Samsung Electronics to buy FläktGroup for 1.5 billion euro
($1 = 0.8937 euros)
(Reporting by Hyunjoo Jin and Jack Kim; Editing by Ed Davies)
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New Straits Times
23 minutes ago
- New Straits Times
Stocks cheer the art of Trump's trade deals after EU agreement
The US struck a framework trade agreement with the European Union, imposing a 15 per cent import tariff on most EU goods – half the threatened rate – a week after agreeing to a trade deal with Japan that lowered tariffs on auto imports. Countries are scrambling to finalise trade deals ahead of the Aug 1 deadline, with talks between the US and China set for Monday in Stockholm amid expectation of another 90-day extension to the truce between the top two economies. "A 15 per cent tariff on European goods, forced purchases of US energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "A big win for the US." S&P 500 futures rose zero point four per cent and the Nasdaq futures gained 0.5 per cent, while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly one per cent. In Asia, Japan's Nikkei slipped after touching a one-year high last week while MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27 per cent, just shy of the almost four-year high it touched last week. While the baseline 15 per cent tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30 per cent rate. The deal with the EU provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. "Putting it all together, what we've seen with Japan, with the EU, with the talks which are due to be held in Stockholm between the US and China, it really does negate the risk of a prolonged trade war," said Tony Sycamore, market analyst at IG. "The importance of the August tariff deadline has significantly been diffused." The Australian dollar, often seen as a proxy for risk sentiment, was 0.12 per cent higher at US$0.65725 in early trading, hovering around the near eight-month peak scaled last week. FED, BOJ AWAIT In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly US employment report and earnings reports from megacap companies Apple, Microsoft and Amazon. While the Fed and the BOJ are expected to stand pat on rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine if tariffs are worsening inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have heightened, with Trump repeatedly denouncing Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. ING economists expect December to be the likely starting point for rate cuts, but it "may be a 50 basis point cut, if the evidence on weaker jobs and GDP growth becomes more apparent as we anticipate." "This would be a similar playbook to the Federal Reserve's actions in 2024, where it waited until it was completely comfortable to commit to a lower interest rate environment," they said in a note.
New Straits Times
23 minutes ago
- New Straits Times
Gold hits near two-week low after US, EU agree to tariff deal
NEW YORK: Gold prices fell on Monday to their lowest in nearly two weeks, as a framework trade agreement between the United States and European Union reduced appetite for safe-haven assets. Spot gold was down zero point one per cent at US$3,332.39 per ounce, as of 0020 GMT, after touching its lowest level since July 17. US gold futures edged zero point one per cent lower to US$3,332.50. The US struck a framework trade agreement with the European Union on Sunday, imposing a 15 per cent import tariff on most EU goods – half the threatened rate – and averting a bigger trade war between the two allies that account for almost a third of global trade. The agreement mirrors key parts of the framework accord reached by the US with Japan, but like that deal, it leaves many questions open, including tariff rates on spirits, a highly charged topic for many on both sides of the Atlantic. Investor sentiment improved following the deal, with European currencies and US stock index futures trading higher. Senior US and Chinese negotiators will meet in Stockholm on Monday to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies, aiming to extend a truce keeping sharply higher tariffs at bay. The US dollar index eased zero point one per cent, making greenback-priced bullion less expensive for overseas buyers. The Federal Reserve is widely expected to leave its benchmark interest rate in the 4.25–4.50 per cent range at the conclusion of a two-day policy meeting on Wednesday. Fed Chair Jerome Powell has indicated the central bank should wait for further economic data before making any rate adjustments. US President Donald Trump said on Friday he had a positive meeting with Powell, suggesting the Fed chief might be inclined to lower rates. Spot silver was up zero point one per cent at US$38.17 per ounce, while platinum gained zero point nine per cent to US$1,413.50 and palladium rose zero point five per cent to US$1,225.25.
Free Malaysia Today
2 hours ago
- Free Malaysia Today
EU, US strike ‘biggest-ever' trade deal
President Donald Trump and EU chief Ursula von der Leyen seal a trade deal with a handshake at Trump Turnberry golf resort in Scotland. (AP pic) TURNBERRY : The United States and European Union on Sunday clinched what President Donald Trump described as the 'biggest-ever' deal to resolve a transatlantic tariff stand-off that threatened to explode into a full-blown trade war. Trump emerged from a high-stakes meeting with European Commission President Ursula von der Leyen at his golf resort in Scotland to announce that a baseline tariff of 15% would be levied on EU exports to the US. The deal, which the leaders struck in around an hour, came as the clock ticked down on an Aug 1 deadline to avoid an across-the-board US levy of 30% on European goods. 'We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity,' said Trump. Trump said the 15% tariff would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. As part of the deal, Trump said the 27-nation EU bloc had agreed to purchase 'US$750 billion worth of energy' from the United States, as well as make US$600 billion in additional investments. Von der Leyen said the 'significant' purchases of US liquefied natural gas, oil and nuclear fuels would come over three years, as part of the bloc's bid to diversify away from Russian sources. Negotiating on behalf of the EU's 27 countries, von der Leyen had been pushing hard to salvage a trading relationship worth an annual US$1.9 trillion in goods and services. 'It's a good deal,' the EU chief told reporters. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic,' she said. She said bilateral tariff exemptions had been agreed on a number of 'strategic products,' notably aircraft, certain chemicals, some agricultural products and critical raw materials. Von der Leyen said the EU still hoped to secure further so-called 'zero-for-zero' agreements, notably for alcohol, which she hoped to be 'sorted out' in coming days. Trump also said EU countries – which recently pledged to ramp up their defence spending within Nato – would be purchasing 'hundreds of billions of dollars worth of military equipment.' 'Best we could get' The EU has been hit by multiple waves of tariffs since Trump reclaimed the White House. It is currently subject to a 25% levy on cars, 50% on steel and aluminium, and an across-the-board tariff of 10%, which Washington threatened to hike to 30% in a no-deal scenario. The bloc had been pushing hard for tariff carve-outs for critical industries from aircraft to spirits, and its auto industry, crucial for France and Germany, is already reeling from the levies imposed so far. 'Fifteen percent is not to be underestimated, but it is the best we could get,' acknowledged von der Leyen. Any deal will need to be approved by EU member states – whose ambassadors, on a visit to Greenland, were updated by the commission Sunday morning. They were set to meet again after the deal struck in Scotland. German chancellor Friedrich Merz rapidly hailed the deal, saying it avoided 'needless escalation in transatlantic trade relations'. But German exporters were less enthusiastic. The powerful BDI federation of industrial groups said the accord would have 'considerable negative repercussions' while the country's VCI chemical trade association said the accord left rates 'too high'. The EU had pushed for a compromise on steel that could allow a certain quota into the US before tariffs would apply. Trump appeared to rule that out, saying steel was 'staying the way it is', but the EU chief insisted later that 'tariffs will be cut and a quota system will be put in place' for steel. 'The big one' While 15% is much higher than pre-existing US tariffs on European goods, which average around 4.8%, it mirrors the status quo, with companies currently facing an additional flat rate of 10%. Had the talks failed, EU states had greenlit counter tariffs on US$109 billion (€93 billion) of US goods including aircraft and cars to take effect in stages from Aug 7. Trump has embarked on a campaign to reshape US trade with the world, and has vowed to hit dozens of countries with punitive tariffs if they do not reach a pact with Washington by Aug1. Asked what the next deal would be, Trump replied: 'This was the big one. This is the biggest of them all.'
