As U.S. stocks were poised to open higher on a particular day, there was significant upward movement in some growth and chip stocks. Notably, megacap tech stocks such as Meta Platforms, Microsoft, and Amazon.com showed gains ranging from 0.5% to 1.3% in premarket trading. Additionally, chip stocks like Nvidia, Micron Technology, and Advanced Micro Devices
Economy
The once thriving landscape of Western financial firms in China is beginning to face challenges, as doubts arise about China’s economic recovery and its markets fail to keep up with their global counterparts. This shift is evident in the recent actions taken by firms like Fidelity International Ltd (FIL), Morgan Stanley, and Legal & General,
China’s data-driven quant trading funds are rapidly expanding overseas as competition intensifies at home. With regulators tightening scrutiny of the $260 billion sector, firms like Meridian & Saturn Capital (MS Capital) are beginning to offer their China strategy to offshore investors. DH Fund Management recently established its first offshore fund in March, signifying a move
The steel industry in China is currently facing challenges beyond U.S. tariff threats. Despite President Joe Biden’s proposal to triple tariffs on Chinese steel imports, the impact is largely seen as symbolic. With steel consumption in China expected to shrink again this year due to a prolonged property crisis and slowing infrastructure demand growth, the
In response to the increasing military pressures from China, Taiwan’s defense ministry has recently emphasized the importance of utilizing the funding allocated for the island in a $95 billion legislative package. This funding package primarily focuses on providing security assistance to Ukraine and Israel. Despite the absence of formal diplomatic ties, the United States remains
The Republican-controlled U.S. House of Representatives is gearing up to vote on a $95 billion legislative package that provides security assistance to Ukraine, Israel, and Taiwan. This move has sparked bitter objections from party hardliners, creating a rift within the Republican Party. Despite objections from some hardline Republican members, House Speaker Mike Johnson has decided
The recent heavy rains in the United Arab Emirates caused severe flooding, disrupting operations for Emirates and flydubai. With nearly 400 flights cancelled and many more delayed, the airlines faced significant challenges due to the record storm that hit Dubai. This had a cascading effect on the airports, leaving thousands of travellers stranded and hindering
In response to a recent order from the Australian regulator demanding the removal of certain posts related to the stabbing of a bishop in Sydney, social media platform X has vowed to take the matter to court. This order came after a 16-year-old boy was charged with a terrorism offence for the stabbing of Bishop
The International Monetary Fund (IMF) recently highlighted the urgent need to address the challenges faced by low-income countries dealing with unsustainable debt burdens. This comes after reports from both the IMF and the World Bank raised concerns about the economic difficulties and future prospects of these nations. Despite ongoing efforts to recover from the COVID-19
On a recent Friday, a wave of risk aversion swept over the currency markets due to reports of explosions in Iran and concerns over the Israeli-Hamas conflict in the Middle East. This led to a sharp decline in the Australian and New Zealand dollars, while the Japanese yen saw an uptick as investors sought safe-haven
The recent comments from Federal Reserve officials have solidified the expectation that U.S. monetary settings will remain restrictive, causing the dollar to soften. Despite rising in previous weeks due to strong U.S. economic data and inflation, the dollar is now facing pressure as traders reassess the possibility of rate cuts in the near future. The
Vietnam is currently facing an unprecedented financial crisis in its banking sector, with Saigon Joint Stock Commercial Bank (SCB) at the center of the storm. The situation is dire, with the national treasury at risk of drying up if the lending to SCB continues. The central bank of Vietnam has already pumped $24 billion in