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ABC News
2 hours ago
- ABC News
PM to cover trade, investment in meeting with China's President
Prime Minister Anthony Albanese is sitting down with China's President Xi Jinping today for the most important meeting of his six-day trip to China. While the Government is selling it as a trade and investment tour, there are also prickly issues to deal with - from human rights, to the controversial lease of Darwin Port.
Perth Now
2 hours ago
- Perth Now
Asian shares rise, dollar firms ahead of US earnings
Asian shares have climbed and the dollar held gains as trade talks remained in the spotlight in a week that will see key readings on US inflation and bank earnings. Oil prices edged lower after US President Donald Trump issued a 50-day deadline for Russia to end the war in Ukraine to avoid energy sanctions. Japanese government bonds yields jumped to multi-decade high as a critical upper house election neared. Trump signalled he was open to discussions on tariffs after his weekend threat to impose 30 per cent duties on the European Union and Mexico from August 1. Japan is reportedly trying to schedule high-level talks with the US this Friday. Market reaction to the tariff uncertainty has been rather benign, making earnings in the United States this week all the more important for cues, National Australia Bank strategist Rodrigo Catril said. "It'll be interesting to see what companies are saying, in particular in terms of the forward-looking outlook, in terms of where they see the next quarter, how they see their margins, are they going to get squeezed, or are they planning to pass it on," Catril said in a NAB podcast. "I think that this idea of complacency is also because we're not quite sure how this whole thing is going to play out," he added. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent after US stocks ended the previous session with meagre gains. Japan's Nikkei index added 0.2 per cent. The EU accused the US of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached. Trump said he was open to further discussions with the EU and other trading partners. Japan's Prime Minister Shigeru Ishiba is arranging to meet US Treasury Secretary Scott Bessent in Tokyo on Friday, the Yomiuri newspaper reported, ahead of an August 1 deadline before 25 per cent tariffs are due to take effect. Ishiba also has an election to contend with on Sunday, with polls showing his ruling coalition may lose their majority in the upper house to political opponents who are advocating for expansive spending. The benchmark 10-year JGB yield jumped to 1.595 per cent, highest since October 2008, while the 30-year yield hit an all-time high of 3.195 per cent. Meanwhile, the US earnings season is set to begin on Tuesday, with second-quarter reports from major banks. S&P 500 profits are expected to rise 5.8 per cent year-over-year, according to LSEG data. The outlook has dimmed sharply since the early April forecast of 10.2 per cent growth, before Trump launched his trade war. Investors are also waiting for US consumer price data for June, due on Tuesday, and will monitor for any upward pressure on prices from tariffs. The dollar was little changed at 147.71 yen after touching a three-week high. The euro was flat at $US1.1672. US crude dipped 0.3 per cent to $US66.80 a barrel. Trump announced new weapons shipments for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Gold inched up 0.1 per cent at $US3,348.35 per ounce, while spot silver gained 0.1 per cent to $US38.15 per ounce, after hitting its highest level since September 2011 in the previous session. In early trades, the pan-region Euro Stoxx 50 futures were up 0.1 per cent, German DAX futures were up 0.1 per cent, and FTSE futures were up 0.2 per cent. US stock futures, the S&P 500 e-minis, were down 0.1 per cent.
ABC News
8 hours ago
- ABC News
India orders airlines to check fuel switches on Boeing jets after deadly crash
India has ordered its airlines to examine fuel switches on several Boeing models, as scrutiny intensifies over the fuel switch locks at the centre of an investigation into last month's deadly Air India crash. South Korea said it would also order a similar measure, despite Boeing and the US Federal Aviation Administration (FAA) telling airlines and regulators in recent days that the locks were safe. A preliminary report into the Air India jet crash, which killed 260 people, found the switches had almost simultaneously flipped from the run position to cut-off shortly after take-off. The report noted a 2018 advisory from the FAA, which recommended but did not mandate operators of several Boeing models, including the 787, to inspect the locking feature of the switches to ensure they could not be moved accidentally. In an internal memo on Monday, local time, Air India chief executive Campbell Wilson said the investigation into the crash was far from over, with a final report expected within a year. "The preliminary report identified no cause nor made any recommendations, so I urge everyone to avoid drawing premature conclusions," he said. India's directorate general of civil aviation said it had issued an order to investigate locks on several Boeing models including 787s and 737s, after several Indian and international airlines began making their own inspections of fuel switches. The regulator oversees the world's third-largest and fastest-growing aviation market, with Boeing aircraft used by three of the country's four largest airlines. A spokesperson for the South Korean transport ministry said checks there were in line with the 2018 advisory from the FAA, but it did not give a timeline on when they would be completed. Boeing referred questions from Reuters to the FAA, which was not immediately available to comment outside regular hours. Some other global airlines have been weighing their own inspections or begun their own checks. In a statement, Japan's JAL said safety was its top priority. "We are closely monitoring the investigation into the incident and will implement any necessary inspections based on its findings," it said. Air India Group started checking the locking mechanism on the fuel switches of its Boeing 787 and 737 fleets over the weekend and had discovered no problems yet, a source familiar with the matter told Reuters. About half of the group's 787s have been inspected and nearly all of its 737s, the source added, saying inspections were set to be completed in the next day or two. On Sunday, Reuters reported that Boeing and the FAA privately issued notifications to airlines and regulators that the fuel switch locks on Boeing planes were safe and checks were not required. The Air India crash preliminary report said the airline had not carried out the FAA's suggested inspections because the FAA's 2018 advisory was not a mandate. It also said maintenance records showed that the throttle control module, which includes the fuel switches, was replaced in 2019 and 2023 on the plane involved in the crash. ABC/Reuters
