Latest news with #Howard Lutnick
Zawya
4 hours ago
- Business
- Zawya
European shares softer as EU mulls US countermeasures; Big Tech in focus
European shares were softer on Monday as markets awaited developments in trade talks, as well as a European Central Bank policy meeting later this week, while U.S. futures were brighter ahead of some major tech earnings. The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. Investors had been hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the EU. The pan-European benchmark STOXX 600 index was down 0.2% as was the UK's blue-chip FTSE 100. The euro was 0.2% higher at $1.1652. S&P 500 futures edged 0.2% higher, while Nasdaq futures were up 0.3%. U.S. indexes are already around record highs in anticipation of more solid quarterly earnings reports. But tariff uncertainty is also casting a shadow over markets, with Trump's August 1 deadline fast approaching. "Let's say that tariffs are pushed off again from August 1, which I think is the rosiest outcome at this point, then I don't think markets will spike another 10% higher. I'm thinking more that we get a grind higher for the rest of the year," said Oliver Blackbourn, multi-asset portfolio manager at Janus Henderson. Markets, meanwhile, are gearing up for a host of big tech company results this week, including Google owner Alphabet , Tesla and IBM. "They are going to be key for sentiment because frankly there's not a lot else to drive things," said Michael Brown, senior research strategist at Pepperstone. "We saw the banks deliver decent results last week, so you'd certainly be looking for the big tech names to keep up with that to reinforce the bull case (for equities)," he said. Investors also expect upbeat news for defence groups RTX , Lockheed Martin and General Dynamics. Higher government spending around the globe has seen the S&P 500 aerospace and defence sector rise 30% this year, while defence stocks in Europe have also hit record highs. MARKETS UNFAZED BY JAPANESE POLITICS The yen firmed on Monday as markets shrugged off the Japanese ruling coalition's defeat in upper house weekend elections. Japan's ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power ahead of the tariff deadline. Ishiba vowed to stay on, which along with a market holiday, limited the reaction. The yen was 0.77% firmer at 147.655 to the dollar and up 0.5% against the euro . "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further, but markets imply little chance of a move until late October. Elsewhere, euro zone government bond yields eased ahead of euro zone PMI data and the ECB meeting later this week, at which it is expected to leave rates at 2% following a string of cuts. The euro dipped 0.5% last week, moving off a recent near-four-year top of $1.1830. The dollar index was 0.3% lower at 98.11. U.S. Treasury yields fell, leaving the yield on the benchmark 10-year note down 5.5 basis points at 4.3757%. Most Federal Reserve policymakers, including Chair Jerome Powell, have indicated leaving U.S. rates unchanged right now is warranted in order to gauge the inflationary impact of tariffs. Markets imply almost no chance of a move in July and place a chance of 61% on a September cut and an 80% chance for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. In commodity markets, gold firmed 0.6% to $3,368 an ounce , with all the recent action in platinum, which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia over its war in Ukraine could curb its exports. Brent eased 0.27% to $69.09 a barrel. (Reporting by Wayne Cole in Sydney and Lucy Raitano in London; additional reporting by Naomi Rovnick in London; Editing by Shri Navaratnam, Amanda Cooper and Toby Chopra)
Reuters
4 hours ago
- Business
- Reuters
European shares softer as EU mulls US countermeasures; Big Tech in focus
SYDNEY/LONDON, July 21 (Reuters) - European shares were softer on Monday as markets awaited developments in trade talks, as well as a European Central Bank policy meeting later this week, while U.S. futures were brighter ahead of some major tech earnings. The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. Investors had been hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the EU. The pan-European benchmark STOXX 600 (.STOXX), opens new tab index was down 0.2% as was the UK's blue-chip FTSE 100 (.FTSE), opens new tab. The euro was 0.2% higher at $1.1652 . S&P 500 futures edged 0.2% higher, while Nasdaq futures were up 0.3%. U.S. indexes are already around record highs in anticipation of more solid quarterly earnings reports. But tariff uncertainty is also casting a shadow over markets, with Trump's August 1 deadline fast approaching. "Let's say that tariffs are pushed off again from August 1, which I think is the rosiest outcome at this point, then I don't think markets will spike another 10% higher. I'm thinking more that we get a grind higher for the rest of the year," said Oliver Blackbourn, multi-asset portfolio manager at Janus Henderson. Markets, meanwhile, are gearing up for a host of big tech company results this week, including Google owner Alphabet (GOOGL.O), opens new tab, Tesla (TSLA.O), opens new tab and IBM (IBM.N), opens new tab. "They are going to be key for sentiment because frankly there's not a lot else to drive things," said Michael Brown, senior research strategist at Pepperstone. "We saw the banks deliver decent results last week, so you'd certainly be looking for the big tech names to keep up with that to reinforce the bull case (for equities)," he said. Investors also expect upbeat news for defence groups RTX (RTX.N), opens new tab, Lockheed Martin (LMT.N), opens new tab and General Dynamics (GD.N), opens new tab. Higher government spending around the globe has seen the S&P 500 aerospace and defence sector rise 30% this year, while defence stocks in Europe have also hit record highs (.SXPARO), opens new tab. The yen firmed on Monday as markets shrugged off the Japanese ruling coalition's defeat in upper house weekend elections. Japan's ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power ahead of the tariff deadline. Ishiba vowed to stay on, which along with a market holiday, limited the reaction. The yen was 0.77% firmer at 147.655 to the dollar and up 0.5% against the euro . "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further, but markets imply little chance of a move until late October. Elsewhere, euro zone government bond yields eased ahead of euro zone PMI data and the ECB meeting later this week, at which it is expected to leave rates at 2% following a string of cuts. The euro dipped 0.5% last week, moving off a recent near-four-year top of $1.1830. The dollar index was 0.3% lower at 98.11 . U.S. Treasury yields fell, leaving the yield on the benchmark 10-year note down 5.5 basis points at 4.3757%. Most Federal Reserve policymakers, including Chair Jerome Powell, have indicated leaving U.S. rates unchanged right now is warranted in order to gauge the inflationary impact of tariffs. Markets imply almost no chance of a move in July and place a chance of 61% on a September cut and an 80% chance for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. In commodity markets, gold firmed 0.6% to $3,368 an ounce , with all the recent action in platinum , which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia over its war in Ukraine could curb its exports. Brent eased 0.27% to $69.09 a barrel.
NHK
5 hours ago
- Business
- NHK
Japan's top negotiator for US tariff talks leaves for Washington
Japan's top negotiator for trade talks with the United States has left for Washington as the US is poised to impose a 25-percent tariff on imports from Japan starting August 1. Economic Revitalization Minister Akazawa Ryosei departed from Tokyo's Haneda Airport on Monday morning. It is his eighth trip to the US capital for tariff negotiations. Speaking to reporters before his departure, Akazawa said that negotiations would not be easy as both Japan and the US need to protect their national interests. He said he wants to hold sincere and robust discussions to find common ground between the two sides. Arrangements are under way for a meeting with US Commerce Secretary Howard Lutnick on Monday or later, local time. Akazawa is also seeking meetings with Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. Japanese government officials say that Washington is now reviewing Tokyo's proposal to make massive investments and import more American goods to reduce the US trade deficit with Japan. Akazawa says he wants to confirm how the US side is proceeding with its review. Akazawa aims to reach an agreement that can benefit both countries as the August 1 deadline for what US President Donald Trump calls "reciprocal" tariffs approaches.
Yahoo
17 hours ago
- Business
- Yahoo
Pakistan's Finance Minister in US to Push for Trade Deal
(Bloomberg) -- Pakistan's Finance Minister held meetings with US officials on Friday to negotiate Washington's demands as part of trade talks ahead of an August deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion The Dutch Intersection Is Coming to Save Your Life Milan Corruption Probe Casts Shadow Over Property Boom Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital A delegation led by Muhammad Aurangzeb held a 'productive meeting' with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a statement by Pakistan's government, confirming a visit that was earlier reported by Bloomberg News. 'Both parties expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries,' the statement said. Pakistan had earlier expected to wrap up a trade deal with the US by early July, but the talks are taking longer than expected. Relations between Islamabad and Washington are showing signs of improvement in recent months after a prolonged diplomatic chill. Last month, US President Donald Trump welcomed Pakistan's army chief, Asim Munir, for rare talks at the White House that was followed by Pakistan recommending Trump for a Nobel Peace Prize. Pakistan, which is warming up to the crypto industry, also signed a letter of intent with Trump family's World Liberty Financial in April to accelerate blockchain adoption in the country. Since Munir's visit, trade negotiations have made 'encouraging headway,' the finance ministry said in a statement earlier this week. Pakistan has a relatively small trade deficit of $3 billion with the US compared with many other nations. Pakistan is trying to appease the US to seek reprieve from the 29% reciprocal tariffs initially imposed by Trump. The South Asian nation, already the second-largest buyer of US cotton by value after China, has offered to boost imports of American cotton and soybeans. The US is the largest export market for Pakistan. (Updates with statement from the Government of Pakistan.) A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover ©2025 Bloomberg L.P. 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
20 hours ago
- Business
- Yahoo
Commerce Secretary Lutnick Confident About Reaching EU Trade Deal
In an interview with CBS, Commerce Secretary Howard Lutnick doubled down on the deadline for the European Union to reach a trade deal with the U.S. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
