US: Stocks end mostly up as markets eye trade talks
[NEW YORK] Wall Street stocks edged higher on Monday as US and Chinese representatives held high-stakes trade talks and markets looked ahead to key economic data.
Trade representatives for the world's two biggest economies plan a second day of talks on Tuesday following an opening round on Monday. Although there were no breakthroughs, the market has welcomed the negotiations.
'There's hopes that they're inching closer to some sort of a deal,' said Peter Cardillo of Spartan Capital Securities.
The Dow Jones Industrial Average finished flat at 42,761.76.
The broad-based S&P 500 climbed 0.1 per cent to 6,005.88, while the tech-rich Nasdaq Composite Index added 0.3 per cent at 19,591.24.
Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation, while China's team included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.
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
Among individual companies, Apple fell 1.2 per cent after company executives emphasised its artificial intelligence efforts at the tech giant's annual developers conference, including allowing app makers to directly access a device's AI capabilities.
Apple has lagged some rivals in introducing AI-advancing updates to its Siri voice assistant and other programs.
Warner Brothers Discovery finished down 3.0 per cent after unveiling a plan to split itself into two companies to better position for the streaming era.
The entertainment giant will break itself into two publicly traded companies: one covering 'Streaming & Studios' and the other 'Global Networks.' The shift, designed to enable each venture to 'maximise its potential,' is expected to be completed by mid-2026, the company said.
This week's agenda includes releases on consumer and producer prices, key benchmarks on inflation. AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
20 minutes ago
- Business Times
Gold rises as US-China trade uncertainty persists, investors eye inflation data
GOLD prices edged higher on Wednesday as uncertainty surrounding the finalisation of a US-China trade agreement weighed on sentiment and fuelled some safe-haven buying, with investors awaiting key US inflation data for further market direction. Spot gold rose 0.2 per cent to US$3,328.89 an ounce, as of 0153 GMT. US gold futures were up 0.2 per cent to US$3,349.80. US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets, US Commerce Secretary Howard Lutnick said on Tuesday at the conclusion of two days of intense negotiations in London. Lutnick said that the US team plans to present the framework to President Donald Trump for approval prior to implementation, while the Chinese delegation will similarly seek an endorsement from President Xi Jinping. 'We know that US and Chinese negotiators have agreed on a 'framework', but until Trump or Xi approves them, uncertainty lingers. And that uncertainty is supporting gold heading into the inflation figures,' said Matt Simpson, a senior analyst at City Index. The US and China had imposed tit-for-tat tariffs in April, sparking a trade war. Following talks in Geneva last month, both nations agreed to cut tariffs back from triple-digit levels. 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 The World Bank on Tuesday slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3 per cent, saying that higher tariffs and heightened uncertainty posed a 'significant headwind' for nearly all economies. The US consumer price index (CPI) report due at 1230 GMT could give investors more guidance on the US Federal Reserve's policy path. The Federal Reserve will keep interest rates on hold for at least another couple of months, according to most economists polled by Reuters, as risks linger that inflation may resurge due to Trump's tariff policies. Elsewhere, spot silver was unchanged at US$36.53 per ounce, platinum fell 0.4 per cent to US$1,216.42, while palladium was up 0.3 per cent to US$1,063.62. REUTERS
Business Times
an hour ago
- Business Times
Asia: Equities rally after China-US framework on trade
[HONG KONG] Asian stocks rose on Wednesday as investors welcomed a China-US agreement to lower trade tensions that stoked hopes the economic superpowers will eventually reach a broader tariff deal. After two days of high-profile, closely watched talks in London, the two sides said they had set up a framework to move towards a pact, following negotiations in Geneva last month that saw them slash tit-for-tat levies. The news provided some much-needed relief to markets after US President Donald Trump accused Beijing of violating that deal. The latest round of talks followed a phone call between Trump and his Chinese counterpart Xi Jinping on Thursday. As well as tariffs, a key issue in the discussions was China's export of earth minerals and magnets used in a range of things including smartphones and electric vehicle batteries, while Beijing was keen to see an easing of restrictions on its access to tech goods. US Commerce Secretary Howard Lutnick said he was upbeat that concerns over rare earths 'will be resolved' eventually, as the agreement is implemented. Xi and Trump must approve the framework first. 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 'We're moving as quickly as we can,' US Trade Representative Jamieson Greer told reporters. 'We would very much like to find an agreement that makes sense for both countries,' he added. 'We feel positive about engaging with the Chinese.' Speaking separately to reporters, China International Trade Representative Li Chenggang expressed hope that progress made in London would help to boost trust on both sides. The deal, which was reached late on Tuesday, boosted Asian markets with Hong Kong and Shanghai among the best performers, while Tokyo, Sydney, Seoul, Wellington, Taipei and Manila were also up. However, analysts said investors would be keen to get a closer look at the details of the agreement. 'The US-China trade circus wrapped with what can only be described as a diplomatic tautology,' said Stephen Innes at SPI Asset Management. He called it 'a late-night announcement that both sides have 'agreed in principle on a framework to implement the Geneva consensus' - a consensus that was... already agreed upon weeks ago'. And he warned that markets could run out of steam if nothing concrete came through. 'If the next headline doesn't come with something tangible, such as cargo ships loaded with rare earths or an actual rollback of tariffs, expect risk assets to start demanding more photo opportunities,' he wrote. 'Until then, this rally relies on faith.' And Saxo chief investment strategist Charu Chanana said before the deal was announced that while there was some hope for the talks 'the era of easy wins - tariff pauses and minor concessions - is over'. 'What's left are deeper, more entrenched challenges: tech restrictions, rare earth supply chains, student visas, and national security-linked concerns. These are strategic disputes, unlikely to be resolved in a few rounds of meetings.' Still, she did say that 'trade uncertainty has clearly faded since the peak chaos of early April', when Trump unleashed a tariff blitz that hammered worldwide stock and bond markets. Tuesday's news also overshadowed the World Bank's slashing of its 2025 forecast for global economic growth to 2.3 per cent, from the 2.7 per cent predicted in January, citing trade tensions and policy uncertainty. It also said the US economy would expand 1.4 per cent this year, half of its 2024 expansion. AFP
Straits Times
2 hours ago
- Straits Times
Chinese carriers in Pacific show country's ‘expansionist' aims, Taiwan says
A handout photo taken on March 31 shows Chinese aircraft carrier Shandong sailing in waters off Taiwan. PHOTO: AFP TAIPEI - The two Chinese aircraft carriers spotted conducting simultaneous operations in the Pacific for the first time send a political message about the country's 'expansionist' aims, Taiwan Defence Minister Wellington Koo said on June 11. Japan's defence minister said the previous day that the appearance of the Chinese aircraft carriers signified Beijing's intention to further widen its capabilities beyond its borders. Mr Koo said the armed forces had a 'full grasp' of the carriers' movements. 'Crossing from the first island chain into the second island chain sends a definite political message and their expansionist nature can be seen,' he told reporters in Taipei. The first island chain refers to an area that runs from Japan down to Taiwan, the Philippines and Borneo, while the second island chain spreads further out into the Pacific to include places like the US territory of Guam. China's navy, which has been honing its abilities to operate further and further from the country's coast, said on June 10 the carrier operations were a 'routine training' exercise that did not target specific countries or regions. Taiwan, which China views as its own territory, keeps a close watch on Chinese military movements given the regular drills and war games Beijing stages around the island. Since May, China has been flexing its muscles by sending an unusually large number of naval and coast guard vessels through a swathe of East Asian waters, according to security documents and officials, in moves that have unnerved regional capitals. Japan's defence ministry confirmed the two carriers, Liaoning and Shandong, were operating in separate areas in the Pacific on June 7, both near remote southern islands belonging to Japan. Earlier, Japan said the Liaoning sailed within its exclusive economic zone near Minamitorishima, a remote island east of Iwo Jima. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
