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Agence France-Presse

<p>NEW YORK -- <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Stock markets were little changed Tuesday as investors awaited clues on how much US interest rates might be cut next month and the latest results from tech heavyweight Nvidia.</span></p><div><span id="isPasted"><a href="https://news.abs-cbn.com/business/2024/6/12/us-fed-holds-interest-rates-now-sees-just-one-cut-this-year-617" rel="noopener noreferrer" target="_blank">US Fed holds interest rates, now sees just one cut this year</a></span></div><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In New York, the main indexes initially slipped before regaining ground to end slightly higher.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In Europe, London&#x27;s FTSE 100 and Frankfurt&#x27;s DAX closed up slightly, with Paris&#x27;s CAC 40 closing lower.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Oil prices gave up some of their recent gains, and the dollar remained under pressure from expectations of narrowing interest rate differentials.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">US Federal Reserve Chairman Jerome Powell on Friday sent stock markets soaring back to near-record levels -- and the dollar plunging to its lowest in a year -- when he <a href="https://news.abs-cbn.com/business/2024/8/1/us-fed-s-powell-flags-cuts-as-soon-as-september-915" rel="noopener noreferrer" target="_blank">signaled a rate cut</a> was coming.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Attention this week has turned to how large the cut could be, with investors seeing few reasons to push prices too aggressively.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The markets are seeking &quot;more clarity from US economic data about the amount that the Fed may be prepared to ease in September and in the coming months,&quot; Jane Foley, head of foreign exchange strategy at Rabobank London, told AFP.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Analysts said trading was thin, partly out of caution and partly because of the coming Labor Day holiday weekend in the United States.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">US second-quarter economic growth updates are due Thursday, followed by the Fed&#x27;s preferred gauge of inflation on Friday and jobs data next week.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Investors will be looking for clues about the size of the promised rate reduction, which the Fed is expected to deliver at its next meeting on September 17-18.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Traders are also awaiting the latest earnings results from chip titan Nvidia on Wednesday, which could provide indications about demand for the hardware powering the AI boom.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">&quot;The company has a long track record of beating analysts&#x27; expectations but faces increasingly challenging comparisons,&quot; said Joe Mazzola, a strategist at Charles Schwab. &quot;Results from Nvidia could help set the tone for the rest of the week.&quot;</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In European business news, Spain&#x27;s government blocked a takeover offer from a Hungarian consortium for Spanish train manufacturer Talgo.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Trading in Talgo shares was briefly suspended on the Madrid exchange but they still fell almost nine percent.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In Asia, Hong Kong rose despite losses in the tech sector that came after Temu owner PDD posted disappointing revenue figures and warned on the outlook for future growth.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The e-commerce firm&#x27;s shares, which are listed in New York, were down 4.1 percent on Tuesday, extending losses after tanking Monday by a record 28.5 percent. This wiped tens of billions of dollars off its market capitalization</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Also on the Hong Kong exchange, rivals Alibaba and JD.com both sank around four percent.</p><div><strong>Middle East fears</strong></div><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Oil had risen Monday after an exchange of fire Sunday between Iran-backed Lebanese militant group Hezbollah and Israel raised fears of a broader conflict. Prices have dropped back since.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The decline was a &quot;likely technical correction&quot; as price &quot;held on to most of the recent gains driven by ongoing supply-side concerns amid a near-total production stoppage in Libya, along with escalating tensions between Israel and Hezbollah,&quot; Trading Economics said in a comment.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The eastern-based administration in oil-rich Libya said Monday that it would close fields under its control and suspend production and exports &quot;until further notice&quot; amid rising tensions with the UN-recognized government based in Tripoli.</p><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/-c3h5sssZ5U?autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Stock markets were little changed Tuesday as investors awaited clues on how much US interest rates might be cut next month and the latest results from tech heavyweight Nvidia.</p>

Stock markets were little changed Tuesday as investors awaited clues on how much US interest rates might be cut next month and the latest results from tech heavyweight Nvidia.

Markets tread water as traders eye US rate cut, Nvidia results

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Markets tread water as traders eye US rate cut, Nvidia results

Agence France-Presse

Published Aug 28, 2024 09:15 AM PHT

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