US: Stocks rise as Apple surges
Apple piled on more than five per cent after White House officials said the tech giant plans an additional US$100 billion in capital spending in the United States. Amazon and Google parent Alphabet were among the other large tech names that also rose.
'By standing up and publicly announcing a domestic investment with President Trump, it reduces the likelihood of Trump imposing new tariff burdens on Apple,' said FHN Financial's Chris Low.
The Dow Jones Industrial Average finished up 0.2 per cent at 44,193.12.
The broad-based S&P 500 gained 0.7 per cent to 6,345.06, while the tech-rich Nasdaq Composite Index climbed 1.2 per cent to 21,169.42, less than 10 points from an all-time record.
Trump ordered an additional 25 per cent tariff on Indian goods. The levy, which is expected to come into force in three weeks, is due to New Delhi's continued purchase of Russian oil.
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A new wave of Trump tariffs is due to take effect on Thursday on dozens of other economies.
But Wednesday's gains suggest investors are becoming more inured to the levies.
'This is a market that's fuelled by enthusiasm,' said Jack Ablin of Cresset Capital Management. 'Nothing has blown up yet. Perhaps the impact of tariffs won't be as great as investors originally feared.'
Among individual companies, Disney fell 2.7 per cent as it reported around a doubling of profits to US$5.3 billion and announced a series of new deals to boost its upcoming ESPN streaming venture.
But McDonald's jumped 3.0 per cent as it reported an 11-per cent rise in profits to US$2.3 billion. While the fast food giant returned to sales growth at US stores, it warned that low-income consumers were cutting back amid financial pressures. AFP
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CNA
18 minutes ago
- CNA
Kremlin confirms Trump-Putin summit plans as Zelenskiy pushes for European role
MOSCOW: Russian President Vladimir Putin and US President Donald Trump will meet 'in the coming days,' the Kremlin said on Thursday (August 7), as Trump seeks a breakthrough to end the war in Ukraine after voicing frustration with Moscow and threatening fresh sanctions. The announcement came a day after Trump's envoy, Steve Witkoff, held three hours of talks with Putin in Moscow. Trump has said that unless Putin agrees to peace by Friday (August 8), the US will impose new sanctions on Russia and countries that continue buying its exports. Trump on Wednesday raised tariffs on Indian goods over Russian oil purchases and hinted that similar actions may follow for China. Kremlin aide Yuri Ushakov told reporters the two sides had agreed to hold a summit 'in the coming days.' Putin, during a meeting with the president of the United Arab Emirates, said the UAE would be a 'suitable' venue but did not confirm it as the host. The last US-Russia summit took place in Geneva in June 2021, when Putin met then-President Joe Biden. ZELENSKIY INSISTS ON EUROPEAN INVOLVEMENT Ukrainian President Volodymyr Zelenskiy said on Thursday that Europe must be part of any peace talks, noting that 'the war is happening in Europe, and Ukraine is an integral part of Europe.' Zelenskiy held separate talks with the leaders of France and Germany and European Commission President Ursula von der Leyen, adding: 'Europe must be a participant in the relevant processes.' 'The war must end with a dignified peace,' Zelenskiy said on X, arguing that the outcome of any deal would shape the continent's security landscape for decades. While Kyiv and its allies have long feared that Trump might pressure Ukraine into accepting unfavourable terms, Zelenskiy said Ukraine 'is not afraid of meetings and expects the same brave approach from the Russian side.' He confirmed that various bilateral and trilateral meeting formats had been discussed with Trump. MARKET REACTION, SCEPTICISM OVER MOTIVES Russia's MOEX stock index rose 5 per cent to a two-month high on news of the summit, and the rouble strengthened against both the US dollar and Chinese yuan. 'Russian stocks are soaring. Investors hope the (Trump-Putin) meeting will be a step towards normalizing the geopolitical situation,' Alfa Bank analysts said. A White House official also said a meeting could happen as early as next week. The New York Times reported Trump told European leaders on Wednesday that he planned to meet Putin and then follow up with a trilateral summit including Zelenskiy. A source familiar with the call said Witkoff participated in the conversation and briefed leaders on what Putin might be willing to agree to. National security advisers were expected to hold an online meeting later Thursday to discuss the proposal. MUTUAL SUSPICIONS REMAIN Putin said on Thursday he was open to meeting Zelenskiy in principle, but added that conditions for such a meeting were 'far from being met.' Ushakov said the Russian side had left Witkoff's proposal for a trilateral meeting 'completely without comment.' Mykola Bielieskov, a senior analyst in Kyiv, warned that the summit could allow Russia to project an image of legitimacy without making concessions. 'Offering Putin a summit is like giving him a reward without getting anything in return,' he said. 'The Kremlin will continue to drag out time, using the very fact of the meetings as proof of openness to negotiations without actually changing its stance.'
Straits Times
38 minutes ago
- Straits Times
Murali Pillai, Dinesh Vasu Dash chair new committee to take Indian community forward
Sign up now: Get ST's newsletters delivered to your inbox (From left) Senior Minister of State for Transport and Law Murali Pillai, Minister for Home Affairs K. Shanmugam and Minister of State for Manpower and Culture, Community and Youth Dinesh Vasu Dash at a reception organised by PA's Indian Activity Executive Committees Council on Aug 7. SINGAPORE – A new committee, chaired by political office-holders Murali Pillai and Dinesh Vasu Dash, has been set up to take the Indian community forward over the next five years. It will work with the civil service, collect feedback and look at areas to help the community progress and assist the less advantaged within it, said Minister for Home Affairs K. Shanmugam on Aug 7. Mr Shanmugam, who is also Coordinating Minister for National Security, said the pair will be supported by other Indian political office-holders such as himself, Minister in the Prime Minister's Office Indranee Rajah, and Senior Minister of State for Sustainability and the Environment and Education Janil Puthucheary. Speaking to community leaders at a reception organised by the People's Association's Indian Activity Executive Committees Council (Narpani Pearavai) at HomeTeamNS in Khatib, Mr Shanmugam said: 'We hope that we will get your support, and you've got to look at this as the start of a new phase. (The) community is in a good place. It's ready for a further take-off.' Following the May general election where the People's Action Party was returned to power with a 'good majority', it is a good time to take stock of where the community is, Mr Shanmugam said. He noted that two new Indian MPs were elected under the PAP banner in May. They are Mr Dinesh, who was later appointed Minister of State for Manpower and Culture, Community and Youth , and orthopaedic surgeon Hamid Razak, an MP for West Coast-Jurong West GRC. The Indian community has progressed well over the past few decades, Mr Shanmugam said, pointing to income, education and home ownership statistics. Top stories Swipe. Select. Stay informed. 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Incomes have also grown in the community – at the highest rate among the three major ethnic groups in Singapore, he said. In terms of political representation, the community is doing well, Mr Shanmugam added. It forms 17 per cent of the Cabinet, more than double its share of the national population at around 7 per cent, he noted. 'I think we need to get this in perspective,' he said. 'Sometimes we talk ourselves into thinking about discrimination and about other issues, but actually, the position of minorities in Singapore, particularly the Indian community, is a very, very strong one.' The community is also strongly represented across the professions, he added. 'That doesn't mean that there is no casual racism. That doesn't mean that people on the ground don't face issues, but you face issues everywhere, and the question is whether you face more or less in Singapore, and whether there are pathways of dealing with those issues in Singapore.' Speaking to reporters during the event, Mr Murali, who is Senior Minister of State for Transport and Law, said the new committee's immediate plan is to get suggestions from Indian community organisations. 'Ultimately, it's to galvanise the community together and there are a number of issues,' he said. One is to ensure these organisations are active and have good succession plans. Another is to help reduce recidivism within the community, said Mr Murali, who was first elected in 2016 and moved to the frontbench in 2024. When asked who else would be on the committee, Mr Murali said it will take guidance from Mr Shanmugam and bring in 'whoever can help us'. Mr Dinesh, who led the Agency for Integrated Care before entering politics, said the committee also wants to better coordinate and communicate policies with Indian organisations as a whole, from the ground up. 'We inherit a lot of the micro-cultures from the subcontinent, historically and even now,' he said. 'So we'll have to find a way to be as inclusive as we can, so the (committee's) structure must allow for some degree of inclusivity, so that we can hear the comments and find ways in which all of us are able to then support the community.'
Straits Times
an hour ago
- Straits Times
Factory output in Germany lowest since Covid-19 pandemic in 2020
Sign up now: Get ST's newsletters delivered to your inbox FRANKFURT, Germany - German industrial production slumped in June to its lowest level since the Covid-19 pandemic in 2020, data showed on Aug 7, underlining the fragility of Europe's top economy even before US President Donald Trump's new tariffs kicked in. Factory output fell 1.9 per cent month-on-month, federal statistics agency Destatis said, steeper than a drop of 0.5 per cent forecast by analysts polled by financial data firm FactSet. There were particularly heavy falls in the machinery and pharmaceutical sectors, helping to drag overall output down to levels last seen in May 2020 during the coronavirus pandemic. Destatis also made a major revision to May industrial production data, saying the indicator fell 0.1 per cent. It had previously reported a healthy rise of 1.2 per cent. ING bank analyst Carsten Brzeski said the dire data could prompt a downward revision to an already poor initial estimate showing that the economy shrank slightly in the second quarter. 'This is bad news,' he said. 'At face value, industry remains stuck in a very long bottoming out.' Political setback Fixing the euro zone's traditional export powerhouse has been a key priority for Germany's new conservative Chancellor Friedrich Merz, with the economy battered in recent years by high energy costs and fierce Chinese competition. Top stories Swipe. Select. Stay informed. Singapore Liquor licences for F&B, nightlife venues extended to 4am in Boat Quay, Clarke Quay Singapore Chikungunya cases in Singapore double; authorities monitoring situation closely Singapore Student found with vape taken to hospital after behaving aggressively in school; HSA investigating Asia Cambodia, Thailand agree on Asean observers monitoring truce, but fundamental differences remain Asia Trump ratchets up tariff pressure on India, sparking despair among exporters and growth fears Singapore CDC and SG60 vouchers listed on e-commerce platforms will be taken down: CDCs Asia Australia's purchase of Japanese frigates signals a new era for Indo-Pacific security Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds Plans to spend hundreds of billions of euros on infrastructure upgrades and rearmament – combined with a series of brighter data releases since the start of the year – had raised hopes that the worst might be over for Europe's export champion. German business morale rose to its highest level in July after seven straight increases, while think-tanks including the respected DIW institute have revised growth forecasts up for 2025 and 2026. But hard data on business activity has not been as rosy, raising fears that the improved mood was down to unfounded optimism. Experts say better data early in the year was the temporary effect of US 'front-loading' as American customers rushed to get orders in before Mr Trump's tariffs took effect. 'Optimism still seems to be based on a big portion of wishful thinking and is not at all matched by current data,' Mr Brzeski said. 'For now, what looked like a cyclical rebound in the making has only been US front-loading.' Tariff troubles A new baseline US levy of 15 per cent on EU exports took effect on Aug 7, up from 10 per cent in effect since April, stiffening the tariff faced by Germany's exporters even while leaving many of them mired in uncertainty. Export data released on Aug 7 showed that German exports in June to the US – the country's biggest trading partner – fell 2.1 per cent, even as they rose 0.8 per cent worldwide. And data released on Aug 6 showed that industrial orders – closely watched as an indicator of future business activity – fell 1 per cent month-on-month in June, after dropping 0.8 per cent in May. The US is also carrying out investigations into sectors including pharmaceuticals and semiconductor equipment, heightening worries about worse to come. 'The tariffs are a big burden for German companies,' the head of the German chambers of commerce, Ms Helena Melnikov, told AFP. 'Don't forget that tariffs were usually between zero and about 2 per cent at the most beforehand.' 'It could even come out worse for a variety of sectors because negotiations are ongoing,' she added. 'It is a real setback and makes it harder to do business in Germany.' AFP
