Latest news with #S&PASX200
San Francisco Chronicle
02-07-2025
- Business
- San Francisco Chronicle
Asian shares are mixed, tracking Wall Street split as momentum slows and Tesla drops
MANILA, Philippines (AP) — Asian shares were mixed on Wednesday following a similar drift overnight on Wall Street as losses for Tesla and other technology shares put a brake on the momentum of recent record highs. U.S. futures edged higher and oil prices were little changed. Shares fell in Japan, hit by jitters over a lack of progress in trade talks with the U.S., but they recovered much of their lost ground, trading 0.3% lower at 39,874.33. Stephen Innes, managing partner at SPI Asset Management, pointed to President Donald Trump's declaration that there will be no extension of his tariff pause, which ends on July 9. 'The message was blunt: if Tokyo won't yield, it will pay. Tariffs of 30%, 35% or 'whatever number we determine' are now openly back on the table,' he said. 'The negotiating table just became a pressure cooker.' Hong Kong's Hang Seng advanced 0.6% to 24,220.65 and the Shanghai Composite index was down just over 1 point at 3,456.51. Australia's S&P ASX 200 edged up 0.4% to 8,580.70. On Tuesday, the S&P 500 dipped 0.1% to 6,198.01 for its first loss in four days. The Dow Jones Industrial Average rose 0.9% to 44,494.94, and the Nasdaq composite fell 0.8% to 20,202.89. Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there's potentially 'BIG MONEY TO BE SAVED' by scrutinizing subsidies, contracts or other government spending going to Musk's companies. Tesla fell 5.3%. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk's and Trump's feud. Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia's decline of 3% was the heaviest weight on the S&P 500. But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China's casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%. Automakers outside of Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%. The U.S. stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lie ahead for Wall Street, with one of the largest being the continued threat of Trump's tariffs. Many of Trump's stiff proposed taxes on imports are currently on pause, and they're scheduled to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation. Washington is also making progress on proposed cuts to tax rates and other measures that could send the U.S. government's debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments. Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure that tries to show how much 'excess optimism' is in the market is not far from the peaks seen during the 'meme stock' craze that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the millennium. In other dealings early Wednesday, benchmark U.S. crude gained 1 cent to $65.46 per barrel. Brent crude, the international standard, rose 5 cents per barrel to $67.16.
ABC News
30-06-2025
- Business
- ABC News
ASX surprise on the upside for the financial year
Economic futurist Evan Lucas unpacks the financial year that was for the S&P/ASX 200, describing it in one word as volatile.
Yahoo
27-06-2025
- Business
- Yahoo
Australia's Reece set for worst day ever on bleak full-year outlook
(Reuters) -Shares of Reece tumbled on Friday after the plumbing product supplier projected lower annual earnings, citing persistent housing market headwinds and intensifying competition in the U.S. The stock was set for its worst day on record, slumping 14.1% to A$14.910 by 0332 GMT, and was also the worst performer on the benchmark S&P/ASX 200 index . The company expects earnings before interest and tax (EBIT) for fiscal year 2025 to be in the range of A$548 million to A$558 million ($359 million to $365.6 million), down from A$681 million it reported last year. The broader construction and building supplies sector continues to grapple with persistent macroeconomic headwinds, softer demand and a slump in residential construction activity. "We have not seen a material improvement in trading conditions in the second half. In Australia and New Zealand, volume settings remain soft and (the) recent interest rate cuts have not yet translated to improved housing activity," CEO Peter Wilson said. Moreover, increased competition in all segments across the U.S., driven by new market entrants and a slowdown in residential construction, has impacted profitability, Wilson added. ($1 = A$1.5265)
The Independent
18-06-2025
- Business
- The Independent
Asian shares are mixed and oil prices rise as escalating Iran-Israel crisis hits Wall Street
Asian shares were mixed and oil prices advanced Wednesday after the escalation of conflict in the Middle East hit Wall Street. U.S. benchmark crude oil was up 24 cents at $73.51 per barrel. Brent crude, the international standard, was up 28 cents at $76.71 per barrel. Crude prices rose more than 4% on Tuesday after U.S. President Donald Trump left a Group of Seven summit in Canada early and warned that people in Iran's capital should evacuate immediately. Within about eight hours, Trump went from suggesting a nuclear deal with Iran remained 'achievable' to urging Tehran's 9.5 million residents to flee for their lives. The fighting has driven prices for crude oil and gasoline higher because Iran is a major oil exporter and it sits on the narrow Strait of Hormuz, through which much of the world's crude passes. Past conflicts in the area have caused spikes in oil prices, though they've historically proven brief after showing that they did not disrupt the flow of oil. Japan reported that its exports fell in May as the auto industry was hit by Trump's higher tariffs, with exports to the U.S. falling more than 11%. But Tokyo's Nikkei 225 jumped 0.7% to 38,803.10. Hong Kong 's Hang Seng dropped 1.2% to 23,695.62 while the Shanghai Composite Index retreated 0.2% to 3,380.47. The Kospi in Seoul gained 0.6% to 2,967.89 while Australia's S&P/ASX 200 shed 0.2% to 8,528.50. On Tuesday, U.S. stocks slumped under the weight of higher oil prices and weaker than expected retail sales in May. The S&P 500 fell 0.8% to 5,982.72 and the Dow Jones Industrial Average dropped 0.7% to 42,215.80. The Nasdaq composite fell 0.9% to 19,521.09. Trump raised the temperature on Israel's fight with Iran by calling for 'UNCONDITIONAL SURRENDER!' on his social media platform and saying, 'We are not going to' kill Iran's leader, 'at least for now.' Pricier oil can help stocks of companies in the solar industry because they increase the incentive to switch to alternative energy sources. But solar stocks tumbled Tuesday on the possibility that Congress may phase out tax credits for solar, wind and other energy sources that produce fewer emissions that change the Earth's climate. Enphase Energy dropped 24%, and First Solar fell 17.9%. Treasury yields fell after a report said shoppers spent less last month at U.S. retailers than the month before. Solid spending has been one of the linchpins keeping the economy out of a recession, but part of May's drop may have simply been a return to more normal trends. In April, some shoppers had rushed to buy automobiles to get ahead of Trump's tariffs. Verve Therapeutics soared 81.5% after Eli Lilly said it would buy the company developing genetic medicines for cardiovascular disease in a $1 billion deal that could be worth up to $1.3 billion if certain conditions are met. Lilly's stock fell 2%. All the action took place as the Federal Reserve began a two-day meeting on interest rates. The nearly unanimous expectation among traders and economists is that the Fed will make no move. The Fed has hesitated to lower interest rates, and it's been on hold this year after cutting at the end of last year, because it's waiting to see how much Trump's tariffs will hurt the economy and raise inflation. Inflation has remained relatively tame recently, and it's near the Fed's target of 2%. In currency trading early Wednesday, the U.S. dollar fell to 145.09 Japanese yen from 145.29 yen. The euro edged higher, to $1.1498 from $1.1480.
Washington Post
05-06-2025
- Business
- Washington Post
Asian shares trade mixed after Wall Street's rally stalls on U.S. economic data
TOKYO — Asian shares were mixed on Thursday, as Wall Street's big recent rally lost some momentum following a pair of potentially discouraging reports on the American economy. U.S. futures edged lower and oil prices declined. Japan's benchmark Nikkei 225 shed 0.2% to 37,658.46, while Australia's S&P/ASX 200 declined nearly 0.1% to 8,535.10.
