China's Shanghai Composite index rise 0.48%
After threatening tariffs on copper and pharma, Trump upped the stakes in his global trade war with a fresh round of tariffs on imports from eight nations.
He imposed a 50 percent tariff on Brazilian imports over Jair Bolsonaro's prosecution, prompting sharp retaliation from President Lula.
Gold edged higher on a softer dollar and lower bond yields while oil prices were little changed in Asian trade on signs of rising U.S. stockpiles and concerns about global economic outlook.
China's Shanghai Composite index rose 0.48 percent to 3,509.68 and Hong Kong's Hang Seng index climbed 0.57 percent to 24,028.37 as investors looked through the latest tariff headlines. EV and real estate stocks rallied after Beijing pledged policy support for job stability.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
31 minutes ago
- Time of India
Space and defense firm Firefly's US IPO filing reveals 2024 revenue growth
By Prakhar Srivastava AE Industrial Partners-backed space and defense technology company Firefly Aerospace on Friday disclosed a 10% rise in 2024 revenue in its filing for an initial public offering in the United States. Firefly revealed a revenue of $60.8 million in 2024, compared to $55.2 million the previous year. The U.S. IPO market is witnessing renewed interest and vigor, especially for space listings, as investors return after months of sluggish activity earlier this year triggered by policy shifts and tariff uncertainty under President Donald Trump. "There is a 'window of opportunity' in space-related IPOs," said IPOX CEO Josef Schuster, adding that there was strong investor appetite for space-related offerings. "This is driven by enthusiasm about the growth prospects of the sector." Space firms Voyager Technologies and Karman Holdings received warm welcomes when they debuted listings earlier this year. Texas-based Firefly designs and manufactures small and medium lift launch vehicles, lunar landers and orbital transfer vehicles. It scored its first Moon landing in March with the Blue Ghost spacecraft, joining a handful of private companies competing to reach the frontlines in a global lunar race. Firefly secured a valuation of $2 billion in a November 2024 funding round. It intends to list on the Nasdaq under the symbol "FLY". Goldman Sachs, JPMorgan, Jefferies and Wells Fargo are the lead underwriters for the offering.
Time of India
33 minutes ago
- Time of India
Copper traders rush metal to Hawaii to capture mega tariff trade
Copper traders racing to get cargoes into the US are looking to shift deliveries into Hawaii and Puerto Rico to cut shipment times, as Donald Trump's plan for 50% tariffs threatens to slam the door on a hugely profitable arbitrage trade that has gripped the industry for months. New York futures spiked to a roughly 25% premium over international benchmark prices in the wake of Trump's initial announcement on Tuesday, which means traders who can deliver metal into the US before the new levies stand to capture an even larger profit — or face big losses if the clock runs out. Trump's announcement points to the culmination of a dramatic shift that has played out in the copper market ever since the president first announced plans to put tariffs on copper in February. The resulting surge in US prices prompted an industry-wide dash to deliver metal into the US; stockpiles inside the country have soared, while the rest of the world faced a mounting supply squeeze. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Car Novels Undo The shipments had been reducing in scale in recent weeks, as some traders started to brace for a tariff announcement, according to people familiar with the market. But there are still large volumes of copper on their way to US ports, they said. Bloomberg Copper inventories in the US are likely to hit 500,000 tons in the coming weeks, roughly half of which is in the key US storage hub of New Orleans, according to estimates from participants active in the market. Metal is also being stored in Port Panama City in Florida. Live Events Frazzled traders described pulling all-nighters through the turmoil as they responded to Tuesday's news, making decisions over what to do with cargoes already on their way to the US, and whether to try to squeeze in further shipments. While tariffs were eventually expected, 50% was higher than many in the market were betting on. The president confirmed that rate in a social-media post late Wednesday, as well as a plan for it to kick in from Aug. 1. Some traders desperate to get their hands on last-minute metal are willing to pay big premiums — offering close to $400 a ton on top of London Metal Exchange prices — and seeking to divert shipments headed for China toward the US instead, according to people involved in the market, who asked not to be identified discussing commercially sensitive information. Buyers are particularly willing to pay more for brands that are eligible for delivery against Comex contracts, meaning that they could re-sell them on the exchange as a last resort if they cannot find other homes for the copper upon arrival in the US. Shipments from Asia to New Orleans typically take over a month, so any traders sending metal now would risk being caught on the wrong side of the tariffs, which are due to become effective at the start of next month. But the journey to Hawaii is roughly ten days, and at least one trader has already completed a shipment to the Pacific state, according to a person familiar with the matter. For producers in South America, Puerto Rico is a similarly attractive delivery point because it is part of the US customs territory, some of the traders said. In Chile, the key supplier of copper to the US, mining companies have been huddled in meetings to discuss how to prioritize shipments to the US through the end of July under their agreements with existing customers. Trump's announcements means that traders now face a race against time — especially those that paid large premiums to get their hands on copper cargoes. They stood to make a huge profit shipping that metal to the US, but now face the risk that the tariffs will be implemented while the metal is on the water. Traders are also wrestling with a long list of unknowns. Besides the timing, Trump's remarks leave questions over which types of copper will be subject to tariffs. Previous metal tariffs imposed by the administration have also exempted cargoes already on the water when the levies take effect, providing potential wiggle room for traders willing to take that risk. The size of the gap between New York and London prices — far below 50% — also suggests a level of uncertainty about whether a 50% tariff will really be universally applied on refined copper imports.
Time of India
34 minutes ago
- Time of India
US judge grants Trump admin request to scrap Biden-era medical debt rule
Washington: A federal judge in Texas on Friday granted a request from the Trump administration and industry groups to scrap regulations adopted during the final days of Joe Biden's presidency that would have removed consumers' medical debts from their credit reports, court papers showed. U.S. District Judge Sean Jordan , whom Trump appointed in 2019, agreed with current leadership of the Consumer Financial Protection Bureau and financial industry trade groups that the rule, adopted in January, exceeded the CFPB's legal authorities and should be vacated. Representatives of the CFPB, which ceased defending the rule after President Donald Trump took office this year, did not respond to a request for comment. However, Dan Smith, head of the Consumer Data Industry Association, welcomed the decision, adding that medical debt helped indicate whether consumers could repay their debts. "This is the right outcome for protecting the integrity of the system," he said in a statement. Former Vice President Kamala Harris had championed the regulation, citing CFPB research indicating that, because consumers incurred medical debts due to accidents and illnesses they did not choose to suffer, the information was of little value in determining whether they could afford to borrow for other reasons. She said the rule was to help people who carry medical debts more easily afford loans for housing and other important purchases by removing $49 billion in medical debts from the credit reports of 15 million Americans. In his decision on Friday, Jordan said a 2003 law on accurate credit reports did not permit the CFPB to do this, adding that voiding the rule was therefore "the appropriate remedy."
