Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight U.S. selloff, though deeper worries about the global economy and trade continue to weigh on market sentiment.
A key part of the U.S. yield curve, a closely-followed recession indicator, inverted further on Wednesday while 30-year Treasury yields fell to a few record low on growing concern about the fallout from a bitter global trade conflict.
Luxury jeweler Tiffany & Co on Wednesday reported quarterly earnings that beat estimates on increased spending by local customers in mainland China and a cut-back on marketing costs, even as declines in tourist spending in the United States and political unrest in Hong Kong dragged on sales.
The strength of the U.S. dollar has long been a thorn in President Donald Trump's side. That has put the almost unthinkable scenario of currency intervention up for debate in global foreign exchange circles.
Huawei Technologies plans to forge ahead with the launch of new high-end smartphones in Europe even though it may not be able to offer Google's official Android operating system and widely used apps such as Google Maps, company executives told Reuters.
Gains in financial shares helped U.S. stocks reverse early losses on Wednesday, although investors were guarded amid worries about a recession and trade tensions between the United States and China.
More than 200 U.S. footwear companies on Wednesday urged U.S. President Donald Trump to cancel proposed higher tariffs on Chinese imports that take effect beginning next month, calling them hidden taxes that will jack up consumer prices.
Citigroup Inc. raised its minimum wage to $15 per hour earlier this year following pressure from politicians and similar moves by other big banks.
Costco Wholesale Corp said it will limit the number of shoppers at its new China store after overcrowding forced the U.S. big box retailer to shut it early on the opening day.
The U.S. Trade Representative's office on Wednesday reaffirmed President Donald Trump's plans to impose an additional 5% tariff on a list of $300 billion of Chinese imports starting on Sept. 1 and Dec. 15.
A gauge of equities worldwide shed early losses on Wednesday as Wall Street stocks rose despite looming recession jitters, while sterling tumbled as Britain's prime minister moved to restrict parliamentary time before the country's planned departure from the European Union.
Brazil's influential finance minister has convinced President Jair Bolsonaro to consider the once-unthinkable step of privatizing state-owned oil company Petrobras , but stiff political opposition could stifle any effort to sell the country's corporate crown jewel.
Alphabet Inc's Google is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia, the Nikkei business daily reported on Wednesday.
World stocks nudged down on Wednesday as deepening inversion of the U.S. bond yield curve a day earlier threw up reminders of looming recession risks, sending investors toward safe havens such as the Japanese yen and precious metals.
Tiffany & Co reported a bigger-than-expected fall in quarterly same-store sales on Wednesday, hurt by lower tourist spending, a key source of revenue for luxury retailers.