Latest news with #Lutnick
The Hill
15 hours ago
- Business
- The Hill
Trump moves toward mineral deals
The Big Story The Trump administration is announcing they've reached a trade agreement with China that includes mineral provisions — and is seeking further agreements with Rwanda and the Democratic Republic of the Congo. © Greg Nash The Trump administration reached an agreement with China this week focused on rare earth exports to the U.S., building on previous talks between the two nations that eased tariffs on imports from Beijing. 'We had trade talks in Geneva towards moving toward the agreement in London. Part of the agreement was tariffs coming down and rare earth, rare earth magnets starting to flow back to the U.S.— they formed the core of our industrial base. They were not flowing as fast as previously agreed,' Treasury Secretary Scott Bessent said Friday on Fox Business's 'Mornings With Maria.' The agreement was then signed earlier this week, which the administration is describing as a de-escalation of the U.S.-China trade war. 'I am confident now that we, as agreed, the magnets will flow. In the meantime, we had put countermeasures versus the Chinese in place. We had held back some, the vital supplies for them. So, what we're seeing here is a de-escalation under President Trump's leadership,' Bessent said. Commerce Secretary Howard Lutnick later told Bloomberg TV the deal, which was struck in London, was signed earlier this week. 'The China deal, we inked the deal — you remember, we had a trip to Geneva and then that was being slow-played. We got back together in London and that deal was signed and sealed two days ago,' Lutnick said. Lutnick also told Bloomberg that China will 'deliver rare earths to us' and that afterward, the U.S. will 'take down our countermeasures.' Massad Boulous, Trump's senior advisor for Africa and father-in-law to his daughter Tiffany, told reporters that the U.S. was working on mineral agreements with both the DRC and Rwanda. 'We're negotiating a minerals deal with the DRC for critical minerals. Many American companies have shown interest in investing in the DRC,' he said. 'Same thing with Rwanda. Many American companies have shown interest, and not only in mining, but also in the midstream and downstream, which will be the processing of minerals.' Read more about China from Rachel and The Hill's Alex Gangitano here and read more about Africa from Rachel and The Hill's Laura Kelly here. Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will affect the energy and environment sectors now and in the future: DRC and Rwanda call for Trump to 'stay committed' after peace deal The top diplomats from the Democratic Republic of Congo and Rwanda urged President Trump to stay committed to enforcing a peace agreement between the two countries signed in Washington on Friday. Record-breaking heat dome disrupts summer school, student activities This week's heat dome put a big hole in summer school. Summer classes and other events for students across the country were disrupted by swelteringly high temperatures, a warning of climate-related education disruptions to come. Environmental groups sue to block 'Alligator Alcatraz' A coalition of environmental groups on Friday sued over the Trump administration's plans to build a detention center in the Everglades that critics have dubbed 'Alligator Alcatraz.' What We're Reading News we've flagged from other outlets touching on energy issues, the environment and other topics: Italy chemical plant execs jailed for pollution (AFP) What Others are Reading Two key stories on The Hill right now: GOP leader sets Saturday vote on Trump 'big, beautiful bill' despite Republican pushback Senate Majority Leader John Thune (R-S.D.) told Senate Republicans to expect to see the legislative text of the budget reconciliation package on Friday evening and then to vote at noon Saturday to begin debate on President Trump's tax and spending bill. Read more 5 takeaways from the Supreme Court's birthright citizenship ruling The Supreme Court handed President Trump a clear victory Friday, stopping judges from issuing nationwide injunctions that block his executive order narrowing birthright citizenship. Read more You're all caught up. See you next time! Thank you for signing up! Subscribe to more newsletters here
Yahoo
16 hours ago
- Business
- Yahoo
S&P 500 and Nasdaq Climb to Record Highs on China Trade Optimism
The S&P 500 Index ($SPX) (SPY) Friday closed up +0.52%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.00%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.39%. September E-mini S&P futures (ESU25) are up +0.42%, and September E-mini Nasdaq futures (NQU25) are up +0.34%. Stock indexes Friday settled higher, with the S&P 500 and Nasdaq 100 posting new all-time highs, and the Dow Jones Industrials posting a 3-3/4 month high. Positive trade news buoyed stocks Friday as the US moves closer to trade deals with China and other trading partners. Stocks also found support on Friday after the University of Michigan's US June consumer sentiment index improved, as inflation expectations unexpectedly declined. US Commerce Secretary Lutnick said that the US and China had finalized a trade understanding reached last month in Geneva, including a commitment from China to deliver rare earth materials. China's Commerce Ministry also confirmed the agreement and stated that it will review and approve eligible applications for the export of controlled items, and the US will cancel the restrictive measures taken against China. In addition, Commerce Secretary Lutnick said the White House has imminent plans to reach agreements with a set of 10 major trading partners ahead of a July 9 deadline for reciprocal tariffs. Meanwhile, the Treasury Department announced a deal with G-7 countries that will exclude US companies from some taxes imposed by other countries in exchange for removing the 'revenge tax' proposal from President Trump's tax bill. However, stocks fell back from their best levels on Friday afternoon after President Trump announced he was ending all trade talks with Canada over its digital services tax and threatened to impose new tariffs on the country within the next week. Gains in stocks were also limited on Friday's weaker-than-expected US May personal spending and income reports, as well as the stronger-than-expected May core PCE price index. US May personal spending unexpectedly fell -0.1% m/m, weaker than expectations of a +0.1% m/m increase. May personal income unexpectedly fell -0.5% m/m, weaker than expectations of +0.3% m/m and the biggest decline in more than 3-1/2 years. The US May core PCE price index, the Fed's preferred gauge of underlying inflation, rose +0.2% m/m and +2.7% y/y, stronger than expectations of +0.1% m/m and +2.6% y/y. The University of Michigan US Jun consumer sentiment index was revised upward by +0.2 to 60.7, stronger than expectations of no change at 60.5. The University of Michigan US Jun 1-year inflation expectations were unexpectedly revised lower to 5.0%, weaker than expectations of an upward revision to 5.2%. The 5-10 year inflation expectations were revised downward to 4.0%, weaker than expectations of no change at 4.1%. Minneapolis Fed President Kashkari said he sees two 25-bp Fed rate cuts this year, with the first potentially in September, but warned that tariffs could have a delayed impact on inflation, and policymakers should remain flexible. On the negative side for stocks is the upcoming earnings season, which begins in two weeks. Bloomberg Intelligence data show the consensus for Q2 earnings of S&P 500 companies to rise by 2.8% year-over-year, the smallest increase in two years. Also, only six of the 11 S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research. Federal funds futures prices are discounting the chances at 19% for a -25 bp rate cut at the July 29-30 FOMC meeting. Overseas stock markets on Friday settled mixed. The Euro Stoxx 50 rallied to a 1-1/2 week high and closed up +1.56%. China's Shanghai Composite closed down -0.70%. Japan's Nikkei Stock 225 climbed to a 5-month high and closed up +1.43%. Interest Rates September 10-year T-notes (ZNU25) Friday closed down by -6.5 ticks. The 10-year T-note yield rose +4.3 bp to 4.285%. T-note prices were under pressure on Friday due to some negative carryover from weakness in European government bonds. Also, positive trade news on Friday pushed the S&P 500 to a new record high and reduced safe-haven demand for T-notes. In addition, the stronger-than-expected May core PCE price index, the Fed's preferred gauge of underlying inflation, is negative for T-notes. Losses in T-notes were limited due to the unexpected declines in the US May personal spending and income reports, dovish factors for Fed policy. Also, the unexpected downward revision to the University of Michigan US inflation expectations is bullish for T-notes. In addition, dovish comments on Friday from Minneapolis Fed President Kashkari were supportive of T-notes, as he stated that he sees two 25-bp Fed rate cuts this year. European government bond yields on Friday moved higher. The 10-year German bund yield rose to a 1-month high of 2.606% and finished up +2.3 bp to 2.592%. The 10-year UK gilt yield rose +3.2 bp to 4.504%. The Eurozone Jun economic confidence survey unexpectedly fell -0.8 to 94.0, weaker than expectations of unchanged at 94.8. Swaps are discounting the chances at 7% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Nike (NKE) closed up more than +15% to lead gainers in the S&P 500 and Dow Jones Industrials after reporting Q4 revenue of $11.10 billion, better than the consensus of $10.72 billion, and saying it is taking steps to mitigate tariffs, including 'surgical' price increases and reducing production in China. Apogee Enterprises (APOG) closed up more than +6% after raising guidance on its 2026 adjusted EPS forecast to $3.80-$4.20 from a previous forecast of $3.55-$4.10. Positive credit news lifted cruise line stocks on Friday after Norwegian Cruise Line Holdings announced it successfully upsized its existing senior secured revolving credit facility from $1.7 billion to $2.486 billion, and Moody's upgraded Carnival's long-term corporate rating to Ba2 from Ba3. As a result, Carnival (CCL) and Royal Caribbean Cruises Ltd (RCL) closed up more than +4% and Norwegian Cruise Line Holdings (NCLH) closed up more than +3%. Boeing (BA) closed up more than +5% after Redburn upgraded the stock to buy from neutral with a price target of $275. (AMZN) closed up more than +2% after BNP Paribas Exane upgraded the stock to outperform from neutral with a price target of $254. Alphabet (GOOGL) closed up more than +2% after Citizens JMP Securities LLC upgraded the stock to outperform from market perform with a price target of $220. Trade Desk (TTD) closed up more than +2% after Evercore ISI upgraded the stock to outperform from in line with a price target of $90. Palantir Technologies (PLTR) closed down more than -9% to lead losers in the S&P 500 and Nasdaq 100 after Canada announced a tax on digital business from the US. Coinbase Global (COIN) also closed down more than -5% on the news. Gold mining stocks are under pressure today, with the price of COMEX gold falling to a 4-week low. As a result, Anglogold Ashanti Plc (AU) closed down more than -5%, and Gold Fields Ltd (GFI) and Newmont (NEM) closed down more than -3%. CorMedix (CRMD) closed down more than -16% after announcing it intends to offer and sell $85 million of shares of its common stock in an underwritten public offering. Uber Technologies (UBER) closed down more than -1% after Canaccord Genuity downgraded the stock to hold from buy. CrowdStrike Holdings (CRWD) closed down more than -1% on signs of insider selling after an SEC filing showed the company's CEO, President, CFO, and CAO sold a combined $19.9 million of shares on Monday. Earnings Reports (6/30/2025) B Riley Financial Inc (RILY), Compass Diversified Holdings (CODI), Golden Matrix Group Inc (GMGI), Outdoor Holding Co (POWW), Progress Software Corp (PRGS). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
18 hours ago
- Business
- Yahoo
Crude Oil Settles Higher on US-China Trade Optimism
August WTI crude oil (CLQ25) Friday closed up +0.28 (+0.43%), and August RBOB gasoline (RBQ25) closed down -1.04 (-0.50%). Crude oil and gasoline prices settled mixed on Friday. Crude found support on signs of easing trade tensions as the US moves closer to trade deals with China and other trading partners. Also, uncertainty over Iran gave crude prices a boost after US Energy Secretary Wright said that sanctions against Iran will remain in place for now. In addition, Friday's rally in the S&P 500 to a new record high shows confidence in the economic outlook, which is supportive of energy demand and crude prices. Gains in crude oil were limited, and gasoline prices fell due to a stronger dollar. Also, the crude crack spread Friday slid to a 1-1/2 week low, discouraging refiners from buying crude and refining it into gasoline and distillates. Crude Oil Prices Climb on Positive Trade News Nat-Gas Prices Surge in Anticipation of Hot US Weather Crude Oil Settles Higher on US-China Trade Optimism Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Crude prices rose Friday after US Commerce Secretary Lutnick said that the US and China had finalized a trade understanding reached last month in Geneva. Also, Commerce Secretary Lutnick said the White House has imminent plans to reach agreements with a set of 10 major trading partners ahead of a July 9 deadline for reciprocal tariffs. Crude oil prices have underlying support from US and European intelligence reports suggesting that Iran may still have most of its stockpile of 60% enriched uranium even after the Israeli and US bombing runs, which means that sanctions will likely remain in place until Iran agrees to nuclear inspections. On Friday, President Trump said he considered easing sanctions on Iran after a ceasefire, but would instead keep sanctions in place after Iran's Supreme Leader, Ali Khamenei, claimed victory in the war with Israel. Concern about a global oil glut is negative for crude prices. On Wednesday, Russia stated that it is open to another output hike for OPEC+ crude production in August, when the group meets on July 6. On May 31, OPEC+ agreed to a 411,000 bpd crude production hike for July after raising output by the same amount for June. Saudi Arabia has signaled that additional similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and punish overproducing OPEC+ members, such as Kazakhstan and Iraq. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production. OPEC+ had previously planned to restore production between January and late 2025, but now that production cut won't be fully restored until September 2026. OPEC May crude production rose +200,000 bpd to 27.54 million bpd. Gasoline prices have support from the American Automobile Association (AAA) projection that a record 61.6 million people will travel by car this Fourth of July holiday (June 28 to July 6), up +2.2% from last year and a sign of stronger gasoline demand. Oil prices continue to be undercut by tariff concerns, as President Trump recently stated that he intends to send letters to dozens of US trading partners within one to two weeks, setting unilateral tariffs ahead of the July 9 deadline that followed his 90-day pause. A decline in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -13% w/w to 79.66 million bbl in the week ended June 20. Wednesday's EIA report showed that (1) US crude oil inventories as of June 20 were -10.9% below the seasonal 5-year average, (2) gasoline inventories were -2.8% below the seasonal 5-year average, and (3) distillate inventories were -20.3% below the 5-year seasonal average. US crude oil production in the week ending June 20 was unchanged w/w at 13.435 million bpd, modestly below the record high of 13.631 million bpd from the week of December 6. Baker Hughes reported last Friday that active US oil rigs in the week ending June 27 fell by -6 to a 3-3/4 year low of 432 rigs. Over the past 2-1/2 years, the number of US oil rigs has fallen from the 5-1/4 year high of 627 rigs posted in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
Time of India
18 hours ago
- Business
- Time of India
US and China have signed a trade deal, says Donald Trump
BANGKOK: The US and China have signed an agreement on trade, President Donald Trump said late on Thursday. "We just signed with China the other day," Trump said. US Commerce secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. Neither Lutnick nor Trump provided any details about the agreement. Lutnick said the deal was "signed and sealed" two days earlier. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like A Brand New Small Electric Car For Seniors (The Price May Surprise You) Electric Cars | Search Ads Undo It was unclear if the latest agreement was different from the one Trump announced two weeks earlier that he said would make it easier for American industries to obtain much-needed needed magnets and rare earth minerals. That pact cleared the way for the trade talks to continue, while the US agreed to stop trying to revoke visas of Chinese nationals on US college campuses. Later, on Friday, Trump said his July 9 trade deadline was not a fixed date, telling reporters at the White House: "We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25%," he said. Live Events Beijing confirms framework China's Commerce Ministry said Friday that the two sides had "further confirmed the details of the framework." But its statement did not explicitly mention US access to rare earths, minerals used in high-tech applications that have been at the center of the negotiations. "China will approve the export applications of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly. It is hoped that the United States and China will meet each other halfway," it said. "The president likes to close these deals himself. He's the dealmaker. We're going to have deal after deal," Lutnick said. China has not announced any new agreements, but said earlier this week that it was speeding up approvals of exports of rare earths, materials used in high-tech products such as EVs.
The Wire
20 hours ago
- Business
- The Wire
China, US Confirm Details of Trade Deal Framework
The US will lift 'restrictive measures against China', and the latter will 'approve applications for the export control items', per China. The US will lift 'restrictive measures against China', and the latter will 'approve applications for the export control items', per China. Since 2015, The Wire has done just that. But we can continue only with your support . China's commerce ministry on Friday (June 27) announced that Beijing and Washington had confirmed the details of a trade deal framework that the two countries had agreed upon earlier this month following talks in London. According to the statement from the ministry, Washington will lift "restrictive measures against China", and Beijing will "review and approve applications for the export control items". Late Thursday, US President Donald Trump announced that the United States and China had signed a trade agreement and that he expects to soon reach a deal with India. "We just signed with China the other day," Trump said. Advertisement Meanwhile, commerce secretary Howard Lutnick told Bloomberg TV that the deal was "signed and sealed" two days earlier. No details about the agreement were provided by either Lutnick or Trump. "The president likes to close these deals himself," Lutnick said. Advertisement Also on Thursday, a White House official announced that the US had reached an agreement with China on how to expedite shipments of rare earth materials to the US. What do we know about US-China trade talks? The announcement by the US and China follows initial talks in Geneva in early May, which led both sides to postpone massive tariff hikes that threatened to halt much of the trade between the two countries. Later talks in London set a framework for negotiations, and the deal Trump and the Chinese commerce ministry mentioned appeared to formalise that agreement. Ensuring the supply of rare earth elements – essential for products including electric vehicles, hard drives and national defence equipment – has been a top priority for Washington in talks with Beijing. In early April, China – which dominates global production of these elements – began requiring export licenses, a move widely viewed as a response to Trump's tariffs. Shares in Europe and Asia rose as investors assessed signs of easing trade tensions between the US and China. Chinese foreign minister to visit EU, Germany, France next week On Friday, Beijing also announced that Chinese foreign minister Wang Yi will travel to Europe next week to meet with his counterparts from the European Union, Germany and France. China's top diplomat will meet with his EU counterpart, Kaja Kallas, at the bloc's headquarters in Brussels for a "China-EU high-level strategic dialogue", said foreign ministry spokesman Guo Jiakun. In Germany, Wang will discuss diplomacy and security with foreign minister Johann Wadephul, and in France, he will meet with minister for Europe and foreign affairs Jean-Noel Barrot. While in Brussels, Wang will also meet with Belgian Prime Minister Bart De Wever and Deputy Prime Minister and foreign minister Maxime Prevot. This article was originally published on DW. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
