Trump's Crypto Link with Binance Raises Conflict of Interest Questions
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CNBC
12 minutes ago
- CNBC
Oil edges down as market contemplates potential sanctions, tariffs
Oil prices edged down on Tuesday as the market digested U.S. President Donald Trump's 50-day deadline for Russia to end the Ukraine war and avoid sanctions on buyers of its oil, while worries continued to linger over Trump's trade tariffs. Brent crude futures fell 5 cents to $69.16 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude futures fell to $66.89, down 9 cents. Both contracts settled more than $1 lower in the previous session. Trump announced new weapons for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Oil prices had climbed at the news of potential sanctions, but later gave up these gains as the 50-day deadline raised hopes that sanctions could be avoided, and traders dwelled on whether the U.S. would actually impose steep tariffs on countries continuing to trade with Russia. "The pause eased concerns that direct sanctions on Russia could disrupt crude oil flows. Sentiment was also weighed down by rising trade tensions," ANZ senior commodity strategist Daniel Hynes wrote in a note to clients. Trump said on Saturday he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries and leaving them less than three weeks to hammer out framework deals that could lower the threatened tariff rates. Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower. Elsewhere, oil demand is set to stay "very strong" through the third quarter, keeping the market snugly balanced in the near term, the Organization of Petroleum Exporting Countries' secretary general said, according to a Russian media report. Goldman Sachs on Monday raised its oil price outlook for the second half of 2025, pointing to potential supply disruptions, shrinking oil inventories in Organization for Economic Co-operation and Development countries, and production constraints in Russia.
The Hill
21 minutes ago
- The Hill
Asian shares mostly decline as worries continue over Trump's tariffs
TOKYO (AP) — Asian shares were mostly lower in early Tuesday trading, as worries about President Donald Trump's latest updates to his tariffs weighed on investor sentiments. Japan's benchmark Nikkei 225 rose 0.1% in morning trading to 39,507.28. Australia's S&P/ASX 200 added 0.4% to 8,602.70. South Korea's Kospi edged down 0.2% to 3,195.72. Hong Kong's Hang Seng lost 0.1% to 24,172.79, while the Shanghai Composite dipped nearly 0.9% after the Chinese government reported that growth slowed in the last quarter as Trump's trade war escalated. Tuesday's data showed the economy expanded at a robust 5.2% annual pace, compared with 5.4% annual growth in January-March. In quarterly terms, the world's second-largest economy expanded by 1.1%, according to government data. Despite worries about the damage Trump's tariffs may have on the region's exporters, speculation continues that he may ultimately back down on them. They don't take effect until Aug. 1, which leaves time for more negotiations. On Wall Street Monday, the S&P 500 edged up by 0.1%, the Dow Jones Industrial Average added 0.2% and the Nasdaq composite rose 0.3%. A nationwide election for the upper house of Japan's Parliament, set for Sunday, also added to the wait-and-see attitude among market players. Analysts say the ruling pro-business Liberal Democratic Party may face an uphill battle and will likely need coalition partners, including possibly new ones, to keep its grip on power. If Trump were to enact all his proposed tariffs on Aug. 1, they would raise the risk of a recession. That would not only hurt American consumers but also raise the pressure on the U.S. government's debt level relative to the economy's size, particularly after Washington approved big tax cuts that will add to the deficit. 'We therefore believe that the administration is using this latest round of tariff escalation to maximize its negotiating leverage and that it will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility,' according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. 'As usual, there are many conditions and clauses that can get these rates reduced,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'That's probably why the market might not like the tariff talk, but it's not panicking about it either.' For the time being, the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things up. The latest reading on inflation across the U.S. comes Tuesday, with economists expecting it to show inflation accelerated to 2.6% last month from 2.4% in May. Companies are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results Tuesday, followed by Johnson & Johnson on Wednesday and PepsiCo on Thursday. Fastenal, a distributor of industrial and construction supplies, reported Monday a stronger profit for the latest quarter than analysts expected. Its stock rose 2.9%, though it also said that market conditions remain sluggish. Shares of Kenvue rose 2.3% in shaky trading after the former division of Johnson & Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, 'including ways to simplify the company's portfolio and how it operates,' according to board chair Larry Merlo. Some of the biggest moves in financial markets were for crypto, where bitcoin continues to set records. This upcoming week is Crypto Week in Washington, where Congress will consider several bills to 'make America the crypto capital of the world.' In energy trading, benchmark U.S. crude fell 31 cents to $66.67 a barrel. Brent crude, the international standard, declined 25 cents to $68.96 a barrel. In currency trading, the U.S. dollar declined to 147.59 Japanese yen from 147.72 yen. The euro cost $1.1676, up from $1.1666.
Yahoo
34 minutes ago
- Yahoo
Nvidia says it will resume sales of 'H20' AI chips to China
US tech giant Nvidia said on Tuesday it will resume sales of its H20 artificial intelligence chips to China, after Washington pledged to remove licensing curbs that had put a stop to exports. The California-based firm produces some of the world's most advanced semiconductors but is not allowed to ship its most cutting-edge chips to China owing to concerns that Beijing could use them to boost its military capabilities. It developed the H20 -- a less powerful version of its AI processing units -- specifically for export to China, although that plan hit the skids when the Trump administration firmed up export licence requirements in April. The company said in a statement on Tuesday that it was "filing applications to sell the Nvidia H20 GPU again". "The US government has assured Nvidia that licences will be granted, and Nvidia hopes to start deliveries soon," the statement said. Nvidia CEO Jensen Huang said in a video published by Chinese state broadcaster CCTV on Tuesday "the US government has approved for us (to file) licences to start shipping H20s, and so we will start to sell H20s to the Chinese market". "I'm looking forward to shipping H20s very soon, and so I'm very happy with that very, very good news," Huang, wearing his trademark black leather jacket, told a group of reporters. CCTV said in a separate report that Huang would attend a major supply chain gathering on Wednesday. The Taiwan-born executive "will be present at the opening ceremony of the 3rd China International Supply Chain Expo on July 16 and will participate in related activities", the broadcaster said. It cited the China Council for the Promotion of International Trade, an official body controlled by Beijing's commerce ministry. It will be Huang's third trip to China this year, according to CCTV. - 'Positive role' - China is a crucial market for Nvidia but in recent years the US export squeeze has left it battling tougher competition from local players such as homegrown champion Huawei. Beijing has decried Washington's curbs as unfair and designed to hinder its development. Huang, an electrical engineer, told Chinese Vice Premier He Lifeng on a visit to Beijing in April that he "looked favourably upon the potential of the Chinese economy", according to state news agency Xinhua. He said he was "willing to continue to plough deeply into the Chinese market and play a positive role in promoting US-China trade cooperation", Xinhua reported. The tightened US export curbs have come as China's economy wavers, with domestic consumers reluctant to spend and a prolonged property sector crisis weighing on growth. President Xi Jinping has called for China to become more self-reliant as uncertainty in the external environment increases. The Financial Times reported in May that Nvidia was planning to build a research and development centre in Shanghai. Neither Nvidia nor the city's authorities confirmed the project to AFP at the time. China's economy grew 5.2 percent in the second quarter of the year, official data showed on Tuesday, after analysts predicted strong exports despite trade war pressures. mjw/pbt/dan 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
