Stocks on guard for payrolls as Tesla tumbles
Asian shares were subdued on Friday as investors hunkered down for the all-important payrolls report, while Tesla suffered huge losses on the very public feud between President Donald Trump and billionaire Elon Musk.
A run of soft economic data this week has markets wary of a downside surprise in the monthly payrolls print due later in the day, which would add to fears of stagflation while piling pressure on the Federal Reserve to ease policy in a hurry.
Tesla shares bounced 0.8 per cent in after-hours trading after tumbling a whopping 14 per cent overnight to wipe off $US150 billion ($A230 billion) in market value. That came after Trump threatened to cut off government contracts to Elon Musk's companies as the once close relationship turned into a bitter public feud.
Nasdaq futures were flat and S&P 500 futures inched up 0.1 per cent.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1 per cent on Friday but it is still set for a weekly rise of 2.2 per cent to hover just below an eight-month peak.
Japan's Nikkei rose 0.3 per cent but is set for a weekly drop of 0.7 per cent.
South Korea's KOSPI is closed for a holiday but was up 4.2 per cent this week to nearly 11-month tops as the newly elected President Lee Jae-myung planned an emergency package to boost the flagging economy. The won has also gained 2.0 per cent this week to an eight-month peak.
Chinese blue chips were flat and Hong Kong's Hang Seng dropped 0.3 per cent as a call between Trump and Chinese President Xi Jinping offered little clarity to ease ongoing trade tensions.
"The US-China agreement to de-escalate tensions, and the recent phone call between Trump and Xi, shows both countries have an economic 'pain threshold'," said Luke Yeaman, chief economist at the Commonwealth Bank of Australia.
"This takes some severe downside scenarios off the table, but tensions will remain high and further bouts of escalation are likely...we see little prospect that a comprehensive US-China trade agreement will be settled by 14 August."
Weaker-than-expected labour market data, including a 47 per cent year-on-year jump in Challenger layoffs and a significant downside surprise in ADP's private payrolls, have dampened expectations for the payrolls report.
Forecasts are centred on a rise of 130,000 jobs in May, with the unemployment rate holding steady at 4.2 per cent.
Any unexpected weakness could bring the next US rate cut forward and trigger a huge rally in Treasuries. Futures imply scant chances of a rate cut until September, which is about 93 per cent priced in, with another move likely to come in December.
Yields on the benchmark ten-year Treasuries were flat at 4.3925 per cent, having risen 3 basis points overnight to bounce away from a one-month low.
"We expect payrolls to lose additional momentum in May, printing a below-consensus 110,000," said analysts at TD Securities in a note to clients.
"Markets have recently been singularly focused on tariffs and deficits, with macro taking a back seat in recent weeks. Our forecast may not be sufficient to catalyse this revamped focus on macro, but we expect downside surprises to generate a larger market reaction."
The dollar was flat against its major peers on Friday but was set for a weekly drop of 0.7 per cent on soft economic data.
The euro got some support and hit a six-week top of $US1.1495 ($A1.7640) overnight after the European Central Bank cut rates but signaled that it was nearing the end of its year-long policy easing cycle. Investors have given up on a move in July, with the final move mostly to come in December.
In commodities markets, oil prices were slightly lower but were headed for weekly gains on supply concerns. US crude futures slipped 0.1 per cent to $US65.29 ($A100.19) a barrel but was up 2.1 per cent for the week.
In precious metals, gold prices climbed 0.3 per cent to $US3,362 ($A5,159) an ounce. For the week, they are up 2.2 per cent.
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7NEWS
an hour ago
- 7NEWS
What is Omoda Jaecoo, and how is this new brand different to Chery?
You may have noticed Omoda Jaecoo showrooms are starting to pop up around the country, but just what is this unfamiliar auto brand? Effectively, it's a sister brand to Chinese brand Chery, and while Omoda Jaecoo vehicles will be sold in separate showrooms, some dealerships will offer both Chery and Omoda Jaecoo franchises. There's some overlap between the two brands, but Omoda Jaecoo chief commercial officer Roy Muñoz explained the difference. 'I'd call it next step up from Chery,' he explained to CarExpert. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Within this new brand, there are vehicles badged just as Jaecoos, with Omoda-badged vehicles to follow. Mr Muñoz says these will complement each other. 'Omoda is more the crossover SUV, whereas the Jaecoos are more the rugged, luxurious SUVs,' he explained. 'So crossover meaning sometimes with the coupe styling, swooping rear roofline.' Thus far, Omoda Jaecoo offers only the Jaecoo J7 mid-size SUV, a rival for the Toyota RAV4, and the Jaecoo J8 large SUV, a five-seat alternative to the likes of the Kia Sorento. The J7 lineup opens at $34,990 drive-away, or $5000 more than the current base price of the similarly sized Chery Tiggo 7 Pro. The Omoda C9, a mid-size SUV, is due on sale here in August, while the Omoda 7 (pictured below) is set to follow at some point. Officially debuted globally in 2023, Omoda Jaecoo exists only outside of the Chinese market, and is part of a rather confusing export strategy by China's largest car exporter, with 1.14 million overseas sales in 2024. For example, Chery already sells its Jetour and Exeed vehicles in markets like the Middle East, and is planning to launch Tiggo – a nameplate used on Chery SUVs – as a standalone brand in Europe, along with new brand Lepas revealed at this year's Shanghai motor show. Chery also sells its vehicles under the Chirey nameplate in Mexico, while its electric vehicle (EV) brand iCar will be sold in some markets as iCaur. And no, we don't know how to pronounce that either. For now, Chery Australia is sticking to just its namesake and Omoda Jaecoo brands, but it has left the door open for others to follow. Chery Australia says it isn't expecting any other brands 'in the short term', but its local communications boss said more could follow. 'The clear message for us is 'You guys have got a big job on your hands certainly with Chery, certainly with Omoda Jaecoo, you guys do a good job with that, let's see what else potentially could come'.' said Chery Australia communications head Tim Krieger. 'But everyone's 100 per cent focused on those two brands at the moment, making the best of those opportunities.' Chery only returned to Australia in 2023, before it announced the Jaecoo half of Omoda Jaecoo in 2024, and then announced the Omoda half this year. That's a very ambitious rollout, and we asked Mr Muñoz how much of this is being driven by head office. 'Omoda Jaecoo is a global brand strategy. Certainly they listen to our feedback; we feed back as much as we can about how we think we should launch a brand or how we think a product should be introduced, but there is a bit of a global strategy that we need to execute,' he said. Omoda Jaecoo vehicles are sold under different brands in China, where the Jaecoo J7 is a Chery Tansuo 06 (pictured above), the Jaecoo J8 a Chery Tiggo 9 (pictured below, and not to be confused with the slightly different global Chery Tiggo 9 due here this year), and the Omoda C9 is an Exeed Yaoguang. 'What happens in the domestic market is different to what happens in the overseas markets,' explained Mr Muñoz. So how does Omoda Jaecoo differ from Chery, then, given half its vehicles are sold as Cherys in China? And how does it stand out when the automaker's namesake brand sells vehicles here in the same segments? 'Jaecoo is still focused on that premium adventure-type offering, so creature comforts you wouldn't normally see at this price point, luxury touch and feel. You've got your leather seats, suede roof liner, massaging seats, calf raises,' he said. 'Each brand has its own unique styling and speaks to a different part of the market.' Omoda Jaecoo vehicles also feature a longer eight-year, unlimited-kilometre warranty, up from seven years for Chery vehicles. But in a market where even brands such as Jeep have called themselves premium, Omoda Jaecoo is reluctant to use the term. 'I wouldn't say it's the premium arm, but certainly it's the next level up from Chery. In my own terms, it's almost in that sub-premium category but you get the premium feel, features that you don't get at the price point,' said Mr Muñoz. 'That premium word, it's been thrown around, a bit of a buzz word, but it's definitely the next level up in terms of the product offering from the Chery Group.' The upcoming Chery Tiggo 9 (above), for example, wears slightly different styling to the closely related Jaecoo J8, and will miss out on some features like the latter's fragrance dispenser. Chery believes there's enough differentiation to prevent cannibalisation between the two brands. 'There's not much crossover at the moment. People who are after Omoda Jaecoo are just after Omoda Jaecoo,' said Mr Muñoz. 'I don't believe we're diluting. In fact, we're adding more options out there that people can choose from, from different price points, at different specification levels.' 'Different buyers as well. Chery is very focused on the family, urban buyer. Jaecoo is a bit more of that adventurous spirit,' said Mr Krieger. 'The design of the cars is different, the target audience is different, but I think there's room for both.' Chery says it's 'falling into line' with a global strategy, though there are some quirks. The Chery Omoda 5 and Omoda E5 were recently renamed the Chery C5 (pictured above) and E5 in Australia, even though these are sold under the Jaecoo Omoda arm in other markets. 'The difference is that car was introduced into Australia under the Chery brand, whereas in other markets where it was sold it was always sold as an Omoda Jaecoo,' said Mr Krieger. In an attempt to alleviate confusion, these vehicles are being kept in Chery showrooms but being stripped of their Omoda badging.
Perth Now
an hour ago
- Perth Now
What is Omoda Jaecoo, and how is this new brand different to Chery?
You may have noticed Omoda Jaecoo showrooms are starting to pop up around the country, but just what is this unfamiliar auto brand? Effectively, it's a sister brand to Chinese brand Chery, and while Omoda Jaecoo vehicles will be sold in separate showrooms, some dealerships will offer both Chery and Omoda Jaecoo franchises. There's some overlap between the two brands, but Omoda Jaecoo chief commercial officer Roy Muñoz explained the difference. 'I'd call it next step up from Chery,' he explained to CarExpert. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Jaecoo J7 Credit: CarExpert Within this new brand, there are vehicles badged just as Jaecoos, with Omoda-badged vehicles to follow. Mr Muñoz says these will complement each other. 'Omoda is more the crossover SUV, whereas the Jaecoos are more the rugged, luxurious SUVs,' he explained. 'So crossover meaning sometimes with the coupe styling, swooping rear roofline.' Thus far, Omoda Jaecoo offers only the Jaecoo J7 mid-size SUV, a rival for the Toyota RAV4, and the Jaecoo J8 large SUV, a five-seat alternative to the likes of the Kia Sorento. The J7 lineup opens at $34,990 drive-away, or $5000 more than the current base price of the similarly sized Chery Tiggo 7 Pro. Omoda C9 Credit: CarExpert The Omoda C9, a mid-size SUV, is due on sale here in August, while the Omoda 7 (pictured below) is set to follow at some point. Officially debuted globally in 2023, Omoda Jaecoo exists only outside of the Chinese market, and is part of a rather confusing export strategy by China's largest car exporter, with 1.14 million overseas sales in 2024. For example, Chery already sells its Jetour and Exeed vehicles in markets like the Middle East, and is planning to launch Tiggo – a nameplate used on Chery SUVs – as a standalone brand in Europe, along with new brand Lepas revealed at this year's Shanghai motor show. Chery also sells its vehicles under the Chirey nameplate in Mexico, while its electric vehicle (EV) brand iCar will be sold in some markets as iCaur. And no, we don't know how to pronounce that either. Omoda 7 Credit: CarExpert For now, Chery Australia is sticking to just its namesake and Omoda Jaecoo brands, but it has left the door open for others to follow. Chery Australia says it isn't expecting any other brands 'in the short term', but its local communications boss said more could follow. 'The clear message for us is 'You guys have got a big job on your hands certainly with Chery, certainly with Omoda Jaecoo, you guys do a good job with that, let's see what else potentially could come'.' said Chery Australia communications head Tim Krieger. 'But everyone's 100 per cent focused on those two brands at the moment, making the best of those opportunities.' Chery Tansuo 06 Credit: CarExpert Chery only returned to Australia in 2023, before it announced the Jaecoo half of Omoda Jaecoo in 2024, and then announced the Omoda half this year. That's a very ambitious rollout, and we asked Mr Muñoz how much of this is being driven by head office. 'Omoda Jaecoo is a global brand strategy. Certainly they listen to our feedback; we feed back as much as we can about how we think we should launch a brand or how we think a product should be introduced, but there is a bit of a global strategy that we need to execute,' he said. Omoda Jaecoo vehicles are sold under different brands in China, where the Jaecoo J7 is a Chery Tansuo 06 (pictured above), the Jaecoo J8 a Chery Tiggo 9 (pictured below, and not to be confused with the slightly different global Chery Tiggo 9 due here this year), and the Omoda C9 is an Exeed Yaoguang. 'What happens in the domestic market is different to what happens in the overseas markets,' explained Mr Muñoz. Chinese-market Chery Tiggo 9 Credit: CarExpert So how does Omoda Jaecoo differ from Chery, then, given half its vehicles are sold as Cherys in China? And how does it stand out when the automaker's namesake brand sells vehicles here in the same segments? 'Jaecoo is still focused on that premium adventure-type offering, so creature comforts you wouldn't normally see at this price point, luxury touch and feel. You've got your leather seats, suede roof liner, massaging seats, calf raises,' he said. 'Each brand has its own unique styling and speaks to a different part of the market.' Omoda Jaecoo vehicles also feature a longer eight-year, unlimited-kilometre warranty, up from seven years for Chery vehicles. Global Chery Tiggo 9 Credit: CarExpert But in a market where even brands such as Jeep have called themselves premium, Omoda Jaecoo is reluctant to use the term. 'I wouldn't say it's the premium arm, but certainly it's the next level up from Chery. In my own terms, it's almost in that sub-premium category but you get the premium feel, features that you don't get at the price point,' said Mr Muñoz. 'That premium word, it's been thrown around, a bit of a buzz word, but it's definitely the next level up in terms of the product offering from the Chery Group.' The upcoming Chery Tiggo 9 (above), for example, wears slightly different styling to the closely related Jaecoo J8, and will miss out on some features like the latter's fragrance dispenser. Jaecoo J8 Credit: CarExpert Chery believes there's enough differentiation to prevent cannibalisation between the two brands. 'There's not much crossover at the moment. People who are after Omoda Jaecoo are just after Omoda Jaecoo,' said Mr Muñoz. 'I don't believe we're diluting. In fact, we're adding more options out there that people can choose from, from different price points, at different specification levels.' 'Different buyers as well. Chery is very focused on the family, urban buyer. Jaecoo is a bit more of that adventurous spirit,' said Mr Krieger. 'The design of the cars is different, the target audience is different, but I think there's room for both.' Chery C5 Credit: CarExpert Chery says it's 'falling into line' with a global strategy, though there are some quirks. The Chery Omoda 5 and Omoda E5 were recently renamed the Chery C5 (pictured above) and E5 in Australia, even though these are sold under the Jaecoo Omoda arm in other markets. 'The difference is that car was introduced into Australia under the Chery brand, whereas in other markets where it was sold it was always sold as an Omoda Jaecoo,' said Mr Krieger. In an attempt to alleviate confusion, these vehicles are being kept in Chery showrooms but being stripped of their Omoda badging. MORE: All the new SUVs coming to Australia from Chery and Omoda Jaecoo in 2025
West Australian
an hour ago
- West Australian
2025 GWM Haval H6: Updated RAV4 rival nears Australian launch, packing more power
A refreshed GWM Haval H6 is set to launch later this month, and it will bring a more powerful petrol engine. Government approval documents seen by CarExpert show the updated mid-size SUV will continue to be powered by a turbocharged 2.0-litre four-cylinder petrol engine, but its power output has been boosted from 150kW to 170kW. Additionally, it ditches its seven-speed dual-clutch automatic transmission for a nine-speed dual-clutch auto. A torque figure isn't listed, but in China this powertrain produces 175kW and 385Nm. The latter represents a significant increase of 65Nm. Meantime, the Haval H6 Hybrid's 1.5-litre turbocharged four-cylinder petrol-electric powertrain appears unchanged. While total system outputs don't appear in the approval documents, the outgoing Haval H6 Hybrid produces 179kW and 530Nm. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now . Only front-wheel drive petrol and hybrid powertrains are listed in the certification documents, though GWM has previously indicated all-wheel drive hybrid versions and a plug-in hybrid powertrain will follow later in the year. Previously reported to be coming here in 2024, the facelifted Haval H6 rollout is set to start later this month. While GWM previously offered a PHEV version of the pre-facelift Haval H6 in its home market, a facelifted PHEV vehicle doesn't appear on its Chinese website. It's unclear, then, which powertrain the Haval H6 PHEV will use in our market – whether it's the heady 342kW/762Nm 1.5-litre turbo PHEV of the Haval H6 GT PHEV with its sub-5.0-second 0-100km/h time, or something more tame. In Thailand, for example, the Haval H6 PHEV features a 27.54kWh battery and total system outputs of 240kW and 530Nm. It has claimed electric-only range of 150km on the NEDC cycle, down from 180km on the more powerful H6 GT PHEV which uses a 35.4kWh battery. The updated Haval H6 adopts a new face with vertical LED daytime running lights – but largely unchanged headlights – and a grille consisting of dozens of metal-look rectangle trim pieces, rather reminiscent of the grille on the outgoing Hyundai Palisade or the upcoming MG U9 . The full-width LED light bar at the rear has been replaced with separate tail-light clusters, with badging placed in between. The light bar lives on in facelifted Haval H6 models sold in Thailand. Inside, there's a new centre console design and steering wheel, while the carryover 10.25-inch digital instrument cluster now sits next to a larger 14.6-inch infotainment touchscreen. The current, third-generation Haval H6 debuted in 2020, and arrived in Australia in 2021 to replace the 2015-vintage model known in China as the H6 Coupe. A sleeker, coupe-style version of the current Haval H6, called the H6 GT, arrived here in 2022, followed by the PHEV version earlier this year. GWM Australia is adding another mid-size crossover SUV to its ranks in the third quarter of this year with the Haval H7. This shares its platform with the H6 and H6 GT but features a locking rear differential, a 'light off-road cruising mode', and unique styling. MORE: Everything GWM Haval H6
