Global equity markets mixed as Asia reacts to US tariff court ruling. Hong Kong’s Hang Seng jumps on Alibaba AI gains; Japan and South Korea see manufacturing slowdowns. US futures steady ahead of key jobs data. Volatility high amid geopolitical tensions and trade uncertainties.
China’s manufacturing sector shows unexpected strength with its fastest expansion in five months, driven by rising new orders and export recovery. HSBC’s and Caixin’s private surveys confirm positive momentum in factory activity amid economic adjustments.
250+ – Death toll feared after Afghanistan’s 6.0 magnitude earthquake
US federal appeals court’s ruling declares most of Trump administration’s tariffs illegal, triggering uncertainty in trade policy and investor concerns. Trade advisers criticize decision, warning of severe consequences if tariffs are blocked.
Frictions in US immigration enforcement escalate with federal and city officials clashing over deportations and crackdowns. Federal judge blocks deportation flights of Guatemalan children amid legal challenges and protests.
Alibaba Surges 15% on Strong Profits Amid China AI Boom
Alibaba shares spike as quarterly profits exceed expectations, driving Hong Kong stocks higher in a major AI sector rally.
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Russian and Chinese leaders, along with India’s Modi, convene at the Shanghai Cooperation Organization summit emphasizing security cooperation amid geopolitical tensions and economic challenges due to US sanctions and tariffs.
Tesla trims prices for long-range Model 3 in China, while unexpectedly ending a contract at Gigafactory Texas, leading to layoffs and reigniting concerns about the competitive EV market amid aggressive pricing wars in China.
BYD Shares Tumble 8% Following Steep Profit Drop Amid Price War
Chinese EV maker BYD faces sharp profit decline, triggering nearly 8% share plunge in Hong Kong due to aggressive domestic competition.
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Indonesian markets plunge and political turmoil rises as President Prabowo cancels housing allowances amid widespread protests. The government vows economic fundamentals remain solid despite civil unrest.
Japan and South Korea manufacturing sectors show signs of contraction and slowdown, with falling export orders and tariff impacts weighing on capital expenditure and factory activity, signaling economic headwinds in the region.
Polish central bank expected to cut key rate by 25 basis points; China mandates companies to share pension burden from Sept 1; Indonesia revokes controversial politician allowances after protests.
BYD reports steep quarterly profit drop and shares plunge nearly 8% in Hong Kong amid fierce domestic price wars in the electric vehicle sector, contrasting with rivals like Xpeng and smaller EV makers hitting sales goals in China.
US Federal Reserve faces intense political pressure with Trump’s attempt to fire a board member sparking fears over Fed’s independence. Economists warn this could trigger a ‘nuclear’ scenario undermining monetary policy stability.
‘‘The Fed’s independence is hanging by a thread; this ‘nuclear’ scenario signals things are truly off the rails.’
— Economists warning on Trump’s Fed interference
Rudy Giuliani hospitalized with a fractured vertebra and injuries after a serious car crash in New Hampshire while assisting a domestic violence victim. His recovery and condition remain closely watched.
Black Sea region sees escalating conflict as Ukrainian drone strikes ignite forest fires near Putin’s Black Sea palace. Israel intensifies Gaza offensive, killing Hamas spokesperson, amid plans to annex parts of West Bank amid Palestine recognition tensions.
Nvidia reports strong earnings boosted by AI demand but revenues rely heavily on two undisclosed customers, raising investor questions. Meanwhile, rivals like Marvell face sharp stock declines following weaker guidance.
Bitcoin faces turbulent market conditions with risks of a sharp Labor Day drop as wealthy holders spend crypto on luxury travel. Some analysts forecast potential 40% plunge before new highs amidst chip shortages and crypto market recalibrations.
Poland and Baltic-Nordic countries push for new EU funding to reinforce border security amid rising drone incursions and hybrid threats. The EU prepares post-war troop deployment plans for Ukraine as geopolitical tensions mount.
US housing market struggles with stagnant prices and rising inventory, making homeownership more difficult amid inflation pressures. New home inventory reaches 16-year high, signaling cooling demand and buyer hesitancy.
Amazon and Walmart continue expanding affordable tech product offerings, including portable generators, Bluetooth speakers, and home storage solutions, aiming to attract cost-conscious consumers ahead of fall shopping season.
Federal agencies and broadcasters face cuts and restructuring amid Trump administration budget slashes. Voice of America plans job cuts despite legal challenges, and PBS/NPR stations grapple with funding loss impacting public media viability.