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  • Sep 05, 2024

Asian stocks mixed after Wall Street extends losses as technology and energy stocks fall

Asian markets were mixed Thursday following a global sell-off a day earlier, as Wall Street declined in the technology, energy and other sectors. Japan’s benchmark Nikkei 225 slipped 1.1%, and closed at 36,657.09. Data released Thursday showed Japan's wage growth remains strong, as average cash earnings in July grew 3.6% year-on-year, beating market expectations, while real earnings unexpectedly increased by 0.4% in July, increasing the likelihood of another rate hike.

  • Sep 05, 2024

Nikkei Hits 3-Week Low on US Downturn Worries; Chip Stocks Slip

(Bloomberg) -- Japanese equities fell, with the Nikkei 225 Stock Average hitting a three-week low as soft US labor data stoked fears of a slowdown in the world’s largest economy. Chip-related shares led the decline, while financials were hurt by lower bond yields.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsThe Nikkei 225 lost 1.1% to close at 36,657.09, the lowest since A

  • Sep 05, 2024

Oil Pauses Near 14-Month Low on Signs of Falling US Stockpiles

(Bloomberg) -- Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsBrent traded near $73 a barrel after losing almost 8% since the start of the week. West Texas Intermediate was above $69. The

  • Sep 05, 2024

Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall

(Reuters) -Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns. Brent crude futures for November rose 35 cents, or 0.48%, to $73.05 a barrel at 0607 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. "Pessimistic sentiments in oil markets seem to ease after robust API data and news of OPEC+ reconsidering output jump surfaced and boosted hopes," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

  • Sep 05, 2024

S&P 500 could see 5% earnings hit from Harris' proposed tax reforms, says Goldman Sachs

Last month, Harris proposed raising the corporate tax rate to 28% from 21% and ensure "big corporations pay their fair share," if she wins the election against Republican rival Donald Trump. Goldman estimated that at a 28% taxation rate earnings of S&P 500 companies would take a 5% hit. On the other hand, Trump's proposed relief on the federal statutory domestic corporate tax rate to 15% from the current 21% would "arithmetically" boost S&P 500 earnings by about 4%.

  • Sep 05, 2024

Dollar struggles to find footing on rising bets of outsized Fed cut

SINGAPORE (Reuters) -The dollar stayed on the back foot on Thursday as renewed concerns over the U.S. economy's growth outlook bolstered expectations of a supersized rate cut from the Federal Reserve this month. The yen was a notable outperformer, in part due to safe-haven demand, but also on the view that imminent rate hikes from the Bank of Japan against the tide of a global easing cycle would lift the Japanese currency due to narrowing interest rate differentials. Global markets have been on edge and stocks, in particular, have been badly bruised after softer-than-expected U.S. data this week reignited concerns that the growth outlook of the world's largest economy was less rosy than earlier thought and the labour market could be slowing more sharply than expected.

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