at a speed of 350 kilometers per hour. "Chinese high-speed rail technology is truly advanced. They're already developing trains that can reach 450 kilometers per hour. So I think it's natural that China is the technological benchmark for Indonesia's high-speed rail development," he said. He also noted that Indonesia's success with Whoosh has drawn attention from other Southeast Asian nations eager to replicate its achievement. "Indonesia is now seen as a model for high-speed rail development in ASEAN," he said. As demand continues to climb and public satisfaction remains high, expectations are rising. German expatriate Ali Kurtze, a long-time Jakarta resident and self-proclaimed loyal Whoosh rider, expressed hope for further expansion. "Fast, punctual, comfortable, I love this route. I hope the high-speed rail will one day extend to Surabaya or even Sumatra," said Kurtze. "That would completely transform Indonesia's transportation landscape." -- Xinhua
The Star
5 hours ago
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US Treasury chief says trade talks with China to continue this week in Sweden
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6 hours ago
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Brunei and EU seek stronger trade and policy ties
Awang Abdul Rahman during the courtesy call with EU's Paola Pampaloni. -- PHOTO: RAFI ROSLI / Borneo Bulletin-ANN BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): Brunei's Speaker of the Legislative Council Yang Berhormat Pehin Orang Kaya Seri Lela Dato Seri Setia Awang Abdul Rahman Mohamed Taib received a courtesy call from Deputy Managing Director, Asia and Pacific Department and Indo Pacific Special Envoy at the European External Action Service (EEAS), European Union Paola Pampaloni. The discussion centred on the progress of Partnership and Cooperation Agreement between both parties, especially in the continued dialogue and encouraging cooperation in areas of mutual priority. The two sides also exchanged views on regional and international affairs, including issues of common concern, the importance of maintaining global peace and prosperity and the commitment to the multilateral system. The discussions also touched on efforts to strengthen trade cooperation and foster inclusiveness and unity in facing today's global challenges. The meeting is part of the joint efforts to strengthen bilateral relations between Brunei Darussalam and the European Union (EU), in line with the Sultanates's role as the EU's Asean Coordinator. – Borneo Bulletin/ANN
