Country Garden Agrees to Key Bank Demands, Easing Debt Deal Path
The company, once China's biggest developer, has sent a document to a group of banks known as the co-ordination committee addressing their concerns. The document details a deal in which the key term is $178 million in compensation that Country Garden will pay the banks for the return of seized collateral, the people said, asking not to be identified discussing private matters.
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Yahoo
19 minutes ago
- Yahoo
Dollar Extends July Rally After US-EU Trade Deal: Markets Wrap
(Bloomberg) -- Wall Street kicked off a pivotal week with the dollar climbing after President Donald Trump reached a tariff deal with the European Union and signs mounted that the US and China will extend their trade truce. Stocks held near a record and bonds edged lower. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Budapest's Most Historic Site Gets a Controversial Rebuild Trump Administration Sues NYC Over Sanctuary City Policy The start of a week that will set the tone for the rest of the year in markets saw the greenback extending a rally for July,which is poised to be its best month in 2025. The S&P 500 hovered around 6,400. Treasuries saw small losses before a pair of US debt sales. Oil rose as Trump said he would reduce the deadline for Russia to agree to a truce in Ukraine. Subscribe to the Stock Movers Podcast on Apple, Spotify and other Podcast Platforms. In the run-up to the Aug. 1 US tariff deadline, traders will go through a raft of key data from jobs to inflation and economic activity. The big event comes Wednesday, when the Federal Reserve is expected to keep rates unchanged. Then there's a string of big-tech earnings, with four megacaps worth a combined $11.3 trillion reporting results. 'This is about as busy as a week can get in the markets,' said Chris Larkin at E*Trade from Morgan Stanley. 'This week could make or break that momentum in the near term.' US and Chinese officials kicked off two days of talks aimed at extending their tariff truce beyond a mid-August deadline and hashing out ways to maintain trade ties while safeguarding economic security. President Trump said he would impose a new deadline of 10-12 days for Russian leader Vladimir Putin to reach a truce with Ukraine, ramping up pressures on Moscow to bring the fighting to a halt. This earnings season is off to a solid start, but now all eyes are on quarterly results from Microsoft Corp. and Meta Platforms Inc. on Wednesday, and Apple Inc. and Inc. on Thursday. electronic devices and software to cloud-computing and e-commerce. So far, Corporate America appears to be taking tariffs in stride. With about a third of S&P 500 firms having reported, roughly 82% have beaten profit forecasts, on track for the best quarter in about four years, data compiled by Bloomberg Intelligence show. The US reporting season is off to a strong start, but it would be premature to write off the impact of tariffs on inflation and corporate earnings, according to RBC Capital Markets strategists led by Lori Calvasina. 'It's still too early to assume tariffs won't generate inflation pressures,' Calvasina wrote in a note that was published Sunday, after the trade agreement between the European Union and the US was announced. 'It also poses a risk to the path of stock prices if company outlooks for 2026 don't end up being as rosy as investors have been anticipating.' Progress in trade negotiations will take the S&P 500 to a third consecutive year of 20% gains, according to Oppenheimer Asset Management, a feat unseen since the late 1990s. Chief investment strategist John Stoltzfus raised his year-end target for the US benchmark to 7,100 points from 5,950. Some market forecasters including Morgan Stanley's Michael Wilson have turned more optimistic about the S&P 500 as they expect earnings to remain upbeat. The technical evidence suggests a broadening of participation in equities off the April low, according to Craig Johnson at Piper Sandler. 'Despite a slight easing in momentum as investors await earnings, the combination of several major indices at all-time highs and improving market breadth continues to draw investors off the sidelines, offering opportunities to buy the dip,' he said. Corporate Highlights: Samsung Electronics Co. will produce AI semiconductors for Tesla Inc. in a new $16.5 billion pact that marks a win for its underperforming foundry division. Cisco Systems Inc. was downgraded to inline at Evercore, which mentioned valuation following recent gains. Nike Inc. was raised to overweight at JPMorgan Chase & Co., which cited the earnings impact of the sportswear maker's five-pronged multi-year recovery plan. PayPal Holdings Inc. will soon allow businesses to accept more than one hundred cryptocurrencies at checkout. US regulators are investigating the death of an 8-year-old boy in Brazil who received Sarepta Therapeutics Inc.'s Elevidys. 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Miami Herald
43 minutes ago
- Miami Herald
Hyundai Steel, LG Energy Solution turn profit in second quarter
SEOUL, July 28 (UPI) -- Major South Korean companies Hyundai Steel and LG Energy Solution turned a profit during the second quarter of this year. Hyundai Steel, the country's No. 2 iron maker, announced last week that it posted $4.3 billion in sales during the April-June period, with an operating profit of $74 million. The company suffered a loss over the previous two quarters. "During the second half of this year, Chinese steel exports are expected to decline further due to supply restrictions in the country," NH Investment & Securities analyst Lee Jae-kwang noted in a market report. "The anti-dumping tariffs on Chinese heavy plate steel are also projected to have a positive effect on Hyundai Steel," he said. In April, South Korea levied tariffs of up to 38% on Chinese heavy plate steel for four months. LG Energy Solution, a rechargeable battery maker, said Friday that the Seoul-based corporation recorded revenue of $4 billion in the second quarter, with an operating profit of $356 million. The company was profitable for the first time in six quarters. "We succeeded in turning a profit even excluding the [U.S.] Inflation Reduction Act tax credits, thanks to an increased share of high-margin products and projects manufactured in North America," LG Energy Solution CFO Lee Chang-sil told a conference call. He said that the company would try to improve profits later this year by boosting the production of batteries for energy storage systems. LG Energy Solution has received tax credits under the Inflation Reduction Act for running and building battery plants in the United States. Also included in other turnaround companies in the second quarter were Hotel Shilla, an operator of luxury hotels and duty-free shops, and brokerage house Woori Investment Securities. Copyright 2025 UPI News Corporation. All Rights Reserved.
Hamilton Spectator
44 minutes ago
- Hamilton Spectator
The Latest: Trump to discuss trade with British Prime Minister Keir Starmer in Scotland
President Donald Trump is in Scotland, where he is meeting with British Prime Minister Keir Starmer to refine a trade deal the two leaders signed last month. During Monday's meeting with Starmer, Trump said that Israel 'has a lot of responsibility' for what is happening in Gaza, but said the country is hampered by considerations of the remaining hostages it wants to see freed and kept alive. Over the weekend, Trump visited his golf properties as his family's business prepares to open a new Scottish course bearing his name in August. Critics argue the overseas trip — with its entourage of advisers, White House and support staffers, Secret Service agents and reporters — is an example of Trump's blending of presidential duties with promoting his family's business interests. The White House has called the visit a working trip. 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Trump says he's only going to give Russia 10 to 12 more days to reach peace The president was asked to clarify after he said earlier Monday that he would shorten his 50-day window for Russia to reach peace with Ukraine. Trump said there was 'no reason in waiting.' 'We just don't see any progress being made,' he added. Trump says he will shorten deadline for Russia to reach peace in Ukraine Two weeks ago, the president said he would give Russia and Ukraine just 50 days to make a deal to end the war. Now, Trump said, he's going to reduce that time to a 'lesser number.' 'I think I already know the answer, what's going to happen,' he said, expressing skepticism that Russian President Vladimir Putin is willing to reach an agreement. Trump repeated his criticism of Putin for talking about ending the war, only to continue bombarding Ukraine. 'And I say, that's not the way to do it,' Trump said. He added that 'I'm disappointed in President Putin.' Trump disagrees with Israeli leader's claim that there's 'no starvation in Gaza' The president, when asked if he agreed with Israeli Prime Minister Benjamin Netanyahu's remarks about hunger in Gaza, said, 'I don't know. I mean, based on television, I would say not particularly because those children look very hungry.' Netanyahu on Sunday said, 'There is no policy of starvation in Gaza and there is no starvation in Gaza.' Starmer, standing next to Trump, said, 'We've got to get that ceasefire' in Gaza and called it 'a desperate situation.' Trump said the two will talk about the humanitarian situation in Gaza when they meet inside. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? 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