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Yahoo BusinessMay 28, 2020
Hong Kong Stocks Swing Wildly as China Approves Security Law
(Bloomberg) -- It was anything but an ordinary afternoon for Hong Kong stocks as Chinese lawmakers approved a controversial plan to impose national security legislation for the city.The Hang Seng Index plunged as much as 2.2% before erasing all its losses. A rally for Chinese companies spurred speculation that mainland-based funds were behind the gains. The gauge closed 0.7% lower.There was also speculation of intervention in the currency market, with the offshore yuan strengthening just as traders said they saw some state-run banks selling dollars. Premier Li Keqiang opened a press conference at around 4 p.m. after The National People's Congress approved the draft decision by a vote of 2,878-1 at its annual session in Beijing."There are signs that mainland funds are buying into big-cap Chinese firms in Hong Kong, such as financial stocks and telecom, to support the index," said Steven Leung, executive director at Uob Kay Hian (Hong Kong) Ltd.The Trump administration on Wednesday took the significant step of saying it could no longer certify Hong Kong's autonomy from China, which was promised before the British handed the city back in 1997. The move could trigger a range of actions by the Trump administration, from sanctions on Chinese officials to revoking the city's special trading status with the U.S.The Hang Seng Index recouped almost all of its 2.2% loss in the first 90 minutes of the afternoon session, with Chinese firms including state-owned China Construction Bank Corp. and Industrial and Commercial B

Yahoo BusinessMay 28, 2020
Nasdaq 100 Futures Drop on Report of Trump Executive Order
(Bloomberg) -- Nasdaq 100 Index futures fell on a report Donald Trump is preparing to sign an executive order that could threaten to penalize Facebook Inc., Google and Twitter Inc. for the way they moderate content on their sites.Contracts for June delivery on the Nasdaq 100 fell as much as 0.8%, before paring losses to 0.4% as of 9:32 a.m. in London. Trump's upcoming executive order aims for federal regulators to review a law that spares tech companies from liability for comments and content posted by users, the Washington Post reported. Investor sentiment was also damped by deteriorating U.S.-China ties."U.S. tech stocks are dropping on profit taking and risk aversion, as they are at the forefront of the U.S.-China cold war," said Nader Naeimi, the head of dynamic markets at AMP Capital Investors Ltd. in Sydney. In addition, there is news that "Trump is preparing to sign an executive order that could threaten to penalize Facebook, Google and Twitter."Trump is poised to take action Thursday that could bring a flurry of lawsuits down on Twitter, Facebook and other technology giants by having the government narrow liability protections that they enjoy for third parties' posts, according to a draft of an executive order obtained by Bloomberg.While Nasdaq 100 futures declined, contracts on other indexes were mixed. Futures on the S&P 500 were little changed and those on Dow Jones Industrial Average advanced 0.4%. The underlying S&P 500 climbed to the highest since early March on Wednesday, holding above 3,

MarketWatch MarketPulseMay 27, 2020
Dow futures shoot higher after Wall Street's latest rally
U.S. stock index futures gained late Wednesday, after benchmark indexes surged forward in regular trading. As of 9:30 p.m. Eastern, Dow Jones Industrial Average futures were up about 150 points, or 0.6%, while S&P 500 futures and Nasdaq-100 futures showed more modest gains. Stocks jumped Wednesday despite rising tensions between the U.S. and China, as the U.S. and European countries continued to gradually reopen from pandemic-related shutdowns. The Dow advanced 553.16 points, or 2.2%, to close at 25,548.27, while the S&P 500 rose 44.36 points, or 1.5%, ending at 3,036.13. The Nasdaq Composite gained 72.14 points, or 0.8%, to close at 9,412.36, staging its biggest intraday percentage comeback since Feb. 28, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Reuters BusinessMay 27, 2020
S&P 500 rises on boost from bank shares
The S&P 500 edged higher in choppy trading on Wednesday as optimism over a pick up in business activity helped offset worries over simmering U.S.-China tensions, although gains were capped by losses in technology stocks.

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