Latest news with #stockmarkets
Zawya
an hour ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets ease as earnings underwhelm
Major Gulf stock markets edged lower in early trade on Wednesday, weighed down by lacklustre corporate earnings and as investors monitored global trade developments ahead of a looming U.S. tariff deadline. Investors turned more cautious after trade talks between the U.S. and China ended without any substantive agreement. U.S. President Donald Trump's tariff policies continue to fuel worries over global growth, with potential slowdowns in trade and consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies. Saudi Arabia's benchmark index dipped 0.1%, pressured by a string of uneven earnings across key sectors. Halwani Brothers fell 3.8% while Nahdi Medical slipped 4.5% after the firms reported a drop in their second-quarter profits, with Halwani's profit collapsing nearly 85%. Dubai's benchmark index was flat, pausing after a nearly two-decade high in the previous session, weighed down by a 1.9% drop in Mashreqbank, which posted a 17% year-on-year decline in second-quarter profit. The Abu Dhabi index edged slightly lower as mixed earnings tempered investor appetite, disrupting the momentum built from the previous week's robust results. Americana Restaurants International and ADNOC Drilling added nearly 0.5% each, after the former's second-quarter earnings rose year-on-year but missed estimates, while the latter held its full-year outlook steady despite posting solid gains. Qatar's benchmark index slipped 0.1% amid broad-based declines, as investors continued to lock in profits following a recent rally that pushed the index to a more than two-and-a-half-year high. Qatar Islamic Bank led losses, falling nearly 1%. Investors across the region remained focused on the U.S. Federal Reserve's policy decision, due later in the day. While the Fed is widely expected to hold interest rates steady, markets are bracing for possible dissent by some central bank officials in favour of lower borrowing costs. The Fed's stance holds significant implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it a key anchor for regional monetary stability. (Reporting by Amna Mariyam in Bengaluru; Editing by Mrigank Dhaniwala)
CTV News
2 days ago
- Business
- CTV News
World shares advance after EU strikes trade deal with Trump
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 28, 2025. (AP Photo/Ahn Young-joon) BANGKOK — Stock markets in Europe and Asia shot higher Monday after the European Union worked out a trade deal with the Trump administration ahead of this week's deadline. U.S. futures and oil prices were higher ahead of trade talks in Stockholm between U.S. and Chinese officials. Germany's DAX gained 0.6% to 24,359.81, while the CAC 40 in Paris advanced 0.8% to 7,900.48. Britain's FTSE 100 picked up 0.3% to 9,148.34. The agreement between the EU and U.S. President Donald Trump calls for 15% tariffs on most EU exports to the U.S. Before Trump began ramping up tariffs, the level was 1%. The deal was announced after Trump and European Commission chief Ursula von der Leyen met briefly at the president's Turnberry golf course in Scotland. It 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 1.1% to 40,998.27 after doubts surfaced over what exactly last week's trade truce between Japan and Trump entails, especially Japan's $550 billion pledge of investment in the U.S. 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 0.7% to 25,563.32, while the Shanghai Composite index edged 0.1% higher to 3,597.94. Taiwan's Taiex rose 0.2%. 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 climbed 0.4% to 3,209.52, while Australia's S&P/ASX 200 rose 0.4% to 8,697.70. India's Sensex slipped 0.3%. 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 40 cents to $65.56 per barrel. Brent crude, the international standard, added 40 cents to $68.06 per barrel. The dollar rose to 147.85 Japanese yen from 147.71 yen. The euro slipped to $1.1719 from $1.1758. Elaine Kurtenbach, The Associated Press
Reuters
2 days ago
- Business
- Reuters
European stocks gain, euro dips after US-EU strike trade deal
LONDON, July 28 (Reuters) - Europe's major stock markets made modest gains while the euro fell in early trading on Monday as investors greeted a trade agreement between the United States and European Union with cautious relief. The STOXX 600 (.STOXX), opens new tab opened 0.7% higher and the euro was down 0.3% against the dollar at the start of what looks set to be a pivotal week in U.S. President Donald Trump's global trade war. The framework deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will impose a 15% import tariff on most EU goods and see the EU spend $600 billion on U.S. investments while opening up some important parts of its market. "The deal is better than the 30%-50% tariff rates threatened over the last couple of months, although it is probably as bad as the universal tariff rates being discussed late last year," ING analyst Chris Turner said. While the U.S.-EU deal averts a more damaging standoff between the two blocs, which account for almost a third of global trade, a number of European capitals complained it was lopsided in favour of Washington. Other major economies are still scrambling to finalise deals ahead of Trump's August 1 deadline. Talks between the U.S. and China taking place in Stockholm on Monday are expected to extend their trade truce for another 90 days, while Europe's deal comes hot the heels of one struck with Japan last week. MUFG FX strategist Derek Halpenny said the EU deal was ultimately, "good news from a financial markets perspective as it reduces uncertainty further still ahead of 1st August, which is now looking like an insignificant date." Prashant Newnaha at TD Securities meanwhile called it "a big win for the U.S." given the forced purchases of U.S. energy and military equipment and "zero tariff retaliation by Europe". Germany's exporter-heavy DAX (.GDAXI), opens new tab, France's CAC 40 (.FCHI), opens new tab, Italy's FTSE MIB (.FTMIB), opens new tab and Spain's IBEX (.IBEX), opens new tab were all up between 0.4% and 0.8% after the first hour of trading, while S&P 500 and Nasdaq futures , pointed to fresh record highs on Wall Street when it resumes. The euro had initially strengthened when Asian markets reopened, but it steadily dropped into the red as the dollar nudged higher across the board. /FRX Euro area government bond yields, which are a proxy for borrowing costs, also edged down. Germany's 10-year yield , the euro area's benchmark, was 0.5 basis points lower at 2.71%, after rising more than 10 basis points at the end of last week when the European Central Bank curbed talk of imminent rate cuts. Overnight in Asia, MSCI's broadest index of regional shares (.MIAP00000PUS), opens new tab ended 0.3% weaker with Japan's Nikkei falling back more 1% after it hit a one-year high last week. The Australian dollar , often seen as a proxy for global risk appetite, was at $0.657, hovering around the near eight-month peak it had scaled. In an action-packed week, traders are also waiting for interest rate decisions from both the U.S. Federal Reserve and Bank of Japan, monthly U.S. non-farm payrolls and earnings from megacap companies Apple (AAPL.O), opens new tab, Microsoft (MSFT.O), opens new tab and Amazon (AMZN.O), opens new tab. While the Fed and the BOJ are expected to maintain rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine the impact of tariffs on inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have increased, with Trump repeatedly lashing out at Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. In commodities, oil prices rose after the U.S.-EU trade agreement. Brent crude futures and U.S. West Texas Intermediate crude both rose 0.5%. Gold prices dribbled down 0.1% to $3,334 an ounce - their lowest in nearly two weeks on reduced appetite for traditional safe havens.
News24
2 days ago
- Business
- News24
Markets boosted after EU, US strike trade deal
Stock markets rose in Europe and Asia on Monday after the European Union and United States hammered out a deal to avert a potentially damaging trade war. News of the deal, announced by US president Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed a series of US trade agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. 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. "We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase "$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. "It's a good deal," von der Leyen said. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic." Equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Paris rose one percent, with Frankfurt and London also tracking gains in Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta. Tokyo fell for a second day, having soared about five percent on Wednesday and Thursday in reaction to Japan's US deal. Singapore, Manila and Mumbai were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. "The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities," said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While in April both countries imposed tariffs that reached triple-digits, US duties this year have temporarily been lowered to 30 percent and China's countermeasures slashed to 10 percent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. China said it was seeking "mutual respect and reciprocity" in the talks. 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's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. "We think the data supports a Fed on hold in July, but absent a significant upside surprise in the upcoming inflation data, September could be a 'live' meeting for a resumption of rate cuts, especially if economic activity data and possibly overwhelming political pressure force the Fed's hand," said Michael Krautzberger at Allianz. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. By mid-morning, the JSE's All-Share index was flat, with Valterra down more than 2% after releasing its results.
Yahoo
2 days ago
- Business
- Yahoo
Asian shares are mixed after Wall Street sets more records for US stocks
BANGKOK (AP) — 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.
