Latest news with #USjobs
Reuters
03-07-2025
- Business
- Reuters
TSX futures flat; US payrolls, trade deals in focus
July 3 (Reuters) - Futures tied to Canada's main stock index were muted on Thursday, as investors awaited a crucial U.S. jobs report due later in the day and trade deals following a U.S.-Vietnam agreement ahead of the July 9 tariff deadline. Futures on the S&P/TSX index (.SXFcv1), opens new tab were flat at 1601.4 points at 06:20 a.m. ET (1020 GMT) President Donald Trump signed a trade deal with Vietnam on Wednesday, imposing a 20% tariff on exports to the U.S., lower than the previously threatened 46%. Also supporting market sentiment was the Trump administration lifting export restrictions on Chinese-bound shipments from chip design software developers and ethane producers. Meanwhile, the U.S. House of Representatives advanced Trump's sweeping tax-cut and spending bill, paving the way for a possible vote on the legislation later in the day ahead of the July 4 holiday. Investors also await U.S. nonfarm payrolls data, a key indicator that could influence potential rate cuts as Federal Reserve officials assess the impact of tariffs on inflation. Toronto's commodity-heavy S&P/TSX composite index (.GSPTSE), opens new tab reached a new record high on Wednesday, as investors looked past global economic uncertainty and weighed prospects for the Federal Reserve's interest-rate cuts. Gold and oil prices , fell on Thursday as investors were wary of higher U.S. tariffs being reinstated. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
Wall Street Journal
07-06-2025
- Business
- Wall Street Journal
Trump Says Steel and Aluminum Tariffs Will Double to 50%
WEST MIFFLIN, Pa.—President Trump said he would double tariffs on imported steel, a move he said would bolster the domestic industry and protect U.S. jobs. Trump announced the higher duties at a rally near Pittsburgh promoting a $14 billion deal between Tokyo-based Nippon Steel and U.S. Steel, which the president said would ensure U.S. control over the storied steelmaker.
Malay Mail
02-06-2025
- Business
- Malay Mail
Asia stocks wary, dollar slips as tariff threats and Fed jitters mount
SYDNEY, June 2 — Asian share markets made a wary start to the week on Monday as investors navigated the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. 'The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results,' said Bruce Kasman, chief economist at JPMorgan. 'There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases,' he added. 'An increase in Asean to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists.' Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. Eyeing unemployment A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller did say on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the 5 per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated US$3.8 trillion (RM16.2 trillion) to the federal government's US$36.2 trillion in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. 'The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply,' noted Jonas Goltermann, deputy chief markets economist at Capital Economics. 'Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts.' On Monday, the dollar had dipped 0.2 per cent on the yen to 143.79, while the euro edged up a fraction to US$1.1353. The greenback also slipped 0.1 per cent on the Canadian dollar to 1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to US$3,310 an ounce, having lost 1.9 per cent last week. Oil prices bounced after Opec+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose US$1.07 to US$63.85 a barrel, while US crude gained US$1.18 to US$61.95 per barrel. — Reuters
CNA
02-06-2025
- Business
- CNA
Asia share markets, dollar wary on tariff news
SYDNEY : Asian share markets made a wary start to the week on Monday as investors navigated the shifting sands of White House tariff policy, while awaiting key U.S. jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum U.S. tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on U.S. manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. EYEING UNEMPLOYMENT A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller did say on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the 5 per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $3.8 trillion to the federal government's $36.2 trillion in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the U.S. dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to 143.79, while the euro edged up a fraction to $1.1353. The greenback also slipped 0.1 per cent on the Canadian dollar to 1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $3,310 an ounce, having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $1.07 to $63.85 a barrel, while U.S. crude gained $1.18 to $61.95 per barrel.
