NYSE Content Advisory: Pre-Market update + U.S. & China agree to framework of deal
NEW YORK, June 27, 2025 /CNW/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.
J.D. Durkin delivers the pre-market update on June 27th
Stocks are moving fractionally higher Friday morning, with the S&P 500 on pace to set a record after finishing just shy of the mark on Thursday. Overall, the major averages each ended Thursday's session higher.
President Trump told reporters yesterday that the U.S. and China agreed to the framework of a trade deal. This development comes after initial talks in Geneva in May resulted in a postponement of escalating reciprocal tariffs.
Later this morning, the University of Michigan will reveal its final June reading on consumer sentiment. A preliminary reading earlier in the month showed that sentiment had risen by 16% since May.
Opening BellCOtwo Advisors celebrates the launch of CTWO, the first ETP providing physical exposure to the European Union Emissions Trading System
Closing BellNew York Life Investments recognize IWLG & IWFG for delivering top quartile performance since inception
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New Straits Times
3 hours ago
- New Straits Times
US, China seal framework deal on trade, rare earths in focus
BEIJING: China confirmed Friday details on the framework of a trade deal with the United States, saying Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls. A top priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defence equipment. China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by President Donald Trump. The two sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat tariffs on each other's products. China also committed to easing some non-tariff countermeasures but US officials later accused Beijing of violating the pact and slow-walking export licence approvals for rare earths. They eventually agreed on a framework to move forward with their Geneva consensus following talks in London this month. A White House official told AFP on Thursday that the Trump administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement." That clarification came after the US president told an event that Washington had "just signed" a deal relating to trade with China, without providing further details. Beijing confirmed on Friday that an agreement had been reached. "It is hoped that the United States and China will meet each other halfway," a spokesperson for the commerce ministry said in a statement. It said both sides had "further confirmed the details of the framework." Under the deal, China "will review and approve applications for the export control items that meet the requirements in accordance with the law." "The US side will correspondingly cancel a series of restrictive measures against China," the commerce ministry said. US Treasury Secretary Scott Bessent said Friday that Washington could wrap up its agenda for trade deals by early September, indicating more agreements could be concluded although likely extending past an upcoming deadline. Speaking to Fox Business ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies, Bessent reiterated that there are 18 key partners Washington is focused on pacts with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labour Day," Bessent said. That holiday falls on September 1. About the July date, US Commerce Secretary Howard Lutnick told Bloomberg Television on Thursday that "we're going to do top 10 deals, put them in the right category, and then these other countries will fit behind." Countries have been moving to negotiate and reach trade pacts with Washington to avoid further tariff hikes following a 10 per cent levy Trump imposed on most trading partners in April. Wall Street's major indexes bounced on hopes for deals with China and others. The broad-based S&P 500 hit a new record in a stunning comeback from lows in April, while most stock markets rose in Europe and Asia indexes were mixed. The White House suggested Thursday that the Trump administration could extend the July deadline. Press secretary Karoline Leavitt told reporters Thursday: "Perhaps it could be extended, but that's a decision for the president to make." She added: "The deadline is not critical." "The president can simply provide these countries with a deal if they refuse to make us one by the deadline," she said.
The Sun
4 hours ago
- The Sun
US-China deal speeds up rare earth exports from China
WASHINGTON: The United States and China have resolved issues surrounding shipments of rare earth minerals and magnets to the U.S., Treasury Secretary Scott Bessent said on Friday, ironing out a dispute that stalled a deal reached in May. As part of its retaliation against new U.S. tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. During U.S.-China trade talks in May in Geneva, Beijing committed to removing the measures imposed since April 2, but those critical materials were not moving as fast as agreed, Bessent said in an interview with Fox Business Network, so the U.S. put countermeasures in place. 'I am confident now that we -- as agreed, the magnets will flow,' Bessent said. Efforts to resolve the dispute included a phone call between U.S. President Donald Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. Trump said on Thursday the United States had signed a deal with China the previous day, but did not provide details. A White House official said the United States has reached an agreement with China on how to expedite rare earth shipments to the U.S. 'The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement' that involved expediting their shipments to the U.S., the official said on Thursday. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for U.S. military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. In early June, Reuters reported China had granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface. Later in the month, Trump said there was a deal with China in which Beijing would supply magnets and rare earth minerals while the U.S. would allow Chinese students in its colleges and universities. While the agreement shows potential progress following months of trade uncertainty and disruption since Trump took office in January, it also underscores the long road ahead to a final, definitive trade deal between the two economic rivals.
New Straits Times
4 hours ago
- New Straits Times
Wall Street hits record highs on US-China trade breakthrough
LONDON: Wall Street climbed into record territory Friday as the United States and China moved closer to a trade deal and Washington signalled it could reach tariff agreements with over a dozen other partners. With the Israel-Iran ceasefire holding, investors turned attention back to the wider economy and President Donald Trump's tariff blitz. Trump imposed a 10-per cent tariff on goods from nearly every country at start of April, but he delayed higher rates on dozens of nations until July 9 to allow for talks. The US leader on Thursday said the United States had signed a deal relating to trade with China, without providing further details. China said Friday that Washington would lift "restrictive measures", while Beijing would "review and approve" items under export controls. "While details remain sparse, the announcement removed another layer of uncertainty from the global risk environment," said David Morrison, analyst at financial services firm Trade Nation. "Investors welcomed the confirmation as a positive signal for supply chains and global trade, even if the implementation timeline remains vague," he added. US Treasury Secretary Scott Bessent added Friday that Washington could reach key tariff deals with over a dozen partners in the coming months and have its trade agenda wrapped up by early September. The United States is focusing on agreements with 18 key trading partners. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day (September 1)," Bessent told Fox Business. Wall Street opened higher, with both the S&P 500 and Nasdaq Composite pushing into record territory. The gains came despite the US Federal Reserve's preferred inflation measure – the core personal consumption expenditures price index – coming in at a higher-than-expected 0.2 per cent increase in May. "Today's inflation report shouldn't be enough to give markets a significant scare, but it probably dashes the slim hopes investors had for a July rate cut," said eToro US investment analyst Bret Kenwell. "Further, it may give investors a bit of hesitation with stocks surging into record high territory as we near quarter-end," he added. European stock markets also rose, with the Paris CAC 40 leading the way, boosted by a rise in luxury stocks. Traders brushed off data showing that inflation edged up in France and Spain in June, even as it added to speculation that the European Central Bank may pause its interest rate-cut cycle. In Asia, Tokyo rallied more than one per cent to break 40,000 points for the first time since January, while Hong Kong and Shanghai equities closed lower. The dollar held around three-year lows Friday as traders bet on US interest rate cuts, especially after Trump hinted at replacing Fed chief Jerome Powell. The prospect of lower borrowing costs sent the Dollar Index, which compares the greenback to a basket of major currencies, to its lowest level since March 2022. Weak economic data on Thursday – showing that the world's top economy contracted more than previously estimated in the first quarter and softer cosumer spending – further fuelled rate cut expectations. New York - Dow: UP 0.3 per cent at 43,536.22 points New York - S&P 500: UP 0.2 per cent at 6,153.89 New York - Nasdaq Composite: UP 0.3 per cent at 20,217.43 London - FTSE 100: UP 0.4 per cent at 8,771.16 Paris - CAC 40: UP 1.4 per cent at 7,659.27 Frankfurt - DAX: UP 0.9 per cent at 23,856.29 Tokyo - Nikkei 225: UP 1.4 per cent at 40,150.79 (close) Hong Kong - Hang Seng Index: DOWN 0.2 per cent at 24,284.15 (close) Shanghai - Composite: DOWN 0.7 per cent at 3,424.23 (close) Euro/dollar: UP at US$1.1725 from US$1.1701 on Thursday Pound/dollar: DOWN at US$1.3722 from US$1.3725 Dollar/yen: UP at 144.73 yen from 144.44 yen Euro/pound: UP at 85.44 pence from 85.22 pence
