Trump and China's Xi will likely talk this week, White House official says
President Donald Trump and Chinese President Xi Jinping are expected to speak this week, a senior White House official told CNBC's Eamon Javers on Monday.
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Yahoo
32 minutes ago
- Yahoo
Asian shares shoot higher as US stocks inch toward their records
Shares advanced Wednesday in Asia after U.S. stocks drifted closer to their records, while U.S. futures edged lower. South Korea's Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States. 'Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' Min Joo Kang of ING Economics said in a report. Tokyo's Nikkei 225 index surged 1% on gains for technology and pharmaceutical companies. Toyota Motor Corp.'s shares rose 2% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled 12.5%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.6% to 23,650.12, while the Shanghai Composite index gained 0.3% to 3,372.85. Taiwan's Taiex climbed 2.1%. Investors were watching for updates on President Donald Trump's tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year, at 5,970.37. The Dow Jones Industrial Average added 0.5% to 42,519.64. The Nasdaq composite rose 0.8% to 19,398.96. Dollar General jumped 15.8% for one of the market's bigger gains after reporting stronger profit and revenue for the start of the year than analysts expected. Many companies have cut or withdrawn their financial forecasts for the upcoming year because of the uncertainty caused by Trump's on-again-off-again rollout of tariffs. The Organization for Economic Cooperation and Development said on Tuesday that it's forecasting 1.6% growth for the U.S. economy this year, down from 2.8% last year. A report on Tuesday morning showed U.S. employers were advertising more job openings at the end of April than economists expected, the latest signal that the labor market remains resilient. It set the stage for a more important report coming on Friday, which will show how much hiring and firing U.S. employers did in May. On the trade front, hopes are still high on Wall Street that Trump will reach trade deals with other countries that will ultimately lower tariffs, particularly with the world's second-largest economy. The U.S. side said President Donald Trump was expecting to speak with Chinese leader Xi Jinping this week. A Chinese foreign ministry spokesperson said Tuesday that they had no information on that. Tech stocks helped lead the way again as Nvidia rose 2.9%, and Broadcom climbed 3.3%. The chip companies have recovered their sharp losses from earlier this year borne amid worries their stock prices had shot too high. Treasury yields held relatively steady following the encouraging report on the U.S. job market. It's a cooldown from a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the U.S. government may be set to add trillions of dollars to its debt through tax cuts. Higher Treasury yields make it more expensive for U.S. households and businesses to borrow money and can discourage investors from paying high prices for stocks and other investments. In other dealings early Wednesday, U.S. benchmark crude oil lost 19 cents to $63.22 per barrel. Brent crude, the international standard, fell 16 cents to $65.47 per barrel. The U.S. dollar fell to 143.86 Japanese yen from 144.00 yen. The euro rose to $1.1383 from $1.1370. ___ AP Business Writers Matt Ott and Stan Choe contributed. 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
CNBC
37 minutes ago
- CNBC
European markets set to open higher, shrugging off Trump's 50% metals tariffs
Bank of England and the Royal Exchange in the City of London on 24th March 2025 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images Good morning from London. This is CNBC's live blog covering all the action in European financial markets on Wednesday, as well as business news, analysis, earnings and data. Futures data from IG on Wednesday morning suggests London's FTSE will open 6 points higher at 8,788, Germany's DAX up 56 points at 24,135, France's CAC 40 up 20 points at 7,780 and Italy's FTSE MIB 60 points higher at 40,155. U.S. tariffs are once again in focus on Wednesday after President Donald Trump said last week that he will double tariffs on steel imports from 25% to 50% on June 4. The European Union criticized the hike, saying such a move "undermines" its trade deal negotiations with the U.S. An EU spokesperson said that the bloc was "prepared to impose countermeasures." Nonetheless, analysts say European steel buyers and some manufacturers could benefit from the higher metals tariffs as they could put downward pressure on steel prices in the region. — Holly Ellyatt People walk in front of the Polish Central Bank (NBP) in Warsaw, Poland, September 25, 2023. Kacper Pempel | Reuters It's a quiet day for earnings and data, although Spanish and Italian services purchasing managers' index data, which measures activity in the sector, will be released. Poland's central bank will also be announcing its latest monetary policy decision on Wednesday. — Holly Ellyatt Asia-Pacific markets advanced overnight, boosted by a tech rally on Wall Street that was led by chipmaker Nvidia on Tuesday. Shares in the artificial intelligence darling advanced nearly 3%, extending Monday's gains and driving Nvidia's market cap past Microsoft's for the first time since January. Chip companies Broadcom and Micron Technology rose more than 3% and 4%, respectively. President-elect Lee Jae-myung arrives to attend a public vote count broadcast event hosted by the Democratic Party near the National Assembly in Yeouido, Seoul, South Korea, on June 4, 2025. Nurphoto | Nurphoto | Getty Images South Korean markets also rose overnight as opposition party leader Lee Jae-myung won the presidential election. Meanwhile, U.S. stock futures were little changed early Wednesday after the S&P 500 notched a second straight day of gains. The recent comeback rally has investors increasingly confident stocks have turned a corner on tariffs, especially after a series of reversals from President Donald Trump convinced traders the White House is mainly wielding high levies as a negotiating tool. A federal court striking down Trump's tariffs just last week added to hopes the market has priced in the worst of the tariffs, though they were later reinstated temporarily by an appeals court. — Holly Ellyatt, Sarah Min and
Yahoo
an hour ago
- Yahoo
Morning Bid: No 'best offers' yet as tariff deadline looms
A look at the day ahead in European and global markets from Ankur Banerjee Today is the deadline for U.S. trading partners to submit their "best offer" to avoid punishing import tax rates, the same day that U.S. duties on imported steel and aluminium kick in, and investors are more jittery than usual. So far, only Britain has struck a preliminary trade agreement with the U.S. during Trump's 90-day pause on a wider array of tariffs. That pause is set to expire in about five weeks and investors have been worried about the lack of progress in hashing out deals. Adding to the angst, Japanese Chief Cabinet Secretary Yoshimasa Hayashi said Tokyo has not received a letter from Washington asking for its best proposals on trade talks. The on-again-off-again tariff pronouncements from Trump this year have investors fleeing U.S. assets and looking for safe havens and alternatives, including gold. They expect trade uncertainties will take a heavy toll on the global economy. The main question in financial markets has been where the money that usually flowed into U.S. assets will end up going. For years, money managers embraced the fatalistic presumption that "there-is-no-alternative" (TINA ... yes, markets love acronyms) but perhaps there are options now. As Manishi Raychaudhuri, the founder and CEO of Emmer Capital Partners Ltd, puts it: While Europe may be the obvious destination, relative value metrics may favour emerging Asia. The data so far does not give a complete picture. But what it does show is investors are lowering their exposure to U.S. assets, and only time will tell where they end up. Asian markets rose on Wednesday, boosted by tech stocks as traders hope a deal could still be possible if and when U.S. President Donald Trump and Chinese leader Xi Jinping talk this week. The spotlight in Asia was also on South Korean assets. Seoul's benchmark share index surged to 10-month top and the currency firmed as liberal presidential candidate Lee Jae-myung's election victory raised expectations for swift economic stimulus and market reforms. European futures point to a slightly higher open ahead of a series of manufacturing data from the region and as the European Central Bank starts its policy meeting. The ECB is all but certain to cut rates on Thursday and stay on its easing cycle as muted wage growth, a strong euro and lukewarm economic growth all point to easing inflation. Data on Tuesday showed euro zone inflation in May eased below the ECB target of 2%. Key developments that could influence markets on Wednesday: Economic events: May PMI data for UK, euro zone, Germany and France Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. (By Ankur Banerjee in Singapore; Editing by Edmund Klamann)
