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Yahoo
21 minutes ago
- Yahoo
Oil climbs on EU trade deal, potential US-China tariff truce extension
By Anjana Anil (Reuters) -Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Brent crude futures were up 24 cents, or 0.34%, to $70.28 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude was at $66.93 a barrel, up 22 cents, or 0.33%. Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. Oil prices were also supported by news of a possible extension of the trade truce between the U.S. and China, with top economic officials from both countries having met in Stockholm on Monday for more than five hours of talks. The discussions are expected to resume on Tuesday. Meanwhile, Trump set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made. "Trump's comments reignited fears that Russia's oil flows would be impacted," ANZ senior commodity strategist Daniel Hynes wrote in a note. "This also comes on the back of the latest sanctions package by the EU against Russia, including a lower price cap on the country's crude and the import of refined products made from Moscow's oil in other countries," Hynes added. 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
21 minutes ago
- Yahoo
Goodbye stagflation: 3 reasons BofA sees the US economy avoiding a worst-case scenario
Bank of America thinks the global economy is leaning away from the worst-case scenario: stagflation. Factors like Trump's policies & AI investment could support an economic boom instead, the bank said. Stagflation, where inflation rises while growth slows, is thought to be even harder to remedy than a recession. The US economy may have successfully steered clear of a dire outcome many observers were warning of just a few months ago. That's according to analysts at Bank of America, who said they believe the US economy could be more on track for a cyclical boom rather than an episode of stagflation, a nightmare situation in which inflation rises while economic growth slows. Stagflation is commonly thought of as even worse than a typical recession, as policymakers are prevented from cutting interest rates to boost the economy. For a while, that scenario was one of the biggest fears on investors' minds as they weighed the impact of Donald Trump's "Liberation Day" tariffs. But strategists said they think the economy is now leaning away from such a situation, even as many global fund managers surveyed by the bank said in June that they thought the global economy would slip into stagflation over the next 12 months. "The latest fund manager survey shows a small increase in investors expecting a Boom rather than the base case of Stagflation," analysts wrote, defining a "boom" as above-trend economic growth and above-trend inflation. "We agree with this building minority, and present below corroboration from our quantitative work," they added. Here are three reasons the bank sees stagflation risk fading. 1. Trump's pro-growth agenda President Donald Trump's America-first economic agenda is expected to act as a tailwind to the US economy, BofA strategists said. The bank pointed to stimulus measures included in Trump's "Big Beautiful Bill," as well as the push to boost activity in US manufacturing. "Moreover, with mid-term elections a few quarters away, it behooves the current administration to implement pro-growth policy now," the bank's strategists added. 2. Big spending Companies and the public sector are spending big on artificial intelligence, infrastructure, and manufacturing, BofA said. For AI in particular, analysts said they were expecting $700 billion in capex from the so-called hyperscalers through 2025 and 2026, with "upward revisions each quarter." "The number of companies outside of the US planning to expand manufacturing capacity in the US continues to increase. Municipalities have also refocused on infrastructure with aged capital stock fraying as domestic activity increases," they added. 3. Economic recovery mode Bank of America's US Regime Indicator, a gauge for where the US currently is in the business cycle, looks to be "on the brink" of an economic recovery, analysts said. The US Regime Indicator ticked lower in June, which indicates that the economy is still in a "downturn" phase. Downturn phases are typically followed by economic recovery phases, the bank suggested. The US Regime Indicator saw six inputs from the economy improve last month, strategists noted, which also suggests that the economy could soon be on the uptrend. Here were the six positive changes analysts saw: Earnings per share revisions. Earnings revision breadth bottomed out around -25% in April, according to Morgan Stanley data. Since then, it's improved to -5%, the bank said in a June note, implying that the market is growing more optimistic on corporate earnings. GDP forecasts. Despite a contraction in the first quarter, real GDP was projected to expand 2.8% year-over-year in the second-quarter, according to advanced estimates from the Commerce Department. Manufacturing strength. The Institute for Supply Management's Production Index, one measure of activity in manufacturing, rose to 50.3 in June, which signals that production moved into expansionary territory. Leading Economic Indicators. A collection of economic indicators showed signs of improvement on a year-over-year basis, BofA said. Capacity Utility. The use of "installed productive capacity" in the goods and services sector also improved on a year-over-year basis, strategists added. High-yield credit spreads. Credit spreads—which is the yield paid over a benchmark—have narrowed, which signals higher investor confidence and lower levels of financial stress among companies. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
Aldi product recalled over glass fears, new fee to watch Sydney's NYE fireworks, North Korea's message to Trump
Hello and welcome to Yahoo's live news blog this Tuesday. Aldi has recalled a popular freezer product over fears there could be glass inside the packaging. All packets of the Urban Eats Japanese Style Vegetable Gyoza 750g have been pulled nationwide. A Sydney council which manages several of the best spots to view the NYE fireworks will now charge revellers $50 to attend one of those sites on the big night. Councillors said it wasn't an easy decision but one that was needed to cover the costs of hosting thousands of people. North Korea has sent a stern message to Donald Trump about its nuclear program. Follow along as we bring you regular updates below. Trump's latest tariff declaration And sticking with Donald Trump, the US president has flagged he could double the baseline tariff on foreign imports to 20 per cent. Australia is captured by the baseline tariff regime, with a blanket 10 per cent impost slapped on most products flowing to the US despite a bilateral free-trade agreement. The baseline tariff is imposed on top of sectoral duties – taxes targeting specific industries, such as steel and aluminium. Trump floated his new tariff for 'the rest of the world' while speaking to reporters with Keir Starmer in Scotland overnight. 'I would say it'll be somewhere in the 15 to 20 per cent range,' Mr Trump said when pressed for a figure. Read more from NewsWire here. Woman, 102, dies in house fire It's been a tragic end for someone who has lived such a long life after a 102-year-old woman died overnight in a Melbourne house fire. Firefighters were called to the blaze on Reynard St in the city's north just before midnight where the woman was found deceased inside. She was the sole occupant. Victoria Police have confirmed the fire is not being treated as suspicious Should councils charge for people to view Sydney's iconic NYE fireworks? One of the great things about Sydney's iconic NYE fireworks is its accessibility to the masses, with Sydneysiders taking advantage of dozens of locations right around the city to catch a glimpse of the display. But those wanting to grab one of the best spots will now have to pay after North Sydney councillors on Monday night decided to implement 'ticketed access' to Blues Point, one of the most popular vantage points that fronts Sydney Harbour and the Harbour Bridge. Councillors said it wasn't an easy decision but due to the financial costs of running such sites, the fee was needed. It's a move several other councils have implemented for some of the most popular spots across the city. So what do you think? Should the fireworks be free to all or should the best public spots be ticketed? Have your say below. Scary reason Aldi product pulled from stores A popular food item at Aldi has been urgently pulled from shelves nationwide amid contamination fears. All packets of the Urban Eats Japanese Style Vegetable Gyoza 750g, which are available for purchase at Aldi stores, have been recalled as they may contain glass. The vegetable gyoza features a best-before date of March 27, 2027 and was available for purchase in Aldi stores in NSW, ACT, Victoria, Queensland, South Australia, and Western Australia. #Recall: ALDI Stores is recalling Urban Eats Japanese Style Vegetable Gyoza 750g due to foreign matter (glass). BEST BEFORE 27.03.2027. Sold in ALDI Stores NSW, ACT, QLD, VIC, SA and WA. See: — NSW Food Authority (@NSWFoodAuth) July 28, 2025 Customers have been warned to not eat the food product as it may contain pieces of glass. 'Food products containing glass may cause illness/ injury if consumed,' a recall statement read. They can return the products at the Aldi store at which they were purchased, where customers will receive a full refund. 'Any consumers concerned about their health should seek medical advice,' the statement read. - NewsWire North Korea sends message to Donald Trump North Korea says the United States must accept that reality has changed since the countries' summit meetings in the past, and no future dialogue would end its nuclear program, state media KCNA reported. Kim Yo Jong, the powerful sister of North Korean leader Kim Jong-un who is believed to speak for his brother, said she conceded the personal relationship between Kim and US President Donald Trump "is not bad." But if Washington intended to use a personal relationship as a way to end the North's nuclear weapons program, the effort would only be the subject of "mockery," Kim Yo Jong said in a statement carried by KCNA. "If the US fails to accept the changed reality and persists in the failed past, the DPRK-US meeting will remain as a 'hope' of the US side," she said. DPRK is short for North Korea's official name, the Democratic People's Republic of Korea. North Korea's capabilities as a nuclear weapons state and the geopolitical environment have radically changed since Kim and Trump held talks three times during the US president's first term, she said. "Any attempt to deny the position of the DPRK as a nuclear weapons state ... will be thoroughly rejected," she said. Trump previously said he has a "great relationship" with Kim, and the White House said the president remains open to engaging with the reclusive North Korean leader. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube. Trump's latest tariff declaration And sticking with Donald Trump, the US president has flagged he could double the baseline tariff on foreign imports to 20 per cent. Australia is captured by the baseline tariff regime, with a blanket 10 per cent impost slapped on most products flowing to the US despite a bilateral free-trade agreement. The baseline tariff is imposed on top of sectoral duties – taxes targeting specific industries, such as steel and aluminium. Trump floated his new tariff for 'the rest of the world' while speaking to reporters with Keir Starmer in Scotland overnight. 'I would say it'll be somewhere in the 15 to 20 per cent range,' Mr Trump said when pressed for a figure. Read more from NewsWire here. And sticking with Donald Trump, the US president has flagged he could double the baseline tariff on foreign imports to 20 per cent. Australia is captured by the baseline tariff regime, with a blanket 10 per cent impost slapped on most products flowing to the US despite a bilateral free-trade agreement. The baseline tariff is imposed on top of sectoral duties – taxes targeting specific industries, such as steel and aluminium. Trump floated his new tariff for 'the rest of the world' while speaking to reporters with Keir Starmer in Scotland overnight. 'I would say it'll be somewhere in the 15 to 20 per cent range,' Mr Trump said when pressed for a figure. Read more from NewsWire here. Woman, 102, dies in house fire It's been a tragic end for someone who has lived such a long life after a 102-year-old woman died overnight in a Melbourne house fire. Firefighters were called to the blaze on Reynard St in the city's north just before midnight where the woman was found deceased inside. She was the sole occupant. Victoria Police have confirmed the fire is not being treated as suspicious It's been a tragic end for someone who has lived such a long life after a 102-year-old woman died overnight in a Melbourne house fire. Firefighters were called to the blaze on Reynard St in the city's north just before midnight where the woman was found deceased inside. She was the sole occupant. Victoria Police have confirmed the fire is not being treated as suspicious Should councils charge for people to view Sydney's iconic NYE fireworks? One of the great things about Sydney's iconic NYE fireworks is its accessibility to the masses, with Sydneysiders taking advantage of dozens of locations right around the city to catch a glimpse of the display. But those wanting to grab one of the best spots will now have to pay after North Sydney councillors on Monday night decided to implement 'ticketed access' to Blues Point, one of the most popular vantage points that fronts Sydney Harbour and the Harbour Bridge. Councillors said it wasn't an easy decision but due to the financial costs of running such sites, the fee was needed. It's a move several other councils have implemented for some of the most popular spots across the city. So what do you think? Should the fireworks be free to all or should the best public spots be ticketed? Have your say below. One of the great things about Sydney's iconic NYE fireworks is its accessibility to the masses, with Sydneysiders taking advantage of dozens of locations right around the city to catch a glimpse of the display. But those wanting to grab one of the best spots will now have to pay after North Sydney councillors on Monday night decided to implement 'ticketed access' to Blues Point, one of the most popular vantage points that fronts Sydney Harbour and the Harbour Bridge. Councillors said it wasn't an easy decision but due to the financial costs of running such sites, the fee was needed. It's a move several other councils have implemented for some of the most popular spots across the city. So what do you think? Should the fireworks be free to all or should the best public spots be ticketed? Have your say below. Scary reason Aldi product pulled from stores A popular food item at Aldi has been urgently pulled from shelves nationwide amid contamination fears. All packets of the Urban Eats Japanese Style Vegetable Gyoza 750g, which are available for purchase at Aldi stores, have been recalled as they may contain glass. The vegetable gyoza features a best-before date of March 27, 2027 and was available for purchase in Aldi stores in NSW, ACT, Victoria, Queensland, South Australia, and Western Australia. #Recall: ALDI Stores is recalling Urban Eats Japanese Style Vegetable Gyoza 750g due to foreign matter (glass). BEST BEFORE 27.03.2027. Sold in ALDI Stores NSW, ACT, QLD, VIC, SA and WA. See: — NSW Food Authority (@NSWFoodAuth) July 28, 2025 Customers have been warned to not eat the food product as it may contain pieces of glass. 'Food products containing glass may cause illness/ injury if consumed,' a recall statement read. They can return the products at the Aldi store at which they were purchased, where customers will receive a full refund. 'Any consumers concerned about their health should seek medical advice,' the statement read. - NewsWire A popular food item at Aldi has been urgently pulled from shelves nationwide amid contamination fears. All packets of the Urban Eats Japanese Style Vegetable Gyoza 750g, which are available for purchase at Aldi stores, have been recalled as they may contain glass. The vegetable gyoza features a best-before date of March 27, 2027 and was available for purchase in Aldi stores in NSW, ACT, Victoria, Queensland, South Australia, and Western Australia. #Recall: ALDI Stores is recalling Urban Eats Japanese Style Vegetable Gyoza 750g due to foreign matter (glass). BEST BEFORE 27.03.2027. Sold in ALDI Stores NSW, ACT, QLD, VIC, SA and WA. See: — NSW Food Authority (@NSWFoodAuth) July 28, 2025 Customers have been warned to not eat the food product as it may contain pieces of glass. 'Food products containing glass may cause illness/ injury if consumed,' a recall statement read. They can return the products at the Aldi store at which they were purchased, where customers will receive a full refund. 'Any consumers concerned about their health should seek medical advice,' the statement read. - NewsWire North Korea sends message to Donald Trump North Korea says the United States must accept that reality has changed since the countries' summit meetings in the past, and no future dialogue would end its nuclear program, state media KCNA reported. Kim Yo Jong, the powerful sister of North Korean leader Kim Jong-un who is believed to speak for his brother, said she conceded the personal relationship between Kim and US President Donald Trump "is not bad." But if Washington intended to use a personal relationship as a way to end the North's nuclear weapons program, the effort would only be the subject of "mockery," Kim Yo Jong said in a statement carried by KCNA. "If the US fails to accept the changed reality and persists in the failed past, the DPRK-US meeting will remain as a 'hope' of the US side," she said. DPRK is short for North Korea's official name, the Democratic People's Republic of Korea. North Korea's capabilities as a nuclear weapons state and the geopolitical environment have radically changed since Kim and Trump held talks three times during the US president's first term, she said. "Any attempt to deny the position of the DPRK as a nuclear weapons state ... will be thoroughly rejected," she said. Trump previously said he has a "great relationship" with Kim, and the White House said the president remains open to engaging with the reclusive North Korean leader. North Korea says the United States must accept that reality has changed since the countries' summit meetings in the past, and no future dialogue would end its nuclear program, state media KCNA reported. Kim Yo Jong, the powerful sister of North Korean leader Kim Jong-un who is believed to speak for his brother, said she conceded the personal relationship between Kim and US President Donald Trump "is not bad." But if Washington intended to use a personal relationship as a way to end the North's nuclear weapons program, the effort would only be the subject of "mockery," Kim Yo Jong said in a statement carried by KCNA. "If the US fails to accept the changed reality and persists in the failed past, the DPRK-US meeting will remain as a 'hope' of the US side," she said. DPRK is short for North Korea's official name, the Democratic People's Republic of Korea. North Korea's capabilities as a nuclear weapons state and the geopolitical environment have radically changed since Kim and Trump held talks three times during the US president's first term, she said. "Any attempt to deny the position of the DPRK as a nuclear weapons state ... will be thoroughly rejected," she said. Trump previously said he has a "great relationship" with Kim, and the White House said the president remains open to engaging with the reclusive North Korean leader.
