Latest news with #StockMarkets
News.com.au
a day ago
- Business
- News.com.au
Stock markets, dollar rise on EU-US trade deal
Stock markets and the dollar advanced Monday after the European Union and United States struck a deal to avert a damaging trade war. The deal, announced by President Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed several US trade agreements last week, including one with Japan, and comes ahead of a new round of China-US talks. The Paris stock market climbed 0.6 percent and Frankfurt gained 0.3 percent in early afternoon deals, while London flattened. Britain, which had already struck a deal on tariffs with the United States, is outside the EU. That agreement has helped push London's benchmark FTSE 100 index to record highs in recent weeks. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States. "To many this seems a very one-sided deal, but the optimism shows throughout European equities" with investors welcoming at least the "clarity" it brought, said Joshua Mahony, chief market analyst at Rostro trading group. The levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. "It's a good deal," von der Leyen said, adding that it will bring "stability" and "predictability". Germany's main auto industry group, the VDA, warned however that the 15-percent tariff on EU exports "burdens" carmakers. Shares in Volkswagen, Porsche and Mercedes were each down around one percent in Frankfurt. As part of the deal, Trump said the 27-nation EU bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. French Prime Minister Francois Bayrou and Hungarian Prime Minister Viktor Orban slammed the deal. Spanish Prime Minister Pedro Sanchez said he backed it, but "without any enthusiasm". "There remains a prevailing sense that the agreement does not constitute a significant win," said Jochen Stanzl, Chief Market Analyst at CMC Markets. "While it is positive that an escalation of tariffs has been avoided, the deal feels more like a compromise than a triumph," he added. - US-China talks - In Asia, Hong Kong and Shanghai advanced, boosted by relief that countries were reaching deals with Washington. While Tokyo fell for a second day, having soared around five percent on Wednesday and Thursday in reaction to Japan's US deal. The broad gains came after another record day on Friday for the S&P 500 and Nasdaq on Wall Street. Traders prepared for a busy week with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng holding new trade talks in Stockholm. A 90-day truce, set to expire August 12, has seen US tariffs lowered to 30 percent and China's to 10 percent after both sides imposed triple-digit duties in April. Also on the agenda are earnings from tech titans Amazon, Apple, Meta and Microsoft, as well as data on US economic growth and jobs. The Federal Reserve is expected to keep interest rates unchanged at its meeting this week, with investors focused on its outlook for the rest of the year given Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. - Key figures at around 1040 GMT - London - FTSE 100: FLAT at 9,116.29 points Paris - CAC 40: UP 0.6 percent at 7,879.15 Frankfurt - DAX: UP 0.3 percent at 24,285.13 Tokyo - Nikkei 225: DOWN 1.1 percent at 40,998.27 (close) Hong Kong - Hang Seng Index: UP 0.7 percent at 25,562.13 (close) Shanghai - Composite: UP 0.1 percent at 3,597.94 (close) New York - Dow: UP 0.5 percent at 44,901.92 (close) Dollar/yen: UP at 148.34 yen from 147.68 yen on Friday Euro/dollar: DOWN at $1.1668 from $1.1738 Pound/dollar: DOWN at $1.3420 from $1.3431 Euro/pound: DOWN at 86.93 pence from 87.40 pence
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Stock-Market Today: Dow Futures Rise After Trump Strikes EU Deal — Live Updates
Trade-deal progress is buoying markets again. U.S. stock futures and European indexes rose after President Trump reached a trade agreement Sunday with the European Union, marking his biggest deal so far. The dollar strengthened against the euro. The U.S. will set a baseline tariff of 15% for European goods, including automobiles. The steel and aluminum levies of 50% will remain unchanged, and the EU has agreed to buy $750 billion worth of U.S. energy products. The news comes with less than one week to go before the White House's Aug. 1 deadline for making deals. Several trading partners, including Canada, Mexico, India and South Korea, are yet to strike deals. Treasury Secretary Scott Bessent is expected to meet Monday and Tuesday with Chinese officials, with a view to extending the countries' trade truce, set to expire on Aug. 12. Trump hopes to open up China to more American business and technology. "When Japan broke down and made a deal, the EU had little choice. The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold," Jamie Cox, managing partner for Harris Financial. Later in the week, the Federal Reserve is set to give its latest interest-rate decision. Despite Trump's pressure to cut rates, no change is expected.
The Independent
2 days ago
- Business
- The Independent
Asian shares are mixed after Wall Street sets more records for US stocks
Stock markets in Asia were mixed on Monday after U.S. stocks rose to more records as they closed out another winning week. U.S. futures and oil prices were higher ahead of trade talks in Stockholm between U.S. and Chinese officials. European futures rose after the European Union forged a deal with the Trump administration calling for 15% tariffs on most exports to the U.S. The agreement announced after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland staves off far higher import duties on both sides that might have sent shock waves through economies around the globe. Tokyo's Nikkei 225 index lost 1% to 41,056.81 after doubts surfaced over what exactly the trade truce between Japan and U.S. President Donald Trump, especially the $550 billion pledge of investment in the U.S. by Japan, will entail. Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official, who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump's direction. Hong Kong's Hang Seng index gained 0.4% to 25,490.45 while the Shanghai Composite index lost 0.2% to 3,587.25. Taiwan's Taiex rose 0.3%. CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6% on Monday in Hong Kong. Elsewhere in Asia, South Korea's Kospi was little changed at 3,195.49, while Australia's S&P/ASX 200 rose 0.3% to 8,688.40. India's Sensex slipped 0.1%. Markets in Thailand were closed for a holiday. On Friday, the S&P 500 rose 0.4% to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5% to 44,901.92, while the Nasdaq composite added 0.2%, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%. But Intell fell 8.5% after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1. Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments. Fed Chair Jerome Powell has said he is waiting for more data about how Trump's tariffs affect the economy and inflation before making a move. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In other dealings early Monday, U.S. benchmark crude oil gained 24 cents to $65.40 per barrel. Brent crude, the international standard, also added 24 cents to $67.90 per barrel. The dollar rose to 147.72 Japanese yen from 147.71 yen. The euro slipped to $1.1755 from $1.1758.
Yahoo
3 days ago
- Automotive
- Yahoo
Global stocks mostly rise on trade deal hopes while Tesla plummets
Stock markets mostly bumped upwards Thursday as hopes grew that the European Union could strike a trade deal with the United States, while Tesla shares nosedived on poor earnings results. Investors have profited in recent weeks from wagers that governments will eventually hammer out pacts with Donald Trump ahead of the US president's looming August 1 deadline to avoid steeper levies. "Buyers are in control and there remains a lot of optimism about future trade deals," said Adam Sarhan of 50 Park Investments. "For now the market is choosing to look at the bullish side of the coin," he said. "Not the bearish side and not the neutral side." On Wall Street, both the S&P 500 and tech-heavy Nasdaq edged higher to close at fresh records, while the Dow retreated. Google parent Alphabet climbed 0.9 percent after reporting a whopping $28.2 billion in second-quarter profits as it touted its artificial intelligence offerings. But Tesla fell 8.2 percent as CEO Elon Musk warned investors of a rough patch for earnings after the electric car maker reported a 16 percent drop in quarterly profits. A survey of US manufacturers released Thursday showed business confidence in the world's top economy also deteriorated in July for the second month running. "Companies cite ongoing concerns over the impact of government policies, notably in terms of both tariffs and cuts to federal spending," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. In Europe, London's FTSE 100 gained 0.9 percent at the close, lifted by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Paris fell, dragged down by a drop in luxury stocks and disappointing profits from fossil fuel giant TotalEnergies. Yet most other European stocks markets including Frankfurt rose, as the European Union and Washington appeared close to a deal that would halve a threatened 30-percent levy on EU goods to 15 percent. A European Commission spokesman said Thursday that he believed a trade deal with the US is "within reach." According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods. The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods. Meanwhile, the European Central Bank left interest rates unchanged, as widely expected. It warned that the economic environment remained "exceptionally uncertain, especially because of trade disputes" as higher US tariffs hang in the balance. The euro dipped a touch following Thursday's rate decision, but it did perk up after ECB President Christine Lagarde said the central bank was monitoring the dollar-euro exchange rate but had no target. The euro has surged almost 14 percent against the dollar since the start of the year, boosted by investors dumping US assets in the face of Trump's erratic policymaking and attacks on the US Federal Reserve. The euro's appreciation helps contain inflation but could harm European exports and thus slow already sluggish economic growth. In Asia, stocks advanced with Tokyo adding more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal. Hong Kong and Shanghai also rose. - Key figures at around 2050 GMT - New York - Dow: DOWN 0.7 percent at 44,693.91 (close) New York - S&P 500: UP 0.1 percent at 6,363.35 (close) New York - Nasdaq Composite: UP 0.2 percent at 21,057.96 (close) London - FTSE 100: UP 0.9 percent at 9,138.37 (close) Paris - CAC 40: DOWN 0.4 percent at 7,818.28 (close) Frankfurt - DAX: UP 0.2 percent at 24,295.93 (close) Tokyo - Nikkei 225: UP 1.6 percent at 41,826.34 (close) Hong Kong - Hang Seng Index: UP 0.5 percent at 25,667.18 (close) Shanghai - Composite: UP 0.7 percent at 3,605.73 (close) Dollar/yen: UP at 146.94 yen from 146.51 yen on Wednesday Euro/dollar: DOWN at $1.1756 from $1.1771 Pound/dollar: DOWN at $1.3507 from $1.3582 Euro/pound: UP at 87.01 pence from 86.68 pence West Texas Intermediate: UP 1.2 percent at $66.03 per barrel Brent North Sea Crude: UP 1.0 percent at $69.18 per barrel burs-jmb/sla 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
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: UAE stocks gain on trade optimism and higher oil prices
Stock markets in the United Arab Emirates closed higher on Friday, mirroring gains in oil prices, with Dubai's index leading the advance, driven by a surge in the real estate and telecom sectors. Oil prices - a key catalyst for the Gulf's financial markets - rose on Friday as optimism surrounding trade talks supported the outlook for the global economy and oil demand, offsetting reports of a possible spike in oil supply from Venezuela. There was increasing optimism of a trade agreement between the U.S. and the European Union after the U.S. and Japan secured a trade deal this week. Two European diplomats said the EU was moving towards a deal involving a baseline U.S. tariff of 15% on EU imports, plus possible exemptions. Dubai's main index extended its winning streak to a third session, climbing 0.6%, buoyed by a 2.6% rise in blue-chip developer Emaar Properties and a 1.3% gain in toll operator Salik Company. Among other gainers, telecom operator Emirates Integrated Telecommunications (known as Du) gained 1% after reporting growth of 25% in its second-quarter net profit to 726.8 million dirhams ($197.89 million). Banks propelled Abu Dhabi's benchmark index to close 0.4% higher. Abu Dhabi Commercial Bank, the UAE's third-largest lender jumped 3.3%, while Bank of Sharjah surged 4.9%. Easy Lease Motor Cycle Rental climbed 3.5% after the firm reported a more than fourfold increase in its second-quarter net profit, with quarterly revenue also rising 96% year-on-year. Both indexes recorded a fifth week of gains, with Dubai ending 0.9% higher and Abu Dhabi adding 0.8%, according to LSEG data. ABU DHABI up 0.4% to 10,340 DUBAI rose 0.6% to 6,150 ($1 = 3.6728 UAE dirham)
