Latest news with #tradeframework
NHK
13 hours ago
- Business
- NHK
US, China reportedly sign deal aimed at easing trade tensions
US Commerce Secretary Howard Lutnick says the United States and China have signed a trade agreement after talks in London earlier this month. Lutnick was speaking in an interview with Bloomberg TV. Senior officials from Washington and Beijing met this month and agreed on a framework for easing trade tensions. Export restrictions on rare earth metals by Beijing and on semiconductor-related items by Washington have been focal points of the negotiations. A Chinese Commerce Ministry spokesperson said on Friday that the countries maintained close communication after the talks, and further confirmed the details of the framework. Regarding exports of rare earths, the spokesperson said China will review and approve eligible applications in accordance with the law, while the US will lift a series of restrictive measures imposed against Beijing in response.
Yahoo
16 hours ago
- Business
- Yahoo
S&P 500 Gains & Losses Today: Index Notches Record Close; Nike Jumps, Coinbase Drops
The S&P 500 gained 0.5% on Friday, June 27, 2025, reaching an all-time closing high, as officials confirmed a trade framework between the U.S. and China. Nike shares took off after the sneaker and athletic apparel maker's quarterly results came in ahead of expectations. Signs of easing global tensions and a downtick in the Defense Department's budget request weighed on shares of data analytics firm Palantir U.S. equities indexes gained on the final day of the trading week as investors digested a mixture of trade policy news. The S&P 500 advanced 0.5%, notching a record closing high. The Nasdaq Composite also reached its highest-ever closing level, lifted by a gain of 0.5% on Friday. The Dow was up 1%. Commerce Secretary Howard Lutnick said the U.S. and China had agreed on a trade framework, with the countries confirming details agreed upon earlier this month. President Donald Trump, meanwhile, said he was ending trade talks with Canada. Nike (NKE) shares skyrocketed 15%, posting the S&P 500's top performance on Friday, after the footwear and apparel company reported smaller-than-anticipated sales and profit declines for its fiscal fourth quarter. The results suggested that Nike is making progress on its turnaround plan under CEO Elliott Hill, who took the helm of the company last October. Nike executives said that the company could take a hit of up to $1 billion if tariffs remain at current levels. Trade progress between the U.S. and China helped lift shares of aircraft manufacturer Boeing (BA), which climbed 5.9%. Analysts at Rothschild upgraded Boeing stock to "buy" from "neutral," highlighting an acceleration in production as well as improvements in the aviation giant's financial picture, culture, and safety processes. Shares of data center real estate investment trust Equinix (EQIX) gained 5.3%, staging a partial recovery after suffering heavy losses over the past two trading days. Although this week's downturn related to the firm's muted growth forecasts and plans for major spending, Equinix remains a beneficiary of the demand for data center services driven by increasing adoption of artificial intelligence technologies. Signs of easing geopolitical tensions weighed on shares of big data analytics software firm Palantir Technologies (PLTR), which has secured significant contracts with the U.S. military. In addition, a budget request from the Department of Defense for fiscal 2026 represented a downtick from the previous year. Palantir shares were down more than 9%, falling the furthest of any S&P 500 stock. Coinbase Global (COIN) shares sank 5.8%, retreating from a record high set in the previous session. The move lower came as the ARK Innovation ETF (ARKK), a technology-focused fund managed by influential investor Cathie Wood, unloaded 33,000 Coinbase shares. Coinbase stock has drawn attention in recent weeks amid a number of positive developments in the crypto space, including the Senate's passage of a bill to promote and regulate stablecoins. Shares of solar technology firm Enphase Energy (ENPH) dropped 4.9%. Friday's downturn reversed a portion of the substantial gains posted by the microinverter manufacturer's stock on Thursday following reports that the Senate version of the budget bill may be less onerous for solar companies than the House bill, which included a rapid phase-out of federal tax credits for residential rooftop solar installations. Gold prices moved lower as the outlook improved for U.S.-China trade relations. Shares of Newmont (NEM), the world's largest gold miner, fell 4.1%. Read the original article on Investopedia Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
a day ago
- Business
- Bloomberg
China Confirms US Trade Framework as Trump Pursues More Deals
It's been a week of wins for US President Donald Trump. A ceasefire between Israel and Iran, NATO agreed to increase defense spending to 5% of GDP, and China on Friday saying it has further confirmed details of a trade framework with Washington under which it will deliver key rare earths. Officials from both countries have maintained close contact after holding trade talks in London earlier this month, a spokesperson for the Chinese Commerce Ministry said. The China deal, which US Commerce Secretary Howard Lutnick said had been signed two days ago, codifies the terms laid out in trade talks between Beijing and Washington, including a commitment from China to deliver rare earths used in everything from wind turbines to jet planes.
South China Morning Post
11-06-2025
- Business
- South China Morning Post
China grants export permits to rare earth giant for US, Europe shipments
A top Chinese rare earth exporter, which hosted President Xi Jinping during a 2019 inspection , said it had obtained export permits for several destinations, including the United States. Investors welcomed the news, sending the company's shares higher. Advertisement JL MAG Rare-Earth said on Wednesday that it had also been granted licenses for Europe and Southeast Asia, and that it would export magnetic materials, components and motor rotors. 'After the export controls imposed on medium and heavy rare earth and related items were announced, the company immediately carried out export declaration work in accordance with relevant rules,' it said on the Shenzhen Stock Exchange's interactive investor platform. 'The company is not involved in military businesses. We will continue to strictly observe relevant laws and policies.' Headquartered in Jiangxi, central China, JL MAG is the world's largest manufacturer and seller of permanent rare earth magnets, its stock exchange filings showed. Advertisement The company, dual-listed in Shenzhen and Hong Kong, generated 312 million yuan (US$43.4 million) from exports in the first quarter of 2025, with 122 million yuan attributed to shipments to the US, it said on Wednesday. JL MAG's announcement came after Chinese and US officials on Tuesday said both sides had 'agreed in principle' to a trade framework – pending approval from their respective leaders – following a second day of talks in London.
Reuters
11-06-2025
- Business
- Reuters
VIEW Analysts react to US-China trade agreement
SINGAPORE, June 11 (Reuters) - U.S. Commerce Secretary Howard Lutnick said that a trade framework and implementation plan agreed with China in London should result in restrictions on rare earths and magnets being resolved. China's Vice Commerce Minister Li Chenggang said earlier the two teams had agreed on implementing their Geneva consensus and would take the agreed framework back to their leaders. QUOTES: CHRIS WESTON, HEAD OF RESEARCH, PEPPERSTONE, MELBOURNE: "The devil will be in the details but the lack of reaction suggests this outcome fully expected. "While clearly a positive outcome, the lack of reaction in S&P500 futures, and the incremental moves seen in CNH or AUD, suggests achieving the framework on the Geneva agreement was fully expected – the details matter, especially around the degree of rare earths bound for the US, and the subsequent freedom for US produced chips to head East, but for now as long as the headlines of talks between the two parties remain constructive, risk assets should remain supported. "The reaction in Chinese equities could be telling and I suspect US equity futures will track developments here closely today."
