Toyota's second-quarter US auto sales rise 7.2%
The Japanese automaker's sales rose 7.2 per cent to 666,469 units, from a year ago.
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CNA
23 minutes ago
- CNA
Stocks gain after weak ADP, gilt yields surge on finance minister worries
NEW YORK :Global stocks were roughly unchanged after U.S. data showed a surprisingly weak reading on the labor market while British government bond yields surged on growing speculation about the future of the country's finance minister. The ADP National Employment Report showed private payrolls dropped by 33,000 jobs last month after a downwardly revised 29,000 increase in May and well below the 95,000 increase expected by economists polled by Reuters. The data comes ahead of Thursday's government payrolls report, although there is little, if any, correlation between the two. Market expectations for a July rate cut by the U.S. Federal Reserve climbed to just over 27 per cent after the data, up from 20.7 per cent in the prior session, according to CME's FedWatch Tool. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the U.S. economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labor market," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. On Wall Street, the S&P 500 and Nasdaq were modestly higher, buoyed in part by a bounce in Tesla after the stock dropped 5.3 per cent on Tuesday. Tesla shares were last up 4.5 per cent after the electric automaker posted its quarterly deliveries. The Dow Jones Industrial Average fell 41.48 points, or 0.09 per cent, to 44,453.72, the S&P 500 rose 13.84 points, or 0.22 per cent, to 6,211.70 and the Nasdaq Composite rose 138.79 points, or 0.69 per cent, to 20,341.01. MSCI's gauge of stocks across the globe rose 1.39 points, or 0.15 per cent, to 918.79 and was on track for its fourth gain in the past five sessions, while the pan-European STOXX 600 index rose 0.09 per cent as investors looked for signs of trade deals ahead of U.S. President Donald Trump's July 9 tariff deadline. Longer-dated U.S. Treasury yields rose, with the benchmark U.S. 10-year note up 4.8 basis points to 4.297 per cent, while the shorter-end was lower after the ADP data. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 0.9 basis points to 3.768 per cent. British government bond yields surged, at one point jumping nearly 23 basis points, the most since October 2022, after finance minister Rachel Reeves appeared visibly distressed in parliament, a day after the government sharply scaled back plans to cut benefits. The yield on the 10-year government bond, or gilt, was last up 11.5 basis points at 4.572 per cent. Sterling tumbled 1.17 per cent to $1.3584 and was on pace for its biggest daily percentage drop since April 7. The dollar index, which measures the greenback against a basket of currencies, rose 0.44 per cent to 97.06 and was on track to snap a streak of nine straight declines, with the euro down 0.33 per cent at $1.1766. Trump said on social media on Wednesday that the U.S. has struck a trade deal with Vietnam. He had previously said he was not considering extending the deadline for countries to negotiate trade deals, even as negotiations with top trade partner Japan failed to make headway, although he expected a deal with India. Investors were also watching for signs of progress in Trump's massive tax and spending bill - which is expected to add $3.3 trillion to the national debt, slash taxes and reduce social safety net programs - as it now heads to the House of Representatives. Republican leaders set an initial procedural vote on the bill at 1300 GMT. U.S. crude ticked up 0.03 per cent to $65.47 a barrel and Brent rose to $67.23 per barrel, up 0.18 per cent on the day as Iran suspended cooperation with the U.N. nuclear watchdog. But a surprise build in U.S. crude supplies limited gains.
CNA
41 minutes ago
- CNA
Trump says US struck trade deal with Vietnam
WASHINGTON: United States President Donald Trump said on Wednesday (Jul 2) that the US has struck a trade deal with Vietnam, after months of negotiations, that imposes a 20 per cent tariff rate on many imports from the Southeast Asian country. The rate is lower than the initial 46 per cent levy Trump announced in April on goods from Vietnam, largely as a result of its big trade surplus with Washington. "It is my Great Honour to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump said on Truth Social. Trump said that goods from Vietnam would face a 20 per cent tariff and that any transshipments from third countries would face a 40 per cent levy. Vietnam would also provide the US with more market access, with US exports to the country facing no tariffs, he said. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the US, will be a wonderful addition to the various product lines within Vietnam," Trump said.
CNA
an hour ago
- CNA
Oil prices gain as Iran suspends cooperation with UN nuclear watchdog
NEW YORK :Oil futures edged up on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog but a surprise build in U.S. crude supplies limited gains. Brent crude was up 39 cents, or 0.6 per cent, to $67.50 a barrel at 10:44 a.m. EDT, while U.S. West Texas Intermediate crude rose 31 cents, or 0.5 per cent, to $65.76 a barrel. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East have ebbed following a ceasefire between Iran and Israel. Iran enacted a law on Wednesday that stipulates any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. The country has accused the agency of siding with Western countries and providing a justification for Israel's air strikes. "The market is pricing in some geopolitical risk premium from Iran's move on the IAEA," said Giovanni Staunovo, a commodity analyst at UBS. "But this is about sentiment, there are no disruptions to oil." Limiting gains on Wednesday, U.S. crude inventories rose by 3.8 million barrels to 419 million barrels last week, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel draw. Gasoline demand dropped to 8.6 million barrels per day, prompting concerns about consumption in the peak summer driving season. "During summer time, 9 million (bpd) is basically the line in the sand to define a healthy market," said Bob Yawger, director of energy futures at Mizuho. "We're now well below that. That's not a good sign." Meanwhile, planned supply increases by the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, appear already priced in by investors and are unlikely to catch markets off-guard again imminently, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 bpd next month when it meets on July 6, a similar amount to the hikes agreed for May, June and July. Saudi Arabia lifted shipments in June by 450,000 bpd from May, according to data from Kpler, its biggest increase in more than a year. However, overall OPEC+ exports are relatively flat to slightly down since March, Staunovo said. He expects this trend to persist over the summer as hot weather drives higher energy demand. The release of the key U.S. monthly employment report on Thursday will shape expectations around the depth and timing of interest rate cuts by the Federal Reserve in the second half of this year, said Tony Sycamore, an analyst at IG.
