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Malay Mail
2 hours ago
- Business
- Malay Mail
US-China trade talks keep investors guessing, markets mixed
NEW YORK, June 11 — Global stock markets moved indecisively yesterday as investors waited for the outcome of US-China talks aimed at cementing a fragile trade war truce between the world's two biggest economies. A second day of high-level talks in London between the United States and China stretched into the evening Tuesday with no concrete announcements so far. US equities finished higher following a choppy session, while European ones closed in mixed territory, and Asia mostly closed down. US Commerce Secretary Howard Lutnick told Bloomberg Television that the talks were 'going well' and that he expected yesterday's discussions to last 'all day.' But FHN Financial's Chris Low said Lutnick's upbeat appraisal was offset by 'a TikTok channel associated with Chinese television suggesting that there are still some significant differences between the two sides.' Analysts said that any positive sign of agreement would fuel a rise in equities -- but that it could be restrained. 'We wouldn't bank on a big turnaround thanks to any potential trade breakthroughs,' said Thomas Mathews, head analyst of Asia Pacific markets for Capital Economics. 'We doubt that the US will back off completely. That's likely to restrain any relief rally,' he said. The talks were expected to be dominated by Chinese exports of rare earth minerals used in a wide range of products including smartphones, electric vehicle batteries and green technology. Beijing in return was looking for Washington to ease controls on its exports of sensitive electronic components. In Europe, Paris's CAC 40 closed slightly up but Frankfurt's Dax slipped well down. London's FTSE 100 index closed higher after weak UK unemployment data raised the chances of the Bank of England cutting interest rates into next year, a move which often propels stock prices. It could reach a new record this week if it continues to gain. Shares in European Union markets, in contrast, could be weakened by the conspicuous lack of any deal between Washington and Brussels before a July 9 deadline for 50 per cent US tariffs to take effect. Britain has already sealed an agreement. Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy. Analysts warn Trump's tariffs will refuel inflation, strengthening the argument to keep interest rates on hold instead of lowering them when the Fed meets next week. Citing trade tensions and the resulting policy uncertainty, the World Bank lowered its 2025 projection for global GDP growth to 2.3 per cent in its latest economic prospects report, down from 2.7 per cent expected in January. The US economy is expected to grow by 1.4 per cent this year, a sharp slowdown for the world's biggest economy from a 2.8 per cent expansion in 2024. — AFP
Business Times
5 hours ago
- Business
- Business Times
US: Stocks advance as China trade talks drag on
[NEW YORK] Wall Street stocks advanced on Tuesday as markets hoped for progress in US-China trade talks while digesting the World Bank's lowered economic growth forecast. A second day of high-level talks between the United States and China in London stretched into the evening on Tuesday without any concrete announcement. FHN Financial's Chris Low pointed to upbeat comments from Commerce Secretary Howard Lutnick, while also noting that 'there was a TikTok channel associated with Chinese television suggesting that there are still some significant differences between the two sides.' The Dow Jones Industrial Average finished up 0.3 per cent at 42,866.87. The broad-based S&P 500 climbed 0.6 per cent to 6,038.81, while the tech-rich Nasdaq Composite Index also gained 0.6 per cent to 19,715.00. The negotiations aim to keep the world's biggest two economies on course for an accord after each side earlier this spring imposed draconian tariffs on each other. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Citing trade tensions and the resulting policy uncertainty, the World Bank lowered its 2025 projection for global GDP growth to 2.3 per cent in its latest economic prospects report, down from 2.7 per cent expected in January. Global growth and inflation prospects for this year and next have worsened because of 'high levels of policy uncertainty and this growing fragmentation of trade relations,' said World Bank Group chief economist Indermit Gill. 'Without a swift course correction, the harm to living standards could be deep,' Gill added. Investors will get a fresh reading on US inflation Wednesday with release of consumer price index data. Among individual companies, Disney rose 2.7 per cent after disclosing that it reached an agreement on the pricing of NBC Universal's 33 per cent stake in Hulu, resolving a years-long appraisal process. Disney will pay an additional US$438.7 million for the stake. The transaction is expected to close on or before July 24. Tesla shot up 5.7 per cent on anticipation of the company's upcoming launch of self-driving vehicles in Texas. The electric vehicle company teased the introduction on Musk's X social media platform. Chip giant Intel surged 8.0 per cent on optimism about the company's new technology. AFP
Business Recorder
6 days ago
- Business
- Business Recorder
US stocks retreat despite Trump-Xi call
WASHINGTON: Wall Street stocks lost ground Thursday as investors digested US jobless claims data while President Donald Trump held a long-awaited call with Chinese leader Xi Jinping. Shortly after trading began, the Dow Jones Industrial Average fell 0.3 percent to 42,301.28, while the broad-based S&P 500 Index lost 0.2 percent at 5,957.76. The tech-focused Nasdaq Composite Index fell 0.2 percent to 19,428.73. All three indexes opened higher before fluctuating in early trading. The movements came as Trump and Xi held a phone call according to Chinese state media, amid hopes that the leaders can help the world's two biggest economies reach a longer-lasting truce in trade tensions. Wall Street climbs as tech boost offsets economic worries While Washington and Beijing slapped tit-for-tat levies on each other's goods in recent weeks – bringing tariff levels to three digits and snarling supply chains – they reached a deal to de-escalate in May. Trump has since accused China of violating the terms of their pact, a claim that Beijing pushed back on. 'Of all the bilateral deals, the most important one is with China,' said Christopher Low of FHN Financial, adding that markets are awaiting any signs of developments. Investors were also digesting jobless claims data which ticked higher for the week ending May 31, with concerns that the figures are signaling weakening labor market conditions. Meanwhile, Commerce Department data released early Thursday showed that the US trade deficit narrowed sharply in April on a pullback in imports while Trump's global tariffs kicked in.
Yahoo
29-05-2025
- Business
- Yahoo
Elite Schools Go on Debt Spree
Elite American universities have taken on more than $4 billion in additional debt since March that will help protect their finances as the Trump administration takes aim at their budgets. FHN Financial Head of Product Strategies and Economics Abigail Urtz has more on the story.
RTHK
16-05-2025
- Business
- RTHK
US stocks end strong week on winning note
US stocks end strong week on winning note All three major indices on Wall Street climbed on Friday. Photo: AFP Wall Street stocks finished a good week on a winning note on Friday, over continued optimism after the de-escalation of the US-China trade war. Analysts expect more trade deals, setting the stage for further equity gains after the turmoil in early April following US President Donald Trump's sweeping tariff announcements. FHN Financial's Chris Low also pointed to a "growing sense of relief" over benign inflation data that has helped counter worries that Trump's tariffs will reignite pricing pressure. The Dow Jones finished 0.8 percent higher at 42,654. The S&P 500 gained 0.7 percent to 5,958, while the Nasdaq climbed 0.5 percent to 19,211. Investors largely shrugged off weaker consumer sentiment data from the University of Michigan that reflect consumers' "sombre" economic outlook and expectations of higher inflation. Low also cited worries about the fate of Trump's fiscal and budget legislation in Washington. The process on Capitol Hill is "by all accounts not going very well," Low said. Among individual companies, Take-Two Interactive fell 2.4 percent after announcing US$3.55 billion in one-time costs connected to the delay of the launch of its new "Grand Theft Auto" video game. The game developer recently pushed back the timeframe on the unveiling to May 2026. Applied Materials dropped 5.3 percent following disappointment with the semiconductor company's outlook. But UnitedHealth gained 6.4 percent in a partial rebound from Thursday's big decline over a news report of a criminal probe into the health giant. (AFP)
