Latest Business News
China Sets Lowest Growth Target Since 1991
China announced its most modest economic growth target in over three decades at around 4.5% during its policy meeting. This aligns with market expectations but signals cautious outlook amid global tensions.
Officials unveiled blueprints for growth to 2030.
Asian Stocks Rebound Led by Korea's Kospi
Asian markets saw a strong rebound with the Kospi jumping and MSCI Asia Pacific up 2.9%, marking the region's first gain in four sessions. Gains were driven by China's policy announcements, though caution persists.
Tokyo and Seoul markets opened positively.
Morgan Stanley Plans 3% Workforce Layoffs
Morgan Stanley is set to lay off about 3% of its workforce amid market volatility. This move comes as firms adjust to economic pressures and geopolitical risks.
Details on timing and affected divisions were not specified.
China Plans Slowest Defense Spending Rise Since 2022
China will implement its slowest increase in defense spending since 2022, reflecting fiscal prudence. This accompanies the modest growth target and new policy tools.
Analysts note focus on economic recovery over military expansion.
China to Issue 800B New Policy Financing Tools
China plans to issue 800 billion yuan in new policy financing tools to support growth initiatives. This targets boosting sales in semiconductors and quantum computing.
Measures aim to enhance consumer loans and incomes.
Oil Prices Extend Gains on US-Iran Conflict
Oil prices rose as the US and Iran vowed to continue their conflict, with the US sinking an Iranian warship. Gold also climbed amid safe-haven demand.
Middle East tensions disrupt air travel in the Gulf.
Goldman Sachs CEO Flags Private Credit Frothiness
Goldman Sachs CEO David Solomon warned of 'frothiness' in private credit markets during uncertainty. He discussed this in Sydney amid Asia market rebound.
Goldman Asset Management echoed concerns on the sector.
US Trade Court Orders $175B Tariff Refunds
A federal judge mandated refunds of $175 billion in Trump-era tariffs for all importers, a major blow to the policy. This follows Supreme Court invalidation of the tariffs.
Importers of record are eligible for the massive payouts.
KKR Prepares Shopping List Amid Market Turmoil
KKR stated it is making a shopping list of acquisition targets during ongoing market volatility. The firm sees opportunities in the chaos.
This aligns with rebounding Asian equities.
US Services Expand at Fastest Pace Since 2022
US services sector grew at its quickest rate since 2022 in February, unlike manufacturing showing rising input prices. This provided market relief amid broader economic surprises.
Inflationary pressures in services were milder.
Dubai Stocks Fall Most Since 2022 on Regional Conflict
Dubai stocks dropped sharply, the most since 2022, due to escalating Gulf tensions and air travel disruptions. Conflict forced airlines to ground fleets.
Regional benchmark faced pressure despite Asian rebounds.
Abercrombie & Fitch Shares Soft After Earnings
Abercrombie & Fitch shares fell despite beating key metrics, due to softer Q1 guidance at lower sales growth. Analysts noted tariff uncertainties impacting outlook.
Company expects benefits from adjusted 15-20% tariff rates.