Latest news with #CarolKong
The Advertiser
2 days ago
- Business
- The Advertiser
Asian shares rise as US-China trade talks progress
Stocks are subdued and the dollar steady amid a lack of detail from US-China trade talks that promised high-level agreement but appeared to do little to resolve longstanding tensions between the world's biggest economies. Bond investors were also hunkered down for a reading on US inflation due at 8.30am US Eastern time on Wednesday that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the country's debt. In London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders. US Commerce Secretary Howard Lutnick said the implementation plan should result in restrictions on rare earths and magnets being resolved, but offered no specifics. "Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Australia's Commonwealth Bank. "It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she said. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Billionaire Elon Musk also said he regretted some of the posts he made last week about Trump, opening the way to a healing of an abrupt rift that has roiled Washington and hurt shares in Musk's Tesla. Investors in US stocks, who have been badly burned by trade turmoil before, remained cautious, with S&P 500 futures and Nasdaq futures both down 0.2 per cent. Asian shares were slightly more positive, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6 per cent, while the STOXX benchmark for major European shares edged down 0.1 per cent. The reaction in currency markets was equally muted, with the dollar strengthening slightly against the Japanese yen to trade at 145.15. The euro edged down 0.1 per cent to $US1.1433, nudging the dollar index up to 99.041. Bond investors also waited for an auction of $US39 billion in 10-year notes later in the day, anxious to see if foreign buyers turn up. Ten-year Treasury yields were little changed at 4.4977 per cent. Concerns about huge US budget deficits and debt have combined with unease over the White House's shifting policies to make investors demand a higher term premium for holding Treasuries. Data on US consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline consumer price index to rise 0.2 per cent and the core 0.3 per cent, which would nudge the annual rates up to 2.5 per cent and 2.9 per cent, respectively. Anything higher would be a setback to hopes for more rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60 per cent chance of a move in September. In commodity markets, gold gained 0.24 per cent to $US3,329 an ounce. Oil prices rose to a seven-week high as markets assessed the outcome of the US-China trade talks. Brent crude futures rose 82 cents to $US67.69 a barrel, while US crude was up 96 cents to $US65.94. Stocks are subdued and the dollar steady amid a lack of detail from US-China trade talks that promised high-level agreement but appeared to do little to resolve longstanding tensions between the world's biggest economies. Bond investors were also hunkered down for a reading on US inflation due at 8.30am US Eastern time on Wednesday that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the country's debt. In London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders. US Commerce Secretary Howard Lutnick said the implementation plan should result in restrictions on rare earths and magnets being resolved, but offered no specifics. "Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Australia's Commonwealth Bank. "It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she said. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Billionaire Elon Musk also said he regretted some of the posts he made last week about Trump, opening the way to a healing of an abrupt rift that has roiled Washington and hurt shares in Musk's Tesla. Investors in US stocks, who have been badly burned by trade turmoil before, remained cautious, with S&P 500 futures and Nasdaq futures both down 0.2 per cent. Asian shares were slightly more positive, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6 per cent, while the STOXX benchmark for major European shares edged down 0.1 per cent. The reaction in currency markets was equally muted, with the dollar strengthening slightly against the Japanese yen to trade at 145.15. The euro edged down 0.1 per cent to $US1.1433, nudging the dollar index up to 99.041. Bond investors also waited for an auction of $US39 billion in 10-year notes later in the day, anxious to see if foreign buyers turn up. Ten-year Treasury yields were little changed at 4.4977 per cent. Concerns about huge US budget deficits and debt have combined with unease over the White House's shifting policies to make investors demand a higher term premium for holding Treasuries. Data on US consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline consumer price index to rise 0.2 per cent and the core 0.3 per cent, which would nudge the annual rates up to 2.5 per cent and 2.9 per cent, respectively. Anything higher would be a setback to hopes for more rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60 per cent chance of a move in September. In commodity markets, gold gained 0.24 per cent to $US3,329 an ounce. Oil prices rose to a seven-week high as markets assessed the outcome of the US-China trade talks. Brent crude futures rose 82 cents to $US67.69 a barrel, while US crude was up 96 cents to $US65.94. Stocks are subdued and the dollar steady amid a lack of detail from US-China trade talks that promised high-level agreement but appeared to do little to resolve longstanding tensions between the world's biggest economies. Bond investors were also hunkered down for a reading on US inflation due at 8.30am US Eastern time on Wednesday that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the country's debt. In London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders. US Commerce Secretary Howard Lutnick said the implementation plan should result in restrictions on rare earths and magnets being resolved, but offered no specifics. "Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Australia's Commonwealth Bank. "It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she said. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Billionaire Elon Musk also said he regretted some of the posts he made last week about Trump, opening the way to a healing of an abrupt rift that has roiled Washington and hurt shares in Musk's Tesla. Investors in US stocks, who have been badly burned by trade turmoil before, remained cautious, with S&P 500 futures and Nasdaq futures both down 0.2 per cent. Asian shares were slightly more positive, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6 per cent, while the STOXX benchmark for major European shares edged down 0.1 per cent. The reaction in currency markets was equally muted, with the dollar strengthening slightly against the Japanese yen to trade at 145.15. The euro edged down 0.1 per cent to $US1.1433, nudging the dollar index up to 99.041. Bond investors also waited for an auction of $US39 billion in 10-year notes later in the day, anxious to see if foreign buyers turn up. Ten-year Treasury yields were little changed at 4.4977 per cent. Concerns about huge US budget deficits and debt have combined with unease over the White House's shifting policies to make investors demand a higher term premium for holding Treasuries. Data on US consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline consumer price index to rise 0.2 per cent and the core 0.3 per cent, which would nudge the annual rates up to 2.5 per cent and 2.9 per cent, respectively. Anything higher would be a setback to hopes for more rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60 per cent chance of a move in September. In commodity markets, gold gained 0.24 per cent to $US3,329 an ounce. Oil prices rose to a seven-week high as markets assessed the outcome of the US-China trade talks. Brent crude futures rose 82 cents to $US67.69 a barrel, while US crude was up 96 cents to $US65.94. Stocks are subdued and the dollar steady amid a lack of detail from US-China trade talks that promised high-level agreement but appeared to do little to resolve longstanding tensions between the world's biggest economies. Bond investors were also hunkered down for a reading on US inflation due at 8.30am US Eastern time on Wednesday that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the country's debt. In London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders. US Commerce Secretary Howard Lutnick said the implementation plan should result in restrictions on rare earths and magnets being resolved, but offered no specifics. "Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Australia's Commonwealth Bank. "It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she said. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Billionaire Elon Musk also said he regretted some of the posts he made last week about Trump, opening the way to a healing of an abrupt rift that has roiled Washington and hurt shares in Musk's Tesla. Investors in US stocks, who have been badly burned by trade turmoil before, remained cautious, with S&P 500 futures and Nasdaq futures both down 0.2 per cent. Asian shares were slightly more positive, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6 per cent, while the STOXX benchmark for major European shares edged down 0.1 per cent. The reaction in currency markets was equally muted, with the dollar strengthening slightly against the Japanese yen to trade at 145.15. The euro edged down 0.1 per cent to $US1.1433, nudging the dollar index up to 99.041. Bond investors also waited for an auction of $US39 billion in 10-year notes later in the day, anxious to see if foreign buyers turn up. Ten-year Treasury yields were little changed at 4.4977 per cent. Concerns about huge US budget deficits and debt have combined with unease over the White House's shifting policies to make investors demand a higher term premium for holding Treasuries. Data on US consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline consumer price index to rise 0.2 per cent and the core 0.3 per cent, which would nudge the annual rates up to 2.5 per cent and 2.9 per cent, respectively. Anything higher would be a setback to hopes for more rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60 per cent chance of a move in September. In commodity markets, gold gained 0.24 per cent to $US3,329 an ounce. Oil prices rose to a seven-week high as markets assessed the outcome of the US-China trade talks. Brent crude futures rose 82 cents to $US67.69 a barrel, while US crude was up 96 cents to $US65.94.
Business Recorder
2 days ago
- Business
- Business Recorder
Stocks offer restrained response to US-China trade framework
SYDNEY: Share markets and the dollar on Wednesday offered a guarded welcome to the latest signs of progress in US-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in US inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the debt. Over in London, negotiators from Washington and Beijing said they had 'agreed a framework on trade' that would be taken back to their leaders. US Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics. 'Even though details are scant, as long as the two sides are talking, I think markets will be happy,' said Carol Kong, a currency strategist at Commonwealth Bank of Australia. 'It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement,' she added. 'That sort of comprehensive deal usually takes years to be reached, so I'm sceptical that a framework reached at the meeting in London will be comprehensive.' The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Investors, who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei added 0.4% and Australian stocks firmed 0.4%. Auction angst EUROSTOXX 50 futures, FTSE futures and DAX futures were all down 0.2%, while S&P 500 futures and Nasdaq futures both lost 0.1%. The reaction in currency markets was equally restrained, with the dollar dipping 0.1% on the Japanese yen to 144.73. The euro edged up to $1.1433 and the dollar index held steady at 98.971. Bond investors had other things to worry about and yields on 10-year Treasuries were little changed at 4.467%. Asian shares climb, dollar eases ahead of US-China talks An auction of $39 billion in 10-year notes is due later in the day and the market is anxious to see if foreign buyers turn up. Concerns about huge US budget deficits and debt have combined with unease over the White House's erratic trade policies to see investors demand a higher term premium for holding Treasuries. Data on US consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline CPI to rise 0.2% and the core 0.3%, which would nudge the annual rates up to 2.5% and 2.9% respectively. Anything higher would be a setback to hopes for another rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60% chance of a move in September. In commodity markets, gold edged up 0.3% to $3,333 an ounce . Oil prices eased back from near seven-week highs ahead of US inventory data. Brent dropped 31 cents to $66.56 a barrel, while US crude eased 28 cents to $64.71 per barrel.
Economic Times
2 days ago
- Business
- Economic Times
Stocks offer restrained response to US-China trade framework
Live Events AUCTION ANGST (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Share markets and the dollar on Wednesday offered a guarded welcome to the latest signs of progress in U.S.-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in U.S. inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the in London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders.U.S. Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics."Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Commonwealth Bank of Australia."It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she added. "That sort of comprehensive deal usually takes years to be reached, so I'm sceptical that a framework reached at the meeting in London will be comprehensive."The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%.Japan's Nikkei added 0.4% and Australian stocks firmed 0.4%.EUROSTOXX 50 futures, FTSE futures and DAX futures were all down 0.2%, while S&P 500 futures and Nasdaq futures both lost 0.1%.The reaction in currency markets was equally restrained, with the dollar dipping 0.1% on the Japanese yen to 144.73. The euro edged up to $1.1433 and the dollar index held steady at investors had other things to worry about and yields on 10-year Treasuries were little changed at 4.467%. An auction of $39 billion in 10-year notes is due later in the day and the market is anxious to see if foreign buyers turn about huge U.S. budget deficits and debt have combined with unease over the White House's erratic trade policies to see investors demand a higher term premium for holding on U.S. consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the forecasts are for the headline CPI to rise 0.2% and the core 0.3%, which would nudge the annual rates up to 2.5% and 2.9% higher would be a setback to hopes for another rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60% chance of a move in commodity markets, gold edged up 0.3% to $3,333 an ounce. [GOL/]Oil prices eased back from near seven-week highs ahead of U.s. inventory data. [O/R]Brent dropped 31 cents to $66.56 a barrel, while U.S. crude eased 28 cents to $64.71 per barrel.
Time of India
2 days ago
- Business
- Time of India
Stocks offer restrained response to US-China trade framework
Share markets and the dollar on Wednesday offered a guarded welcome to the latest signs of progress in U.S.-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in U.S. inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the debt. Over in London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders. U.S. Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics. "Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Live Events "It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she added. "That sort of comprehensive deal usually takes years to be reached, so I'm sceptical that a framework reached at the meeting in London will be comprehensive." The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Investors, who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei added 0.4% and Australian stocks firmed 0.4%. AUCTION ANGST EUROSTOXX 50 futures, FTSE futures and DAX futures were all down 0.2%, while S&P 500 futures and Nasdaq futures both lost 0.1%. The reaction in currency markets was equally restrained, with the dollar dipping 0.1% on the Japanese yen to 144.73. The euro edged up to $1.1433 and the dollar index held steady at 98.971. Bond investors had other things to worry about and yields on 10-year Treasuries were little changed at 4.467%. An auction of $39 billion in 10-year notes is due later in the day and the market is anxious to see if foreign buyers turn up. Concerns about huge U.S. budget deficits and debt have combined with unease over the White House's erratic trade policies to see investors demand a higher term premium for holding Treasuries. Data on U.S. consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline CPI to rise 0.2% and the core 0.3%, which would nudge the annual rates up to 2.5% and 2.9% respectively. Anything higher would be a setback to hopes for another rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60% chance of a move in September. In commodity markets, gold edged up 0.3% to $3,333 an ounce. [GOL/] Oil prices eased back from near seven-week highs ahead of U.s. inventory data. [O/R] Brent dropped 31 cents to $66.56 a barrel, while U.S. crude eased 28 cents to $64.71 per barrel.
West Australian
2 days ago
- Business
- West Australian
Stocks' restrained response to US-China trade framework
Share markets and the dollar have offered a guarded welcome to the latest signs of progress in US-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in US inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the debt. In London, negotiators from Washington and Beijing said they had "agreed a framework on trade" that would be taken back to their leaders. US Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics. "Even though details are scant, as long as the two sides are talking, I think markets will be happy," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," she added. "That sort of comprehensive deal usually takes years to be reached, so I'm sceptical that a framework reached at the meeting in London will be comprehensive." The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Investors, who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei added 0.4 per cent in early trade on Wednesday and Australian stocks firmed 0.4 per cent. EUROSTOXX 50 futures, FTSE futures and DAX futures were all down 0.2 per cent, while S&P 500 futures and Nasdaq futures both lost 0.1 per cent. The reaction in currency markets was equally restrained, with the dollar dipping 0.1 per cent on the Japanese yen to 144.73 . The euro edged up to $1.1433 and the dollar index held steady at 98.971. Bond investors had other things to worry about and yields on 10-year Treasuries were little changed at 4.467 per cent. An auction of $US39 billion ($A60 billion) in 10-year notes is due later in the day and the market is anxious to see if foreign buyers turn up. Concerns about huge US budget deficits and debt have combined with unease over the White House's erratic trade policies to see investors demand a higher term premium for holding Treasuries. Data on US consumer prices for May might also show some initial upward pressure from tariffs, though analysts assume it will take a few months to fully show in the series. Median forecasts are for the headline CPI to rise 0.2 per cent and the core 0.3 per cent, which would nudge the annual rates up to 2.5 per cent and 2.9 per cent respectively. Anything higher would be a setback to hopes for another rate cuts from the Federal Reserve and could see bonds sell off. Markets imply little chance the Fed will ease at its meeting next week or in July, but have priced around a 60 per cent chance of a move in September. In commodity markets, gold edged up 0.3 per cent to $US3,333 ($A5,113) an ounce. Oil prices eased back from near seven-week highs ahead of U.s. inventory data. Brent dropped 31 cents to $US66.56 ($A102.10) a barrel, while US crude eased 28 cents to $US64.71 ($A99.27) per barrel.
