J-10 fighter jet maker AVIC Chengdu share price crashes 5% after Asim Munir-Donald Trump meeting
The stock, which manufactures J-10 fighter jets used by Pakistan against India in the latest military flare-up, had surged nearly 10% on Wednesday ahead of a meeting between Pakistan Army Chief Munir and US President Donald Trump at the White House. However, today, the stock reversed course amid a lack of any announcements, which dampened sentiment. Analysts had signalled that any positive developments could have acted as a fresh trigger, but a lack of announcements could dampen sentiment.
AVIC Chengdu Aircraft share price opened at 86.59 yuan, lower than the last closing price of 88.93 yuan. The J-10 fighter jet maker's stock further tumbled to the day's low of 84.26 apiece, recording a 5.25% decline over the last close.
The stock has declined in three of the last five trading sessions, yet it managed to gain around 9% during this period. The monthly trend for AVIC Chengdu Aircraft shares remains strong on a monthly basis, with the scrip rising 31% in May and 11% in June so far.
This was Munir's first meeting with Donald Trump in the wake of the Iran-Israel war and following military clashes with India.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
19 minutes ago
- NDTV
Trump's "Big, Beautiful Bill" Awaits Final Vote: How It Will Impact Indians
Washington: US President Donald Trump's signature tax-and-spending legislation-- " One Big, Beautiful Bill"-- is lined up for final vote over the coming hours in the House of Representatives, the lower chamber of the American Congress. The mega bill, which could define Trump's second term in the White House, has faced an uneasy passage so far. Several members of Trump's own Republican Party have sided with opposition Democrats to criticise the bill for a number of reasons, including the impact on US national debt and healthcare. Trump's sprawling legislation-- which is expected to slash social welfare programs and add an eye-watering $3 trillion to the national debt--was originally approved by the House in May. But it returned to the lower chamber for a rubber stamp after squeezing through the Senate on Tuesday by a solitary vote following several revisions. How The New Version Of The Bill Benefits India Among the revisions in the proposed legislation was a significant dilution of the provision on tax remittances to other countries, including India. In a massive relief for thousands of non-resident Indians (NRIs) and Indian professionals working in the US, who send money back home, the updated draft of the bill released on June 27 showed that the tax rate on remittances was slashed to 1 per cent, down from the 5 per cent proposed originally. The tax rate was brought down to 3.5 per cent in the House version of the bill earlier. The rule will apply to all US residents who aren't US citizens-including Green Card holders, people on temporary visas such as H-1B or H-2A and foreign students. The reduction in tax on all international money transfers will benefit nearly 45 lakh Indians living in the US, including nearly 32 lakh persons of Indian Origin. It will apply to all remittances made via cash, money orders, or cashier's checks. "There is hereby imposed on any remittance transfer a tax equal to 1 per cent of the amount of such tax imposed by this section with respect to any remittance transfer shall be paid by the sender with respect to such transfer," the updated draft of the bill states. The new draft also said that the bill will exempt remittances made from "an account held in or by a financial institution" and those "funded with a debit card or a credit card issued in the United States".
Time of India
27 minutes ago
- Time of India
Trump aims to shut trade loopholes China uses to evade tariffs
US President Donald Trump's two-tiered trade deal with Vietnam aims squarely at practices China has long used to skirt US tariffs: The widespread legal shifting of production to Southeast Asian factories and the murkier and illegal 'origin washing' of exports through their ports. The agreement slaps a 20% tariff on Vietnamese exports to the US and a 40% levy on goods deemed to be transshipped through the country. With details still scarce, economists said much will hinge on the framework Washington establishes to determine what it sees as 'Made in Vietnam' and what it sees as transshipments. Complicating matters is the fact that Chinese businesses have rushed to set up shop across Southeast Asia since Trump launched his first trade war back in 2018. The lion's share of Vietnam's exports to the US are goods like Airpods, phones or other products assembled with Chinese components in a factory in Vietnam and then shipped to America. That's not illegal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Also Read: Beijing wary as US plots quiet trade war to isolate China; India in negotiation room 'A lot will depend on how the 40% tariffs are applied. If the Trump administration keeps it targeted, it should be manageable,' said Roland Rajah, lead economist at the Lowy Institute in Sydney. 'If the approach is too broad and blunt, then it could be quite damaging' for China, Vietnam and for the US, which will have to pay higher import prices, he said. Live Events The think tank estimates that 28% of Vietnamese exports to the US were made up of Chinese content in 2022, up from 9% in 2018. Pham Luu Hung, chief economist at SSI Securities Corp. in Hanoi, said a 40% levy on transshipped goods would have limited impact on Vietnam's economy because they aren't of Vietnamese origin in the first place. Re-routed exports accounted for just 16.5% of Vietnam's shipments to the US in 2021, a share that's likely declined over the past couple of years amid stronger enforcement actions by both governments, Hung said. 'An important caveat is that the rules of origin remain under negotiation,' Hung said. 'In practice, these rules may have a greater impact than the tariff rates themselves.' Devil in Details Duncan Wrigley, chief China economist at Pantheon Macroeconomics, said he's skeptical the latest deal will be effective in stamping out Chinese exports via Vietnam to the US. 'The devil is in the details, but I think China's exports will either go via other markets to the US, or some value-added will be done in Vietnam so the product counts as made in Vietnam, rather than a transshipment,' he said. As officials across Asia rushed to negotiate lower US tariff levels with their US counterparts this year, Chinese businesses have been just as quick to ramp up their exports through alternative channels in order to skirt punitive US levies. Shipments from China to Southeast Asia have reached record highs in Indonesia, Malaysia, Thailand and Vietnam this year. And there's been a 'significant increase in correlation' to the region's increase in exports to the US during the same period, Citigroup Inc. economists said in a recent report. Bloomberg Much of that is likely due to the shifting of legitimate production across the region. Goods destined for the US market may be sent from their factories in Southeast Asia, and what they make in their factories in China will be sent to the rest of the world, said Derrick Kam, Asia economist at Morgan Stanley. 'If you try to represent that in the trade data, it will look exactly like rerouting, but it's not,' Kam said. 'It's essentially the supply chain working itself out.' But it's transshipment that's been a major concern for Trump's top trade advisers including Peter Navarro, who described Vietnam as 'essentially a colony of communist China' during an April interview with Fox News. And it's not just been happening in Vietnam. Not long after Trump unveiled his 'Liberation Day' tariffs on April 2, garment makers in Indonesia started receiving offers from Chinese companies to be 'partners in transshipment,' said Redma Gita Wirawasta, chairman of the Indonesian Filament Yarn and Fiber Producers Association. Chinese products would be rerouted to Indonesia, undergo minimal processing like repacking or relabeling, then secure a certification that they were made in the Southeast Asian country, Wirawasta said. Bloomberg When the goods are then exported to the US, they'd be subject to the 10% universal levy that Trump has imposed on nearly all countries, instead of the tariff for China that still equates to an effective level of over 50%, even after a recent 'deal' that lowered levies from a peak of 145%. With the huge scope for arbitrage, coupled with little policing, that process will prove tough to stamp out. 'Chinese exporters and their affiliates and partners in Southeast Asia are highly skilled at adapting to changing rules, identifying loopholes, and sometimes overstating the extent of value-add by non-China countries,' said Gabriel Wildau, managing director at advisory firm Teneo Holdings LLC in New York. Some final assembly or transshipment may shift to rival Southeast Asian transshipment hubs like Cambodia, Thailand and Singapore, or farther afield to Turkey, Hungary or Poland, Wildau said. 'Another possibility is that the definitions and enforcement mechanisms are fuzzy, rendering the latest deal cosmetic and toothless,' he said. 'Rigorous enforcement would also require a significant boost of resources to enable US customs to verify compliance with the tougher rules of origin.' There have been efforts across the region to at least be seen to be making an effort to curb the practice. Indeed, Vietnam has made a big deal about cracking down on trade fraud and illegal activity in recent months. In April, South Korea said it seized more than $20 million worth of goods with falsified origin labels — the majority of which were destined for the US. The Airfreight Forwarders Association of Malaysia issued a warning in May as Chinese brokers promoted illegal rerouting services on social media. Malaysia has centralized the issuance of certificates of origin with its Ministry of Investment, Trade and Industry, while tapping its customs agency to help curb transshipment. Thailand has expanded its watch list for high-risk products, including solar panels, cars and parts, and is mulling stricter penalties for violators. Red Tape Casey Barnett, the president of the American Chamber of Commerce in Cambodia, is already seeing the changes in action. One factory that exports to major US retailers, including Walmart, Home Depot and Lowe's, said that customs officials were very carefully reviewing their products before being sent to the US, he said. 'It's creating some additional paperwork and a little bit of red tape here,' Barnett said. A senior manager at a logistics company in Cambodia, who asked not to be identified because the matter is sensitive, said export processing time has now stretched to as much as 14 working days — double what it was before. But in Indonesia, getting a certificate of origin is fairly quick and painless when goods are marked for export, often just requiring a product list and a letter to the provincial trade office, according to Wirawasta. Authorities prioritize checking products that enter the country to ensure they pay the right duties and comply with regulations, he explained. It's rare for them to inspect factories where an export good was supposedly made. So much so that sometimes, Chinese companies don't even need to muster up some local processing. 'The T-shirt could be finished in China, with a 'Made in Indonesia' label already sewn on,' Wirawasta said. 'Some traders won't even bother to unload the goods from the shipping container,' he added. 'Unloading costs money.'
Time of India
27 minutes ago
- Time of India
Japan plans 'world first' deep-sea mineral extraction
Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest trial of its kind, the director of a government innovation programme said Thursday. Earlier this week the country pledged to work with the United States , India and Australia to ensure a stable supply of critical minerals, as concern grows over China's dominance in resources vital to new technologies. Rare earths, 17 metals difficult to extract from the Earth's crust, are used in everything from electric vehicles to hard drives, wind turbines and missiles. China accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency. A Japanese deep-sea scientific drilling boat called the Chikyu will from January conduct a "test cruise" to retrieve ocean floor sediments that contain rare earth elements, said Shoichi Ishii, director of Japan's Cross-ministerial Strategic Innovation Promotion Programme. Live Events "The test to retrieve the sediments from 5,500 metres (3.4 miles) water depth is the first in the world," he told AFP. "Our goal... of this cruise is to test the function of all mining equipment," so the amount of sediment extracted "doesn't matter at all", Ishii added. The Chikyu will drill in Japanese economic waters around the remote island of Minami Torishima in the Pacific -- the easternmost point of Japan, also used as a military base. Japan's Nikkei business daily reported that the mission aims to extract 35 tonnes of mud from the sea floor over around three weeks. Each tonne is expected to contain around two kilograms (4.4 pounds) of rare earth minerals, which are often used to make magnets that are essential in modern electronics . Deep-sea mining has become a geopolitical flashpoint, with anxiety growing over a push by US President Donald Trump to fast-track the practice in international waters. Beijing has since April required licences to export rare earths from China, a move seen as retaliation for US curbs on the import of Chinese goods. Environmental campaigners warn that deep-sea mining threatens marine ecosystems and will disrupt the sea floor. The International Seabed Authority, which has jurisdiction over the ocean floor outside national waters, is meeting later this month to discuss a global code to regulate mining in the ocean depths.
