Asian Shares Resume Downtrend As US Tariffs Take Effect

RTTNews | 64 dias atrás
Asian Shares Resume Downtrend As US Tariffs Take Effect

(RTTNews) - Asian stocks resumed losses on Wednesday as U.S. President Donald Trump pressed ahead with sweeping new global tariffs, including over 100 percent in levies against Chinese goods.

Gold prices regained strength as the dollar weakened on fears of a potential U.S. recession.

The Treasury yield curve steepened, with the two-year note outperforming longer-dated debt amid speculation that the Federal Reserve may need to speed up rate cuts.

China's yuan hit a record low while the Japanese yen and Swiss franc attracted safe haven buying.

Oil prices extended a brutal sell-off to reach their lowest in more than four years on looming demand concerns fueled by the tariffs war between the U.S. and China.

China's Shanghai Composite index jumped 1.31 percent to 3,186.81 as Trump's 104 percent duties on Chinese imports kicked in and Beijing vowed to take resolute and effective measures to safeguard its rights and interests. Hong Kong's Hang Seng index ended 0.68 percent higher at 20,264.49.

Japanese markets tumbled in a broad sell-off as Trump's "reciprocal" tariffs on dozens of countries took effect. The Nikkei average fell 3.93 percent to close at 31,714.03, while the broader Topix index settled 3.40 percent lower at 2,349.33.

Tech stocks suffered heavy losses, with SoftBank Group, Advantest and Tokyo Electron plummeting 6-8 percent.

Seoul stocks fell sharply, with the Kospi average falling 1.74 percent to close below the 2,300 mark for the first time in 18 months.

Australian markets joined a global sell-off, with energy and resource stocks pacing the declines. The benchmark S&P/ASX 200 slumped 1.80 percent to 7,375 while the broader All Ordinaries index closed down 1.85 percent at 7,561.70.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.71 percent to 11,806.55 as the country's central bank cut its benchmark rate, as widely expected, and signaled a greater readiness to lower borrowing costs further.

U.S. stocks reversed a strong early rally to end sharply lower overnight as the White House said that it expects 104 percent tariffs on China to go into effect on Wednesday, when Trump's other "reciprocal tariffs" are also set to take effect.

The S&P 500 tumbled 1.6 percent to end below 5,000 points for the first time in almost a year, losing $5.83 trillion in market value and marking its steepest four-day drop since the index was created in the 1950s.

The tech-heavy Nasdaq Composite plummeted 2.2 percent and the Dow shed 0.8 percent.

read more
Canadian Market Up Slightly In Cautious Trade

Canadian Market Up Slightly In Cautious Trade

After a flat start and a subsequent drop, the Canadian market moved into positive territory Thursday morning, led by gains in materials and communications sectors. The mood remains cautious amid uncertainty about U.S.-China trade deal and easing prospects of he European Union arriving at a pact with the U.S. before the July 8 deadline. Middle East tensions also weigh on sentiment.
RTTNews | 1 h 31 min atrás
U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.
RTTNews | 4 h 18 min atrás
U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.
RTTNews | 4 h 21 min atrás
Bay Street Likely To Open On Negative Note

Bay Street Likely To Open On Negative Note

Canadian shares are likely to open with a negative bias on Thursday as trade concerns, and Middle East tensions may weigh on sentiment. A lack of specifics in the framework agreed to by U.S. and Chinese officials on Tuesday has raised uncertainty about the two nations reaching an agreement anytime soon.
RTTNews | 5 h 5 min atrás
U.S. Producer Prices Inch Up Less Than Expected In May

U.S. Producer Prices Inch Up Less Than Expected In May

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May.
RTTNews | 5 h 31 min atrás
Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Co. shares are currently down around 8 percent in the pre-market activity on the NYSE after an Air India aircraft headed to London with 242 people onboard crashed immediately after take-off in the Indian city of Ahmedabad. The plane, a Boeing 787-8 Dreamliner headed to Gatwick Airport in the UK, crashed in a civilian area near the Sardar Vallabhbhai Patel International Airport.
RTTNews | 5 h 50 min atrás
FTSE 100 Recovers After Weak Start, Up Marginally

FTSE 100 Recovers After Weak Start, Up Marginally

After opening on a negative note amid trade tensions and data showing a contraction in the nation's GDP growth in April, U.K. stocks recovered some lost ground on Thursday. Still, amid uncertainty about China and the U.S. agreeing on a concrete trade deal anytime soon, and lingering concerns about the European Union finalizing a trade deal before the July 8 deadline, the mood in the market remain
RTTNews | 6 h 0 min atrás