Extinction Rebellion: Climate protests around world

<a href="https://www.wionews.com/south-asia/former-pakistan-prime-minister-shahid-khaqan-abbasi-arrested-in-lng-scam-236867">Pakistan LNG</a> (PLL) has replaced its top manager with immediate effect, appointing Shahid Yousaf as managing director and chief executive, the state-owned operator said on Saturday without giving a reason for the change.

Former Chief Executive Adnan Gilani, a US-educated former Wall Street executive who had been the main public face of Pakistan's push into the liquefied natural gas sector, "will no longer be associated with PLL and we wish him the best," it said in an emailed statement.

"Mr Yousaf brings a vast and rich experience of the LNG/Gas sector to lead and grow the operations of the company," it said.

The group did not explain the abrupt change in leadership but denied reports in the Pakistani press that the move was connected with an anti-corruption investigation.

"Mr Gilani's resignation is due to reasons unrelated to any NAB investigation," it said in a separate statement, referring to the National Accountability Bureau, an anti-corruption body.

&nbsp;It said Gilani was a "world-class professional" and said the company had achieved "remarkable results" under his leadership.

No comment was immediately available from Gilani.

Pakistan has stepped up its purchases of LNG sharply in recent years as it has grappled with a chronic energy and fuel crisis that has led to repeated power outages and weighed on its struggling economy.

In March, Gilani told an investment conference that Pakistan's LNG purchases could triple over the next three to five years to as much as 30 million tonnes.

It was not immediately clear whether the management change would have any impact on any long term contracts under discussion with Pakistan LNG, which buys liquefied natural gas from the international market to supply to the domestic market.

The drive into the LNG sector was initiated under the previous government of former Prime Minister Nawaz Sharif and has been the subject of a series of corruption investigations targeting officials including Sharif and his successor as prime minister, Shahid Khaqan Abbasi.

Pakistan LNG (PLL) has replaced its top manager with immediate effect, appointing Shahid Yousaf as managing director and chief executive, the state-owned operator said on Saturday without giving a reason for the change.

Pakistan LNG (PLL) has replaced its top manager with immediate effect, appointing Shahid Yousaf as managing director and chief executive, the state-owned operator said on Saturday without giving a reason for the change. Former Chief Executive Adnan Gilani, a US-educated former Wall Street executive who had been the main public face of Pakistan's push into the liquefied natural gas sector, "will no longer be associated with PLL and we wish him the best," it said in an emailed statement. "Mr Yousaf brings a vast and rich experience of the LNG/Gas sector to lead and grow the operations of the company," it said. The group did not explain the abrupt change in leadership but denied reports in the Pakistani press that the move was connected with an anti-corruption investigation. "Mr Gilani's resignation is due to reasons unrelated to any NAB investigation," it said in a separate statement, referring to the National Accountability Bureau, an anti-corruption body. It said Gilani was a "world-class professional" and said the company had achieved "remarkable results" under his leadership. No comment was immediately available from Gilani. Pakistan has stepped up its purchases of LNG sharply in recent years as it has grappled with a chronic energy and fuel crisis that has led to repeated power outages and weighed on its struggling economy. In March, Gilani told an investment conference that Pakistan's LNG purchases could triple over the next three to five years to as much as 30 million tonnes. It was not immediately clear whether the management change would have any impact on any long term contracts under discussion with Pakistan LNG, which buys liquefied natural gas from the international market to supply to the domestic market. The drive into the LNG sector was initiated under the previous government of former Prime Minister Nawaz Sharif and has been the subject of a series of corruption investigations targeting officials including Sharif and his successor as prime minister, Shahid Khaqan Abbasi.

Head of Pakistan LNG replaced

Wall Street stocks bounced early Tuesday after the US government announced it was<a href="https://www.wionews.com/world/us-to-delay-china-tariff-increase-trump-199444"> delaying tariffs</a> on key consumer electronic goods imported from China.

Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems.

About 25 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 26,305.14.&nbsp;

The broad-based S&amp;P 500 also climbed 1.6 per cent to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 8,030.81.

Stocks have been pressured since US President Donald Trump earlier this month announced plans to impose tariffs on $300 billion in Chinese imports on September 1.

Beijing retaliated by halting purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election.&nbsp;

US stocks lost more than one per cent on Monday amid worries over slowing global growth, the <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155">US-China trade war </a>and turbulence in a number of international hot spots, including Hong Kong.

On Tuesday, protests at the Hong Kong airport forced the cancellation or suspension of hundreds of flights at the busy hub for a second day, while state-run media broadcast videos of security forces gathering across the border.

US economic data showed a jump in inflation in July, while a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.

Wall Street stocks bounced early Tuesday after the US government announced it was delaying tariffs on key consumer electronic goods imported from China. Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems.

Wall Street stocks bounced early Tuesday after the US government announced it was delaying tariffs on key consumer electronic goods imported from China. Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems. About 25 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 26,305.14. The broad-based S&P 500 also climbed 1.6 per cent to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 8,030.81. Stocks have been pressured since US President Donald Trump earlier this month announced plans to impose tariffs on $300 billion in Chinese imports on September 1. Beijing retaliated by halting purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election. US stocks lost more than one per cent on Monday amid worries over slowing global growth, the US-China trade war and turbulence in a number of international hot spots, including Hong Kong. On Tuesday, protests at the Hong Kong airport forced the cancellation or suspension of hundreds of flights at the busy hub for a second day, while state-run media broadcast videos of security forces gathering across the border. US economic data showed a jump in inflation in July, while a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.

US stocks jump as Trump delays some key China tariffs

Yen&nbsp;and&nbsp;bond&nbsp;bulls&nbsp;charged on Monday while stocks struggled again, amid ongoing worries that a prolonged <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade war </a>and damaging Brexit could tip-top economies into recession.

Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight.

That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday.

Safety remained the name of the game.

FX harbour, the Japanese&nbsp;yen, hit its highest in nearly a year and a half at 105.32&nbsp;yen&nbsp;against the dollar and gained against the euro and Brexit-bruised British pound too.

"Risk indicators and&nbsp;global&nbsp;markets&nbsp;have become shakier and the&nbsp;yen&nbsp;is reflecting those concerns, and safe-haven shelters like the&nbsp;yen&nbsp;and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt.

In&nbsp;bond&nbsp;markets, the demand for guaranteed income was also unrelenting.

A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming.

There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed.

"Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields.

Economists are also watching for a batch of&nbsp;global&nbsp;data this week.

Goldman Sachs became the latest to cut its US&nbsp;growth forecast at the weekend, warning that a US&nbsp;China trade deal now looked unlikely before the 2020 US&nbsp;presidential election.

One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions.

The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals.

Mixed messages

On Friday, Wall Street snapped a three-day winning streak after US&nbsp;President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now.

Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&amp;P 500 lost 0.66% and the Nasdaq Composite dropped 1%.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

Wall Street futures were down 0.5%.

In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement.

US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital&nbsp;Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Argentina's&nbsp;markets&nbsp;were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October.

Argentina's 2028-maturing, euro-denominated government&nbsp;bond&nbsp;was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession. Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight. That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday. Safety remained the name of the game. FX harbour, the Japanese yen, hit its highest in nearly a year and a half at 105.32 yen against the dollar and gained against the euro and Brexit-bruised British pound too. "Risk indicators and global markets have become shakier and the yen is reflecting those concerns, and safe-haven shelters like the yen and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt. In bond markets, the demand for guaranteed income was also unrelenting. A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming. There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed. "Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields. Economists are also watching for a batch of global data this week. Goldman Sachs became the latest to cut its US growth forecast at the weekend, warning that a US China trade deal now looked unlikely before the 2020 US presidential election. One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions. The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals. Mixed messages On Friday, Wall Street snapped a three-day winning streak after US President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now. Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&P 500 lost 0.66% and the Nasdaq Composite dropped 1%. White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators. Wall Street futures were down 0.5%. In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Argentina's markets were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October. Argentina's 2028-maturing, euro-denominated government bond was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charge on as share markets falter

<a href="https://www.wionews.com/business-economy/uber-lays-off-400-employees-in-marketing-team-239370">Uber Technologies Inc</a>&nbsp;reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition.

"Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs."

Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale.

The report caught investors off guard in part because Uber's smaller rival Lyft Inc&nbsp;on Wednesday had raised revenue expectations and described an easing price war.

Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent&nbsp;and Lyft dropped nearly 2%.

Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million.

Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion.

At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent&nbsp;while the amount of Uber kept after paying its drivers increased by just 4 per cent.

Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter.

This year would be the peak for investment and losses would lessen in 2020 and 2021, he said.

Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook.

Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber.

Uber's costs rose 147 per cent&nbsp;to $8.65 billion in the quarter, including a sharp rise in spending for research and development.

"While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement.

The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss.

Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion.

The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services.

Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent. The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition. "Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs." Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale. The report caught investors off guard in part because Uber's smaller rival Lyft Inc on Wednesday had raised revenue expectations and described an easing price war. Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent and Lyft dropped nearly 2%. Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million. Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion. At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent while the amount of Uber kept after paying its drivers increased by just 4 per cent. Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter. This year would be the peak for investment and losses would lessen in 2020 and 2021, he said. Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook. Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber. Uber's costs rose 147 per cent to $8.65 billion in the quarter, including a sharp rise in spending for research and development. "While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement. The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss. Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion. The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services. Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber loses $5 billion, misses Wall Street targets despite easing price war

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again.

The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent.

In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October.

"Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

"Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings."

US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency.

At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&amp;P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62.

Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&amp;P sectors this week.

Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets.

DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy. Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again. The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent. In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October. "Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. "Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings." US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency. At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62. Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&P sectors this week. Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets. DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast. Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

Wall Street slips as Huawei report adds to trade concerns

The dollar charged to its highest in more than two years on Thursday after the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/stormy-sterling-sinks-again-stocks-wilt-before-fed-239448&amp;sa=U&amp;ved=2ahUKEwjO-ZbLuOHjAhUBr48KHSApDvgQFjAFegQIBBAC&amp;usg=AOvVaw3Y8jTTDaVY7qnK939Bej7w">Federal Reserve</a> spoiled hopes of a run of US interest rate cuts.

A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running. Powell said the first US rate cut in over a decade was "not the beginning of a long series of rate cuts".

The dollar’s reaction said it all. The DXY index surged to its highest in more than two years, euro/dollar dropped below $1.11 for the first time since May 2017, and Brexit-hobbled sterling hit 30-month lows just above $1.21.

World stocks had recoiled overnight and emerging markets had their longest run of falls in almost a year.

"Markets interpreted the Fed’s communication as slightly hawkish and therefore further rate cuts in the immediate future were somewhat priced out," said David Milleker, senior economic advisor at Union Investment. "And the dollar strengthened. All in all, the Fed did not achieve what it presumably wanted."

US Treasuries were sold off as investors scaled back their pre-Fed expectations for at least 100 basis points of cuts in the near term. Yields on 10-year notes climbed as high as 2.058% in Europe from a US close of 2.007%.

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Core eurozone bond yields were rising, too, although -0.428% German Bund levels were still extraordinary. "I didn’t say it’s just one rate cut," Powell had been careful to emphasise after Wednesday's 25-basis-point move.

Instead, he characterised it as "a mid-cycle adjustment to policy", citing signs of a global slowdown, US trade tensions and a desire to boost inflation.

Wall Street fell afterwards and E-minis futures for the S&amp;P 500 were pointing 0.15% lower.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending losses for a fifth day to the lowest since mid-June and posting its biggest one-day percentage drop in a month.

Japan's Nikkei rose, reversing early declines. Australian shares declined 0.4%. Losses by Chinese shares ended down 0.8%.

"We believe the Fed is trying to thread the needle, balancing market jitters about slowing global growth with robust consumer spending and a strong job market in the US," said Nick Maroutsos, co-head of global bonds at Janus Henderson.

"In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock."

Trade Talks

Adding to worries, the United States and China on Wednesday ended a brief round of talks without much progress in ending their year-long trade war.

Downbeat data and factory surveys on Thursday had also pointed to further weakness for Asia's trade-reliant economies.

South Korea's exports fell for an eighth straight month in July amid weak global demand and a dispute with Japan. New export orders shrank the most in about six years.

South Korea, the world's sixth-largest exporter, is the first major industrial economy to release trade data each month, providing an early assessment on the health of global demand.

Pressure on Chinese factories eased slightly, but manufacturing activity continued to shrink.

"The broader global trade dynamic remains a challenge," Morgan Stanley strategist Michael Zezas said. "Trade should continue to drag on corporate confidence, CapEx and global growth in the near term."

In Europe's foreign exchange markets, sterling dropped as low as $1.2101 before a Bank of England meeting that's expected to leave its 0.75% interest rate unchanged but result in plenty of interesting discussions.

Fears of a <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/britain-to-spend-an-extra-26-billion-on-no-deal-brexit-planning-239860&amp;sa=U&amp;ved=2ahUKEwjd24uDu-HjAhUW8XMBHSfID2IQFjAAegQIBhAC&amp;usg=AOvVaw05e85f7pwO51L5lCnpMiS3">no-deal Brexit</a> now that Boris Johnson is prime minister continue to afflict the pound, although it was fractionally higher against a weakening euro at 91.17 pence.

"Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead," said Roger Hallam, currency chief investment officer at JP Morgan Asset Management.

Elsewhere, the Aussie dollar slipped below key chart support of $0.6832 to as low as $0.6828, a level not seen since an early January "flash crash".

The kiwi hit a six-week trough of $0.6535 on expectations the Reserve Bank of New Zealand will cut rates next week.

US crude futures fell 76 cents to $57.82 per barrel after comments on the rating outlook. Brent was down 71 cents at $64.34.

Spot gold also fell, to $1,405.26.

The dollar charged to its highest in more than two years on Thursday after the Federal Reserve spoiled hopes of a run of US interest rate cuts. A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running.

The dollar charged to its highest in more than two years on Thursday after the Federal Reserve spoiled hopes of a run of US interest rate cuts. A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running. Powell said the first US rate cut in over a decade was "not the beginning of a long series of rate cuts". The dollar’s reaction said it all. The DXY index surged to its highest in more than two years, euro/dollar dropped below $1.11 for the first time since May 2017, and Brexit-hobbled sterling hit 30-month lows just above $1.21. World stocks had recoiled overnight and emerging markets had their longest run of falls in almost a year. "Markets interpreted the Fed’s communication as slightly hawkish and therefore further rate cuts in the immediate future were somewhat priced out," said David Milleker, senior economic advisor at Union Investment. "And the dollar strengthened. All in all, the Fed did not achieve what it presumably wanted." US Treasuries were sold off as investors scaled back their pre-Fed expectations for at least 100 basis points of cuts in the near term. Yields on 10-year notes climbed as high as 2.058% in Europe from a US close of 2.007%. WATCH VIDEO × Core eurozone bond yields were rising, too, although -0.428% German Bund levels were still extraordinary. "I didn’t say it’s just one rate cut," Powell had been careful to emphasise after Wednesday's 25-basis-point move. Instead, he characterised it as "a mid-cycle adjustment to policy", citing signs of a global slowdown, US trade tensions and a desire to boost inflation. Wall Street fell afterwards and E-minis futures for the S&P 500 were pointing 0.15% lower. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending losses for a fifth day to the lowest since mid-June and posting its biggest one-day percentage drop in a month. Japan's Nikkei rose, reversing early declines. Australian shares declined 0.4%. Losses by Chinese shares ended down 0.8%. "We believe the Fed is trying to thread the needle, balancing market jitters about slowing global growth with robust consumer spending and a strong job market in the US," said Nick Maroutsos, co-head of global bonds at Janus Henderson. "In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock." Trade Talks Adding to worries, the United States and China on Wednesday ended a brief round of talks without much progress in ending their year-long trade war. Downbeat data and factory surveys on Thursday had also pointed to further weakness for Asia's trade-reliant economies. South Korea's exports fell for an eighth straight month in July amid weak global demand and a dispute with Japan. New export orders shrank the most in about six years. South Korea, the world's sixth-largest exporter, is the first major industrial economy to release trade data each month, providing an early assessment on the health of global demand. Pressure on Chinese factories eased slightly, but manufacturing activity continued to shrink. "The broader global trade dynamic remains a challenge," Morgan Stanley strategist Michael Zezas said. "Trade should continue to drag on corporate confidence, CapEx and global growth in the near term." In Europe's foreign exchange markets, sterling dropped as low as $1.2101 before a Bank of England meeting that's expected to leave its 0.75% interest rate unchanged but result in plenty of interesting discussions. Fears of a no-deal Brexit now that Boris Johnson is prime minister continue to afflict the pound, although it was fractionally higher against a weakening euro at 91.17 pence. "Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead," said Roger Hallam, currency chief investment officer at JP Morgan Asset Management. Elsewhere, the Aussie dollar slipped below key chart support of $0.6832 to as low as $0.6828, a level not seen since an early January "flash crash". The kiwi hit a six-week trough of $0.6535 on expectations the Reserve Bank of New Zealand will cut rates next week. US crude futures fell 76 cents to $57.82 per barrel after comments on the rating outlook. Brent was down 71 cents at $64.34. Spot gold also fell, to $1,405.26.

Mind your backs, dollar coming through!

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/asian-shares-drift-into-trade-talks-fed-test-239118&amp;sa=U&amp;ved=2ahUKEwiskeK2ktrjAhVFsY8KHaKRDH0QFjABegQIDBAC&amp;usg=AOvVaw007h4SGYlL7z1dT2b0Kwqf">Federal Reserve</a>&nbsp;signals more cuts will follow.

After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%.

The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31.

A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting.

Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.

More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so.

MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat.

"Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood.

Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low.

Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth.

"Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM.

"While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..."

In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%.

In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some.

The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%.

Elsewhere in currencies, <a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">sterling fell</a> over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow. After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%. The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31. A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting. Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move. More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so. MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat. "Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood. Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low. Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth. "Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM. "While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..." In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%. In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some. The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%. Elsewhere in currencies, sterling fell over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Shares steady as Fed comes into focus; dollar at two-month high

Twitter Inc posted a better-than-expected second-quarter revenue on Friday and an uptick in daily users who see advertisements on the site, driven by changes to show users more relevant content.

However, the company forecast third-quarter revenue below many Wall Street estimates and said revenue growth would lag the first two quarters, partly due to ending some older ad formats.

Twitter's revenue and the number of users have been in focus since the social media platform started deleting millions of spam or fake accounts promoting hate speech or spreading political misinformation, contributing to declines in monthly users through 2018.

The company reported a rise in monthly active users in the first quarter, fueling speculation that Twitter was returning to growth, but has since stopped disclosing its MAU count.

Instead, this quarter it reported monetizable daily active usage (mDAU), a metric it created to measure only users exposed daily to advertising on the site and exclude those who access Twitter via aggregating sites like TweetDeck.

Its monetizable daily active usage (mDAU) hit 139 million, beating analyst expectations of 135 million, according to IBES data from Refinitiv.

Chief Executive Officer Jack Dorsey said machine learning improvements to deliver more relevant content helped drive up to this count.

Twitter reported a second-quarter profit of $1.1 billion, or $1.43 per share, compared with $100 million, or 13 cents per share, a year earlier. Profit was boosted by an income tax benefit of over $1 billion related to corporate restructuring.

Twitter's revenue rose 18% from a year earlier to $841 million, beating Wall Street expectations of $829 million, based on Refinitiv data.

Total advertising revenue rose to $727 million, an increase of 21 per cent&nbsp;year-on-year, as the company continued to improve its ad platform and formats.

It forecast total revenue for the third quarter to be between $815 million and $875 million. Analysts on average were expecting about $869.3 million.

Twitter has continued to bulk up its live and on-demand video content partnerships. On Thursday, NBCUniversal said they would team up to live-stream parts of the 2022 Olympic Games, Twitter's latest move in a series of deals aimed at boosting sports conversation on the platform.

It also expanded its multimedia features, launching a Snapchat-style camera feature in the Twitter app and releasing its long-awaited tool for clipping and publishing video.

Last week, the company rolled out its redesigned site and in March launched "twttr," a prototype app where certain users can test out new features as part of its efforts to make conversations easier to find and follow.

Twitter also recently updated its policies on hateful conduct directed at religious groups and last month introduced a new policy to de-emphasize and label rule-breaking tweets from important sources like politicians, though this has not yet been used.

Total operating expenses, including the cost of revenue, rose by 21 per cent&nbsp;to $766 million, partly due to plans to hire more employees.

Twitter Inc posted a better-than-expected second-quarter revenue on Friday and an uptick in daily users who see advertisements on the site, driven by changes to show users more relevant content.

Twitter Inc posted a better-than-expected second-quarter revenue on Friday and an uptick in daily users who see advertisements on the site, driven by changes to show users more relevant content. However, the company forecast third-quarter revenue below many Wall Street estimates and said revenue growth would lag the first two quarters, partly due to ending some older ad formats. Twitter's revenue and the number of users have been in focus since the social media platform started deleting millions of spam or fake accounts promoting hate speech or spreading political misinformation, contributing to declines in monthly users through 2018. The company reported a rise in monthly active users in the first quarter, fueling speculation that Twitter was returning to growth, but has since stopped disclosing its MAU count. Instead, this quarter it reported monetizable daily active usage (mDAU), a metric it created to measure only users exposed daily to advertising on the site and exclude those who access Twitter via aggregating sites like TweetDeck. Its monetizable daily active usage (mDAU) hit 139 million, beating analyst expectations of 135 million, according to IBES data from Refinitiv. Chief Executive Officer Jack Dorsey said machine learning improvements to deliver more relevant content helped drive up to this count. Twitter reported a second-quarter profit of $1.1 billion, or $1.43 per share, compared with $100 million, or 13 cents per share, a year earlier. Profit was boosted by an income tax benefit of over $1 billion related to corporate restructuring. Twitter's revenue rose 18% from a year earlier to $841 million, beating Wall Street expectations of $829 million, based on Refinitiv data. Total advertising revenue rose to $727 million, an increase of 21 per cent year-on-year, as the company continued to improve its ad platform and formats. It forecast total revenue for the third quarter to be between $815 million and $875 million. Analysts on average were expecting about $869.3 million. Twitter has continued to bulk up its live and on-demand video content partnerships. On Thursday, NBCUniversal said they would team up to live-stream parts of the 2022 Olympic Games, Twitter's latest move in a series of deals aimed at boosting sports conversation on the platform. It also expanded its multimedia features, launching a Snapchat-style camera feature in the Twitter app and releasing its long-awaited tool for clipping and publishing video. Last week, the company rolled out its redesigned site and in March launched "twttr," a prototype app where certain users can test out new features as part of its efforts to make conversations easier to find and follow. Twitter also recently updated its policies on hateful conduct directed at religious groups and last month introduced a new policy to de-emphasize and label rule-breaking tweets from important sources like politicians, though this has not yet been used. Total operating expenses, including the cost of revenue, rose by 21 per cent to $766 million, partly due to plans to hire more employees.

Twitter beats revenue expectation, sees rise in daily users viewing ads

Alphabet Inc shares rose about 8 per cent&nbsp;after the company reported quarterly results that eased investors' concerns about growth challenges facing its <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwi795iK0NLjAhVdnI8KHd4yA3EQFjADegQIEBAC&amp;usg=AOvVaw0DjuqZIq45MxG5qQMQLYOz">Google</a> advertising business.

Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/facebook-to-create-privacy-panel-pay-5-billion-to-us-to-settle-data-breach-allegations-238141&amp;sa=U&amp;ved=2ahUKEwin3vee0NLjAhUJuY8KHX4XCmoQFjAJegQIABAC&amp;usg=AOvVaw3oWENcDFaT7j5nwu9RI2L3">Facebook Inc</a> a day earlier, offered no worrisome guidance about increasing regulatory scrutiny.

The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years.

In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide.

Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&amp;P 500 broadly.

Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack.

Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before.

"We understand there will be scrutiny," and "we will engage constructively," he said.

WEAKENING CONCERNS

Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv.

The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago.

Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business.

Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful.

Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash.

Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years.

Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!"

Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share.

Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter.

Alphabet in its earnings release on Thursday did not mention any government investigations.

Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US&nbsp;Department of Justice's antitrust review of large internet companies.

Reuters reported last month that the US&nbsp;Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour.

Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses.

On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business. Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player Facebook Inc a day earlier, offered no worrisome guidance about increasing regulatory scrutiny. The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years. In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide. Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&P 500 broadly. Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack. Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before. "We understand there will be scrutiny," and "we will engage constructively," he said. WEAKENING CONCERNS Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv. The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago. Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business. Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful. Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash. Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years. Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!" Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share. Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter. Alphabet in its earnings release on Thursday did not mention any government investigations. Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US Department of Justice's antitrust review of large internet companies. Reuters reported last month that the US Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour. Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses. On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet's revenue rebounds easing doubts on growth

<a href="https://www.wionews.com/world/pakistans-next-double-game-marriage-with-china-affair-with-us-237219">China</a> will be able to place armed forces at a <a href="https://www.wionews.com/world/three-chinese-warships-dock-in-cambodia-to-boost-ties-military-cooperation-189207">Cambodian naval base</a> under a secret agreement the two nations have reached, the Wall Street Journal reported on Sunday, although Cambodian officials denied such a deal had been struck.

The agreement, reached this spring but not made public, gives China exclusive access to part of Cambodia's Ream Naval Base on the Gulf of Thailand, the Journal reported, citing US and allied officials familiar with the matter.

Such an arrangement would give China an enhanced ability to assert contested territorial claims and economic interests in the South China Sea, challenging US allies in Southeast Asia. Chinese and <a href="https://www.wionews.com/world/eighteen-dead-24-injured-in-cambodia-building-collapse-229696">Cambodian officials</a> denied such an agreement existed, according to the Journal.

"This is the worst-ever made-up news against Cambodia," Cambodian Prime Minister Hun Sen told the pro-government news site Fresh News on Monday.

"No such thing could happen because hosting foreign military bases is against the Cambodian constitution," he said.

Cambodian defence ministry spokesman Chhum Socheat told Reuters the report was "made up and baseless".

China, Hun Sen's strongest regional ally, has poured billions of dollars in development assistance and loans into Cambodia through bilateral frameworks and China's Belt and Road initiative.

The initiative, unveiled by Chinese President Xi Jinping in 2013, aims to bolster a sprawling network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa.

It has attracted a flood of Chinese commercial ventures in Cambodia, including casinos and special economic zones.

The US&nbsp;Defence Department suggested earlier this month China may be attempting to gain a military foothold in Cambodia in a letter to Cambodia asking why the nation had turned down an offer to repair a naval base.

The State Department urged Cambodia in a statement to reject such an arrangement, saying the nation had a "constitutional commitment to its people to pursue an independent foreign policy."

"We are concerned that any steps by the Cambodian government to invite a foreign military presence in Cambodia would threaten the coherence and centrality of the Association of Southeast Asian Nations (ASEAN) in coordinating regional developments, and disturb peace and stability in Southeast Asia," the statement said.

Cambodia denied reports last November that Beijing had been lobbying the Southeast Asian country since 2017 for a naval base that could host frigates, destroyers and other vessels of China's People's Liberation Army Navy.

China will be able to place armed forces at a Cambodian naval base under a secret agreement the two nations have reached, the Wall Street Journal reported on Sunday, although Cambodian officials denied such a deal had been struck.

China will be able to place armed forces at a Cambodian naval base under a secret agreement the two nations have reached, the Wall Street Journal reported on Sunday, although Cambodian officials denied such a deal had been struck. The agreement, reached this spring but not made public, gives China exclusive access to part of Cambodia's Ream Naval Base on the Gulf of Thailand, the Journal reported, citing US and allied officials familiar with the matter. Such an arrangement would give China an enhanced ability to assert contested territorial claims and economic interests in the South China Sea, challenging US allies in Southeast Asia. Chinese and Cambodian officials denied such an agreement existed, according to the Journal. "This is the worst-ever made-up news against Cambodia," Cambodian Prime Minister Hun Sen told the pro-government news site Fresh News on Monday. "No such thing could happen because hosting foreign military bases is against the Cambodian constitution," he said. Cambodian defence ministry spokesman Chhum Socheat told Reuters the report was "made up and baseless". China, Hun Sen's strongest regional ally, has poured billions of dollars in development assistance and loans into Cambodia through bilateral frameworks and China's Belt and Road initiative. The initiative, unveiled by Chinese President Xi Jinping in 2013, aims to bolster a sprawling network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa. It has attracted a flood of Chinese commercial ventures in Cambodia, including casinos and special economic zones. The US Defence Department suggested earlier this month China may be attempting to gain a military foothold in Cambodia in a letter to Cambodia asking why the nation had turned down an offer to repair a naval base. The State Department urged Cambodia in a statement to reject such an arrangement, saying the nation had a "constitutional commitment to its people to pursue an independent foreign policy." "We are concerned that any steps by the Cambodian government to invite a foreign military presence in Cambodia would threaten the coherence and centrality of the Association of Southeast Asian Nations (ASEAN) in coordinating regional developments, and disturb peace and stability in Southeast Asia," the statement said. Cambodia denied reports last November that Beijing had been lobbying the Southeast Asian country since 2017 for a naval base that could host frigates, destroyers and other vessels of China's People's Liberation Army Navy.

Cambodia denies deal to allow armed Chinese forces at its naval base

Big US companies are accelerating efforts to move more of their supply chains from China to neighbouring countries in light of <a href="https://www.wionews.com/world/trump-administration-plans-to-divert-40-million-in-aid-to-venezuelas-opposition-236654">Trump administration</a> tariffs.

Companies in sectors such as technology, clothing and footwear are exporting more goods from emerging giants including Vietnam and Malaysia, data show.

At the same time, the shift has exposed the murkiness of trade export rules, putting a premium on lawyers expert in the minutiae of US customs rules.

"We have a lot of questions from our members," said Sage Chandler, vice president of international trade at the Consumer Technology Association. "Companies are trying to find ways to avoid having to pay 25 per cent."&nbsp;

Some companies may be pushing the envelope a little too much, violating US rules against "transhipments," the routing of China-made goods through other countries to evade tariffs, legal experts say.

The speeding shift from China&nbsp;

<a href="https://www.wionews.com/world/us-president-donald-trump-seeks-to-override-supreme-court-ruling-on-census-233448">President Donald Trump</a> since last year has slapped 25 per cent duties on $250 billion worth of Chinese imports and threatened additional levies on all other Chinese items coming to the United States though the two sides agreed last month to hold their fire for now.

Trump's trade measures have led some multinationals to fortify their North American operations and others to transfer some manufacturing capacity from China to any number of countries, including Vietnam, Cambodia, Malaysia, the Philipines, Bangladesh, India and Ethiopia.

Exports of computers and electronics from Vietnam to the United States have risen 71.6 per cent in the first five months of 2019 compared with the year-ago period, according to government data.&nbsp;

The pattern has also held for other machines and equipment, with exports from Vietnam rising 54.4 per cent over that period.

Even before Trump targeted China on trade, US companies had been reducing their dependence on China because of increasing production costs and elevated transport expenses compared with other Asian countries.

But the trade war has sped up those moves.

Ralph Lauren has "accelerated the diversification of our supply chain to mitigate the long-term impact of any potential tariff outcomes," said a spokesperson for the clothing company, adding that tariffs have so far not hit the company's goods.

Xcel Brands, which owns Isaac Mizrahi, Judith Ripka and other fashion houses, will cease manufacturing in China in 2020, a big shift from two years ago when the country was the source of 100 per cent of its merchandise.&nbsp;

The company has moved clothes-making operations to Vietnam, Cambodia and Bangladesh, and is exploring adding capacity in Central America, Mexico and Canada.

This retooling, which was in the works before the tariffs, could boost profit margins, said Xcel chief executive Robert D'Loren. The trade war with China "accelerated our sourcing diversification efforts," he said.&nbsp;

A decade ago, more than 90 per cent of US footwear was made in China. But today, the figure is 69 per cent, said Matt Priest, president of Footwear Distributors and Retailers of America.

Problem solved

Yet shifting production outside of China to other Asian centres is not necessarily a panacea.&nbsp;

Many of these countries lack the roads, airports and other vital infrastructure of the world's second-biggest economy. And there is no guarantee that the emerging manufacturing venues will be safe from <a href="https://www.wionews.com/world/china-says-us-tariffs-must-be-lifted-to-reach-a-deal-to-end-trade-war-232996">US tariffs</a> down the road.

Companies can also run afoul of US law if goods are made in China and then sent to an intermediate destination to dodge US tariffs.

"I have noticed an upswing in the number of tariff evasion cases that have been made public and also in the number of inquiries my firm has received," said Jeff Newman, a Boston attorney.

A June Wall Street Journal report showed that billions of dollars of Chinese-made goods were being rerouted in this manner through Vietnam, Malaysia and the Philippines.

US customers officials did not respond to request for comment.

Retail giants such as Walmart and Target say significantly reducing their reliance on Chinese-made goods is unrealistic because of the demand for low prices.

That means retailers are more likely to stop producing goods with very low-profit margins than to incur additional costs by moving production out of China, according to Priest of the footwear distributors association.&nbsp;

He points to flip flops, which earn returns of only around six or seven per cent.

"It won't be worth moving to Vietnam for six or seven per cent-margin shoes," Priest said.&nbsp;

"That shoe is not worth it."

Big US companies are accelerating efforts to move more of their supply chains from China to neighbouring countries in light of Trump administration tariffs. Companies in sectors such as technology, clothing and footwear are exporting more goods from emerging giants including Vietnam and Malaysia, data show.

Big US companies are accelerating efforts to move more of their supply chains from China to neighbouring countries in light of Trump administration tariffs. Companies in sectors such as technology, clothing and footwear are exporting more goods from emerging giants including Vietnam and Malaysia, data show. At the same time, the shift has exposed the murkiness of trade export rules, putting a premium on lawyers expert in the minutiae of US customs rules. "We have a lot of questions from our members," said Sage Chandler, vice president of international trade at the Consumer Technology Association. "Companies are trying to find ways to avoid having to pay 25 per cent." Some companies may be pushing the envelope a little too much, violating US rules against "transhipments," the routing of China-made goods through other countries to evade tariffs, legal experts say. The speeding shift from China President Donald Trump since last year has slapped 25 per cent duties on $250 billion worth of Chinese imports and threatened additional levies on all other Chinese items coming to the United States though the two sides agreed last month to hold their fire for now. Trump's trade measures have led some multinationals to fortify their North American operations and others to transfer some manufacturing capacity from China to any number of countries, including Vietnam, Cambodia, Malaysia, the Philipines, Bangladesh, India and Ethiopia. Exports of computers and electronics from Vietnam to the United States have risen 71.6 per cent in the first five months of 2019 compared with the year-ago period, according to government data. The pattern has also held for other machines and equipment, with exports from Vietnam rising 54.4 per cent over that period. Even before Trump targeted China on trade, US companies had been reducing their dependence on China because of increasing production costs and elevated transport expenses compared with other Asian countries. But the trade war has sped up those moves. Ralph Lauren has "accelerated the diversification of our supply chain to mitigate the long-term impact of any potential tariff outcomes," said a spokesperson for the clothing company, adding that tariffs have so far not hit the company's goods. Xcel Brands, which owns Isaac Mizrahi, Judith Ripka and other fashion houses, will cease manufacturing in China in 2020, a big shift from two years ago when the country was the source of 100 per cent of its merchandise. The company has moved clothes-making operations to Vietnam, Cambodia and Bangladesh, and is exploring adding capacity in Central America, Mexico and Canada. This retooling, which was in the works before the tariffs, could boost profit margins, said Xcel chief executive Robert D'Loren. The trade war with China "accelerated our sourcing diversification efforts," he said. A decade ago, more than 90 per cent of US footwear was made in China. But today, the figure is 69 per cent, said Matt Priest, president of Footwear Distributors and Retailers of America. Problem solved Yet shifting production outside of China to other Asian centres is not necessarily a panacea. Many of these countries lack the roads, airports and other vital infrastructure of the world's second-biggest economy. And there is no guarantee that the emerging manufacturing venues will be safe from US tariffs down the road. Companies can also run afoul of US law if goods are made in China and then sent to an intermediate destination to dodge US tariffs. "I have noticed an upswing in the number of tariff evasion cases that have been made public and also in the number of inquiries my firm has received," said Jeff Newman, a Boston attorney. A June Wall Street Journal report showed that billions of dollars of Chinese-made goods were being rerouted in this manner through Vietnam, Malaysia and the Philippines. US customers officials did not respond to request for comment. Retail giants such as Walmart and Target say significantly reducing their reliance on Chinese-made goods is unrealistic because of the demand for low prices. That means retailers are more likely to stop producing goods with very low-profit margins than to incur additional costs by moving production out of China, according to Priest of the footwear distributors association. He points to flip flops, which earn returns of only around six or seven per cent. "It won't be worth moving to Vietnam for six or seven per cent-margin shoes," Priest said. "That shoe is not worth it."

US importers find ways to adapt to, skirt Donald Trump's tariffs

All three of Wall Street's main indices popped to fresh records on Friday, ending the week on an emphatic note as investors grew increasingly confident the <a href="https://www.wionews.com/business-economy/dow-ends-above-27000-points-for-first-time-sp-500-hits-record-on-federal-reserve-rate-cut-optimism-235154">Federal Reserve will cut </a>interest rates at the end of the month.

In congressional testimony this week, Federal Reserve Chairman Jerome Powell told lawmakers "crosscurrents" increased risks to the US economic outlook -- strongly suggesting a rate cut was in the cards at the Fed's next policy meeting in less than three weeks.

The broad-based S&amp;P 500 closed above the 3,000-mark for the first time ever.

Jack Ablin of Cresset Wealth Advisors said investors also were encouraged by the outlook for what could be better-than-expected corporate revenue.

However, with corporate earnings season set to begin in earnest, S&amp;P 500 companies are forecast to see weaker profit growth compared to last year, according to FactSet. It would be the second consecutive quarter of slowing profit, something that has not happened in three years.

"But the next question we expect is,&nbsp;where do we go from there?" he said.

"The market needs to feed on something. The appetite of the market for low rates is insatiable. The question now is can they shift their attention to earnings."

While the positive sentiment initially filtered through to Asia and Europe on Friday, the momentum petered out in late European trading.

Meanwhile, China's economy grew at its slowest rate in nearly three decades in the second quarter, hit by the US-China trade war and weakening global demand, according to an AFP survey of analysts.

The world's second-largest economy likely expanded 6.2 per cent in April-June, according to the poll of 10 economists ahead of the official gross domestic product report Monday.

Oil prices rise

Elsewhere, geopolitical tensions rose after armed Iranian boats threatened a British oil tanker earlier in the week provided support for oil prices, although gains were limited by longer-term oversupply concerns.

Iran's menacing of the BP supertanker on Wednesday appeared to be in retaliation for Britain's seizure of the Iranian Grace 1 tanker off Gibraltar on July 4.

"With Iran seeking retribution for the UK's actions around Gibraltar, there is a distinct possibility that we could see an upside shock to prices," said IG trading group analyst Joshua Mahony.&nbsp;

Britain said it will send a second warship to the Gulf, while the Pentagon said it was discussing military escorts for vessels in the Gulf.

But the rises in oil prices as a result of the incident have been capped by an oversupplied oil market, according to traders.

And the IEA on Friday said the recent decision by oil-producing countries to prolong cuts in output will not fundamentally change the outlook for the market.&nbsp;

All three of Wall Street's main indices popped to fresh records on Friday, ending the week on an emphatic note as investors grew increasingly confident the Federal Reserve will cut interest rates at the end of the month.

All three of Wall Street's main indices popped to fresh records on Friday, ending the week on an emphatic note as investors grew increasingly confident the Federal Reserve will cut interest rates at the end of the month. In congressional testimony this week, Federal Reserve Chairman Jerome Powell told lawmakers "crosscurrents" increased risks to the US economic outlook -- strongly suggesting a rate cut was in the cards at the Fed's next policy meeting in less than three weeks. The broad-based S&P 500 closed above the 3,000-mark for the first time ever. Jack Ablin of Cresset Wealth Advisors said investors also were encouraged by the outlook for what could be better-than-expected corporate revenue. However, with corporate earnings season set to begin in earnest, S&P 500 companies are forecast to see weaker profit growth compared to last year, according to FactSet. It would be the second consecutive quarter of slowing profit, something that has not happened in three years. "But the next question we expect is, where do we go from there?" he said. "The market needs to feed on something. The appetite of the market for low rates is insatiable. The question now is can they shift their attention to earnings." While the positive sentiment initially filtered through to Asia and Europe on Friday, the momentum petered out in late European trading. Meanwhile, China's economy grew at its slowest rate in nearly three decades in the second quarter, hit by the US-China trade war and weakening global demand, according to an AFP survey of analysts. The world's second-largest economy likely expanded 6.2 per cent in April-June, according to the poll of 10 economists ahead of the official gross domestic product report Monday. Oil prices rise Elsewhere, geopolitical tensions rose after armed Iranian boats threatened a British oil tanker earlier in the week provided support for oil prices, although gains were limited by longer-term oversupply concerns. Iran's menacing of the BP supertanker on Wednesday appeared to be in retaliation for Britain's seizure of the Iranian Grace 1 tanker off Gibraltar on July 4. "With Iran seeking retribution for the UK's actions around Gibraltar, there is a distinct possibility that we could see an upside shock to prices," said IG trading group analyst Joshua Mahony. Britain said it will send a second warship to the Gulf, while the Pentagon said it was discussing military escorts for vessels in the Gulf. But the rises in oil prices as a result of the incident have been capped by an oversupplied oil market, according to traders. And the IEA on Friday said the recent decision by oil-producing countries to prolong cuts in output will not fundamentally change the outlook for the market.

Wall Street notches all-time highs as rate cut hopes lift investor spirits

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

US traders went on a pre-July 4 spending spree Wednesday to push all three main indexes to their all-time highs as a string of weak economic indicators reinforced the case for the Fed to reduce borrowing costs.

With the relief-rally from Donald Trump and Xi Jinping's trade war ceasefire running its course, dealers were turning their attention to the global outlook and pinning their hopes on central bank support.

The release Friday of US non-farm payroll figures is key, analysts say, with a weak reading likely to reinforce expectations of a rate cut.&nbsp;

Talk of a reduction and concerns about the economy have seen the yield on safe haven 10-year Treasuries fall below two per cent.

"A lot of US economic data is wavering, as most key indicators are falling below trend, but the recent standouts have been labour and wage data," said OANDA senior market analyst Edward Moya.

"If the pillars of the economy begin to show some signs of weakness, this will disrupt the US consumer and support the calls for the Fed to cut in July and signal an additional one is on the way."

Dollar dips

In early Asian business, Hong Kong was up 0.5 per cent, Shanghai added 0.1 per cent, Tokyo climbed 0.3 per cent by the break and Sydney jumped 0.6 per cent.

Singapore was up 0.3 per cent, Wellington added 0.2 per cent and Taipei was 0.4 per cent stronger though Seoul was marginally lower.

Stephen Innes, at Vanguard Markets, said the fall in yields across several asset classes "has increased investor appetite for high dividend-yielding equity risk".

Investors were "hoping that this next wave central bank monetary infusion will provide a foundation to ensure the global cyclical bottom is set while offering a welcoming climate to extend this bullish trading cycle," he said.

The increasing likelihood of a Fed cut weighed on the dollar, with riskier currencies such as the South Korean won, Australian dollar and Indonesian rupiah all strengthening.

The Chinese yuan was also slightly higher.

However, Trump hit out at China on Wednesday in a Twitter rant, accusing it and Europe of artificially keeping the yuan and euro weak to gain an advantage over the US.

He said they were playing a "big currency manipulation game" and "pumping money into their system", adding that the US should step up to the fight by matching them.

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut. US traders went on a pre-July 4 spending spree Wednesday to push all three main indexes to their all-time highs as a string of weak economic indicators reinforced the case for the Fed to reduce borrowing costs. With the relief-rally from Donald Trump and Xi Jinping's trade war ceasefire running its course, dealers were turning their attention to the global outlook and pinning their hopes on central bank support. The release Friday of US non-farm payroll figures is key, analysts say, with a weak reading likely to reinforce expectations of a rate cut. Talk of a reduction and concerns about the economy have seen the yield on safe haven 10-year Treasuries fall below two per cent. "A lot of US economic data is wavering, as most key indicators are falling below trend, but the recent standouts have been labour and wage data," said OANDA senior market analyst Edward Moya. "If the pillars of the economy begin to show some signs of weakness, this will disrupt the US consumer and support the calls for the Fed to cut in July and signal an additional one is on the way." Dollar dips In early Asian business, Hong Kong was up 0.5 per cent, Shanghai added 0.1 per cent, Tokyo climbed 0.3 per cent by the break and Sydney jumped 0.6 per cent. Singapore was up 0.3 per cent, Wellington added 0.2 per cent and Taipei was 0.4 per cent stronger though Seoul was marginally lower. Stephen Innes, at Vanguard Markets, said the fall in yields across several asset classes "has increased investor appetite for high dividend-yielding equity risk". Investors were "hoping that this next wave central bank monetary infusion will provide a foundation to ensure the global cyclical bottom is set while offering a welcoming climate to extend this bullish trading cycle," he said. The increasing likelihood of a Fed cut weighed on the dollar, with riskier currencies such as the South Korean won, Australian dollar and Indonesian rupiah all strengthening. The Chinese yuan was also slightly higher. However, Trump hit out at China on Wednesday in a Twitter rant, accusing it and Europe of artificially keeping the yuan and euro weak to gain an advantage over the US. He said they were playing a "big currency manipulation game" and "pumping money into their system", adding that the US should step up to the fight by matching them.

Asian markets track record lead from Wall Street, focus on jobs

US stock index futures indicated to a flat opening on Tuesday, a day after the benchmark S&amp;P 500 index hit a record high, as optimism sparked by the <a href="https://www.wionews.com/business-economy/asian-shares-creep-higher-on-hopes-of-us-china-trade-truce-230724">US-China trade truce</a> waned and a fresh threat of tariffs on Europe kept investors on edge.

A clutch of discouraging manufacturing surveys in the past 24 hours from around the world that rekindled fears of a global economic slowdown added to the cautious mood.

US markets rose on Monday as <a href="https://www.wionews.com/world/china-says-to-hold-more-trade-talks-with-us-in-beijing-217628">Washington and Beijing </a>agreed to resume trade talks and <a href="https://www.wionews.com/world/feisty-trump-sets-tone-as-stormy-g20-looms-230804">President Donald Trump</a> offered concessions including no new tariffs and an easing of curbs on Huawei Technologies Co Ltd.

However, Washington threatened to slap tariffs on $4 billion of additional EU goods, ratcheting up pressure on Europe in a long-running dispute over aircraft subsidies.

"While the threat of additional tariffs on EU imports is still an overhang for investors, the market is more likely taking a breather until new macro-economic data comes out," Peter Cardillo, chief market economist at Spartan Capital Securities said.

Investors are waiting for the monthly jobs report on Friday, which is expected to show that the private sector added 160,000 jobs in June, after a sharp slowdown in jobs growth in May.

At 8:39 a.m. ET, Dow e-minis were down 18 points, or 0.07%. S&amp;P 500 e-minis were down 0.75 points, or 0.03% and Nasdaq 100 e-minis were down 3.75 points, or 0.05%.

The S&amp;P 500 and the Dow Jones indexes posted their best June performance in decades, on hopes that the Federal Reserve would cut interest rates to preserve a decade-long US expansion, after a breakdown in trade talks in May sent markets into a tailspin.

Market participants still expect a rate cut by the Fed of at least a quarter of a percentage point at its July 30-31 policy meeting, despite the latest developments in trade talks.

Among stocks, Western Digital Corp fell 3% in premarket trading after Benchmark cut its rating on the hard-disk drive maker's stock to "sell."

Coty Inc dropped 4.1% as multiple brokerages cut price targets on the cosmetics maker's shares, a day after the company said it would restructure and write down about $3 billion in value of brands acquired from Procter &amp; Gamble Co.

Gilead Sciences Inc rose 1% after the drugmaker said it will submit a new drug application for its arthritis drug to the US FDA this year.

US stock index futures indicated to a flat opening on Tuesday, a day after the benchmark S&P 500 index hit a record high, as optimism sparked by the US-China trade truce waned and a fresh threat of tariffs on Europe kept investors on edge.

US stock index futures indicated to a flat opening on Tuesday, a day after the benchmark S&P 500 index hit a record high, as optimism sparked by the US-China trade truce waned and a fresh threat of tariffs on Europe kept investors on edge. A clutch of discouraging manufacturing surveys in the past 24 hours from around the world that rekindled fears of a global economic slowdown added to the cautious mood. US markets rose on Monday as Washington and Beijing agreed to resume trade talks and President Donald Trump offered concessions including no new tariffs and an easing of curbs on Huawei Technologies Co Ltd. However, Washington threatened to slap tariffs on $4 billion of additional EU goods, ratcheting up pressure on Europe in a long-running dispute over aircraft subsidies. "While the threat of additional tariffs on EU imports is still an overhang for investors, the market is more likely taking a breather until new macro-economic data comes out," Peter Cardillo, chief market economist at Spartan Capital Securities said. Investors are waiting for the monthly jobs report on Friday, which is expected to show that the private sector added 160,000 jobs in June, after a sharp slowdown in jobs growth in May. At 8:39 a.m. ET, Dow e-minis were down 18 points, or 0.07%. S&P 500 e-minis were down 0.75 points, or 0.03% and Nasdaq 100 e-minis were down 3.75 points, or 0.05%. The S&P 500 and the Dow Jones indexes posted their best June performance in decades, on hopes that the Federal Reserve would cut interest rates to preserve a decade-long US expansion, after a breakdown in trade talks in May sent markets into a tailspin. Market participants still expect a rate cut by the Fed of at least a quarter of a percentage point at its July 30-31 policy meeting, despite the latest developments in trade talks. Among stocks, Western Digital Corp fell 3% in premarket trading after Benchmark cut its rating on the hard-disk drive maker's stock to "sell." Coty Inc dropped 4.1% as multiple brokerages cut price targets on the cosmetics maker's shares, a day after the company said it would restructure and write down about $3 billion in value of brands acquired from Procter & Gamble Co. Gilead Sciences Inc rose 1% after the drugmaker said it will submit a new drug application for its arthritis drug to the US FDA this year.

Wall Street set to open flat as trade talk euphoria fades

Wall Street advanced in heavy trading on Friday, with the S&amp;P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan.

All three major US stock indexes gained ground at the close of the week, month, quarter and first half of the year, during which time the US stock market has had a remarkable run.

The S&amp;P 500 had its best June since 1955. The Dow posted its biggest June percentage gain since 1938, the waning days of the Great Depression.

From the start of 2019, after investors fled equities amid fears of a global economic slowdown, which sent stock markets tumbling in December, the benchmark S&amp;P 500 jumped 17.3%, its largest first-half increase since 1997.

"The market came to the realization that the world is not going to end," said John Ham, financial adviser at New England Investment and Retirement Group in North Andover, Massachusetts. "Also, (Federal Reserve chair) Powell did a 180 since (the Fed`s) last (interest) rate hike, which has put wind in our sails in the first half of the year."

Trump expressed hopes that his meeting with Xi at the G20 summit will be productive, but said he had not made any promises about a reprieve from escalating tariffs.

"Everybody is focused on the Trump/Xi meeting, and most investors are hoping for a ceasefire," Ham added. "At this point it`s just a question of how much of a ceasefire we get."&nbsp;

"They`re two strong leaders who want to save face. They both want to walk away from it claiming victory."&nbsp;

Financial stocks led the gains in the S&amp;P 500 and the Dow after the big US&nbsp;banks passed the Federal Reserve`s "stress test," with the central bank giving the companies a clean bill of health. The S&amp;P 500 Bank index gained 2.4%.

Trading volume spiked amid the annual restructuring of the Russell indexes, traditionally one of the largest trading days of the year.

The Dow Jones Industrial Average rose 73.38 points, or 0.28%, to 26,599.96, the S&amp;P 500 gained 16.84 points, or 0.58%, to 2,941.76 and the Nasdaq Composite added 38.49 points, or 0.48%, to 8,006.24.

All 11 major sectors in the S&amp;P 500 ended the session in positive territory.

Financials, energy and tariff-vulnerable industrials were the biggest percentage gainers.

Shares of Apple Inc dropped 0.9% following its announcement that design head Jony Ive is leaving the company. Separately, the Wall Street Journal reported that the iPhone maker would move its Mac Pro production to China from the United States.

Constellation Brands Inc reported better-than-expected quarterly results and raised its full-year guidance due to healthy beer demand, sending its shares up 4.6%.

In economic news, consumer spending rose moderately in May and prices edged higher, implying a slowdown in economic growth and benign inflation pressures, providing the Fed rationales for a possible interest rate cut in July.

Advancing issues outnumbered declining ones on the NYSE by a 2.84-to-1 ratio; on Nasdaq, a 2.66-to-1 ratio favoured advancers.

The S&amp;P 500 posted 23 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 51 new lows.&nbsp;

Volume on U.S. exchanges was 10.26 billion shares, compared with the 7.11 billion-share average for the full session over the last 20 trading days. &nbsp;&nbsp;

Wall Street advanced in heavy trading on Friday, with the S&P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan.

Wall Street advanced in heavy trading on Friday, with the S&P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan. All three major US stock indexes gained ground at the close of the week, month, quarter and first half of the year, during which time the US stock market has had a remarkable run. The S&P 500 had its best June since 1955. The Dow posted its biggest June percentage gain since 1938, the waning days of the Great Depression. From the start of 2019, after investors fled equities amid fears of a global economic slowdown, which sent stock markets tumbling in December, the benchmark S&P 500 jumped 17.3%, its largest first-half increase since 1997. "The market came to the realization that the world is not going to end," said John Ham, financial adviser at New England Investment and Retirement Group in North Andover, Massachusetts. "Also, (Federal Reserve chair) Powell did a 180 since (the Fed`s) last (interest) rate hike, which has put wind in our sails in the first half of the year." Trump expressed hopes that his meeting with Xi at the G20 summit will be productive, but said he had not made any promises about a reprieve from escalating tariffs. "Everybody is focused on the Trump/Xi meeting, and most investors are hoping for a ceasefire," Ham added. "At this point it`s just a question of how much of a ceasefire we get." "They`re two strong leaders who want to save face. They both want to walk away from it claiming victory." Financial stocks led the gains in the S&P 500 and the Dow after the big US banks passed the Federal Reserve`s "stress test," with the central bank giving the companies a clean bill of health. The S&P 500 Bank index gained 2.4%. Trading volume spiked amid the annual restructuring of the Russell indexes, traditionally one of the largest trading days of the year. The Dow Jones Industrial Average rose 73.38 points, or 0.28%, to 26,599.96, the S&P 500 gained 16.84 points, or 0.58%, to 2,941.76 and the Nasdaq Composite added 38.49 points, or 0.48%, to 8,006.24. All 11 major sectors in the S&P 500 ended the session in positive territory. Financials, energy and tariff-vulnerable industrials were the biggest percentage gainers. Shares of Apple Inc dropped 0.9% following its announcement that design head Jony Ive is leaving the company. Separately, the Wall Street Journal reported that the iPhone maker would move its Mac Pro production to China from the United States. Constellation Brands Inc reported better-than-expected quarterly results and raised its full-year guidance due to healthy beer demand, sending its shares up 4.6%. In economic news, consumer spending rose moderately in May and prices edged higher, implying a slowdown in economic growth and benign inflation pressures, providing the Fed rationales for a possible interest rate cut in July. Advancing issues outnumbered declining ones on the NYSE by a 2.84-to-1 ratio; on Nasdaq, a 2.66-to-1 ratio favoured advancers. The S&P 500 posted 23 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 51 new lows. Volume on U.S. exchanges was 10.26 billion shares, compared with the 7.11 billion-share average for the full session over the last 20 trading days.

Wall Street wraps up its best June in decades as G20 convenes

Voters gathered in Miami, Florida on Tuesday to hear Senator Elizabeth Warren speak at a town hall in advance of the first of 12 prime-time presidential primary debates. Warren, the 70-year-old senator from Massachusetts, is a leader of the party's liberals and a fierce critic of Wall Street who was instrumental in creating the Consumer Financial Protection Bureau. She has focused her presidential campaign on her populist economic message, promising to fight what she calls a rigged economic system that favours the wealthy. She also has proposed eliminating the Electoral College, breaking up tech companies, and sworn off political fundraising events to collect cash for her bid.

'I will vote for a dogcatcher over Trump,' says voter ahead of first Democratic 2020 debate

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region.

Also tempering appetite in Asia were fresh worries about the Middle East, after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington and pushing the crude oil price higher.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%. The index was up about 4% on the week, during which it brushed its highest level since May 8.

The Shanghai Composite Index rose 0.4%, Australian stocks declined 0.3% and Japan's Nikkei shed 0.2% amid the yen's big surge.

The S&amp;P 500 hit a record high on Thursday after this week's Federal Reserve meeting boosted expectations that the central bank will cut interest rates as soon as next month to keep the US-China trade war from stalling economic growth.

The Fed signalled easing after the conclusion of its policy-setting meeting on Wednesday, saying it was ready to battle growing global and domestic economic risks.

"There is no doubt that this week's FOMC meeting outcome is positive for the financial markets including those in Asia," said Kota Hirayama, senior emerging-market economist at SMBC Nikko Securities in Tokyo.

"That said, the FOMC alone won't be able to sustain Asian equities indefinitely until some kind of solution can be worked out for the US-China trade war at the G20, since the region is particularly vulnerable to the conflict."

Investors have pinned hopes on the United States and China reaching some sort of compromise at the sidelines of the G20 summit in Japan on June 28-29.

In currency markets, the prospect of US interest rates being lowered put the dollar squarely on the defensive.

The dollar index against a basket of six major currencies fell to a two-week low of 96.495. The index has shed roughly 1% this week.

The greenback has fallen 1.3% versus the yen this week and slid to a six-month low of 107.12 yen on Friday.

The euro was a touch higher at $1.1302 after popping up to an eight-day high of $1.1317 in the previous session. The single currency was headed for a weekly gain of 0.8%.

With the Fed expected to ease policy soon, and with other central banks such as the European Central Bank and the Bank of Japan seen following in their wake, government bonds were on a bullish footing.

The benchmark 10-year US Treasury yield surged in price and its yield fell below 2% for the first time in 2-1/2 years on Thursday. It last stood at 2.007%.

The German 10-year bond yield touched a record low of minus 0.329% this week while Japan's 10-year yield fell to a near three-year trough of minus 0.185% overnight.

"In euroland and Japan, central banks are pedal-to-the-metal to revive dead economies after a dozen years of subpar growth," wrote Carl Weinberg, chief international economist at High Frequency Economics.

"In North America, the game has been to throttle well-performing economies before they overheat with inflation consequences."

In oil markets, crude rose to three-week highs after Iran shot down a US military drone, raising fears of about fresh conflict in the Middle East and supply constraints.

US crude oil futures were up 0.68% at $57.46 per barrel after rallying more than 5% the previous day.

Spot gold advanced to a six-year high of $1,410.78 an ounce as the prospect of lower US interest rates helped boost the non-yielding precious metal. Gold has soared nearly 5% this week.

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region.

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region. Also tempering appetite in Asia were fresh worries about the Middle East, after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington and pushing the crude oil price higher. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%. The index was up about 4% on the week, during which it brushed its highest level since May 8. The Shanghai Composite Index rose 0.4%, Australian stocks declined 0.3% and Japan's Nikkei shed 0.2% amid the yen's big surge. The S&P 500 hit a record high on Thursday after this week's Federal Reserve meeting boosted expectations that the central bank will cut interest rates as soon as next month to keep the US-China trade war from stalling economic growth. The Fed signalled easing after the conclusion of its policy-setting meeting on Wednesday, saying it was ready to battle growing global and domestic economic risks. "There is no doubt that this week's FOMC meeting outcome is positive for the financial markets including those in Asia," said Kota Hirayama, senior emerging-market economist at SMBC Nikko Securities in Tokyo. "That said, the FOMC alone won't be able to sustain Asian equities indefinitely until some kind of solution can be worked out for the US-China trade war at the G20, since the region is particularly vulnerable to the conflict." Investors have pinned hopes on the United States and China reaching some sort of compromise at the sidelines of the G20 summit in Japan on June 28-29. In currency markets, the prospect of US interest rates being lowered put the dollar squarely on the defensive. The dollar index against a basket of six major currencies fell to a two-week low of 96.495. The index has shed roughly 1% this week. The greenback has fallen 1.3% versus the yen this week and slid to a six-month low of 107.12 yen on Friday. The euro was a touch higher at $1.1302 after popping up to an eight-day high of $1.1317 in the previous session. The single currency was headed for a weekly gain of 0.8%. With the Fed expected to ease policy soon, and with other central banks such as the European Central Bank and the Bank of Japan seen following in their wake, government bonds were on a bullish footing. The benchmark 10-year US Treasury yield surged in price and its yield fell below 2% for the first time in 2-1/2 years on Thursday. It last stood at 2.007%. The German 10-year bond yield touched a record low of minus 0.329% this week while Japan's 10-year yield fell to a near three-year trough of minus 0.185% overnight. "In euroland and Japan, central banks are pedal-to-the-metal to revive dead economies after a dozen years of subpar growth," wrote Carl Weinberg, chief international economist at High Frequency Economics. "In North America, the game has been to throttle well-performing economies before they overheat with inflation consequences." In oil markets, crude rose to three-week highs after Iran shot down a US military drone, raising fears of about fresh conflict in the Middle East and supply constraints. US crude oil futures were up 0.68% at $57.46 per barrel after rallying more than 5% the previous day. Spot gold advanced to a six-year high of $1,410.78 an ounce as the prospect of lower US interest rates helped boost the non-yielding precious metal. Gold has soared nearly 5% this week.

Asian stocks fail to catch Wall Street's Fed rally as trade angst persists

Asian markets rose Wednesday, tracking rallies on <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">Wall Street</a> after the US Federal Reserve chief indicated greater openness to lowering interest rates and acknowledged the impact of trade tensions on growth.

Speaking in Chicago on Tuesday, Fed Chair Jerome Powell admitted that ongoing trade conflicts had dimmed the growth outlook, remarks widely seen as opening the door to a potential interest rate cut.

"We are closely monitoring the implications of these developments for the US economic outlook and, as always, we will act as appropriate to sustain the expansion," Powell said.

The comments signal a shift in the policy of the Fed, which has kept interest rates unchanged in 2019 after a series of hikes in 2018 and previous years.&nbsp;

"Powell changed the Fed messaging just enough to avoid signalling a shift from patient to panicked. it was music to US investors' ears who have been starved of positive news of late", said Stephen Innes, Managing Partner at SPI Asset Management.

The Dow closed with gains of 2.1 per cent. 
In Asia, Tokyo jumped 1.9 per cent, while Hong Kong was up 0.8 per cent. Shanghai and Seoul edged up 0.3 per cent and Singapore climbed 0.6 per cent.

Sydney also rose 0.6 per cent even as government statistics showed near-zero growth the previous quarter, underscoring fears for the economy.&nbsp;

The Australian economy has avoided recession for almost 28 years, but a housing slump, rising unemployment and below-target inflation prompted the central bank on Tuesday to cut its key interest rate to a historic low of 1.25 per cent.

&nbsp;Economy at crossroads 
The buying was also supported by more favourable news on the trade front, with Beijing backing negotiations to resolve its spat with Washington and congressional Republicans opposing President Donald Trump's tariff threats against Mexico.

Worries over the US-China trade war "have eased following reports that China's commerce ministry said the trade friction should be resolved through dialogue", Okasan Online Securities' chief strategist Yoshihiro Ito said in a commentary. &nbsp; 
But a new World Bank report showing reduced global growth forecasts for the year suggested that investors could expect the trade headwinds to continue for some time yet.

The world economy is now expected to expand by 2.6 per cent this year, three-tenths of a percentage point lower than the January forecast, and well below the three per cent growth seen in 2018, according to the Global Economic Prospects report.

"The bottom line is that the global economy is coming to a crossroads," World Bank economist Ayhan Kose, who oversaw the report, told AFP.

"We need to find ways to stabilise growth and I think further escalation of these trade tensions is now the number one risk that could actually weigh on the outlook," he told AFP.

The US-China trade spat has seen the top two superpowers deploy tit-for-tat tariffs on trade worth hundreds of billions of dollars, with no date set for stalled talks to resume.

But there are hopes that Trump and Chinese President Xi Jinping will meet at the G20 summit in Japan this month to jump-start negotiations. 
&nbsp;Key figures around 0240 GMT - 
Tokyo - Nikkei 225: UP 1.9 percent at 20,800.64 (break)

Hong Kong - Hang Seng: UP 0.8 percent at 26,978.31

Shanghai - Composite: UP 0.3 percent at 2,870.61

Pound/dollar: UP at $1.2707 from $1.2699 at 2100 GMT Tuesday&nbsp;

Euro/pound: UP at 88.63 pence from 88.61 pence&nbsp;

Euro/dollar: UP at $1.1263 from $1.1254

Dollar/yen: DOWN at 108.05 yen from 108.14 yen&nbsp;

Oil - Brent Crude: DOWN 24 cents at $61.73 per barrel

Oil - West Texas Intermediate: DOWN 29 cents at $53.19 per barrel

New York - Dow: UP 2.1 percent at 25,332.18 (close)

London - FTSE 100: UP 0.4 percent at 7,214.29 (close)

Asian markets rose Wednesday, tracking rallies on Wall Street after the US Federal Reserve chief indicated greater openness to lowering interest rates and acknowledged the impact of trade tensions on growth.

Asian markets rose Wednesday, tracking rallies on Wall Street after the US Federal Reserve chief indicated greater openness to lowering interest rates and acknowledged the impact of trade tensions on growth. Speaking in Chicago on Tuesday, Fed Chair Jerome Powell admitted that ongoing trade conflicts had dimmed the growth outlook, remarks widely seen as opening the door to a potential interest rate cut. "We are closely monitoring the implications of these developments for the US economic outlook and, as always, we will act as appropriate to sustain the expansion," Powell said. The comments signal a shift in the policy of the Fed, which has kept interest rates unchanged in 2019 after a series of hikes in 2018 and previous years. "Powell changed the Fed messaging just enough to avoid signalling a shift from patient to panicked. it was music to US investors' ears who have been starved of positive news of late", said Stephen Innes, Managing Partner at SPI Asset Management. The Dow closed with gains of 2.1 per cent. In Asia, Tokyo jumped 1.9 per cent, while Hong Kong was up 0.8 per cent. Shanghai and Seoul edged up 0.3 per cent and Singapore climbed 0.6 per cent. Sydney also rose 0.6 per cent even as government statistics showed near-zero growth the previous quarter, underscoring fears for the economy. The Australian economy has avoided recession for almost 28 years, but a housing slump, rising unemployment and below-target inflation prompted the central bank on Tuesday to cut its key interest rate to a historic low of 1.25 per cent. Economy at crossroads The buying was also supported by more favourable news on the trade front, with Beijing backing negotiations to resolve its spat with Washington and congressional Republicans opposing President Donald Trump's tariff threats against Mexico. Worries over the US-China trade war "have eased following reports that China's commerce ministry said the trade friction should be resolved through dialogue", Okasan Online Securities' chief strategist Yoshihiro Ito said in a commentary. But a new World Bank report showing reduced global growth forecasts for the year suggested that investors could expect the trade headwinds to continue for some time yet. The world economy is now expected to expand by 2.6 per cent this year, three-tenths of a percentage point lower than the January forecast, and well below the three per cent growth seen in 2018, according to the Global Economic Prospects report. "The bottom line is that the global economy is coming to a crossroads," World Bank economist Ayhan Kose, who oversaw the report, told AFP. "We need to find ways to stabilise growth and I think further escalation of these trade tensions is now the number one risk that could actually weigh on the outlook," he told AFP. The US-China trade spat has seen the top two superpowers deploy tit-for-tat tariffs on trade worth hundreds of billions of dollars, with no date set for stalled talks to resume. But there are hopes that Trump and Chinese President Xi Jinping will meet at the G20 summit in Japan this month to jump-start negotiations. Key figures around 0240 GMT - Tokyo - Nikkei 225: UP 1.9 percent at 20,800.64 (break) Hong Kong - Hang Seng: UP 0.8 percent at 26,978.31 Shanghai - Composite: UP 0.3 percent at 2,870.61 Pound/dollar: UP at $1.2707 from $1.2699 at 2100 GMT Tuesday Euro/pound: UP at 88.63 pence from 88.61 pence Euro/dollar: UP at $1.1263 from $1.1254 Dollar/yen: DOWN at 108.05 yen from 108.14 yen Oil - Brent Crude: DOWN 24 cents at $61.73 per barrel Oil - West Texas Intermediate: DOWN 29 cents at $53.19 per barrel New York - Dow: UP 2.1 percent at 25,332.18 (close) London - FTSE 100: UP 0.4 percent at 7,214.29 (close)

Asia markets climb as Fed signals possible rate cut

US stocks rose on Tuesday, lifted by a rebound in technology stocks, as Washington's move to temporarily ease curbs on China's Huawei Technologies calmed nerves over a further worsening of a trade war between the two countries.

Chipmakers, which bore the brunt of Monday's sell-off, rose after the United States granted the Chinese telecoms equipment maker a license to buy US goods until Aug. 19.

The Philadelphia Semiconductor Index gained 2.27% and was on track to end a three-day slump. Shares of Huawei suppliers such as Intel Corp, Qualcomm Inc, Xilinx Inc and Broadcom Inc rose between 2.4% and 4%.

The broader S&amp;P 500 technology sector rose 1.33%, the most among the 10 major S&amp;P sectors trading higher.

"The latest news on Huawei shows that there is still room for trade negotiations with China," said Aaron Clark, portfolio manager at GW&amp;K Investment Management.

"Technology stocks have been at the forefront of trade-related news and particularly semiconductors have faced some pain points, more so than others."

US President Donald Trump added Huawei to a trade blacklist last week, leading several companies to suspend business with the world's largest telecom equipment maker and triggering fears of a rippling effect on the global technology sector.

Reuters reported on Sunday that Alphabet Inc's Google would stop providing Huawei access to its proprietary apps and services. But Huawei said on Tuesday it was working closely with the US company to resolve the restrictions.

The S&amp;P 500 index is now 3% away from its all-time high scaled earlier in May, hit by recent selling pressure on mounting concerns about a prolonged US-China trade war. Still, the benchmark index is set to post its worst monthly decline this year.

At 11:09 a.m. ET, the Dow Jones Industrial Average was up 155.07 points, or 0.60%, at 25,834.97. The S&amp;P 500 was up 24.02 points, or 0.85%, at 2,864.25 and the Nasdaq Composite was up 83.46 points, or 1.08%, at 7,785.84.

The defensive consumer staples was the only major S&amp;P sector trading lower, down 0.16%.

Investors also largely shrugged off disappointing results from a handful of retailers.

Kohl's Corp plunged 11%, the most among S&amp;P 500 companies, after the department store operator cut its full-year profit forecast and reported quarterly same-store sales and profit that missed expectations.

Rival J.C. Penney Co Inc fell 9.1% after the company reported a bigger-than-expected fall in quarterly comparable-store sales.

Home Depot Inc shares dipped 0.1% after the home improvement chain reported its slowest growth in quarterly same-store sales in at least three years.

With over 460 of S&amp;P 500 companies having posted first-quarter results, 75.2% have topped analysts' profit expectations. Analysts now expect first-quarter earnings growth of 1.4%, a sharp turnaround from the 2% loss expected on April 1, according to Refinitiv data.

Advancing issues outnumbered decliners by a 4.31-to-1 ratio on the NYSE and by a 2.91-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 26 new 52-week highs and four new lows, while the Nasdaq recorded 41 new highs and 46 new lows.

US stocks rose on Tuesday, lifted by a rebound in technology stocks, as Washington's move to temporarily ease curbs on China's Huawei Technologies calmed nerves over a further worsening of a trade war between the two countries.

US stocks rose on Tuesday, lifted by a rebound in technology stocks, as Washington's move to temporarily ease curbs on China's Huawei Technologies calmed nerves over a further worsening of a trade war between the two countries. Chipmakers, which bore the brunt of Monday's sell-off, rose after the United States granted the Chinese telecoms equipment maker a license to buy US goods until Aug. 19. The Philadelphia Semiconductor Index gained 2.27% and was on track to end a three-day slump. Shares of Huawei suppliers such as Intel Corp, Qualcomm Inc, Xilinx Inc and Broadcom Inc rose between 2.4% and 4%. The broader S&P 500 technology sector rose 1.33%, the most among the 10 major S&P sectors trading higher. "The latest news on Huawei shows that there is still room for trade negotiations with China," said Aaron Clark, portfolio manager at GW&K Investment Management. "Technology stocks have been at the forefront of trade-related news and particularly semiconductors have faced some pain points, more so than others." US President Donald Trump added Huawei to a trade blacklist last week, leading several companies to suspend business with the world's largest telecom equipment maker and triggering fears of a rippling effect on the global technology sector. Reuters reported on Sunday that Alphabet Inc's Google would stop providing Huawei access to its proprietary apps and services. But Huawei said on Tuesday it was working closely with the US company to resolve the restrictions. The S&P 500 index is now 3% away from its all-time high scaled earlier in May, hit by recent selling pressure on mounting concerns about a prolonged US-China trade war. Still, the benchmark index is set to post its worst monthly decline this year. At 11:09 a.m. ET, the Dow Jones Industrial Average was up 155.07 points, or 0.60%, at 25,834.97. The S&P 500 was up 24.02 points, or 0.85%, at 2,864.25 and the Nasdaq Composite was up 83.46 points, or 1.08%, at 7,785.84. The defensive consumer staples was the only major S&P sector trading lower, down 0.16%. Investors also largely shrugged off disappointing results from a handful of retailers. Kohl's Corp plunged 11%, the most among S&P 500 companies, after the department store operator cut its full-year profit forecast and reported quarterly same-store sales and profit that missed expectations. Rival J.C. Penney Co Inc fell 9.1% after the company reported a bigger-than-expected fall in quarterly comparable-store sales. Home Depot Inc shares dipped 0.1% after the home improvement chain reported its slowest growth in quarterly same-store sales in at least three years. With over 460 of S&P 500 companies having posted first-quarter results, 75.2% have topped analysts' profit expectations. Analysts now expect first-quarter earnings growth of 1.4%, a sharp turnaround from the 2% loss expected on April 1, according to Refinitiv data. Advancing issues outnumbered decliners by a 4.31-to-1 ratio on the NYSE and by a 2.91-to-1 ratio on the Nasdaq. The S&P index recorded 26 new 52-week highs and four new lows, while the Nasdaq recorded 41 new highs and 46 new lows.

Tech stocks lead rally on Wall Street after Huawei breather

US stocks climbed on Tuesday, as investors picked up beaten-down technology and <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">industrial stocks following optimistic</a> comments from Washington and Beijing that tempered concerns about a further escalation in the trade war.

Technology shares rose 1.56 per cent, the most among major S&amp;P sectors, lifted by gains in Microsoft Corp, Visa Inc and chipmakers.

Wall Street witnessed one of its worst selloffs this year in the previous session, with the S&amp;P and the Dow recording their largest percentage drops since January 3rd, after China announced retaliatory tariffs on US goods.

Markets took relief from comments by US President Donald Trump that he would talk with <a href="https://www.wionews.com/world/if-someone-attacks-us-on-our-doorstep-we-will-fight-to-the-finish-china-on-trade-war-with-us-218705">Chinese counterpart at a G20 Summit</a> in late June and China said on Tuesday both sides have agreed to keep the talks going.

"Today's reaction is investors looking for value," said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in New York.

"There is still a concern around the evolution of the trade talks. The US has stood out relative to the rest of the world when it comes to its economic performance, and it is arguable whether or not that can be sustained."

Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4 per cent off the S&amp;P 500 since hitting an all-time high on May 1st.

At 11:19 a.m. ET, the Dow Jones Industrial Average was up 251.49 points, or 0.99%, at 25,576.48, the S&amp;P 500 was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq Composite was up 86.94 points, or 1.14%, at 7,733.97.

Nine of the 11 major S&amp;P sectors were higher, with technology, energy, industrial and financial sectors gaining more than 1 per cent.

The tech sector took a beating on Monday as many tech companies rely on China for a large part of their revenue.

Boeing Co shares were up 2 per cent, providing the biggest boost to the Dow. The company said it handed over 24 per cent fewer jet airplanes in the first four months of 2019, hurt by the grounding of its 737 MAX aircraft.

Coca-Cola Co's shares rose 2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth had not been priced into the stock's valuation.

Walt Disney Co's shares gained 1.9 per cent after it signed a pact with Comcast Corp to assume full operational control of streaming service Hulu.

Luxury apparel maker Ralph Lauren Corp's shares fell 7 per cent, the most on the S&amp;P 500, as weak sales in its biggest market, North America, overshadowed quarterly profit beat.

Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and a 2.31-to-1 ratio on the Nasdaq. The S&amp;P index recorded 15 new 52-week highs and six new lows, while the Nasdaq recorded 30 new highs and 63 new lows.

US stocks climbed on Tuesday, as investors picked up beaten-down technology and industrial stocks following optimistic comments from Washington and Beijing that tempered concerns about a further escalation in the trade war.

US stocks climbed on Tuesday, as investors picked up beaten-down technology and industrial stocks following optimistic comments from Washington and Beijing that tempered concerns about a further escalation in the trade war. Technology shares rose 1.56 per cent, the most among major S&P sectors, lifted by gains in Microsoft Corp, Visa Inc and chipmakers. Wall Street witnessed one of its worst selloffs this year in the previous session, with the S&P and the Dow recording their largest percentage drops since January 3rd, after China announced retaliatory tariffs on US goods. Markets took relief from comments by US President Donald Trump that he would talk with Chinese counterpart at a G20 Summit in late June and China said on Tuesday both sides have agreed to keep the talks going. "Today's reaction is investors looking for value," said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in New York. "There is still a concern around the evolution of the trade talks. The US has stood out relative to the rest of the world when it comes to its economic performance, and it is arguable whether or not that can be sustained." Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4 per cent off the S&P 500 since hitting an all-time high on May 1st. At 11:19 a.m. ET, the Dow Jones Industrial Average was up 251.49 points, or 0.99%, at 25,576.48, the S&P 500 was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq Composite was up 86.94 points, or 1.14%, at 7,733.97. Nine of the 11 major S&P sectors were higher, with technology, energy, industrial and financial sectors gaining more than 1 per cent. The tech sector took a beating on Monday as many tech companies rely on China for a large part of their revenue. Boeing Co shares were up 2 per cent, providing the biggest boost to the Dow. The company said it handed over 24 per cent fewer jet airplanes in the first four months of 2019, hurt by the grounding of its 737 MAX aircraft. Coca-Cola Co's shares rose 2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth had not been priced into the stock's valuation. Walt Disney Co's shares gained 1.9 per cent after it signed a pact with Comcast Corp to assume full operational control of streaming service Hulu. Luxury apparel maker Ralph Lauren Corp's shares fell 7 per cent, the most on the S&P 500, as weak sales in its biggest market, North America, overshadowed quarterly profit beat. Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and a 2.31-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and six new lows, while the Nasdaq recorded 30 new highs and 63 new lows.

Tech stocks power Wall Street after trade war rout

Wall Street sank on Monday after<a href="https://www.wionews.com/world/now-china-imposes-tariffs-on-60-billion-worth-of-us-goods-218421"> China defied Washington by announcing retaliatory tariffs</a>, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.

All three major US&nbsp;indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&amp;P 500 and the Dow both had their largest percentage drop since January 3.

China said it would impose higher tariffs on $60 billion in US goods despite President Donald Trump's warnings not to retaliate against additional tariffs on Chinese imports announced by the White House on Friday. The move stoked fears of a global economic downturn.

"The market's realizing that this was an absolute breakdown of (trade) talks and everything is gone backwards," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

"It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy."

Investors responded by fleeing equities for safe-haven assets.

US&nbsp;Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession.

Gold prices rose to a near three-month high.

The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year.

The Dow Jones Industrial Average fell 617.38 points, or 2.38%, to 25,324.99, the S&amp;P 500 lost 69.53 points, or 2.41%, to 2,811.87 and the Nasdaq Composite dropped 269.92 points, or 3.41%, to 7,647.02.

Of the 11 major sectors of the S&amp;P 500, only utilities ended the session in the black. Trade-sensitive tech companies suffered the largest percentage decline.

Among stocks particularly vulnerable to US-China tariffs, Boeing Co slid 4.9% and Caterpillar Inc fell 4.6% while the Philadelphia Chip index was down 4.7%, posting its biggest percentage drop since January&nbsp;3 and extending last week's 6% decline.

Shares of Apple Inc sank 5.8% on the double whammy of heightened trade tensions and a decision by the US&nbsp;Supreme Court to allow an antitrust lawsuit accusing the company of monopolizing the iPhone app market.

Uber Technologies Inc extended its slide, falling 10.8% on its second day as a publicly traded company following Friday's underwhelming debut.

Ride-hailing peer Lyft Inc was also down, dropping 5.8%.

Shares of Tesla Inc fell 5.2% to their lowest in more than two years.

First quarter reporting season is in the home stretch, and of the 451 companies in the S&amp;P 500 that have posted results, 75.2% have come in above expectations.

Analysts now see an S&amp;P 500 earnings increase of 1.3% for the January-March period, significantly better than the 2% decrease expected on April 1.

Declining issues outnumbered advancing ones on the NYSE by a 4.81-to-1 ratio; on Nasdaq, a 5.12-to-1 ratio favoured decliners.

The S&amp;P 500 posted 12 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 30 new highs and 151 new lows.

Volume on US&nbsp;exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.

Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets. All three major US indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&P 500 and the Dow both had their largest percentage drop since January 3. China said it would impose higher tariffs on $60 billion in US goods despite President Donald Trump's warnings not to retaliate against additional tariffs on Chinese imports announced by the White House on Friday. The move stoked fears of a global economic downturn. "The market's realizing that this was an absolute breakdown of (trade) talks and everything is gone backwards," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy." Investors responded by fleeing equities for safe-haven assets. US Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession. Gold prices rose to a near three-month high. The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year. The Dow Jones Industrial Average fell 617.38 points, or 2.38%, to 25,324.99, the S&P 500 lost 69.53 points, or 2.41%, to 2,811.87 and the Nasdaq Composite dropped 269.92 points, or 3.41%, to 7,647.02. Of the 11 major sectors of the S&P 500, only utilities ended the session in the black. Trade-sensitive tech companies suffered the largest percentage decline. Among stocks particularly vulnerable to US-China tariffs, Boeing Co slid 4.9% and Caterpillar Inc fell 4.6% while the Philadelphia Chip index was down 4.7%, posting its biggest percentage drop since January 3 and extending last week's 6% decline. Shares of Apple Inc sank 5.8% on the double whammy of heightened trade tensions and a decision by the US Supreme Court to allow an antitrust lawsuit accusing the company of monopolizing the iPhone app market. Uber Technologies Inc extended its slide, falling 10.8% on its second day as a publicly traded company following Friday's underwhelming debut. Ride-hailing peer Lyft Inc was also down, dropping 5.8%. Shares of Tesla Inc fell 5.2% to their lowest in more than two years. First quarter reporting season is in the home stretch, and of the 451 companies in the S&P 500 that have posted results, 75.2% have come in above expectations. Analysts now see an S&P 500 earnings increase of 1.3% for the January-March period, significantly better than the 2% decrease expected on April 1. Declining issues outnumbered advancing ones on the NYSE by a 4.81-to-1 ratio; on Nasdaq, a 5.12-to-1 ratio favoured decliners. The S&P 500 posted 12 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 30 new highs and 151 new lows. Volume on US exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

Wall Street shudders as US-China trade war intensifies

Uber's IPO was the ninth-largest ever to hit the U.S. markets. Watch the full video to know more.

Uber IPO becomes ninth-largest ever to hit the U.S. markets

Uber officially goes public on the New York stock exchange. Uber Technologies Inc's shares fell nearly 7%in their debut on Friday. Watch the full video to know more.

Uber falls more than 7% in disappointing Wall Street debut

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