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CTV News
2 days ago
- Business
- CTV News
World shares advance after EU strikes trade deal with Trump
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 28, 2025. (AP Photo/Ahn Young-joon) BANGKOK — Stock markets in Europe and Asia shot higher Monday after the European Union worked out a trade deal with the Trump administration ahead of this week's deadline. U.S. futures and oil prices were higher ahead of trade talks in Stockholm between U.S. and Chinese officials. Germany's DAX gained 0.6% to 24,359.81, while the CAC 40 in Paris advanced 0.8% to 7,900.48. Britain's FTSE 100 picked up 0.3% to 9,148.34. The agreement between the EU and U.S. President Donald Trump calls for 15% tariffs on most EU exports to the U.S. Before Trump began ramping up tariffs, the level was 1%. The deal was announced after Trump and European Commission chief Ursula von der Leyen met briefly at the president's Turnberry golf course in Scotland. It staves off far higher import duties on both sides that might have sent shock waves through economies around the globe. Tokyo's Nikkei 225 index lost 1.1% to 40,998.27 after doubts surfaced over what exactly last week's trade truce between Japan and Trump entails, especially Japan's $550 billion pledge of investment in the U.S. Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump's direction. Hong Kong's Hang Seng index gained 0.7% to 25,563.32, while the Shanghai Composite index edged 0.1% higher to 3,597.94. Taiwan's Taiex rose 0.2%. CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6% on Monday in Hong Kong. Elsewhere in Asia, South Korea's Kospi climbed 0.4% to 3,209.52, while Australia's S&P/ASX 200 rose 0.4% to 8,697.70. India's Sensex slipped 0.3%. Markets in Thailand were closed for a holiday. On Friday, the S&P 500 rose 0.4% to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5% to 44,901.92, while the Nasdaq composite added 0.2%, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%. But Intell fell 8.5% after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1. Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments. Fed Chair Jerome Powell has said he is waiting for more data about how Trump's tariffs affect the economy and inflation before making a move. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In other dealings early Monday, U.S. benchmark crude oil gained 40 cents to $65.56 per barrel. Brent crude, the international standard, added 40 cents to $68.06 per barrel. The dollar rose to 147.85 Japanese yen from 147.71 yen. The euro slipped to $1.1719 from $1.1758. Elaine Kurtenbach, The Associated Press
Asahi Shimbun
2 days ago
- Business
- Asahi Shimbun
Asian shares are mixed after Wall Street sets more records for U.S. stocks
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul on July 28. (AP Photo) BANGKOK--Stock markets in Asia were mixed on Monday after U.S. stocks rose to more records as they closed out another winning week. U.S. futures and oil prices were higher ahead of trade talks in Stockholm between U.S. and Chinese officials. European futures rose after the European Union forged a deal with the Trump administration calling for 15% tariffs on most exports to the U.S. The agreement announced after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland staves off far higher import duties on both sides that might have sent shock waves through economies around the globe. Tokyo's Nikkei 225 index lost 1% to 41,056.81 after doubts surfaced over what exactly the trade truce between Japan and U.S. President Donald Trump, especially the $550 billion pledge of investment in the U.S. by Japan, will entail. Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official, who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump's direction. Hong Kong's Hang Seng index gained 0.4% to 25,490.45 while the Shanghai Composite index lost 0.2% to 3,587.25. Taiwan's Taiex rose 0.3%. CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6% on Monday in Hong Kong. Elsewhere in Asia, South Korea's Kospi was little changed at 3,195.49, while Australia's S&P/ASX 200 rose 0.3% to 8,688.40. India's Sensex slipped 0.1%. Markets in Thailand were closed for a holiday. On Friday, the S&P 500 rose 0.4% to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5% to 44,901.92, while the Nasdaq composite added 0.2%, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%. But Intel fell 8.5% after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1. Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments. Fed Chair Jerome Powell has said he is waiting for more data about how Trump's tariffs affect the economy and inflation before making a move. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In other dealings early Monday, U.S. benchmark crude oil gained 24 cents to $65.40 per barrel. Brent crude, the international standard, also added 24 cents to $67.90 per barrel. The dollar rose to 147.72 Japanese yen from 147.71 yen. The euro slipped to $1.1755 from $1.1758.
CTV News
6 days ago
- Business
- CTV News
World shares rise, buoyed by hopes for more trade deal after the U.S.-Japan tariff pact
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, July 24, 2025. (AP Photo/Ahn Young-joon) MANILA, Philippines — World shares rose Thursday, buoyed by optimism that the U.S.-Japan tariff agreement announced a day earlier will be followed by more trade deals. Later Thursday, the European Central Bank was expected to hold off on making another interest rate cut as it waits to measure the size of any economic blow from higher U.S. tariffs. U.S. President Donald Trump has sent the EU a letter laying out a 30% tariff rate, but European trade officials are hoping to haggle that down to as low as 10%. Separately, European leaders called for concrete progress in addressing the bloc's yawning trade deficit with China at a summit with President Xi Jinping in the Chinese capital on Thursday. In early European trading, Germany's DAX rose 0.8% to 24,430.74. In Paris, the CAC 40 added 0.2% to 7,862.52, while Britain's FTSE 100 climbed 1% to 9,150.50. The future for S&P 500 added less than 0.1% while that for the Dow Jones Industrial Average was down 0.3%. Trump has proposed stiff taxes on imports from around the world, which carry the double-edged risk of driving up inflation while slowing economies. But many of his tariffs are on pause, giving time to reach deals with other countries that could lower the tax rates. Trump also announced trade agreements with the Philippines and Indonesia this week. Japan's Nikkei 225 surged 1.6% to 41,826.34. It had jumped 3.5% a day earlier on enthusiasm over the trade deal with Washington, which would raise U.S. import duties on most exports from Japan to 15% from 2.5%, instead of the 25% Trump had threatened to impose. The Shanghai Composite Index added 0.7% to 3,605.73, while Hong Kong's Hang Seng index rose 0.5% to 25,667.18. South Korea's Kospi added 0.2% to 3,190.45, shedding some of its earlier gains, after central bank data showed Thursday that the country's economy expanded at a 0.6% annual rate in the last quarter, above expectations thanks to robust private consumption and exports. Australia's S&P ASX 200 slid 0.3% to 8,709.40. Taiwan's Taiex gained 0.2% while India's BSE Sensex shed 0.7%. 'Asian equities caught another updraft, rising for a sixth straight session, as whispers of broader trade accords scattered across the tape like migrating birds sensing the storm has passed,' Stephen Innes of SPI Asset Management wrote in a commentary. 'With the ink barely dry on the U.S.-Japan tariff truce — inked at a palatable 15% — traders are already scanning the horizon for the next deal to surface. Europe? Maybe. India? China? Everyone? Perhaps. But the mood is pure Electric Avenue,' he added. The Nomura Group, in a research report, said the tariff rates set by the U.S. for Indonesia and the Philippines, at 19%, 'are fairly high and therefore pose downside risks to their respective growth outlooks.' It estimated the direct effects could reduce GDP growth by 0.2 percentage point in Indonesia and 0.4 percentage point in the Philippines. Still, most markets across the region advanced. On Wednesday, U.S. stocks set more records following a trade deal between the world's No. 1 and No. 4 economies, one that would lower proposed tariffs on Japanese imports coming to the United States. The S&P 500 added 0.8% to its all-time high. The Dow Jones Industrial Average rallied 507 points, or 1.1%, and the Nasdaq composite climbed 0.6% to hit its own record. So far, the U.S. economy has seemed to hold up OK despite the pressures on it. And tariffs already in place may be having less of an effect than expected, at least when it comes to the prices that U.S. households are paying at the moment. In other dealings on Thursday, U.S. benchmark crude oil added 90 cents to US$66.15 per barrel. Brent crude, the international standard, rose 84 cents to $69.35 per barrel. The U.S. dollar climbed to 146.60 Japanese yen from 146.51 yen. The euro slid to $1.1751 from $1.1777. Teresa Cerojano, The Associated Press
Asahi Shimbun
7 days ago
- Business
- Asahi Shimbun
Asian markets gain, with Japan's Nikkei up 3.5%, lifted by deal on Trump's tariffs
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, July 23, 2025. (AP Photo) Asian shares rallied on Wednesday, with Tokyo's benchmark Nikkei 225 index up 3.5% after Japan and the U.S. announced a deal on President Donald Trump's tariffs. The agreement as announced calls for a 15% import duty on goods imported from Japan, apart from certain products such as steel and aluminum that are subject to much higher tariffs. That's down from the 25% Trump had said would kick in on Aug. 1 if a deal was not reached. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, noting that Japan was also investing 'at my direction' $550 billion into the U.S. He said Japan would 'open' its economy to American autos and rice. Japan's benchmark Nikkei 225 gained 3.5% in afternoon trading to 41,171.32. Hong Kong's Hang Seng jumped 1.4% to 25,470.25, while the Shanghai Composite index was little changed, gaining less than 0.1% to 3,582.30. Australia's S&P/ASX 200 edged up 0.7% to 8,737.20 and the Kospi in South Korea edged 0.4% higher to 3,183.77. 'President Trump has signed two trade deals this week with the Philippines and Japan which is likely to keep market sentiment propped up despite deals with the likes of the EU and South Korea remaining elusive, for now at least,' Tim Waterer, chief market analyst at Kohle Capital Markets, said in a report. There was a chorus of no comments from the Japanese automakers, despite the latest announcement, including Toyota Motor Corp., Honda Motor Co and Nissan Motor Corp. Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind. The Japan Automobile Manufacturers' Association also said it had no comment, noting there was no official statement yet. Japan's Prime Minister Shigeru Ishiba welcomed the agreement as beneficial to both sides. Toyota stock jumped 14% in Tokyo trading, while Honda was up nearly 11% and Nissan added 8%. In other sectors, Nippon Steel, which is acquiring U.S. Steel, rose 2.4% while video game maker and significant exporter Nintendo Co. added 0.7%. Sony Group surged 4.6%. Wall Street inched to another record on Tuesday following some mixed profit reports, as General Motors and other big U.S. companies gave updates on how much Trump's tariffs are hurting or helping them. The S&P 500 added 0.1% to the all-time high it had set the day before, closing at 6,309.62. The Dow Jones Industrial Average rose 0.4% to 44,502.44. The Nasdaq composite slipped 0.4% from its own record, to 20,892.68. So far, the U.S. economy seems to be powering through the uncertainty created by Trump's on-and-off tariffs. Many of Trump's proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the stiff proposals before they kick in. Trump said he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there. In the bond market, Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates. The yield on the 10-year Treasury eased to 4.34% from 4.38% late Monday. In other dealings early Wednesday, U.S. benchmark crude oil gained 15 cents to $65.46 a barrel. Brent crude, the international standard added 16 cents to $68.74 a barrel. In currency trading, the U.S. dollar rose to 146.78 Japanese yen from 146.64 yen. The euro cost $1.1740, down from $1.1754.
CTV News
21-07-2025
- Business
- CTV News
World shares mostly gain after Wall Street logs a 3rd straight winning week
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon) BANGKOK — Shares are mostly higher in key markets in Europe and Asia after U.S. stocks logged their third straight winning week. Markets were closed for a holiday in Japan, where the ruling Liberal Democrats have lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday's upper house election and the loss of their lower house majority in October. Germany's DAX edged less than 0.1% higher to 24,229.41, while the CAC 40 in Paris slipped 0.2% to 7,804.80. Britain's FTSE 100 inched up less than 0.1% to 8,999.29. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.3% higher. In Japan, a grim Prime Minister Shigeru Ishiba has vowed to stay on after the drubbing by voters frustrated over rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan's huge debt burden. Japan is also facing the imposition of 25% tariffs across the board on its exports to the U.S. as talks with the Trump administration appear to have made little headway. 'We expect short-term political instability to intensify due to the difficulties of forming a majority coalition, a likely change in leadership, and a potential deadlock in trade negotiations,' Peter Hoflich of BMI, a part of the Fitch Group, said in a commentary. 'Without a structural reset through snap elections, Japan is likely to face prolonged policy drift throughout 2026,' he said. Chinese shares advanced after the central bank kept its key 1-year and 5-year loan prime interest rates unchanged. Hong Kong's Hang Seng rose 0.7% to 24,994.14, while the Shanghai Composite index gained 0.7% to 3,559.79. Recent improved economic data have eased pressure on the Chinese leadership to soften credit. Meanwhile, President Donald Trump's administration has softened its criticism of Beijing, raising hopes that the two sides can work out a trade deal and avert the imposition of sharply higher tariffs on imports from China. South Korea's Kospi picked up 0.7% to 3,210.81 after the government reported a slight improvement in exports in June. In Australia, the S&P/ASX 200 shed 1% to 8,668.20, while Taiwan's Taiex dropped 0.2%. In India, the Sensex rose 0.3%. Bangkok's SET gained 0.2%. This week will bring updates on U.S. home sales, jobless claims and manufacturing. Several Big Tech companies including Alphabet and Tesla are due to provide earnings reports. On Friday, the S&P 500 handed back less than 1 point after setting an all-time high the day before. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite edged up by less than 0.1% to add its own record. The heaviest weight on the market was Netflix, which fell 5.1% despite reporting a stronger-than-expected profit. Exxon Mobil sank 3.5% and also tugged on the market. It had been challenging Chevron's $53 billion deal to buy Hess, but an arbitration ruling in Paris about Hess assets off Guyana's coast allowed the buyout to go through. Chevron fell 0.9% after losing an early gain. Treasury yields eased after a report suggested U.S. consumers may be feeling less fearful about coming inflation. They're bracing for inflation of 4.4% in the year ahead, down from last month's projection of 5%, according to preliminary results from a University of Michigan survey. Prices may already be starting to feel the upward effects of President Donald Trump' s higher tariffs, according to data released last week. The Trump administration is preparing to impose steeper import duties on many countries as of Aug. 1, although some have worked out deals to mitigate some of the damage. In other trading early Monday, U.S. benchmark crude oil reversed gains, shedding 32 cents to $65.73 per barrel. Brent crude, the international standard, lost 37 cents to $68.91 per barrel. The U.S. dollar fell to 147.88 Japanese yen from 147.98 yen. The euro climbed to $1.1645 from $1.1629. Elaine Kurtenbach, The Associated Press
