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Economic Times
20 hours ago
- Business
- Economic Times
Asian stocks, US futures rise on Japan trade deal
Asian shares rose at the open after President Donald Trump said the US reached a trade deal with Japan, an agreement with a key trading partner that will ease concerns about the tariff war. ADVERTISEMENT The MSCI gauge of Asian shares gained 0.7% with the Nikkei-225 in Japan jumping as much as 1.8%. The yen fluctuated after initially gaining on Trump's announcement. Contracts for the S&P 500 rose 0.2% on the deal. The US benchmark closed at a record high in the last session. A gauge of the dollar edged up 0.1% while yields on the 10-year Treasury advanced 1 basis point to 4.36%. 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made,' Trump said in a Truth Social post. On Tuesday, Trump also unveiled an agreement with the Philippines setting a 19% tariff on the country's exports. The deal with Japan will see the key American ally invest $550 billion into the US and will set tariffs on Japanese imports at 15%, Trump wrote. Stocks have run up since their April slump on expectations countries will strike agreements with the US ahead of the Aug. 1 deadline, and help avoid significant damage to company earnings and the economy.'In addition to lowering tariffs on Japan from 25% to 15%, the deal removes an element of uncertainty for the market,' said Tim Waterer, chief market analyst at KCM Trade. 'This deal is good for market sentiment across Asia on expectations that others may follow.'Investors are also focused on megacap companies this week. Big tech's strength will be on full display over the next few weeks as the group begins unveiling quarterly earnings. Tesla Inc. and Alphabet Inc. are reporting Wednesday. ADVERTISEMENT The so-called Magnificent Seven companies are expected to post a combined 14% rise in second-quarter profits, while earnings for the rest of the US equity benchmark are predicted to be relatively flat, according to Bloomberg Intelligence in Japan will also be on the 40-year government bond auction on Wednesday. That will be the first test of appetite for super-long debt following a historic election defeat for Prime Minister Shigeru Ishiba. Investors remain concerned over the outlook of bonds in one of the most indebted developed nations amid expectations of higher government spending as Ishiba tries to placate disaffected voters. ADVERTISEMENT Ishiba will soon decide on his future after assessing the status of negotiations on tariffs with the US, Yomiuri reported before Trump's US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts for trade talks in Stockholm next week, and will 'be working out what is likely an extension' to the current Aug. 12 deadline for negotiations. He also said that the negotiations with China can now take on a broader array of topics, potentially including Beijing's continued purchases of 'sanctioned' oil from Russia and Iran. ADVERTISEMENT Bessent told Fox Business he saw no reason for Fed Chair Jerome Powell to step down. Meanwhile, Trump stressed his belief that the Fed's benchmark rate should be 3 percentage points lower. Bessent, in the same Oval Office event, said that 'based on the way they cut rates last fall, they should be cutting rates now.' (You can now subscribe to our ETMarkets WhatsApp channel)
The Star
3 days ago
- Business
- The Star
Gold gains on softer dollar as investors await US trade updates
Gold prices climbed on Monday, supported by a weaker dollar as investors monitored developments in U.S. trade talks and awaited potential market-moving catalysts, including the Federal Reserve's policy meeting scheduled for next week. Spot gold was up 0.6% at $3,369.02 per ounce, as of 0654 GMT. U.S. gold futures rose 0.5% to $3,376.40. "Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large," KCM Trade Chief Market Analyst Tim Waterer said. "The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the $3,400 level and perhaps beyond." The dollar index weakened 0.2% against its rivals, making gold less expensive for other currency holders. Investors are eyeing developments in trade negotiations ahead of U.S. President Donald Trump's August 1 deadline, as U.S. Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union. Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, reports said. At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts. Last week, Federal Reserve Governor Christopher Waller said he still believes that the U.S. central bank should cut rates at its policy meeting next week. Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the U.S. tariff deadline looms. Elsewhere, spot silver gained 0.4% to $38.33 per ounce, platinum added 1.1% to $1,437.53 and palladium climbed 1.3% to $1,256.98. - Reuters
Business Recorder
3 days ago
- Business
- Business Recorder
Gold steady as investors await US trade updates, central bank meetings
Gold prices were little changed on Monday as investors monitored developments in U.S. trade talks and awaited potential market-moving catalysts, including the U.S. Federal Reserve's policy meeting scheduled for next week. Spot gold held its ground at $3,352.19 per ounce, as of 0250 GMT. U.S. gold futures were steady at $3,358.70. 'Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large,' KCM Trade Chief Market Analyst Tim Waterer said. 'The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the $3,400 level and perhaps beyond.' Investors are eyeing developments in trade negotiations ahead of U.S. President Donald Trump's August 1 deadline, as U.S. Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union. Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, reports said. At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts. Last week, Federal Reserve Governor Christopher Waller said he still believes that the U.S. central bank should cut rates at its policy meeting next week. Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the U.S. tariff deadline looms. Elsewhere, spot silver edged 0.1% higher to $38.22 per ounce, platinum added 0.3% to $1,425.11 and palladium gained 0.2% to $1,243.47.
Ammon
3 days ago
- Business
- Ammon
Gold steady as investors await US trade updates, central bank meetings
Ammon News - Gold prices were little changed on Monday as investors monitored developments in U.S. trade talks and awaited potential market-moving catalysts, including the U.S. Federal Reserve's policy meeting scheduled for next week. Spot gold held its ground at $3,352.19 per ounce, as of 0250 GMT. U.S. gold futures were steady at $3,358.70. "Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large," KCM Trade Chief Market Analyst Tim Waterer said. "The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the $3,400 level and perhaps beyond." At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts. Last week, Federal Reserve Governor Christopher Waller said he still believes that the U.S. central bank should cut rates at its policy meeting next week. Elsewhere, spot silver edged 0.1% higher to $38.22 per ounce, platinum added 0.3% to $1,425.11 and palladium gained 0.2% to $1,243.47. Reuters
Business Times
3 days ago
- Business
- Business Times
Gold steady as investors await US trade updates, central bank meetings
GOLD prices were little changed on Monday as investors monitored developments in US trade talks and awaited potential market-moving catalysts, including the US Federal Reserve's policy meeting scheduled for next week. Spot gold held its ground at US$3,352.19 per ounce, as of 0250 GMT. US gold futures were steady at US$3,358.70. 'Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large,' KCM Trade chief market analyst Tim Waterer said. 'The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the US$3,400 level and perhaps beyond.' Investors are eyeing developments in trade negotiations ahead of US President Donald Trump's Aug 1 deadline, as US Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union. Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between Oct 30 and Nov 1, or he could meet Chinese leader Xi Jinping on the sidelines of the Apec event in South Korea, reports said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0 per cent following a string of cuts. Last week, Federal Reserve Governor Christopher Waller said he still believes that the US central bank should cut rates at its policy meeting next week. Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the US tariff deadline looms. Elsewhere, spot silver edged 0.1 per cent higher to US$38.22 per ounce, platinum added 0.3 per cent to US$1,425.11 and palladium gained 0.2 per cent to US$1,243.47. REUTERS
