S&P 500 poised for its best week since June
The S&P 500 rose 0.8 per cent, heading toward its best week since June and another record close. Apple leapt another 4 per cent, extending its three-day rally to more than 14 per cent.
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AU Financial Review
6 hours ago
- AU Financial Review
S&P 500 poised for its best week since June
US stocks powered higher in their final session of the week, bolstered by strong corporate results and hopes for a US-Russia agreement to end the fighting in Ukraine. The S&P 500 rose 0.8 per cent, heading toward its best week since June and another record close. Apple leapt another 4 per cent, extending its three-day rally to more than 14 per cent.
News.com.au
7 hours ago
- News.com.au
Gold futures hit record on US tariff shock, stocks wobble
Gold futures hit a record high Friday after reports of an unexpected tariff on the precious metal, while stock markets fluctuated as investors tracked US President Donald Trump's latest moves. Oil prices added to losses from the previous day on news of a meeting between Trump and Russian leader Vladimir Putin, perhaps as early as next week, which raised hopes of a truce with Ukraine. Gold futures reached a new intraday high at $3,534.10 an ounce after the Financial Times reported that Washington had classified one-kilo bars, the most traded type of bullion on Comex -- the world's biggest futures market, as subject to "reciprocal" tariff rates. One-kilo bars make up the largest part of Switzerland's gold shipments to the United States. Imports from Switzerland face a 39-percent reciprocal tariff from Thursday. The FT said 100-ounce bars would also face the levy. The levy caused "shock and confusion" in markets, said Han Tan, chief market analyst at trading group. The gold future price pulled back to $3 an ounce. Spot gold prices sat around $3,400 an ounce. Saxo Bank analyst Ole Hansen said banks invest in gold futures to protect themselves from price swings in the physical bullion market. As tariffs threaten to raise prices for physical gold, these "short positions originally intended as hedges suddenly blow up", prompting banks to buy back futures and driving prices higher. Wall Street stocks pushed higher, a day after the tech-heavy Nasdaq finished at a fresh record. That kept the market on track for weekly gains near the finale of an earnings season that has generally topped expectations. With most major companies having already reported quarterly results, companies in the S&P 500 are on track for greater than eight-percent growth, compared with the 2.2 percent forecast just ahead of the reporting period, said a note from CFRA Research. CFRA's Sam Stovall said the results had reassured investors, who are "discounting the uncertainties and going along with the expectation that the economy is holding up better than people might be worrying about". In European trading, both London's FTSE 100 and Frankfurt dipped, while Paris stocks edged higher. Japanese stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal. "Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface," said Jochen Stanzl, chief market analyst at CMC Markets. "In Japan, there is relief today upon hearing that the various tariffs will not be cumulative," he added. The Nikkei 225 stocks index jumped nearly two percent after Japan's tariffs envoy said Washington was expected to revise an executive order that stacked tariffs on top of each other. "However, it remains unclear whether the same rules apply for Japan and the EU," Stanzl added. - Key figures at around 1530 GMT - New York - Dow: UP 0.3 percent at 44,076.64 points New York - S&P 500: UP 0.6 percent at 6,378.57 New York - Nasdaq Composite: UP 0.8 percent at 21,408.81 London - FTSE 100: DOWN less than 0.1 percent at 9,095.73 (close) Paris - CAC 40: UP 0.4 percent at 7,743.00 (close) Frankfurt - DAX: DOWN 0.1 percent at 24,162.86 (close) Tokyo - Nikkei 225: UP 1.9 percent at 41,820.48 (close) Hong Kong - Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close) Shanghai - Composite: DOWN 0.1 percent at 3,635.13 (close) Pound/dollar: UP at $1.3453 from $1.3445 on Thursday Euro/dollar: DOWN at $1.1664 from $1.1665 Dollar/yen: UP at 147.73 yen from 147.07 yen Euro/pound: DOWN at 86.73 pence from 86.76 pence
News.com.au
9 hours ago
- News.com.au
Putin taps key allies ahead of Trump summit, sanctions deadline
Russian President Vladimir Putin on Friday held consultations with the leaders of China and India, seeking support from his key allies ahead of a likely summit with Donald Trump. The calls came hours before a deadline from the US president on Moscow to halt its Ukraine offensive or face crippling new economic sanctions, expected to target Russia's key trading partners. Both Washington and Moscow have confirmed a Putin-Trump meeting is set to take place, possibly as early as next week. Trump has spent his first months in office trying to broker peace in Ukraine after boasting he could end the conflict in 24 hours -- but his efforts so far have failed to yield a breakthrough. He also wants countries such as China and India to cut their purchases of Moscow's oil and gas, a key source of revenue that Kyiv and the West say funds its army. Trump earlier this week hiked tariffs on India over its purchases of Russian oil, which have surged since February 2022 when Moscow launched its campaign. The Kremlin said Friday that Putin had updated Chinese President Xi Jinping on "the main results of his conversation" with US special envoy Steve Witkoff who visited Moscow earlier this week. Xi expressed support for a "long-term" solution to the conflict, the Kremlin said. China's Xinhua state news agency quoted Xi as having told Putin: "China is glad to see Russia and the United States maintain contact, improve their relations, and promote a political settlement of the Ukraine crisis." Moscow and Beijing have deepened political, economic and military ties since Russia's offensive. China has portrayed itself as a neutral party in the conflict, but never denounced the offensive or called for Russia to withdraw. - 'Only fair' - Putin also spoke by phone to India's Prime Minister Narendra Modi, after both countries condemned the new US tariffs over New Delhi's oil purchases. "Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine," Modi posted on social media. Neither side elaborated on what had been discussed. Xi and Modi have both tried to tout their own peace initiatives for Ukraine, though they have gained little traction. Trump's deadline for Russia to strike a peace deal or face new sanctions -- expected to target its trading partners -- was set to pass later on Friday. Asked by reporters in the Oval Office if that deadline still held despite the upcoming summit, Trump did not give a clear answer. "It's going to be up to (Putin)," Trump said. "We're going to see what he has to say." Three rounds of talks between Russia and Ukraine have failed to yield a breakthrough and it remains unclear whether a summit would bring peace any closer. On the streets of Moscow expectations were also low. "Hope for the best, prepare for the worst," Irina, a 57-year-old lawyer, told AFP. "To be honest, I have no hopes," she added. Putin has resisted multiple calls from the United States, Europe and Kyiv for a ceasefire. He has also ruled out holding talks with Volodymyr Zelensky at this stage, a meeting the Ukrainian president says is necessary to make headway on a deal.
