Latest news with #TradeDeal
Reuters
3 hours ago
- Business
- Reuters
Oil prices steady with trade talks in focus
NEW YORK, July 23 (Reuters) - Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal, opens new tab with Japan. Brent crude futures settled 8 cents, or 0.12%, lower at $68.51 a barrel, while U.S. West Texas Intermediate crude futures were down 6 cents, or 0.09%, at $65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1. Just hours earlier, Trump said the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. "The trade deal with Japan might be a template for trade deals with other countries," said Andrew Lipow, president of Lipow Oil Associates. "On the other hand, the market is still concerned about the U.S. coming to an agreement with the European Union and China." The European Commission planned to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until August 7. Both benchmarks lost about 1% on Tuesday after the EU said it was considering countermeasures against U.S. tariffs. "The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "That's a bullish swing," said Bob Yawger, director of energy futures at Mizuho. "It was largely a function of import-export dynamics." U.S. crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net U.S. crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Irish Times
5 hours ago
- Automotive
- Irish Times
Markets climb on back of Japan-US trade deal signing
Global markets climbed higher on Wednesday after the United States signed a trade deal with Japan amid reports a deal with Europe could be close. Dublin Euronext Dublin finished the day up 1.3 per cent, lifted by Cavan-based insulation specialist Kingspan, which surged 3.6 per cent. There was strength across the board on the index, which fed through to the banks as AIB and Bank of Ireland finished the day up 1 per cent and 2 per cent respectively. Elsewhere, Ryanair continued its recent run as it climbed 1.5 per cent. Davy increased its price target for the airline from €24 to €27 and reiterated its 'outperform' prediction on its rating. READ MORE 'The market overall did a little bit better on the day,' noted a trader. 'The tariff deal with Japan set the market up well for the morning and it just carried through into the day.' London The FTSE 100 index closed up 0.4 per cent which was a record closing peak, after earlier hitting an all-time high. The FTSE 250 closed up 0.4 per cent, and the AIM All-Share closed up 0.5 per cent. Car makers such as Toyota climbed 14 per cent, and Honda jumped 11 per cent. Mitsubishi rose a more modest 3.6 per cent. On the FTSE 100, Informa rose 5.3 per cent. It raised its full-year outlook and added to its share buyback after reporting 20 per cent growth in half-year sales and adjusted profit. Europe The pan-European Stoxx 600 index rose 1.01 per cent, while Europe's broad FTSEurofirst 300 index rose 1.01 per cent. The Cac 40 in Paris advanced 1.5 per cent, while the Dax 40 in Frankfurt gained 0.8 per cent. Euro zone government bond yields were mixed, as investors weigh what Japan's trade deal with Washington means for hopes of further agreements. Euro area borrowing costs had fallen over the past two sessions as investor focus shifted to the deflationary fallout from potential U.S. trade duty increases and a strengthening euro. US President Donald Trump struck a deal with Japan that spares Tokyo from punishing levies in exchange for a $550 billion (€468 billion) package of US-bound investment and loans. Germany's 10-year government bond yield, the euro area's benchmark, rose 1.5 basis points to 2.603 per cent, after dropping more than 10 basis points in the last two sessions. Germany's two-year government bond yield – more sensitive to expectations for European Central Bank policy rates – was little changed at 1.798 per cent. The gap between German 10-year and 2-year yields rose 1.5 basis points to 80.5 basis points. New York Wall Street's main indexes moved higher after it was reported that the US and the European Union were closing in on a 15 per cent tariff deal. The Dow Jones Industrial Average rose 0.36 per cent; the S&P 500 rose 0.27 per cent; while the Nasdaq Composite rose 0.35 per cent. Tesla and Alphabet are set to report after the bell on Wednesday. With AI optimism running high and valuations stretched, expectations for these tech giants are sky-high, leaving little margin for disappointment. In earnings-focused moves, GE Vernova's shares climbed 13.7 per cent to an all-time high, as the power equipment maker raised its current-year revenue and free cash flow forecasts after beating Wall Street estimates for second-quarter profit. Texas Instruments tumbled 12.7 per cent after its quarterly profit forecast failed to impress investors, as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty. The earnings also weighed on its peer analog chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor falling between 3.5 per cent and 5.6 per cent. Toymaker Hasbro slipped 2.4 per cent even after raising its annual revenue forecast. A 1.7 per cent drop in AT&T kept the communications sector in the red, with all other sectors in positive territory. The company's stock dropped despite beating quarterly profit estimates. – Additional reporting: Agencies
Reuters
5 hours ago
- Automotive
- Reuters
Automakers propel European shares to two-week highs on US-EU trade deal optimism
July 23 (Reuters) - European shares closed near two-week highs on Wednesday, led by automakers, as investors anticipated a possible agreement between the United States and European Union to soften the blow of growth-denting tariffs. Futures tracking the pan-European STOXX 600 index got a further boost and were last up 2.1% as EU diplomats said the bloc and Washington were headed for a potential trade deal including a 15% U.S. baseline tariff on European imports - half the level U.S. President Donald Trump had threatened. Negotiations between the two economies have lagged in recent weeks, and investors are keen for an agreement before the August 1 deadline. The European Commission is planning to unveil counter-tariffs if the talks fail. The benchmark STOXX index <.STOXX> closed 1% higher and logged its biggest one-day gain in nearly a month, after Japan struck a trade deal with the U.S., sparking a rally in automobile stocks earlier in the day. "One of the premises underlying global markets is that once tariffs are implemented, they will not be as negative as feared," said Steve Sosnick, chief market analyst at Interactive Brokers. "From the European point of view, it's understandable why that would be perceived as good news, because it's reasonable to think that there will be some sort of negotiation between the U.S. and the EU to arrive at a deal". Most of the major bourses in the region, including Germany's DAX , France's CAC 40 (.FCHI), opens new tab along with main stock indexes in Italy (.FTMIB), opens new tab, rallied more than 1.3%. European automobile stocks (.SXAP), opens new tab surged 3.7% and logged its biggest daily rise in close to a month, tracking a steep rally by some Asian rivals. European carmakers such as Stellantis, Mercedes-Benz ( opens new tab, Volkswagen ( opens new tab and Porsche (P911_p.DE), opens new tab gained between 6.1% and 7.3%. Earnings were also on the radar, with technology stocks (.SX8P), opens new tab bogged down by a 4.1% slide in SAP ( opens new tab as investors were disappointed the software company held off on increasing full-year targets after reporting higher quarterly sales and earnings. ASM International ( opens new tab dropped the most on the benchmark index, down 10.4%, after the computer chip equipment maker reported second-quarter bookings below market expectations. UniCredit ( opens new tab rose 3.6% after the Italian lender posted higher-than-expected quarterly profit and raised its fiscal-year outlook, a day after a clash with the government prompted Italy's second biggest bank to ditch its takeover bid for rival Banco BPM. Nokia ( opens new tab, meanwhile, slumped 7.6% after the Finnish group lowered its guidance for 2025 comparable operating profit, while SSAB's ( opens new tab slid 9% after earnings fell more than expected in the second quarter. Spanish stocks (.IBEX), opens new tab were limited by a 4.7% drop in Iberdrola ( opens new tab after the utilities company raised 5 billion euros ($5.87 billion) to help pay for a big rise in investments in power grids in Britain and the United States. ($1 = 0.8515 euros)
Asharq Al-Awsat
6 hours ago
- Business
- Asharq Al-Awsat
Oil Prices Edge Lower with Trade Talks in Focus
Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 35 cents, or 0.5%, at $68.24 a barrel as of 1246 GMT. US West Texas Intermediate crude futures were down 33 cents, or 0.5%, at $64.98 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. "The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of US goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% US tariffs. Investors are awaiting US oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
Yahoo
9 hours ago
- Business
- Yahoo
Corn Holding Steady as US and Japan Stike Trade Deal
Corn prices are sticking close to unchanged on Wednesday morning. Futures edged back towards their intraday lows at the Tuesday close, settling with 4 to 5 cent losses. Preliminary open interest showed net new selling, up 18,351 contracts on Tuesday, The CmdtyView national average new crop Cash Corn price was down 4 ½ cents on Tuesday at $3.765. Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also expects to boost rice imports by Japan, with Japan buying $8 billion in ag goods. More News from Barchart Coffee Prices Rise on Frost Threats in Brazil Frost Threats in Brazil Push Coffee Prices Sharply Higher Signs of Weak Chocolate Demand Undercut Cocoa Prices Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Rain is expected to continue across much of the Corn Belt in the next week, with lighter totals seen in MI, NE, MO and the Southern Plains. ANEC estimates the July Brazil corn exports at 4.14 MMT, which is down from the 4.6 MMT estimate in the week prior. Several South Korean importers purchased a total of 269,000 MT of corn in tenders overnight. Sep 25 Corn closed at $3.99 1/4, down 4 1/2 cents, currently up ¾ cent Nearby Cash was $3.86 1/2, down 4 1/2 cents, Dec 25 Corn closed at $4.18, down 4 1/4 cents, currently up 1/4 cent Mar 26 Corn closed at $4.35 3/4, down 4 cents, currently down 1/2 cent New Crop Cash was $3.76 1/2, down 4 1/2 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
