World shares mostly climb after a rally for Apple leads Wall Street higher
MANILA, Philippines — World shares mostly advanced and financial markets appeared to show scant if any reaction to President Donald Trump's higher tariffs on exports to the United States that took effect early Thursday.
In early European trading, Germany's DAX rose 0.9% to 24,137.51. In Paris, the CAC 40 added 0.8% to 7,693.36, while Britain's FTSE 100 shed 0.3% to 9,138.96.
The future for S&P 500 edged 0.5% higher while that for Dow Jones Industrial Average added 0.3%.
In Asian trading, Japan's benchmark Nikkei 225 added 0.7% to 41,059.15.
Hong Kong's Hang Seng climbed 0.7% to 25,081.63, and the Shanghai Composite added 0.2% to 3,639.67. China reported that its exports picked up in July, helped by a flurry of shipments by businesses taking advantage of a pause in Trump's tariff war with Beijing.
South Korea's Kospi rose 0.9% to 3,227.68, while the S&P/ASX 200 in Australia shed 0.1% to 8,831.40.
India's Sensex gave up 0.8% after Trump ordered tariffs on imports from the world's most populous nation to rise to 50%, citing its crude oil imports from Russia.
Trump also declared 100% tariffs on computer chips with an exemption for U.S. investments. Apple's shares rose 5.1% on Wednesday ahead of a White House event where it announced an increase to its U.S. investments of an additional $100 billion over the next four years.
Mizuho Bank, in a commentary, said the Trump's exemption from 100% tariffs on semiconductors for those with investments in U.S. production means some U.S. trading partners may be able to use their investments in the U.S. as a bargaining chip.
Taiwan's Taiex jumped 2.4% as shares in market heavyweight Taiwan Semiconductor Manufacturing Corp. surged 4.9%. TSMC is the world's largest contract maker of computer chips and it has been ramping up its investments in U.S. factory capacity, helping to alleviate the impact from higher tariffs.
South Korean chipmakers also saw strong gains, with Samsung Electronics jumping 2.5% after the government said its products would also be subject to the exemption.
On Wednesday, a rally for Apple led Wall Street higher, with U.S. stocks reclaiming more of their sharp losses from last week.
The S&P 500 rose 0.7% and the Dow added 0.2%. The Nasdaq composite climbed 1.2%. Apple alone accounted for more than a third of the S&P 500's gain.
Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts' expectations. The Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short
Worries are still high that Trump's tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the Federal Reserve and a parade of stronger-than-expected profit reports from U.S. companies have helped steady the market.
In other dealings early Thursday, benchmark U.S. crude gained 19 cents to $64.54 a barrel. Brent crude, the international standard, added 25 cents to $67.14 a barrel.
The U.S. dollar slipped to 147.10 Japanese yen from 147.36 yen. The euro cost $1.1678 up from $1.1661.
Teresa Cerojano, The Associated Press
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CTV News
an hour ago
- CTV News
Bick's pickles disappear from some Canadian shelves amid tariff dispute
Some Canadian shoppers have noticed something missing from their local grocery store shelves - and experts say it's a case study on how tariffs can reduce choices and raise prices. Bick's pickles, the iconic brand founded in Canada in 1951, is now owned by U.S.-based TreeHouse Foods. While the cucumbers and jar lids are sourced in Canada, the pickles are processed in the U.S. before being shipped back north. Under current trade rules, that makes them subject to counter-tariffs Ottawa imposed in response to U.S. duties on Canadian goods. 'It's a bit weird because the Bick's product is actually more Canadian than some properly labelled Canadian pickles,' Sylvian Charlebois, professor of food distribution and policy at Dalhousie University, told CTV's Your Morning Tuesday. Charlebois says the policy, aimed at pressuring Washington, ends up hurting domestic competition. 'We're tariffing products that are actually grown in Canada. If you reduce supply, prices tend to go up.' Some Canadian retailers will still carry Bick's, he noted, but availability will be reduced. Alternatives like Mrs. White's pickles, made in Canada, are still on store shelves. Ian Lee, a business analyst at Carleton University, calls the situation a 'lose-lose proposition' that punishes Canadian farmers, manufacturers and consumers. 'The jar gets hit by Canadian tariffs,' Lee told CTV News Channel in an interview Monday. 'The profit margins in grocery retailing are already razor-thin, so some stories just take them off the shelf.' According to CTV News Winnipeg, a Sobeys in the city let customers know that tariffs will impact what they can stock on their shelves. In July, a sign placed in the Winnipeg store on a shelf that normally holds Bick's Pickles read, 'Bick's Pickles are currently unavailable as an unfortunate impact of tariffs. We are pleased to offer a selection of alternatives for your shopping convenience.' The tariffs were introduced as retaliation to U.S. duties introduced by U.S. President Donald Trump. But Lee says mimicking the U.S. approach does more harm than good. 'We're poking Donald Trump in the eye but we're hurting Canadians in the process,' Lee said. has reached out to TreeHouse Foods, Sobeys and Loblaw for comment.
