Jiangsu Hengrui grants GSK global rights to drug portfolio in $500 million deal
The Chinese pharma group said, opens new tab it could earn up to $12 billion in milestone payments if all options are exercised and targets are met.
HRS-9821 is being developed to treat chronic obstructive pulmonary disease (COPD), while the other projects are in early development across areas such as oncology, respiratory, immunology, and inflammation.
Shanghai shares of Jiangsu Hengrui climbed 6.6% and its Hong Kong-listed stock jumped 8.5%, outperforming the blue-chip CSI 300 Index's (.CSI300), opens new tab 0.1% slip and the Hang Seng Index's (.HSI), opens new tab 0.3% gain.
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Reuters
an hour ago
- Reuters
India's April-June finished steel imports fall nearly 30% as China, Japan shipments slow
NEW DELHI, July 29 (Reuters) - India's finished steel imports dropped nearly 30% in the first three months of the financial year that started in April, due to a persistent fall in shipments from China and Japan, according to provisional government data reviewed by Reuters on Tuesday. The world's second-biggest crude steel producer imported 1.4 million metric tons of finished steel during April-June, down 28.8% from a year earlier, the data showed. Shipments from China fell 45.8%, while those from Japan declined 65.2%. China shipped 0.3 million tons of finished steel into India during the period, while Japan exported 0.2 million tons, the data showed. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. South Korea was the biggest exporter to India, with shipments reaching 0.5 million tons, down 6.5%. India remained a net importer during the period, with exports easing 5.1%. Belgium was the top destination for finished steel exports from India, with shipments rising 40.8%. Shipments to the United States, Spain and Nepal climbed, while exports to Italy dropped. Volume-wise, galvanised plain or corrugated sheets or coils were India's biggest exports. Domestically, crude steel production was at 40.6 million tons, up 11.2%. Finished steel consumption was at 38.3 million tons, up 7.9%. Indian domestic rebar prices edged lower as underlying market sentiment remained weak amid sluggish demand and the onset of monsoon, the government said in its report.
The Guardian
an hour ago
- The Guardian
US and China hold trade talks after Donald Trump eyes ‘world tariff'
Update: Date: 2025-07-29T06:58:13.000Z Title: US-China talks extension 'likely' as Trump targets 'world tariff' Content: Good morning, and welcome to our live coverage of business, economics and financial markets. After the US and EU announced the outline of a trade deal that would limit tariffs to 15%, it looks like talks with China could be the next on the agenda, with an extension of a truce in the trade war 'likely', according to a top official in the Trump administration. US Treasury chief Scott Bessent arrived yesterday in Sweden, alongside China's vice premier He Lifeng, according to Reuters. Back in the US, Howard Lutnick, the commerce secretary told Fox News that a delay to a higher tariff deadline was probable: Is that a likely outcome? Sure, it seems that way, but let's leave it to President Trump to decide. Donald Trump triggered financial market chaos after slapping tariffs at 145% on China. However, in May he announced a 90-day pause, lowering tariffs to (a still significant) 30%. That left a deadline of 12 August for the talks, but it is US trade representative Jamieson Greer told the CNBC news channel he did not expect 'some kind of enormous breakthrough today' at the talks in Stockholm, although he flagged that a deal last month to speed up rare earth metal imports from China to the US would be on the agenda. He said: What I expect is continued monitoring and checking in on the implementation of our agreement thus far, making sure that key critical minerals are flowing between the parties and setting the groundwork for enhanced trade and balanced trade going forward. It came after the US and EU announced a deal to limit tariffs to 15%. The end of market uncertainty appeared to be welcomed at first by markets on Monday – only for the mood to sour somewhat later in the day. The French prime minister, François Bayrou, said the EU had capitulated to Donald Trump, and said it was a 'dark day' for the EU. Trump on Monday suggested that he could impose a 'world tariff' on all of the countries that have not agreed a trade deal. That tariff could be 15% or 20% – meaning that, after all the negotiating effort, the EU could be left with similar terms to the rest of the world. At his golf course in Scotland yesterday, while visiting UK Prime Minister Keir Starmer, Trump said: I would say it'll be somewhere in the 15 to 20% range. Probably one of those two numbers. On the prospects of Chinese talks, Trump said: I'd love to see China open up their country. Back in May, Trump had said that China had already 'agreed to open up' – but it appears there may be more work to be done. 9:30am BST: Bank of England mortgage approvals (June; previous: 63,032; consensus: 63,000) 9:30am BST: Bank of England consumer credit (June; previous: £859m; consensus: £1.2bn)
Reuters
2 hours ago
- Reuters
China's soymeal glut raises demand doubts ahead of US soybean export season
BEIJING/SINGAPORE, July 29 (Reuters) - China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home, trade sources said. The world's biggest soybean importer has yet to book U.S. cargoes for the fourth quarter, with traders closely monitoring talks in Stockholm aimed at resolving longstanding economic disputes at the centre of the U.S.-China trade war. A slowdown in Chinese demand could pressure Chicago soybean futures , which are already down for a second consecutive week on expectations of a bumper U.S. harvest. China's soymeal futures fell for a fourth straight session on Tuesday amid ample supplies. In the physical market, spot soymeal in north China was quoted at 2,925 yuan ($408) per metric ton, down 6.5% from 3,130 yuan a year ago, said Wang Wenshen, an analyst at Shandong province-based consultancy Sublime China Information. "If third-quarter prices stay weak and crushers face losses, fourth-quarter soybean purchases may fall short of expectations," Wang said. The last quarter of the year is typically the main U.S. soybean marketing season. China's overall soybean imports hit a record high in May and their second-highest level in June, boosting oilseed processing and leading to a buildup in soymeal inventories, traders said. The surplus is straining China's crushing plants, with some already shutting down due to storage constraints. "Small-scale shutdowns have already begun at crushing plants in regions like south China primarily because soybean meal has accumulated with no room for more stock," said a Shanghai-based trader, adding that a broader suspension was "highly likely". Crush margins in Rizhao , China's main processing hub, have been negative since mid-May. The glut has been worsened by weak demand from animal feed producers amid sluggish meat consumption in the world's top pork market. Crushers will face "huge soymeal stock pressure" over the next one to two months, said Cheang Kang Wei, vice president at StoneX in Singapore. Authorities have pledged to cut breeding sow numbers, curb new capacity, and reduce soymeal use in feed to stabilise meat prices after steep declines this year, measures analysts say will further limit soymeal consumption. China's purchases of Argentine soymeal, amid high tariffs of U.S. beans, in the last few weeks are likely to add to the glut. "Even with such big supply of soymeal in the local market, it is profitable to import meal from Argentina," said a Singapore-based trader at an international trading company. "This will only add to the stocks of soymeal." A trade deal with Washington could shift buying patterns. "If a trade deal is reached, Chinese buyers could resume U.S. purchases for the fourth quarter, as prices are favourable without tariffs," said Johnny Xiang, founder of Beijing-based AgRadar Consulting. ($1 = 7.1767 Chinese yuan)
