European shares climb as US-China trade tensions ease
EUROPEAN shares rose on Friday as investors assessed signs of easing trade tensions between the United States and China, lifting hopes of further trade deals before the deadline for U.S. tariff pause is lifted in July.
The pan-European STOXX 600 index advanced 0.6% at 540.67 points, as of 0707 GMT. The index was on track to log its first weekly gain in three weeks. Other major regional indexes also traded higher.
A White House official said on Thursday that the U.S. reached an agreement with China on how to expedite rare earths shipments to the United States.
With worries about tensions in the Middle East taking a backseat for now, investor focus is on signs of progress on new trade deals before a respite on higher tariffs threatened by U.S. President Donald Trump expires in early July.
EU leaders discussed new proposals from the U.S. on a trade deal at a summit in Brussels on Thursday. Commission President Ursula von der Leyen did not ruling out the likelihood of tariff talks failing, saying 'all options remain on the table'.
European auto stocks led sectoral gains with a 1.5% climb. Media shares advanced 1.2%.
German sportswear makers Puma and Adidas gained 4.3% and 2.9% respectively, after U.S. peer Nike's first-quarter revenue outlook exceeded market expectations.
In U.S., investors await the release of the core PCE price index due later in the day.
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New Straits Times
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- New Straits Times
Concerted efforts to cut food import dependence through urban farming
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The Sun
3 hours ago
- The Sun
US Senate Republicans push Trump tax-cut bill ahead of July 4 deadline
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The Sun
3 hours ago
- The Sun
Labuan pushes urban farming to cut food import reliance
LABUAN: Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa has stressed the need for coordinated efforts to reduce Labuan's heavy dependence on imported food. She highlighted urban and alternative farming as key solutions to overcome the island's limited agricultural land. Speaking at the launch of the Interim Report on the 2024 Agriculture Census in the Federal Territories, Dr Zaliha acknowledged Labuan's challenges, including land scarcity and connectivity issues. However, she emphasised the importance of sustainable food policies to secure raw material supplies for locals. 'Our efforts are to ensure adequate food supplies for the Labuan community despite the shortage of land and (limited) connectivity,' she told reporters. With only 0.22 per cent of Labuan's land zoned for agriculture, conventional farming is impractical. Dr Zaliha proposed hydroponics and urban farming as viable alternatives. She warned that over-reliance on imports could lead to price volatility and higher living costs. To address this, Labuan Corporation, alongside the Department of Agriculture and other agencies, will assess food self-sufficiency levels, particularly for staples like chicken, meat, eggs, and vegetables. Dr Zaliha also envisioned Labuan as a 'living laboratory' for sustainable food systems, drawing inspiration from European urban food districts. She suggested establishing a centre of excellence involving research institutions to explore food alternatives such as lab-grown meat and cellular fermentation. Additionally, she directed Labuan Corporation to identify potential agricultural land to enhance food security.
