Latest news with #ASIAN
Al Etihad
13 hours ago
- Business
- Al Etihad
US aluminium, steel prices jump, shares drop on Trump's new tariffs
2 June 2025 16:46 LONDON/SEOUL/SINGAPORE (Reuters) US prices of steel and aluminium spiked on Monday while shares of foreign steelmakers slumped after US President Donald Trump said he would double tariffs on imports of the two metals to 50%. Trump announced on Friday the new steel and aluminium levies, which take effect on June 4, intensifying a global trade war. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of steel imported in 2024, according to the Department of some industry experts questioned whether the tariffs will be implemented as stated, in light of Trump's earlier reversals, they said uncertainty and climbing prices of the metals would dampen industrial activity."Higher prices are also likely to weigh further on US steel demand from the manufacturing sector, which we already expect to contract this year," said analyst Eoin Dinsmore at Goldman premium for consumers buying aluminium on the physical market in the United States jumped 54% while US hot rolled coil steel climbed by 5%.Germany's second-biggest steelmaker Salzgitter warned that Washington's tariff policy was dealing a severe blow to European United States accounted for around a fifth of European steel exports outside of the EU, according to Germany's steel were sceptical about whether the full force of the tariffs as announced on Friday would come into the tariff shift was applauded by US aluminium producers, who said the move would stop a "flood" of imports."For decades, subsidized foreign producers have hollowed out domestic aluminum manufacturing," said Mark Duffy, president of the American Primary Aluminum of US steelmakers climbed in premarket trade, with Nucor, Cleveland-Cliffs and Steel Dynamics surging between 14% and 26%. ASIAN STEEL SHARES SLIDE Shares of steelmakers eroded in South Korea, which was the fourth-biggest exporter of steel to the United States last year, behind Canada, Mexico and Brazil, according to American Iron and Steel Institute Korea's Industry Ministry said in a statement that it had held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel . Shares of South Korean steelmakers POSCO and Hyundai Steel fell 3% and SeAH Steel Corp tumbled 8%.In Vietnam, steel companies Hoa Sen Group, Nam Kim Steel and Vietnam Steel Corp skidded from 2.7% to 3.4%.The 50% tariffs will add to the challenges facing Korean steel exporters, which have refrained from sharply boosting exports to the US to avoid Washington's scrutiny, despite rising US steel prices, an industry executive told and aluminium tariffs were among the earliest Trump imposed when he returned to office in January. The tariffs of 25% on most steel and aluminium imported to the US went into effect on March 12. TRADE TALKS South Korea, a major US ally, has called for an exemption from tariffs on steel, autos and others items, during talks with the United States. Seoul agreed in late April to craft a trade package by the end of the 90-day pause on Trump's reciprocal tariffs in July, but it has been difficult for negotiators to make big decisions due to a political leadership vacuum ahead of elections on late March, Hyundai Steel announced a plan to build a $5.8 billion factory in Louisiana in response to US tariffs, but the factory will not open until 2029. In April, Hyundai Steel's bigger rival POSCO signed a preliminary deal to make an equity investment in the factory India, which relies heavily on the US for aluminium exports, industry experts also warned of a major hit."This is going to have a detrimental impact," BK Bhatia, director-general at the Federation of Indian Mineral Industries, the country's leading mining body, told Reuters. "The US is the biggest market for Indian aluminium. Government has been negotiating so we are hopeful that with talks, the tariffs will come down."
Barnama
3 days ago
- Politics
- Barnama
Top News Headlines In Cambodia, Indonesia, Myanmar, Thailand, Singapore & Vietnam: May 31, 2025
Cambodia and Thailand will adhere to the 2000 Memorandum of Understanding on the survey and demarcation of the land boundary. Both governments agreed to adopt all existing mechanisms, especially the Joint Boundary Commission, to resolve border issues. The Tourism Ministry launched the "Visit Cambodia " campaign during the green season to woo more tourists to the Kingdom. The aim is to boost tourism during the green season, usually the rainy season when tourist numbers drop. The Health Ministry has reported a decline in the national stunting rate among children, from 21.5 per cent in 2023 to 19.8 per cent last year, marking progress toward reaching President Prabowo Subianto's 14 per cent target although experts warn substantial efforts are still needed to maintain progress. 2. PALACE CLARIFIES: PRABOWO TOASTED MACRON WITH APPLE JUICE, NOT ALCOHOL -- JAKARTA GLOBE The Presidential Palace clarified on Friday that President Prabowo Subianto was drinking non-alcoholic apple juice -- not wine -- during a toast with French President Emmanuel Macron, following online speculation about the beverage's contents. The two leaders were photographed clinking glasses during a state dinner at the Merdeka Palace on Wednesday, with golden-coloured drinks in hand. MYANMAR 1. GOVT OUTLINES STRATEGY TO RESET ECONOMY -- THE GLOBAL NEW LIGHT OF MYANMAR The government will focus on three key pillars to reboot the economy following the March 28 earthquake. The first is humanitarian relief and social protection and the second and the third pillars relate to infrastructure reconstruction and economic revival and reform. 2. MINISTRY TO TIGHTEN E-CIGARETTES RULES -- THE GLOBAL NEW LIGHT OF MYANMAR The Health Ministry said a survey last year revealed tobacco users in Myanmar have declined. Still, there is a rise in the use of electronic nicotine delivery systems like e-cigarettes. The ministry called for stricter control measures to curb the vice. SINGAPORE 1. MACRON TOUTS 'POSITIVE NEW' ASIA-EUROPE ALLIANCE AMID US-CHINA RIVALRY -- THE STRAITS TIMES French President Emmanuel Macron urged Asia and Europe to work together in a new coalition based on common principles to push back against the inevitability of being caught between global superpowers. 2. FRANCE'S MACRON CALLS FOR ASIAN COALITIONS AS HE WARNS OF US-CHINA DIVISIONS -- CNA French President Emmanuel Macron said on Friday (May 30) that division between the two superpowers, the United States and China, is the main risk currently confronting the world as he emphasised the need for building new coalitions between Paris and partners in the Indo-Pacific. THAILAND 1. RTA ISSUE STATEMENT TO RESOLVE CLASH POINT IN CHONG BOK AREA -- THE NATION The Royal Thai Army (RTA) is preparing to issue a statement on Friday to resolve the recent clash point in the Chong Bok area, Ubon Ratchathani province. 2. PM VOWS B157BN FOR TOURISM POT -- BANGKOK POST Prime Minister Paetongtarn Shinawatra said she aims to inject 157 billion baht to stimulate the tourism sector, with a focus on improving safety and convenience for visitors, along with efforts to boost the sector in general. VIETNAM 1. QUANG NINH TO TAP MUSLIM-FRIENDLY TOURISM -- VIETNAMPLUS The northern province of Quang Ninh wants to transform into a Muslim-friendly tourist destination by building a halal tourism sector. The aim is not only to woo foreign visitors but also to showcase Vietnam's religious diversity. 2. LARGE-SCALE VIETNAMESE LYCHEE PROMOTION -- VIETNAMPLUS Hai Duong province launched the 2025 Thanh Ha lychee harvest season and trade conference yesterday to promote the fruit. Hai Duong has 8,800 hectares of lychee with an estimated production of 65,000 metric tonnes. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
Malaysian Reserve
22-05-2025
- Business
- Malaysian Reserve
Asian shares drop, 30-year treasuries hold losses: Markets wrap
ASIAN shares fell and Treasuries held Wednesday's declines as concerns grow over a proposed tax bill that would enlarge the US deficit. A regional stock gauge dropped for the first time in three days on weaker openings in Australia, Japan and South Korea. A gauge of the dollar edged down for a fourth consecutive session. US equity-index futures drifted higher after the S&P 500 index closed down 1.6% on Wednesday, its sharpest slide in a month. Yield on the 30-year US sovereign bond stayed above the crucial 5% mark. Opposition to President Donald Trump's tax-cut plan and the ballooning deficit is showing up in the bond market with Treasuries falling across the curve Wednesday. Tepid demand for a $16 billion sale of 20-year bonds rekindled fears over US government borrowing. That sapped sentiment after a sharp rebound in risk assets over the past month and revealed structural concerns in the debt market. Long-term yields 'are probably biased to the upside in the very near term, given concerns over the upcoming tax bill bill, in terms of adding to the deficit,' Audrey Goh, a head of asset allocation at Standard Chartered Wealth Management Group, said in a Bloomberg TV interview. There's also some uncertainty on 'how much demand will be out there for long-term Treasury bills.' The concern in the bond market is that the tax bill would add trillions of dollars in coming years to already bulging budget deficits at a time when investor appetite is waning for US assets across the globe. Traders have been piling into bets that long-term bond yields would surge on concerns over the US's swelling debt and deficits, with Moody's Ratings on Friday lowering the nation's credit score below the top triple-A level. For many, the message was: Unless America gets its finances in order, the perceived risks of lending to the government will rise. In Japan as well, the sovereign debt market is flashing a warning to the central bank that dialing back its bond purchases needs to be done with great care. The issue was in sharp relief this week, with investors shunning an auction of government debt and yields soaring. 'It's a global issue as investors struggle with a new playing field,' said Nick Twidale, chief analyst at AT Global Markets Australia. With the spike in Japanese government bond yields, Japan's fiscal health could become 'a concern' for global investors, he said. In Asia, investors will be monitoring the Korean won after the currency jumped to a six-month high. Local media had reported that the US believes a relatively weak won is a fundamental cause of South Korea's trade surplus. The currency weakened 0.4% in early Asian trade. Markets Live Strategist Mary Nicola says: 'Asia's currencies are poised to rise given valuations and the Trump administration's commitment to mending glaring imbalances. The pace and scale of those gains will depend less on fundamentals and more on a delicate balance of geopolitics, policy signaling, and the trade-offs between growth and global diplomacy.' Meanwhile, former Treasury Secretary Steven Mnuchin said he's more alarmed by the US's growing budget deficit than its trade imbalances, and urged Washington to prioritize fiscal repair. The murky economic outlook fueled hedging activity in Treasury options, with investors targeting higher rates on longer-dated bonds by the end of the year. Those wagers echo sentiment on Wall Street, where strategists from Goldman Sachs Group Inc. to JPMorgan Chase & Co. are lifting their forecasts for yields. 'These higher yields make it much tougher to justify today's very high valuation levels,' said Matt Maley at Miller Tabak. 'So, it's something that will likely create some renewed headwinds for stocks.' In commodities, gold rose for a fourth session Thursday. Oil extended its drop as higher US crude stockpiles reinforced worries about an oversupplied market, with geopolitical concerns also in focus. Bitcoin hit an all-time high. –BLOOMBERG Some of the main moves in markets: S&P 500 futures rose 0.2% as of 10:19 a.m. Tokyo time Japan's Topix fell 0.5% Australia's S&P/ASX 200 fell 0.3% Hong Kong's Hang Seng rose 0.6% The Shanghai Composite rose 0.2% Euro Stoxx 50 futures fell 0.5% The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1329 The Japanese yen rose 0.2% to 143.38 per dollar The offshore yuan rose 0.1% to 7.1957 per dollar Bitcoin rose 1.5% to $109,960.36 Ether rose 3.2% to $2,589.45 The yield on 10-year Treasuries was unchanged at 4.60% Australia's 10-year yield advanced six basis points to 4.51% West Texas Intermediate crude fell 0.6% to $61.22 a barrel Spot gold rose 0.5% to $3,330.20 an ounce This story was produced with the assistance of Bloomberg Automation.
The Star
21-05-2025
- Business
- The Star
Asian stocks edge up as US trade deals, fiscal health in focus
ASIAN equities edged higher on Wednesday, with risk appetite contained by elevated bond yields as investors remained nervous about the fiscal outlook of major developed economies and the lack of progress on fresh trade deals. Crude prices rose more than $1 a barrel after a CNN report said that Israel was preparing a strike on Iranian nuclear facilities, raising supply concerns out of the key Middle East producing region and bringing geopolitical concerns back into focus. All eyes are also on the Japanese bond markets, a day after yields on super-long tenors surged to record highs on worries about demand for the country's debt after a weak 20-year auction. In early trading on Wednesday, the yield on 20-year bonds edged up 2 basis points, while those on the 30-year JGB slipped 1.5 bps. In stocks, China's blue-chip index was muted in early trading, while Hong Kong's Hang Seng Index rose 0.58%. China said it could take legal action against any individual or organisation assisting or implementing U.S. measures that advise companies against using advanced semiconductors from China. The MSCI's broadest index of Asia-Pacific shares outside Japan crept up 0.5%, while Japan's Nikkei was down 0.18%. "The markets are hungry for new catalysts to pique further risk appetite," said Kyle Rodda, senior financial market analyst at "The U.S.'s backflip on trade policy and the damage control that it went into to clean up the mess it created with the Liberation Day tariffs signals a determination to get all of this done. That's what is keeping equity valuations well supported." Data on Wednesday showed Japanese shipments to the U.S. fell in April even as exports rose for the seventh straight month, highlighting the toll President Donald Trump's tariffs could take on the fragile economic recovery in Japan. Fiscal woes were also reflected on Wall Street, with the benchmark S&P 500 snapping a six-day winning streak on Tuesday, limited by a rise in U.S. Treasury yields, which were steady in Asian hours on Wednesday. A tax bill that could add about $3 trillion to $5 trillion to the U.S. federal government's mushrooming $36.2 trillion debt load is expected to be voted on later this week in Congress, just days after Moody's became the latest agency to lower the country's credit rating. Analysts also noted that any progress on new trade deals between the U.S. and its trade partners could fuel risk appetite, although concerns were that Trump's policies could have already damaged the global economy. On Tuesday, U.S. Federal Reserve officials said that higher prices were coming on the back of rising U.S. import tariffs and counselled patience before making any interest rate decisions. Traders were also wary of U.S. officials angling for a weaker greenback at Group of Seven finance minister meetings currently underway in Canada. In Europe, STOXX 50's futures were steady while FTSE 100 futures were muted, with caution setting in ahead of a consumer inflation report expected later in the day out of the United Kingdom. Economists polled by Reuters forecast the consumer price index to rise 3.3% in April from the previous month's 2.2%. The dollar index, which measures the U.S. currency against six other units, edged down 0.03% to 99.938, following a 1.3% two-day decline. The Japanese yen strengthened to 144.27 per dollar, hovering near its strongest level in two weeks. Gold prices rose on Wednesday as the dollar weakened and investors flocked to safe-haven assets. Spot gold was 0.14% at $3,293 per ounce, the highest in more than a week. - Reuters
India Today
19-05-2025
- Health
- India Today
Discover 6 nutritious gluten-free wheat substitutes
With rising awareness about gluten intolerance, celiac disease, and healthier eating, more people are exploring gluten-free alternatives to wheat. Fortunately, a variety of nutritious and versatile options are now available. Here are six of the best gluten-free substitutes for wheat that can be safely enjoyed by everyone, whether you're avoiding gluten for medical reasons or simply seeking healthier RICE FLOURA STAPLE IN ASIAN COOKINGRice flour, made from finely milled white or brown rice, is a mild and neutral substitute commonly used in gluten-free baking and cooking. BENEFITSEasily digestibleNaturally gluten-freeRich in carbohydrates and B vitaminsUSESBaking breads, cakes, and cookiesThickening soups and saucesMaking rice noodles and pancakes2. ALMOND FLOURA PROTEIN-RICH, LOW-CARB OPTIONMade from finely ground blanched almonds, almond flour is nutrient-dense and has a slightly sweet, nutty in protein, healthy fats, and vitamin ELow in carbsPromotes heart and brain healthUSESBaking muffins, cookies, and pancakesCrust for meat or vegetablesLow-carb recipes and desserts3. COCONUT FLOURFIBER-RICH AND FLAVORFULCoconut flour is made from dried coconut meat and is known for its absorbent texture and mild coconut in dietary fiberSupports digestive healthNaturally sweet—may reduce need for added sugarUSESGluten-free baking (used with other flours)Paleo recipesThickening smoothies or sauces4. BUCKWHEATA GLUTEN-FREE GRAIN WITH HEARTY TEXTUREDespite its name, buckwheat is not related to wheat and is completely gluten-free. It's a seed and part of the pseudo-grain in fiber and essential amino acidsContains rutin, an antioxidant for heart healthLowers blood sugar levelsUSESMaking noodles (like soba)Baking pancakes and crepesAdding to salads or grain bowls5. MILLETAN ANCIENT WHOLE GRAIN FOR MODERN DIETSMillet is a small, round grain that's naturally gluten-free and highly adaptable to in magnesium, phosphorus, and antioxidantsPromotes bone and heart healthEasily digested and hypoallergenicUSESAs a porridge or rice substituteIn flatbreads and fermented battersBaking and puffed snacks6. QUINOAA COMPLETE PROTEIN AND SUPERFOODQuinoa is a pseudo-grain known for being one of the few plant foods that contains all nine essential amino in protein and fibreGluten-free and nutrient-richSupports weight management and muscle healthUSESSalads, bowls, and stir-friesGround into flour for bakingUsed in energy bars or breakfast cerealsadvertisementReplacing wheat doesn't mean compromising on taste or nutrition. These six gluten-free alternatives—rice flour, almond flour, coconut flour, buckwheat, millet, and quinoa—offer diverse textures, flavours, and health benefits. Whether you're gluten-intolerant, have celiac disease, or just want to try cleaner eating, these substitutes provide safe, healthy, and delicious options.
