Latest News
-
South Korea's KOSPI reports its biggest drop since early March, as chipmakers slump
South Korean shares fell nearly 11% in their 'worst session for about five months' on Tuesday, as a global chipmaker selloff?hammered SK Hynix, Samsung Electronics and CXMT, while CXMT’s stellar debut in the market heightened concerns about Chinese competition. The benchmark KOSPI fell 732.09 or 10.84% to 6,023.66, its largest daily loss since the 4th of March, when the index experienced a record drop following the outbreak of the Iran War. The price fell by as much as 11.3% in one day and triggered a circuit breaker, the 14th time in history. The price also fell below 6,000 for the first time since last April. KOSPI is down 29% this month, surpassing its previous monthly record of?27% from October 1997. The KOSPI is down 34% since the peak in June of 9,114.55, but it's still up 43% for the year. SK Hynix, a memory-chip manufacturer, fell 14.7%. after its American Depositary Receipts (ADRs), which are listed on the New York Stock Exchange and have dropped below their.original U.S. Offering Price. Samsung Electronics fell 14.4%, its largest daily loss since Oct. 2008. These two chipmakers are responsible for more than 50% of the KOSPI weighting. This amplifies the impact of a sector-wide decline on the market. SK Hynix, Samsung and other companies are expected to release their earnings for the second quarter later this week. The market sentiment was further dampened due to developments in China. This included the blockbuster debut of ChangXin Memory Technologies, (CXMT), and reports that a Chinese firm backed by the state has started producing immersion DUV equipment. The market is more concerned about CXMT's potential to expand its?capacity and develop technology in the future than its current earnings, said Kim Seok Hwan, a Seoul-based analyst at Mirae Asset Securities. South Korea's top regulator of financial services said that if necessary, authorities would consider a limit on leveraged ETF investments for retail investors, since these have increased market volatility ever since they were introduced in May. Retail investors purchased 4 trillion won, while foreigners sold 5 trillion won. Only 36 of the 917 issues traded advanced while 878 declined. On the onshore settlement platform for settling trades, the won was quoted 0.2% higher than before at 1,462.5 dollars. This erased early losses of up to 0.5%. Traders attributed SK Hynix's dollar sales in relation to the sale of its U.S. shares to the gains. (1 dollar = 1,462.2000 won). (Reporting and editing by Cynthia Kim and Jihoon Lee; Subhranshu Sahu and Sherry Phillips)
-
France prepares for fourth major heatwave, as crews battle Bordeaux fire
The?southwest of France is bracing for its fourth major heatwave this year, with temperatures soaring and conditions tinder dry. This puts pressure on the crews fighting a massive 'wildfire' in the Bordeaux region. According to Climate Monitor, temperatures in Bordeaux will reach 33 degrees Celsius during the day. This is around 7 degrees higher than the average between 1961 and 1990. "The situation that we are facing today is the worst we've ever seen, the most difficult since the Second -World War," said President Emmanuel Macron on Monday night, after flying to the region. Nathalie Deattre, Senator of Gironde, which includes the city of Bordeaux, stated that fire crews had contained the blaze over night, but it was still a difficult situation. She told BFM TV that Tuesday, "Everything depends on the performance of the firefighters on the ground." France is experiencing a wildfire season unlike any other. The fire area has already exceeded the previous record of 2022. The Landes region, southwest of Bordeaux is covered with pine forests that are highly flammable if they become dry. The fire has destroyed 42,000 hectares. About 220,000 people have been evacuated, including tourists and local residents. The situation in Biscarrosse has improved. About 15,000 people who were evacuated from the town and nearby campsite last week are gradually being allowed to return home. "However, the (positive) development does NOT mean that the risk has been eradicated. There is still a possibility of flare-ups, especially due to weather conditions (winds, droughts, etc.). "It said. Meteo France, the weather agency in France, said that temperatures would increase in the area from Wednesday afternoon to a maximum of 37 degrees Celsius. Reporting by Yves Herman and Manuel Ausloos; editing by Andrew Heavens
-
Kumba Iron Ore's first-half profits drop 41%; company targets more sales outside of China
Kumba Iron Ore, South Africa, said on Tuesday that its half-year profits fell by 41%. This was mainly because of a'strong rand and lower prices for the steelmaking ingredient. Anglo American's headline earnings were 13.24 rand ($0.79) per share in the six-month period ended June 30 compared to 22.26 rand during the same time last year. The top African iron ore miner reported a 11% drop in revenue to 30,88 billion rands after the Rand strengthened by 11% against the U.S. Dollar. Kumba reported a marginal 1%?decrease of the average realized price as well as lower sales volumes. Iron ore sales fell 1% to 18.6 million tons in the first half of this year, while cash costs rose a whopping 18%, due primarily to higher costs for fuel, shipping, and raw materials, as a result of the Middle East conflict. Kumba's sales to China - the world's largest buyer of iron ore - fell to 53% in the first half of 2026 from 58% before, as part of the company's diversification strategy. Kumba reported that China's crude steel production dropped?3,1% on an annual basis in the first six months of this year. Kumba's sales of iron ore to?Japan and South Korea, as well as other Asian countries, rose from 21% in the past, while Europe remained at 21%. Kumba declared an interim dividend per share of?7.90 Rand, compared with a payout per share of 16.60 Rand last year.
-
Asia markets sell off in a broad scale due to AI fears
The chip stocks in Asia fell on Tuesday due to fears about the AI boom and Chinese competition. Oil prices also dropped, but this did not calm nerves over possible rate hikes by the U.S. as early as this week. South Korea's KOSPI plunged almost 10% to a three-month-low, triggering circuit breakers on its way down. It is now heading for its biggest monthly drop since the Asian Financial Crisis in 1997. The index has lost more than a quarter of its value in the past year. Shares of SK Hynix, Samsung Electronics, and other companies that are facing extra pressure on a market that is being transformed by leverage have suffered losses exceeding 12%. Their stratospheric rise has come to an abrupt end. Nikkei, the Japanese stock index, fell by 4% on Tuesday, reaching a new two-year low. This selloff followed a 2.2% decline in the Philadelphia Semiconductor Index on Monday. Chris Weston, head of research at Pepperstone, said that the market was not being moved by a single red flag, but rather, the combination of nervousness about AI funding, and China's rising as a rival all along the supply-chain. The Information reported that China had begun producing?domestically-developed immersion deep ultraviolet machines, a tool for chipmaking long dominated exclusively by Dutch supplier ASML. ASML's shares fell 8.5% on Monday. CXMT Corp., China's largest memory manufacturer, raised $8.6 Billion on Monday. It ended its first session as China’s most valuable company. Kim Seok Hwan, a Seoul based analyst at Mirae Asset Securities said that the market was more concerned about CXMT's potential?for accelerated expansion to Korean rival companies"?. Nvidia's shares fell 5% overnight, after the Wall Street Journal reported that the company was in discussions to provide approximately $250 billion in financing guarantee for OpenAI in connection with a massive data center project. CXMT shares fell about 3% in Shanghai's bumpy trading, while Kioxia and Tokyo Electron were the biggest losers in Tokyo. OIL SLIDES; US RATE HIT EYED Brent crude's futures continued their nearly 9% drop on Monday, dropping more than 1%, to $87.19 per barrel. This was due to a lull between?hostilities' between the U.S. Donald Trump stated on Monday that the United States and Iran were having "good discussions" and that there was a possibility of a deal. The break in fighting has pushed the benchmark 10-year 'U.S. The yields on Treasury bonds fell by 4 basis points on Monday to 4.64%, but the shorter-term rates barely moved. Traders in Asia were also not keen on lowering yields on Tuesday. The markets have estimated that there is a 38% probability of a Federal Reserve rate hike on Wednesday. The U.S.-Iran conflict, which is driving up the price of crude, is the biggest factor determining the future direction of the global economy. "We anticipate that (the Fed) will adopt a tightening stance this week." The dollar was supported by the expectation of a hike sooner or later. It held the euro at $1.1362 and the Australian dollar below 70 cents. The yen traded at 163.78 per dollar, barely above the four-decade low.?Markets are on edge over Japan's intervention in the currency pair, especially if the Bank of Japan keeps rates on hold and triggers another yen decline. Wizman said that if BOJ communication was not hawkish, and USD/JPY continues to rise, traders can expect an official response. This could include verbal interventions, rate checks or direct FX market interventions, possibly on Friday. (Reporting and editing by Shri Navaratnam, Saad Sayeed and Tom Westbrook)
-
Wall Street Journal, July 28,
These are the top stories from?the Wall Street Journal. These stories have not been?verified and we cannot vouch for their accuracy. Johnson & Johnson, a manufacturer of babycare products, has agreed to pay $5.5 Billion to settle outstanding lawsuits alleging that the company's Talc products cause ovarian cancer. The agreement is conditional on 95% participation by the remaining claimants. Iran and Oman have worked to achieve an agreement for the safe passage of ships through the Strait of Hormuz amid a lull between fighting between the U.S. -Kuwait Petroleum signed a $16billion pipeline lease agreement with Kuwait Oil, involving the entire country's export and domestic pipelines. The investors were led by Blackstone, Brookfield, and KKR. Cracker Barrel's CEO Julie Masino has resigned from her position. She will be replaced by David Deno, former Bloomin' Brands' CEO on August 10. Ford has been awarded a Defense Department contract for the development of three truck prototypes that are based on its F-Series pickups. The Pentagon is pushing automakers to help modernize and replenish military equipment depleted from wars in the Middle East, Ukraine and elsewhere. Sazerac, the?cocktail manufacturer of BuzzBallz?, sent a letter to Brown-Forman's shareholders asking them to reconsider their previously rejected $15 billion purchase?offer. Gas cylinder manufacturer Luxfer has agreed to be acquired by Wynnchurch Capital. The company plans to continue as a privately-owned company following the acquisition. (Compiled by Bengaluru Newsroom)
-
Gold falls as dollar strength weighs on gold; attention turns to Fed meeting
The gold?prices dropped on Tuesday due to a stronger dollar. Meanwhile, the markets were looking forward to the Federal Reserve’s next policy announcement for clues about the interest rate outlook. Gold spot fell by 0.7% at $4,045.89 an ounce as of 0448 GMT. It had risen as high as 1% Monday. U.S. Gold Futures for August Delivery fell 0.8% to $4 046.20. Dollars held near a month-high, making bullion priced in greenbacks more expensive for holders other currencies. Ilya Spivak is the head of global macro for finance content network Tastylive. The U.S. Federal Reserve is expected to conclude its two-day meeting of policy makers on Wednesday. The Fed is expected to keep interest rates steady at 62%. According to CME FedWatch, 38% of participants in the market expect a rate increase at least 25 basis points. The markets are pricing in a 81% chance of a hike during the September meeting of the central bank. On Monday, President Donald Trump called on the Fed?to lower interest rates. He said the U.S. would have the lowest rate of interest in the world. Trump said that on Monday, the United States was in "good talks" and that there was a possibility of a deal to end their conflict. However, he warned that if the negotiations did not succeed then strikes would be resumed. Saudi Arabia, Jordan, and Iraq reported drone attacks on Sunday, indicating that Tehran was quickly testing the pause of the U.S. campaign. Spivak said that gold will likely rise above $4,200 an ounce if the Fed meeting does not produce language that is "setting the foundation for a rate hike in September". Silver fell by 2% per ounce to $57.23, platinum dropped 0.9% to 1,605.93, and palladium was down 1.6% at $1,270.97. (Reporting and editing by Varun H. K. and Ronojoya Mazumdar in Bengaluru)
-
Morning Bid Europe-Chips are jolted by a shift in momentum for AI
Tom Westbrook gives us a look at what the future holds for European and global markets. Chip stocks in Asia fell on Tuesday due to the twin threats of Chinese competition rising and questions over funding and sustainability of AI infrastructure boom. South Korea's KOSPI fell nearly 10%, tripping a circuit breaker. Japan's Nikkei dropped 4.4%. The rally has been so strong that both markets are still the leaders for the year, even though they have now reached multi-month lows. Nvidia fell 5% Monday after a Wall Street Journal article reported that the chipmaker had been in discussions to provide $250 billion worth of financing guarantees for a?OpenAI Data Centre. The report stated that the guarantee would only cover Nvidia inside the center, but that financing OpenAI chips worth up to $35 billion was also being discussed, bringing attention to the circular nature of AI build-out expenditure. Europe's chip leader was also not spared. ASML fell?8.5% following The Information's report that China had begun manufacturing its own immersion deep ultraviolet machines, which are critical to chipmaking and were long dominated exclusively by the Dutch group. Investors are wondering if China's semiconductor sector is moving beyond a catch-up phase to a genuine contender. CXMT soared to the top of China’s stock market on Monday by valuation, causing investors to worry that dominant chip manufacturers may have to share AI spoils more widely. Apple was reported to have asked the U.S. for assurances that CXMT would not be added to a blacklist. The picture of hyperscalers' spending plans will be completed by the earnings at Apple, Meta and Microsoft later this week. Oil prices fell, but that was little help to stocks, or even bonds. They held steady during Tuesday's Asia session, even though crude futures continued their losses. The markets see an approximately 38% chance of a U.S. interest rate increase this week. The following are the key developments that may influence Tuesday's markets: Consumer confidence in France and the U.S. Earnings of Mercedes-Benz (editing by Shri Navaratnam), Barclays, Man Group EssilorLuxottica Logitech Rio Tinto Kering Ford Mondelez Visa NXP Seagate Coca-cola UPS Boeing
-
Copper prices fall as rate hike expectations weigh on demand
The copper prices fell on Tuesday as 'lingering bets on an interest rate increase in the U.S. threatened to dampen demand. Crude oil prices also declined as investors assessed a pause in U.S. attacks on 'Iran. By 0300 GMT, the benchmark three-month metric ton of?copper traded on London Metal Exchange had fallen 0.5% to $13,664 per metric tonne. The Shanghai Futures Exchange's most traded copper contract fell 0.14% to 104,800 Yuan ($15.484.86) per ton. The market is waiting for the U.S. Federal Reserve's meeting on Wednesday and the effect of a possible lull in the fighting between Iran and the U.S. Analysts from the?Chinese brokerage Galaxy Futures said that despite the lower crude oil price, expectations of more Federal Reserve rate increases have increased. According to CME FedWatch, 62% of market participants believe that the Fed's interest rates will remain unchanged, and 38% expect at least a 25% increase. Copper market fears that higher rates will dampen economic activity and reduce demand. Red metal prices have risen due to expectations of increased demand from AI infrastructure, electric vehicles and electrification. The jittery stock market also affected traders' appetite for risk. On Tuesday, chipmakers were the main culprits in the Asian stock market's decline. They were worried about the financing requirements of the AI boom. Galaxy Futures analysts stated that "the?market is entering a week of heavy earnings reporting, and sentiment remains cautious." Aluminium prices were down 0.35% at the LME and stable on theSHFE. Disrupted Middle East supply has caused a massive drop in stocks, as well as total stock levels at LME-registered storage warehouses. The lowest level on record since 1998. Nickel?slid 0.16%, and tin fell 1.71%. On the SHFE, nickel dropped 0.77%, tin fell 1.5% and zinc declined 0.5%.
Gaza reports ratings dead in Israeli strike on school, Israel states hit militants
An Israeli airstrike on a Gaza school substance housing displaced households eliminated around 100 people, the Hamasrun Gaza federal government said on Saturday, while the Israeli armed force stated it targeted Hamas militants there and cast doubt on the death toll.
Video from the website revealed body parts scattered on the ground and more bodies being carried away and covered in blankets on the floor. Empty food tins lay in a puddle of blood and burnt bed mattress and a kid's doll amongst the particles.
In another part of the Tabeen school complex in Gaza City, guys prayed over a lots body bags laid out on the ground.
The Hamas-run media office said in a statement that the strikes hit when people safeguarding at the school were carrying out dawn prayers, causing numerous casualties.
Up until now, there are more than 93 martyrs, including 11 kids and six women. There are unidentified remains, stated Palestinian Civil Defence spokesperson, Mahmoud Bassal, in a. televised press conference.
Around 350 households had actually been sheltering at the substance,. Bassal stated. 2 floors were struck, the upper floor real estate. families, consisting of females and children, and the lower floor that. was utilized as a mosque. The Gaza health ministry has up until now not. supplied casualty information.
In a declaration in Hebrew the Israeli military stated the death. toll was pumped up. It stated around 20 Hamas and Islamic Jihad. militants were running at the website.
The compound, and the mosque that was struck within it,. acted as an active Hamas and Islamic Jihad military center,. Lieutenant Colonel Nadav Shoshani stated on X.
According to a preliminary evaluation, the numbers published. by the Hamas-run Government Information Office in Gaza, do not. align with the details held by the IDF (Israel Defence. Forces), the exact munitions utilized, and the precision of the. strike, Shoshani said.
A military authorities said that the part of the mosque struck. was a males's location where no women or kids were present.
This was validated by intelligence and the strike was. performed using 3 little, precise munitions which can not. trigger the scale of damage that the Palestinians are reporting,. the authorities said.
Israel states Palestinian militant groups embed among Gaza's. civilians, running from within schools, health centers and. designated humanitarian zones - which Hamas and its allies reject.
Hamas stated the strike was a dreadful criminal activity and a serious. escalation. Izzat El-Reshiq, a member of Hamas' political. workplace, said the dead did not consist of a single combatant.
Tens of thousands of displaced Palestinians have actually looked for. shelter in Gaza's schools, the majority of which have actually stopped. operating since the start of the war 10 months ago.
A separate strike on Saturday killed 3 Palestinians in. Al-Nuseirat, in central Gaza and another killed one person in. the close-by Deir Al-Balah city, medics said.
NEW ROUND OF CEASEFIRE TALKS
A spokesperson for Palestinian President Mahmoud Abbas,. Nabil Abu Rudeineh, advised Israel's ally Washington to put an end. to the blind assistance that causes the killing of countless. innocent civilians, including kids, women, and the elderly.
Egypt, Qatar and Saudi Arabia condemned the strike, which. came as arbitrators were pushing to resume ceasefire talks. Senior citizen. Hamas main Sami Abu Zuhri said the strike ought to act as a. turning point in their efforts.
Egypt stated that the killing of Gaza civilians revealed. Israel had no intent to end the war. Qatar's foreign ministry. described the strike as a horrific massacre.
Egypt, the United States and Qatar have set up a new. round of ceasefire negotiations for Thursday, as worries are. growing of a broader conflict, involving Iran and its Lebanese. ally Hezbollah.
Israeli Prime Minister Benjamin Netanyahu, who has stated he. will not end the war up until Hamas no longer postures a danger to. Israelis, said a delegation would be sent out to the Aug. 15 talks.
A Hamas authorities told Reuters the group was studying the brand-new. deal for talks however did not elaborate.
Israel introduced its assault on Gaza after Hamas fighters. stormed into southern Israel on Oct. 7, killing 1,200 individuals,. primarily civilians, and capturing more than 250 captives,. according to Israeli tallies.
Ever since, almost 40,000 Palestinians have been killed in. the Israeli offensive in Gaza, according to the health ministry,. which does not distinguish between combatants and civilians.
Health officials say most of the deaths have been. civilians. Israel, which has actually lost 329 soldiers in Gaza, says at. least a 3rd of the Palestinian fatalities are fighters. Iran-backed Hamas does not release its casualties.
(source: Reuters)