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Al-Ahram Weekly
22-07-2025
- Business
- Al-Ahram Weekly
Stocks slip as investors eye tariff impact among corporate earnings - Markets & Companies
Major stock markets slipped on Tuesday as New York backed off its record highs and European markets fretted over an August 1 deadline for the EU to avert steep tariffs from President Donald Trump. US corporate profit reports so far were painting a generally resilient picture of the American economy, but with gathering clouds in some sectors, particularly automobiles, from Trump's levies on major trading partners. New York's broad S&P 500 and tech-heavy Nasdaq indices dipped, from record finishes on Monday, while the blue-chip Dow struggled. In Europe, only London ended the trading day in the green. Paris and Germany both finished solidly in the red. "European markets have been getting increasingly jittery as the (August 1) deadline approaches," said David Morrison, senior market analyst at Trade Nation. "With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU." US Treasury Secretary Scott Bessent said meanwhile he would meet his Chinese counterparts in Stockholm next week for tariff talks, as a separate mid-August deadline approaches for US levies on China to snap back to steeper levels. Big earnings reports Closely-watched earnings loomed from some of the world's biggest names, including Tesla, Google parent Alphabet, Intel and Coca-Cola. US auto giant General Motors reported a 35-percent plunge in second-quarter profits Tuesday following a $1.1-billion hit from US tariffs, but confirmed its full-year forecast. Its shares plunged seven percent. Elsewhere, "expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year," said Jochen Stanzl, chief market analyst at CMC Markets. British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Trump's threats to impose tariffs on the sector. The dollar continued to lose ground, which has the effect of pumping up the earnings of US multinationals earning foreign currency revenue but reporting in dollars. The greenback's slippage is proving "a turbocharger" for those companies, according to Stephen Innes, managing partner at SPI Asset Management. Investment adviser Christopher Dembik at Pictet Asset Management said European companies reporting over coming days were conversely set to be hit by the effect of a stronger euro. Oil prices also dropped amid worries about reduced global economic activity going forward. Earlier in Asia, Hong Kong hit its highest close since late 2021. Its index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors. Tokyo dipped following an earlier rally after the ruling coalition lost its upper-house majority as observers warned the government's tenure remained fragile. Fed chief speech Traders were also looking ahead to a speech later Tuesday by US Federal Reserve Chair Jerome Powell, ahead of the Fed's monetary policy meeting on July 29 and 30. Powell has come under pressure from Trump to quit, with the president angry at the Fed for not lowering interest rates in response to recent turbulence, but the central bank is expected to keep them on hold until September. Bessent said Tuesday he did not see a reason for Powell to resign "right now". Key figures at around 1545 GMT New York - Dow: UP 0.1 percent at 44,351.64 New York - S&P 500: DOWN 0.1 percent at 6,296.95 New York - Nasdaq Composite: DOWN 0.5 percent at 20,875.05 London - FTSE 100: UP 0.1 percent at 9,019.76 points (close) Paris - CAC 40: DOWN 0.7 percent at 7,739.18 (close) Frankfurt - DAX: DOWN 1.1 percent at 24,027.17 (close) Tokyo - Nikkei 225: DOWN 0.1 percent at 39,774.92 (close) Hong Kong - Hang Seng Index: UP 0.5 percent at 25,130.03 (close) Shanghai - Composite: UP 0.6 percent at 3,581.86 (close) Euro/dollar: UP at $1.1734 from $1.1688 Pound/dollar: UP at $1.3507 from $1.3485 Dollar/yen: DOWN at 146.51 yen from 147.42 yen Euro/pound: UP at 86.89 pence from 86.68 pence Brent North Sea Crude: DOWN 1.2 percent at $68.37 per barrel West Texas Intermediate: DOWN 1.3 percent at $65.06 per barrel. Follow us on: Facebook Instagram Whatsapp Short link:
Wall Street Journal
18-07-2025
- Business
- Wall Street Journal
Gold Futures Inch Higher But Rally Loses Steam
1524 GMT – Gold futures rise, though they are on track to end the week slightly lower. Futures are up 0.4% at $3,359.40 a troy ounce, but are 0.1% lower on week. Gold's impressive year-to-date rally seems to be increasingly running out of steam, Commerzbank CBK -0.67%decrease; red down pointing triangle analysts say in a note. Though the U.S. dollar weakened to its lowest level against the euro in four years at the beginning of July, the precious metal traded broadly sideways, analysts write. Sharp increases in the prices of silver, platinum and other precious metals over the same time period indicate traders see little further upside in gold and are looking for alternatives, Commerzbank says. After gold's price increase of nearly 27% year to date, mostly in the first few months of 2025, this is hardly surprising, analysts say. ( 1044 GMT – Gold futures rise, though they remain stuck in narrow range as the market awaits fresh catalysts. Futures are up 0.4% at $3,358.30 a troy ounce, though they remain down 0.2% on week. The precious metal has been broadly rangebound in recent months, with technical trading indicators neutral and offering no clues as to the short-term direction, Trade Nation's David Morrison says in a note. A recovery in the U.S. dollar this month appears to be capping any potential gains for gold for now, Morrison writes. Gold could experience downside pressure if the dollar were to spike higher, a possibility due to large short positions on the currency, Morrison says. A stronger dollar challenges gold's safe-haven characteristics and makes dollar-denominated assets more expensive for international purchasers to buy. (
Yahoo
16-07-2025
- Business
- Yahoo
Pound rises after UK inflation blow
The value of the pound rose in early European trading after an unexpected jump in UK inflation, which complicates the picture for the Bank of England at its next meeting on interest rates. Sterling was up 0.2% against the dollar at $1.3408, although it remained flat against the euro, which was worth 86.7p. David Morrison, analyst at Trade Nation, said: 'Once again, the UK inflation numbers are going in the wrong direction. 'Sterling jumped on the news suggesting that the Bank is going to struggle to justify a rate cut next month.' The annual inflation rate in the UK unexpectedly rose to 3.6% in June from 3.4% in May on higher transport prices, particularly fuel. Read more: UK inflation unexpectedly rises in June on higher fuel prices The Bank of England is still expected to cut interest rates in August but analysts said the case is weakening after the latest inflation figures. Guy Foster, strategist at RBC Brewin Dolphin, said: 'This was unhelpful news for the Bank of England, which wants to cut interest rates to support growth. 'If interest rates don't come down, the government interest bill will be higher and the pressure for higher taxes will become more acute.' The US dollar index ( which tracks the greenback's value against six major currencies, was down by around 0.2% to 98.45 at the time of writing. Gold prices edged higher on Wednesday as a weakening US dollar and easing bond yields provided support, while investors weighed fresh inflation data and continued uncertainty over US trade policy. Gold futures were 0.3% higher at $3,345.80 an ounce, while spot gold was just above the flatline at $3.339.95 per troy ounce after touching a three-week high of 3,385.90 earlier this week. "Many countries are still negotiating with the US on the tariffs. There are still a lot of uncertainties in the market and many are looking for safe havens," Brian Lan, managing director at GoldSilver Central, Singapore, told Reuters. Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' The latest US inflation report, released on Tuesday, showed consumer prices increased in June by the most in five months, driven by higher costs for a range of goods. The data suggests tariffs are beginning to feed through to consumer prices, which could complicate the Federal Reserve's path on interest rates. Despite the uptick in inflation, US president Donald Trump repeated his call for lower borrowing costs, insisting that 'consumer prices were low and the Fed should bring down interest rates now.' Trade tensions remained in focus after Trump threatened on Saturday to impose a 30% tariff on imports from Mexico and the European Union starting 1 August. By Monday, however, the president signalled openness to further negotiations, injecting a dose of uncertainty into already volatile markets. Oil prices rose on Wednesday morning, buoyed by expectations of firm summer demand from the US and China, the world's two largest consumers, though broader concerns over the global economic outlook kept gains in check. Brent (BZ=F) crude rose 0.3% to trade at $68.90 a barrel, while West Texas Intermediate (CL=F) climbed 0.5% to $66.82. Major oil producers have pointed to signs of improving economic momentum in the second half of the year, with recent data from China indicating steady growth. 'Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak,' analysts at LSEG said in a note. 'Increased gasoline consumption, especially in the US during the Fourth of July holiday period, has signalled robust fuel demand, helping offset bearish pressures from rising inventories and tariff concerns.' Stocks: Create your watchlist and portfolio However, analysts cautioned that recent price action may reflect technical factors more than fundamental shifts. 'Much of the steadying of crude markets after two volatile sessions resulted from a mild technical correction rather than any significant shift in underlying fundamentals,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. She added: 'Investors should monitor inflation and interest rate expectations in the United States as Trump's continued push for broader tariffs could be inflationary and could dampen fuel demand in the medium term.' In equities, the FTSE 100 (^FTSE) was muted at 8,940 points after climbing over 9,000 points for the first time ever in the previous session.
Yahoo
16-07-2025
- Business
- Yahoo
Pound rises after UK inflation blow
The value of the pound rose in early European trading after an unexpected jump in UK inflation, which complicates the picture for the Bank of England at its next meeting on interest rates. Sterling was up 0.2% against the dollar at $1.3408, although it remained flat against the euro, which was worth 86.7p. David Morrison, analyst at Trade Nation, said: 'Once again, the UK inflation numbers are going in the wrong direction. 'Sterling jumped on the news suggesting that the Bank is going to struggle to justify a rate cut next month.' The annual inflation rate in the UK unexpectedly rose to 3.6% in June from 3.4% in May on higher transport prices, particularly fuel. Read more: UK inflation unexpectedly rises in June on higher fuel prices The Bank of England is still expected to cut interest rates in August but analysts said the case is weakening after the latest inflation figures. Guy Foster, strategist at RBC Brewin Dolphin, said: 'This was unhelpful news for the Bank of England, which wants to cut interest rates to support growth. 'If interest rates don't come down, the government interest bill will be higher and the pressure for higher taxes will become more acute.' The US dollar index ( which tracks the greenback's value against six major currencies, was down by around 0.2% to 98.45 at the time of writing. Gold prices edged higher on Wednesday as a weakening US dollar and easing bond yields provided support, while investors weighed fresh inflation data and continued uncertainty over US trade policy. Gold futures were 0.3% higher at $3,345.80 an ounce, while spot gold was just above the flatline at $3.339.95 per troy ounce after touching a three-week high of 3,385.90 earlier this week. "Many countries are still negotiating with the US on the tariffs. There are still a lot of uncertainties in the market and many are looking for safe havens," Brian Lan, managing director at GoldSilver Central, Singapore, told Reuters. Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' The latest US inflation report, released on Tuesday, showed consumer prices increased in June by the most in five months, driven by higher costs for a range of goods. The data suggests tariffs are beginning to feed through to consumer prices, which could complicate the Federal Reserve's path on interest rates. Despite the uptick in inflation, US president Donald Trump repeated his call for lower borrowing costs, insisting that 'consumer prices were low and the Fed should bring down interest rates now.' Trade tensions remained in focus after Trump threatened on Saturday to impose a 30% tariff on imports from Mexico and the European Union starting 1 August. By Monday, however, the president signalled openness to further negotiations, injecting a dose of uncertainty into already volatile markets. Oil prices rose on Wednesday morning, buoyed by expectations of firm summer demand from the US and China, the world's two largest consumers, though broader concerns over the global economic outlook kept gains in check. Brent (BZ=F) crude rose 0.3% to trade at $68.90 a barrel, while West Texas Intermediate (CL=F) climbed 0.5% to $66.82. Major oil producers have pointed to signs of improving economic momentum in the second half of the year, with recent data from China indicating steady growth. 'Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak,' analysts at LSEG said in a note. 'Increased gasoline consumption, especially in the US during the Fourth of July holiday period, has signalled robust fuel demand, helping offset bearish pressures from rising inventories and tariff concerns.' Stocks: Create your watchlist and portfolio However, analysts cautioned that recent price action may reflect technical factors more than fundamental shifts. 'Much of the steadying of crude markets after two volatile sessions resulted from a mild technical correction rather than any significant shift in underlying fundamentals,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. She added: 'Investors should monitor inflation and interest rate expectations in the United States as Trump's continued push for broader tariffs could be inflationary and could dampen fuel demand in the medium term.' In equities, the FTSE 100 (^FTSE) was muted at 8,940 points after climbing over 9,000 points for the first time ever in the previous session.
Yahoo
11-07-2025
- Business
- Yahoo
Pound dips as UK GDP disappoints, tariff worries reverberate
The pound dipped against the dollar on Friday, as new data also showed that the UK economy shrank for a second month in a row, contracting by 0.1% in May according to new data from the ONS. "The disappointing monthly GDP number triggered a sell-off in sterling against both the US dollar and the euro," said David Morrison, senior market analyst at financial services provider, Trade Nation. Read more: FTSE 100 LIVE: London flat and Europe lower on renewed tariff threats for Canada and EU "Yet again, this is another poor piece of UK economic data which can only add to chancellor Rachel Reeves's woes. But it will be next month's quarterly growth lookback, which will be watched closely as investors consider the likelihood of the UK falling back into recession this year." The pound was just above the $1.35 mark, having rallied against the greenback in recent weeks. Traders also digested more movement in the ongoing push by the US to redefine its trading relationships. US president Donald Trump posted a letter to Canadian prime minister Mark Carney on his social media platform Truth Social, telling him that Canadian goods imported to the US would face a 35% tariff starting in August. In an interview with NBC News, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect. Investors had remained optimistic on Trump's shift in deadlines, which was originally set for this week, as the US continued to work on deals with major partners, including the EU, Canada, and India. Trump said the EU, in addition to Canada, would be receiving a letter "today or tomorrow." The pound also dipped against the euro, falling 0.2% to 1.158. Gold prices headed higher amid increased uncertainty about global tariffs and a flight to haven assets. Futures prices were trading up 0.5% at $3,342 per troy ounce. Spot prices, meanwhile were up 0.3% to trade around the $3,330 mark. The moves higher came in spite of a steadier dollar — a strong dollar can make buying gold more expensive. Oil prices searched for direction on Friday, steadying after a volatile few weeks. On Friday the International Energy Agency (IEA) said there may be cause for concern about tightness in the market. The IEA said that despite the fact that a supply and demand balance has been pointing to a surplus, there might be less oil available than once thought. Refineries have been ramping up processing to meet summer travel demand, according to Reuters. The IEA expects global supply to rise by 2.1 million barrels per day (bpd) this year, up 300,000 bpd from the previous forecast. World demand will rise by just 700,000 bpd, it said, implying a sizeable surplus. Read more: Trending tickers: Levi Strauss, Delta, Lynas, BIT Mining and BP "The decision by OPEC+ to further accelerate the unwinding of production cuts failed to move markets in a meaningful way given tighter fundamentals," the agency said in a monthly report. "Price indicators also point to a tighter physical oil market than suggested by the hefty surplus in our balances." Brent crude futures were slightly above the flatline, trading around $66.32 per barrel. West Texas Intermediate was up 0.1%, changing hands around the $66.65 mark. Read more: UK economy shrinks for second month in a row Robinhood doubles down on crypto with its own blockchain, 24/7 trading and tokenised stocks What could trigger a late summer crisis for markets in the third quarter?Sign in to access your portfolio
