Oil rises on US-EU trade deal
Brent crude futures were up $1.36, or 2%, at $69.80 a barrel by 10:58 a.m. EDT (1458 GMT), while US West Texas Intermediate crude rose $1.33, or 2%, at $66.49. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days.
The deal between the US and EU and a possible extension of the US-China tariff pause are also supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG. The framework trade pact with the EU announced on Sunday sets a 15% US import tariff on most EU goods.
'Not only does it (the trade pact) give US producers a huge boost with this commitment, it also puts more pressure on (Russian President Vladimir) Putin to come to the table.' Senior US and Chinese officials are meeting in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
12 minutes ago
- Business Recorder
Australian shares slip as bank, energy stocks drag
Australian shares inched lower on Monday as losses in banks and energy stocks outweighed gains in miners, while concerns about global economic growth grew after a weak U.S. jobs report and Washington slapped tariffs on dozens of countries. The S&P/ASX 200 index slipped 0.1% to 8,652.50 by 0034 GMT, heading for a third straight session of falls. Just hours before the August 1 deadline, U.S. President Donald Trump signed an executive order imposing steep tariffs on imports from dozens of countries, including Canada, Brazil, India and Taiwan, pressing ahead with plans to reorder the global economy. Data on Friday showed that U.S. job growth slowed more than expected in July, raising expectations that the Federal Reserve might have to cut rates in September. 'The markets are subsequently repricing for a bigger growth hit and a larger hiccup to (U.S.) inflation that could make the Fed's job of supporting the labour market slightly more complicated,' said Kyle Rodda, senior financial market analyst at In Sydney, banks slipped 0.7%, heading for a second straight session of fall. The 'big four' banks fell between 0.4% and 0.6%. Energy stocks lost 1.1%, dragged down by falling oil prices after OPEC+ agreed to another large production hike in September. Woodside Energy and Santos declined 1.9% and 0.4%, respectively. Miners rose 0.8% on stabilising copper prices as the market assessed a surprise move by Trump to exclude refined metal from 50% import tariffs. Mining giants Rio Tinto and BHP gained 0.2% and 0.3%, respectively. Gold stocks gained 2.9% after bullion prices jumped on Friday as weak U.S. economic data spurred safe-haven demand. Gold miner Evolution Mining rose 3.6%. In New Zealand, the benchmark S&P/NZX 50 index was flat at 12,726.87.
Business Recorder
12 minutes ago
- Business Recorder
South Korean shares start week higher on tech boost
SEOUL: Round-up of South Korean financial markets: South Korean shares bucked global equity weakness and started the week higher on Monday as technology stocks jumped on policy hopes. The benchmark KOSPI was up 33.51 points, or 1.07%, at 3,152.92, as of 0145 GMT. Search engine Naver rose 3.33% and chat app Kakao jumped 6.31% amid hopes the government would announce policy measures to boost artificial intelligence technologies. A presidential spokesperson said after the KOSPI fell 3.9% on Friday it was unlikely the government's tax hike proposals caused the drop. The ruling Democratic Party will have fresh discussions about the proposed measures, its leader said on Monday, according to local media reports. Among other index heavyweights, chipmaker Samsung Electronics rose 1.45%, while peer SK Hynix gained 0.29%. Battery maker LG Energy Solution climbed 0.40%. Hyundai Motor and sister automaker Kia Corp were up 0.24% and 1.88%, respectively. Steelmaker POSCO Holdings shed 0.34%, while drugmaker Samsung BioLogics rose 0.58%. Of the total 934 traded issues, 734 shares advanced, while 161 declined. Foreigners were net sellers of shares worth 23.7 billion won ($17.12 million). The won was quoted at 1,384.2 per dollar on the onshore settlement platform, 0.30% higher than its previous close at 1,388.3. In money and debt markets, September futures on three-year treasury bonds gained 0.23 point to 107.43.
Business Recorder
an hour ago
- Business Recorder
PSX maintains bullish run, KSE-100 gains nearly 900 points
The Pakistan Stock Exchange (PSX) maintained its bullish run, with the benchmark KSE-100 Index gaining nearly 900 points during the opening hours of trading on Monday. At 10:250am, the benchmark index was hovering at 141,899.90 level, an increase of 864.92 points or 0.61%. Buying was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including ARL, MARI, OGDC, PPL, POL, PSO, WAFI, HBL, MEBL and NBP traded in the green. Analysts attributed the buying rally to investor optimism after the US and Pakistan struck a trade deal that will result in lower tariffs for the South Asian nation. During the previous week, the PSX capped off a historic week, with the benchmark KSE-100 Index closing at an all-time high of 141,035 points, up 1.3% on a weekly basis. The index also touched a new intraday record of 141,161 points, underscoring a remarkable reversal in market sentiment that was largely driven by an unexpected breakthrough in trade relations with the United States and renewed investor confidence in Pakistan's macroeconomic trajectory. Internationally, Asian share markets followed Wall Street lower on Monday as fears for the US economy returned with a vengeance, spurring investors to price in an almost certain rate cut for September and undermining the dollar. Some early resilience in US stock futures and a continued retreat in oil prices did help limit the losses, but the bleak message from the July payrolls report was hard to ignore. Not only had revisions meant payrolls were 290,000 below where investors had thought they would be, but the three-month average slowed to just 35,000 from 231,000 at the start of the year. Neither did the reaction of President Donald Trump instil confidence, as the firing of the head of Labor Statistics threatened to undermine confidence in US economic data. Likewise, news that Trump would get to fill a governorship position at the Federal Reserve early added to worries about the politicisation of interest rate policy. The prospect of lower borrowing costs offered some support for equities and S&P 500 futures inched up 0.1%, while Nasdaq futures rose 0.2%. Asian share markets, however, were still catching up with Friday's retreat, and the Nikkei fell 2.1%, while South Korea dipped 0.2%. MSCI's broadest index of Asia-Pacific shares outside Japan broke the mould and firmed 0.3%. This is an intra-day update
