Business
Global Market Today: Asian stocks rise after bond rally, dollar steady
MSCI’s Asia Pacific equities gauge climbed 0.8%, led by shares in South Korea, which jumped over 2%. US equity-index futures also advanced in early Asian trading after the S&P 500 Index posted a modest gain Tuesday, even as chipmakers declined.
SK Hynix Inc. shares over 5% in early trading after the South Korean memory-chip maker unveiled plans to buy back 40 trillion won ($29 billion) of shares and return more profits to investors.
Read more: Nifty price-to-book ratio hits 6-year low, but market may not be cheap
The moves in stocks came after a rally in 30-year Treasuries drove yields down 10 basis points to 5.18% during the New York session. That was spurred by the US Treasury announcing plans to boost buybacks of securities dated from the 10-year to the 30-year after a surge in yields to multi-decade highs. Bonds in Australia and Japan tracked the moves in Treasuries.
Gold climbed to around $4,515 an ounce, after climbing to its highest level since early June in the prior session. Brent was steady at $91.60 a barrel, while Bitcoin rose to around $70,000 after President Donald Trump pressed Congress to pass a key crypto bill as the White House hosted industry executives.
Global bonds had been jolted in recent days as investors demanded greater compensation for inflation risks and rising government debt, while tensions in the Middle East added to inflation pressures. The selloff was also fueled by corporate borrowing to fund the artificial-intelligence boom and waning demand from traditional buyers of long-dated debt.“There is no question that the Administration has become very concerned about the bond market once again and thus they are giving it another injection of steroids,” said Matt Maley, chief market strategist at Miller Tabak + Co. This is something that could “buoy risk assets over the near-term.”
Long-dated government yields surged globally this week, with the US 30-year yield reaching its highest level since 2007. A 10-year Treasury auction last week drew the highest financing cost for that maturity since 2007, while a 30-year sale a day later cleared at the highest yield since 2001.
While the Treasury didn’t indicate how the operations would be paid for, it typically relies on issuance of bills for its fluctuating funding needs. If officials are in effect replacing longer-dated debt with short-term securities, the maneuver amounts to a version of the Federal Reserve’s “Operation Twist.”
“This administration needs a win, and maybe that comes in the form of artificially trying to keep long Treasury rates contained,” said Jack McIntyre, a portfolio manager at Brandywine Global Investment Management. “They have to try something. Sentiment around the long-end globally is about as bearish as I have seen in a very long time.”
Meanwhile, in geopolitical developments, the US will begin what Trump said would be an unprecedented economic warfare operation against Iran, after faulting the country for failing to take its chance to make a deal with him.
Investors are also parsing minutes from the Fed’s latest meeting, which showed several officials favored raising interest rates last month and many thought further tightening may be needed if inflation failed to cool.
However, uncertainty hung over the meeting as participants’ inflation outlooks were clouded by the Iran war.
“Most participants anticipated that inflation would step down over the rest of the year as the effects of tariffs and earlier energy price increases wane, but many participants noted the possibility that inflation might be more persistently elevated,” the minutes said.
NRW Holdings boss Jules Pemberton has heralded the company’s “transformational step” in acquiring Sydney-based contractor Fredon during FY26.
Operator
Thank you for standing by, and welcome to the Emeco Holdings Limited Full Year Results. [Operator Instructions] I would now like to hand the conference over to Mr. Ian Testrow, CEO and Managing Director. Please go ahead.
Ian Testrow
MD, CEO & Executive Director
Good morning, and thank you for joining the call. With me today are Theresa Mlikota, our Chief Financial Officer; and Stephanie Ottens, our General Manager, Investor Relations.
I’ll start by touching on our results and important highlights from this past financial year and also cover our strong history of returns, followed by our outlook for FY ’27. I’ll then provide further detail on our individual segment performance. Theresa will take you through the detailed financial results before I finish with a closing summary and an opportunity for questions.
I’ll open with safety as it’s our top priority. Our goal remains to operate a zero harm workplace and the engagement of every Emeco employee in the safe work practices is important to achieving this outcome. Our total recordable injury frequency rate decreased to 2.3 at the end of the financial year, reflecting continued progress in identifying risk, learning from incidents and driving ongoing improvement in workplace safety. Regrettably, we recorded 1 lost time injury during the year, a reminder that we can never be complacent on why leadership and continuous improvement in safety is so important.
On environment, this year marked a significant milestone in Emeco’s sustainability reporting, completing our first mandatory climate-related disclosures under the new legislative framework. Emeco’s operational greenhouse gas emissions remained low at 4,555 tonnes of CO2 equivalent and primarily relate to diesel consumption
The shopping centre giant has delivered its FY26 results, with a 39 per cent increase in profit to $1.39 billion.
Pinterest director Gokul Rajaram sells $24,181 in shares
The art of advocacy remains critical to business progress in WA.
I am interested in a lot of technology and AI stocks like Google, Nvidia, AMD, Tesla and Amazon.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of PYPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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FUNDAMENTALS
Spot gold was little changed at $4,512.19 per ounce, as of 0031 GMT, after hitting its highest level since June 2 at $4,525.79 earlier in the day. Prices jumped more than 4% on Wednesday.
U.S. gold futures for December delivery rose 0.6% to $4,569.80.
Yields on long-dated U.S. Treasuries fell, with the increased demand following an announcement that the Treasury Department would double the size of liquidity support buyback operations for longer-dated notes and bonds. [US/]
The U.S. dollar remained subdued, making greenback-priced metals less expensive for buyers holding other currencies. [USD/]
Total U.S. debt has topped $40 trillion for the first time, the Treasury Department said on Wednesday, drawing fresh warnings that a fiscal crisis is brewing as ballooning costs for social safety-net programmes and interest payments far outstrip revenues held back by tax cuts.
Concern about inflation deepened at the Federal Reserve’s meeting last month, with “several” policymakers ready to raise interest rates and “many” saying a hike in borrowing costs would be needed if inflation does not decline to the U.S. central bank’s 2% target, the minutes of the session showed on Wednesday.Traders are pricing in a 67.3% chance that the Fed will keep rates unchanged and a 32.7% chance of a rate increase in September, according to the CME FedWatch Tool.
Gold is considered a safe investment during geopolitical and economic turmoil, while higher interest rates reduce its appeal as it yields no interest.
Among other metals, spot silver gained 0.2% to $67.06 per ounce. Platinum fell 0.4% to $1,816.78, while palladium rose 0.3% to $1,339.05.
DATA/EVENTS (GMT)
0100 China Loan Prime Rate 1Y, 5Y Aug
1230 US Initial Jobless Clm 15 Aug, w/e
1230 US Philly Fed Business Indx Aug
Genesis GV90
Courtesy Genesis
SAN FRANCISCO — Hyundai Motor’s newest luxury flagship vehicle is an all-electric large SUV called the Genesis GV90.
The up to seven-seat EV features a new design direction for Genesis and expands the luxury brand’s lineup to seven vehicles in the U.S., as Hyundai continues to grow its sales domestically.
The Genesis GV90 is the largest vehicle the brand has offered since entering the U.S. market a decade ago. It’s expected to compete against the Cadillac Vistiq and Escalade IQ, Mercedes-Benz EQS SUV and Rivian R1S in the large SUV segment.
“Today marks a landmark arrival for Genesis and for the future of luxury mobility,” Hyundai CEO José Muñoz said in a statement. “GV90 opens a new chapter for Genesis, building on our track record of bold innovation, elevated customer experiences, and an unwavering commitment to excellence.”
Hyundai’s new electric Genesis GV90 is the first full-size SUV for the company’s luxury brand.
Courtesy Genesis
The GV90 will be produced at a new Hyundai facility in Ulsan, South Korea. It is expected to go on sale in the U.S. early next year. The company said pricing for the vehicle, which marks its fourth EV in the U.S, will be disclosed closer to the vehicle’s arrival.
Genesis declined to say whether the GV90 also could be offered as a hybrid or gas-powered vehicle, which it has done with other nameplate like its GV70 SUV and G80 sedan. EV sales in the U.S. have slowed during the past year with the end of federal support by the Trump administration, including up to $7,500 to purchase an EV.
The vehicle will be available in two variants: the GV90 Neolun, which includes coach doors that open from the middle of the vehicles, or standard GV90 trims with conventional swing doors. A “First Edition” of the vehicle with special badging, wool cashmere and other plush materials also will be available.
Genesis GV90 SUV EV
Courtesy Genesis
The coach doors — also known as suicide doors — are uncommon in the automotive industry. They make entry and egress much easier but are harder to engineer to meet safety standards, which Genesis said it has done.
“Safety remains paramount in the GV90 Neolun, despite the absence of a [middle] pillar. Genesis engineered a new structure that seamlessly marries the doors to the vehicle body while maintaining the highest safety standards,” the company said.
The automaker said the GV90 features a new high-performance electric motor system capable of up to 490 kilowatts (about 660 horsepower) and 800 Newton-meters (590 foot-pounds) of torque. It will have an expected EV range of roughly 310 miles, according to the company.
The design, which features a vehicle-wide dual light that meets at a point in the center, was previously previewed as a concept vehicle by the brand in 2024.
Genesis’ U.S. sales through the first six months of this year are up roughly 5% from a year earlier, to 39,088 units. The brand has achieved 22 consecutive months of year-over-year sales growth.
Genesis GV90
Courtesy Genesis
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