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Irish Times
23-07-2025
- Automotive
- Irish Times
European stocks poised to surge as US-Japan trade deal struck
Japanese shares surged to a one-year high on Wednesday as the country struck a trade deal with the United States that lowers tariffs on its autos, while also reviving hopes for a EU-US agreement that boosted European stock futures. US president Donald Trump on Tuesday said a trade deal with Tokyo will include Japan paying a lower-than-threatened 15 per cent tariff on shipments to the US It followed an agreement with the Philippines that will see the US collect a 19 per cent tariff rate on imports from there. Mr Trump also said representatives from the European Union were coming for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, even as the EU was reportedly refining countermeasures in case of a deadlock before the August 1 deadline. Stoxx 50 futures jumped 1.3 per cent, while Germany's DAX futures climbed 0.6 per cent. 'Expectations for a breakthrough (on the US-Japan talks) were low, so Trump's announcement delivers a mild upside surprise – providing near-term relief for Japanese equities,' said Charu Chanana, chief investment strategist at Saxo. 'Strategically, the deal allows Japan to sidestep immediate tariff escalation, while Trump's attention shifts elsewhere.' Japan's Nikkei bolted 3.7 per cent higher as shares of automakers surged on news the deal would cut the US auto tariff to 15 per cent, from a proposed 25 per cent. Mazda Motor rallied 17 per cent, while Toyota Motor jumped 13.6 per cent. South Korean automakers also rallied as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the United States. Analysts noted the trade deal reduced a big risk to the fragile Japanese economy, providing more scope for the Bank of Japan to raise interest rates to fight inflation. That slugged the bond market, with yields for 10-year JGBs rising a whopping 8.5 basis point to 1.585 per cent. In another positive development, US and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12th deadline for negotiating a trade deal, US treasury secretary Scott Bessent said. Chinese blue-chips rose 0.7 per cent and Hong Kong's Hang Seng index gained 0.8 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan added 1.0 per cent. Wall Street was more restrained with S&P 500 futures up 0.2 per cent, while Nasdaq futures added 0.1 per cent. US corporate earnings reports were showing signs that Mr Trump's trade war was hitting profit margins. General Motors tumbled 8.1 per cent after the automaker reported a $1 billion hit from tariffs to its quarterly results. Investors are now awaiting results from Tesla and Google's parent Alphabet – two of the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, the dollar consolidated having slipped overnight in line with Treasury yields. The dollar index was a shade firmer at 97.45, after losing 0.4 per cent on Tuesday in its third session of declines. The euro dipped 0.1 per cent to $1.1737, after rising 0.5 per cent the previous day. The European Central Bank is expected to hold rates steady on Thursday after eight consecutive rate cuts, with the prospect of steeper-than-expected US tariffs looming. – Reuters (c) Copyright Thomson Reuters 2025


CNA
23-07-2025
- Automotive
- CNA
Nikkei, EU stocks surge as US-Japan trade deal avoids the worst
SYDNEY :Japanese shares surged to a one-year high on Wednesday as the country struck a trade deal with the United States that lowers tariffs on its autos, while also reviving hopes for a EU-US agreement that boosted European stock futures. President Donald Trump on Tuesday said a trade deal with Tokyo will include Japan paying a lower-than-threatened 15 per cent tariff on shipments to the U.S. It followed an agreement with the Philippines that will see the U.S. collect a 19 per cent tariff rate on imports from there. Trump also said representatives from the European Union were coming for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, even as the EU was reportedly refining countermeasures in case of a deadlock before the August 1 deadline. EUROSTOXX 50 futures jumped 1.3 per cent, while Germany's DAX futures climbed 0.6 per cent. "Expectations for a breakthrough (on the U.S.-Japan talks) were low, so Trump's announcement delivers a mild upside surprise — providing near-term relief for Japanese equities," said Charu Chanana, chief investment strategist at Saxo. "Strategically, the deal allows Japan to sidestep immediate tariff escalation, while Trump's attention shifts elsewhere." Japan's Nikkei bolted 3.7 per cent higher as shares of automakers surged on news the deal would cut the U.S. auto tariff to 15 per cent, from a proposed 25 per cent. Mazda Motor rallied 17 per cent, while Toyota Motor jumped 13.6 per cent. South Korean automakers also rallied as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the United States. Analysts noted the trade deal reduced a major risk to the fragile Japanese economy, providing more scope for the Bank of Japan to raise interest rates to fight inflation. That slugged the bond market, with yields for 10-year JGBs rising a whopping 8.5 basis point to 1.585 per cent. There were also reports Japanese Prime Minister Shigeru Ishiba would soon step down to take responsibility for the ruling coalition's defeat in Sunday's upper house election. The political uncertainty reversed an early trade-inspired rise in the yen and helped the dollar nudge up 0.2 per cent to 146.95. Saxo's Chanana said Ishiba's departure could set the stage for leadership more aligned with pro-market policies and closer U.S. ties. "His exit is also seen as clearing a path for continuity in Japan's accommodative fiscal and monetary stance." EXTENDED DEADLINES In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips rose 0.7 per cent and Hong Kong's Hang Seng index gained 0.8 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan added 1.0 per cent. Wall Street was more restrained with S&P 500 futures up 0.2 per cent, while Nasdaq futures added 0.1 per cent. U.S. corporate earnings reports were showing signs that Trump's trade war was hitting profit margins. General Motors tumbled 8.1 per cent after the automaker reported a $1 billion hit from tariffs to its quarterly results. Investors are now awaiting results from Tesla and Google's parent Alphabet - two of the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, the dollar consolidated having slipped overnight in line with Treasury yields. The dollar index was a shade firmer at 97.45, after losing 0.4 per cent on Tuesday in its third session of declines. The euro dipped 0.1 per cent to $1.1737, after rising 0.5 per cent the previous day. The European Central Bank is expected to hold rates steady on Thursday after eight consecutive rate cuts, with the prospect of steeper-than-expected U.S. tariffs looming. Benchmark 10-year U.S. Treasury yields ticked up 2 basis points to 4.36 per cent, after slipping 3 bps overnight. While Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates, Bessent said there was no need for Powell to step down immediately and could stay until next May if he chose. Investors have been worried the politicisation of the Fed could ultimately lead to rates being cut too far, fuelling inflation and pushing up long-term borrowing costs. In commodity markets, Spot gold prices eased a touch to $3,422 an ounce. Oil prices nudged higher, helped by rising prices for diesel in the U.S. where stockpiles are at their lowest levels for this time of the year since 1996.


Zawya
23-07-2025
- Business
- Zawya
Nikkei surges in boost to Asia as Trump announces Japan trade deal
SYDNEY: A rally in Japanese shares led Asian markets on Wednesday after President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, tempering the disappointment from U.S. earnings that highlighted the drag from higher tariffs. Trump late on Tuesday said a trade deal with Tokyo will include Japan paying a lower 15% tariff on shipments to the U.S. It followed an agreement with the Philippines that will see the U.S. collect a 19% tariff rate on imports from there. "Expectations for a breakthrough were low, so Trump's announcement delivers a mild upside surprise — providing near-term relief for Japanese equities," said Charu Chanana, chief investment strategist at Saxo. "Strategically, the deal allows Japan to sidestep immediate tariff escalation, while Trump's attention shifts elsewhere." Japan's Nikkei jumped 2.6% on Wednesday as shares of automakers surged on news the deal lowers the auto tariff to 15%, from a proposed 25%. Mazda Motor rallied 17% while Toyota Motor jumped 11%. Japanese government bonds slid, with the yields for 10-year JGBs up a whopping 8.5 bps at 1.585%, as the reduced uncertainty helped to clear the path for the Bank of Japan to resume interest rate hikes. The reaction in the yen was more muted, eking out a small 0.1% gain to 146.42 per dollar. Traders are on edge as Japanese Prime Minister Shigeru Ishiba was planning to soon decide whether to step down after assessing the outcome of the trade deal, Yomiuri newspaper said. Trump also said representatives from the European Union are coming for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, as markets were worried about broader EU countermeasures amid receding signs of a trade agreement with Washington. EUROSTOXX 50 futures rose 0.8%, while Wall Street futures were up about 0.1%. In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips edged up 0.3% and Hong Kong's Hang Seng index gained 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6%. Overnight, Wall Street closed mixed as investors assessed a spate of earnings that pointed to signs that Trump's trade war is hitting corporate profit margins. General Motors tumbled 8.1% after the automaker reported a $1 billion hit from tariffs to its quarterly results. Shares of RTX dropped 1.6% after the aerospace and defense giant took a hit from tariffs despite strong demand for its engines and aftermarket services. Investors are now waiting for results from Tesla and Google's parent Alphabet - the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, moves are a little muted with the dollar holding onto overnight losses along with lower Treasury yields. The dollar index was flat at 97.45, having slipped 0.4% overnight for its third straight day of declines. The euro dipped 0.1% to $1.1739 after rising 0.5% overnight. Benchmark 10-year U.S. Treasury yields ticked up 2 basis points to 4.3559%, after slipping 3 bps overnight, as Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates, although Bessent said there was no need for him to step down immediately. Bessent did say the Fed's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations. Oil prices gained a little on Wednesday. U.S. crude rose 0.4% to $65.60 per barrel, while Brent was at $68.88 per barrel, up 0.4%. Spot gold prices were steady at $3,429 an ounce.


CNA
23-07-2025
- Business
- CNA
Nikkei surges in boost to Asia as Trump announces Japan trade deal
SYDNEY :A rally in Japanese shares led Asian markets on Wednesday after President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, tempering the disappointment from U.S. earnings that highlighted the drag from higher tariffs. Trump late on Tuesday said a trade deal with Tokyo will include Japan paying a lower 15 per cent tariff on shipments to the U.S. It followed an agreement with the Philippines that will see the U.S. collect a 19 per cent tariff rate on imports from there. "Expectations for a breakthrough were low, so Trump's announcement delivers a mild upside surprise — providing near-term relief for Japanese equities," said Charu Chanana, chief investment strategist at Saxo. "Strategically, the deal allows Japan to sidestep immediate tariff escalation, while Trump's attention shifts elsewhere." Japan's Nikkei jumped 2.6 per cent on Wednesday as shares of automakers surged on news the deal lowers the auto tariff to 15 per cent, from a proposed 25 per cent. Mazda Motor rallied 17 per cent while Toyota Motor jumped 11 per cent. Japanese government bonds slid, with the yields for 10-year JGBs up a whopping 8.5 bps at 1.585 per cent, as the reduced uncertainty helped to clear the path for the Bank of Japan to resume interest rate hikes. The reaction in the yen was more muted, eking out a small 0.1 per cent gain to 146.42 per dollar. Traders are on edge as Japanese Prime Minister Shigeru Ishiba was planning to soon decide whether to step down after assessing the outcome of the trade deal, Yomiuri newspaper said. Trump also said representatives from the European Union are coming for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, as markets were worried about broader EU countermeasures amid receding signs of a trade agreement with Washington. EUROSTOXX 50 futures rose 0.8 per cent, while Wall Street futures were up about 0.1 per cent. In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips edged up 0.3 per cent and Hong Kong's Hang Seng index gained 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6 per cent. Overnight, Wall Street closed mixed as investors assessed a spate of earnings that pointed to signs that Trump's trade war is hitting corporate profit margins. General Motors tumbled 8.1 per cent after the automaker reported a $1 billion hit from tariffs to its quarterly results. Shares of RTX dropped 1.6 per cent after the aerospace and defense giant took a hit from tariffs despite strong demand for its engines and aftermarket services. Investors are now waiting for results from Tesla and Google's parent Alphabet - the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, moves are a little muted with the dollar holding onto overnight losses along with lower Treasury yields. The dollar index was flat at 97.45, having slipped 0.4 per cent overnight for its third straight day of declines. The euro dipped 0.1 per cent to $1.1739 after rising 0.5 per cent overnight. Benchmark 10-year U.S. Treasury yields ticked up 2 basis points to 4.3559 per cent, after slipping 3 bps overnight, as Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates, although Bessent said there was no need for him to step down immediately. Bessent did say the Fed's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations. Oil prices gained a little on Wednesday. U.S. crude rose 0.4 per cent to $65.60 per barrel, while Brent was at $68.88 per barrel, up 0.4 per cent.
Yahoo
23-07-2025
- Automotive
- Yahoo
Nikkei rally buoys Asian shares as Trump announces Japan trade deal
By Stella Qiu SYDNEY (Reuters) -Japanese shares led an Asian share market rally on Wednesday after U.S. President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, offsetting mixed U.S. earnings that highlighted the drags from higher tariffs. Trump late on Tuesday announced a trade deal with Tokyo that he said will result in Japan investing $550 billion into the United States and paying a 15% reciprocal tariff. It followed an agreement with the Philippines that will see the U.S. collect a 19% tariff rate on imports from there. "Though details are not yet available, it is commendable that the 25% baseline tariff was avoided," Norihiro Yamaguchi, senior Japan economist at Oxford Economics. "In the short run I think lowered uncertainty will be welcomed in the equity market. But global trade policy uncertainty will remain high, meaning that today's conclusion will provide little upside to the real economy." The U.S. president also said representatives from the European Union are coming for trade negotiations on Wednesday. In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Japan's Nikkei rose 1.7% on Wednesday as shares of automakers surged. Mazda Motor rallied 12% while Toyota Motor jumped 10%. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.2% underpinned by higher openings in Australia and South Korea. The yen initially gained on the news, but was last flat at 146.68 per dollar. Nasdaq futures climbed 0.1% and S&P 500 futures gained 0.2% in Asia. Overnight, Wall Street closed mixed as investors assessed a spate of varied earnings and signs that Trump's trade war is hitting corporate profit margins. General Motors tumbled 8.1% after the automaker reported a $1 billion hit from tariffs to its quarterly results. Investors are now waiting for results from Tesla and Google's parent Alphabet - the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, the dollar index was flat at 97.45 against its major peers, having slipped 0.4% overnight to mark the third straight day of declines. Benchmark 10-year U.S. Treasury yields ticked up 2 basis points to 4.3579, after slipping 3 bps overnight, as Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates, although Bessent said there was no need for him to step down immediately. Bessent did say the Fed's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations. Spot gold prices were steady at $3,429 an ounce.