Australia PM Albanese kicks off China visit focused on trade
Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress.
Albanese is leading 'a very large business delegation' to China, which speaks to the importance of the economic relations between Australia and China, he told Chinese state broadcaster CGTN upon his arrival in Shanghai Saturday.
During a weeklong trip, Albanese is set to meet business, tourism and sport representatives in Shanghai and Chengdu including a CEO roundtable Tuesday in Beijing, his office said.
It is Albanese's second visit to China since his center-left Labor Party government was first elected in 2022. The party was reelected in May with an increased majority.
Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year.
Beijing severed communications with the previous administration over issues including Australia's calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia's economic dependence on China, a free trade partner.
'My government has worked very hard to diversify trade … and to increase our relationships with other countries in the region, including India and Indonesia and the ASEAN countries,' Albanese said before his visit, referring to the 10-member Association of Southeast Asian Nations.
'But the relationship with China is an important one, as is our relationships when it comes to exports with the north Asian economies of South Korea and Japan,' he added.
Chinese state-run Xinhua News Agency, in an editorial Sunday, described China's relationship with Australia as 'steadily improving' and undergoing 'fresh momentum.'
'There are no fundamental conflicts of interest between China and Australia,' the editorial stated. 'By managing differences through mutual respect and focusing on shared interests, the two sides can achieve common prosperity and benefit.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
20 minutes ago
- Yahoo
MLB trade deadline: Eugenio Suárez, Mitch Keller, Seth Lugo among prized players who could move
PHOENIX (AP) — The Arizona Diamondbacks got the trade deadline party started on Thursday night when they dealt 2024 All-Star Josh Naylor to the Seattle Mariners for two pitching prospects. That probably won't be the last time the D-backs make news before the July 31 deadline. Arizona has had a disappointing season with a 50-53 record and now appears to be one of the most active sellers on the MLB market, dangling third baseman Eugenio Suárez and starting pitchers Zac Gallen and Merrill Kelly. The potential buyers include teams like the New York Yankees, New York Mets, Detroit Tigers, Philadelphia Phillies, Chicago Cubs and Los Angeles Dodgers, who are all trying to beef up their rosters in hopes of a deep playoff run. The market is heating up quickly: The Yankees acquired third baseman Ryan McMahon from the Rockies on Friday while the Mets added left-handed reliever Gregory Soto from the Orioles. The D-backs have been one of the most intriguing teams in baseball over the past few weeks because management has had to make a tough decision whether to buy or sell. Arizona had a 50-50 record after sweeping the St. Louis Cardinals following the All-Star break but were then swept by the Houston Astros. Those three losses appeared to seal their fate as sellers — though Arizona general manager Mike Hazen said he's still open to changing course. 'I want to see this team to continue to go out there and play,' Hazen said. 'I haven't decided what it's going to look like, honestly. I'm open-minded to a number of different things. ... Quite frankly, we're listening to what people have to say and what people have to offer and we're going to do what's best for the long term for this organization.' Naylor's already gone and he'll help a Seattle lineup that could use a little more punch. Suárez is having one of the best seasons of his career, slugging 36 homers over 101 games, and is arguably the best bat on the market. Here's a look at some of the top players who could be available as teams try to upgrade for the stretch run: Eugenio Suárez, 3B, Arizona Diamondbacks Suarez is just an average defensive third baseman these days, but that's not why teams want to acquire him. He's got the kind of bat that can carry a team for weeks at a time, major pop from the right side of the plate. He has 312 career homers, is well-liked in the locker room and has been productive in limited postseason at-bats with a .300 average. Mitch Keller, SP, Pittsburgh Pirates The 29-year-old Keller has been overshadowed in the Pirates' rotation thanks to the emergence of young star Paul Skenes, but the right-hander has been a reliable starter for the past four seasons and was an All-Star in 2023. The one catch is it'll take a sizable haul for the Pirates to make a deal: He's under contract through 2028 as part of a relatively reasonable $77 million, five-year deal. Seth Lugo, SP, Kansas City Royals Lugo has thrived in Kanas City over the past three seasons, moving to the starting rotation from the bullpen and providing consistent results. The 2024 All-Star has a 7-5 record with a 2.95 ERA over 19 starts this year. Zac Gallen, SP, Arizona Diamondbacks Gallen is having the worst full season of his career with a 7-11 record and 5.58 ERA but could still be an attractive add for a team that needs a starter. The 29-year-old right-hander has been one of the top pitchers in the National League over the past five years, finishing in the top 10 of the Cy Young voting in 2020, 2022 and 2023. His stuff is still good and he's had a handful of dominant starts this season. Merrill Kelly, SP, Arizona Diamondbacks The 36-year-old righty has quietly been one of the most consistent pitchers in baseball with a 9-5 record and 3.32 ERA. He was also excellent during the D-backs' postseason run in 2023 with a 3-1 record, 2.25 ERA and 28 strikeouts over 24 innings. Kelly doesn't have an overpowering fastball but has a five-pitch mix that has consistently delivered results. Sandy Alcantara, SP, Miami Marlins The 29-year-old Alcantara isn't the same pitcher he was when he won the 2022 NL Cy Young Award, but the right-hander still has quite a bit of upside. He gave up just one unearned run over seven innings in a win against the Padres on Wednesday, which might help his value. His rotation partner Edward Cabrera — another right-hander — could also garner attention with a 3.48 ERA over 17 starts. Ryan O'Hearn, 1B/DH, Baltimore Orioles The 31-year-old is having a career year with a .281 average, .375 on-base percentage and 14 homers, helping him earn All-Star honors for the first time in his career. His left-handed bat would be useful in a contender's lineup. ___ AP MLB:
Yahoo
20 minutes ago
- Yahoo
Stock market today: S&P 500 clears 5th-straight record, Nasdaq hits fresh high as earnings, trade hopes bolster stocks
US stocks rose Friday, pushing the S&P 500 to its fifth-straight record this week and lifting the Nasdaq to a new all-time high. Earnings and trade optimism boosted investor sentiment, while President Trump eased market nerves by downplaying talk of firing Federal Reserve Chair Jerome Powell. The S&P 500 (^GSPC) rose about 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) advanced nearly 0.3%. The Dow Jones Industrial Average (^DJI) jumped 0.5%. All three major gauges rose more than 1% for the week. Spirits on Wall Street got a lift this week from a US-Japan trade pact that boosted optimism for more deals, while blue-chip and Big Tech results underpinned a solid start to earnings season. But some on Wall Street are questioning whether FOMO — "fear of missing out" — is driving gains, rather than fundamentals. Investors may now be locking in profits ahead of a big week bringing the Fed's two-day policy meeting, the monthly US jobs report, and a flood of quarterly results highlighted by Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). Most of all, it features the Aug. 1 deadline for countries to strike trade deals with the US or face "reciprocal" tariff hikes. Read more: The latest on Trump's tariffs But the pact with Japan may already be under pressure, even as the US reportedly closes in on a deal with the European Union. Reports suggest the two sides don't see eye-to-eye on how to share profits from a $550 billion fund for US investment planned as part of the deal. Meanwhile, at home, Trump has downplayed the risk of Powell being ousted as Fed chair, easing market concerns about upheaval at the central bank. The president visited the Fed's headquarters on Thursday to tour its $2.5 billion renovation project. During an awkward exchange, Trump criticized the project as too expensive, sparking speculation he might use it as a pretext to try to fire Powell. However, Trump indicated he wasn't considering firing the Fed chair. Read more: Full earnings coverage in our live blog S&P 500 notches 5th consecutive record, Nasdaq closes at all-time high Stocks notched fresh records on Friday as trade optimism grew, and Trump once again backed off the threat of firing Fed Chair Jerome Powell after an awkward exchange at the Fed headquarters. The S&P 500 (^GSPC) rose 0.4% to close at a record high for a fifth consecutive session. The tech-heavy Nasdaq Composite (^IXIC) also advanced nearly 0.3% to notch a fresh record close. The Dow Jones Industrial Average (^DJI) rose about 0.5%, just about 100 points shy of its own record high. Big Tech players will continue to report earnings next week, including Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). On the trade front, President Trump put the odds of a deal with the EU at a 50-50 chance after clinching an agreement with Japan earlier this week. Trump's deadline for US trade partners to strike trade deals or else face a hike in tariff rates lands next Friday, Aug. 1. Investors will be watching the Fed's two-day policy meeting next week after Trump and Powell had an awkward exchange during the president's visit of the central banks $2.5 billion renovation site on Thursday. Crypto takes a breather, pulls back following massive rally Bitcoin (BTC-USD) sank 2% to hover above $116,000 per token on Friday, taking a breather from a massive recent rally. Ethereum (ETH-USD) also declined following a massive rally in the world's second-largest cryptocurrency. This rally followed the President's signing of the Genius Act a week ago, legislation aimed at regulating stablecoins, or digital tokens backed by assets like the US dollar and short-term treasuries. Is AI taking new grads' jobs? Not so fast. Yahoo Finances Emma Ockerman: Read more here. Speculative frenzy raises risk of stock market downturn: Goldman Sachs Investors beware. With the S&P 500 (^GSPC) at all-time highs, some on Wall Street are warning that a rise in speculative trades could increase the risk of a market pullback. Goldman Sachs analysts said their Speculative Trading Indicator has risen sharply during the past few months. The gauge now sits at its highest level on record, outside of the 1998-2001 dot-com bubble era and 2020-2021 during COVID, though it still remains well below those peaks. The indicator shows an elevated recent share of trading volumes in unprofitable stocks, penny stocks, and stocks with rich valuations compared to revenue. Apart from "Magnificent Seven" heavyweights Nvidia (NVDA) and Tesla (TSLA), some of the stocks with the highest trading volumes over the past month include speculative plays like (BBAI), Lucid (LCID), and Plug Power (PLUG). "The recent rise in speculative trading activity signals near-term upside risk for the broad equity market but also increases the risk of an eventual downturn," Goldman's Ben Snider and his team wrote on Thursday. Read more here. Oil slides on potential supply increase as US allows Chevron to pump in Venezuela Oil declined on Friday after reports that the US restored permission for oil giant Chevron (CVX) to pump in Venezuela. West Texas Intermediate (CL=F) declined about 1% while Brent (BZ=F) futures slid 0.7% to hover above $68 per barrel. The permission to operate in the sanctioned country appears to be a U-turn from the Trump administration's prior license revocation, aimed at applying pressure on Venezuelan leader Nicolas Maduro. The reinstatement allowing Chevron to resume limited oil production — first reported by Reuters and Bloomberg — followed a deal between Washington and Caracas to release 10 detained Americans in exchange for the repatriation of 250 Venezuelans held in El Salvador. President Trump has expressed his desire to lower energy prices, and Chevron's ability to pump oil there will bring additional supply into the market. For Chevron, the 'development helps remove another uncertainty from what was a long list to start the year,' Rob Thummel, senior portfolio manager at Tortoise Capital, told Yahoo Finance. The recent arbitration ruling in favor of Chevron's right to Hess's oil stake in Guyana as part of a broader acquisition has been a positive catalyst for the company. 'While this latest issue is less material, it still matters — it will generate additional cash flow for investors,' Thummel said. Volkswagen sales show tariff sting German auto giant Volkswagen (VWAGY) is feeling the effects of President Trump's tariff policy, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Broadcom on track for fresh record as it outperforms 'Magnificent Seven' stocks Broadcom (AVGO) stock was on track to hit another high Friday after closing at a record $288.71 on Thursday, up fractionally to just over $289. Broadcom has largely outperformed the so-called "Magnificent Seven" stocks over the past year, with shares up more than 25% in 2025 and 94% over the last 12 months. Shares also hit an all-time intraday high above $291 on Thursday. So far this year, the only Magnificent Seven stock to outperform Broadcom is Nvidia (NVDA), which is up 30% after a wild turnaround in the first half of the year. On a 12-month basis, Broadcom still takes the lead, with Nvidia shares up 55% in that time frame. While Broadcom's market capitalization still trails most of the Magnificent Seven, its $1.36 trillion market cap is higher than Tesla's (TSLA) roughly $1 trillion market value, as the EV maker has struggled amid CEO Elon Musk's string of controversies and challenged vehicle sales. Charter Communications plummets most in history after Q2 earnings miss Charter Communications stock plummeted as much as 18.5% Friday after the telecom giant — which offers cable TV and internet services through its Spectrum brand — reported second quarter earnings below expectations. That's the biggest drop in the stock's history. The company Friday reported adjusted earnings per share of $9.18, below the $9.82 expected, while revenue of $13.766 billion was marginally below the $13.768 billion expected. The company said in an earnings call Friday morning that it lost 117,000 residential and small business Internet customers in the quarter, compared to about 100,000 in the year ago period. Wall Street weighs Intel earnings: The 'road to recovery is long & uncertain' Wall Street remained skeptical of Intel (INTC) after the company left the future of its manufacturing business unclear during an earnings call late Thursday. Intel stock dropped Friday despite its financial results beating expectations. 'While the headline numbers look decent vs expectations, we don't think the numbers really mattered all that much,' Bernstein analyst Stacy Rasgon wrote in a note to clients Friday, saying instead that investors are focused on Intel's manufacturing roadmap. Intel, once a leading global chipmaker, has fallen behind its rivals, both with its own products and in its attempt to manufacture chips for outside customers. Truist analyst William Stein said, 'The road to recovery is long & uncertain' for Intel. That's because Intel had promised that its new manufacturing process, 18A, would bring in external customers to its cash-bleeding manufacturing business, which its former CEO Pat Gelsinger launched in 2021. Now, Intel says it will use 18A only for internal products, reaching peak production at the beginning of the next decade, and that it could 'potentially' get 'external customers at some point,' as CFO David Zinsner put it. Meanwhile, Intel also left the future of its successor to 18A, the manufacturing process it calls 14A, unclear and contingent upon it getting an external customer on board. Analysts and former Intel executives said it's crucial for the company to prove it can execute 18A to draw in outside customers to use its manufacturing business in what's known as a foundry. 'We raise concern on future competitiveness of both Products and Foundry, driven by constant roadmap changes, employee churn, as well as reduced investments in future products/nodes — pivotal in l-t [long term] market share and positioning,' Bank of America analyst Vivek Arya wrote. Crypto stocks fall as dollar moves higher Crypto stocks fell Friday — save for Robinhood (HOOD) and PayPal (PYPL). The largest corporate holder of bitcoin, Strategy (MSTR), dropped 2.5%, while crypto exchange Coinbase (COIN) fell 2% and bitcoin miner MARA Holdings (MARA) dipped 2.6%. Riot Platforms (RIOT) declined 3.6%. The moves come as the US Dollar ( strengthens amid news surrounding US trade deals and as President Trump backed off from firing Fed Chair Jerome Powell after an unusual visit to the Federal Reserve. Stocks crawl higher at the open US stocks inched higher, near all-time highs, at the open on Friday after a week of major earnings and trade deals. The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1%. The tech-heavy Nasdaq Composite (^IXIC) traded just above the flat line. Dollar gains steam after Trump downplays clash with Fed Chair Powell The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. Phillips 66 stock rises after beating profit estimates on higher refining margins Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million. Health insurer Centene reports surprise quarterly loss Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Google Search is readying the next generation for AI Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Durable goods orders (June preliminary) Earnings: Charter Communications (CHTR) Here are some of the biggest stories you may have missed overnight and early this morning: Intel stock falls as chipmaker cuts jobs, drops factory plans Google Search is readying the next generation for AI Trump: Australia has agreed to accept American beef Who benefits if Trump drops capital gains tax on home sales Americans are struggling to pay bills and feeling anxious about it Japan pushes back against US view of trade-deal profit split Trump and Powell clash in public — then Trump takes softer tone Amazon scraps plans for $350M cloud facility in Ireland Health insurer Centene's stock falls after surprise Q2 loss Trending tickers: Deckers, Strategy and centene Here are some top stocks trending on Yahoo Finance in premarket trading: Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts' estimates in the fiscal first quarter ended June 30. Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Intel stock slides amid plans to cut 15% of workforce, cancel factories Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Oil steady as investors weigh trade optimism against potential Venezuelan supply increase Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. S&P 500 notches 5th consecutive record, Nasdaq closes at all-time high Stocks notched fresh records on Friday as trade optimism grew, and Trump once again backed off the threat of firing Fed Chair Jerome Powell after an awkward exchange at the Fed headquarters. The S&P 500 (^GSPC) rose 0.4% to close at a record high for a fifth consecutive session. The tech-heavy Nasdaq Composite (^IXIC) also advanced nearly 0.3% to notch a fresh record close. The Dow Jones Industrial Average (^DJI) rose about 0.5%, just about 100 points shy of its own record high. Big Tech players will continue to report earnings next week, including Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). On the trade front, President Trump put the odds of a deal with the EU at a 50-50 chance after clinching an agreement with Japan earlier this week. Trump's deadline for US trade partners to strike trade deals or else face a hike in tariff rates lands next Friday, Aug. 1. Investors will be watching the Fed's two-day policy meeting next week after Trump and Powell had an awkward exchange during the president's visit of the central banks $2.5 billion renovation site on Thursday. Stocks notched fresh records on Friday as trade optimism grew, and Trump once again backed off the threat of firing Fed Chair Jerome Powell after an awkward exchange at the Fed headquarters. The S&P 500 (^GSPC) rose 0.4% to close at a record high for a fifth consecutive session. The tech-heavy Nasdaq Composite (^IXIC) also advanced nearly 0.3% to notch a fresh record close. The Dow Jones Industrial Average (^DJI) rose about 0.5%, just about 100 points shy of its own record high. Big Tech players will continue to report earnings next week, including Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). On the trade front, President Trump put the odds of a deal with the EU at a 50-50 chance after clinching an agreement with Japan earlier this week. Trump's deadline for US trade partners to strike trade deals or else face a hike in tariff rates lands next Friday, Aug. 1. Investors will be watching the Fed's two-day policy meeting next week after Trump and Powell had an awkward exchange during the president's visit of the central banks $2.5 billion renovation site on Thursday. Crypto takes a breather, pulls back following massive rally Bitcoin (BTC-USD) sank 2% to hover above $116,000 per token on Friday, taking a breather from a massive recent rally. Ethereum (ETH-USD) also declined following a massive rally in the world's second-largest cryptocurrency. This rally followed the President's signing of the Genius Act a week ago, legislation aimed at regulating stablecoins, or digital tokens backed by assets like the US dollar and short-term treasuries. Bitcoin (BTC-USD) sank 2% to hover above $116,000 per token on Friday, taking a breather from a massive recent rally. Ethereum (ETH-USD) also declined following a massive rally in the world's second-largest cryptocurrency. This rally followed the President's signing of the Genius Act a week ago, legislation aimed at regulating stablecoins, or digital tokens backed by assets like the US dollar and short-term treasuries. Is AI taking new grads' jobs? Not so fast. Yahoo Finances Emma Ockerman: Read more here. Yahoo Finances Emma Ockerman: Read more here. Speculative frenzy raises risk of stock market downturn: Goldman Sachs Investors beware. With the S&P 500 (^GSPC) at all-time highs, some on Wall Street are warning that a rise in speculative trades could increase the risk of a market pullback. Goldman Sachs analysts said their Speculative Trading Indicator has risen sharply during the past few months. The gauge now sits at its highest level on record, outside of the 1998-2001 dot-com bubble era and 2020-2021 during COVID, though it still remains well below those peaks. The indicator shows an elevated recent share of trading volumes in unprofitable stocks, penny stocks, and stocks with rich valuations compared to revenue. Apart from "Magnificent Seven" heavyweights Nvidia (NVDA) and Tesla (TSLA), some of the stocks with the highest trading volumes over the past month include speculative plays like (BBAI), Lucid (LCID), and Plug Power (PLUG). "The recent rise in speculative trading activity signals near-term upside risk for the broad equity market but also increases the risk of an eventual downturn," Goldman's Ben Snider and his team wrote on Thursday. Read more here. Investors beware. With the S&P 500 (^GSPC) at all-time highs, some on Wall Street are warning that a rise in speculative trades could increase the risk of a market pullback. Goldman Sachs analysts said their Speculative Trading Indicator has risen sharply during the past few months. The gauge now sits at its highest level on record, outside of the 1998-2001 dot-com bubble era and 2020-2021 during COVID, though it still remains well below those peaks. The indicator shows an elevated recent share of trading volumes in unprofitable stocks, penny stocks, and stocks with rich valuations compared to revenue. Apart from "Magnificent Seven" heavyweights Nvidia (NVDA) and Tesla (TSLA), some of the stocks with the highest trading volumes over the past month include speculative plays like (BBAI), Lucid (LCID), and Plug Power (PLUG). "The recent rise in speculative trading activity signals near-term upside risk for the broad equity market but also increases the risk of an eventual downturn," Goldman's Ben Snider and his team wrote on Thursday. Read more here. Oil slides on potential supply increase as US allows Chevron to pump in Venezuela Oil declined on Friday after reports that the US restored permission for oil giant Chevron (CVX) to pump in Venezuela. West Texas Intermediate (CL=F) declined about 1% while Brent (BZ=F) futures slid 0.7% to hover above $68 per barrel. The permission to operate in the sanctioned country appears to be a U-turn from the Trump administration's prior license revocation, aimed at applying pressure on Venezuelan leader Nicolas Maduro. The reinstatement allowing Chevron to resume limited oil production — first reported by Reuters and Bloomberg — followed a deal between Washington and Caracas to release 10 detained Americans in exchange for the repatriation of 250 Venezuelans held in El Salvador. President Trump has expressed his desire to lower energy prices, and Chevron's ability to pump oil there will bring additional supply into the market. For Chevron, the 'development helps remove another uncertainty from what was a long list to start the year,' Rob Thummel, senior portfolio manager at Tortoise Capital, told Yahoo Finance. The recent arbitration ruling in favor of Chevron's right to Hess's oil stake in Guyana as part of a broader acquisition has been a positive catalyst for the company. 'While this latest issue is less material, it still matters — it will generate additional cash flow for investors,' Thummel said. Oil declined on Friday after reports that the US restored permission for oil giant Chevron (CVX) to pump in Venezuela. West Texas Intermediate (CL=F) declined about 1% while Brent (BZ=F) futures slid 0.7% to hover above $68 per barrel. The permission to operate in the sanctioned country appears to be a U-turn from the Trump administration's prior license revocation, aimed at applying pressure on Venezuelan leader Nicolas Maduro. The reinstatement allowing Chevron to resume limited oil production — first reported by Reuters and Bloomberg — followed a deal between Washington and Caracas to release 10 detained Americans in exchange for the repatriation of 250 Venezuelans held in El Salvador. President Trump has expressed his desire to lower energy prices, and Chevron's ability to pump oil there will bring additional supply into the market. For Chevron, the 'development helps remove another uncertainty from what was a long list to start the year,' Rob Thummel, senior portfolio manager at Tortoise Capital, told Yahoo Finance. The recent arbitration ruling in favor of Chevron's right to Hess's oil stake in Guyana as part of a broader acquisition has been a positive catalyst for the company. 'While this latest issue is less material, it still matters — it will generate additional cash flow for investors,' Thummel said. Volkswagen sales show tariff sting German auto giant Volkswagen (VWAGY) is feeling the effects of President Trump's tariff policy, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. German auto giant Volkswagen (VWAGY) is feeling the effects of President Trump's tariff policy, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Broadcom on track for fresh record as it outperforms 'Magnificent Seven' stocks Broadcom (AVGO) stock was on track to hit another high Friday after closing at a record $288.71 on Thursday, up fractionally to just over $289. Broadcom has largely outperformed the so-called "Magnificent Seven" stocks over the past year, with shares up more than 25% in 2025 and 94% over the last 12 months. Shares also hit an all-time intraday high above $291 on Thursday. So far this year, the only Magnificent Seven stock to outperform Broadcom is Nvidia (NVDA), which is up 30% after a wild turnaround in the first half of the year. On a 12-month basis, Broadcom still takes the lead, with Nvidia shares up 55% in that time frame. While Broadcom's market capitalization still trails most of the Magnificent Seven, its $1.36 trillion market cap is higher than Tesla's (TSLA) roughly $1 trillion market value, as the EV maker has struggled amid CEO Elon Musk's string of controversies and challenged vehicle sales. Broadcom (AVGO) stock was on track to hit another high Friday after closing at a record $288.71 on Thursday, up fractionally to just over $289. Broadcom has largely outperformed the so-called "Magnificent Seven" stocks over the past year, with shares up more than 25% in 2025 and 94% over the last 12 months. Shares also hit an all-time intraday high above $291 on Thursday. So far this year, the only Magnificent Seven stock to outperform Broadcom is Nvidia (NVDA), which is up 30% after a wild turnaround in the first half of the year. On a 12-month basis, Broadcom still takes the lead, with Nvidia shares up 55% in that time frame. While Broadcom's market capitalization still trails most of the Magnificent Seven, its $1.36 trillion market cap is higher than Tesla's (TSLA) roughly $1 trillion market value, as the EV maker has struggled amid CEO Elon Musk's string of controversies and challenged vehicle sales. Charter Communications plummets most in history after Q2 earnings miss Charter Communications stock plummeted as much as 18.5% Friday after the telecom giant — which offers cable TV and internet services through its Spectrum brand — reported second quarter earnings below expectations. That's the biggest drop in the stock's history. The company Friday reported adjusted earnings per share of $9.18, below the $9.82 expected, while revenue of $13.766 billion was marginally below the $13.768 billion expected. The company said in an earnings call Friday morning that it lost 117,000 residential and small business Internet customers in the quarter, compared to about 100,000 in the year ago period. Charter Communications stock plummeted as much as 18.5% Friday after the telecom giant — which offers cable TV and internet services through its Spectrum brand — reported second quarter earnings below expectations. That's the biggest drop in the stock's history. The company Friday reported adjusted earnings per share of $9.18, below the $9.82 expected, while revenue of $13.766 billion was marginally below the $13.768 billion expected. The company said in an earnings call Friday morning that it lost 117,000 residential and small business Internet customers in the quarter, compared to about 100,000 in the year ago period. Wall Street weighs Intel earnings: The 'road to recovery is long & uncertain' Wall Street remained skeptical of Intel (INTC) after the company left the future of its manufacturing business unclear during an earnings call late Thursday. Intel stock dropped Friday despite its financial results beating expectations. 'While the headline numbers look decent vs expectations, we don't think the numbers really mattered all that much,' Bernstein analyst Stacy Rasgon wrote in a note to clients Friday, saying instead that investors are focused on Intel's manufacturing roadmap. Intel, once a leading global chipmaker, has fallen behind its rivals, both with its own products and in its attempt to manufacture chips for outside customers. Truist analyst William Stein said, 'The road to recovery is long & uncertain' for Intel. That's because Intel had promised that its new manufacturing process, 18A, would bring in external customers to its cash-bleeding manufacturing business, which its former CEO Pat Gelsinger launched in 2021. Now, Intel says it will use 18A only for internal products, reaching peak production at the beginning of the next decade, and that it could 'potentially' get 'external customers at some point,' as CFO David Zinsner put it. Meanwhile, Intel also left the future of its successor to 18A, the manufacturing process it calls 14A, unclear and contingent upon it getting an external customer on board. Analysts and former Intel executives said it's crucial for the company to prove it can execute 18A to draw in outside customers to use its manufacturing business in what's known as a foundry. 'We raise concern on future competitiveness of both Products and Foundry, driven by constant roadmap changes, employee churn, as well as reduced investments in future products/nodes — pivotal in l-t [long term] market share and positioning,' Bank of America analyst Vivek Arya wrote. Wall Street remained skeptical of Intel (INTC) after the company left the future of its manufacturing business unclear during an earnings call late Thursday. Intel stock dropped Friday despite its financial results beating expectations. 'While the headline numbers look decent vs expectations, we don't think the numbers really mattered all that much,' Bernstein analyst Stacy Rasgon wrote in a note to clients Friday, saying instead that investors are focused on Intel's manufacturing roadmap. Intel, once a leading global chipmaker, has fallen behind its rivals, both with its own products and in its attempt to manufacture chips for outside customers. Truist analyst William Stein said, 'The road to recovery is long & uncertain' for Intel. That's because Intel had promised that its new manufacturing process, 18A, would bring in external customers to its cash-bleeding manufacturing business, which its former CEO Pat Gelsinger launched in 2021. Now, Intel says it will use 18A only for internal products, reaching peak production at the beginning of the next decade, and that it could 'potentially' get 'external customers at some point,' as CFO David Zinsner put it. Meanwhile, Intel also left the future of its successor to 18A, the manufacturing process it calls 14A, unclear and contingent upon it getting an external customer on board. Analysts and former Intel executives said it's crucial for the company to prove it can execute 18A to draw in outside customers to use its manufacturing business in what's known as a foundry. 'We raise concern on future competitiveness of both Products and Foundry, driven by constant roadmap changes, employee churn, as well as reduced investments in future products/nodes — pivotal in l-t [long term] market share and positioning,' Bank of America analyst Vivek Arya wrote. Crypto stocks fall as dollar moves higher Crypto stocks fell Friday — save for Robinhood (HOOD) and PayPal (PYPL). The largest corporate holder of bitcoin, Strategy (MSTR), dropped 2.5%, while crypto exchange Coinbase (COIN) fell 2% and bitcoin miner MARA Holdings (MARA) dipped 2.6%. Riot Platforms (RIOT) declined 3.6%. The moves come as the US Dollar ( strengthens amid news surrounding US trade deals and as President Trump backed off from firing Fed Chair Jerome Powell after an unusual visit to the Federal Reserve. Crypto stocks fell Friday — save for Robinhood (HOOD) and PayPal (PYPL). The largest corporate holder of bitcoin, Strategy (MSTR), dropped 2.5%, while crypto exchange Coinbase (COIN) fell 2% and bitcoin miner MARA Holdings (MARA) dipped 2.6%. Riot Platforms (RIOT) declined 3.6%. The moves come as the US Dollar ( strengthens amid news surrounding US trade deals and as President Trump backed off from firing Fed Chair Jerome Powell after an unusual visit to the Federal Reserve. Stocks crawl higher at the open US stocks inched higher, near all-time highs, at the open on Friday after a week of major earnings and trade deals. The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1%. The tech-heavy Nasdaq Composite (^IXIC) traded just above the flat line. US stocks inched higher, near all-time highs, at the open on Friday after a week of major earnings and trade deals. The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1%. The tech-heavy Nasdaq Composite (^IXIC) traded just above the flat line. Dollar gains steam after Trump downplays clash with Fed Chair Powell The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. Phillips 66 stock rises after beating profit estimates on higher refining margins Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million. Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million. Health insurer Centene reports surprise quarterly loss Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Google Search is readying the next generation for AI Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief: Read more here. Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Durable goods orders (June preliminary) Earnings: Charter Communications (CHTR) Here are some of the biggest stories you may have missed overnight and early this morning: Intel stock falls as chipmaker cuts jobs, drops factory plans Google Search is readying the next generation for AI Trump: Australia has agreed to accept American beef Who benefits if Trump drops capital gains tax on home sales Americans are struggling to pay bills and feeling anxious about it Japan pushes back against US view of trade-deal profit split Trump and Powell clash in public — then Trump takes softer tone Amazon scraps plans for $350M cloud facility in Ireland Health insurer Centene's stock falls after surprise Q2 loss Economic data: Durable goods orders (June preliminary) Earnings: Charter Communications (CHTR) Here are some of the biggest stories you may have missed overnight and early this morning: Intel stock falls as chipmaker cuts jobs, drops factory plans Google Search is readying the next generation for AI Trump: Australia has agreed to accept American beef Who benefits if Trump drops capital gains tax on home sales Americans are struggling to pay bills and feeling anxious about it Japan pushes back against US view of trade-deal profit split Trump and Powell clash in public — then Trump takes softer tone Amazon scraps plans for $350M cloud facility in Ireland Health insurer Centene's stock falls after surprise Q2 loss Trending tickers: Deckers, Strategy and centene Here are some top stocks trending on Yahoo Finance in premarket trading: Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts' estimates in the fiscal first quarter ended June 30. Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Here are some top stocks trending on Yahoo Finance in premarket trading: Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts' estimates in the fiscal first quarter ended June 30. Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Intel stock slides amid plans to cut 15% of workforce, cancel factories Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Oil steady as investors weigh trade optimism against potential Venezuelan supply increase Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
India Trade Pact Nears, US Beef Floods In--What Investors Should Watch Next
Australia may be on the brink of deepening its trade ties with India, according to Trade Minister Don Farrell, who suggested a broader free trade deal could have been inked months ago if not for a timing clash with the May election. Speaking at the Lowy Institute, Farrell hinted that the delay was procedural, not political, and noted that his Indian counterpart is currently focused on high-stakes tariff talks with President Donald Trump's administration. The existing FTAsigned back in April 2022cut tariffs across most sectors, but left out sensitive Australian exports like chickpeas, dairy, and wheat. Farrell expects those gaps could be closed bit by bit, as part of a multi-stage rollout. Warning! GuruFocus has detected 7 Warning Signs with TSN. That optimism is surfacing just as India finalizes a major agreement with the UK and bilateral trade with Australia hits nearly A$50 billion ($32.9 billion) in 2023. Farrell said the structure of a final deal with India is likely to be incremental, owing to political realities on both sides. Still, with Canberra actively seeking to diversify away from Chinaits top trading partnera more comprehensive agreement with India could be a meaningful next step. For investors eyeing agri-exporters, particularly in grains and dairy, the next phase of negotiations could shape longer-term access to one of the world's fastest-growing consumer markets. In a separate move with potential ripple effects, Australia just lifted all remaining restrictions on US beef importsa long-standing ask from the Trump administration. The announcement triggered a celebratory post from President Trump on TruthSocial, but Farrell was quick to tamp down the political narrative, stating the decision was based on science and years of internal review. We haven't done this to win favorwe think the Americans should trade with us anyway, he said. Whether this opens the door to a broader trade pact with the US remains to be seen, but the development is unlikely to go unnoticed by investors in US meat giants like Tyson Foods (NYSE:TSN) or Brazil's JBS, both of which could stand to benefit from expanded market access. This article first appeared on GuruFocus.
