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Stocks Pause Days of Losses Ahead of US Jobs Data: Markets Wrap

(Bloomberg) -- Global equities steadied after days of declines as uncertainty over the health of the US economy and the pace of possible Federal Reserve interest rate cuts persist.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsEurope’s Stoxx 600 index was little changed, with chemical stocks and miners posting the biggest losses after iron ore fell to the lowest since 2022.

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Gold Rises as Market Looks Ahead to US Payrolls Data

(Bloomberg) -- Gold rose slightly, as the market looks to US labor data this week for clues on how aggressive the Federal Reserve’s imminent rate-cutting cycle will be.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsBullion has traded in a narrow range around $2,500 in recent days. It edged higher Wednesday following a report that showed US job openings fell in July to the lo

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Asian stocks mixed after Wall Street extends losses as technology and energy stocks fall

Asian markets were mixed Thursday following a global sell-off a day earlier, as Wall Street declined in the technology, energy and other sectors. Japan’s benchmark Nikkei 225 slipped 1.1%, and closed at 36,657.09. Data released Thursday showed Japan's wage growth remains strong, as average cash earnings in July grew 3.6% year-on-year, beating market expectations, while real earnings unexpectedly increased by 0.4% in July, increasing the likelihood of another rate hike.

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Nikkei Hits 3-Week Low on US Downturn Worries; Chip Stocks Slip

(Bloomberg) -- Japanese equities fell, with the Nikkei 225 Stock Average hitting a three-week low as soft US labor data stoked fears of a slowdown in the world’s largest economy. Chip-related shares led the decline, while financials were hurt by lower bond yields.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsThe Nikkei 225 lost 1.1% to close at 36,657.09, the lowest since A

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S&P 500 could see 5% earnings hit from Harris' proposed tax reforms, says Goldman Sachs

Last month, Harris proposed raising the corporate tax rate to 28% from 21% and ensure "big corporations pay their fair share," if she wins the election against Republican rival Donald Trump. Goldman estimated that at a 28% taxation rate earnings of S&P 500 companies would take a 5% hit. On the other hand, Trump's proposed relief on the federal statutory domestic corporate tax rate to 15% from the current 21% would "arithmetically" boost S&P 500 earnings by about 4%.

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Diesel Market Faces Strains in Asia as Chinese Demand Contracts

(Bloomberg) -- Chinese and Indian diesel markets — which account for the bulk of Asian demand — are showing signs of a slowdown, potentially leading to more weakness in crude oil prices.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsIn China, the biggest oil importer, demand for the fuel is contracting, while in India, consumption growth has collapsed. Against that backdrop,

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Morning Bid: Markets hit tentative pause on selloff

Markets hit the pause button after a selloff in equities since the start of the week but sentiment remained fragile, as worries re-emerged over the prospects for the U.S. economy and investors focused squarely on this week's job reports. Labour data on Wednesday suggested the U.S. jobs market was losing steam, raising expectations the Federal Reserve may resort to large interest rate cuts, while additional reports including Friday's non-farm payrolls data are keeping sentiment on edge. Futures indicated European bourses were set for a subdued open after Asian shares rose 0.4% on Thursday, clawing back some of the week's losses, although the MSCI's broadest index of Asia-Pacific shares outside Japan is still down 2.2% so far this week.

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