Latest news with #Sino
Business Recorder
7 days ago
- Business
- Business Recorder
Copper hits one-week high on Chinese buying, hopes for trade deal
LONDON: Copper climbed to a more than one-week high on Friday, driven by Chinese buyers, hopes for a U.S.-China trade deal, and higher risk appetite among other investors. Three-month copper on the London Metal Exchange gained 0.6% to $9,720 per metric ton in official open-outcry trading after touching its strongest since July 10. LME copper has eased from its three-month peak of $10,200.50, hit on July 2, and Chinese participants are buying on dips, Marex senior base metals strategist Alastair Munro said. 'Add to that chatter on wires around a potential U.S.-Sino trade agreement in months ahead…The surprise remains on the topside.' China's commerce minister said on Friday the country, the world's biggest metals consumer, wants to bring its trade ties with the U.S. back to a stable footing. Hopes for more metals-intensive economic support were buoyed after an official with the industry ministry said China would issue action plans to stabilise growth in the machinery, autos, and electrical equipment sectors. The most-traded copper contract on the Shanghai Futures Exchange rose 0.7% to 78,410 yuan ($10,922.74) a ton. Rising inventories, stronger dollar keep copper under pressure 'LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops,' a Shanghai-based metals analyst at a futures company said. Also supporting the market was higher risk appetite among investors in general as stock markets moved higher, and a weaker dollar. A softer dollar makes commodities priced in the greenback less expensive for buyers using other currencies. U.S. Comex copper futures climbed 1.5% to $5.60 a lb, bringing the premium of Comex over LME copper to $2,603 a ton. Among other metals, LME aluminium rose 0.7% to $2,595 a ton, zinc advanced 1.6% to $2,782, lead gained 1.3% to $1,999, nickel was little changed at $15,100 and tin rose 0.6% to $33,200.
Yahoo
15-07-2025
- Business
- Yahoo
Sino Biopharma spends $951m to acquire China-based LaNova Medicines
Hong Kong-listed Sino Biopharmaceutical will acquire China-based oncology specialist LaNova Medicines in a deal that will not exceed $951m, representing one of the largest transactions within the Asia-Pacific pharmaceutical arena this year. Sino already owns a 4.91% stake courtesy of an investment in November 2024, with the company now seeking to purchase the remaining 95.09% it does not own. At the time, Sino spent 142 million yuan ($19.80m) to initiate its ownership involvement with the biotech. The net payment made by Sino to acquire LaNova will be approximately $500.9m, a figure that excludes the estimated cash and bank deposits, according to a company document outlining the terms of the transaction. Following the completion of the nearly billion-dollar deal, LaNova Medicines will become an indirect wholly owned subsidiary of Sino. A timeline of 30 business days has been set by the companies to finalise the deal. Sino revealed the acquisition agreement after trading hours on 15 July. The share price in the company had climbed 3.6% by market close. LaNova's drug development focuses on tumour immunity and the tumour microenvironment. The company has particular emphasis on antibody-drug conjugates (ADCs) and has built several platforms within this modality. Sino stated the acquisition would strengthen its research and development capabilities, subsequently enhancing competitiveness and innovation in the oncology market. LaNova's pipeline has already been raided twice by US big pharma companies. In 2023, AstraZeneca licensed LM-305, a G-protein targeting-ADC, for $600m. A year later, MSD outlaid more than $3bn to secure global rights to LM-299, an anti-PD-1/VEGF bispecific antibody. According to Sino, LaNova Medicines has two projects in the registration clinical stage, six projects in the Phase I/II clinical trial stage, and more than ten projects in the preclinical research stage. In a statement, Sino said: 'Through the in-depth synergy and integration of the advantageous resources of both parties, not only will the potential value of LaNova Medicines be fully released, but also [Sino's] innovation capability will be comprehensively enhanced." The company added that the transaction will help towards its 'strategic goal of advancing towards a world-class innovative pharmaceutical enterprise'. China's economy grew 5.2% year-on-year in Q2, defying the lingering effects of US President Trump's trade war and reinforcing its position as the world's top exporter. This economic resilience is mirrored in China's growing role in the global oncology market. Despite economic pressures, licensing promising drug candidates from Chinese biotechs is becoming a well-trodden path for many US big pharma companies. Licensing deals between US and Chinese biopharma companies hit record highs last year, a 280% increase from 2020, according to analysis by GlobalData. Across big pharma, transactions rose 66% from $16.6bn in 2023 to $41.5bn in 2024, demonstrating that China is still the go-to place to discover pipeline candidates. For deals specific to US companies, the analysis found that total deal value rose from $15.7bn in 2023 to $21.3bn in 2024. GlobalData is the parent company of Pharmaceutical Technology. "Sino Biopharma spends $951m to acquire China-based LaNova Medicines" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Mint
04-07-2025
- Business
- Mint
China stocks edge up on signs of de-escalating Sino-US trade tensions; HK slips
SHANGHAI, - Mainland China stocks edged higher on Friday, led by gains in banking and steel sectors, as market sentiment was lifted by fresh signs of de-escalation in Sino-U.S. trade tensions, while shares in Hong Kong slipped. ** The U.S. told GE Aerospace on Thursday that it can restart jet engine shipments to China's COMAC, a source told Reuters, in a further sign of de-escalating U.S.-Sino trade tensions that included concessions from Beijing over rare earths. ** The United States has also lifted restrictions on exports to China for chip design software developers and ethane producers. ** Meanwhile, China is reviewing and approving export licences for controlled items and has been informed by the U.S. about cancellations of "restrictive measures" against China, its commerce ministry said on Friday. ** At the midday break, the Shanghai Composite index was up 0.41% at 3,475.24 points, while the blue-chip CSI300 index was up 0.41%. ** The steel sector was among the top gainers in morning session, after China's top leaders pledged to step up regulation of aggressive price-cutting by Chinese companies, as the world's second-biggest economy struggles to shake off persistent deflationary pressures. ** The CSI steel sub-index gained 1.14% in morning trades. ** "It could be a prelude to potential supply side reform 2.0, in our view," Citi analysts said in a note. ** "We see the prolonged PPI deflation and profitability concerns as the motives this time. Steady growth so far this year has also opened room for such an initiative." ** Citi identified sectors where reform is most urgently needed, including ferrous-metal processing , fuel processing, chemicals, non-mineral products and metal products. ** In Hong Kong, the benchmark Hang Seng Index was down 0.62% at 23,921.81 points, while the Hang Seng China Enterprises Index fell 0.42% to 8,611.76 points. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.49% while Japan's Nikkei index was down 0.04%. This article was generated from an automated news agency feed without modifications to text.
CNBC
04-07-2025
- Business
- CNBC
US lets GE restart jet engine shipments to China's COMAC, source says: Reuters
The U.S. told GE Aerospace Thursday that it can restart jet engine shipments to China's COMAC, according to a person familiar with the matter, in a further sign of de-escalating U.S.-Sino trade tensions that included concessions from Beijing over rare earths. The United States this week also lifted restrictions on exports to China for chip design software developers and ethane producers, suggesting trade talks between the two countries are moving forward. License suspensions and new license requirements on the different exports had been issued several weeks ago as part of the ongoing trade war between the world's two biggest economies. GE did not respond to an email request for comment, nor did the Commerce Department, which notified GE it could restart shipments. Licenses for GE Aerospace affect engines sold to China's state-owned aerospace manufacturer COMAC, which wants to compete internationally against dominant plane makers Airbus and Boeing. A spokesperson for the Chinese embassy in Washington did not immediately respond to a request for comment. The restrictions were among the many countermeasures imposed by U.S. President Donald Trump's administration in response to China's export restrictions on rare earths and related magnets in April. Beijing's move on rare earths, part of retaliation against Trump's earlier tariffs this year, has upended supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors. The issue threatened to scupper a bilateral trade deal. The license suspensions lifted for GE affect LEAP-1C engines to COMAC for its C919 single-aisle aircraft, and GE's CF34 engine for COMAC's C909 regional jet, according to the person familiar, who declined to be identified because they were not authorized to speak publicly. The LEAP 1-C engines are the product of a joint venture between GE Aerospace and France's Safran. The C919 is made in China but many of its components come from overseas. At least one other aerospace company also had its license suspensions for China lifted on Thursday, according to another person, who declined to identify the company. Honeywell Aerospace has supplied COMAC's C919, too, providing an auxiliary power system, wheels and brakes, flight control package, and navigation package. Honeywell did not return a request for comment. Collins Aerospace, a subsidiary of RTX, which also supplies components for COMAC, declined to comment on the status of its licenses. In recent weeks, the U.S. also suspended licenses for nuclear equipment suppliers to sell to China's power plants. U.S. nuclear equipment suppliers include Westinghouse and Emerson.
Yahoo
03-07-2025
- Business
- Yahoo
The bond vigilantes are resting, for now
(Corrects date of payrolls release and column dateline) By Amanda Cooper LONDON (Reuters) -What matters in U.S. and global markets today by EMEA markets breaking news editor Amanda Cooper. Intro Donald Trump's "One Big Beautiful Bill" is heading towards a final yes-or-no vote this morning, after House Republicans advanced the U.S. president's landmark tax but and spending legislation. Markets are in something of a holding pattern ahead of monthly jobs data, while UK bondholders are recovering after a nasty reminder of what concern about the long-term fiscal picture can do to government borrowing costs. Mike Dolan is enjoying some well-deserved time off over the next two weeks, but the Reuters markets team is here to provide you with all the information you need to start your day. Today's Market Minute * Republicans in the House of Representatives advanced U.S. President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote early Thursday morning, appearing to overcome internal party divisions over its cost. * Big investors are mobilising to trade through weeks packed with wild-card events that may shatter the calm in stock markets and drive big swings for assets they see as exposed to both positive or negative surprises, from gold to corporate credit. * The U.S. has lifted restrictions on exports to China for chip design software developers and ethane producers, a further sign of de-escalating U.S.-Sino trade tensions including concessions from Beijing over rare earths. * The tariff deal between the United States and Vietnam will impact the energy generation mix that powers the fast-growing Vietnamese economy, says ROI columnist Gavin Maguire. *Is gold the next metal to be added to the list of "critical minerals"? ROI columnist Clyde Russell argues that gold may not be a vital component of advanced manufacturing, but the precious metal appears to be undergoing a subtle shift in how it is viewed by governments and investors. The bond vigilantes are resting, for now As the OBBB heads towards approval, it might be time for investors to think about what the fiscal implications are. The bill, which guts a number of key social benefits for some of the poorest Americans to pay for tax cuts, cleared a final procedural hurdle needed to begin debate on its content, with a final vote expected today. Non-partisan analysts say the bill will add $3.4 trillion to the nation's $36.2 trillion debt pile over the next decade. When Trump started floating the basics of the bill on the campaign trail last year, bond yields began to grind higher, reaching a peak of 4.8% around the time he took office in January, as investors began to price in the impact of the legislation on the country's already-strained finances. Benchmark 10-year Treasuries are currently yielding 4.25%, but they're up from around 3.6% last September, as the presidential race heated up, despite a jumbo half-point cut from the Federal Reserve. The damage to 30-year notes has been even more severe. Thirty-year yields, the benchmark for mortgage rates, have risen to 4.8%, from below 4% in the same timeframe. Pressure from Trump on Fed Chair Jerome Powell to cut rates has not let up, including numerous insults like calling him "too late" and "an average mentally person". But his latest social media post, calling for Powell to "resign immediately", has barely caused a stir in the markets. There's no doubt that anticipation around today's non-farm payrolls data is white-hot. Right now, traders are placing a 25% chance on the Fed cutting rates at the July meeting. They see at least two rate cuts over the remaining four meetings this year, which suggests that an NFP print that falls short of the expected 110,000 is, to an extent, baked in. An index of U.S. economic surprises has fallen to its lowest in nine months in the last week, because data has generally missed expectations. An upside surprise in payrolls is generally not that common either. In the last year, the initial reading has only beaten expectations half the time. Beats and misses in other employment surveys are also not reliable indicators of what to expect from the more comprehensive government report. Investors around the world are becoming less indulgent of governments' increasingly strained long-term finances, as deficits balloon and economic growth wobbles. As a result, long-term bond yields tend to bear the brunt of any concern they have, as witnessed in Wednesday's rout in the UK gilt market. The British government's U-turn on its proposed welfare reform now means finance minister Rachel Reeves is at risk of busting her own self-imposed fiscal rules. The sight of a clearly upset Reeves in parliament, on TV, was enough to ignite one of the worst selloffs in 10-year gilts this year, which at one point, rivalled that of 2022. Bond market reaction to Trump's bill may be muted for now. A massive spike in yields is no laughing matter, so it's worth remembering the bond vigilantes aren't dead, they're just resting. Chart of the day The chance of the Fed delivering its first rate cut of 2025 this month have crept up to 25% from next to nothing just a few weeks ago. The data paints a picture of an economy that is slowing, but one where growth is not falling off a cliff, particularly as the labour market has continued to hold up. The June employment report could move the needle on those July odds. Today's events to watch * June U.S. non-farm payrolls data * U.S. weekly jobless claims * May U.S. international trade * U.S. June S&P Global final composite PMI * Institute for Supply Management non-manufacturing PMI Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. (By Amanda Cooper; Editing by Anna Szymanski)
