Latest news with #MiddleEastTensions
Reuters
2 days ago
- Business
- Reuters
Morning Bid: Stock markets opt for optimism
A look at the day ahead in European and global markets from Rae Wee Asian shares climbed to their highest in more than three years on Friday and Europe looked set to join the rally, as markets turned optimistic after weathering a few weeks of heightened Middle East tensions and uncertainties over tariffs. Wall Street set the pace overnight when investors latched onto the latest upbeat developments: The fragile ceasefire between Israel and Iran continued to hold, and China-U.S. trade tensions showed tentative signs of further easing. Expectations were also rising for more rate cuts by the Fed, with the prospect of a more dovish Fed chair on the horizon and continued weak U.S. economic data. On the trade front, a White House official said on Thursday the United States had reached an agreement with China on how to expedite rare earths shipments to the U.S. Adding to tailwinds for investors, U.S. Treasury Secretary Scott Bessent asked Republicans in Congress to remove from their sweeping budget legislation a "retaliatory tax" proposal that targets foreign investors. The next key for markets on Friday will be the release of the core PCE price index in the U.S., which could offer additional clues on the Federal Reserve's rate trajectory. There have been few signs thus far that President Donald Trump's tariffs are causing the huge spike in domestic consumer prices that many investors had feared, although Fed officials have said it is still too early to tell. Any downside surprise in Friday's PCE numbers could fuel bets on more easing by the Fed this year. The Fed's rate outlook and Chair Jerome Powell's future at the central bank have been front and centre for markets over the past two sessions, after the Wall Street Journal reported that Trump has toyed with the idea of announcing Powell's replacement by September or October. That would leave Powell with a "shadow" looming over him for the last six meetings of his tenure. These developments have triggered a wave of heavy dollar selling as investors fret about the Fed's independence and bet that Powell will be replaced by somebody more inclined towards rate cuts. The dollar languished near a 3-1/2-year low on Friday and was set for its worst week in more than a month. The dollar is already down more than 10% for the year thus far and, if the latest losses hold until the end of the month, it will mark its biggest fall for the first half of the year since the start of the era of free-floating currencies in the early 1970s. Key developments that could influence markets on Friday: - France preliminary inflation (June) - U.S. PCE price index (May) Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
SBS Australia
2 days ago
- Politics
- SBS Australia
Iran, United States issue conflicting statements on nuclear talks
At this point, it's a war of words between Iran and the United States, with the fighting between Iran and Israel on an indefinite hold. Iranian Supreme Leader, Ali Khamenei, who has been in hiding since Israel began strikes on the nation, has emerged to claim Tehran has "won"- and given the US a "hard slap". The ayatollah is scathing of what he says are trumped-up reports of the damage done by American attacks on Iranian nuclear facilities. "The President of the United States made an unusual exaggeration in describing what had happened; it became clear that he needed this exaggeration. If aggression occurs, the cost for both the enemy and the protester will certainly be high.' Fighting between Israel and Iran has halted - albeit with no formal ceasefire. Iranian Foreign Minister, Abbas Araqchi said if Israel does not launch more attacks - his government won't either. "We do not accept a ceasefire because a ceasefire itself is the product of negotiations. Or a cessation of operations, where the two sides negotiate, talk, for example, agree to stop. As I said that we do not accept any ceasefire, we do not accept the cessation of operations, but if the Zionist regime does not continue its attacks, we have no intention of continuing." With fighting paused, Israel's airspace remains open. Nearly 150 Australians were evacuated from Tel Aviv on government-assisted flights in recent days, with more expected to depart on commercial flights. About 1,000 Australians have asked the government for assistance to leave Israel, with around 3,000 more waiting in Iran. After three unsuccessful evacuation attempts, Mr Kedem spoke to SBS from Tel Aviv airport, where he finally awaits a flight home to reunite with his wife and two children. He describes his fear while hiding out in a safe room in his family's home in Ramat Gan, east of Tel Aviv. "In my neighbourhood, there was a rocket fell at 700 meter from me. And I was going in the same night to see the scene, to see how it goes because I have friends there and I was worried I want to help as much as I can. And what I saw, it was a war zone. I felt like I'm on the front of the line. The noise of the rocket fell. It was something that I never felt or hear before." Meanwhile, the U-S and its defence hub - the Pentagon - are attempting to discredit a leaked intelligence brief, which reported the damage done to Iran's nuclear facilities by American strikes this week as mostly superficial. White House Press secretary Karoline Leavitt says the U-S mission will "go down in the history books" as an "overwhelming success." 'President Trump finally ended the immediate threat of a nuclear Iranian regime. Following President Trump's command, the most powerful military in the history of the world executed massive precision strikes on three of the Iranian regime's key nuclear facilities.' Even within the US, there is no concensus on the impact of the attacks, which reportedly set back Iran's alleged nuclear armament by years - or mere months. United States senators have been briefed by the President. Republican Senator Tom Cotton referenced elements of the intelligence report, which included references to superficial damage to some infrastructure. "I know everyone is very focused on what happened with the underground bunkers and what happened with some uranium canisters. But if you look at the whole span of what happened over 12 days, the targeting of Iran's nuclear scientists, the underground bunkers, the centrifuges, the centrifuge manufacturing sites, the gas to metal conversion sites, that's why we're confident - since all of those are single points of failure in an effort to get a nuclear weapon - that we have had an extraordinary success."]] However Democratic Senator Chris Murphy says while damage has been done to the Iranian program, it is still operational and a potential risk. "Listen, to me, it still appears that we have only set back the Iranian nuclear program by a handful of months. There's no doubt there was damage done to the program, but the allegations that we have obliterated their program just don't seem to stand up to reason. So obviously, I can't share any of the details from this briefing, but I just do not think the President was telling the truth when he said this program was obliterated." Israel and the US say the attacks were to slow Iran's nuclear creation of nuclear weapons - while Iran maintains its capabilities have always been designed solely for civilian use. Iran's parliament approved a bill on Wednesday to suspend cooperation with the IAEA, the United Nations' nuclear watchdog, after the US attack on its facilities. And as Tehran examines the damage to its nuclear facilities, foreign minister, Mr Abaqchi, denies negotiations are underway over a nuclear proposal. "Look, we were negotiating with America, Israel destroyed the table, then we were talking to Europe, the Americans destroyed it. So I say, those who say let's go back to the negotiating table should specify exactly which table they mean and with what specifications." The official messaging is contradictory, but beneath the back-and-forth barbs being traded by Iran and the United States, CNN is reporting a draft nuclear agreement is underway. Sources have told the outlet the US and Gulf nation partners are creating a deal to incentivise Tehran back to the negotiating table. The leaked draft proposal, said to have been formed by White House Middle East Envoy Steve Witkoff with regional allies, would include a 30 billion-dollar program for Iran to produce nuclear energy for civilian purposes. The deal would also reportedly include the lifting of crippling economic sanctions imposed on the country in recent years.
Daily Mail
2 days ago
- Business
- Daily Mail
Report: Trump Hotel set to open in war-torn Israel
The Trump family's plans to open a new hotel in war-torn Israel have sparked fears it could become a terror target as tensions in the Middle East continue to escalate. The first family is eying the under-construction Sarona Hotel in Tel Aviv as it continues to expand in the region While the Trump Organization has not officially said it is partnering with the Sarona, Eric Trump told The New York Times there have been 'strictly preliminary' discussions about the Israeli market. Local businesses were left covered in shattered glass and debris after Iran responded forcefully to Israel's strikes against its military facilities in its capital of Tehran. With Israel involved in a war with Hamas in Gaza and currently in a temporary ceasefire with Iran, the Middle Eastern country is a point of contention. Peter Bazeli, managing director of Weitzman, believes any Trump-branded property is 'clearly at risk of becoming a target'. 'It's not only at the center of the US government, but it also hits the president's pocketbook,' he told The New York Times. The discussion about a partnership between the Trump Organization and the Sarona happened in the Spring, sources told The Times. Records showed that the Trump name might be affixed to the outside and the family's company would manage the hotel. These talks occurred before the Iranian-Israeli conflict began and before the US bombed Iran's nuclear sites . Before the attacks, Eric reportedly said he wanted to get one deal struck in Israel by the end of the year. It is unclear if the president's son still wishes to achieve this. The Trump Organization has already struck many deals in the Middle East to license the family name on luxury properties, including Saudi Arabia, the United Arab Emirates, and Qatar. The Trump Administration has even proposed an idea to take over Gaza and make it a resort. The idea faced backlash from world leaders who said two million Gazans would have to be displaced for the idea to happen. But more deals are expected, with up to 30 in the making, sources told The Times. Many of the Trump family's plans are international and the president has been trying to get into Israel's hotel market for two decades. In 2016, after his presidential victory, his company retracted a deal from a 61-story hotel in Tel Aviv. The company tried again for a hotel in Jerusalem after Trump lost the 2020 victory, but ultimately pulled out of the deal due to the October 7 attack on Israel , The Times reported. The Jerusalem hotel was owned by Nitsba, the same company which holds the Sarona. However, it it is unclear how far into the deal the Trumps were or if the Sarona Hotel will bear the Trump name once completed. Daily Mail has reached out to the Trump Organization and Nitsba Group for comment. Not all prospects are lost however, as Trump and Israeli Prime Minister Benjamin Netanyahu have agreed to end the war in Gaza after the US bombed Iranian nuclear sites. The two leaders agreed that four Arab states, including the United Arab Emirates and Egypt, would jointly govern the strip in place of Hamas, Israel Hayom is reporting. Leaders of the Hamas terror group would be exiled and all hostages released, a source is said to have told the outlet. But it remains unclear how such a proposal would be implemented, with Hamas vowing it will not leave the territory and Arab states repeatedly asserting that they would not step into a governing role.
Daily Mail
2 days ago
- Business
- Daily Mail
Trump Hotel set to open in war-torn city sparking fears skyscraper will become terror target
The Trump family's plans to open a new hotel in war-torn Israel have sparked fears it could become a terror target as tensions in the Middle East continue to escalate. The first family is eying the under-construction Sarona Hotel in Tel Aviv as it continues to expand in the region While the Trump Organization has not officially said it is partnering with the Sarona, Eric Trump told The New York Times there have been 'strictly preliminary' discussions about the Israeli market. 'Israel has always been a market we would love to explore,' he told the outlet. The 47-floor hotel - which could become larger if Eric gets his way, sources said - is in a ritzy neighborhood in the capital city. On June 13, the trendy area got caught up in the conflict between Israel and Iran when the latter bombed Tel Aviv as part of retaliatory strikes. Local businesses were left covered in shattered glass and debris after Iran responded forcefully to Israel's strikes against its military facilities in its capital of Tehran. With Israel involved in a war with Hamas in Gaza and currently in a temporary ceasefire with Iran, the Middle Eastern country is a point of contention. Peter Bazeli, managing director of Weitzman, believes any Trump-branded property is 'clearly at risk of becoming a target'. 'It's not only at the center of the US government, but it also hits the president's pocketbook,' he told The New York Times. The discussion about a partnership between the Trump Organization and the Sarona happened in the Spring, sources told The Times. Records showed that the Trump name might be affixed to the outside and the family's company would manage the hotel. These talks occurred before the Iranian-Israeli conflict began and before the US bombed Iran's nuclear sites. Before the attacks, Eric reportedly said he wanted to get one deal struck in Israel by the end of the year. It is unclear if the president's son still wishes to achieve this. The Trump Organization has already struck many deals in the Middle East to license the family name on luxury properties, including Saudi Arabia, the United Arab Emirates, and Qatar, The Trump Administration has even proposed an idea to take over Gaza and make it a resort. The idea faced backlash from world leaders who said two million Gazans would have to be displaced for the idea to happen. But more deals are expected, with up to 30 in the making, sources told The Times. Many of the Trump family's plans are international and the president has been trying to get into Israel's hotel market for two decades. In 2016, after his presidential victory, his company retracted a deal from a 61-story hotel in Tel Aviv. The company tried again for a hotel in Jerusalem after Trump lost the 2020 victory, but ultimately pulled out of the deal due to the October 7 attack on Israel, The Times reported. The Jerusalem hotel was owned by Nitsba, the same company which holds the Sarona. However, it it is unclear how far into the deal the Trumps were or if the Sarona Hotel will bear the Trump name once completed. Daily Mail has reached out to the Trump Organization and Nitsba Group for comment. Not all prospects are lost however, as Trump and Israeli Prime Minister Benjamin Netanyahu have agreed to end the war in Gaza after the US bombed Iranian nuclear sites. The two leaders agreed that four Arab states, including the United Arab Emirates and Egypt, would jointly govern the strip in place of Hamas, Israel Hayom is reporting. Leaders of the Hamas terror group would be exiled and all hostages released, a source is said to have told the outlet. But it remains unclear how such a proposal would be implemented, with Hamas vowing it will not leave the territory and Arab states repeatedly asserting that they would not step into a governing role.
CNA
3 days ago
- Business
- CNA
Philippines revises medium term growth targets to reflect global uncertainties
MANILA :The Philippines lowered its growth target for this year and narrowed its growth goals for 2026 to 2028 to reflect global uncertainties stemming from tensions in the Middle East and shifts in U.S. trade policies, its budget secretary said on Thursday. Growth for 2025 is now projected at 5.5 per cent-6.5 per cent, down from the government's earlier forecast of 6 per cent-8 per cent, while the targets for 2026 to 2028 were narrowed to 6 per cent-7 per cent, from the previous range of 6 per cent-8 per cent. "The revisions take into account heightened global uncertainties such as unforeseen escalation of tensions in the Middle East and the imposition of U.S. tariffs," Budget Secretary Amenah Pangandaman told a press conference. The government was prepared to "deploy timely and targeted measures to mitigate their potential impact on the Philippine economy," she added. The government also trimmed its inflation assumption for 2025, lowering it to 2 per cent-3 per cent from 2 per cent-4 per cent, but maintained its outlook for 2026 to 2028 at 2 per cent-4 per cent, Pangandaman said. It also revised its fiscal program with the budget deficit as a share of GDP now expected to widen to 5.5 per cent this year and 5.2 per cent in 2026, from previous projections of 5.3 per cent and 4.7 per cent, respectively. Gross domestic product grew by an annual 5.4 per cent in the first quarter of 2025, in line with the previous quarter's 5.3 per cent growth. Citing the need to support growth amid global uncertainties, the Bangko Sentral ng Pilipinas cut rates for a second meeting in a row on June 19 and left the door open for at least one more reduction this year. Central bank deputy governor Zeno Abenoja said the updated economic outlook was "broadly consistent" with the central bank's expectations that inflation would remain manageable and that growth would moderate but stay resilient.
