Latest news with #JaneFoley
Yahoo
2 days ago
- Business
- Yahoo
The More Deals Trump Gets, The More Confidence Markets Gain
(Bloomberg) -- The world's investors are enjoying a confidence boost after months of uncertainty as President Donald Trump finally starts signing trade deals. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Global stocks extended a record, risk-sensitive currencies strengthened and bonds fell after a trade agreement with Japan contained lower tariffs than Trump had threatened earlier this month. The big picture takeaway seems to be a light at the end of a negotiating tunnel that will further fuel investor optimism that the worst of their fears on trade are behind them. As a major trading partner, the Japan deal is potentially a big step forward toward the conclusion of tariff-related uncertainties, according to Jane Foley, head of FX strategy at Rabobank. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. 'Overall the deal will justify the market's rolling back of the fears related to US recession and inflation seen earlier in the year and should help support risk appetite,' she said. 'It raises pressure on the European trade negotiators, though at the same time it will also raise hope that they can still pull something out of the bag ahead of the deadline.' The deal with Japan sets tariffs on the nation's imports at 15%, including for autos — by far the biggest component of the trade deficit between the two countries. A separate agreement with the Philippines set a 19% rate, the same level as Indonesia agreed and a percentage point below Vietnam's 20% baseline level, signaling that the bulk of Southeast Asia is likely to get a similar rate. After the deals, effective tariff rates still remain much higher than at the beginning of the year, but below the more punitive rates suggested previously. Japan's Topix Index rallied more than 3% to hit a one-year high, with Toyota Motor Corp. surging as much as 16%, the most since 1987. Hopes that the deal could pave the way for an agreement in Europe also boosted shares in the region, with Europe's Stoxx 600 gauge rising 1.2%, the most in a month, led by automakers such as Porsche, Volkswagen and Stellantis, each up more than 6%. Shares in other sectors such as pharma and construction — which have a big exposure to the US market — also rallied on Wednesday, while the yield on US 10-year Treasuries rose three basis points to 4.38%, halting five days of losses. Trump Deals Bring Some Clarity for World's Manufacturing Base Earlier this year, Trump's rapidly-shifting tariff policies sent global markets spiraling amid recession fears and worries about the outlook for US equities, bonds and even the status of the dollar as the world's reserve currency. But risk assets have rebounded as investors saw signs of progress in negotiations and the greenback has steadied. 'Since this news counters the 'Sell America' trade that was exhibited in the first 5 months of the year, if should help support short-covering in the dollar,' Rabobank's Foley said. Japan's deal might be setting a precedent for trade negotiations happening with Europe, according to Fabien Yip, a market analyst at IG in Australia. That will provide some optimism for global markets in their expectations for what will eventually happen with Europe and China, she said. 'It looks like Trump has been making a few concessions with several key trading partners, including Vietnam, Indonesia, and now Japan,' Yip said. 'So the deal today will be quite meaningful for the global rally.' After Stock Market's Torrid Run, Earnings Misses Face Punishment With a deal with Beijing still a key factor for the global economy, US Treasury Secretary Scott Bessent will meet his Chinese counterparts in Stockholm for their third round of trade talks aimed at extending a tariff truce and widening the discussions. European Union and US negotiators are still in intensive talks, as they seek to clinch a trade deal by Aug. 1. 'Collectively, this more positive trade news has really helped to ease investor fears that tariffs are about to snap back higher on August 1,' wrote Deutsche Bank AG's Jim Reid in a note to clients. 'But of course, the threat of much higher tariffs still remains for several large economies, including the 30% on the EU, 35% on Canada and 50% on Brazil.' Mohit Kumar, the chief European strategist at Jefferies International sees trade agreements signed in the near term with the rest of the US's key trading partners. 'While a negative from a macro point of view, the world can live with 15% or so tariffs,' he said. --With assistance from Blaise Robinson and Michael Msika. (Updates market pricing from second paragraph.) Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash 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 ©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
CNBC
4 days ago
- Business
- CNBC
Sterling inches up against euro, dollar but remains near multiweek lows
The British pound edged higher against the dollar and euro on Monday, but remained close to the multiweek lows it reached against both currencies last week as investor attention remains on Bank of England policy and the deteriorating fiscal picture. The pound was up 0.3% against the dollar at $1.3452, just above last week's eight-week low of $1.33655. Britain's economic data was mixed on balance last week - the labour market showed signs of a further cooling, while consumer price inflation unexpectedly rose to its highest in more than a year. A quarter-point rate cut from the Bank of England at its meeting on August 7 remained almost fully priced after the data, with about 50 basis points of easing priced in by the end of the year. The pound was also up about 0.2% at 86.575 pence per euro , having touched a 14-week low last week. "We think a rising fiscal risk premium is the main driver of the recent outperformance of EUR/GBP," said Goldman Sachs FX strategists in a note. Britain remains in a precarious fiscal position, exacerbated earlier this month after the government suffered a major rebellion against welfare reforms which fed doubts about its ability to cut spending. Many economists and analysts believe the government will have to raise billions of pounds in taxes later this year to meet its fiscal rules as growth remains elusive. "The pound's struggle to keep pace with the euro this year reflects a shift in market optimism in favour of Germany and the euro zone," said Rabobank senior FX strategist Jane Foley. "In view of the UK's fiscal concerns, we continue to favour buying EUR/GBP on dips," Foley added. Deloitte on Monday said its consumer confidence index dropped to its lowest since the first quarter of 2024, reflecting increased worries about job security and income growth. Retail sales data due on Friday could give a clearer picture on the state of the consumer, while a preliminary survey of purchasing managers on business activity is set for release on Thursday.
Mint
4 days ago
- Business
- Mint
Sterling inches up against euro, dollar but remains near multi-week lows
LONDON, July 21 (Reuters) - The British pound edged higher against the dollar and euro on Monday, but remained close to the multi-week lows it reached against both currencies last week as investor attention remains on Bank of England policy and the deteriorating fiscal picture. The pound was up 0.3% against the dollar at $1.3452, just above last week's eight-week low of $1.33655. Britain's economic data was mixed on balance last week - the labour market showed signs of a further cooling, while consumer price inflation unexpectedly rose to its highest in more than a year. A quarter-point rate cut from the Bank of England at its meeting on August 7 remained almost fully priced after the data, with about 50 basis points of easing priced in by the end of the year. The pound was also up about 0.2% at 86.575 pence per euro , having touched a 14-week low last week. "We think a rising fiscal risk premium is the main driver of the recent outperformance of EUR/GBP," said Goldman Sachs FX strategists in a note. Britain remains in a precarious fiscal position, exacerbated earlier this month after the government suffered a major rebellion against welfare reforms which fed doubts about its ability to cut spending. Many economists and analysts believe the government will have to raise billions of pounds in taxes later this year to meet its fiscal rules as growth remains elusive. "The pound's struggle to keep pace with the euro this year reflects a shift in market optimism in favour of Germany and the euro zone," said Rabobank senior FX strategist Jane Foley. "In view of the UK's fiscal concerns, we continue to favour buying EUR/GBP on dips," Foley added. Deloitte on Monday said its consumer confidence index dropped to its lowest since the first quarter of 2024, reflecting increased worries about job security and income growth. Retail sales data due on Friday could give a clearer picture on the state of the consumer, while a preliminary survey of purchasing managers on business activity is set for release on Thursday. (Reporting by Samuel Indyk; Editing by David Holmes)
Bloomberg
10-07-2025
- Business
- Bloomberg
Bloomberg Daybreak: Europe 07/10/2025
Bloomberg Daybreak: Europe TV Shows Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. Today's guests: Jane Foley, Rabobank, FX Strategy Head; Amrita Sen, Energy Aspects, Founder & Research Director. (Source: Bloomberg)
Daily Mail
24-06-2025
- Daily Mail
Domestic abuse thug who said he was like killer Raoul Moat to terrify his partner is jailed for two years and four months
A domestic abuser who referred to himself as notorious killer Raoul Moat to terrify his partner has been jailed. Eric Drinkald, 41, and the woman split after he hit her with a hoover attachment, curtain pole and his fists before he then bombarded her with calls and texts during a campaign of stalking. This culminated in him threatening to smash her windows and burn her car on January 1 before comparing himself to Moat to instil fear. Jane Foley, prosecuting, told Newcastle Crown Court the woman had complained about Drinkald's abusive behaviour during the course of their relationship but had previously retracted statements to the police. In November last year, they argued and she ended up asking him to leave. Drinkald, who had been drinking, began punching and slapping her. Miss Foley said: 'He struck her with a curtain pole and hoover attachment and punched her to the stomach. He threw a can of Stella lager towards her which exploded on the floor.' The woman sustained bruising and swelling to various parts of her body as a result of the assault. They split up but Drinkald repeatedly messaged and called her. Miss Foley said: 'The contact was persistent and often abusive and threatening. 'She describes being tortured with calls and texts. On New Year's Day he threatened to smash her windows and attack her home address, calling himself Raoul Moat and threatening to burn her car out. 'She was terrified for herself and her family. She feared she would suffer serious harm.' In a victim impact statement, the woman said: 'This abuse has had a massive effect on my day-to-day life. I live in fear of him getting back in contact with me or approaching me. 'He has had other people watching me, based on previous threats he has made.. I've had to change my address in order to feel safe. I've had to move myself and my children, with massive upheaval, for all of us to make sure he doesn't know where I live. 'I'm scared he will come to my house when drunk and go to my parents' house as he has done before. I'm worried he will cause more distress to my parents and children. 'The fear he will contact me is always at the back of my mind and has caused my mental health to decline.' Drinkald, of no fixed address, who has 69 previous convictions, pleaded guilty to stalking involving serious alarm or distress and battery. Recorder Andrew Latimer jailed him for two years and four months and imposed a five-year restraining order. The judge said: 'On New Year's Day you threatened to smash her window, going to her house and referring to yourself as Raoul Moat, a name which is notorious locally and threatened to burn her car. I'm sure you did that intending she would fear you.' David Callan, defending, said: 'He accepts his behaviour was absolutely appalling and he shows a degree of insight. He had lost his job prior to the offences and increased his use of alcohol. 'When asked to leave, he struggled to control his emotions. There was a degree of sexual jealousy, to quote Shakespeare: the green-eyed monster. 'He has said she is a good mother and didn't deserve to be assaulted by him and left fearing for her and her family's safety.'
