Asian Markets Mixed As China's Economy Meets Forecasts
Beijing said gross domestic product expanded 5.2 percent in April-June thanks to a surge in exports as businesses front-loaded shipments ahead of the US president's stiff levies, and after the superpowers agreed to work on a long-term pact.
While the reading was slightly slower than the first quarter, it was in line with forecasts in an AFP survey and comes after figures on Monday showed exports soared more than expected in June, including a strong recovery in goods sent to the United States.
Meanwhile, industrial output came in above expectations.
However, Tuesday's reports showed efforts to boost consumer activity continue to fall flat, with retail sales expanding 4.8 percent last month, well below estimates in a Bloomberg study and highlighting the work leaders face in kickstarting the economy.
China's recovery has been hamstrung by a bruising trade war with the United States, driven by Trump's sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month.
But observers warn of lingering uncertainty.
"The national economy withstood pressure and made steady improvement despite challenges," National Bureau of Statistics (NBS) deputy director Sheng Laiyun told a news conference.
"Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said.
And the US president upped the ante Monday, warning Russia's trading partners -- which include China -- that he will impose tariffs reaching 100 percent if Moscow fails to end its war on Ukraine within 50 days.
After a strong start to the day, Hong Kong pared an early rally while Shanghai dipped into negative territory.
Elsewhere, Tokyo, Sydney, Singapore, Wellington, Taipei and Jakarta rose, with Seoul and Manila in the red.
Trump also Monday said he will impose antidumping duties on most imports of fresh tomatoes from Mexico, with the US Commerce Department accusing its neighbour of engaging in unfair trade.
That came after he said he would hit the country and the European Union with 30 percent levies, having announced a slew of measures against key partners last week if deals are not struck by August 1.
However, analysts said investors viewed the warnings as negotiating ploys rather than a genuine move, citing previous threats that were later rowed back.
The mixed performance in Asian markets followed a healthy day on Wall Street, where the Nasdaq hit another record high.
Bitcoin edged down after hitting a record high above $123,200 on Monday thanks to optimism over possible regulatory changes for crypto assets in the United States.
Tokyo - Nikkei 225: UP 0.1 percent at 39,507.28 (break)
Hong Kong - Hang Seng Index: UP 0.5 percent at 24,315.92
Shanghai - Composite: DOWN 0.4 percent at 3,503.99
Euro/dollar: UP at $1.1674 from $1.1670
Pound/dollar: UP at $1.3434 from $1.3428
Dollar/yen: DOWN at 147.63 yen from 147.77 yen
Euro/pound: UP at 86.90 pence from 86.88 pence
West Texas Intermediate: DOWN 0.4 percent at $66.70 per barrel
Brent North Sea Crude: DOWN 0.3 percent at $68.98 per barrel
New York - Dow: UP 0.2 percent at 44,459.65 (close)
London - FTSE 100: UP 0.6 percent at 8,998.06 (close)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Int'l Business Times
an hour ago
- Int'l Business Times
Institutional Investment Strategies & Regulatory Clarity Driving Crypto Bull Run
In 2024, cryptocurrencies once again entered a bull market. However, unlike the crypto bull markets of 2017 and 2021, when both Bitcoin as well as Altcoins like Ethereum, experienced rapid price appreciation, this time it seems as though Bitcoin is the main beneficiary of renewed bullish sentiment. Cryptocurrency prices can be found on Binance . Take a look at price performance over the past year, and one can see that, while Bitcoin is up by 71.9% over the past twelve months, Ethereum has fallen by around 26.3% . Other major Altcoins, like BNB, Binance's native token have gained since last year, but these gains have trailed that of BTC. This is not surprising. A key driver of this latest crypto bull run has been institutional adoption of Bitcoin. First, in early 2024, the SEC approved the launch of spot Bitcoin ETFs. With a compliance-friendly vehicle for crypto ownership coming online, institutional investors cycled significant capital into these funds. By year's end, the value of all U.S.-listed spot Bitcoin ETFs totaled $104.1 billion , with $27.4 billion of this figure representing investment from institutions with assets under management exceeding $100 million. Then, the election of Donald Trump to a second term as U.S. President spurred another bullish wave, as market participants anticipated his new administration would fast-track regulatory clarity in the United States. So far, confidence in U.S. regulatory clarity has increased, as policymakers on both sides of the aisle finalize a clear and comprehensive crypto regulatory framework . Now, as the latest bull wave calms down, the questions now are whether a new bull wave will emerge, when regulatory clarity becomes reality, and whether major Altcoins, not just Bitcoin, will benefit in terms of price appreciation. For further insight into these questions, let's take a look at a recent interview with a crypto industry leader. 2024-2025 Crypto Bull Run: Driven by Institutional Allocation to Bitcoin Back in 2017, the cryptocurrency bull run was driven in large part by speculation in initial coin offerings (ICOs). During the 2021 bull run, a major factor at play was the rapid rise in popularity of non-fungible tokens (NFTs). The 2024-2025 crypto bull run, however, has been differentiated by both its outsized focus on Bitcoin, and the outsized participation of institutional investors rather than crypto whales and a critical mass of retail traders. Earlier this month, Catherine Chen, Head of VIP and Institutional at Binance, sat down with Behind Binance host Jessica Walker, to discuss the dynamics of the latest crypto bull run , and what it means for crypto prices moving forward. According to Chen, institutional interest in crypto has been steadily growing, with last year's debut of spot cryptocurrency ETFs serving as a "pivotal moment" for institutional adoption. As Chen explained, "at the very minimum all of these institutional investor(s) has a fiduciary duty to at least take a proper look at this asset class and thanks to the introduction of ETF this asset class has also been given the much needed legitimacy." That said, Chen also argues that different types of institutional investors are moving into crypto at differing paces, with larger, more conservative institutional investors still largely sitting on the sidelines. Per Chen, "regulatory clarity" remains the key hurdle. Certain institutional investors, like insurance companies and pension funds, need well-refined regulations in order to move forward with direct crypto investments. What This Means for Bitcoin and Altcoin Prices Although the aforementioned interview focused primarily on institutional adoption, one can infer from this interview what recent institutional adoption trends could mean for both Bitcoin and Altcoin prices moving forward. Based on Chen's insights on regulatory clarity, it's clear that, once the U.S. and other major jurisdictions finalize and implement their cryptocurrency regulatory regimes, this could spur an even greater inflow of capital into this asset class. At first, as seen recently, this may simply mean a further bull run in which Bitcoin continues to experience outsized price appreciation relative to major Altcoins like ETH and BNB. However, in time, this could translate into a more significant bull run for Altcoins as well. Once institutional investors complete their initial allocation to Bitcoin, allocation to ETH and other major Altcoins could pick up as well, especially as new spot Altcoin ETFs make it to market. In short, given the large role institutional investors have played in this latest bull run, it is not surprising that the situation has played out far differently than the above-mentioned 2017 and 2021 bull runs. The Takeaway for Retail Investors With Bitcoin price plateauing, after extended rallies from October 2024 to January 2025, then from April 2025 through May 2025, it may at first seem like this latest bull run is coming to an end. However, per another crypto market expert, HashKey Capital's Xu Han, "the crypto cycle is still in a growth phase." Furthermore, per Han, there is another potential catalyst that could extend the current bull run. That would be the anticipated shift from hawkish to dovish monetary policy by the U.S. Federal Reserve. In other words, if the Feds continue to lower rates, as well as complete its wind-down of institutional tightening, the resultant liquidity boost could be a boon for crypto prices, given historical trends. Retail investors should keep all of this mind, when deciding whether to go bullish or bearish in the current market environment.
Int'l Business Times
an hour ago
- Int'l Business Times
Former Nigerian President Buhari Buried At Family Compound
Former Nigerian president Muhammadu Buhari was buried at his home in northwestern Katsina state Tuesday, with the multiple heads of state in attendance guarded by a heavy security detail. Thousands of Nigerians gathered for public prayers in the town of Daura before the former leader was laid to rest in private at his family compound, which had been bustling with mourners paying their respects since his death over the weekend. Buhari, who died at the age of 82 in a London clinic on Sunday, ruled Nigeria first as a military strongman in the 1980s and then later as a self-described "converted democrat", serving two terms as president from 2015 to 2023. Nigerian President Bola Tinubu, Africa's wealthiest billionaire Aliko Dangote, the president of Guinea-Bissau and prime minister of Niger, as well as former Niger president Mahamadou Issoufou were all in attendance, local media reported. The presence of Niger's Prime Minister Ali Lamine Zeine came after his country and Nigeria saw diplomatic relations deteriorate since a 2023 coup overthrew Niamey's civilian leaders. As Buhari's body made its way from England to Daura, less than 20 kilometres (about 10 miles) from the Niger border, a massive security presence of police, soldiers and plainclothes officers was deployed in the usually sleepy town. Nigeria, particularly in the north, has for years suffered attacks from insurgent jihadists and armed criminal gangs. Although he was elected on a mandate for change, Buhari's time in office failed to put an end to the violence. He made history in 2015 as the first opposition candidate to defeat an incumbent leader at the ballot box. But Buhari was accused of squandering both political opportunity and popular goodwill in his time at the helm. Economic woes further dogged the oil giant during his tenure, while poverty, corruption and inequality remain entrenched. He retained a reputation for personal austerity, however -- a rarity in cash-soaked Nigerian politics. "Baba will be remembered for his honesty," mourner Kabir Ibrahim told AFP. Images broadcast from inside the family compound showed a military band playing a final send-off for Buhari, whose remains were draped in the green-and-white Nigerian flag, as soldiers saluted and mourners dressed in colourful kaftans bowed their heads. Young men climbed trees overlooking the courtyard to catch a glimpse of the final rites. The flag was removed and his body, draped in white, was buried. Security ahead of the internment was so tight that Buhari's family members found themselves locked out of the family compound Tuesday afternoon, including Fatima Isah, who said she was the ex-president's 78-year-old niece. "Buhari was my provider, but he is no more. To add to my torment, they have refused me entry," said Isah, in between sobs. Muttaqa Mahmud Bebeji, a civil servant, travelled 150 kilometres from the city of Kano to pay his respects among the "sea of the people," calling Buhari "irreplaceable." Despite harsh criticisms of Buhari's presidency, Daura welcomed him home. "Buhari was an upright man who did his best for Nigeria, but he was human and prone to shortcomings," Nasiru Abdullahi, a 35-year-old tyre mechanic, told AFP on the eve of the funeral.
DW
an hour ago
- DW
EU backs Trump Ukraine U-Turn but wants US to 'share burden' – DW – 07/15/2025
The European bloc welcomed a shift in US rhetoric on Ukraine but pressed Washington to chip in. The EU, however, failed to agree on a new round of sanctions on Russia. The European Union's foreign affairs chief may be having something of an "I told you so" moment as US President Donald Trump reverses his past praise of Vladimir Putin and vows to ramp up pressure on Moscow. "We see from the United States that they have also realized that Russia does not really want peace," Kaja Kallas told reporters in Brussels on Tuesday. The former Estonian prime minister made a name for herself as one of Ukraine's staunchest political backers, and warned at this week's EU talks that Russia's bombing campaign had "reached record levels." Kallas and many of her EU counterparts welcomed Washington's shift in rhetoric as they filed into a meeting. "What we experienced yesterday with the new messages from Trump was very, very important," Denmark's Lars Lokke Rasmussen said. But some of the EU's top brass also had notes for the US on its latest announcements, including Washington's threat to slap 100% secondary tariffs on Russia and countries that trade with it unless a peace deal with Ukraine is reached by early September. "The 50 days that Mr. Trump has announced is rather long," Dutch foreign minister Caspar Veldkamp said on the sidelines of Tuesday's talks. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Trump also made headlines Monday with an announcement that he'd be greenlighting sales of Patriot air defense systems and other arms to European countries to send on to Ukraine, just two weeks after Washington paused some arms shipments to Kyiv. The new plan should speed up and expand deliveries of US arms which Ukraine says it needs as it faces increased Russian aerial attacks. Some European countries have already been buying and sending US-made weapons to Kyiv, though the latest scheme could offer more certainty on the permissions needed to swiftly transfer the arms. A US commitment to sell replacements for American-made weapons sent to Ukraine could also encourage European states to ship more of their own military supplies. NATO chief Mark Rutte said the deal would "work through NATO systems" and that European countries including Germany, Finland, Denmark, Sweden and the Netherlands were all interested in taking part. But the US is yet to disclose more details of its new scheme and DW understands the technicalities of exactly how it will work are still being discussed. Trump was, however, quick to cast the new deal as a lucrative business opportunity for the US, stressing Europe would foot the bill. And that seems to be raising some eyebrows among his counterparts across the Atlantic. The EU's Kallas told reporters after Tuesday's meeting that she would like to see Europe and the US "share the burden" of arming Ukraine. "If we pay for these weapons, it's our support — so it's European support — and we are doing as much as we can to help Ukraine. And therefore the call is that everybody would do the same," she said. "If you promise to give the weapons then say that somebody else is going to pay for it, it's not really given by you, is it?" Kallas added. Denmark's Rasmussen made a similarly veiled allusion. "We are providing a lot of funding for Ukraine to buy whatever weapons and ammunition they need … But I mean, I would very much like to see all our partners actually also contributing if we want this war to stop," he said. While the US ranks as Ukraine's single largest donor since its full-scale invasion by Russia, the European Union as a whole has spent roughly the same amount as Washington over the same period, according to data from the Kiel Institute cited by Radio Free Europe. The EU outspends the US when the cost of hosting and assisting Ukrainian refugees is factored in. EU states may be breathing a sigh of relief after the US policy shift, but policy analyst Torrey Taussig says it's too soon to judge whether Trump's stance has changed for good. "There has been a seesaw approach to this relationship throughout the last several months of this administration, and I wouldn't be surprised if this relationship, the US-Ukrainian relationship, still has more turns that it can take," the former US government official turned Atlantic Council fellow told DW. "I'm very reluctant to call this a strategic shift in the US-Ukrainian relationship," she added, though added that the two sides' ties now seem far more "positive." To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video With European countries racing to boost their own defenses amid pressure from the US and a broader rethink of the EU's geopolitical fragility, governments have been debating how much of a planned military spending splurge should go to US weapons. Arms purchases, especially those involving large weapons systems, tend to lock the buyer into a years-long relationship with the seller, from production to delivery to future repairs. Experts say ending Europe's dependency on the American-made weapons, logistics and intelligence capacities it lacks could take at least a decade — and with US foreign policy proving unpredictable, that leaves some worried. EU heavyweight France has pushed for more European-only purchases, frustrating some other states which argued this only serves to slow down the process of getting weapons into European and Ukrainian hands. The latest US-led plan may be seen by some as a blow to France's efforts, with the potential for more European money to flow toward US arms manufacturers. As Europe nudges the US to do more to support Ukraine and punish Russia, the bloc's own efforts are faltering. Kallas said she was "really sad" that ministers failed to adopt an 18th round of EU sanctions on Moscow on Tuesday due to a holdout by Slovakia. The landlocked central European state has been protesting planned EU laws to ban all sales of Russian gas, and Prime Minister Roberto Fico said in an online post on Tuesday that Slovakia had asked the EU to postpone the vote on sanctions while his government mulled its response to an exchange with the EU's executive aimed at ending the stalemate. Kallas said she was "optimistic" an agreement could be struck among EU states in the coming days.
