Chinese Defense Companies Soar as Pakistan Touts Arms Purchase
Shares of Chinese defense companies rallied Monday, after Pakistan said it intends to buy one of the Asian power's most-advanced fighter jets as a part of major arms purchase.
Shares of AVIC Shenyang Aircraft Company — the maker of China's J-35 stealth fighter jet, which is the centerpiece of the package — soared by their 10% daily limit in Shanghai, extending gains for the third consecutive session. The stock led a rally across other defense names such as Aerospace Nanhu Electronic Information Technology Co., whose shares jumped as much as 15%.
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Yahoo
18 minutes ago
- Yahoo
US Imports Set for Summer Spike as Retailers Race Tariff Clock
Import cargo at top U.S. ports is expected to see a surge this summer as retailers take advantage of last month's 90-day rollback in tariffs imposed on China, according to the Global Port Tracker report released today by the National Retail Federation (NRF) and Hackett Associates. A down May—when mass tariff-driven booking cancellations led to a decline in trans-Pacific sailings—is expected to be followed up by a stronger-than-expected summer season as more brands rush to bring goods into the U.S. ahead of tariff deadlines in July and August. More from Sourcing Journal China and US Return to Terms of May Trade Truce Tariff Fallout Hits LA Port: Cargo Decline Leaves Half of Dockworkers Idle Hapag-Lloyd Bookings Double on China-US Route in Weeks After Tariff Truce Ports have not yet reported official numbers for May, but the Global Port Tracker projected an 8.1 percent year-over-year dip to 1.91 million 20-foot-equivalent units (TEUs). This prediction is ahead of the 1.81 million TEUs the tracker had called for last month, which would have marked a 12.9 percent decrease. May's projected decline would be the first year-over-year drop since September 2023 and the lowest inbound cargo volume since 1.87 million TEUs entered the ports in December 2023. June is forecast at 2.01 million TEUs down 6.2 percent year over year. The forecast is a significant improvement from the previous projection of 1.71 million TEUs, which would have been the lowest volume since March 2023 and represent a 20.2 percent drop year over year. 'This is the busiest time of the year for retailers as they enter the back-to-school season and prepare for the fall-winter holiday season,' said Jonathan Gold, vice president for supply chain and customs policy, NRF, in a statement. 'Retailers had paused their purchases and imports previously because of the significantly high tariffs. They are now looking to get those orders and cargo moving in order to bring as much merchandise into the country as they can before the reciprocal tariff and additional China tariff pauses end in July and August.' As part of the tariff relief, the Trump administration pared back what had escalated to a 145 percent import duty on Chinese goods down to 30 percent. That relief has been the main catalyst for expected influx of cargo and ensuing shift in predictions. The current forecast would bring the first half of 2025 to 12.54 million TEUs, up 3.7 percent year over year. That's better than the 12.13 million-TEU forecast last month before the tariff pause was unveiled, but still below the 12.78 million TEU, up 5.7 percent year over year, forecast before President Donald Trump's April 2 'Liberation Day' tariffs announcement. In July, the inbound cargo total is expected to be 2.13 million TEUs, down 8.1 percent from the year prior. Previously, import volumes had a projected 23.4 percent year-over-year drop to 1.77 million TEUs. And for August, the traditional start of the peak shipping season, will bring in 1.98 million TEUs, a 14.7 percent decrease from last year. The prior numbers calculated 1.82 million TEUs entering major American ports, a 21.5 percent decline. 'Retailers want to ensure consumers will be able to find the products they need and want at prices they can afford. Unfortunately, there is still considerable uncertainty as to what will happen after the pauses end,' said Gold. 'We strongly encourage the administration to continue negotiating agreements with our trading partners in order to restore predictability and stability to the supply chain.' The higher projections come as more capacity continues to come online on the trans-Pacific trade lane. A recent report from maritime trade advisory service Sea-Intelligence indicates container shipping lines are planning to offer approximately 18 percent more year-over-year capacity on the Asia-to-North American West Coast trade lane in June and July—furthering speculation that ports in Los Angeles and Long Beach could see record traffic in the summer months. 'The peak for the winter holidays will come early this year, making it simultaneous with the peak for the back-to-school season,' said Ben Hackett, founder of Hackett Associates. 'If higher tariffs are not delayed again, we can expect the final four months of the year to see declining volumes of imports.' September's estimate remains in line with last month's expectation, with at 1.78 million TEUs, a 21.8 percent year-over-year contraction. The first projection for October calls for 1.8 million TEUs, down 19.8 percent. According to the Global Port Tracker, sharp declines for 2025's closing months are still expected partly due to elevated imports in late 2024, when there were rampant concerns about both the tariffs and the East Coast and Gulf Coast port strikes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 minutes ago
- Yahoo
China and US Return to Terms of May Trade Truce
The United States and China have agreed to a 'handshake' deal that will enable the two superpowers to resume the terms of their provisional trade agreement. Following two days of talks between senior state officials in London, Commerce Secretary Howard Lutnick told reporters on Tuesday that the parties had 'reached a framework to implement the Geneva consensus and the call between the two presidents,' referring to a discussion between the leaders that took place last week. China Commerce Ministry international trade representative Li Chenggang echoed that a consensus had been reached 'in principle.' More from Sourcing Journal US Imports Set for Summer Spike as Retailers Race Tariff Clock Tariff Fallout Hits LA Port: Cargo Decline Leaves Half of Dockworkers Idle Hapag-Lloyd Bookings Double on China-US Route in Weeks After Tariff Truce Lutnick, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer traveled overseas to meet with the Chinese delegation, following up on the call between President Donald Trump and Chinese president Xi Jinping on Thursday. Trump wrote on Truth Social last week that he had spoken to Xi for more than an hour on a 'very good phone call' where they discussed 'some of the intricacies' of the recent deal. The heads of state sought to mend fences following an escalation in trade tensions over the course of recent weeks, wherein both China and the U.S. accused the other of violating the terms of a provisional trade deal brokered in Geneva in mid-May. During the Switzerland talks, the U.S. and China delegations hashed out an agreement to suspend for 90 days the implementation of reciprocal duties which were drastically rolled back to much lower rates. Heading back to Washington following this week's meetings, Lutnick said he and Greer will convene with the president to ensure that he approves of upholding the terms of the Geneva truce. If Xi also approves the conclusions arrived at during the talks, 'We will implement the framework,' the Commerce Secretary said. The original three-month agreement came crashing down on May 30 when Trump Truthed that China 'totally violated' its terms. At the time, Greer elucidated that China was 'slowrolling' compliance with the deal and accused Beijing of placing U.S. companies on blacklists and restricting the export of rare earth minerals used in American industries like automotives and robotics.
Yahoo
18 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures rise as cool inflation data boosts markets, Fed rate cut hopes
US stock futures picked up on Wednesday as investors digested a softer-than-expected inflation reading and assessed a US-China plan to salvage their trade truce. Futures on the S&P 500 (ES=F) rose about 0.5% and those on the Dow Jones Industrial Average (YM=F) 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also rose about 0.5%. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) have risen to within striking distance of record closing highs amid optimism for potential trade deals. Markets had been giving a muted response to a US-China framework agreement to get the Geneva tariff truce back on track. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earths and magnets. Trump said Wednesday that the US will allow Chinese students in US colleges, a sticking point that had emerged in the weeks following the countries' mid-May deal in Geneva. But futures moved higher after a better-than-expected reading of the May Consumer Price Index (CPI). The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 0.1% month over month, below April's 0.2% rise and a beat compared to economists' estimates of a 0.2% monthly gain in prices. On a "core" basis, which excludes volatile food and energy costs, CPI rose 2.8% over the past year in May, matching April. Monthly core prices increased 0.1%, a touch below April's 0.2% gain. Heading into the report, economists had expected core CPI to rise 2.9% year over year and 0.3% month over month. Investors are closely watching Wednesday's inflation reading ahead of the Federal Reserve's next monetary policy decision on June 18. Odds of a September interest rate cut increased following the inflation data release with markets now pricing in a 59% chance the central bank cuts by the end of that meeting. Just a day ago market had priced in a 53.5% chance. Read more: The latest on Trump's tariffs On the corporate front, Tesla (TSLA) shares rose nearly 2% in pre-market after CEO Elon Musk backed off his feud with Trump, saying some of his posts about the president "went too far". Musk also set a tentative June 22 date for the launch of Tesla's robotaxi services. Inflation didn't pickup as much as Wall Street expected in May. The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.4% over the prior year in May, an increase from April's 2.4% and in line with economists' forecast for 2.4%. But all other closely watched metrics from the release came in below expectations. On a month-over-month basis, prices increased 0.1%, lower than the 0.2% estimated by economists and the 0.2% increase seen in April. On a "core" basis, which strips out the more volatile costs of food and gas, prices in April climbed 0.1% over the prior month, lower than April's 0.2% rise and below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.8%, unchanged from the prior month and below Wall Street's expectations for a 2.9% increase. The largest tech stocks in the market are once again leading the market higher. And in recent weeks, investor excitement surrounding Big Tech has trickled down to newly issued public offerings, such as stablecoin issuer Circle (CRCL) and Nvidia-baked CoreWeave (CRWV). Yahoo Finance's Josh Schafer writes in today's Morning Brief: Read more here. Economic data: Consumer Price Index (May); Real average hourly earnings (May); MBA Mortgage Applications (week ending June 6) Earnings: Chewy (CHWY), Oracle (ORCL), Vera Bradley (VRA), Victoria's Secret (VSCO) Here are some of the biggest stories you may have missed overnight and early this morning: The biggest IPOs look a lot like the biggest stocks in the market CPI inflation seen as rising in wake of 'Liberation Day' tariffs Musk feud shows how Big Tech can't count on Trump's favor US-China talks deliver plan for restoring trade truce Musk says he regrets some Trump posts: 'They went too far' General Mills is said to weigh sale of China Häagen-Dazs stores China rare-earth magnet maker gets green light for US exports Nvidia CEO: Quantum computing is at an inflection point Here are some top stocks trending on Yahoo Finance in premarket trading: GameStop (GME) stock fell 4% before the bell on Wednesday after posting its first quarter earnings the day prior. The US video game retailer announced net sales of $732.4M, down from $881.8M in the same period of 2024. Tesla (TSLA) stock rose 1% in premarket trading, after CEO Elon Musk backtracked on his comments towards President Trump. Musk said: 'I regret some of my posts about President @realDonaldTrump last week,' he said on his social-media platform, X. 'They went too far.' Victoria Secret's (VSCO) shares rose by 1% ahead of its earnings release on Wednesday. The retailer, which recently reported a cyberattack, is expected by analysts to reoort revenue of around $1.35B. Yahoo Finance's Allie Canal reports: Read more here. Gold prices are edging higher even after the US and China talks delivered a plan to ease trade tensions, a sign the market is not yet convinced of a breakthrough. Futures rose 0.7% to around $3,366 an ounce in early trading on Wednesday. Bloomberg reported: Read more here. Inflation didn't pickup as much as Wall Street expected in May. The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.4% over the prior year in May, an increase from April's 2.4% and in line with economists' forecast for 2.4%. But all other closely watched metrics from the release came in below expectations. On a month-over-month basis, prices increased 0.1%, lower than the 0.2% estimated by economists and the 0.2% increase seen in April. On a "core" basis, which strips out the more volatile costs of food and gas, prices in April climbed 0.1% over the prior month, lower than April's 0.2% rise and below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.8%, unchanged from the prior month and below Wall Street's expectations for a 2.9% increase. The largest tech stocks in the market are once again leading the market higher. And in recent weeks, investor excitement surrounding Big Tech has trickled down to newly issued public offerings, such as stablecoin issuer Circle (CRCL) and Nvidia-baked CoreWeave (CRWV). Yahoo Finance's Josh Schafer writes in today's Morning Brief: Read more here. Economic data: Consumer Price Index (May); Real average hourly earnings (May); MBA Mortgage Applications (week ending June 6) Earnings: Chewy (CHWY), Oracle (ORCL), Vera Bradley (VRA), Victoria's Secret (VSCO) Here are some of the biggest stories you may have missed overnight and early this morning: The biggest IPOs look a lot like the biggest stocks in the market CPI inflation seen as rising in wake of 'Liberation Day' tariffs Musk feud shows how Big Tech can't count on Trump's favor US-China talks deliver plan for restoring trade truce Musk says he regrets some Trump posts: 'They went too far' General Mills is said to weigh sale of China Häagen-Dazs stores China rare-earth magnet maker gets green light for US exports Nvidia CEO: Quantum computing is at an inflection point Here are some top stocks trending on Yahoo Finance in premarket trading: GameStop (GME) stock fell 4% before the bell on Wednesday after posting its first quarter earnings the day prior. The US video game retailer announced net sales of $732.4M, down from $881.8M in the same period of 2024. Tesla (TSLA) stock rose 1% in premarket trading, after CEO Elon Musk backtracked on his comments towards President Trump. Musk said: 'I regret some of my posts about President @realDonaldTrump last week,' he said on his social-media platform, X. 'They went too far.' Victoria Secret's (VSCO) shares rose by 1% ahead of its earnings release on Wednesday. The retailer, which recently reported a cyberattack, is expected by analysts to reoort revenue of around $1.35B. Yahoo Finance's Allie Canal reports: Read more here. Gold prices are edging higher even after the US and China talks delivered a plan to ease trade tensions, a sign the market is not yet convinced of a breakthrough. Futures rose 0.7% to around $3,366 an ounce in early trading on Wednesday. Bloomberg reported: Read more here.
