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Business Recorder
02-07-2025
- Business
- Business Recorder
Nikkei edges lower as tariff stalemate weighs
SINGAPORE: Japanese shares fell slightly on Wednesday, reacting to a selloff in US technology heavyweights and uncertainty about trade tariffs, with the prospect of Fed interest rate cuts providing markets a floor. Overnight, as the Nasdaq came further off last week's record highs, the NYFANG index, which tracks 10 heavily traded tech names, fell 1.8%. Meanwhile, in comments on Tuesday, Federal Reserve Chair Jerome Powell kept alive market expectations of a rate cut at the Fed's upcoming July 29-30 meeting, prompting investors to slightly boost the possibility of a reduction. At home, Japanese investors are keeping an eye on key upper house elections slated for July 20 and the prospect of a trade deal with the United States, which President Donald Trump has indicated might not happen by his July 9 deadline for higher tariffs.
Economic Times
02-07-2025
- Automotive
- Economic Times
Japan's Nikkei edges lower as tariff stalemate weighs
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Japanese shares fell slightly on Wednesday, reacting to a selloff in U.S. technology heavyweights and uncertainty about trade tariffs, with the prospect of Fed interest rate cuts providing markets a as the Nasdaq came further off last week's record highs, the NYFANG index, which tracks 10 heavily traded tech names, fell 1.8%.Meanwhile, in comments on Tuesday, Federal Reserve Chair Jerome Powell kept alive market expectations of a rate cut at the Fed's upcoming July 29-30 meeting, prompting investors to slightly boost the possibility of a home, Japanese investors are keeping an eye on key upper house elections slated for July 20 and the prospect of a trade deal with the United States, which President Donald Trump has indicated might not happen by his July 9 deadline for higher 0630 GMT, the Nikkei index was down 223.85 points or 0.6% to close at 39,762.48. While it is down more than 3% this week, the index has risen nearly 11% since April 2, when Trump unveiled his reciprocal Abe, chief strategist at Daiwa Securities, said the Nikkei's resilience was owing to expectations for rate cuts by the Fed and the rally in global semiconductor shares over the past month."Part of the market participants expected the news that the trade negotiations between Japan and the U.S. are not going well because it took such a long time and some people also expected the trade negotiation regarding auto tariffs not going well," he said. "So the news that Japan may not reach an agreement with the U.S. is not that surprising."Tokyo has been scrambling to convince the U.S. to scrap a 25% tariff on Japanese cars and a 24% reciprocal tariff on other Japanese imports. The reciprocal tariff has been paused until July 9, but Japan has yet to secure a trade deal after nearly three months of broader Topix slipped 0.2%.The largest percentage gainer in the index was Daikin Industries Ltd up 4.6%.The largest losers by percentage in the index were Konami Group Corp down 6.86%, followed by Bandai Namco Holdings Inc down 5.14% and Kawasaki Heavy Industries Ltd down 5%.
Time of India
02-07-2025
- Automotive
- Time of India
Japan's Nikkei edges lower as tariff stalemate weighs
Japanese shares fell slightly on Wednesday, reacting to a selloff in U.S. technology heavyweights and uncertainty about trade tariffs, with the prospect of Fed interest rate cuts providing markets a floor. Overnight, as the Nasdaq came further off last week's record highs, the NYFANG index, which tracks 10 heavily traded tech names, fell 1.8%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Soluções confiáveis para centros de dados IA Siemens Energy Saiba Mais Undo Meanwhile, in comments on Tuesday, Federal Reserve Chair Jerome Powell kept alive market expectations of a rate cut at the Fed's upcoming July 29-30 meeting, prompting investors to slightly boost the possibility of a reduction. At home, Japanese investors are keeping an eye on key upper house elections slated for July 20 and the prospect of a trade deal with the United States, which President Donald Trump has indicated might not happen by his July 9 deadline for higher tariffs. At 0630 GMT, the Nikkei index was down 223.85 points or 0.6% to close at 39,762.48. While it is down more than 3% this week, the index has risen nearly 11% since April 2, when Trump unveiled his reciprocal tariffs. Live Events Kenji Abe, chief strategist at Daiwa Securities, said the Nikkei's resilience was owing to expectations for rate cuts by the Fed and the rally in global semiconductor shares over the past month. "Part of the market participants expected the news that the trade negotiations between Japan and the U.S. are not going well because it took such a long time and some people also expected the trade negotiation regarding auto tariffs not going well," he said. "So the news that Japan may not reach an agreement with the U.S. is not that surprising." Tokyo has been scrambling to convince the U.S. to scrap a 25% tariff on Japanese cars and a 24% reciprocal tariff on other Japanese imports. The reciprocal tariff has been paused until July 9, but Japan has yet to secure a trade deal after nearly three months of negotiations. The broader Topix slipped 0.2%. The largest percentage gainer in the index was Daikin Industries Ltd up 4.6%. The largest losers by percentage in the index were Konami Group Corp down 6.86%, followed by Bandai Namco Holdings Inc down 5.14% and Kawasaki Heavy Industries Ltd down 5%.
Business Recorder
02-07-2025
- Automotive
- Business Recorder
Japan's Nikkei edges lower, tech a mixed bag
SINGAPORE: Japanese shares fell slightly on Wednesday, reacting to a selloff in US technology heavyweights and uncertainty about trade tariffs, with the prospect of Fed interest rate cuts providing markets a floor. Overnight, as the Nasdaq came further off last week's record highs, the NYFANG index, which tracks 10 heavily traded tech names, fell 1.8%. Meanwhile, in comments on Tuesday, Federal Reserve Chair Jerome Powell kept alive market expectations of a rate cut at the Fed's upcoming July 29-30 meeting, prompting investors to slightly boost the possibility of a reduction. At home, Japanese investors are keeping an eye on key upper house elections slated for July 20 and the prospect of a trade deal with the United States, which President Donald Trump has indicated might not happen by his July 9 deadline for higher tariffs. At 0235 GMT, the Nikkei index fell 392.61 points, or 1%, to 39,593.72. While it is down more than 3% this week, the index has risen nearly 11% since April 2, when Trump unveiled his reciprocal tariffs. Kenji Abe, chief strategist at Daiwa Securities, said the Nikkei's strength was owing to expectations for rate cuts by the Fed and the rally in global semiconductor shares over the past month. 'Part of the market participants expected the news that the trade negotiations between Japan and the US are not going well because it took such a long time and some people also expected the trade negotiation regarding auto tariffs not going well,' he said. 'So the news that Japan may not reach agreement with the US is not that surprising.' Tokyo has been scrambling to convince the US to scrap a 25% tariff on Japanese cars and a 24% reciprocal tariff on other Japanese imports. The reciprocal tariff has been paused until July 9, but Japan has yet to secure a trade deal after nearly three months of negotiations. The broader Topix slipped 0.5%. The largest percentage gainer in the index was Renesas Electronics Corp, up 3.24%. The biggest decliners in the index were Konami Group Corp , down 6.48%, followed by Kawasaki Heavy Industries losing 5.04% and Fujikura, falling 4.67%.
Economic Times
02-07-2025
- Business
- Economic Times
Nasdaq, S&P 500 close lower, weighed by tech stocks, Dow ends up
The Nasdaq and the S&P 500 closed lower on Tuesday, dragged down by weakness in large-cap tech stocks, while the Dow ended higher in a volatile day marked by seasonally low liquidity. ADVERTISEMENT Investors navigated a choppy session, between optimism over stimulus and caution around market concentration around a few tech stocks. A sell-off of a few megacap tech and tech-adjacent momentum stocks, that had especially high gains in recent weeks, left markets vulnerable to sharp swings. The NYFANG index, which tracks 10 heavily traded tech names, fell 1.8%. "We got to very overbought levels on tech and Nasdaq over the past weeks," said Farz Azarm, managing director of Equities trading with Mizuho Americas. "Today you are seeing a massive unwind" of this movement, he said. Dow Jones Industrial Average rose 400.17 points, or 0.91%, to 44,494.94. The S&P 500 lost 6.94 points, or 0.11%, to 6,198.01 and the Nasdaq Composite lost 166.84 points, or 0.82%, to 20,202.89. News from Washington helped fuel optimism. U.S. President Donald Trump said he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the U.S., easing investor concerns about prolonged uncertainty. The Senate's passage of Trump's tax package had investors weighing the bill's stimulative effects against its multi-trillion dollar cost. ADVERTISEMENT Tesla shares were hit by a renewed spat between CEO Elon Musk and Trump, while economic data backed the U.S. central bank's patient stance on rate cuts. Tesla dropped 5.4% after Trump threatened to cut off the billions of dollars in subsidies that Musk's companies get from the federal government. Musk had revived his criticism of Trump's wide-ranging tax cut and spending bill. ADVERTISEMENT The blue-chip Dow got a boost from economically sensitive sectors such as materials and smallcaps, which outperformed. The Dow Transportation index, widely considered an economic barometer, jumped 2.9%, its biggest one-day gain since May 12. "The markets are preparing for a boatload of stimulus with an already healthy economy," said Rich Bernstein, CEO of Richard Bernstein Advisors. "But we are still in a very speculative market." ADVERTISEMENT Data showed U.S. job openings increased unexpectedly in May, suggesting labor market resilience despite trade and economic uncertainties. U.S. Treasuries fell in response, pushing the 2-year yield to a near one-week high. Earlier in the day, Federal Reserve Chair Jerome Powell reiterated the U.S. central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering rates, again setting aside Trump's demands for immediate and deep rate cuts. The Institute for Supply Management (ISM) said its manufacturing PMI nudged up to 49.0 last month from a six-month low of 48.5 in May, slightly above economists' forecast of 48.8. Market focus now shifts to Thursday's nonfarm payrolls report, which could help recalibrate bets for a rate cut as soon as July. ADVERTISEMENT Money markets are pricing in a 21.2% likelihood for a July rate cut and see about 64 basis points worth of cuts by the end of this year, per LSEG data. Shares of U.S.-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts, Las Vegas Sands and MGM Resorts International added more than 7% each.
