Stock Market

Asian Stocks Pare Gains as China, Hong Kong Weaken

Asian equities came off session highs, swinging between modest gains and losses after benchmarks in Hong Kong and mainland China retreated.

Shares in Hong Kong fell 1.1% on lower-than-usual trading volumes, with the city facing its most damaging typhoon since 2018. Stocks in mainland China dropped 1% while a broader gauge of Asian shares was little changed.

Asian chip-related stocks rose after Nvidia Corp.’s investment in OpenAI. There was no cash trading of Treasuries due to a holiday in Tokyo.

The Indian rupee fell to a record low against the dollar. Stock-index futures for Europe gained 0.2% while contracts for the S&P 500 were little changed after the index closed at an all-time high.

Gold has hit record highs and stocks have surged $15 trillion from April lows, with the US economy holding firm through President Donald Trump’s tariff war and sentiment buoyed by the Federal Reserve’s first interest-rate cut this year.

That run now faces a test, with earnings season looming and investors awaiting fresh Fed signals, including a speech by Chair Jerome Powell on Tuesday.

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