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Economic Times
29-05-2025
- Business
- Economic Times
US stock futures jump, dollar gains on tariff ruling
US stock futures jumped and the dollar strengthened after President Donald Trump's global tariffs were deemed illegal and blocked by the US trade court. Upbeat earnings from Nvidia Corp. also boosted investor sentiment. ADVERTISEMENT Contracts for the S&P 500 and Nasdaq 100 gained 1.4% and 1.7% respectively. The ruling can now be appealed by the Trump administration in federal court. The yen declined 0.7% and oil jumped. Shares in Nvidia rose over 5% in post-market trading in New York after the company delivered a solid revenue forecast. Equities in Japan and South Korea advanced at the open. Global financial markets were hit by a sweeping selloff after Trump's bid to remake the world trading order proved more aggressive than expected. Trump's tariff blitz, announced April 2, spooked investors who caught on to a 'Sell America' trade as they remain wary on how the levies will impact growth. Trump's pause on the tariffs and negotiations with countries have since helped stabilize the markets, putting the MSCI All Countries World Index within striking distance of a record high. 'More details are needed,' Rodrigo Catril, a strategist at National Australia Bank Ltd. in Sydney said in reference to the ruling. 'Particularly whether there is an injunction or whether this goes to an appeal process and tariffs remain in place for now. The best guess at this stage is that the administration has enough powers to bypass the ruling and implement tariffs on several grounds.'Meanwhile, Nvidia Chief Executive Officer Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for 'exponential growth.' While Nvidia boosted optimism, HP Inc. dropped about 15% in extended trading after the company's profit outlook fell short of estimates and it cut the annual earnings forecast, pointing toward a weaker economy and continuing costs from US tariffs on goods from China. ADVERTISEMENT News reports that the Trump administration is moving to restrict the sale of chip design software to China spurred a plunge in Cadence Design Systems Inc. and Synopsys Inc. Meantime, Tesla Inc. was said to begin its robotaxi service in Austin on June bristled at suggestions that Wall Street believes he's ultimately unwilling to follow through on extreme tariff threats, saying his repeated retreats are instead part of a strategy to exert trade concessions. ADVERTISEMENT 'It's called negotiation,' Trump said on Wednesday, adding that he intentionally would 'set a number at a ridiculous high number' and then 'go down a little bit' as part of talks. (You can now subscribe to our ETMarkets WhatsApp channel)
South China Morning Post
03-04-2025
- Business
- South China Morning Post
US dollar weakens against yen, Swiss franc on concern of Trump tariffs' economic impact
A gauge of the USdollar slid to a five-month low as traders braced for the impact of higher American tariffs on the economy. Advertisement The Bloomberg Dollar Spot Index fell as much as 1 per cent to the lowest since November, with the US dollar sliding sharply versus the yen and Swiss franc. The euro appreciated more than 1 per cent to the strongest in six months, approaching the closely watched $1.10 level. Stocks in Europe slumped 1.8 per cent. US President Donald Trump announced Wednesday he will apply at least a 10 per cent tariff on all exporters to the US, with even higher duties on some 60 nations to counter large trade imbalances with the US. Canada said it will fight tariffs with countermeasures while China has also vowed to retaliate. The harsher-than-expected tariffs threaten to raise prices on trillions of dollars in goods imported into the US each year. US stock futures tumbled about 3 per cent, surpassing losses in Chinese shares even as the Asian nation faces a tariff of well above 50 per cent on many goods. Live footage showing US President Donald Trump during the signing ceremony for his executive orders, next to screens displaying the dollar-yen exchange rate at a dealing room of in Tokyo on January 21, 2025. Photo: Reuters. 'The aggravation of US growth concerns on the tariff news and related further falls in US stocks has meant that the dollar isn't enjoying its traditional safe haven, reserve currency status support,' said Ray Attrill, head of foreign-exchange strategy at National Australia Bank Ltd.
Yahoo
28-03-2025
- Business
- Yahoo
Australia's Bond Demand Gauge Relative to Supply Hits Record Low
(Bloomberg) -- The Australian rates market is signaling that the demand for the nation's sovereign bonds has slumped to a record low relative to supply, underscoring investor concern over heavy debt issuance. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? How SUVs Are Making Traffic Worse Trump Slashed International Aid. Geneva Is Feeling the Impact. These US Bridges Face High Risk of Catastrophic Ship Strikes The spread between 10-year interest-rate swaps and similar-tenor bond futures slid to negative 14.75 basis points this week, the lowest in Bloomberg-compiled data going back to 1998. That gap is often seen as a gauge of the demand for debt as swaps and bond futures typically move in tandem, unless there is a bond-supply risk. The nation's 10-year yields rose to the highest in a month after the Australian Office of Financial Management said it plans to issue about A$150 billion ($94.4 billion) of government bonds in the 12 months ending June 2026. That's higher than the revised projection of A$100 billion for the current fiscal year. Increasing government bond supply into fiscal year ending June 2026 has been helping put downward pressure on spreads, said Ken Crompton, head of rates strategy at National Australia Bank Ltd. 'The combination of flows and higher issuance points to spreads remaining tight,' he said, adding that 'The swap spread curve will thus remain inverted.' Business Schools Are Back Google Is Searching for an Answer to ChatGPT A New 'China Shock' Is Destroying Jobs Around the World The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
27-01-2025
- Business
- Bloomberg
Australian Business Conditions Lift in December Driven by Retail
Australian business conditions — which measure jobs, sales and profitability — advanced in December, driven by the retail sector as consumer spending picked up while price pressures eased. A National Australia Bank Ltd. survey showed Tuesday that conditions climbed 3 points to +6, reversing declines from the prior month and almost returning to its long-run average. The gains were led by a 'notable uplift' in retail which re-entered positive territory for the first time since November 2023.
