Latest news with #LanFo'an
AU Financial Review
12-05-2025
- Business
- AU Financial Review
Who blinked first? How the US and China broke their trade deadlock
The first meeting to break the US-China trade deadlock was held almost three weeks ago in the basement of the IMF headquarters, arranged under cover of secrecy. US Treasury secretary Scott Bessent, who was attending the IMF spring meetings in Washington, met China's finance minister Lan Fo'an to discuss the near complete breakdown in trade between the world's two biggest economies, according to people familiar with the matter. Financial Times
Straits Times
06-05-2025
- Business
- Straits Times
China services activity slips, adding to risk of rapid slowdown
A man waits on the back of a delivery tricycle in Beijing on May 5, 2025. Apart from the hit to sentiment, tariffs have also led to the slowest rise in new business orders since December 2022. PHOTO: AFP BEIJING - China's services activity deteriorated more than expected in April, a private survey showed, the latest setback for an economy already under pressure from US tariffs. The Caixin China services purchasing managers' index fell to 50.7, the lowest level in seven months, according to a statement from Caixin and S&P Global on May 6. The median forecast of economists surveyed by Bloomberg was 51.8. Any reading above 50 suggests expansion. The disappointing reading will further stoke fears that the economy risks a rapid slowdown starting in the second quarter after a solid start to the year. With the official PMIs showing factory activity already took a hit from massive US tariff hikes in April, the question now is whether policymakers will be able to boost consumption fast enough to make up for an expected loss of demand for exports. 'Market improvements were limited amid the China-US trade row,' Wang Zhe, senior economist at Caixin Insight Group, wrote in a statement. 'Service providers expressed concerns over the effects of US tariffs.' A sub-index measuring expectations for future activity fell to the second-lowest level since data began in 2005. It was only weaker in February 2020, when the Covid outbreak erupted, according to the statement. Apart from the hit to sentiment, tariffs have also led to the slowest rise in new business orders since December 2022. And in a sign that demand for labour is slipping, services firms reduced their staff size for a second straight month in April due to concerns over costs, according to an employment subindex. Analysts polled by Bloomberg forecast growth in China's gross domestic product will decelerate to 4.2 per cent this year, significantly below the official target of around 5 per cent, which Finance Minister Lan Fo'an reaffirmed recently. The state of the job market will go a long way to determining the strength of consumer spending. Goldman Sachs Group estimates 16 million people - or more than 2 per cent of the labour force - may be exposed to US-bound exports. The official non-manufacturing PMI, which measures activity in construction and services, came in at 50.4 in April, slightly below the consensus forecast of 50.6. A sub-gauge for services has hovered around the 50-point line that separates contraction from expansion since the start of the year. The private and official surveys cover different sample sizes, locations and business types, with the Caixin report focusing on small and medium-sized firms in the non-state sector. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
News.com.au
28-04-2025
- Business
- News.com.au
Lunch Wrap: ASX rallies as China teases stimulus; Telix hit by FDA blow
ASX lifts as Wall Street rallies and China teases stimulus Big tech stocks rally, Tesla and Nvidia steal the show Telix hit by FDA blow, Lynas and Flight Centre face pressure After climbing more than 2% last week, the ASX opened the week in a good mood, climbing 0.8% by lunch time, AEST. This was mainly driven by a strong finish from Wall Street, and the prospect of fresh economic juice from China. On Friday, Wall Street closed out the week with a bit of a swagger. The S&P 500 notched up 0.74%, making it four winning sessions on the trot. The Nasdaq also jumped 1.26% as tech stocks came roaring back to life. Tesla leapt nearly 10% as the market got giddy over the company's potential launch into India, and fresh signals from Washington about loosening the red tape on self-driving tech. Nvidia was close behind, climbing 4.3%. There's more Big Tech news to come, too. Microsoft and Meta will report their earnings mid-week, while Amazon and Apple will share theirs on Thursday, US time. Meanwhile, the broader market was taking cues from President Trump, who piped up again about trade talks with China. He said progress was being made, although China immediately denied that any real discussions were happening. Still, a few reports floated over the weekend suggesting China might roll back some of its 125% tariffs on US goods. That was enough to get investors dreaming of a trade thaw, even if it's more smoke than fire for now. Trump was also back in front of the cameras late Friday, saying he wouldn't drop tariffs on China unless he got something decent in return. He reckoned another pause in the tariff war was 'unlikely,' but you know how it goes, the market hears what it wants to hear. Back on the home front, Aussie traders were eyeing China too, waiting to see if the People's Bank of China would finally crack open the stimulus toolbox. Finance Minister Lan Fo'an said the country was ready to roll out 'more effective policies' to fire up growth. On the stock front, ASX large-capped tech names followed the US lead this morning, with NextDC (ASX:NXT) jumping 4%. The big banks also chipped in, with Australia and New Zealand Banking Group (ASX:ANZ) up 2%. But the iron ore miners were dragging their boots a bit, tracking the price of the ferrous metal downhill. Gold has also taken a hit, dropping to around US$3,282/oz this morning as de-escalating trade tensions between the US and China put pressure on the price, and it's dragging down gold stocks, too. In the large caps space, Telix Pharmaceuticals (ASX:TLX) took a hit of 5% after a US FDA knocked back its application for TLX101-CDx, the imaging drug designed to help diagnose brain cancer. The FDA reckons the submission needs more clinical evidence, even though Telix had been in constant consultation and there are no safety concerns. Telix plans to challenge the decision, and is already working on bolstering its data through current trials. Lynas (ASX:LYC) edged higher by over 3% after posting a solid lift in quarterly sales, but warned that the US-China trade stoush is still throwing a spanner in the rare earths market. And finally, Flight Centre (ASX:FLT) said it was bracing for headwinds. The company has downgraded its full-year profit forecast to between $300 million and $335 million, citing a tough market and slower-than-hoped trading in its busiest period. FLT shares were up 2%. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for April 28 : Security Description Last % Volume MktCap ADD Adavale Resource Ltd 0.002 50% 3,058,746 $2,287,279 RAN Range International 0.003 50% 4,580 $1,878,581 AZL Arizona Lithium Ltd 0.007 40% 10,824,744 $22,809,073 INF Infinity Lithium 0.028 40% 2,814,183 $9,451,842 TON Triton Min Ltd 0.007 40% 10,000 $7,841,944 MMR Mec Resources 0.004 33% 604,687 $5,549,298 PCL Pancontinental Energ 0.008 33% 29,093,104 $48,819,515 AGI Ainsworth Game Tech. 0.985 33% 150,688 $249,227,507 TMB Tambourahmetals 0.034 31% 22,307,371 $3,057,341 MBK Metal Bank Ltd 0.013 30% 207,773 $4,974,590 ASR Asra Minerals Ltd 0.003 25% 2,263,455 $4,746,254 EAT Entertainment 0.005 25% 155,815 $5,235,144 MTB Mount Burgess Mining 0.005 25% 199,400 $1,406,811 OSL Oncosil Medical 0.005 25% 250,000 $18,426,321 1AI Algorae Pharma 0.006 20% 974,112 $8,436,974 AJL AJ Lucas Group 0.006 20% 106,673 $6,878,648 AQX Alice Queen Ltd 0.006 20% 500,001 $5,734,450 FIN FIN Resources Ltd 0.006 20% 600,000 $3,474,442 GCM Green Critical Min 0.012 20% 8,049,418 $19,616,783 MRD Mount Ridley Mines 0.003 20% 202,154 $1,946,223 RDS Redstone Resources 0.006 20% 330,655 $4,626,892 SMN Structural Monitor. 0.390 18% 168,418 $50,920,666 PUA Peak Minerals Ltd 0.011 17% 1,783,023 $25,265,892 VN8 Vonex Limited. 0.035 17% 15,000 $22,578,106 Dart Mining (ASX:DTM) is handing over the keys to a couple of its non-core Victorian gold and copper projects after cutting a $3.4 million deal with Infinity Lithium (ASX:INF). The agreements give Infinity a crack at snapping up 100% of the Mitta Mitta Project and earning into 80% of the Corryong Project, both tucked in the Lachlan Fold Belt. The setup includes a 60-day exclusivity window and a small upfront fee of $25,001, with $475,000 more due if Infinity pulls the trigger. Ainsworth Game Technology (ASX:AGI) has struck a deal with its majority shareholder, Novomatic, to buy up the remaining 47.1% of shares Novomatic doesn't already own, offering $1.00 per share in cash. This offer represents a 35% premium to Ainsworth's last closing price, valuing Ainsworth at $336.8 million. If the deal goes ahead, Ainsworth shareholders may also receive a fully franked dividend, which could adjust the cash offer. The deal is subject to shareholder approval. Tambourah Metals (ASX:TMB) has extended the gold mineralisation at the Tambourah King lode, with drilling showing significant gold over a 200m strike. Results include intersections like 3m at 2.99g/t Au and 5m at 1.35g/t Au. The mineralisation is still open to the north and south, and the company is gearing up for more drilling. Tambourah's also secured up to $180k in government co-funding to continue drilling on high-grade targets. Mount Burgess Mining (ASX:MTB) has released promising interim results from hydrometallurgical test work on its Nxuu Deposit. The tests showed high recoveries for key metals: zinc (96%), vanadium (91%), germanium (77%), and gallium (59%). While lead recovery was lower at 79.4%, previous flotation tests had shown a better recovery of 93%. These results will be used in a scoping study planned for later in 2025. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for April 28 : Code Name Price % Change Volume Market Cap HCF HGH High Conviction 0.400 -47% 73,571 $14,748,923 CGO CPT Global Limited 0.049 -35% 13,593 $3,142,302 AXP AXP Energy Ltd 0.001 -33% 1,505,000 $9,862,021 HCD Hydrocarbon Dynamics 0.002 -33% 101,006 $3,234,328 SFG Seafarms Group Ltd 0.001 -33% 586 $7,254,899 PEB Pacific Edge 0.075 -32% 111,649 $89,310,757 BRX Belararoxlimited 0.094 -30% 2,473,261 $21,130,518 1TT Thrive Tribe Tech 0.002 -25% 30,728,282 $4,063,446 EEL Enrg Elements Ltd 0.002 -25% 1,149,000 $6,507,557 CAV Carnavale Resources 0.004 -20% 2,732,828 $20,451,092 EVR Ev Resources Ltd 0.004 -20% 1,194,203 $9,929,183 OVT Ovanti Limited 0.004 -20% 1,842,918 $13,507,739 SRJ SRJ Technologies 0.019 -17% 2,589,130 $13,928,296 1AD Adalta Limited 0.005 -17% 400,000 $3,859,337 CUF Cufe Ltd 0.005 -17% 1,927,836 $8,079,449 SER Strategic Energy 0.005 -17% 254,320 $4,026,200 TSL Titanium Sands Ltd 0.005 -17% 26,357 $14,020,483 ECS ECS Botanics Holding 0.011 -15% 2,313,549 $16,848,644 EV1 Evolutionenergy 0.011 -15% 940,751 $4,714,456 GLL Galilee Energy Ltd 0.006 -14% 2,022,890 $4,833,683 JAV Javelin Minerals Ltd 0.003 -14% 8,585,348 $21,161,522 MKL Mighty Kingdom Ltd 0.006 -14% 2,000,000 $2,254,354 ODE Odessa Minerals Ltd 0.006 -14% 723,739 $11,196,728 IN CASE YOU MISSED IT Miramar Resources (ASX:M2R) is preparing to delve deeper into the Glandore gold project in Western Australia, following up on historical results of up to 1m at 161 g/t gold with plans for a seismic survey and multi-element analysis of end of hole samples. The company will advance its geophysical and metallurgical efforts as it waits on the grant of Glandore's pending mining licence application. Caprice Resources (ASX:CRS) has kicked-off a 5,000-metre Phase 3 drilling program at the Island gold project, targeted several high-grade, structurally controlled gold targets and following up on results of 28m at 6.4 g/t gold from 114m and 22m at 2.3 g/t gold from 168m of depth. Entering into a binding head of agreement with Red Hill Minerals (ASX:RHI), Brightstar Resources (ASX:BTR) will receive a cash payment of $4 million in return for a 2% gross revenue royalty once BTR completes 80,000m of drilling at the Sandstone gold project. Two fully developed stope blocks containing 2,075 tonnes at 17.8 g/t gold has been identified by Vertex Minerals (ASX:VTX) at its Reward Mine. The company says the stopes are suitable for airleg mining, and were not included in the production forecast detailed in VTX's 2024 PFS. Adding more than 30 years' experience in executive decision making and financial markets experience to the board, Petratherm (ASX:PTR) has tapped Rob Sennitt to become executive director of the board, effective May 1. Sennitt joins the team as PTR moves to develop its titanium-rich HMS Mickanippie project to commercialisation. At Stockhead, we tell it like it is. While Miramar Resources, Caprice Resources, Brightstar Rsources, Vertex Minerals and Petratherm are Stockhead advertisers, they did not sponsor this article.
Yahoo
27-04-2025
- Business
- Yahoo
Asian Investors Eye China, Trade in Cautious Open: Markets Wrap
(Bloomberg) -- Asian markets are set for a cautious start to the week as investors await signs of potential further stimulus from China and progress in US trade negotiations with the region. Why Car YouTuber Matt Farah Is Fighting for Walkable Cities Newsom Says California Is Now the World's Fourth-Biggest Economy At Bryn Mawr, a Monumental Plaza Traces the Steps of Black History Backyard Micro-Flats Aim to Ease South Africa's Housing Crisis Los Angeles Downgraded to AA- by S&P Due to Budget Woes The dollar was steady against major peers and US equity-index futures edged lower in early trading Monday. Contracts in Japan signal a gain when cash markets reopen after the yen weakened on Friday, while those in Australia and Hong Kong were little changed. China's finance minister Lan Fo'an at the weekend said the nation will adopt more proactive and effective policies to achieve its growth target and 'bring stability and impetus to the global economy.' Authorities including the People's Bank of China are set to hold a press briefing later Monday. 'The real question is around what will be announced - will it be additional stimulus measures or the front-loading of already announced stimulus,' said Tony Sycamore, a market analyst at IG in Sydney. 'Until further details are unveiled later today, the market will treat this news cautiously after being burned a number of times over the past six months chasing China stimulus headlines.' Traders will also be on watch for any signs of progress in US trade negotiations after President Donald Trump suggested another delay to his higher so-called 'reciprocal' tariffs was unlikely. Asian nations are likely to strike interim deals to stave off the snapback of the most punitive US tariffs before the 90-day grace period expires in early July. US stocks notched their longest advance in three months on Friday, while bonds and the dollar climbed amid increasing expectations the Federal Reserve could ease policy again in the first half of this year as the US economy softens. Worries about the economic fallout from tariffs drove US consumer sentiment to one of its lowest readings on record while long-term inflation expectations climbed to the highest since 1991. Investors will also be focused on China manufacturing activity data, the Bank of Japan's rate decision, the US jobs report, US gross domestic product and the Fed's preferred gauge of inflation in the coming days. 'Data this week from both the US and China are expected to show the first signs of impacting the two largest economies in the world,' said Win Thin, global head of markets strategy at Brown Brothers Harriman. 'With the 90-day pause in reciprocal tariffs set to end in early July, even that month seems too soon for a cut given the ongoing uncertainty regarding the tariff impact.' Some of the main moves in markets: Stocks S&P 500 futures fell 0.4% as of 8:23 a.m. Tokyo time Hang Seng futures rose 0.2% S&P/ASX 200 futures were little changed Currencies The Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1350 The Japanese yen was little changed at 143.80 per dollar The offshore yuan was little changed at 7.2943 per dollar Cryptocurrencies Bitcoin fell 0.5% to $93,834.04 Ether fell 0.6% to $1,792.6 Commodities West Texas Intermediate crude rose 0.4% to $63.29 a barrel Spot gold fell 0.5% to $3,304.49 an ounce This story was produced with the assistance of Bloomberg Automation. As More Women Lift Weights, Gyms Might Never Be the Same Why US Men Think College Isn't Worth It Anymore Eight Charts Show Men Are Falling Behind, From Classrooms to Careers The Mastermind of the Yellowstone Universe Isn't Done Yet Healthy Sodas Like Poppi, Olipop Are Drawing PepsiCo's and Coca-Cola's Attention ©2025 Bloomberg L.P. Sign in to access your portfolio
CNBC
27-04-2025
- Business
- CNBC
Asia-Pacific markets set to rise as investors await further stimulus from China
Sunset view of Yarra river and Melbourne skyscrapers business office building with evening skyline in Victoria, Australia. Australia tourism, modern city life, or business finance and economy concept Prasit Photo | Moment | Getty Images Asia-Pacific markets are set to open higher Monday as investors await further stimulus measures from China as well as developments in trade negotiations between the U.S. and countries in the region. Over the weekend, China's finance minister Lan Fo'an said that the Asian powerhouse will "adopt more proactive macroeconomic policies to promote the realization of the expected growth target for the whole year and continue to bring stability and momentum to the global economy," according to a Google translation of a statement posted on the ministry's website. Chinese authorities, including the People's Bank of China, are slated to hold a press conference later in the day. Investors are also keeping tabs on developments in trade negotiations between the U.S. and countries in the region, after U.S. President Donald Trump indicated that another pause to his "reciprocal tariffs" was unlikely, according to Bloomberg reports. Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 36,040 while its counterpart in Osaka last traded at 36,030, against the index's Friday close of 35,705.74. Futures for Hong Kong's Hang Seng Index stood at 22,055, pointing to a stronger open compared to the HSI's last close of 21,980.74. Meanwhile, futures tied to Australia's S&P/ASX 200 were last seen at 8,078, higher than the index's last close of 7,968.20. — CNBC's Lisa Kailai Han and Sean Conlon contributed to this report.
