Asian Shares Muted In Lackluster Trade

RTTNews | 6 days ago
Asian Shares Muted In Lackluster Trade

(RTTNews) - Asian stocks were mixed in lackluster trade on Friday despite U.S. President Donald Trump describing a phone call with his Chinese counterpart as "very good" and saying it "resulted in a very positive conclusion for both countries."

The president also said the two countries' teams will be "meeting shortly at a location to be determined" and noted the conversation was focused "almost entirely" on trade.

Traders seem reluctant to take long positions as the European Central Bank indicated a possible end to its rate easing cycle and new data showed filings for U.S. unemployment benefits rose to their highest level in eight months last week.

The focus is now on the U.S. Labour Department's closely watched monthly jobs report due later in the day.

Economists expect employment to increase by 130,000 jobs in May after an increase of 177,000 jobs in April. The unemployment rate is expected to hold at 4.2 percent.

Gold prices rose in Asian trade and headed for a weekly gain as the U.S. dollar faced a weekly loss due to signs of economic fragility and stalled trade negotiations.

Oil was slightly lower but headed for its first weekly gain in three as optimism over peak seasonal demand offset lingering concerns about oversupply.

China's Shanghai Composite index was marginally lower and Hong Kong's Hang Seng index slipped 0.3 percent as Trump's phone call offered little relief on trade tensions.

Japan's Nikkei gained 0.4 percent. The U.S. Treasury Department said on Thursday that BoJ policy tightening should continue to proceed in response to domestic economic fundamentals.

South Korean markets remain closed for a public holiday. Australia's benchmark S&P/ ASX 200 was marginally higher, led by mining and energy stocks. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index was little changed with a positive bias.

U.S. stocks fluctuated before ending in the red overnight as investors weighed potential progress in U.S.-China trade talks against another round of downbeat economic data.

China and the U.S. have agreed to more tariff talks amid a trade standoff and concerns over rare earths, President Trump said after speaking to Xi Jinping over the phone.

In economic news, weekly jobless claims hit a seven-month high, while a record drop in imports resulted in the narrowest U.S. trade gap since November 2023.

Fed policymakers indicated on Thursday that inflation remains a greater concern than labor market cooling, suggesting a prolonged hold on monetary policy adjustments. The tech-heavy Nasdaq Composite fell 0.8 percent, the S&P 500 gave up half a percent and the narrowed Dow closed 0.3 percent lower.

Tesla shares plunged over 14 percent as Elon Musk and Trump's simmering feud devolved into a public war of words.

European stocks closed slightly higher on Thursday as the European Central Bank lowered its key rates by 25 basis points but hinted at a pause in its year-long easing.

The pan European STOXX 600 gained 0.2 percent. The German DAX rose 0.2 percent and the U.K.'s FTSE 100 inched up 0.1 percent, while France's CAC 40 eased 0.2 percent.

read more
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 16 minutes ago
Singapore Bourse May Extend Thursday's Gains

Singapore Bourse May Extend Thursday's Gains

The Singapore stock market on Thursday ended the two-day slide in which it had fallen more than 15 points or 0.4 percent. The Straits Times Index now sits just above the 3,920-point plateau and it's tipped to open to the upside again on Friday.
RTTNews | 46 minutes ago
Malaysia Stock Market May See Additional Support

Malaysia Stock Market May See Additional Support

The Malaysia stock market has ticked higher in consecutive trading days, gathering almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,525-point plateau and it may add to its winnings again on Friday.
RTTNews | 1h 16min ago
Win Streak May Continue For South Korea Stock Market

Win Streak May Continue For South Korea Stock Market

The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it's tipped to open in the green again on Friday.
RTTNews | 1h 46min ago
New Zealand Manufacturing PMI Data Due On Friday

New Zealand Manufacturing PMI Data Due On Friday

New Zealand will on Friday release May results for the manufacturing PMI from BusinessNZ, highlighting a light day for Asia-Pacific economic activity. In April, the PMI score was 53.9.
RTTNews | 2h 41min ago
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 3h 3min ago
Rebound Anticipated For Japan Stock Market

Rebound Anticipated For Japan Stock Market

The Japan stock market on Thursday ended the four-day winning streak in which it had climbed more than 860 points or 2.5 percent. The Nikkei 225 now sits just beneath the 38,175-point plateau although it may bounce higher again on Friday.
RTTNews | 3h 4min ago
U.S. Dollar Weakens After Soft PPI Data

U.S. Dollar Weakens After Soft PPI Data

The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.
RTTNews | 6h 20min ago