Latest Finance-Economy News
Wall Street Ends in Solid Sell-Off Across US Indices
The S&P 500 fell 1.5%, Dow Jones lost 1.3%, and Nasdaq dropped 2% amid broad market losses. Technology sector, especially software companies, faced significant pressure continuing from prior sessions.
Markets await today's key US CPI inflation data for Fed policy clues.
Technology Sector Under Pressure Globally
Global sell-off hits technology stocks, with Asia markets extending Wall Street losses due to AI disruption and tech profit worries. Heavyweight US indices and chipmaking investments face renewed concerns.
Volumes were 34% heavier than usual overnight in the US.
Precious Metals Rebound Slightly After Sharp Declines
Gold tests $4,950 level after slumping 3%, while silver gains nearly 2% around $76.50 following a 9% plunge. Haven demand emerged for Treasuries amid higher-than-expected US jobless claims.
Markets prepare for Chinese Lunar Year pause impacting commodities.
China Home Prices Hit Seven-Month Low Decline
New home prices fell 0.4% month-on-month and 3.1% year-on-year in January, the largest annual drop in seven months. PBOC set USD/CNY reference rate at 6.9398, above forecasts of 6.9045.
Commodities weakness adds to economic pressures.
US CPI Data Release Looms as Key Market Event
Today's US CPI inflation publication is pivotal for financial markets and Fed policy expectations. Traders seek clues on Fed's path amid recent jobless claims surprise.
Currency pairs trade narrowly ahead of the data.
Yen Volatile Under Pressure Against Major Currencies
USD/JPY exceeds 153 level as yen loses ground amid high volatility. AUD and pro-cyclical currencies remain under pressure.
Nikkei futures point to upside despite Japanese currency strength.
BOJ's Tamura Sees Sustainable Inflation in Japan
BOJ board member Naoki Tamura stated Japan's inflation is sustainable with accommodative policy and room for rate hikes. Japan rally persists but dogged by bond meltdown fears.
ASX 200 falls lower in regional trends.
Cryptocurrencies Cautious with Bitcoin Below $66,000
Bitcoin trades slightly down below $66,000, Ethereum below $1,950 amid market caution. Crypto under broader pressure alongside indices and metals.
Volumes indicate potential continued selling.
EU Faces Fiscal Dilemma on Euro Bonds and Competitiveness
Former Greek FM Yanis Varoufakis warns EU risks disintegration due to weak fiscal pillars and lack of federation despite central bank strength. Euro bonds central to informal summit, with Macron pushing for ecological and AI investments.
Global markets seek dollar alternatives.
US Sets 15% Tariff Rate on Taiwan Goods
US to impose 15% tariff on Taiwan goods amid trade developments. Adds to market turmoil alongside AI and tech concerns.
Impacts Asia trade dynamics.
Cocoa Prices Fall to Lowest Since October 2023
Cocoa drops 2.5% to its lowest level since October 2023 amid commodities weakness. Broader sell-off affects precious metals and other assets.
Korean Stocks Poised Higher with $77B Cash Pile
Korea holds $77B cash ready to drive stocks higher despite regional pressures. Market opens monitored for Wall Street spillover.
AI investments remain a concern in chipmaking.