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Yahoo
31 minutes ago
- Yahoo
China Ramps Up Rare Earth Exports After Fright For Global Buyers
(Bloomberg) -- China's exports of rare earth products — including magnets — extended their recovery in July, months after Beijing threatened a disruptive global shortage by crimping supplies to fight a trade clash with US President Donald Trump. Shipments jumped last month to reach their highest since January, well before China leveraged its dominance of rare earths to hit back at Trump's punitive tariffs. Beijing agreed to resume flows to the US as part of a trade truce with Washington. The US-Canadian Road Safety Gap Is Getting Wider A Photographer's Pipe Dream: Capturing New York's Vast Water System Festivals and Parades Are Canceled Amid US Immigration Anxiety A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Princeton Plans New Budget Cuts as Pressure From Trump Builds Data released Monday covers rare earth products, a category typically dominated by so-called permanent magnets. Volumes sold overseas rose 69% to 6,422 tons in July, according to Bloomberg News calculations. China produces about 90% of the world's rare-earth magnets and its export controls launched in early April threatened to deprive major manufacturers from India to Europe and the US of a small but critical component. The US has since unveiled plans to boost domestic output of rare earths and magnets. Exports from China reached a low in May after China launched the curbs, which covered shipments of seven rare earths as well as products made from them. US Trade Representative Jamieson Greer said earlier this month that China was 'about halfway there' in terms of returning magnet supplies to where they were prior to the controls. China's weaponization of rare earths didn't just affect the US, and the slump in supplies also contributed to growing tensions between the European Union and China. More granular data on exports of magnets, and the countries to which they were shipped, should be released on Wednesday. (Adds details throughout. An earlier version of the story corrected the month in the second paragraph.) What Declining Cardboard Box Sales Tell Us About the US Economy Americans Are Getting Priced Out of Homeownership at Record Rates Living With 12 Strangers to Ease a Housing Crunch Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan How Syrian Immigrants Are Boosting Germany's Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
34 minutes ago
Asian shares mostly gain as eyes turn to meetings at the White House and Jackson Hole
BANGKOK -- Asian shares were mostly higher Monday after the S&P 500 and Nasdaq composite edged back from their record levels while the Dow inched to a new record close. U.S. futures were little changed as investors watched for developments in the Ukraine crisis following a summit between President Donald Trump and Russian President Vladimir Putin that brought no breakthroughs. Japan's Nikkei 225 gained 0.8% to 43.714.31, while the Hang Seng in Hong Kong added 0.1% to 25,291.42. The Shanghai Composite index jumped 1% to 3,732.44. Australia's S&P/ASX 200 picked up 0.2% to 8,959.30. The Kospi in South Korea declined 1.5% to 3,177.28 on heavy selling of semiconductor makers like Samsung Electronics, whose shares fell 2.2%. SK Hynix lost 3.3% as investors fretted over the possibility of more U.S. tariffs on computer chips. Trump was preparing to meet later Monday with Ukrainian President Volodymyr Zelenskyy and other European leaders in Washington. The European vanguard were not included in Trump's summit with Russian President Vladimir Putin last Friday. They are seeking to present a united front in safeguarding Ukraine and the continent from any widening aggression from Moscow. An annual meeting in Jackson Hole, Wyoming, of top central bankers later this week will be watched closely for hints about possible interest rate cuts from Federal Reserve chair Jerome Powell. He is due to speak Friday at the economic policy conference. 'While the official theme is labor markets, investors will scrutinize any hint of September policy direction, especially after last week's mixed inflation data,' Ipek Ozkardeskaya of Swissquote said in a commentary, adding that 'any progress on Ukraine peace talks could push global equities higher still.' Expectations have been building that the Fed will cut interest rates at its next meeting in September, though mixed reports on the U.S. economy have undercut those bets somewhat. One report Friday said shoppers boosted their spending at U.S. retailers last month, while another said manufacturing in New York state unexpectedly grew. A third said industrial production across the country shrank last month, when economists were looking for modest growth. Yet another report suggested sentiment among U.S. consumers is worsening because of worries about inflation, when economists expected to see a slight improvement. On Wall Street, UnitedHealth Group jumped 12% on Friday after famed investor Warren Buffett's Berkshire Hathaway said it bought nearly 5 million shares of the insurer during the spring, valued at $1.57 billion. Buffett is known for trying to buy good stocks at affordable prices, and UnitedHealth's halved for the year by the end of July because of a run of struggles. Berkshire Hathaway's own stock slipped 0.4%. Applied Materials helped lead Wall Street lower with a decline of 14.1% even though it reported better results for the latest quarter than analysts expected. The focus was on the company's forecast for a drop in revenue during the current quarter. Its products help manufacture semiconductors and advanced displays, and CEO Gary Dickerson pointed to a 'dynamic macroeconomic and policy environment, which is creating increased uncertainty and lower visibility in the near term, including for our China business.' Sandisk fell 4.6% despite reporting a profit for the latest quarter that blew past analysts' expectations. Investors focused instead on the data storage company's forecast for profit in the current quarter, which came up short of Wall Street's. On Friday, the S&P 500 fell 0.3%. The Dow Jones Industrial Average edged 0.1% higher. The Nasdaq composite sank 0.4%. In other dealings early Monday, U.S. benchmark crude oil rose 24 cents to $63.04 per barrel, while Brent crude, the international standard, climbed 16 cents to $66.01 per barrel.
Newsweek
an hour ago
- Newsweek
Donald Trump's Approval Rating Surges After Putin Summit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. U.S. President Donald Trump's approval rating surged after his summit with Russian leader Vladimir Putin. According to polling by InsiderAdvantage, 54 percent of voters said they now approved of the president while 44 percent disapproved. Trump's net +10 percent approval rating is an increase from the publication's last poll in July, which gave him a net +2 percent approval rating—with 50 percent of respondents approving and 48 percent disapproving. Why It Matters Approval ratings are useful in providing a snapshot of the electorate's response to key policies and developments in Trump's presidency. During his presidency, Trump's popularity has fluctuated. Maintaining broad support will be important for the president and the Republican Party more widely, particularly when voters head to the polls for the November 2026 midterms. Russian President Vladimir Putin, left, and U.S. President Donald Trump talk at Joint Base Elmendorf-Richardson, Alaska, on August 15. Russian President Vladimir Putin, left, and U.S. President Donald Trump talk at Joint Base Elmendorf-Richardson, Alaska, on August 15. AP Photo/Julia Demaree Nikhinson What To Know Trump hosted Putin in Alaska for a summit on Friday during which they spoke for two and a half hours to try to broker a ceasefire deal to end Russia's war with Ukraine. Critics have said Trump conceded too much to Putin and took umbrage with the talks ending without an agreement. Despite this, the new polling indicates the talks have boosted Trump's approval rating. InsiderAdvantage's survey was conducted between August 15 and 17. It had a margin of error of plus or minus 3.09 percentage points. The poll also suggests Trump is faring better than in other recent polls, which showed declining support for the president. According to a YouGov poll for British newspaper The Times, the proportion of people who disapproved of Trump's job performance increased from 52 percent in April to 57 percent in July. Newsweek analysis also found that Trump's approval rating was positive in 18 of the states he won in the 2024 election and negative in 13. What People Are Saying InsiderAdvantage pollster Matt Towery said in his analysis: "Donald Trump now has an advantage among every age group other than the most senior of voters. He has improved his numbers among African-Americans and Hispanic-Latinos. White voters are at a near record 64 percent. Voters under 65 years of age now approve of his job performance by wide margins. Only the nation's oldest voters disapprove of his job performance, which is consistent with our prior surveys. Overall, his approval numbers are surging upwards post-summit." U.S. President Donald Trump wrote on Truth Social after the summit: "The Fake News has been saying for three days that I suffered a 'major defeat' by allowing President Vladimir Putin of Russia to have a major Summit in the United States. Actually, he would have loved doing the meeting anywhere else but the U.S., and the Fake News knows this. It was a major point of contention! If we had the Summit elsewhere, the Democrat run and controlled media would have said what a terrible thing THAT was. These people are sick!" What Happens Next Trump's popularity is likely to continue oscillating throughout the remainder of his presidency. Meanwhile, he has discussed plans to secure a trilateral meeting with Putin and Ukrainian President Volodymyr Zelensky. He is also meeting with European leaders, including Zelensky, at the White House on Monday.
