Saudi Fund Invests $40 Million in Moritz-Backed Triathlon Series
The investment by SURJ is part of a Series C funding round for the Professional Triathletes Organisation, contributing to an estimated total raise of $40 million. Bloomberg first reported on the talks earlier this month.
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Yahoo
5 minutes ago
- Yahoo
Asian shares fall as US unleashes fresh tariffs, jobs data up next
By Stella Qiu SYDNEY (Reuters) -Asian shares fell on Friday after the U.S. slapped dozens of trading partners with steep tariffs, while investors anxiously await U.S. jobs data that could make or break the case for a Fed rate cut next month. Late on Thursday, President Donald Trump signed an executive order imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations. Rates were set at 25% for India's U.S.-bound exports, 20% for Taiwan's, 19% for Thailand's and 15% for South Korea's. He also increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal. "At this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact," said Tony Sycamore, analyst at IG. "After being obviously caught on the wrong foot in April, the market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time." MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, bringing the total loss this week to 1.5%. South Korea's KOSPI tumbled 1.6% while Japan's Nikkei dropped 0.6%. EUROSTOXX 50 futures dropped 0.5%. Nasdaq futures fell 0.5% while S&P 500 futures slipped 0.3% after earnings from Amazon failed to live up to lofty expectations, sending its shares tumbling 6.6% after hours. Apple , meanwhile, forecast revenue well above Wall Street's estimates, following strong June-quarter results supported by customers buying iPhones early to avoid tariffs. Its shares were up 2.4% after hours. Overnight, Wall Street failed to hold onto an earlier rally. Data showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that price pressures could intensify, while weekly initial jobless claims signalled the labour market remained on a stable footing. Fed funds futures imply just a 39% chance of a rate cut in September, compared with 65% before the Federal Reserve held rates steady on Wednesday, according to the CME's FedWatch. Much now will depend on the U.S. jobs data due later in the day and any upside surprise could lower the chance for a cut next month. Forecasts are centred on a rise of 110,000 in July, while the jobless rate likely ticked up to 4.2% from 4.1%. The greenback has found support from fading prospects of imminent U.S. rate cuts, with the dollar index up 2.4% this week against its peers to 100, the highest level in two months. That is its biggest weekly rise since late 2022. The Canadian dollar was little impacted by the tariff news, having already fallen about 1% this week to a 10-week low. The yen was the biggest loser overnight, with the dollar up 0.8% to 150.7 yen, the highest since late March. The Bank of Japan held interest rates steady on Thursday and revised up its near-term inflation expectation but Governor Kazuo Ueda sounded a little dovish. Treasuries were largely steady on Friday. Benchmark 10-year U.S. Treasury yields ticked up 1 basis point to 4.374%, after slipping 2 bps overnight. In commodity markets, oil prices were steady after falling 1% overnight. U.S. crude rose 0.1% to $69.36 per barrel, while Brent was at $71.84 per barrel, up 0.2%. Spot gold prices were steady at $3,288 an ounce. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
7 minutes ago
- Bloomberg
Bloomberg Daybreak Asia: Stocks Decline on Tariff Rate Announcement
Asian stocks fell for a sixth straight session — the longest losing streak this year — as President Donald Trump announced new tariff rates and as solid earnings from megacap tech firms failed to lift broader market sentiment. The MSCI Asia Pacific Index dropped 0.4% at the open while contracts for the S&P 500 also fell by the same amount. Trump will maintain a minimum global tariff of 10%, while imports from countries with trade surpluses with the US face duties of 15% or higher, the White House announced Thursday. We get reaction from Jenny Gordon, Non-Resident Fellow at the Lowy Institute. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade. Plus - Bloomberg Intelligence says Hang Lung Properties may stabilize retail rental income in mainland China, mainly driven by solid leasing performance of prime shopping malls in Shanghai. Its retail rental revenue on the mainland held steady at 2.4 billion yuan in the first half, with high occupancy rates of Plaza 66 and Grand Gateway 66 at 98% and 99% as of June 30. We speak with Adriel Chan, Chair of Hang Lung Properties.
Bloomberg
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Japan Retail Traders Pile Bearish Nikkei Bets, Raising Doubts
As Japanese stocks soar to record highs, retail investors are ramping up bearish bets, highlighting lingering doubts about the rally's staying power. The contrarian tilt, long embedded in the behavior of Japanese individual investors, is surfacing yet again. Some analysts trace the mindset back to decades of equity market underperformance driven by yen strength and deflation.
