Energy News
TRADE WARS
Asia markets split after Tesla boosts Wall Street
Asia markets split after Tesla boosts Wall Street
by AFP Staff Writers
Hong Kong (AFP) Oct 25, 2024

Japanese shares fell but Chinese markets gained in a disjointed start to Asian trade on Friday, after Wall Street cheered strong results from electric car giant Tesla.

Elon Musk's company surged nearly 22 percent after higher earnings ended a streak of disappointing results and helped lift the Nasdaq and S&P 500, while the Dow was pulled lower by disappointing results from IBM and Honeywell.

European indices rose overnight, with investors anticipating interest rate cuts, while oil prices climbed then fell in more volatile trade for the crude market.

"US shares are somewhat mixed at the close" and "for a change, the US dollar has actually lost value", said Phil Dobbie on National Australia Bank's Morning Call podcast.

US Treasury yields have pushed higher in recent days, although they retreated on Thursday. Uncertainty on trading floors is also heightened less than two weeks ahead of US elections, with the outcome still far from clear.

Observers say some dealers are eyeing a win for Donald Trump and policies such as tax cuts that could stoke inflation.

That, along with a strong run of US economic data and remarks from Federal Reserve officials backing a cautious approach to easing monetary policy, has seen expectations for rate cuts whittled back.

In Asian trade on Friday morning, Tokyo stocks fell one percent, while Hong Kong rose 0.5 percent and Shanghai was up 0.2 percent.

Taipei and Seoul were also higher, but Singapore, Bangkok and Jakarta lost ground. Sydney rose 0.2 percent while Wellington was flat.

Inflation for Tokyo city slowed in October, data showed ahead of a national election on Sunday and a central bank policy decision on October 31.

"The Bank of Japan meets next week, and we've been saying almost ad nauseam that the case for further normalisation of policy has been made," National Australia Bank's Ray Attrill said.

The Tokyo inflation data means that "the Bank of Japan -- its nose might be growing while it says it -- could say, 'look, there's reason for us to be sitting on our hands a little bit longer', irrespective of the view that the proximity to the elections has pretty much ruled out any move out at the October meeting", Attrill added.

- Key figures around 0200 GMT -

Tokyo - Nikkei 225: DOWN 1.0 percent at 37,770.93

Hong Kong - Hang Seng Index: UP 0.5 percent at 20,595.30

Shanghai - Composite: UP 0.2 percent at 3,285.44

Euro/dollar: DOWN at $1.0823 from $1.0832 on Thursday

Pound/dollar: DOWN at $1.2968 from $1.2972

Dollar/yen: UP at 151.88 yen from 151.83 yen

Euro/pound: DOWN at 83.46 pence from 83.47 pence

West Texas Intermediate: UP 0.3 percent at $70.40 per barrel

Brent North Sea Crude: UP 0.3 percent at $74.60 per barrel

New York - Dow: DOWN 0.3 percent at 42,374.36 (close)

London - FTSE 100: UP 0.1 percent at 8,269.38 (close)

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Asian traders struggle after Wall St losses as US yields spike
Hong Kong (AFP) Oct 24, 2024
Asian markets were mixed Thursday following steep losses on Wall Street as a spike in US Treasury yields led investors to scale back their expectations on interest rate cuts. With the US presidential election still seen as a coin toss less than two weeks out, there was plenty of uncertainty on trading floors, though observers said dealers were eyeing a win for Donald Trump and policies that could stoke inflation again. That, along with a strong run of economic data and remarks from Federal Reser ... read more

TRADE WARS
U.S. makes $860M loan guarantee to aid Puerto Rico in strengthening its energy grid

Electricity restored to 50% of Havana after nationwide blackout: Cuba state media

70% of Cuba's population has power back after blackout

Entire island of Cuba left without electricity after failure of key power plant

TRADE WARS
Mercedes opens electric car battery recycling plant

Chinese EV battery giant CATL reports jump in profits

Efficient Nanobubble Production Method Explored by UCalgary Researchers

Seeking new energy solutions from the sea in wave power biofuel and beyond

TRADE WARS
On US coast, wind power foes embrace 'Save the Whales' argument

Renewables revolt in Sardinia, Italy's coal-fired island

Government action needed for world to meet renewables goal: IEA

DLR tests innovative sensor system in wind turbine rotor blades

TRADE WARS
Towards better solar cells through unique electricity generation

Space Solar and Transition Labs to bring space solar power to Iceland by 2030

Bright future for solar panels and screens with new nanocrystal research

Computer simulations offer new insights into enhancing solar cell materials

TRADE WARS
Japan shifting back to nuclear to ditch coal, power AI

Framatome completes lifecycle operations for enhanced accident-tolerant fuel assemblies in the US

Cost of dismantling UK nuclear plant soars: audit

Italy lays groundwork for return to nuclear power

TRADE WARS
Baylor engineers introduce ultra-clean biofuel combustion technology

Innovative catalyst converts CO2 to methane using electricity

Construction of largest research facility for e-fuel production begins in Germany

New process converts plant waste into sustainable jet fuel

TRADE WARS
Iran, Saudi plan joint military exercises: Iranian media

Oil-rich Iraqi Kurdistan votes, shadowed by economic struggles

Shell pipeline oil leak in Singapore contained

Iowa Supreme Court mulling Summit pipeline lawsuit

TRADE WARS
Public money 'must be at core' of new climate pact: UN's Stiell

Draft UN climate pact leaves open thorny question of money

Historic southern Africa drought starving millions: UN

World can't 'waste time' trading climate change blame: COP29 hosts

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.