Stock Movers: West Pharma, Chipotle, Southwest
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
Dollar strong as Trump imposes new tariff rates; yen sinks to four-month low
By Kevin Buckland TOKYO (Reuters) -The dollar headed for its best week in almost three years against its major peers, maintaining momentum on Friday after U.S. President Donald Trump set new tariff rates on dozens of trade partners. The yen touched a four-month low against the greenback, extending its steep decline from Thursday after the Bank of Japan signalled it was in no hurry to resume interest rate hikes. In trade-related moves, the U.S. currency gained ground on the Swiss franc after Trump set a 39% tariff rate on Swiss imports, up from the 31% he previously mooted. Canada's dollar dipped to a more than two-month trough after the country received a 35% levy instead of an earlier threatened 25%. The euro remained pinned near an almost two-month low, as it continues to be weighed down by what markets see as a lopsided trade agreement with Washington. The U.S. dollar stayed strong even though Trump continued his attacks on Federal Reserve Chair Jerome Powell overnight, calling him a "terrible" Fed Chair and calling his own decision to appoint Powell to the position a "mistake". Trump's repeated threats to fire Powell and calls for the Fed to drastically cut rates has put the central bank's independence in question, hurting the dollar in recent months. "In the short-term you can make the case for more dollar strength," said Mike Houlahan, director at Electus Financial in Auckland. "The lion's share of the tariff news has washed through." "The big move of the week has really been the euro getting rerated downwards," he said. "The net result would be the EU-U.S. trade deal is a further headwind for the euro." The U.S. dollar index - which measures the currency against a basket of six major peers including the euro, yen, Swiss franc and Canada's loonie - pushed as high as 100.10 overnight, topping 100 for the first time since May 29. The yen changed hands at 150.64 per dollar after dipping to 150.89 per dollar early on Friday, its weakest since March 28. The euro hovered around $1.1420, not straying far from Wednesday's low of $1.1401, a level not seen since June 10. The franc eased as much as 0.26% to 0.8120 per dollar. The loonie slipped 0.12% to plumb its lowest since May 22 at C$1.3872 versus its U.S. peer. 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
Yahoo
5 minutes ago
- Yahoo
Asian shares fall as US unleashes fresh tariffs, jobs data up next
By Stella Qiu SYDNEY (Reuters) -Asian shares fell on Friday after the U.S. slapped dozens of trading partners with steep tariffs, while investors anxiously await U.S. jobs data that could make or break the case for a Fed rate cut next month. Late on Thursday, President Donald Trump signed an executive order imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations. Rates were set at 25% for India's U.S.-bound exports, 20% for Taiwan's, 19% for Thailand's and 15% for South Korea's. He also increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal. "At this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact," said Tony Sycamore, analyst at IG. "After being obviously caught on the wrong foot in April, the market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time." MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, bringing the total loss this week to 1.5%. South Korea's KOSPI tumbled 1.6% while Japan's Nikkei dropped 0.6%. EUROSTOXX 50 futures dropped 0.5%. Nasdaq futures fell 0.5% while S&P 500 futures slipped 0.3% after earnings from Amazon failed to live up to lofty expectations, sending its shares tumbling 6.6% after hours. Apple , meanwhile, forecast revenue well above Wall Street's estimates, following strong June-quarter results supported by customers buying iPhones early to avoid tariffs. Its shares were up 2.4% after hours. Overnight, Wall Street failed to hold onto an earlier rally. Data showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that price pressures could intensify, while weekly initial jobless claims signalled the labour market remained on a stable footing. Fed funds futures imply just a 39% chance of a rate cut in September, compared with 65% before the Federal Reserve held rates steady on Wednesday, according to the CME's FedWatch. Much now will depend on the U.S. jobs data due later in the day and any upside surprise could lower the chance for a cut next month. Forecasts are centred on a rise of 110,000 in July, while the jobless rate likely ticked up to 4.2% from 4.1%. The greenback has found support from fading prospects of imminent U.S. rate cuts, with the dollar index up 2.4% this week against its peers to 100, the highest level in two months. That is its biggest weekly rise since late 2022. The Canadian dollar was little impacted by the tariff news, having already fallen about 1% this week to a 10-week low. The yen was the biggest loser overnight, with the dollar up 0.8% to 150.7 yen, the highest since late March. The Bank of Japan held interest rates steady on Thursday and revised up its near-term inflation expectation but Governor Kazuo Ueda sounded a little dovish. Treasuries were largely steady on Friday. Benchmark 10-year U.S. Treasury yields ticked up 1 basis point to 4.374%, after slipping 2 bps overnight. In commodity markets, oil prices were steady after falling 1% overnight. U.S. crude rose 0.1% to $69.36 per barrel, while Brent was at $71.84 per barrel, up 0.2%. Spot gold prices were steady at $3,288 an ounce. 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
Yahoo
5 minutes ago
- Yahoo
It's Liberation Day III - and from today, dozens of countries will face painful Trump tariffs
It is "Liberation Day" III - the third tariff deadline set by Donald Trump. From today, countries without bilateral trade agreements face reciprocal tariffs - ranging from 25% to 50% - with a baseline of 15% to 20% for any not making a deal. He has delayed twice, from April to July and from July to August, but hammered this date home in his trademark caps-on style: "THE AUGUST FIRST DEADLINE STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!" "Will not be extended" for anyone but Mexico, it seems. The country secured a 90-day extension at the last minute, with Mr Trump citing the "complexities" of the border. By close of business on the eve of deadline, he had a handful of framework deals - some significant - including the UK (10%), the EU, Japan and South Korea (15%), Indonesia and the Philippines (19%), Vietnam (20%). On the EU agreement, which he struck in Scotland, the president said: "It's a very powerful deal, it's a big deal, it's the biggest of all the deals." But what happened to the "90 deals in 90 days" touted by the White House earlier this year? The short answer is they were replaced by letters of instruction to pay a tariff set by the US. Amid of flurry of late activity, the US played hardball with major trading partners like Canada. "For the rest of the world, we're going to have things done by Friday," said US Commerce Secretary Howard Lutnick - the "rest of the world" meaning everyone but China. There is, apparently, the "framework of a deal" between the world's two largest economies, but talks between Washington and Beijing are continuing. Read more US news: In terms of wins, he can claim some significant deals and point to his tariffs having generated an impressive $27bn (£20.4bn) in June, not bad for a single month. But the legality of the approach is under siege - with the US Court of International Trade ruling that the "Liberation Day" tariffs exceeded the president's authority, with enforcement paused pending appeal. The deadline has stirred the pot, forcing a handful of deals onto the table. Whether they stick or survive legal scrutiny is far from settled. But the playbook remains the same - threaten the world with trade chaos, whittle it down, celebrate the wins, and pray no one checks what's legal.
