Asia-Pacific markets fall, tracking declines on Wall Street

Asia-Pacific markets fall, tracking declines on Wall Street


Japan finance minister calls U.S. tariffs ‘regrettable’ as trade talks stall

Japan’s Finance Minister Katsunobu Kato said on the sidelines of the Group of Seven meeting in Banff, Canada, that the U.S. tariffs are “regrettable,” Reuters reported Thursday.

In a bilateral meeting between Kato and U.S. Treasury Secretary Scott Bessent, both sides agreed that the dollar-yen exchange rate should be determined by markets and that the current level reflects fundamentals, according to a U.S. Treasury readout.

Japanese senior officials have held several working-level trade talks with their U.S. counterparts, reiterating that they see no merit in striking a deal with the U.S. unless the auto tariffs are lifted.

Kato told the G7 member states that Trump’s tariffs are “creating uncertainties,” Reuters reported.

The yen was little moved at 143.68 against the U.S. dollar Thursday.

— Anniek Bao

Emerging markets said to see the next bull run as the ‘sell U.S.’ narrative gains ground

Emerging markets stocks are in the spotlight again as the “sell U.S.” narrative gains fresh momentum, following Moody’s recent downgrade of the U.S. credit rating.

The Bank of America heralded emerging markets as “the next bull market” recently. 

“Weaker U.S. dollar, U.S. bond yield top, China economic recovery…nothing will work better than emerging market stocks,” Bank of America’s team, led by investment strategist Michael Hartnett, said in a note. 

Similarly, JPMorgan upgraded emerging market equities from neutral to overweight on Monday, citing thawing U.S.-China trade tensions and attractive valuations.

Read the full story here.

—Lee Ying Shan

Stocks close lower Wednesday

Stocks closed lower Wednesday afternoon.

The Dow Jones Industrial Average lost 816.80 points, or 1.91% to 41,860.44. The S&P 500 shed 1.61% to 5,844.61. The Nasdaq Composite slid 1.41% to 18,872.64.

— Sarah Min

Crypto stocks climb as bitcoin hits a record high

Romain Costaseca | Afp | Getty Images

Bitcoin broke through its January high-water mark to set a new record above $109,000 on Wednesday, helping fuel a rally in crypto-related stocks.

Shares of Coinbase were up 2.7% on the day, while brokerage stock Robinhood climbed 1.5%. MARA Holdings jumped more than 4%.

Bitcoin’s high for the day is $109,500, according to Coin Metrics.

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Bitcoin hit a record high on Wednesday.



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Russia weighs in on U.S.-India tariff spat, saying New Delhi can choose its own trade partners
World

Russia weighs in on U.S.-India tariff spat, saying New Delhi can choose its own trade partners

Russia’s President Vladimir Putin bids farewell to India’s Prime Minister Narendra Modi following their meeting at the Kremlin in Moscow, Russia July 9, 2024.  Gavriil Grigorov | Via Reuters Russia on Tuesday weighed into the growing spat between India and the U.S., with the Kremlin saying New Delhi is free to choose its own trading […]

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Europe markets climb; Diageo shares pop 7% as Guinness owner outlines cost-cutting plan
World

Europe markets climb; Diageo shares pop 7% as Guinness owner outlines cost-cutting plan

Infineon up 5% as CFO says tariff impact less severe than thought Shares of Infineon are up 5% after the German semiconductor beat on adjusted earnings per share in the latest quarter, coming in at 37 cents ($0.43) versus an LSEG estimate of 33 cents. That was on the back of 3.7 billion euros in […]

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Saudi Aramco posts revenue drop ahead of projected demand hike in second half
World

Saudi Aramco posts revenue drop ahead of projected demand hike in second half

Logo of Aramco, officially the Saudi Arabian Oil Group, Saudi petroleum and natural gas company, seen on the second day of the 24th World Petroleum Congress at the Big 4 Building at Stampede Park, on September 18, 2023, in Calgary, Canada.  Artur Widak | Nurphoto | Getty Images Saudi Aramco on Tuesday posted a drop […]

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