Trump tariffs: Washington threatens to hike penalties for Indian purchases of Russian oil
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CNA
3 minutes ago
- CNA
Apple leads surge in global tech shares after Trump tariff relief
Global technology stocks advanced on Thursday in a relief rally after the latest tariff salvo from U.S. President Donald Trump largely exempted industry heavyweights from his threat to impose 100 per cent levy on chips and semiconductors. Trump said the new tariff rate would apply to "all chips and semiconductors coming into the United States," but would not apply to companies that had made a commitment to manufacture in the U.S. or were in the process of doing so. Apple's stock rose 3.3 per cent in premarket trading after Trump's announcement on Wednesday that the company will invest an additional $100 billion in the U.S., a move that could help it sidestep potential tariffs on iPhones. U.S.-listed chipmakers advanced broadly, with Advanced Micro Devices up 2.5 per cent, Intel gaining 2.1 per cent and Nvidia up 1.1 per cent. "A major uncertainty has been removed and investors can finally move on," UBS analysts said in a note. Semiconductor manufacturing equipment supplier Applied Materials and chipmakers Texas Instruments, GlobalFoundries and Broadcom - Apple's partners in the investment effort - climbed between 0.8 per cent and 10.1 per cent. European chipmakers also joined the rally, with ASML, ASMI and BE Semiconductor Industries climbing about 3 per cent each. Germany's Infineon said it could not speculate on possible semiconductor tariffs, as no details have been disclosed yet. Its shares were up 0.6 per cent. Trump's latest on semiconductor tariffs seemingly rules out Taiwanese chip contract manufacturer TSMC, which makes chips for most U.S. companies, including Nvidia, as it has factories in the U.S. "The market remains keen to buy TSMC on dips. Investors also believe they need to remain positioned in AI - with or without tariffs," UBS analysts said. TSMC shares closed almost 5 per cent higher to hit all-time highs, while Samsung Electronics and SK Hynix climbed 2.5 per cent and 1.4 per cent, respectively. South Korea's Samsung and SK Hynix will also not be subjected to 100 per cent tariffs on chips, the country's top trade envoy said. Samsung has invested in two chip fabrication plants in Austin and Taylor, Texas, while SK Hynix has announced plans to build an advanced chip packaging plant and research and development facility for artificial intelligence products in Indiana. Since stepping into the White House in January, Donald Trump has made several tariff threats, specifically on semiconductors, aimed at reshaping the supply chain of the industry and spurring domestic production. "The (100 per cent tariff) figure fits Trump's approach of 'open high, negotiate down' and the final figure could be similar to reciprocal tariffs to limit inflation in consumer goods, given that many have chips," said Phelix Lee, senior equity analyst at Morningstar. Not everyone has come out of the latest blitz on the right side, with the Philippines and Malaysia looking to find out more details about the tariff rate. Dan Lachica, the president of the trade body for the Philippine semiconductor industry, said 70 per cent of its electronics exports are semiconductors and the new tariff rate would be "devastating". Philippine stocks were down 0.1 per cent after falling as much as 0.9 per cent during the day.
CNA
3 minutes ago
- CNA
Airbnb dips as slower growth outlook renews fears of travel demand slowdown
Shares of Airbnb slumped 6 per cent before the bell on Thursday after the company forecast slower growth in the second half of the year, disappointing investors of the sector expecting a rebound in travel demand after strong outlooks from major travel firms. The vacation home rental's gloomy outlook came as setback to the industry, which saw a rebound in consumer sentiment in July, and was expecting budget-conscious Americans to return to vacations despite tariffs and inflation. United Airlines and Hilton Worldwide last month forecast an uptick in bookings and strong fourth-quarter revenue growth. Last week, online travel agency Booking Holdings also posted upbeat quarterly results. "The company (Airbnb) sees tariffs having an impact on margins in the third quarter, with the initial tariffs shock in April leading to a big drop in bookings," said Danni Hewson, head of financial analysis at AJ Bell. Investors will now focus on results from Expedia Group, due after the bell, to better gauge the health of the travel industry in the United States. Airbnb attributed its weak growth outlook to tough comparisons with the year-ago period, when strong bookings in Asia and Latin America had helped earnings. The company expects night bookings growth to moderate year-over-year going into the fourth quarter. It expects the implied take rate, or the ratio of revenue to gross bookings, to remain flat in the third quarter. So far this year, Airbnb and Expedia shares have both fallen 0.6 per cent each compared with an 11.4 per cent rise in Booking Holdings during the same period. Airbnb commands a higher forward price-to-earnings multiple of 28.41, compared with Booking that's trading at a more modest 22.69 and Expedia at 11.57.
CNA
34 minutes ago
- CNA
Germany's SAP to invest 150 million euros in Vietnam R&D centre
HANOI :German software maker SAP will invest 150 million euros ($175.13 million) in a research and development centre in Vietnam over the next five years, the firm said on Thursday. SAP Labs Vietnam will be located in the business hub Ho Chi Minh City and will have 500 employees by 2027, it said in a statement. ($1 = 0.8565 euros)
