Ben-Gacem: Gulf Increasingly Positioned as Haven
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Yahoo
9 minutes ago
- Yahoo
Countries push for last-minute deals as Thursday tariff deadline looms; Trump claims 'people love the tariffs'
A dizzying array of trade crosscurrents continued Tuesday with a push for last-minute deals, lingering fuzziness on previously announced trade commitments, and indications that a deal to delay tariffs on China is "close." It all comes as global importers brace for a first deadline coming Thursday morning, when Donald Trump promises to implement a central plank of his trade agenda in the form of a tiered approach to "reciprocal" tariffs from 10% to 50%. The president has repeatedly said he's full-speed ahead on his plans and that no delays are likely — even teasing on CNBC Tuesday morning that he probably won't run for president again but that he'd like to, in part because, in his view, "people love the tariffs." (Trump is, of course, barred by the Constitution from running for a third term, but he's often floated the idea.) Some countries clearly aren't big fans at the moment and find themselves on the outside looking in — particularly Switzerland and India. Those two nations face notably divergent situations right now, with the Swiss president announcing she is flying to Washington, D.C., today to try to find last-minute concessions to avert a 39% tariff on goods from her nation. India, meanwhile, has seen its chances of a deal dwindle, with top aides for Indian Prime Minister Narendra Modi also reportedly traveling this week — but to Moscow. Trump downplayed the chances of major concessions with Switzerland during his call with CNBC Tuesday morning and added regarding India that "we settled on 25% [tariffs], but I think I am going to raise that very substantially over the next 24 hours." Trump also weighed in Tuesday morning on talks with China. Markets are closely watching for any signs of an agreement to delay a tariff snapback scheduled for Aug. 12, with Trump saying, "We're getting very close to a deal." The president also added that new sector-specific tariffs on semiconductors and pharmaceuticals are likely and that at least those pharmaceutical tariffs could be announced "within the next week or so." Read more: What Trump's tariffs mean for the economy and your wallet New details for some nations — and a focus on India and Switzerland Meanwhile, there is also some new clarity on some technical details around how the new tariff landscape will likely work beginning at 12:01 a.m. ET on Thursday. US customs officials this week offered additional technical guidance in a new document about how it'll handle some tariff exemptions. The news there may give some select importers a short-term breather. But with a full tally, according to Bloomberg Economics, the average US tariff rate is now expected to rise to 15.2% if duties go forward as planned. That's a jump from current rates of 13.3% and another jump from the 2.3% duties seen in 2024 before Trump took office. That overall landscape set to be in effect Thursday will cover nearly every country on the globe. It also comes after Trump and his team set "bespoke" rates largely based on the trade deficit, with many of America's top trading partners seeing a key new standard of 15% tariff, while others will see higher rates. Read more: 5 ways to tariff-proof your finances Countries from the European Union to South Korea to Japan also struck deals at that 15% rate, but open questions remain. Japan's top trade negotiator is also reportedly due in Washington, D.C., this week for talks to ensure that a plan proceeds to cut auto tariffs to 15%. Likewise, talks with the EU continue as negotiators there are reportedly still pushing for exemptions, such as on wine and spirits. Other Asian countries have struck deals in the 19%-20% range. Trade Representative Jamieson Greer recently said on CBS that the published rates included many agreements, "some of these deals are announced, some are not," with other nations simply being dictated tariffs based on the level of the trade deficit. Switzerland is one nation for which the US has dictated tariffs. Its delegation will be in Washington on Tuesday, set to push for lower rates. But on Tuesday morning, Trump suggested that it would be an uphill climb and that a recent call with the country didn't go well because "they essentially pay no tariffs," even as talks are clearly set to continue there. Meanwhile, any immediate offramp with India appears unlikely because of that nation's connections with Russia and Russian oil. A note Tuesday from Capital Economics suggested that India could, in theory, offer concessions to diversify its energy sources, "but we doubt that India would make a wholehearted effort to wean itself off Russian oil [as it could upset relations and] it would not play well to be seen caving to Trump's demands." At the same time, reports from Bloomberg and the Times of India revealed that two top aides to Indian Prime Minister Narendra Modi are traveling not to the US but to Russia in the coming days and weeks, even amid Trump's ever-escalating threats. Trump on Tuesday morning suggested talks are on ice for now and will be complicated when they resume, adding that "the sticking point with India is that tariffs are too high." Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Forbes
12 minutes ago
- Forbes
Dubai's Luxury Hotel Openings: Rosewood Joins The Race
Many luxury hotels announced new openings in Dubai within a few years. getty Rosewood Hotels & Resorts just announced plans for its first Dubai property by 2029. This marks a significant milestone for the luxury hotel brand in the Gulf. But Rosewood is not alone. In a market long favored by global luxury players, Aman, Baccarat, SHA Wellness and MGM are also racing to secure long-term footholds in Dubai's ultra-luxury hospitality and branded residences sector. Here's a look at who's entering the market—and why now. Rosewood just announced it will open in Dubai with a 195-key hotel and eight private garden villas. Rosewood Rosewood Hotels & Resorts is the latest global player to enter the Dubai market, announcing plans for a landmark debut in the emirate by 2029. The project will include a 195-key hotel, eight villas and 63 branded residences overlooking the Dubai Canal. The site is located within the Peninsula development in Business Bay, a billion-dollar waterfront district by Bright Start—the real estate investment firm also behind Bvlgari Resort Dubai and Aman Dubai. The announcement follows a string of successful, high-profile openings for Rosewood, including new flagships in Amsterdam and Munich. Last summer, the brand also restored and reopen Austria's historic Schloss Fuschl, delivering one of Europe's most impressive hotel revivals. Rosewood already operates hotels in Abu Dhabi, Jeddah in Saudi Arabia, and Qatar's Doha. With additional properties underway in Saudi Arabia (Riyadh, Shura Island, Amaala)—and now Dubai—the brand is steadily expanding its footprint in the Middle East. Aman Dubai will combine the tranquillity of an Aman resort with Arab hospitality when it opens in 2027. Aman Aman Dubai (2027) Set on 1.4 million square feet of beachfront land in Jumeirah 2—an exclusive, low-rise neighborhood just north of the Burj Al Arab—Aman Dubai will include only 80 suites and a private Aman Club. Developed by Bright Start, the same real estate investment company behind Rosewood's development, the project reflects Aman's signature low-density, high-cost approach. With room rates projected to exceed $3,000 per night, Aman Dubai could become the most expensive hotel per key in the UAE. Mandarin Oriental Downtown Dubai will have 259 rooms and suites and 224 exclusive residences. Copyright Mandarin Oriental Alex Jeffries Mandarin Oriental Downtown (October 2025) Mandarin Oriental announced yesterday that its Dubai property will open in October 2025, marking the brand's second property in the city. Set within the architecturally striking (because of its ceramic twisting façade) Wasl Tower on Sheikh Zayed Road, it will include 259 rooms, 224 branded residences, and a rooftop helipad. The structure features the region's tallest ceramic façade and advanced energy-efficient systems, contributing to Dubai's urban sustainability goals. The gigantic MGM resort is set to open in Dubai in 2027. MGM MGM Resorts (2027) MGM Resorts has spent nearly two decades trying to enter the UAE. After several failed attempts, the company now announced it will open in Dubai in late 2027. 'The Island' will bring the Aria, Bellagio and MGM brand into a 1,400-room beachfront development. Aside from hotels, MGM's project will have a full-scale entertainment district. Plans feature a performance sphere (similar to the version in Las Vegas) and retail promenade, with space that could one day accommodate gaming. Whether gaming will be allowed depends on regulatory developments: So far, only the Wynn resort in the neighboring Ras Al Khaimah emirate has received a UAE casino license. A rendering of Corinthia's planned luxury hotel opening in one of the world's tallest towers. Corinthia Corinthia Meydan Beach Dubai (2030) The luxury Maltese brand makes its Middle East debut with a 55-story beachfront tower in Dubai Marina that will rise along Sheikh Zayed Road near the Museum of the Future, occupying a two-tower structure connected by a sky lobby 656 feet above ground. Fun fact: It will feature the world's highest outdoor sky pool, suspended more than 1,640 feet in the air with 360-degree views of Dubai. The world's first island for healthy living and longevity: Sha Wellness Island. SHA Wellness Island SHA Wellness Island (2026) Located halfway between Dubai and Abu Dhabi along the Sahel Al Emarat Coast, this man-made wellness island is part of the massive AlJurf development. It will house a SHA Wellness hotel, clinic, spa, and branded residences—the first of their kind globally. Marketed as the world's first 'healthy living island,' the project signals a new direction for luxury wellness and a focus on longevity in the Gulf region. Shiny tower, shiny happy people? The upcoming Six Senses Residences Dubai Marina will rise 122 stories above the city. Six Senses Six Senses Dubai Marina (2028) The brand is behind what's set to become the tallest residential tower in the world: the 122-story Six Senses Residences Dubai Marina, slated for completion in 2028. The US$1 billion project will include outdoor yoga decks, a sky-high lap pool, and full-scale fitness facilities—more than 100 floors above ground. On-site services will mirror those offered at Six Senses' ultra-luxury resorts, tailored for residents who want wellness without leaving home. Why Dubai—And Why Now? Dubai's rise as a luxury capital is about long-term planning, regulatory ease, and knowing how to attract people with money. And not just for a quick visit, but as return customers or for good. In 2024, the city pulled in $2 billion in foreign direct investment into tourism—14% of all FDI that year. That same year, it welcomed 18.7 million international visitors, up 9% from 2023. In the first half of 2025 alone, 9.88 million international overnight guests arrived—putting the city on track for another record year. That kind of growth requires actions, of course. Al Maktoum International Airport (DWC) is now undergoing a $35 billion expansion that will make it the largest airport in the world. New Airplanes For Emirates Airlines Emirates is upgrading its fleet with 300+ new aircraft and $4 billion in retrofits. Six of those upgraded 777s will serve U.S. routes to cities like Chicago, Seattle and Miami. And hotels are also keeping pace. In 2024, Dubai added 4,255 new rooms—70% of them luxury. Another 4,620 are expected this year. Occupancy hit 80.6% in H1 2025, with 22.24 million room nights sold. ADR rose 5%, RevPAR 7%. Beyond infrastructure, the city is also becoming easier to access. A new Unified Tourist Visa will allow visitors to move freely between the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman. For travelers basing themselves in Dubai, the entire region is about to feel a lot closer. Add in tax-friendly regulations, elite schools, and strong real estate gains—and Dubai is where high-net-worth travelers are setting up base. No wonder so many hotel brands want a permanent address here. MORE FROM FORBES: Forbes How $400 Million Built The Maldives' Most Family-Friendly Resort By Katharina Kotrba Forbes Inside Europe's Most Beautiful Hotel Restorations By Katharina Kotrba Forbes What To Do In Dubai: New Restaurants, Bars And Fun Experiences By Katharina Kotrba Forbes Inside Dubai's Soon-To-Open Luxury Resort Jumeirah Marsa Al Arab By Katharina Kotrba
Yahoo
20 minutes ago
- Yahoo
Stocks See Support from Strong Earnings and Rate Cut Speculation
The S&P 500 Index ($SPX) (SPY) today is up +0.11%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.24%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.20%. September E-mini S&P futures (ESU25) are up +0.15%, and September E-mini Nasdaq futures (NQU25) are up +0.26%. Stock indexes are mildly higher today, extending Monday's rally. Gains in technology stocks are boosting the overall market higher, led by an +8% jump in Palantir Technologies after it reported stronger-than-expected profits and raised its full-year forecasts. Stocks have continued support from speculation that last Friday's dismal payroll and ISM manufacturing reports will prompt the Fed to cut interest rates. The chances of a Fed rate cut at the September FOMC meeting rose to 92% from 40% before the reports were released. More News from Barchart Dear Nvidia Stock Fans, Mark Your Calendars for August 27 Options Traders Expected Palantir Stock's Tamest Earnings Reaction in a Year. Did They Get It Right? Tesla Gains on Elon Musk's New Pay Package. Is TSLA Stock a Buy? Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! The US trade deficit for June was smaller than expected, a positive factor for Q2 GDP. The June US trade deficit shrank to -$60.2 billion from -$71.7 billion in May, better than expectations of -$61.0 billion and the smallest deficit in 1.75 years. Dovish comments late Monday from San Francisco Fed President Mary Daly were supportive for stocks when she said the time is nearing for Fed interest rate cuts, given mounting evidence that the job market is softening and there are no signs of persistent tariff-driven inflation. In recent tariff news, President Trump said Monday that he would be 'substantially raising' the tariff on US imports from India from the current 25% due to India's purchases of Russian oil. Last Thursday, President Trump raised tariffs on some Canadian goods to 35% from 25% and announced a 10% global minimum, along with tariffs of 15% or higher for countries with trade surpluses with the US, effective after midnight on August 7. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. The markets this week will focus on earnings reports and any fresh tariff or trade news. Later today, the July ISM services index is expected to climb by +0.7 to 51.5. On Thursday, weekly initial unemployment claims are expected to increase by +3,000 to 221,000. Also on Thursday, Q2 nonfarm productivity is expected to be +2.0% with unit labor costs rising +1.5%. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 92% at the September 16-17 FOMC meeting and 65% at the following meeting on October 28-29. Q2 earnings reports released thus far suggest that S&P 500 earnings are on track to rise +9.1% for the second quarter, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 66% of S&P 500 firms having reported Q2 earnings, around 82% exceeded profit estimates. Overseas stock markets today are higher. The Euro Stoxx 50 is up by +0.51%. China's Shanghai Composite closed up +0.96%. Japan's Nikkei Stock 225 closed up +0.64%. Interest Rates September 10-year T-notes (ZNU25) today are down -6 ticks. The 10-year T-note yield is up +2.9 bp to 4.222%. Sep T-notes today fell from a 3-month high, and the 10-year T-note yield moved up from a 3-month low of 4.183%. Strength in stocks today has reduced safe-haven demand for government securities and is weighing on T-note prices. Also, supply pressures are weighing on T-notes as the Treasury will auction $125 billion of T-notes and T-bonds in this week's August quarterly refunding, beginning with today's $58 billion auction of 3-year T-notes. T-notes found support from dovish comments late Monday from San Francisco Fed President Mary Daly, who said the time is nearing for Fed interest rate cuts given labor market weakness and no signs of tariff inflation. T-notes also have positive carryover support from last Friday's weaker-than-expected payroll and ISM manufacturing reports, which boosted the chance of a Fed rate cut at next month's FOMC meeting to 92% from 40% before the reports. European government bond yields today are moving higher. The 10-year German bund yield rebounded from a 1.5-week low of 2.601% and is up +1.0 bp to 2.634%. The 10-year UK gilt yield rebounded from a 1-month low of 4.496% and is up +0.5 bp to 4.514%. The Eurozone July S&P composite PMI was revised downward by -0.1 to 50.9 from the previously reported 51.0. The UK July S&P composite PMI was revised upward by +0.5 to 51.5 from the previously reported 51.0. Swaps are discounting the chances at 13% for a -25 bp rate cut by the ECB at the September 11 policy meeting. US Stock Movers Axon Enterprise (AXON) is up more than +15% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net sales of $668.5 million, above the consensus of $640.3 million, and raising its full-year adjusted Ebitda forecast to $665 million-$685 million from a previous forecast of $650 million-$675 million. Palantir Technologies (PLTR) is up more than +8% after reporting Q2 revenue of $1.0 billion, stronger than the consensus of $939.3 million, and raising its full-year revenue forecast to $4.14 billion-$4.15 billion from a previous forecast of $3.89 billion-$3.90 billion. Cummins (CMI) is up more than +6% after reporting Q2 net sales of $8.64 billion, above the consensus of $8.46 billion. Archer-Daniels-Midland (ADM) is up more than +3% after reporting Q2 adjusted EPS of 93 cents, better than the consensus of 80 cents. DuPont de Nemours (DD) is up more than +3% after reporting Q2 adjusted EPS of $1.12, better than the consensus of $1.06, and raising its full-year adjusted EPS forecast to $4.40 from a previous view of $4.30-$4.40. Pfizer (PFE) is up more than +3% after reporting Q2 revenue of $14.65 billion, higher than the consensus of $13.50 billion. Zoetis (ZTS) is up more than +1% after reporting Q2 revenue of $2.46 billion, better than the consensus of $2.41 billion, and raising its full-year revenue forecast to $9.45 billion-$9.60 billion from a previous forecast of $9.43 billion-$9.58 billion, stronger than the consensus of $9.50 billion. Inspire Medical Systems (INSP) is down more than -37% after cutting its full-year revenue forecast to $900 million-$910 million from a previous forecast of $940 million-$955 million, well below the consensus of $949.2 million. Gartner (IT) is down more than -28% to lead losers in the S&P 500 after cutting its full-year revenue forecast to $6.46 billion from a previous forecast of $6.54 billion, weaker than the consensus of $6.57 billion. Vertex Pharmaceuticals (VRTX) is down more than -15% to lead losers in the Nasdaq 100 after it said it won't advance its Journavx to a phase-3 trial, as the FDA said it doesn't see a path forward for broad use of the drug to treat peripheral neuropathic pain. GlobalFoundries (GFS) is down more than -12% after forecasting Q3 adjusted EPS of 33 cents-43 cents, the midpoint below the consensus of 42 cents. TransDigm Group (TDG) is down more than -11% after reporting Q3 net sales of $2.24 billion, weaker than the consensus of $2.30 billion, and lowered its full-year net sales forecast to $8.76 billion-$8.82 billion from a previous forecast of $8.75 billion-$8.95 billion. Eaton Corp (ETN) is down more than -6% after forecasting full-year organic revenue of +8.50% to 9.50%, the midpoint below the consensus of 9.09%. MercadoLibre (MELI) is down more than -1% after reporting Q2 operating income of $825 million, weaker than the consensus of $869.6 million. Earnings Reports (8/5/2025) Advanced Micro Devices Inc (AMD), Aflac Inc (AFL), Amgen Inc (AMGN), Apollo Global Management Inc (APO), Archer-Daniels-Midland Co (ADM), Arista Networks Inc (ANET), Assurant Inc (AIZ), Ball Corp (BALL), Broadridge Financial Solutions (BR), Caterpillar Inc (CAT), Cummins Inc (CMI), DaVita Inc (DVA), Devon Energy Corp (DVN), Duke Energy Corp (DUK), DuPont de Nemours Inc (DD), Eaton Corp PLC (ETN), Expeditors International of Washington (EXPD), Fidelity National Information (FIS), Fox Corp (FOXA), Gartner Inc (IT), Henry Schein Inc (HSIC), International Flavors & Fragrances (IFF), Jacobs Solutions Inc (J), Leidos Holdings Inc (LDOS), Marathon Petroleum Corp (MPC), Marriott International Inc/MD (MAR), Match Group Inc (MTCH), Molson Coors Beverage Co (TAP), Mosaic Co/The (MOS), News Corp (NWSA), Pfizer Inc (PFE), Public Service Enterprise Group (PEG), Skyworks Solutions Inc (SWKS), Super Micro Computer Inc (SMCI), TransDigm Group Inc (TDG), Yum! Brands Inc (YUM), Zebra Technologies Corp (ZBRA), Zoetis Inc (ZTS). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
