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Business Recorder
3 hours ago
- Business
- Business Recorder
KSE-100 beats US, India & Germany to emerge among top global performers in FY25
Pakistan Stock Exchange (PSX) emerged as one of the top-performing stock markets in the world during FY25, with the benchmark KSE-100 Index delivering a robust 55.5% return in USD terms, securing the third spot globally, revealed Arif Habib Limited (AHL) in its latest report. Only Ghana's GGSECI Index, offering a 140.7% return and Slovenia's SBITOP Index (56.7%) performed better than KSE-100 during the outgoing fiscal year, data released by the brokerage house showed. In comparison to other global markets, Pakistan outperformed major developed and emerging economies. The US Nasdaq Index returned 14%, Germany's DAX 46.9%, India's Sensex 3.2%, and Japan's Nikkei 12.8%. Most regional markets trailed far behind, with countries like Turkey and Bangladesh posting negative returns of -28.1% and -13.6% respectively. During the outgoing fiscal, the KSE-100 Index delivered a stellar performance, surging by 58.6% in PKR terms and an impressive 55.5% in USD terms to close at 124,379, up from 78,445 at the end of FY24. 'This remarkable rally was driven by aggressive monetary easing, improved market liquidity, and the unlocking of fundamental value across key sectors,' said AHL. Regional portfolio investment As per the report, widespread net selling by foreigners was observed across all listed regions in FY25. Taiwan recorded the highest outflow at $28,783 million, followed by South Korea at $23,577 million, and India at $11,263 million. Outflows were also seen in Malaysia at $3,546 million, Vietnam at $3,101 million, and Thailand at $3,207 million. Relatively smaller net sells were recorded in Indonesia at $1,634 million, Philippines at $477 million. Meanwhile, Pakistan saw an outflow of $300 million. 'Possible reasons for this uniform net selling trend include geopolitical tensions, reciprocal tariffs announced by the US, high global interest rate initially prompting capital withdrawal, strong US dollar pressure, and a shift toward developed markets,' read the report.
UPI
12 hours ago
- Business
- UPI
S&P 500, Nasdaq set records in dramatic 3-month turnaround
The Standard & Poor's 500 and Nasdaq Index on Friday rose to records nearly three months after plunging amid tariff wars. File Photo by John Angelillo/UPI | License Photo June 27 (UPI) -- The Standard & Poor's 500 and Nasdaq Composite on Friday rose to record highs nearly three months after plunging to bearish stock prices amid tariff wars. The S&P finished at 6,173, an increase of 32.05, or 0.52% at the close of trading at 4 p.m. EDT. The previous all-time high closing price was 6,144 on Feb. 19. The index dropped to 4,982.77 on April 8, six days after Donald Trump announced trading tariffs on virtually all U.S. trading partners. That low point was 19% off the record with a bear market considered to be 20%. Tech-heavy Nasdaq finished at 20,273, a rise of 105.55, or .52%. The last all-time high was 20,173.89 on Dec. 16. The year's low was April 8 at 15,267, a decline of 24.5% from the record. The Dow Jones Industrial Average ended the day at 43,819.27, a rise of 431.43 or 1%. DJIA hit a record of 45,014.04 on Dec. 4 and was down to 37,645.59 on April 8. The high this year was 44,882.13 on Jan. 30th, 10 days after Donald Trump became president. All but two of CNBC's 11 sectors declined. Energy dropped 0.5% and health 0.17%. The biggest increases were consumer discretionary at 1.78% and communications services at 1.55%. Stocks had been trading higher Friday until Trump posted on Truth Social that trade talks with Canada were terminated. "We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country," Trump posted. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," he said. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period." The United States has imposed a 25% tariff on non-compliant Canadian goods, including vehicles, with energy products subject to a 10% tariff. Also, Canada was hit by the 50% tariff on steel and aluminum imports like other nations. Canada has retaliated with its own tariffs. Products involved in the U.S.-Mexico-Canada Agreement are exempted. Investors were buoyed after Commerce Secretary Howard Lutnick said a trade framework with China had been finalized. At one time, Trump imposed a 134% tariff but it has since been cut to $30. Lutnick said he expects deals with 10 trading partners soon. On "Liberation Day" on April 2, Trump said he would impose a baseline 10% tariffs on most trading partners and stiffer ones for big violators. A week later, he paused them until July 7 and that date might be extended. "I can see where the risks are here -- if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group, told CNBS. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." "We think the recovery makes sense, considering that most large-cap companies should weather the tariffs reasonably well," David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, told investors in a note. "In fact, we think the upcoming [second-quarter] earnings season will once again highlight the resilience of corporate profits." Vital Knowledge analyst Adam Crisafulli sees possibly bumpy times. "We think there's a dangerous amount of complacency on trade/tariffs, a view underscored by the fact markets this morning are celebrating the China 'deal' for a third time," Crisafulli said in a report. The records come days after Trump brokered a cease-fire between Israel and Iran. Oil prices surged before the U.S. bombed three nuclear targets in Iran. West Test Intermediate crude climbed to $74.14 a barrel after being as low as $57.13 on May 13. On Friday, crude oil settled at 65.07, up 17 cents from the day before. One year ago, it reached nearly $84. The average price for unleaded gas in the United States is $3.207, a penny down from last week and $3.503 one year ago, according to AAA. Investors are also pleased with good economic data. Inflation rose 2.4% in May over one year. The unemployment rate 4.2% and has been at this level since May 2024. The Federal Reserve has not raised interest rates since Dec. 18. The Federal Funds Rate is 4.25% to 4.50%. Federal Reserve Chairman Jerome Powell has described a "wait-and-see" approach to interest rate adjustments, describing the need for more data. The next meeting is July 29 and 30.
The Age
29-05-2025
- Business
- The Age
Court revolt, TACO talk and Musk grenades: Trump's trade train derailed
The trade ceasefire may not last, but for a moment on Thursday there was hope that Donald Trump's wild trade train may have been derailed by a US court. A federal court declared Trump didn't have the authority to impose the most extreme of his tariffs on most trading partners, including China. Make no mistake, team Trump is already working on a strategy to overturn the legal judgement roadblock. But it stands as a serious setback to his ambitions to remake US manufacturing and upend global trade balances. So for a little while, at least, other governments, markets and businesses around the world can exhale as it seems to be further evidence that Trump's negotiating position is unravelling. If stock markets are a measure, there was plenty of exuberance – Wall Street's Nasdaq Index futures bolted ahead almost 2 per cent within hours of the court decision. Markets figure that at the very least, this will throw into disarray the trade negotiations that were the subject of a 90-day pause. The ruling also comes on the heels of several backdowns from the extreme tariff positions that the US president has declared since taking office. If April 2 was 'Liberation Day', then May 28 could be tentatively marked as 'Cessation Day'. Trump's detractors, particularly those in financial markets, have come up with a derisory brand for his wild swings away from his initial 'nuclear' positions on tariffs. They've started talking up the 'TACO trade', TACO being an acronym for 'Trump Always Chickens Out'. The president, who is well known for his pathological need for admiration and adoration, clearly loathes the term, calling a reporter's question about it 'nasty'.
Sydney Morning Herald
29-05-2025
- Business
- Sydney Morning Herald
Court revolt, taco talk and Musk grenades: Trump's trade train derails
The trade ceasefire may not last, but for a moment on Thursday there was hope that Donald Trump's wild trade train may have been derailed by a US court. A federal court declared Trump didn't have the authority to impose the most extreme of his tariffs on most trading partners, including China. Make no mistake, team Trump is already working on a strategy to overturn the legal judgement roadblock. But it stands as a serious setback to his ambitions to remake US manufacturing and upend global trade balances. So for a little while, at least, other governments, markets and businesses around the world can exhale as it seems to be further evidence that Trump's negotiating position is unravelling. If stock markets are a measure, there was plenty of exuberance – Wall Street's Nasdaq Index futures bolted ahead almost 2 per cent within hours of the court decision. Markets figure that at the very least, this will throw into disarray the trade negotiations that were the subject of a 90-day pause. The ruling also comes on the heels of several backdowns from the extreme tariff positions that the US president has declared since taking office. If April 2 was 'Liberation Day', then May 28 could be tentatively marked as 'Cessation Day'. Trump's detractors, particularly those in financial markets, have come up with a derisory brand for his wild swings away from his initial 'nuclear' positions on tariffs. They've started talking up the 'TACO trade', TACO being an acronym for 'Trump Always Chickens Out'. The president, who is well known for his pathological need for admiration and adoration, clearly loathes the term, calling a reporter's question about it 'nasty'.
Yahoo
19-05-2025
- Business
- Yahoo
Moody's Downgrades U.S. Rating: What's Next for S&P 500 ETFs?
Moody's Investors downgraded the United States' sovereign credit rating by one notch from Aaa to Aa1, citing escalating deficits and the increasing burden of refinancing debt amid elevated interest rates. The downgrade reflects concerns around the ballooning U.S. debt. As such, it could dampen the appetite for U.S. assets, including equities, and raise yields at a time when the economy is already under pressure from President Donald Trump's unfolding tariff move came after last week's bullish run for U.S. stocks buoyed a temporary U.S.-China trade truce. The S&P 500 erased all its losses and turned green for 2025 by rallying more than 5%, while the Dow Jones climbed by more than 3%. The tech-heavy Nasdaq Index surged more than 7% last week (read: S&P 500 Makes the Fastest Recovery Since 1982: 5 Best ETFs). The three ultra-popular ETFs tracking the index — Vanguard S&P 500 ETF VOO, SPDR S&P 500 ETF Trust SPY and iShares Core S&P 500 ETF IVV — are up about 1.7% each so far this year. Will the strong trend continue? Let's delve deeper: Moody's downgraded the rating, citing rising national debt, increasing interest payments and political polarization. The agency noted that the fiscal proposals currently under discussion are unlikely to deliver a sustained, multi-year reduction in deficits. The agency projects that the federal debt burden will rise to approximately 134% of GDP by 2035, up from an estimated 98% in interest payments on the national debt are expected to consume a larger share of federal revenues, with projections indicating a rise to 10% by 2025. Moody's also highlighted the U.S.'s complex budget and debt limit processes, which have become increasingly mired in political partisanship, eroding confidence in fiscal managementMoody's had maintained the United States' top-tier 'Aaa' rating since 1919 and was the last of the three major credit rating agencies to downgrade it. Standard & Poor's and Fitch downgraded the United States in 2011 and 2023, the downgrade, U.S. stock-index futures, including the S&P 500, declined by around 1% or more. The U.S. dollar weakened, and the yield on the 10-year Treasury note rose to 4.52%, indicating investor anxiety. The United States has agreed to temporarily slash tariffs on Chinese goods from 145% to 30%, while China will lower its retaliatory duties on U.S. goods from 125% to 10%. The temporary reduction in rates will run for 90 days. The deal has infused a strong air of optimism into the technology sector, which is the largest beneficiary (read: 5 Technology Stocks Powering S&P 500 ETF). Wall Street strategists have turned increasingly bullish on the S&P 500 outlook for the year after the U.S.-China deal. Goldman Sachs raised its year-end target for the S&P 500 to 6,100 from 5,900. Yardeni Research also lifted its forecast to 6,500 from 6,000, implying an additional 11% gain from current levels. Both firms cited easing concerns over a major economic slowdown as a key driver behind their optimism. April inflation and jobs data added another reason to cheer. U.S. inflation in April cooled to the lowest level since February 2021. The Consumer Price Index, which tracks a variety of costs throughout the economy, rose 2.3% year over year in April, down slightly from 2.4% in March. The softer-than-expected data bolstered the case for the easing by the Federal April jobs data showed that the U.S. labor market remained resilient amid the tariff chaos. The economy added better-than-expected 177,000 jobs while the unemployment rate held steady at 4.2%, providing further assurance about the economy's health (read: Growth ETFs Outperform Amid Historic Market Comeback). U.S. consumer sentiment fell for the fifth consecutive month in May, reflecting Americans' increasing worry that President Donald Trump's trade war will worsen inflation. The preliminary reading of the University of Michigan's consumer sentiment index declined 2.7%, on a monthly basis, to 50.8, the lowest level since June 2022. Since January, sentiment has tumbled nearly 30%. While the downgrade could trigger a pullback or consolidation following recent strong gains, deal optimism and an improving economy still call for further upside. However, volatility may persist given uncertainties around trade policies. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR S&P 500 ETF (SPY): ETF Research Reports Vanguard S&P 500 ETF (VOO): ETF Research Reports iShares Core S&P 500 ETF (IVV): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research 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
