
Japan PM Ishiba to decide his future after assessing tariff talks progress, Yomiuri says
Ishiba is facing growing opposition from within his own Liberal Democratic Party for his vow to stay in power, despite the ruling coalition's bruising defeat in Sunday's upper house election.
The prime minister is planning to hold a press conference to announce his decision once the tariff negotiations' outcome becomes clear, the newspaper reported without citing its sources.
Japan's top tariff negotiator Ryosei Akazawa is in the U.S. for his eighth round of talks. Japan's Asahi newspaper reported Akazawa met with President Donald Trump at the White House on Tuesday.
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The Independent
15 minutes ago
- The Independent
FTSE 100 hits new high amid US trade talk optimism
European stocks climbed on Wednesday, boosted by hopes of further progress in trade talks after the US struck a deal with Japan. The FTSE 100 index closed up 37.68 points, 0.4%, at 9,061.49, a record closing peak. It had earlier hit an all-time high of 9,080.09. The FTSE 250 closed up 79.23 points, 0.4%, at 22,013.49 and the AIM All-Share closed up 3.85 points, 0.5%, at 773.99. In European equities on Wednesday, the Cac 40 in Paris advanced 1.5%, while the Dax 40 in Frankfurt gained 0.8%. In New York, the Dow Jones Industrial Average was up 0.4%, the S&P 500 traded 0.3% higher and the Nasdaq Composite firmed 0.2%. Late on Tuesday, President Donald Trump said the US had agreed a 'massive' trade deal with Japan that would include a 15% tariff on its exports. He had previously threatened Japan, a major US trading partner, with a tariff of 25% beginning on August 1 if a deal was not reached. 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made,' Mr Trump announced on social media. Under the deal, 'Japan will invest, at my direction, USD550 Billion Dollars into the US, which will receive 90% of the Profits', he added. Japanese Prime Minister Shigeru Ishiba was more circumspect, saying he needed to examine the deal before commenting. 'As for what to make of the outcome of the negotiations, I am not able to discuss it until after we carefully examine the details of the negotiations and the agreement,' he told reporters in Tokyo after Mr Trump's announcement in Washington. The deal comes after Mr Ishiba faced a bruising weekend election that left his coalition without a majority in the upper house. 'The trade agreement is undoubtedly good news for Japan,' said Kathleen Brooks at XTB. 'The auto component is by far the biggest coup for Japan, as that makes up the bulk of exports to the US. 'By lowering the auto tariff rate to 15% – auto tariffs were a flat 25% rate before the exemption for Japan – it is giving hope that those countries who have yet to agree tariff rates with the US can seal good deals if they pledge investment into the US.' The trade pact sent equities soaring in Asia with the Nikkei 225 closing up 3.5% on Wednesday and the Hang Seng in Hong Kong gaining 1.6%. Car makers such as Toyota climbed 14%, and Honda jumped 11%. Mitsubishi rose a more modest 3.6%. European car makers rose, with BMW, Mercedes-Benz Group and Volkswagen up 4.4%, 5.9% and 5.3% respectively, in Frankfurt. Renault was up 2.6% in Paris, and Citroen and Fiat owner Stellantis was up 8.9% in Milan. In London, luxury car maker Aston Martin Lagonda rose 8.1%. Deutsche Bank's Jim Reid said the Japan deal has 'significantly raised hopes that the EU might also be able to reach a trade deal, as they've been threatened with 30% tariffs on August 1'. Attention in the US will also be on tech earnings, with results due from Tesla and Alphabet after the closing bell in New York. The pound rose to 1.3571 dollars late on Wednesday afternoon in London, compared with 1.3508 at the equities close on Tuesday. The euro traded at 1.1737 dollars, slightly up against 1.1735. Against the yen, the dollar was trading lower at 146.33 compared with 146.49. On the FTSE 100, Informa rose 5.3%. It raised its full-year outlook and added to its share buyback after reporting 20% growth in half-year sales and adjusted profit. The London-based international events, digital services and academic publishing business increased full-year underlying revenue growth guidance to at least 6% from at least 5%, including 8% plus in Live B2B Events. The dividend was increased by 9.4% to 7.0 pence from 6.4p. In addition, Informa said it would buy back a further £150 million of shares through the second half of 2025, taking the total commitment to £350 million in 2025. On the FTSE 250, Breedon tumbled 7.3% as it forecast that full-year profit will be at the low end of market expectations. The Leicestershire-based building materials company said that given a 'difficult' first half and macroeconomic headwinds, 'we now expect our result for the full year will be at the low end of the current range of market expectations'. Breedon put the range for 2025 earnings before interest, tax, depreciation and amortisation between £291.4 million to £311.5 million, growth of at least 19% from £245.8 million in 2024. Halfords rose 2.9% as Panmure Liberum upgraded it to 'buy' from 'hold' with a 200p share price target. The broker noted 'evidence of tangible green shoots' and said recent trading has pointed to a fundamental improvement rather than a one-off performance. 'However, given previous false dawns, investors may require further evidence before declaring a new era,' Panmure Liberum added. The yield on the US 10-year Treasury was quoted at 4.38%, up from 4.34%. The yield on the US 30-year Treasury was quoted at 4.94%, widened from 4.91%. The biggest risers on the FTSE 100 were Informa, up 40.8p, at 866.8p, JD Sports Fashion, up 3.9p at 89.7p, AstraZeneca, up 322.0p at 10,674.0p, Ashtead, up 122.0p at 4,857.0p and Croda International, up 62.0p at 2,879.0p. The biggest fallers were Centrica, down 5.3p at 158.7p, SSE, down 58.0p at 1,912.0p, United Utilities, down 28.5p at 1,138.5p, Severn Trent, down 66.0p at 2,717.0p and National Grid, down 22.0p at 1,062.5p. Brent oil was quoted lower at 68.24 dollars a barrel in London on Wednesday, from 68.30 dollars late on Tuesday. Gold eased to 3,412.38 dollars an ounce against 3,426.29 dollars.


Reuters
16 minutes ago
- Reuters
Israeli president visits Gaza, speaks of 'intensive' talks on hostages
July 23 (Reuters) - Israel's President Isaac Herzog visited the Gaza strip on Wednesday and told soldiers that there were "intensive negotiations" about returning the hostages in Gaza, adding that he hopes that they will soon "hear good news", a statement from the president's spokesperson reported.


Reuters
43 minutes ago
- Reuters
Turkish growth seen below government forecasts, inflation higher
ISTANBUL, July 23 (Reuters) - Turkey's economic growth is seen slowing this year while inflation will stay higher than government forecasts despite tight policy, a Reuters poll of economists showed. Growth in gross domestic product is expected to be 2.8% this year, slower than 3.2% in 2024, before picking up to 3.3% in 2026, according to the median forecast of 34 economists in the July 18-23 Reuters poll. Based on its three-year policy roadmap published last September, the government predicts 4.0% GDP growth this year and 4.5% next. A depreciation in the lira, robust domestic demand and rising taxes boosted inflation in 2024, pushing it to an annual peak of 75.45%, but with the help of tight policy and fiscal measures it fell to around 35% in June this year. Poll medians showed annual inflation falling to 30% this year and 21% by the end of 2026. The central bank forecasts inflation to fall to 24% at the end of this year, with an upper band of 29%. The central bank tightened policy in April following market volatility over the arrest of the Istanbul mayor, reversing an easing cycle that had begun in December. The central bank also implemented liquidity measures to set the overnight funding rate higher than the policy rate, effectively tightening policy more. With the fall in inflation, economists expect the central bank to return to its easing cycle in its monetary policy committee meeting on Thursday. The policy rate is seen to be cut by 250 basis points from the current 46%, according to an earlier poll. In the latest long-term poll, medians put the key rate at 41% at end-September and 36% by the end of this year. The poll sees the central bank continuing to cut rates next year, leaving it at 23% by end-2026. "After two more 250bp cuts in September and October, we expect the central bank to lower the pace of cuts to 150bp in the last MPC meeting of the year, on 11 December, due to a smaller ex-post real policy rate cushion," Barclays said in a note. Turkey's current account deficit is expected to be 1.5% of GDP this year and 1.6% next, median forecasts in the poll showed. (Other stories from the global economic poll)