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The Advertiser
08-07-2025
- Business
- The Advertiser
Wall St steadies, investors recover from tariff shock
Wall Street's main indexes largely have held firm, as jitters over President Donald Trump's latest tariff offensive were offset by mounting hopes that fresh talks with US trading partners could avert a full-blown global tariff war. On Monday, Trump warned partners from Japan and South Korea to smaller players that steep new US tariffs would kick in from August 1 — though he left the door open to delays if countries come forward with fresh proposals. Japan's top trade negotiator, Ryosei Akazawa, held a 40-minute phone call with US Commerce Secretary Howard Lutnick on Tuesday, where the two sides agreed to "actively" continue negotiations. In early trading on Tuesday, the Dow Jones Industrial Average fell 33.58 points, or 0.08 per cent, to 44,372.78, the S&P 500 gained 6.03 points, or 0.10 per cent, to 6,236.25 and the Nasdaq Composite gained 37.51 points, or 0.18 per cent, to 20,450.02. The sentiment has improved since a knee-jerk reaction on Monday, when all major indexes closed sharply lower following the tariff announcement. In S&P 500 sub-sectors, the energy index led the pack with a one per cent rise, while utilities dropped 1.3 per cent. In mega-cap stocks, shares of Tesla gained 1.5 per cent after the stock recorded its steepest single-day fall in nearly a month on Monday. "The market's taking comfort from the fact that the can has been kicked further down the road and the expectation remains that the bark is a lot worse than the bite," said Ben Laidler, head of equity strategy at Bradesco BBI. The swift market recovery is in stark contrast to the sharp selloff that followed "Liberation Day" tariff announcements three months ago — a rout that plunged the Nasdaq into bear territory and sent the Dow and S&P 500 into correction. Since then, Wall Street has rebounded, with the Nasdaq and S&P 500 both notching record highs last week, buoyed by a robust labour market that helped quiet recession worries. "We have not seen any dramatic economic consequences from big increase in tariffs," Laidler added. The US has so far reached trade agreements with only Britain and Vietnam. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 63 per cent, according to the CME FedWatch tool. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, which will offer investors more clarity on when the central bank might resume its policy easing cycle. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun dropped 8.9 per cent, Enphase Energy lost 4.6 per cent and SolarEdge Technologies declined 4.2 per cent. Advancing issues outnumbered decliners by a 1.57-to-1 ratio on the NYSE, and by a 2.17-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and three new lows, while the Nasdaq Composite recorded 47 new highs and 26 new lows. Wall Street's main indexes largely have held firm, as jitters over President Donald Trump's latest tariff offensive were offset by mounting hopes that fresh talks with US trading partners could avert a full-blown global tariff war. On Monday, Trump warned partners from Japan and South Korea to smaller players that steep new US tariffs would kick in from August 1 — though he left the door open to delays if countries come forward with fresh proposals. Japan's top trade negotiator, Ryosei Akazawa, held a 40-minute phone call with US Commerce Secretary Howard Lutnick on Tuesday, where the two sides agreed to "actively" continue negotiations. In early trading on Tuesday, the Dow Jones Industrial Average fell 33.58 points, or 0.08 per cent, to 44,372.78, the S&P 500 gained 6.03 points, or 0.10 per cent, to 6,236.25 and the Nasdaq Composite gained 37.51 points, or 0.18 per cent, to 20,450.02. The sentiment has improved since a knee-jerk reaction on Monday, when all major indexes closed sharply lower following the tariff announcement. In S&P 500 sub-sectors, the energy index led the pack with a one per cent rise, while utilities dropped 1.3 per cent. In mega-cap stocks, shares of Tesla gained 1.5 per cent after the stock recorded its steepest single-day fall in nearly a month on Monday. "The market's taking comfort from the fact that the can has been kicked further down the road and the expectation remains that the bark is a lot worse than the bite," said Ben Laidler, head of equity strategy at Bradesco BBI. The swift market recovery is in stark contrast to the sharp selloff that followed "Liberation Day" tariff announcements three months ago — a rout that plunged the Nasdaq into bear territory and sent the Dow and S&P 500 into correction. Since then, Wall Street has rebounded, with the Nasdaq and S&P 500 both notching record highs last week, buoyed by a robust labour market that helped quiet recession worries. "We have not seen any dramatic economic consequences from big increase in tariffs," Laidler added. The US has so far reached trade agreements with only Britain and Vietnam. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 63 per cent, according to the CME FedWatch tool. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, which will offer investors more clarity on when the central bank might resume its policy easing cycle. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun dropped 8.9 per cent, Enphase Energy lost 4.6 per cent and SolarEdge Technologies declined 4.2 per cent. Advancing issues outnumbered decliners by a 1.57-to-1 ratio on the NYSE, and by a 2.17-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and three new lows, while the Nasdaq Composite recorded 47 new highs and 26 new lows. Wall Street's main indexes largely have held firm, as jitters over President Donald Trump's latest tariff offensive were offset by mounting hopes that fresh talks with US trading partners could avert a full-blown global tariff war. On Monday, Trump warned partners from Japan and South Korea to smaller players that steep new US tariffs would kick in from August 1 — though he left the door open to delays if countries come forward with fresh proposals. Japan's top trade negotiator, Ryosei Akazawa, held a 40-minute phone call with US Commerce Secretary Howard Lutnick on Tuesday, where the two sides agreed to "actively" continue negotiations. In early trading on Tuesday, the Dow Jones Industrial Average fell 33.58 points, or 0.08 per cent, to 44,372.78, the S&P 500 gained 6.03 points, or 0.10 per cent, to 6,236.25 and the Nasdaq Composite gained 37.51 points, or 0.18 per cent, to 20,450.02. The sentiment has improved since a knee-jerk reaction on Monday, when all major indexes closed sharply lower following the tariff announcement. In S&P 500 sub-sectors, the energy index led the pack with a one per cent rise, while utilities dropped 1.3 per cent. In mega-cap stocks, shares of Tesla gained 1.5 per cent after the stock recorded its steepest single-day fall in nearly a month on Monday. "The market's taking comfort from the fact that the can has been kicked further down the road and the expectation remains that the bark is a lot worse than the bite," said Ben Laidler, head of equity strategy at Bradesco BBI. The swift market recovery is in stark contrast to the sharp selloff that followed "Liberation Day" tariff announcements three months ago — a rout that plunged the Nasdaq into bear territory and sent the Dow and S&P 500 into correction. Since then, Wall Street has rebounded, with the Nasdaq and S&P 500 both notching record highs last week, buoyed by a robust labour market that helped quiet recession worries. "We have not seen any dramatic economic consequences from big increase in tariffs," Laidler added. The US has so far reached trade agreements with only Britain and Vietnam. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 63 per cent, according to the CME FedWatch tool. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, which will offer investors more clarity on when the central bank might resume its policy easing cycle. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun dropped 8.9 per cent, Enphase Energy lost 4.6 per cent and SolarEdge Technologies declined 4.2 per cent. Advancing issues outnumbered decliners by a 1.57-to-1 ratio on the NYSE, and by a 2.17-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and three new lows, while the Nasdaq Composite recorded 47 new highs and 26 new lows. Wall Street's main indexes largely have held firm, as jitters over President Donald Trump's latest tariff offensive were offset by mounting hopes that fresh talks with US trading partners could avert a full-blown global tariff war. On Monday, Trump warned partners from Japan and South Korea to smaller players that steep new US tariffs would kick in from August 1 — though he left the door open to delays if countries come forward with fresh proposals. Japan's top trade negotiator, Ryosei Akazawa, held a 40-minute phone call with US Commerce Secretary Howard Lutnick on Tuesday, where the two sides agreed to "actively" continue negotiations. In early trading on Tuesday, the Dow Jones Industrial Average fell 33.58 points, or 0.08 per cent, to 44,372.78, the S&P 500 gained 6.03 points, or 0.10 per cent, to 6,236.25 and the Nasdaq Composite gained 37.51 points, or 0.18 per cent, to 20,450.02. The sentiment has improved since a knee-jerk reaction on Monday, when all major indexes closed sharply lower following the tariff announcement. In S&P 500 sub-sectors, the energy index led the pack with a one per cent rise, while utilities dropped 1.3 per cent. In mega-cap stocks, shares of Tesla gained 1.5 per cent after the stock recorded its steepest single-day fall in nearly a month on Monday. "The market's taking comfort from the fact that the can has been kicked further down the road and the expectation remains that the bark is a lot worse than the bite," said Ben Laidler, head of equity strategy at Bradesco BBI. The swift market recovery is in stark contrast to the sharp selloff that followed "Liberation Day" tariff announcements three months ago — a rout that plunged the Nasdaq into bear territory and sent the Dow and S&P 500 into correction. Since then, Wall Street has rebounded, with the Nasdaq and S&P 500 both notching record highs last week, buoyed by a robust labour market that helped quiet recession worries. "We have not seen any dramatic economic consequences from big increase in tariffs," Laidler added. The US has so far reached trade agreements with only Britain and Vietnam. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 63 per cent, according to the CME FedWatch tool. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, which will offer investors more clarity on when the central bank might resume its policy easing cycle. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun dropped 8.9 per cent, Enphase Energy lost 4.6 per cent and SolarEdge Technologies declined 4.2 per cent. Advancing issues outnumbered decliners by a 1.57-to-1 ratio on the NYSE, and by a 2.17-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and three new lows, while the Nasdaq Composite recorded 47 new highs and 26 new lows.
Business Recorder
08-07-2025
- Business
- Business Recorder
Wall St steadies as investors focus on trade talks after latest tariff shock
Wall Street's main indexes largely held firm on Tuesday, as jitters over President Donald Trump's latest tariff offensive were offset by mounting hopes that fresh talks with U.S. trading partners could avert a full-blown global tariff war. On Monday, Trump warned partners from Japan and South Korea to smaller players that steep new U.S. tariffs would kick in from Aug. 1 — though he left the door open to delays if countries come forward with fresh proposals. Japan's top trade negotiator, Ryosei Akazawa, held a 40-minute phone call with U.S. Commerce Secretary Howard Lutnick, where the two sides agreed to 'actively' continue negotiations. At 09:57 a.m. the Dow Jones Industrial Average fell 33.58 points, or 0.08%, to 44,372.78, the S&P 500 gained 6.03 points, or 0.10%, to 6,236.25 and the Nasdaq Composite gained 37.51 points, or 0.18%, to 20,450.02. The sentiment has improved since a knee-jerk reaction on Monday, when all major indexes closed sharply lower following the tariff announcement. In S&P 500 sub-sectors, the energy index led the pack with a 1% rise, while utilities dropped 1.3%. In mega-cap stocks, shares of Tesla gained 1.5% after the stock recorded its steepest single-day fall in nearly a month on Monday. Wall St knocked lower by tariff jitters 'The market's taking comfort from the fact that the can has been kicked further down the road and the expectation remains that the bark is a lot worse than the bite,' said Ben Laidler, head of equity strategy at Bradesco BBI. The swift market recovery is in stark contrast to the sharp selloff that followed 'Liberation Day' tariff announcements three months ago — a rout that plunged the Nasdaq into bear territory and sent the Dow and S&P 500 into correction. Since then, Wall Street has rebounded, with the Nasdaq and S&P 500 both notching record highs last week, buoyed by a robust labor market that helped quiet recession worries. 'We have not seen any dramatic economic consequences from big increase in tariffs,' Laidler added. The U.S. has so far reached trade agreements with only Britain and Vietnam. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 63%, according to the CME FedWatch tool. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, which will offer investors more clarity on when the central bank might resume its policy easing cycle. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun dropped 8.9%, Enphase Energy lost 4.6% and SolarEdge Technologies declined 4.2%. Advancing issues outnumbered decliners by a 1.57-to-1 ratio on the NYSE, and by a 2.17-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and three new lows, while the Nasdaq Composite recorded 47 new highs and 26 new lows.
Perth Now
08-07-2025
- Business
- Perth Now
Wall St steadies, investors recover from tariff shock
Wall Street's main indexes largely have held firm, as jitters over President Donald Trump's latest tariff offensive were offset by mounting hopes that fresh talks with US trading partners could avert a full-blown global tariff war. On Monday, Trump warned partners from Japan and South Korea to smaller players that steep new US tariffs would kick in from August 1 — though he left the door open to delays if countries come forward with fresh proposals. Japan's top trade negotiator, Ryosei Akazawa, held a 40-minute phone call with US Commerce Secretary Howard Lutnick on Tuesday, where the two sides agreed to "actively" continue negotiations. In early trading on Tuesday, the Dow Jones Industrial Average fell 33.58 points, or 0.08 per cent, to 44,372.78, the S&P 500 gained 6.03 points, or 0.10 per cent, to 6,236.25 and the Nasdaq Composite gained 37.51 points, or 0.18 per cent, to 20,450.02. The sentiment has improved since a knee-jerk reaction on Monday, when all major indexes closed sharply lower following the tariff announcement. In S&P 500 sub-sectors, the energy index led the pack with a one per cent rise, while utilities dropped 1.3 per cent. In mega-cap stocks, shares of Tesla gained 1.5 per cent after the stock recorded its steepest single-day fall in nearly a month on Monday. "The market's taking comfort from the fact that the can has been kicked further down the road and the expectation remains that the bark is a lot worse than the bite," said Ben Laidler, head of equity strategy at Bradesco BBI. The swift market recovery is in stark contrast to the sharp selloff that followed "Liberation Day" tariff announcements three months ago — a rout that plunged the Nasdaq into bear territory and sent the Dow and S&P 500 into correction. Since then, Wall Street has rebounded, with the Nasdaq and S&P 500 both notching record highs last week, buoyed by a robust labour market that helped quiet recession worries. "We have not seen any dramatic economic consequences from big increase in tariffs," Laidler added. The US has so far reached trade agreements with only Britain and Vietnam. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 63 per cent, according to the CME FedWatch tool. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, which will offer investors more clarity on when the central bank might resume its policy easing cycle. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun dropped 8.9 per cent, Enphase Energy lost 4.6 per cent and SolarEdge Technologies declined 4.2 per cent. Advancing issues outnumbered decliners by a 1.57-to-1 ratio on the NYSE, and by a 2.17-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and three new lows, while the Nasdaq Composite recorded 47 new highs and 26 new lows.
Zawya
16-06-2025
- Business
- Zawya
Shares nudge up, oil dips, with Middle East and central banks in focus
World shares nudged up on Monday, helped by oil walking back some of last week's increase, though the conflict between Israel and Iran remained a concern, adding further uncertainty to a week packed with central bank meetings. The escalation in the Middle East came just as Group of Seven leaders were gathering in Canada, with U.S. President Donald Trump's tariffs already straining ties. Iranian missiles struck Israel's Tel Aviv and the port city of Haifa on Monday, killing at least eight people and destroying homes, prompting Israel's defence minister to warn that Tehran residents would "pay the price and soon". Yet there was no sign of panic among investors as currency markets stayed calm and Wall Street stock futures firmed after an early dip. S&P 500 futures rose 0.6%, and Brent was last off just over 1% at $73.38 a barrel,, which analysts attributed to the fact the weekend strikes did not affect production and export facilities. But last week's 13% surge means its inflationary impact, if sustained, could make the Federal Reserve more nervous about giving too many hints at its Wednesday meeting about interest rate cuts later in the year. Markets are still wagering on two cuts by December, with a first move in September seen as most likely. "The key is how much flexibility the Fed thinks it has. We've been pleasantly surprised we've not yet seen inflationary pass-through from the tariffs," said Ben Laidler, head of equity strategy at Bradesco BBI. "The situation in the Middle East is the major issue of the day. The message from the market is that it isn't too afraid, but it does turn what was already going to be a busy week into a frenetic one, and that has a lot of people on the sidelines." Data on U.S. retail sales on Tuesday may show a pullback in autos dragging the headline number down even as core sales edge higher. A market holiday on Thursday means weekly jobless claims figures are out on Wednesday. For now, investors were waiting for this week's developments and MSCI's all-country world share index gained 0.2%, to sit a touch below last week's record high. Europe's STOXX 600 rose 0.4%, led by a rebound in travel stocks after they suffered a large fall on Friday, and Gulf stocks also recovered. Earlier in the day, Chinese blue chips added 0.5%, and Hong Kong gained 0.7% as data showed Chinese retail sales rose 6.4% in May to handily top forecasts, while industrial output was in line with expectations. EXPOSED TO OIL In currency markets, the dollar gave back some of last Friday's gains against European currencies - the euro was up 0.2% at $1.1571 - and held steady against the Japanese yen at 144.16. The spike in oil prices is marginally negative for the yen and euro as both Japan and the EU are major importers of energy, while the United States is an exporter. Currencies from oil exporters Norway and Canada both benefited, with the Norwegian crown hitting its highest since early 2023, before steadying. "We should expect that economies with a positive energy trade balance should see their currencies benefiting from the shock to oil prices," noted analysts at Deutsche Bank. "It's notable the dollar is in this category, highlighting how the U.S. has moved from a net energy-importer to a net exporter in recent years." Central banks in Norway and Sweden meet this week, with the latter expected to trim rates. The Swiss National Bank meets on Thursday and is considered certain to cut by at least a quarter point to take rates to zero, with some chance it may go negative given the strength of the Swiss franc. The Bank of Japan holds a policy meeting on Tuesday and is widely expected to hold rates at 0.5%, while leaving open the possibility of tightening later in the year. There is also speculation it could consider slowing the rundown of its government bond holdings from next fiscal year. Government bond yields nudged higher around the world. The U.S. 10-year Treasury yield was last up 3 basis points at 4.45% Germany's 10-year Bund yield was up 2 bps at 2.56%. The calmer mood across markets saw some of gold's safe-haven bid reverse and it was down 0.55% at $3,413 an ounce.. (Reporting by Wayne Cole; Editing by Sam Holmes, Alex Richardson and Tomasz Janowski)
Zawya
16-06-2025
- Business
- Zawya
Shares nudge up, oil dips, with Mideast and central banks in focus
SYDNEY/LONDON - World shares nudged up on Monday, with oil prices steadier but holding on to most of last week's increase, as the conflict between Israel and Iran added further uncertainty to the world's economic troubles in a week packed with central bank meetings. The escalation in the Middle East came just as Group of Seven leaders were gathering in Canada, with U.S. President Donald Trump's tariffs already straining ties. Yet there was no sign of panic among investors as currency markets stayed calm and Wall Street stock futures firmed after an early dip. Brent was last off 0.5% at $73.85 a barrel,, but last week's 13% surge means its inflationary pulse, if sustained, could make the Federal Reserve more nervous about giving too many hints at its Wednesday meeting about interest rate cuts later in the year. Markets are still wagering on two easings by December, with a first move in September seen as most likely. "The key is how much flexibility the Fed thinks it has, we've been pleasantly surprised we've not yet seen in inflationary pass-through from the tariffs," said Ben Laidler, head of equity strategy at Bradesco BBI. "The situation in the Middle East is the major issue of the day. The message from the market is that it isn't too afraid, but it does turn what was already going to be a busy week into a frenetic one, and that has a lot of people on the sidelines." Data on U.S. retail sales on Tuesday will also be a hurdle, as a pullback in autos could drag the headline down even as core sales edge higher. A market holiday on Thursday means weekly jobless claims figures are out on Wednesday. For now, investors were waiting on developments and MSCI's all-country world share index gained 0.2%, to sit a touch below last week's record high. Europe's STOXX 600 rose 0.3% and S&P 500 futures rose 0.5%. Earlier in the day, Chinese blue chips added 0.24%, and Hong Kong gained 0.7% as data showed Chinese retail sales rose 6.4% in May to handily top forecasts, while industrial output was in line with expectations. EXPOSED TO OIL In currency markets, the dollar gave back of some of last Friday's gains against European currencies - the euro was up 0.3% at $1.1582 - and held steady on the Japanese yen at 144.10. The spike in oil prices is a negative for the yen and euro at the margin as both Japan and the EU are major importers of energy, while the United States is an exporter. Currencies from oil exporters Norway and Canada both benefited, with the Norwegian crown hitting its highest since early 2023. "We should expect that economies with a positive energy trade balance should see their currencies benefiting from the shock to oil prices," noted analysts at Deutsche Bank. "It's notable the dollar is in this category, highlighting how the U.S. has moved from a net energy-importer to a net exporter in recent years." Central banks in Norway and Sweden meet this week, with the latter thought likely to trim rates. The Swiss National Bank meets on Thursday and is considered certain to cut by at least a quarter point to take rates to zero, with some chance it may go negative given the strength of the Swiss franc. The Bank of Japan holds a policy meeting on Tuesday and is widely expected to hold rates at 0.5%, while leaving open the possibility of tightening later in the year. There is also speculation it could consider slowing the rundown of its government bond holdings from next fiscal year. Government bond yields nudged higher around the world. The U.S. 10-year Treasury yield was last up 1 bp at 4.44% Germany's 10-year Bund yield was up nearly 3 bps at 2.56%. The calmer mood across markets saw some of gold's safe-haven bid reverse and it was down 0.55% at $3,413 an ounce.. (Reporting by Wayne Cole; Editing by Sam Holmes and Alex Richardson)
