Trump says US, Philippines 'very close' to trade deal
US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement.
"We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader.
Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia.
The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion.
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Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April.
.@POTUS: "It's a great honor to have President Ferdinand Marcos Jr. of the Philippines... we're going to be talking about trade... we have some fantastic military relationships with the Philippines." pic.twitter.com/bMpe6cf8wd
— Rapid Response 47 (@RapidResponse47) July 22, 2025
Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement.
Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent.
Trump underscored the importance of the US-Philippine military relationship.
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"They're a very important nation militarily and we've had some great drills lately," he said.
Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio.
During his trip, he will also meet US business leaders investing in the Philippines.
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This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." 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A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Stocks sink at the open US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. 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Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. Figma stock rises 19% in premarket trade Friday, poised to build on Thursday's 250% rally Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. New healthcare jobs continue to lead gains Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: US labor market adds 73,000 jobs in July while unemployment rate hits 4.2% Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. European stocks slide after Trump announces new tariffs European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 minutes ago
- Yahoo
Flow Traders Ltd (FLTLF) (Q2 2025) Earnings Call Highlights: Record Trading Income and ...
Release Date: July 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Flow Traders Ltd (FLTLF) achieved a net trading income of 143.4 million in the second quarter, marking the fourth consecutive quarter of triple-digit NTI. The company's total value traded increased by 14% year over year, reaching close to 1.7 trillion, the third highest quarter in company history. Flow Traders Ltd (FLTLF) recorded an EBITDA of 68 million in the quarter, more than triple the results from a year ago, with a 47% margin. The company's trading capital reached record levels, increasing by 33% year over year to 831 million. Flow Traders Ltd (FLTLF) maintained its position as a leading liquidity provider in ETPs in Europe amidst increased market activity and volatility. Negative Points Market activity declined gradually from the second half of April into May and June, with volatility in July running below historical averages. There was a meaningful decrease in contributions from digital assets compared to the same quarter a year ago. Fixed operating expenses increased by 15% year over year to 49.8 million, driven by select hiring and technology investments. The company's market ETP value traded declined in Europe and Asia in the second quarter compared to the first quarter. Flow Traders Ltd (FLTLF) faced a decrease in trading volumes in cryptocurrencies compared to the first quarter. Q & A Highlights Warning! GuruFocus has detected 2 Warning Signs with FLTLF. Q: Can you provide insights into the strong performance in the US, especially given the weak crypto trading activity in Q2? A: The strong performance in the US was driven by increased volatility and market activity, which presented significant opportunities. Historically, during volatile times, the size and depth of the US market improve profitability. While crypto trading was muted, capital was reallocated towards equities and fixed income, enhancing returns. (Unidentified_4) Q: Could you elaborate on the All Unity stablecoin project and its expected economic impact? A: All Unity is a tokenization platform launching a MiCA-compliant EUR stablecoin, EuroAU, backed by Flow Traders, DWS, and Galaxy Digital. The stablecoin is regulated and aims to connect traditional financial markets with digital assets, enhancing market efficiency. The economics are similar to other stablecoins, but with regulatory backing. (Unidentified_5) Q: How does Flow Traders plan to capitalize on regional differences in Europe, America, and Asia Pacific? A: In Europe, Flow Traders maintains a leading position in ETP trading. In the Americas, the large market size and volatility present growth opportunities, though it's competitive. Asia Pacific offers significant growth potential, especially with the expanding Chinese ETF market. The firm aims to provide liquidity and enhance market presence globally. (Unidentified_4) Q: What drove the operational cost increase of 40% and the 8 million impairment of intangibles? A: The operational cost increase was mainly due to higher variable compensation and additional hires. The 8 million impairment of intangibles relates to a reversal of previous impairments in the trading books, with corresponding positives recorded in NTI due to hedging. (Unidentified_5) Q: What qualities will the new CEO, Thomas Spitz, bring to Flow Traders, and will there be strategic changes? A: Thomas Spitz brings a diverse background in trading, sales, and research, with a focus on innovation. He will continue executing the firm's growth and diversification strategy, enhancing it with his experience to identify new opportunities. No immediate strategic changes are planned, but his leadership is expected to accelerate growth. (Unidentified_3) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
3 minutes ago
- Yahoo
S&P 500 Falls 1.5%, Nasdaq Tumbles 2% Dow Drops 500 Points on weak jobs and Trump tariffs
Aug 1 - U.S. stocks fell sharply Friday morning as a disappointing July jobs report and President Donald Trump's updated tariffs rattled investors. The Dow Jones Industrial Average dropped 583 points, or 1.3%, while the S&P 500 fell 1.5% and the Nasdaq Composite slid nearly 2%. Warning! GuruFocus has detected 2 Warning Signs with FLTLF. The Labor Department reported just 73,000 new nonfarm payrolls in July, far below economists' forecasts for 100,000. Prior months were revised significantly lower, highlighting ongoing labor market weakness. Traders now see a 66% chance of a September Federal Reserve rate cut, up from earlier in the week. Tariff news added pressure. The White House announced levies of 10% to 41% on select imports, including a 35% rate on goods from Canada, up from 25%. Items routed through third countries to avoid duties will face a 40% charge. Tech and bank stocks were the worst in dragging down the market. JPMorgan Chase (NYSE:JPM) declined by 4%, and Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) dropped by more than 3%. Amazon (NASDAQ:AMZN) was down over 7% on weaker than hoped-for directions, and Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META), and Alphabet (NASDAQ:GOOGL) were falling, too. Apple (NASDAQ:AAPL) was an exception to the downward move when it gained 2 percent after it reported good earnings. This article first appeared on GuruFocus.
