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China stocks flat as investors gauge global trade tensions
China stocks flat as investors gauge global trade tensions

Business Recorder

time2 hours ago

  • Business
  • Business Recorder

China stocks flat as investors gauge global trade tensions

HONG KONG: Chinese stocks were flat on Wednesday as investors weighed persistent global trade tensions and refrained from placing massive bets, while Hong Kong shares closed higher after a local holiday. At close, the Shanghai Composite index held its ground at 3,454.79, hovering near a three-month high. China's blue-chip CSI300 index climbed less than 0.1%. Defensive sectors helped lift the markets onshore, with the banking sector sub-index up 0.8% while liquor distiller sector advanced 0.6%. Tech shares weighted on the markets, with the semiconductor sector and AI-related shares losing around 2% each. Hong Kong shares edged higher as traders returned from a local holiday. The benchmark Hang Seng Index added 0.6% at 24,221.41, while the Hang Seng China Enterprises Index, which tracks Chinese H-shares listed in the city, gained 0.5%. The local property sub-index added 2%, helping boosting the markets. Cash-strapped property giant New World Development surged nearly 10% after closing $11.2 billion refinancing deal. Caution prevailed across the region as investors await developments in trade talks, after US President Donald Trump said he was not considering extending the July 9 deadline for countries to negotiate trade deals with the United States. The US and India are nearing a deal that would lower tariffs on American imports to the South Asian country, while doubt has been cast on a deal with Japan. Around the region, MSCI's Asia ex-Japan stock index edged up 0.1%, while Japan's Nikkei index was down 0.6%. BlackRock Investment Institute said they are neutral on Chinese equities in the second half due to trade policy and stimulus uncertainties, but see selective opportunities in priority sectors that could receive targeted support.

China's Shanghai composite index ends marginally lower
China's Shanghai composite index ends marginally lower

Business Standard

time12 hours ago

  • Business
  • Business Standard

China's Shanghai composite index ends marginally lower

Asian stocks ended mostly lower on Wednesday as U.S. President Donald Trump hinted at higher tariffs on certain countries after the July 9 deadline and Senate Republicans narrowly advanced his tax and spending bill, which risks $3tn deficit before Trump's term ends. The U.S. dollar held near 3-1/2-year lows in Asian trade and gold edged down after two days of gains as investors awaited U.S. payroll data and assessed Federal Reserve Chair Jerome Powell's cautious stance on rate cuts. Oil prices held steady ahead of key OPEC+ decision on August output policy. China's Shanghai Composite finished marginally lower at 3,454.79 as tech shares fell amid ongoing global trade tensions. Hong Kong's Hang Seng index rose 0.62 percent to 24,221.41 as traders returned from a holiday.

Asian shares mixed as Trump's tariffs deadline looms
Asian shares mixed as Trump's tariffs deadline looms

Arab Times

time16 hours ago

  • Business
  • Arab Times

Asian shares mixed as Trump's tariffs deadline looms

MANILA, Philippines, July 2, (AP): Asian shares were trading mixed on Wednesday as the July 9 deadline for the U.S. to strike deals with trading partners or impose higher tariffs looms. 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 US, but they recovered much of their lost ground, trading 0.5% lower at 39,790.85. 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 is just a week away from ending. "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 0.8% to 24,271.15 and the Shanghai Composite index edged 0.1% lower to 3,453.89. South Korea's KOSPI fell 0.6% to 3,072.63 after the government reported that inflation rose in June. Australia's S&P ASX 200 climbed 0.8% to 8,605.40. Taiwan's Taiex edged up 0.1% while the Sensex in India lost 0.2%. 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%.

Asian shares are mixed as Trump's tariffs deadline looms
Asian shares are mixed as Trump's tariffs deadline looms

Winnipeg Free Press

time17 hours ago

  • Business
  • Winnipeg Free Press

Asian shares are mixed as Trump's tariffs deadline looms

MANILA, Philippines (AP) — Asian shares were trading mixed on Wednesday as the July 9 deadline for the U.S. to strike deals with trading partners or impose higher tariffs looms. 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 0.5% lower at 39,790.85. 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 is just a week away from ending. '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 0.8% to 24,271.15 and the Shanghai Composite index edged 0.1% lower to 3,453.89. South Korea's KOSPI fell 0.6% to 3,072.63 after the government reported that inflation rose in June. Australia's S&P ASX 200 climbed 0.8% to 8,605.40. Taiwan's Taiex edged up 0.1% while the Sensex in India lost 0.2%. 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%. Monday Mornings The latest local business news and a lookahead to the coming week. 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 lost 8 cents to $65.37 per barrel. Brent crude, the international standard, lost 3 cents to $67.08 per barrel. The U.S. dollar rose to 143.70 Japanese yen from 143.41 yen. The euro slid to $1.1787 from $1.1808.

Asian shares mixed, tracking Wall Street split as momentum slows, Tesla drops
Asian shares mixed, tracking Wall Street split as momentum slows, Tesla drops

Mint

time17 hours ago

  • Business
  • Mint

Asian shares mixed, tracking Wall Street split as momentum slows, Tesla drops

Manila (Philippines), Jul 2 (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. US 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 US, but they recovered much of their lost ground, trading 0.3 per cent 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 per cent, 35 per cent 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 per cent to 24,220.65 and the Shanghai Composite index was down just over 1 point at 3,456.51. South Korea's KOSPI fell 1.2 per cent to 3,053.39 as inflation rose in June. Australia's S&P ASX 200 edged up 0.4 per cent to 8,580.70. On Tuesday, the S&P 500 dipped 0.1 per cent to 6,198.01 for its first loss in four days. The Dow Jones Industrial Average rose 0.9 per cent to 44,494.94, and the Nasdaq composite fell 0.8 per cent 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 per cent. It has lost just over a quarter of its value so far this year, 25.5 per cent, 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 per cent 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 per cent, Wynn Resorts climbed 8.8 per cent and MGM Resorts International rose 7.3 per cent. Automakers outside of Tesla were also strong, with General Motors up 5.7 per cent and Ford Motor up 4.6 per cent. The US stock market has made a stunning recovery from its springtime sell-off of roughly 20 per cent. 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 US government's debt spiralling 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 US crude gained 1 cent to USD 65.46 per barrel. Brent crude, the international standard, rose 5 cents per barrel to USD 67.16. The US dollar rose to 143.58 Japanese Yen from 143.41 Yen. The euro slid to USD 1.1798 from USD 1.1808. (AP) RD RD

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