China's Unitree Robotics starts IPO process
CITIC Securities acts as the company's tutoring institution and is scheduled to assist Unitree in preparing the listing application documents in accordance with relevant regulations in the fourth quarter of this year.
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Reuters
19 minutes ago
- Reuters
Nikkei surges in boost to Asia as Trump announces Japan trade deal
SYDNEY, July 23 (Reuters) - A rally in Japanese shares led Asian markets on Wednesday after President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, tempering the disappointment from U.S. earnings that highlighted the drag from higher tariffs. Trump late on Tuesday said a trade deal with Tokyo will include Japan paying a lower 15% tariff on shipments to the U.S. It followed an agreement with the Philippines that will see the U.S. collect a 19% tariff rate on imports from there. "Expectations for a breakthrough were low, so Trump's announcement delivers a mild upside surprise — providing near-term relief for Japanese equities," said Charu Chanana, chief investment strategist at Saxo. "Strategically, the deal allows Japan to sidestep immediate tariff escalation, while Trump's attention shifts elsewhere." Japan's Nikkei (.N225), opens new tab jumped 2.6% on Wednesday as shares of automakers surged on news the deal lowers the auto tariff to 15%, from a proposed 25%. Mazda Motor (7261.T), opens new tab rallied 17% while Toyota Motor (7203.T), opens new tab jumped 11%. Japanese government bonds slid, with the yields for 10-year JGBs up a whopping 8.5 bps at 1.585%, as the reduced uncertainty helped to clear the path for the Bank of Japan to resume interest rate hikes. The reaction in the yen was more muted, eking out a small 0.1% gain to 146.42 per dollar . Traders are on edge as Japanese Prime Minister Shigeru Ishiba was planning to soon decide whether to step down after assessing the outcome of the trade deal, Yomiuri newspaper said. Trump also said representatives from the European Union are coming for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, as markets were worried about broader EU countermeasures amid receding signs of a trade agreement with Washington. EUROSTOXX 50 futures rose 0.8%, while Wall Street futures , were up about 0.1%. In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips (.CSI300), opens new tab edged up 0.3% and Hong Kong's Hang Seng index (.HSI), opens new tab gained 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab advanced 0.6%. Overnight, Wall Street closed mixed as investors assessed a spate of earnings that pointed to signs that Trump's trade war is hitting corporate profit margins. General Motors (GM.N), opens new tab tumbled 8.1% after the automaker reported a $1 billion hit from tariffs to its quarterly results. Shares of RTX (RTX.N), opens new tab dropped 1.6% after the aerospace and defense giant took a hit from tariffs despite strong demand for its engines and aftermarket services. Investors are now waiting for results from Tesla (TSLA.O), opens new tab and Google's parent Alphabet (GOOGL.O), opens new tab - the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, moves are a little muted with the dollar holding onto overnight losses along with lower Treasury yields. The dollar index was flat at 97.45, having slipped 0.4% overnight for its third straight day of declines. The euro dipped 0.1% to $1.1739 after rising 0.5% overnight. Benchmark 10-year U.S. Treasury yields ticked up 2 basis points to 4.3559%, after slipping 3 bps overnight, as Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates, although Bessent said there was no need for him to step down immediately. Bessent did say the Fed's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations. Oil prices gained a little on Wednesday. U.S. crude rose 0.4% to $65.60 per barrel, while Brent was at $68.88 per barrel, up 0.4%. Spot gold prices were steady at $3,429 an ounce.
BBC News
19 minutes ago
- BBC News
Trump announces 'massive' trade deal with Japan, agreement with Philippines
Update: Date: 03:05 BST Title: Carmaker shares jump Content: Japan's benchmark stock index, the Nikkei 225, was more than 2.5% higher after Trump's announcement. Shares in motor industry giants - including Toyota, Nissan and Honda - jumped after broadcaster NHK said existing tariffs on Japanese carmakers would be cut. Japan's Prime Minister Shigeru Ishiba later confirmed that the country's carmakers would now face a 15% tariff on exports to the US, down from 25%. Update: Date: 03:00 BST Title: Welcome Content: Thanks for joining us as we bring you the latest updates on Donald Trump's new trade deal announcements. Trump says the US has agreed to a "massive" trade deal with Japan, one of the country's largest trading partners. Separately, he also announced that the US would levy a 19% tax on imports from the Philippines and Manila would remove duties on US goods - an agreement that is yet to be confirmed by the Philippines. While the finer details of the deals remain vague, with the White House not having released any information, they nonetheless signal a major development in Trump's tariffs war.
Reuters
19 minutes ago
- Reuters
BOJ's Uchida warns of downside risks to economy on trade uncertainty
KOCHI, Japan, July 23 (Reuters) - Bank of Japan Deputy Governor Shinichi Uchida said on Wednesday that risks to economic activity and prices were skewed to the downside due to "extremely high" uncertainty over trade policy and its effect on domestic and overseas growth. The BOJ will continue to raise its policy interest rate if the economy and prices move in line with its projections, Uchida said in a speech. But Uchida said the central bank will scrutinise "without any preconceptions" whether its projections will materialise due to a lack of clarity on how U.S. trade policy unfolds, and affects the global economy and markets. If some progress is made in U.S. President Donald Trump's trade negotiations with other countries, Japanese companies will likely enjoy strong profits and continue hiking wages, he said. "But if the negative impact of tariff policies turns out to be greater or more prolonged than expected, the wage-hike trend seen in the past few years could weaken," Uchida said. "The BOJ needs to adjust monetary policy to best balance upside and downside risks from the perspective of maintaining economic and price stability," he added.
