Author Archive

Sophie Kiderlin@in/sophie-kiderlin-b327b914a/@SKiderlin

LONDON — European markets were lower on Wednesday as earnings season ramped up.

The pan-European Stoxx 600 was down 0.36% at 1:22 p.m. London time, with major bourses in the region and most sectors pulling back. Household goods stocks fell 1.6%, while travel and leisure stocks added 0.4% after low-cost airline Easyjet reported higher profit and forecast a second straight record-breaking summer.

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Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline.

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Lim Hui Jie

KEY POINTS

• Australia saw its private sector activity expand at a slower pace in July, with the composite purchasing managers index at 50.2 compared to 50.7 in June, according to Juno Bank.
• The region will also look for any spillover to tech and EV stocks after U.S. tech giants Alphabet and Tesla reported their second quarter earnings, with Tesla falling short of estimates.

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Lee Ying Shan@IN/YING-SHAN-LEE@LEEYINGSHAN

KEY POINTS

• India is slated to unveil its first budget under Prime Minister Narendra Modi’s third five-year term.
• Traders in Asia will also watch out for Singapore’s inflation data for June.

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Holly Ellyatt@HOLLYELLYATT

LONDON — European stocks opened higher Monday as global markets reacted to the news that U.S. President Joe Biden had dropped out of the U.S. presidential race.

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Gold prices dipped more than 2% on Friday, as the dollar gained and profit taking kicked in following bullion’s all-time peak hit earlier this week, which was fuelled by rising expectations of U.S. interest rate cuts in September.

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Lim Hui Jie

KEY POINTS

• U.S. President Joe Biden announced his withdrawal from the 2024 presidential race, endorsing Vice President Kamala Harris.=
• Traders return to the markets after machines running Microsoft’s Windows operating system crashed Friday due to a glitch in an update issued by cybersecurity company CrowdStrike. Shares of CrowdStrike plunged 11% on Friday.
• China’s loan prime rate will be releases later in the day, with the one- and five-year LPR expected to be unchanged, according to economists polled by Reuters.

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Lim Hui Jie

KEY POINTS

• Investors assessed Japan’s inflation numbers for June for clues on the Bank of Japan’s potential moves at its monetary policy meeting on July 30 and 31.
• The country’s headline inflation was unchanged from May at 2.8%, while core inflation, which strips out prices of fresh food, accelerated to 2.6%, from 2.5% in May.

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Charmaine Jacob@IN/CHARMAINEMARIAJACOB@CHARMAINEMJACOB

KEY POINTS

• The tech-heavy Nasdaq Composite fell 2.8% overnight, posting its worst day since December 2022.
• Japan’s trade balance reversed from 1.2 trillion yen deficit in May, or $7.7 billion, to a 224 billion yen surplus.

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Sophie Kiderlin@IN/SOPHIE-KIDERLIN-B327B914A/@SKIDERLIN & Holly Ellyatt@HOLLYELLYATT

LONDON — European stocks were lower Wednesday, continuing negative sentiment seen in the previous trading session.

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