Chinese Carmakers Agree to Standardize Supplier Payment Periods
At least three carmakers, including Dongfeng Motor Group Co., Guangzhou Automobile Group Co. and China FAW Group Co. issued similar statements on Tuesday saying their payment plans are aimed at promoting efficient capital flows across supply chains in the automotive industry.
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News24
a minute ago
- News24
Markets boosted after EU, US strike trade deal
Stock markets rose in Europe and Asia on Monday after the European Union and United States hammered out a deal to avert a potentially damaging trade war. News of the deal, announced by US president Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed a series of US trade agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States. "We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase "$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. "It's a good deal," von der Leyen said. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic." Equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Paris rose one percent, with Frankfurt and London also tracking gains in Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta. Tokyo fell for a second day, having soared about five percent on Wednesday and Thursday in reaction to Japan's US deal. Singapore, Manila and Mumbai were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. "The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities," said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While in April both countries imposed tariffs that reached triple-digits, US duties this year have temporarily been lowered to 30 percent and China's countermeasures slashed to 10 percent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. China said it was seeking "mutual respect and reciprocity" in the talks. Also on the agenda are earnings from tech titans Amazon, Apple, Meta and Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. "We think the data supports a Fed on hold in July, but absent a significant upside surprise in the upcoming inflation data, September could be a 'live' meeting for a resumption of rate cuts, especially if economic activity data and possibly overwhelming political pressure force the Fed's hand," said Michael Krautzberger at Allianz. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. By mid-morning, the JSE's All-Share index was flat, with Valterra down more than 2% after releasing its results.
Yahoo
29 minutes ago
- Yahoo
Donald Trump freezes export controls to secure trade deal with China
The US has frozen restrictions on technology exports to China to avoid hurting trade talks with Beijing and help President Donald Trump 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
29 minutes ago
- Yahoo
VW's Skoda posts 12% profit rise in H1 as electric sales grow
PRAGUE (Reuters) -Skoda Auto, a Volkswagen unit, increased the share of electric vehicles in its sales mix in the first half of the year and posted a nearly 12% rise in operating profit to 1.3 billion euros ($1.52 billion), it said on Monday. The Czech carmaker's revenue for the first six months rose nearly 12% year on year to 15.1 billion euros. Deliveries were up 14% to 509,400 vehicles in the period. Around 23% of those deliveries were either fully electric or plug-in hybrid models, up from 9.4% in the first half of last year, the company said. Chief Executive Klaus Zellmer said customers had placed more than 120,000 orders for Skoda's all-electric Enyaq and Elroq models by the end of June, highlighting progress in its electrification strategy. European automakers have booked multi-billion-euro losses and issued profit warnings as they struggle to handle competition from China, U.S. import tariffs, and EU regulations aimed at speeding up the EV transition. "Sales relative to the overall market performance, we are doing good," Zellmer told journalists in a video conference. While overall car sales have fallen in Europe this year, sales of electric vehicles - a priority segment for companies like Skoda Auto - have been rising. Zellmer said the company sees big potential with the new Epiq, an electric SUV priced at 25,000 euros that will target entry-level consumers. It plans to launch the Epiq in the first half of 2026. "We put a lot of hope or I would even say ... expectation on that car," he said. "Our current rate of electrified drive train sales ... has to go up." In the European market, Skoda delivered 409,100 vehicles to customers, an increase of nearly 11% that outperformed the overall market and was underpinned by the sales of 72,000 electric vehicles and 21,400 plug-in hybrids, the company said. Skoda also achieved record results in India where it delivered 33,000 vehicles, representing year-on-year growth of 108%, the company said. ($1 = 0.8527 euros) 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
