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Irish Examiner
20 hours ago
- Automotive
- Irish Examiner
European negotiators head for Washington after Trump agrees Japan deal
European shares climbed early on Wednesday, led by automobile stocks, after US president Donald Trump revived hopes for a trade deal with the European Union following an agreement with Japan. European automobile stocks led a broad-based rally, rising 3.6%, tracking strength in Asian rivals. Carmakers such as Mercedes-Benz, Volkswagen, and Porsche gained between 7.4% and 5.1%. Mr Trump struck a trade deal with Japan, lowering tariffs on auto imports and sparing Tokyo from punishing new levies on other goods in exchange for a $550bn (€468bn) package of US-bound investment and loans. The Japan deal included reduced 15% tariffs for auto exports to the US, down from 25% earlier. Meanwhile, the prospects of an EU-US trade agreement improved after Mr Trump said that EU representatives would come for trade negotiations on Wednesday. "The message is that things are negotiable," said RBC Brewin Dolphin's head of market analysis, Janet Lui, mentioning how Japan faced similar difficulties in reaching a tariff consensus with the U.S. "The read across is there is potential to reach a trade deal that's lifting European markets across the board." Among individual stocks, Temenos gained 18.1%, the biggest gainer in the STOXX 600, after the banking software company raised its full-year earnings forecast. UniCredit rose 3.4% after the Italian lender posted higher-than-expected quarterly profit and raised its fiscal-year outlook. Lonza rose 6.3% after the Swiss company topped core profit forecast. Conversely, Nokia slumped 7.7%, pressuring media stocks, after the Finnish group lowered its guidance for 2025 comparable operating profit on Tuesday. ASM International fell the most in the benchmark index, down 9.3%, after the computer chip equipment maker reported second-quarter bookings below market expectations. SAP fell 2.5% after the German software maker reported a positive second-quarter profit on cost cuts and increased demand. Meanwhile, the latest earnings forecasts showed on Tuesday that the outlook for European corporate health has slightly improved. On the day, Alphabet and Tesla will kick off the results season for the "Magnificent Seven" stocks. Investors will also focus on euro zone consumer confidence flash for July later in the day. Meanwhile Mr Trump said on Tuesday he would use import restrictions to force foreign suppliers to cut drug prices and that pharmaceutical companies would have a lot of problems if they did not agree to bring prices down. Speaking at the White House at an event with Republican lawmakers, Trump pledged to reduce what consumers must pay for prescription drugs.
NDTV
2 days ago
- Politics
- NDTV
Trump Told Netanyahu To "Rectify" Situation After Syria Attack: White House
Washington: US President Donald Trump was not kept in the loop about Israeli strikes on Syria and had to call Israel's Prime Minister Benjamin "Bibi" Netanyahu to rectify the situation, the White House said on Monday (local time). Israel last week attacked Syria's capital, Damascus, and the southern Druze-majority city of Sweida, hitting near the presidential palace and destroying part of the nation's defence ministry. Israel has claimed it aimed to pressure the Ahmad al-Sharaa government in the Middle Eastern country to withdraw its troops from the region amid ongoing clashes there. President Trump "was caught off guard by the bombing in Syria and also the bombing of a Catholic church in Gaza. In both accounts, the president quickly called the prime minister to rectify those situations," White House spokeswoman Karoline Leavitt told reporters at a press briefing. "In both accounts, the president quickly called the prime minister to rectify those situations," she continued. Israeli Prime Minister enjoys a close bond with President Trump and has visited the White House earlier this month, his third trip since the Republican returned to power on January 20. "The president enjoys a good working relationship with Prime Minister Bibi Netanyahu, and stays in, you know, frequent communication with him," Leavitt said. "When it came to Syria, we saw a de-escalation there," she added. Israel and Syria on Friday entered a US-brokered ceasefire. Also on Friday, PM Netanyahu called Pope Leo to express regret at the strike on the Catholic church in Gaza, blaming a "stray missile." US-Syria Relations In May, Trump met with Syria's Islamist president Al-Sharaa in Saudi Arabia shortly after lifting many longstanding US sanctions against Damascus. Trump later praised the leader, who led a major armed group that was once aligned with Al Qaeda and toppled the Syrian government in December. The United States has also removed a bounty on Sharaa's head after he came to power.
Time of India
2 days ago
- Politics
- Time of India
US President Donald Trump 'caught off guard' by Israeli strikes in Syria
US President Donald Trump was "caught off guard" by Israeli strikes in Syria last week, White House spokeswoman Karoline Leavitt said Monday, adding that he discussed the issue with Israeli Prime Minister Benjamin Netanyahu. Israel had launched strikes on the capital Damascus and the southern Druze-majority city of Sweida, saying it aimed to put pressure on the Syrian government to withdraw its troops from the region amid ongoing clashes there. Trump "was caught off guard by the bombing in Syria and also the bombing of a Catholic church in Gaza," Leavitt told reporters at a press briefing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop And Nudges Her To Follow - Watch What Happens Happy in Shape Undo "In both accounts, the president quickly called the prime minister to rectify those situations," she continued. Netanyahu had visited the White House earlier this month, his third trip since Trump returned to power on January 20. Live Events "The president enjoys a good working relationship with Prime Minister Bibi Netanyahu, and stays in, you know, frequent communication with him," Leavitt said. "When it came to Syria, we saw a de-escalation there." Israel and Syria on Friday entered a US-brokered ceasefire. Also on Friday, PM Netanyahu called Pope Leo to express regret at the strike on the Catholic church in Gaza, blaming a "stray missile." In May, Trump met with Syria's Islamist president Ahmad al-Sharaa in Saudi Arabia shortly after lifting many longstanding US sanctions against Damascus. Trump later praised the leader, who led a major armed group that was once aligned with Al Qaeda and toppled the Syrian government in December. The United States removed a bounty on Sharaa's head after he came to power.
Business Recorder
2 days ago
- Business
- Business Recorder
China stocks near 2022 high on construction, rare earth gains
HONG KONG: China stocks closed near 3-1/2-year high on Monday, led by rare earth and construction sectors, while Hong Kong stocks rose as internet heavyweights rallied following a government rebuke on price wars. The Shanghai Composite index added 0.7% to 3,559.79, its highest closing since January 2022. China's blue-chip CSI300 index also gained 0.7%. Leading the gains onshore, the CSI Construction & Engineering Index rallied 4.3% to a seven-month high after China began construction of a $170 billion hydropower dam in Tibet. The project is macro relevant and could provide some demand support, likely easing concerns on growth and the labor market marginally, Citi analysts said in a note. Also lifting markets, the rare earth sector advanced 3.2% following a Reuters report that Beijing has quietly issued its first 2025 rare earth mining and smelting quotas. In Hong Kong, the benchmark Hang Seng Index grew 0.7% after briefly topping the 25,000 level for the first time since February 2022. Platform companies Meituan, and Alibaba rose between 1.8% and 2.7% after Beijing summoned the three and asked them to cool a bruising price war, a move dubbed by investors as an 'anti-involution' campaign. Positive catalysts from anti-involution policies and strength in the tech sector have lifted sentiment, which together with a solid economic foundation have fuelled the market rally that's surprising in its timing yet reasonable, Huatai Securities said. Looking ahead, Chinese policymakers are expected to hold the July Politburo meeting in the coming days to discuss economic policies for the second half of this year. Goldman Sachs analysts said they don't expect broad-based, significant stimulus in the near term, but anticipate continued policy pledges to regulate disorderly price competition and contain the 'involution'.
The Star
3 days ago
- Business
- The Star
China stocks near 2022 high on construction, rare earth gains; Hang Seng tests 25,000
HONG KONG: China stocks closed near 3-1/2-year high on Monday, led by rare earth and construction sectors, while Hong Kong stocks rose as internet heavyweights rallied following a government rebuke on price wars. The Shanghai Composite index added 0.7% to 3,559.79, its highest closing since January 2022. China's blue-chip CSI300 index also gained 0.7%. Leading the gains onshore, the CSI Construction & Engineering Index rallied 4.3% to a seven-month high after China began construction of a $170 billion hydropower dam in Tibet. The project is macro relevant and could provide some demand support, likely easing concerns on growth and the labor market marginally, Citi analysts said in a note. Also lifting markets, the rare earth sector advanced 3.2% following a Reuters report that Beijing has quietly issued its first 2025 rare earth mining and smelting quotas. In Hong Kong, the benchmark Hang Seng Index grew 0.7% after briefly topping the 25,000 level for the first time since February 2022. Platform companies Meituan, and Alibaba rose between 1.8% and 2.7% after Beijing summoned the three and asked them to cool a bruising price war, a move dubbed by investors as an "anti-involution" campaign. Positive catalysts from anti-involution policies and strength in the tech sector have lifted sentiment, which together with a solid economic foundation have fuelled the market rally that's surprising in its timing yet reasonable, Huatai Securities said. Looking ahead, Chinese policymakers are expected to hold the July Politburo meeting in the coming days to discuss economic policies for the second half of this year. Goldman Sachs analysts said they don't expect broad-based, significant stimulus in the near term, but anticipate continued policy pledges to regulate disorderly price competition and contain the "involution". - Reuters
