
Wall St Week Ahead: Investors eye tariff deadline
NEW YORK: Investors will be keeping a close eye on tariff headlines out of Washington next week, as a temporary suspension of punitive import levies is set to expire. If that Wednesday deadline passes without an increase in trade tensions, it could prove positive for the markets.
Negotiators from more than a dozen major US trading partners are rushing to reach agreements with US President Donald Trump's administration by July 9 to avoid even higher tariffs, and Trump and his team have kept up the pressure in recent days.
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The Sun
23 minutes ago
- The Sun
Trump signals flexibility on new tariff deadline amid trade tensions
WASHINGTON: US President Donald Trump has stirred fresh uncertainty in global trade by threatening steep tariffs on multiple countries while suggesting the August 1 deadline may not be absolute. In letters sent to key trading partners, including Japan, South Korea, and several Southeast Asian nations, Trump warned of impending tariff hikes ranging from 25 to 40 percent. However, during a dinner with Israeli Prime Minister Benjamin Netanyahu, Trump indicated flexibility, stating, 'I would say firm, but not 100 percent firm.' When pressed on whether the letters were his final stance, he added, 'I would say final—but if they call with a different offer, and I like it, then we'll do it.' The initial tariffs, announced on April 2, included a baseline 10 percent levy on all imports. Following market instability, Trump suspended higher tariffs for 90 days, with the deadline originally set for Wednesday. The new August 1 extension allows further negotiations, though Trump's mixed signals have left trading partners uncertain. Japan and South Korea face 25 percent tariffs, with Trump citing their trade relationships as 'far from reciprocal.' Indonesia, Bangladesh, Thailand, and Malaysia also received notices of increased duties. Thailand's acting prime minister, Phumtham Wechayachai, expressed hope for a 'better deal,' while Malaysia reaffirmed its commitment to dialogue with the US. White House Press Secretary Karoline Leavitt defended the focus on Japan and South Korea, stating, 'It's the president's prerogative, and those are the countries he chose.' Meanwhile, US Treasury Secretary Scott Bessent hinted at upcoming trade announcements within 48 hours. Market reactions were immediate, with the Nasdaq and S&P 500 dropping 0.9 and 0.8 percent, respectively. Trump also warned of additional 10 percent tariffs on nations aligning with BRICS, accusing them of 'anti-American policies.' Despite the threats, diplomatic efforts continue. The European Commission reported a 'good exchange' between EU chief Ursula von der Leyen and Trump, signaling ongoing negotiations. - AFP


Malay Mail
29 minutes ago
- Malay Mail
Tariff chatter spooks market, Bursa falls below 1,530 at midday
KUALA LUMPUR, July 8 — Bursa Malaysia ended the morning session lower due to mild selling in selected heavyweight stocks, led by financial and industrial products and services counters, amid continued investor concerns over United States (US) President Donald Trump's tariff uncertainty, an analyst said. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 7.59 points to 1,529.95 from Monday's close of 1,537.54. The benchmark index had opened 7.85 points lower at 1,529.69. The broader market was negative, with 533 decliners trouncing 305 gainers, while 410 counters were unchanged, 1,157 untraded and nine suspended. Turnover stood at 2.01 billion units worth RM1.09 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the local benchmark index's volatility to heighten in the run-up to the July 9 tariff expiry. 'The FBM KLCI dipped by almost 13 points following a decent performance over the past week, as we anticipate foreign funds have again turned sellers, illustrating their extreme short-term behaviour. 'For today, we expect the index to hover between the 1,530-1,545 range,' he said. Meanwhile, Hong Leong Investment Bank Bhd said the benchmark index may continue its downward consolidation from the recent May 15 peak of 1,589 points, following the US 25 per cent tariff imposition on Malaysia. 'Selling pressure could intensify amid a potential reversal in foreign flows after two weeks of net inflows totalling RM335 million,' it said in a note today. Among the heavyweights, Maybank fell three sen to RM9.69, CIMB went down 10 sen to RM6.65, and IHH Healthcare was three sen lower at RM6.69. Tenaga Nasional gained six sen to RM13.86, while Public Bank was flat at RM4.33. As for the most active stocks, NexG and Top Glove added one sen each to 43 sen and 70 sen, respectively, Supermax rose six sen to 65 sen, while Tanco slid half-a-sen to 89 sen, and Zetrix AI remained unchanged at 95 sen. On the index board, the FBM Emas Index dropped 47.87 points to 11,470.79, the FBMT 100 Index slipped 50.90 points to 11,242.33, and the FBM Emas Shariah Index lost 64.06 points to 11,436.67. The FBM 70 Index declined 53.53 points to 16,569.92, while the FBM ACE Index shed 11.10 points to 4,462.52. By sector, the Financial Services Index decreased 86.66 points to 17,635.30, the Industrial Products and Services Index edged down 1.71 points to 153.70, the Energy Index eased 3.39 points to 734.20, and the Plantation Index trimmed 28.15 points to 7,416.86. — Bernama


New Straits Times
29 minutes ago
- New Straits Times
Bursa Malaysia ends morning session lower on mild selling
KUALA LUMPUR: Bursa Malaysia ended the morning session lower due to mild selling in selected heavyweight stocks, led by financial and industrial products and services counters, amid continued investor concerns over United States (US) President Donald Trump's tariff uncertainty, an analyst said. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 7.59 points to 1,529.95 from Monday's close of 1,537.54. The benchmark index had opened 7.85 points lower at 1,529.69. The broader market was negative, with 533 decliners trouncing 305 gainers, while 410 counters were unchanged, 1,157 untraded and nine suspended. Turnover stood at 2.01 billion units worth RM1.09 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the local benchmark index's volatility to heighten in the run-up to the July 9 tariff expiry. "The FBM KLCI dipped by almost 13 points following a decent performance over the past week, as we anticipate foreign funds have again turned sellers, illustrating their extreme short-term behaviour. "For today, we expect the index to hover between the 1,530-1,545 range," he said. Meanwhile, Hong Leong Investment Bank Bhd said the benchmark index may continue its downward consolidation from the recent May 15 peak of 1,589 points, following the US 25 per cent tariff imposition on Malaysia. "Selling pressure could intensify amid a potential reversal in foreign flows after two weeks of net inflows totalling RM335 million," it said in a note today. Among the heavyweights, Maybank fell three sen to RM9.69, CIMB went down 10 sen to RM6.65, and IHH Healthcare was three sen lower at RM6.69. Tenaga Nasional gained six sen to RM13.86, while Public Bank was flat at RM4.33. As for the most active stocks, NexG and Top Glove added one sen each to 43 sen and 70 sen, respectively, Supermax rose six sen to 65 sen, while Tanco slid half-a-sen to 89 sen, and Zetrix AI remained unchanged at 95 sen. On the index board, the FBM Emas Index dropped 47.87 points to 11,470.79, the FBMT 100 Index slipped 50.90 points to 11,242.33, and the FBM Emas Shariah Index lost 64.06 points to 11,436.67. The FBM 70 Index declined 53.53 points to 16,569.92, while the FBM ACE Index shed 11.10 points to 4,462.52. By sector, the Financial Services Index decreased 86.66 points to 17,635.30, the Industrial Products and Services Index edged down 1.71 points to 153.70, the Energy Index eased 3.39 points to 734.20, and the Plantation Index trimmed 28.15 points to 7,416.86.