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CNBC
8 hours ago
- Business
- CNBC
Asia-Pacific markets set to open mixed as investors digest Trump-Xi call
The view of Nanjing Road East Pedestrian Mall, the main shopping street in Shanghai. Bruce Yuanyue Bi | The Image Bank | Getty Images Asia-Pacific markets were set to trade mixed Friday as investors assessed the phone call between U.S. President Donald Trump and Chinese President Xi Jinping. Trump and Xi spoke on Thursday and agreed that officials from the U.S. and China will meet soon to continue negotiations aimed at ending the ongoing trade war. Trump said he had a "very good" call with Xi for about 90 minutes, which focused "almost entirely" on trade. The call yielded a "very positive conclusion for both Countries," Trump wrote in a Truth Social post. Japan's benchmark Nikkei 225 was set to fall at the open, with the futures contract in Chicago at 37,460 while its counterpart in Osaka last traded at 37,440 against the index's Thursday close of 37,554.49. Futures for Hong Kong's Hang Seng Index stood at 23,822, pointing to a lower open. The Hang Seng Index had closed at 23,906.97 in the previous session. Australia's S&P/ASX 200 was set to start the day slightly higher, with futures tied to the benchmark at 8,540, compared to its last close of 8,538.9. "The U.S.‑China agreement to de‑escalate tensions, and the recent phone call between Trump and Xi, shows both countries have an economic 'pain threshold," said Luke Yeaman, chief economist and head of global economics and markets research at Commonwealth Bank. While the call takes some severe downside scenarios off the table, tensions will remain high and more bouts of escalation are still on the cards, Yeaman wrote in a note published Friday. "In the longer term, both will continue to push for more economic independence." U.S. futures were mostly calm ahead of a key jobs report that is expected to shed light on the health of the U.S. economy. Overnight stateside, the three major averages closed lower. The S&P 500 fell, spurred by a drop in shares of electric vehicle maker Tesla. The broad market index dipped 0.53% and closed at 5,939.30, while the Nasdaq Composite pulled back 0.83% to end at 19,298.45. The Dow Jones Industrial Average dropped 108 points, or 0.25%, to settle at 42,319.74. — CNBC's Pia Singh and Sean Conlon contributed to this report. The three leading indexes finished Thursday's session in the red. The S&P 500 plummeted 0.53% to close at 5,939.30, while the Nasdaq Composite declined 0.83%, ending at 19,298.45. The Dow Jones Industrial Average shed 108 points, or 0.25%, to finish at 42,319.74. — Sean Conlon
CNBC
3 days ago
- Business
- CNBC
Asia-Pacific markets set to mostly rise after Wall Street looks past global trade frictions
Aaron Foster | The Image Bank | Getty Images Asia-Pacific markets were set to mostly rise Tuesday following gains on all three Wall Street benchmarks overnight, despite mounting global trade frictions. China pushed back against the U.S.' accusations that it had violated a temporary trade agreement. Instead, the Asian powerhouse blamed Washington for failing to uphold the deal — a sign that negotiations between the world's two largest economies are deteriorating. Menawhile, the European Union criticized U.S. President Donald Trump's intention to double steel tariffs to 50%, saying that such a move "undermines" its own negotiations with the U.S. An EU spokesperson said that the bloc was "prepared to impose countermeasures." Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 37,720 while its counterpart in Osaka last traded at 37,770 against the index's last close of 37,470.67. Futures for Hong Kong's Hang Seng index stood at 23,138 pointing to a flat open compared to the HSI's close of 23,157.97. Australia's S&P/ASX 200 is set to start the day higher, with futures tied to the benchmark at 8503.0 compared to its last close of 8,414.10. Economists polled by Reuters estimated the country's current account balance for the first quarter of 2025 - expected to come later in the day - to hit 13.1 billion Australian dollars ($8.51 billion), from 12.5 billion in the previous quarter. Meanwhile, a separate Reuters poll forecast that China's Caixin Manufacturing PMI will reach 50.6 in May, from 50.4 in the month before. South Korean markets were closed for polling day. — CNBC's Lisa Kailai Han and Sean Conlon contributed to this report.
Yahoo
16-05-2025
- Politics
- Yahoo
Birmingham mayor, city council file lawsuit against state over water utility board changes
The skyline of Birmingham, Alabama. Birmingham officials have filed a lawsuit against a new state law that would reduce the number of appointments from the city to the Birmingham Water Works Board. (John Coletti/The Image Bank) The Alabama Legislature's 2025 session is over, and the lawsuits have begun. After state lawmakers passed a bill reducing Birmingham's appointments to the Birmingham Water Works Board (BWWB), Birmingham officials filed a federal lawsuit to try to protect their controlling interest in the utility. The city government currently appoints six of the nine directors on the board; SB 330, sponsored by Sen. Dan Roberts, R-Mountain Brook, converts BWWB into a regional authority with seven members and a single appointment from the city. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX A hearing on the lawsuit, filed before Gov. Kay Ivey signed the bill on May 7, was scheduled for Thursday but postponed. The law does not explicitly mention BWWB but its provisions reflect the make-up of the water utility. Currently, two directors are appointed by the mayor while the Birmingham City Council appoints four members. A message was left with Gov. Kay Ivey's office Thursday seeking comment. Proponents of the legislation said it was necessary to impose changes. In the past, the water utility has been beset with issues with billing, oversight and concerns over public trust. Customers reported concerns with unread meters and inaccurate water bills. Under Roberts' bill, the governor, lieutenant governor and counties that own a major reservoir would each get an appointment. Birmingham's mayor and the president of the Jefferson County Commission also get an appointment. The governor's appointment must come from one of the counties served by the utility. Another county located outside the area where the utility is based gets to also appoint a board member. The governing body of the municipality where the regional water utility is located appoints a director. Finally, that law states that a resident where the water utility is located may also be a member of the Board. The remaining members are selected, respectively, by the Jefferson County Mayors Association, the Shelby County Commission and Blount County Commission. The lawsuit alleges the bill the equal rights and due process protections in the U.S. and Alabama constitutions. The lawsuit says that lawmakers in the Legislature, most of whom are white, reduced the power of officials in Birmingham whose population is 67% Black and forms 41% of the utility's customer base. The lawsuit also notes that other areas with representation are mostly white. In Blount County, it says, only about 2% of the residents are Black, and in Walker County, only 6% are Black. 'SB330 violates the Equal Protection Clause of the United States Constitution,' the lawsuit states. Plaintiffs listed in the lawsuit also stated that the law violates their right to due process because any changes to the board require changes to the Certificate of Incorporation, which is not part of the legislation, that must be approved by Birmingham City Council. The law changes the Certificate of Incorporation by reducing the number of members that the city council may appoint, which members of the Council did not approve. SUPPORT: YOU MAKE OUR WORK POSSIBLE
CNBC
08-05-2025
- Business
- CNBC
Asia-Pacific stocks set to rise as Wall Street cheers U.S.-UK trade deal outline
The view of Nanjing Road East Pedestrian Mall, the main shopping street in Shanghai. Bruce Yuanyue Bi | The Image Bank | Getty Images Asia-Pacific markets were set to mostly climb Friday, tracking Wall Street gains after U.S. President Donald Trump announced the broad outline of a trade deal with the United Kingdom — the first since the U.S. paused sweeping "reciprocal" tariffs in April. Specific details of the agreement remained unclear, and no official documents were signed during the Oval Office announcement. "The final details are being written up," Trump said. "In the coming weeks we'll have it all very conclusive." Japan's benchmark Nikkei 225 is set to open higher, with the futures contract in Chicago at 37,530 while its counterpart in Osaka last traded at 37,490, against the index's last close of 36,928.63. Australia's benchmark S&P/ASX 200 is set to rise, with futures standing at 8,216, up from the index's close of 8,191.7. Futures for Hong Kong's Hang Seng index stood at 22,732, slightly lower than HSI's last close of 22,775.92. Investors in Asia will also be keeping an eye out for China's April trade figures. U.S. stock futures hovered near the flatline as investors hope that the U.S.- United Kingdom trade deal framework signals more progress to come. Overnight stateside, the three major averages closed higher. The Dow Jones Industrial Average gained 254.48 points, or 0.62%, to settle at 41,368.45. The S&P 500 rose 0.58% and closed at 5,663.94. The Nasdaq Composite advanced 1.07% to end at 17,928.14. — CNBC's Sean Conlon and Pia Singh contributed to this report. The broad market index added 0.58% to close at 5,663.94, while the Nasdaq Composite gained 1.07% to end at 17,928.14. The Dow Jones Industrial Average climbed 254.48 points, or 0.62%, and settled at 41,368.45. — Pia Singh
Business Mayor
01-05-2025
- Business
- Business Mayor
This lesser-known 401(k) feature can kick-start your tax-free retirement savings
Don Mason | The Image Bank | Getty Images If you're eager to increase your retirement savings, a lesser-known 401(k) feature could significantly boost your nest egg, financial advisors say. For 2025, you can defer up to $23,500 into your 401(k), plus an extra $7,500 in 'catch-up contributions' if you're age 50 and older. That catch-up contribution jumps to $11,250 for investors age 60 to 63. Some plans offer after-tax 401(k) contributions on top of those caps. For 2025, the max 401(k) limit is $70,000, which includes employee deferrals, after-tax contributions, company matches, profit-sharing and other deposits. If you can afford to do this, 'it's an amazing outcome,' said certified financial planner Dan Galli, owner of Daniel J. Galli & Associates in Norwell, Massachusetts. Here's a look at other stories impacting the financial advisor business. 'Sometimes, people don't believe it's real,' he said, because you can automatically contribute and then convert the funds to 'turn it into tax-free income.' However, many plans still don't offer the feature. In 2023, only 22% of employer plans offered after-tax 401(k) contributions, according to the latest data from Vanguard's How America Saves report. It's most common in larger plans. Even when it's available, employee participation remains low. Only 9% of investors with access leveraged the feature in 2023, the same Vanguard report found. That's down slightly from 10% in 2022. How to start tax-free growth After-tax and Roth contributions both begin with after-tax 401(k) deposits. But there's a key difference: the taxes on future growth. Roth money grows tax-free, which means future withdrawals aren't subject to taxes. To compare, after-tax deposits grow tax-deferred, meaning your returns incur regular income taxes when withdrawn. That's why it's important to convert after-tax funds to Roth periodically, experts say. 'The longer you leave those after-tax dollars in there, the more tax liability there will be,' Galli said. But the conversion process is 'unique to each plan.' Often, you'll need to request the transfer, which could be limited to monthly or quarterly transactions, whereas the best plans convert to Roth automatically, he said. Focus on regular 401(k) deferrals first Before making after-tax 401(k) contributions, you should focus on maxing out regular pre-tax or Roth 401(k) deferrals to capture your employer match, said CFP Ashton Lawrence at Mariner Wealth Advisors in Greenville, South Carolina. After that, cash flow permitting, you could 'start filling up the after-tax bucket,' depending on your goals, he said. 'In my opinion, every dollar needs to find a home.' In 2023, only 14% of employees maxed out their 401(k) plan, according to the Vanguard report. For plans offering catch-up contributions, only 15% of employees participated.
