Asian shares mixed after US stocks hit all-time high
BANGKOK, June 30, (AP): Asian shares started the week with gains after US stocks closed at an all-time high following their recovery from the shocks of the Trump administration's trade policies. Canada's decision to cancel a plan to tax US echnology firms that had led President Donald Trump to halt trade talks helped to steady the markets.
US stock futures advanced after Canadian Prime Minister Mark Carney said the talks had resumed. In Tokyo, the Nikkei 225 climbed 0.6% to 40,395.99. Hong Kong's Hang Seng lost 0.3% to 24,207.36, while the Shanghai Composite index advanced 0.5% to 3,438.46. China reported that its factory activity improved slightly in June after Beijing and Washington agreed in May to postpone imposing higher tariffs on each others' exports, though manufacturing remained in contraction.
In South Korea, the Kospi gained 0.5% to 3,070.93. Australia's S&P/ASX 200 jumped 0.6% to 8,560.80. Taiwan's Taiex lost 1.4% and the Sensex in India was down 0.4%. In Bangkok, the SET was up 0.3%. On Friday, the S&P 500 rose 0.5% to 6,173.07, above its previous record set in February. The key measure of Wall Street's health fell nearly 20% from Feb 19 through April 8.
The Nasdaq composite gained 0.5% to 20,273.46, its own all-time high. The Dow Jones Industrial Average rose 1% to 43,819.27. The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs. An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists' projections.
Inflation remains a big concern. Trump's on-again-off-again tariff policy has made it difficult for companies to make financial forecasts and strained household budgets. A long list of businesses from carmakers to retailers have warned that higher import taxes will likely hurt their revenues and profits.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
9 hours ago
- Arab Times
Trade talks with US resume after Canada rescinded tech tax: Carney
TORONTO, June 30, (AP): Canadian Prime Minister Mark Carney said late Sunday trade talks with US have resumed after Canada rescinded its plan to tax US technology firms. US President Donald Trump said Friday that he was suspending trade talks with Canada over its plans to continue with its tax on technology firms, which he called "a direct and blatant attack on our country.' The Canadian government said "in anticipation' of a trade deal "Canada would rescind' the Digital Serves Tax. The tax was set to go into effect Monday. Carney and Trump spoke on the phone Sunday, and Carney's office said they agreed to resume negotiations. "Today's announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month's G7 Leaders' Summit in Kananaskis,' Carney said in a statement. Carney visited Trump in May at the White House, where he was polite but firm. Trump traveled to Canada for the G7 summit in Alberta, where Carney said that Canada and the US had set a 30-day deadline for trade talks. Trump, in a post on his social media network last Friday, said Canada had informed the US that it was sticking to its plan to impose the digital services tax, which applies to Canadian and foreign businesses that engage with online users in Canada. The digital services tax was due to hit companies including Amazon, Google, Meta, Uber and Airbnb with a 3% levy on revenue from Canadian users. It would have applied retroactively, leaving US companies with a $2 billion US bill due at the end of the month. Daniel Béland, a political science professor at McGill University in Montreal, called Carney's retreat a "clear victory" for Trump. "At some point this move might have become necessary in the context of Canada-US trade negotiations themselves but Prime Minister Carney acted now to appease President Trump and have him agree to simply resume these negotiations, which is a clear victory for both the White House and big tech," Béland said. He said it makes Carney look vulnerable to President Trump's outbursts. "President Trump forced PM Carney to do exactly what big tech wanted. US tech executive will be very happy with this outcome,' Béland said.
Arab Times
9 hours ago
- Arab Times
Asian shares mixed after US stocks hit all-time high
BANGKOK, June 30, (AP): Asian shares started the week with gains after US stocks closed at an all-time high following their recovery from the shocks of the Trump administration's trade policies. Canada's decision to cancel a plan to tax US echnology firms that had led President Donald Trump to halt trade talks helped to steady the markets. US stock futures advanced after Canadian Prime Minister Mark Carney said the talks had resumed. In Tokyo, the Nikkei 225 climbed 0.6% to 40,395.99. Hong Kong's Hang Seng lost 0.3% to 24,207.36, while the Shanghai Composite index advanced 0.5% to 3,438.46. China reported that its factory activity improved slightly in June after Beijing and Washington agreed in May to postpone imposing higher tariffs on each others' exports, though manufacturing remained in contraction. In South Korea, the Kospi gained 0.5% to 3,070.93. Australia's S&P/ASX 200 jumped 0.6% to 8,560.80. Taiwan's Taiex lost 1.4% and the Sensex in India was down 0.4%. In Bangkok, the SET was up 0.3%. On Friday, the S&P 500 rose 0.5% to 6,173.07, above its previous record set in February. The key measure of Wall Street's health fell nearly 20% from Feb 19 through April 8. The Nasdaq composite gained 0.5% to 20,273.46, its own all-time high. The Dow Jones Industrial Average rose 1% to 43,819.27. The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs. An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists' projections. Inflation remains a big concern. Trump's on-again-off-again tariff policy has made it difficult for companies to make financial forecasts and strained household budgets. A long list of businesses from carmakers to retailers have warned that higher import taxes will likely hurt their revenues and profits.
Kuwait Times
21 hours ago
- Kuwait Times
Gold prices fall amid easing geopolitical tensions, outlook
KUWAIT: Gold prices recorded a sharp decline last week, with the price of an ounce dropping to USD 3,274, reflecting a daily loss of more than 1.5 percent, according to a report issued Sunday by Dar Al-Sabaik Company. The drop was attributed to a decline in geopolitical tensions and signs of improvement in global trade activity. A specialist at Dar Al-Sabaik explained that the retreat in gold prices was largely driven by easing concerns in the Middle East, notably the reduced tension between the Zionist entity and Iran. Media reports indicating a potential end to the conflict in Gaza within two weeks further contributed to the decline in demand for gold as a safe-haven asset. The report noted that progress in the global trade arena also weighed on gold prices. A formal agreement was recently signed between the United States and China to resolve ongoing trade disputes, with additional agreements expected before July 9, potentially involving countries such as South Korea, Vietnam, and members of the European Union. Under the agreement, China will expedite shipments of rare metals, while the US will lift certain retaliatory trade measures - a move that has bolstered confidence in global trade recovery. In addition, recent US economic data showed the core personal consumption expenditures (PCE) index rose to 2.7 percent in May, surpassing market expectations. Meanwhile, the overall inflation rate held steady at 2.3 percent, reinforcing expectations of a potential interest rate cut by the US Federal Reserve in September. The report further highlighted a rise in consumer confidence as measured by the University of Michigan index, along with declining inflation expectations among US households. These factors boosted equity markets, with the Nasdaq and S&P indices hitting record highs. Similarly, Asian markets reached their highest levels in more than three years. Despite a decline in the US dollar index and steady bond yields, gold failed to capitalize on the positive indicators, showing signs of temporary weakness as a hedge against market volatility. — KUNA Dar Al-Sabaik's report suggested that unless new factors emerge to support gold's upward trajectory, the market may witness a deeper price correction amid ongoing uncertainty. Global markets are now closely watching key developments, including the conclusion of US trade negotiations before the July 9 deadline for customs tariffs, and the upcoming European Central Bank forum. Federal Reserve Chair Jerome Powell and several central bank governors are expected to speak on the future of monetary policy. Markets are also anticipating a series of economic reports this week, including US job data, inflation figures in the Euro-zone, and activity indicators from China, Germany, Japan, and Australia. On the domestic front, the report stated that the price of 24-karat gold stood at KD 32.32 (approximately USD 99) per gram, while 22-karat gold was priced at KD 29.62 (around USD 91). The price of silver reached KD 402 per kilogram (about USD 1,313). The ounce—commonly used in precious metal markets—is equal to 31.103 grams. — KUNA
