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Persian Gulf Gloom Darkens Asian Stock Markets

Asian stock markets fell back Thursday on overnight Wall Street cues and after media reports of fresh hostilities between US and Iranian forces, including a fresh barrage unleashed by Tehran upon the Kuwait International Airport.Hong Kong, Shanghai and Tokyo finished in the red, as did most other regional exchanges, on the dimming outlook for a settlement that could re-open the Strait of Hormuz, the sea passageway vital to Asian Pacific crude supplies.In Japan, the Nikkei 225 opened lower and could not recover, finishing off 1.3% as traders weighed Middle East war reports against rich tech-sector valuations.The benchmark Nikkei 225 fell 931.44 to 67,470.69, as losing issues outnumbered gainers 166 to 56.Leading the upside was semiconductor manufacturing equipment maker Disco, up 5.1%, while tech financier SoftBank declined 11.3%.In Hong Kong, the Hang Seng Index opened lower and drifted south, closing off 1.5%.The broad gauge Hang Seng fell 379.81 to 25,253.40 as losing issues outnumbered gainers 75 to 12. The Hang Seng TECH Index lost 1.6% on the day, while the Mainland Properties Index fell 0.9%.Leading the upside was toolmaker Techtronic, gaining 1.7%, while Contemporary Amperex Technology declined 7%.On the mainland, the Shanghai Composite fell 0.6% to 4,057.78.On the other regional exchanges, the South Korean KOSPI fell 1.8%; the Taiwan TWSE declined 1.7%; the Australian ASX 200 declined 1.1%; the Singapore Straits Times Index fell 1.4%, but the Thai Set advanced 0.4%. In late trading in Mumbai, the Sensex was steady.The MSCI All Country Asia Pacific Index fell 1.7% on the day.

Hang SengNikkei 225Shanghai Composite

International20d ago

Challenger US May Layoff Intentions Jump to Highest for Month Since 2020 on AI-Related Cuts

Outplacement firm Challenger, Gray & Christmas said Thursday that companies planned to cut 97,006 jobs in May, up from 83,387 in April and 93,816 a year ago.The May total was the highest for the month since May 2020 at the start of the pandemic and was driven by 38,242 layoff intentions in the technology industry. The transportation sector had the second highest layoff intentions with 6,909.The most cited reason for layoffs was artificial intelligence, which accounted for 38,579 of the monthly total, followed by market and economic conditions with 16,587 of the total."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," said Andy Challenger, the company's chief revenue officer.There were 19,536 hiring plans announced in May, up from the 10,049 hiring plans in April and 9,683 plans in May 2025. Interestingly, the technology sector was also the largest hiring sector, with 11,250 intentions.

International20d ago

Challenger US May Layoff Intentions 97,006 Vs. Prior 83,387; 93,816 Year-Ago

International20d ago

Eurozone Monthly Retail Sales Down 0.4% in April

The euro area's retail sales fell 0.4% month over month in April, following a revised 0.8% increase in March, according to Eurostat data published Thursday.Analysts expected a 0.3% drop for the month.On a yearly basis, the eurozone's retail sales were 1% higher, against the revised 2.1% rise earlier and the expected 0.3% gain.

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International20d ago

S&P: UK's Construction PMI Weakens Further in May

Britain's construction sector activity continued to decline in May and at a pace that was the fastest in six years, owing to fewer orders and rising economic uncertainty, S&P Global said Thursday.The S&P Global UK Construction PMI came in at 38.2, lower than 39.7 in the previous month and the consensus estimate of 40.2. The reading marks the index's 17th successive month below the 50 no-change threshold, marking sustained contraction.

FTSE 100

International20d ago

SMMT: UK's New Car Sales Up 7.1% in May

The UK's new car registrations climbed 7.1% year over year to 160,662 units in May, according to data from the Society of Motor Manufacturers and Traders published Thursday.SMMT said the latest reading reflects the best recorded for the month since 2019 due to the resurgence of private buyers, though it remains 12.6% behind pre-pandemic levels.For the five months to May, new car sales in Britain totaled 924,763 units, up 8.7% annually.

FTSE 100

International20d ago

Germany's Construction Activity Remains Deep in Contraction in May

Germany's construction activity continued to decline at a marked pace in May, with broad-based contraction led by the housing market, S&P Global said Thursday.The S&P Global Germany Construction PMI Total Activity edged up to 42.4 from April's 13-month low of 42.1, but remained well below the 50 no-change mark due to highly challenging business conditions and soaring input costs.

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International20d ago

Italy Construction Activity Contracts at Softer Pace in May, PMI Shows

Italy's construction sector downturn eased in May, as business activity and new orders saw their mildest contractions in three months, S&P Global said Thursday.The S&P Global Italy Construction PMI came in at 49.4 in May, up from 44.8 in April, which was the index's lowest level in more than three and a half years.

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International20d ago

PMI: French Construction Slump Eases in May

France's construction sector remained deep in contraction territory in May, albeit with a slight improvement in the rate of decline of new construction work and overall business activity, S&P Global said Thursday.The S&P Global France Construction PMI Total Activity Index climbed to 39.6 in May from 38.1 in April. The reading still points to a sharp contraction in output, marking one of the steepest declines since the pandemic.

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International20d ago

PMI: Eurozone Construction Sector Contraction Eases in May

Contraction in the euro area's construction sector eased in May as the decline in new orders and input cost inflation both softened, S&P Global said Thursday.The S&P Global Eurozone Construction PMI Total Activity Index improved to 43.7 from 41.7 in April, signaling a softer but still sharp deterioration in the bloc's construction activity.

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International20d ago

Spanish Annual Industrial Output Jumps 2% in April

Spain's industrial production, adjusted for seasonal and calendar effects, grew 2% year over year in April, following a revised 1.9% increase in March, provisional data from the National Statistics Institute showed Thursday.The latest reading matched the consensus estimate for the month.On a monthly basis, Spanish industrial output fell 0.4%, against the 2.3% growth previously.

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International20d ago

Swiss Jobless Rate Rises to 3.1% in May

Switzerland's seasonally adjusted unemployment rate increased 3.1% in May from 3% a month ago, according to data from the State Secretariat for Economic Affairs published Thursday.At the end of May, 144,652 individuals were registered as unemployed, up by 2,583 from a month ago.

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International20d ago

OECD Cuts Philippines GDP Growth Projections for 2026, 2027

The Organisation for Economic Co-operation and Development (OECD) trimmed the Philippines' real GDP growth outlook to 3.2% in 2026 from the 5.1% projection in December 2025.The growth forecast for 2027 was also cut to 5% from 5.8% previously due to weaker household demand and higher inflation, according to a Thursday report.The OECD said private consumption is expected to soften as rising energy prices and weaker labour market conditions weigh on real incomes.Inflation is projected to rise further due to higher energy costs and peso depreciation, while the current account deficit is expected to widen, it said.The organization also said the Philippines, as a net energy importer, remains vulnerable to global energy price shocks and geopolitical tensions in the Middle East.The country's monetary policy is expected to tighten in 2026, while fiscal policy will remain expansionary in the near term due to energy-related support measures, OECD said.The public investment is expected to recover gradually after weakening in late 2025, though risks remain tilted to the downside, according to the report.

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International20d ago

Swiss Annual Inflation Rate Stable at 0.6% in May

Switzerland's annual inflation rate stood at 0.6% in May, unchanged from the previous month, according to data from the country's Federal Statistical Office published Thursday.The consensus estimate for the month was 0.8%.On a monthly basis, consumer prices were 0.2% higher, compared with the prior and expected 0.3% gain.

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International20d ago

China Slams OECD Report On Huge Market Subsidies

China criticized an OECD report that claimed the country had an unfair advantage when it comes to state subsidies.The report from the OECD, or the Organisation for Economic Cooperation and Development, said Beijing's support for Chinese firms across 15 key industries was three to eight times higher than the support levels found within OECD member nations.During a Thursday press conference, a spokesperson from the Ministry of Commerce said the report lacked "unified measurement standards" and is biased, one-sided, and arbitrary."China's industrial subsidy policies strictly adhere to WTO rules and earnestly fulfill its transparency obligations," the spokesperson said.

Shanghai Composite^SZSE

International20d ago

Middle East Conflict to Weigh Modestly on Growth, Slower GDP Growth Expected, Says RBA Governor

Reserve Bank of Australia Governor Michelle Bullock said on Thursday that the Middle East conflict's economic impact would vary across countries, but for Australia, she expected it to weigh modestly on growth, worsening the trade-off between inflation and economic activity.In a statement before the Senate Economics Legislation Committee, Bullock said the rate increases delivered so far in the year were necessary to tighten financial conditions and cool demand, and that early signs suggested the tightening was beginning to take effect, though the full impact would take one to two years to flow through the economy.The central bank expects gross domestic product growth to slow this year under the weight of higher interest rates and the Middle East conflict, with unemployment forecast to rise over the coming year but remain below pre-pandemic levels.Bullock noted investment had been a recent bright spot, with growth expected to continue in areas with strong structural tailwinds, such as software, data centers, and renewable energy.

ASX 200

International20d ago

Taiwan's Market Cap Surpasses $5 Trillion on AI Boom

Taiwan's stock exchange said at COMPUTEX 2026 exposition that the island's market capitalization has surpassed $5 trillion, making it the world's fifth-largest market, driven by strong momentum from the artificial intelligence sector.The exchange said about 40% of 2026 IPO applicants are linked to AI-related industries, highlighting rising capital market activity around the technology supply chain, according to a Wednesday press release by the bourse.It added that 2025 IPO applications reached a multi-year high, with fundraising nearly doubling from 2024, reflecting renewed investor appetite for technology listings.Foreign investors accounted for 49.4% of total market capitalization and 35.5% of average daily trading value as of April 2026, underscoring strong global participation in Taiwan's equity market.The exchange said it is strengthening initiatives in corporate governance, ESG, and cross-border market connectivity to support AI-driven growth and help companies scale internationally.

Taiwan Weighted

International20d ago

Market Chatter: Bank of Japan Considering Rate Hike in June Meeting

Japan's central bank is considering raising the country's policy rate by 0.25% to 1% at its upcoming meeting later this month, Bloomberg reported Thursday, citing people familiar with the matter.Bank of Japan officials are set to announce their decision at a policy meeting ending June 16 amid high uncertainties over the Middle East conflict. Officials will sift through as much data as possible until the last minute before making a final decision, the report said.The decision may not be unanimous, though opposition is likely to be muted and not strong enough to prevent a rate increase, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225

International21d ago

Australia Walks Economic Tightrope as Rates, Inflation, Property Concerns Cloud 2026 Outlook, Says Bendigo Bank

Australia's economy faces mounting pressure from a softening labor market, stubborn inflation, and global energy uncertainty, weighing on growth and reshaping the property outlook, according to Bendigo Bank's Chief Economist, David Robertson, in a Thursday statement.Robertson said the recent award wage increase, combined with Australia's weak productivity growth, might keep pressure on the Reserve Bank to hold rates at restrictive levels."Looking ahead, economic growth is forecast to slow to 1.5%, dependent on the duration of the conflict in the Middle East and the resilience of household spending and labour markets," Robertson said.On housing, Robertson said auction clearance rates were already easing before the budget and are expected to fall further, pointing to a levelling off in capital city prices.After average gains of 9% last year, prices across much of the country could be broadly flat for the rest of the year, Robertson said, adding that Australia needs more work on supply and the bigger economic concern of productivity.Robertson believes that bold structural and tax reforms are needed to lift productivity and allow wages to rise without stoking inflation, but said it remains unclear whether that could be achieved without changes to the goods and services tax to reduce reliance on personal income tax.

ASX 200

International21d ago

New Zealand Property Values Flat in May, Cotality Says

The national median home value in New Zealand held steady in May at NZ$808,187, unchanged from April but down 0.1% over the past three months, according to Cotality's Home Value Index released Thursday.Values were 0.6% lower than a year earlier and remain 17% below the early 2022 peak of NZ$974,002.Among the main centers, Christchurch led monthly gains with a 0.4% rise, while Dunedin and Tauranga each edged up 0.2%, and Hamilton added 0.1%. Auckland and Wellington continued to slide, falling 0.2% and 0.3% respectively."There are differing patterns beneath the surface. Key areas, including Auckland and Wellington, are still subdued, while even 'strong' markets such as Christchurch or Invercargill aren't racing away," saidCotality NZ Chief Property Economist, Kelvin Davidson.Auckland's modest overall decline in May was broad-based, with nearly all sub-markets slipping 0.2% or 0.3%. The exceptions were Rodney, which gained 0.2%, and Franklin, which was unchanged."The longer the OCR stays on hold, the greater the chances inflation is harder to rein back in again, which will tend to put more upwards pressure on mortgage rates," Davidson added.Davidson warned that upward pressure on mortgage rates raises the risk of a more pronounced economic slowdown, which could weigh on household confidence, the labor market, and both property sales and prices."All in all, housing market conditions remain challenging. Having previously anticipated sales volumes rising from around 90,000 in 2025 to 100,000 this year, the market may actually do well to hold at similar levels to last year. This points to a sluggish outlook for values too," Davidson said.

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