Asian stocks drift lower amid mixed China PMIs; rate uncertainty persists
Most Asian stocks moved in a flat-to-low range on Monday as investors digested mixed cues on Chinese business activity, while uncertainty over U.S. interest rates remained in play. Regional markets took weak cues from a negative close on Wall Street on Friday, as quarter-end profit-taking largely offset some increased expectations for rate cuts…
Wall St set for tepid open as tech recovery loses steam
Wall Street’s main indexes looked set for a muted open on Wednesday as megacaps dipped and a momentum in chip stocks fizzled out, with investors awaiting a crucial inflation report this week. AI chip leader Nvidia (NASDAQ:NVDA) slipped 0.7%, back in losses after a selloff that wiped out $430 billion in market value…
Asian stocks fall amid China-EU trade jitters; inflation in focus
Most Asian stocks fell on Monday, with Chinese markets leading losses on the prospect of a trade war with the European Union, while anticipation of key U.S. inflation data also kept sentiment on edge. Regional markets took middling cues from Wall Street, as a mix of profit-taking and rate fears saw U.S. stock…
Japan issues fresh warning against yen bears as currency slides
By Takaya Yamaguchi TOKYO (Reuters) – Japanese authorities are ready to take action against speculative and excessively volatile moves in the currency market that hurt the economy, the country’s top currency diplomat Masato Kanda said on Friday. “It’s not intended to change the market’s trend,” and instead aimed at smoothing excessive volatility in…
Vanda rejects Future Pak and Cycle Pharma’s takeover offers
Vanda (NASDAQ:VNDA) Pharmaceuticals said on Wednesday that it has rejected takeover offers from UK-based Cycle Pharmaceutical and a revised bid from contract manufacturer Future Pak, adding that both offers undervalue the U.S. drugmaker. This is the third time Vanda has rejected a buyout offer from Future Pak. After its first offer from Future…
Nvidia leapfrogs Apple, Microsoft to take crown as most valuable company
Nvidia leapfrogged Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) to snatch the crown of most valuable company on Tuesday as the chipmaker continued to ride AI-wave to new heights. NVIDIA Corporation (NASDAQ:NVDA) rose more than 3%, pushing its market cap to $3.34 trillion, surpassing Microsoft’s $3.31T and Apple’s $3.29T, making the chipmaker the most valuable…
China new home prices fall for 11th straight month in May
China’s new home prices fell for the eleventh straight month in May, official data showed on Monday, as the property sector struggles to find a bottom despite government efforts to rein in oversupply and support debt-laden developers. Prices were down 0.7% month-on-month in May after a 0.6% dip in April, according to Reuters…
US govt returns $156 million worth of 1MDB funds to Malaysia, state media says
The U.S. government has returned about $156 million to Malaysia in recovered assets linked to scandal-hit state fund 1Malaysia Development Berhad (1MDB), Malaysian state news agency Bernama reported. The recovered funds were being returned following the U.S. Justice Department’s approval of a remission petition submitted by the Malaysian government, Bernama reported late on…
Fed keeps rates steady, but sees just one cut for this year in hawkish surprise
The Federal Reserve kept interest rates unchanged on Wednesday, but in a hawkish surprise the central bank now sees just one rate cut for the year, as inflation is expected to trend higher than previously expected. The Federal Open Market Committee, the FOMC, kept its benchmark ratein a range of 5.25% to 5.5%.…
US stock futures steady after AI rally; Fed rate decision, CPI on tap
U.S. stock index futures steadied in evening deals on Tuesday after an artificial intelligence-fueled rally put Wall Street at new highs, with focus turning to the Federal Reserve and upcoming inflation data. Hype over AI remained a key point of support for markets after Apple Inc (NASDAQ:AAPL) announced a partnership with ChatGPT maker…
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