The Asia Trade 7/15/25
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Hong Kong and Sydney with Annabelle Droulers and Haidi Stroud-Watts, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
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CNN
28 minutes ago
- CNN
3 key looming Trump decisions will shape the future of the economy
'It's ultimately up to the president to decide.' That's more or less the go-to line for Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and a host of other top Trump aides and White House officials when they share the administration's plans for tariffs and trade negotiations. With the August 1 deadline for higher tariffs rapidly approaching, President Donald Trump has a week to make a number of critical decisions about trade that could shape the future of the US and global economies. Trump in early April paused most of his so-called reciprocal tariffs. They're set to resume next Friday. But one of the few tariffs that Trump put in place on April 2 that has since stuck is the 10% universal tariff on virtually all goods coming into the United States. In recent weeks, Trump has suggested that he could raise that minimum tariff — perhaps even doubling it. 'We're just going to say all of the remaining countries are going to pay, whether it's 20% or 15%. We'll work that out now,' Trump told NBC News on July 10. He has since floated 15% a number of times. Trump has sent letters to the leaders of more than a dozen countries over the course of the past few weeks, setting new tariff rates that are scheduled to go into effect August 1. But Trump has a crucial decision to make about every other country: What tariff will they pay? Most market observers expect the new universal tariff to be set at 15%, because recent trade agreements with Japan, Indonesia, the Philippines and Vietnam were all at or above that level. The Financial Times on Wednesday reported that the European Union is nearing a trade agreement with the United States that sets tariffs on EU goods exported to the United States at 15%. 'After seeing the 15% tariff levied on all Japanese imported goods, let's assume that the new baseline tariff rate will be that, instead of 10%, on all imported goods,' said Peter Boockvar, chief investment officer of One Point BFG Wealth Partners, in a note to investors Wednesday morning. Trump's tariffs that are currently in effect have raised the effective US tariff rate — the average tax that US importers pay on foreign goods — from around 2% to 18%, the highest since 1934, economists at Yale's Budget Lab said in a recent report. That works out to $2,400 a year in added costs for the average American household. A higher universal tariff, if that's what Trump ultimately decides to implement, would add to that cost. With $3.3 trillion of annual imported goods, subtracting the $400 billion of tariff-exempted items from Canada and Mexico, that means roughly $2.9 trillion of goods each year will be taxed at 15% — $435 billion of taxes paid by US consumers and businesses, Boockvar noted. That's a lot of money: For comparison, that's only $90 billion less than what all corporations pay in US income taxes each year. Trump has repeatedly suggested that he would put major tariffs on pharmaceuticals that are manufactured outside the United States — the vast majority of US drugs — starting August 1. A crucial decision for Trump: What will that tariff be, how will it be rolled out, and which drugs will be covered under the new tax? Trump on July 8 said he would place 200% tariffs on pharmaceuticals 'very soon,' but he noted they may not take full effect for some time to allow drugmakers time to make plans to move to the US. Trump has paused industry-based tariffs before, including autos and auto parts, after company leaders complained that the immediate tariffs gave them insufficient time to shift production to the United States — a costly process that can take years. It's not clear what Trump's timeframe or plans may be. Trump has floated drug tariffs for months, but has yet to provide any concrete plans. Patient advocates and drug supply chain experts warn that tariffs would probably lead to higher drug prices and exacerbate drug shortages. The Trump administration launched an investigation into pharmaceutical imports in mid-April, setting the stage to impose tariffs on national security grounds. The White House and some proponents have argued that the United States needs more domestic drug manufacturing so it does not have to rely on other countries for its supply of medicines. But any increase in US domestic drug production would probably take years to implement. Although some drugmakers — most recently AstraZeneca — have announced expansions of their US-based manufacturing initiatives, some were in the works prior to Trump taking office in January, and those factories would not be able to entirely supplant foreign exports to the United States. A last crucial decision: Trump needs to decide whether he will ultimately allow the massive new tariffs on countries around the world to go into effect — or to delay them again. After April 2, when Trump put the reciprocal tariffs in place, markets tumbled. By April 9, markets had flirted multiple times with bear market territory, tumbling nearly 20% from the record high they had hit just several weeks earlier. The bond market had also begun to show signs that it might break — until Bessent guided Trump away from his harshest tariff levels. But since then, Trump has recorded several trade agreements with foreign countries — most importantly, China and Japan — giving investors a significant sense of relief and certainty. Wall Street also believes that, if necessary, it can put significant pressure on Trump to refrain from his most aggressive trade policies — a theory that has generated the moniker 'TACO,' or 'Trump Always Chickens Out.' With the stock market once again trading at record highs and bond yields stable, Trump may have less incentive to 'chicken out' this time around. However, the better-than-expected agreement with Japan announced Tuesday suggests the White House may be reluctant to push important trading partners too hard, recognizing that the economic pain from high tariffs and potential tit-for-tat retaliation could prove unacceptable to businesses, investors and the public, noted Ulrike Hoffmann-Burchardi, global head of equities for UBS Global Wealth Management. So, some of Trump's most aggressive threats, including a 50% tariff on Brazil as punishment for charges against former President Jair Bolsonaro for alleged attempted election fraud, may ultimately be reduced or paused. CNN's Elisabeth Buchwald, Lex Harvey, Luciana Lopez, Tami Luhby and Meg Tirrell contributed to this report.
Yahoo
30 minutes ago
- Yahoo
CITI RECOGNISED AS BEST INTERNATIONAL BANK IN SINGAPORE IN RECORD HAUL AT THE EUROMONEY AWARDS FOR EXCELLENCE 2025
Citi also named Best Investment Bank for M&A in Singapore CEO Jane Fraser named Banker of the Year Over 50 awards recognize Citi's global network SINGAPORE, July 24, 2025 /PRNewswire/ -- Citi has been named the Best International Bank and Best Investment Bank for M&A in Singapore at the Euromoney Awards for Excellence 2025. The bank won 17 awards across Asia, including the Best International Bank award in six markets and Asia's Best Investment Bank for DCM, a strong testament to the leadership and strength of the business within the region. In total, Citi won a record 52 global, regional and local market awards from Euromoney, including CEO Jane Fraser's "Banker of The Year" award, at the annual Euromoney Awards for Excellence 2025 event held in London. The Banker of the Year award recognized Jane's unique leadership style and ability to influence significant change across the bank, highlighting Citi's record financial performance in recent quarters and across each of its five businesses. "Euromoney names Jane Fraser its banker of the year for her decisive action to reshape Citi into a simpler and more coherent bank, bringing the firm new business momentum over the past year," said Euromoney in the editorial write-up announcing the award. Fraser said, "These awards are a testament to the extraordinary dedication of our colleagues around the world. Their hard work, innovation and commitment to our clients are driving Citi forward. I'm proud of the progress we're making against our strategy — and this recognition affirms that we're on the right path." "Citi has been in Singapore since 1902 and has grown into a full-service partner for clients here. As Euromoney's Best International Bank in Singapore, we are proud to provide our clients with access to our international network and expertise in Banking, Markets, Services, and Wealth, and remain committed to serving our clients and meeting their needs," said Tibor Pandi, Singapore Citi Country Officer and Banking Head. Euromoney, a leading global financial markets magazine, recognizes the best in banking across key areas that are most important to a bank's key stakeholders, clients, board and executive management teams. The period of consideration for the awards was the 2024 calendar year. In its 30th edition, the 2025 Euromoney Awards recognized Citi as: The World's Best Investment Bank for Financing The World's Best Investment Bank for Debt Capital Markets (DCM) The World's Best for Research The World's Best Digital Bank for Large Corporates Asia's Best Investment Bank for DCM About Citi Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at | X: @Citi | LinkedIn: | YouTube: | Facebook: View original content to download multimedia: SOURCE Citi
Yahoo
30 minutes ago
- Yahoo
EFG first half profit grows on insurance settlement gains
EFG International's profit grew in the first half of 2025, benefitting from an insurance settlement with a Taiwanese insurance firm. The Swiss private bank registered a net profit of Sfr 221.2m ($279m) in H1 2025, a 36% rise from the previous year, largely driven by a Sfr45.4m net gain from the insurance recovery. Excluding the gain from insurance settlement, the bank's net profits grew by 8% to Sfr175.8m. Its net new assets amounted to Sfr 5.4bn, translating to an annualised growth rate of 6.5%. This figure surpasses the bank's target range of 4-6%. However, assets under management experienced a dip, totalling Sfr162.3bn at the end of June 2025, down 2% compared with the end of 2024. According to a statement from the bank, this was primarily due to negative foreign exchange impacts amounting to Sfr11.7bn, which outweighed 'strong' inflows and 'positive' market performance. Operating income increased by 15% to Sfr853.9m, bolstered by an increase in net banking fees and commission income, alongside stable net interest income. However, operating expenses rose, increasing by 4% to Sfr 573.6m, due to the bank's investment in expanding its talent pool and client coverage. The cost/income ratio showed improvement, settling at 66.7%, or 71.2% when excluding the insurance recovery, compared with 72.6% recorded in H1 2024. As of 30 June, EFG's CET1 ratio was 17.1%, total capital ratio was 20.6%, and liquidity coverage ratio stood at 255%. Despite the positive results, EFG maintains a "cautious stance" regarding the market outlook for the latter half of 2025 and the future, acknowledging the ongoing complexity of the operating environment. The bank has also revised its cost savings expectations, now aiming to deliver annual savings of Sfr 66m from 2023 to 2025, an increase from the previously announced Sfr 60m. As of the end of June, EFG has already realised CHF 63 million of these savings. Additionally, the board of directors of EFG International has approved a share buyback programme, targeting the repurchase of up to 9 million EFG shares by 31 July 2026. This initiative aims to fund variable deferred share-based compensation for employees and will be conducted through market-sensitive open market purchases by a third party. EFG CEO Giorgio Pradelli said: 'This strong result reflects the consistent and successful delivery of our strategy which builds on organic growth complemented by strategic acquisitions. Over the last 18 months, we have attracted over CHF 15 billion of net new assets and are adding more than CHF 10 billion to our asset base through the announced acquisitions. 'At the same time, we are mindful of the challenges ahead, in particular the structural weakness of the US dollar and the expected interest rate cuts. However, with our well-diversified business model and offering, we are well positioned to generate further sustainable and profitable growth. We remain confident about our ability to exceed our 2025 ambition.' "EFG first half profit grows on insurance settlement gains" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
