Latest news with #TradePolicies
Zawya
3 days ago
- Business
- Zawya
Asian currencies retreat after bonds rally; US fiscal, trade concerns persist
Reuters - Asian currencies reversed course to trade lower on Tuesday as a rally in global bonds whipsawed markets that remained concerned about U.S. fiscal health and President Donald Trump's erratic trade policies. The Malaysian ringgit fell 0.3% against a stronger dollaer after reaching a three-week high earlier in the session. The Singaporean dollar, Indonesian rupiah, and the Indian rupee weakened between 0.2% and 0.4%. U.S. Treasury yields slumped after 30-year bonds mimicked a steep price rally in longer-term Japanese debt and as investors mulled the latest developments in U.S. tariff policy. Trump's policy reversals and his sweeping spending and tax-cut bill have turned investors off U.S. assets. In the latest example, two days after threatening to slap 50% tariffs on imports from the European Union next month, Trump restored a July 9 deadline for talks. "There are three major things driving not just Asia but global markets at the moment: concerns about U.S. debt and deficits, trade deals and the diversification away from the dollar," said Michael Wan, a senior currency analyst at MUFG. "The big picture is that U.S. assets are reasonably over-valued, and there has been a build-up of these assets over time which could impact the general flow of assets moving forward." Asian currencies have benefited from broader weakness in the greenback this month, with the dollar index heading for a fifth straight month of declines against a basket of currencies, which would mark the longest such losing streak since 2017. Taiwan's dollar is on course to log its best monthly performance on record, buoyed by a historic 6% spike over two days in early May. It was last trading flat at 29.939 per dollar. The South Korean won, which has gained more than 4% so far this month, was last down 0.2%. The Thai baht weakened 0.4%. Thailand's commerce ministry has warned that exports in the second half will face a risk of U.S. tariffs after a moratorium expires in July. Meanwhile, the country's finance minister said the tariffs could see the economy stumble, with growth potentially falling to just over 1% this year. Equities in Bangkok fell as much as 1.6% to a near one-month low. Other regional stock markets were also weaker with shares in Kuala Lumpur, Taipei and Seoul falling between 0.3% and 0.9%. HIGHLIGHTS: ** Thailand's foreign tourist arrivals so far this year fall 2.55% y/y ** China's industrial profits maintain growth momentum in April despite trade tensions ** Asian hedge funds regain lost ground in May, increasing leverage Asia stock indexes and currencies at 0734 GMT Japan -0.54 +9.44 0.51 -5.44 China India -0.35 +0.28 -0.61 5.09 Indonesi -0.28 -1.17 -0.25 1.28 a Malaysia -0.28 +5.70 -0.60 -7.14 Philippi -0.16 +4.71 -0.08 -2.21 nes Singapor -0.19 +6.12 0.27 2.60 e Taiwan -0.02 +9.49 -0.93 -7.37 Thailand -0.37 +4.86 -1.14 -16.80
Zawya
3 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets mixed on Trump's tariff uncertainty
Gulf stock markets were mixed on Tuesday, with Saudi Arabia's main Tadawul index retreating 0.78% as investor sentiment remained fragile on the unpredictability of U.S. President Donald Trump's trade policies. Trump announced a postponement of his threatened 50% duties on the European Union on Sunday, providing a boost to futures markets. A deadline for July 9 has been set to allow for talks between Washington and the 27-nation bloc to produce a deal. Nasdaq futures rose 1.67% and S&P 500 futures climbed 1.49%. Oil prices - a catalyst for the markets in the Gulf - were little changed, with Brent crude futures up 11 cents, or 0.2%, by 0640 GMT, as markets await clarity on the OPEC+ group's next move at a meeting later this week. In Saudi Arabia, Saudi Arabian Refineries Company lost 3.44%, while Saudi Industrial Investment Group was down 3.38%. But markets in the United Arab Emirates traded higher, with Abu Dhabi's benchmark index up 0.11% and Dubai's main share index gaining 0.23%, and hitting its highest level since July 2008. Amlak Finance was Dubai's biggest gainer, up 6.10%, after the company announced a board meeting later this week to discuss significant corporate actions, including asset sales and a potential exit from its real estate finance portfolio. Qatar's benchmark stock index fell 0.29%, logging losses for a second straight session. Qatar National Bank ,the largest bank in the region by assets, was down 0.64%, and Qatar Fuel Company retreated 0.67%.
Yahoo
6 days ago
- Politics
- Yahoo
Trump's manufacturing vision meets hard reality in Pennsylvania
On this installment of 'All Over the Map,' CNN's John King visits the 7th Congressional district of Pennsylvania, a political bellwether and manufacturing powerhouse, to hear from Trump voters who are facing the reality of Trump's trade policies in their own lives.
Reuters
19-05-2025
- Business
- Reuters
EUROPE So, China should consume more and the US less?
A look at the day ahead in European and global markets from Wayne Cole It's been a down day so far in Asia as a miss on China retail sales underlined how far the country would have to travel to shift away from an export-driven economy to one driven by domestic demand. Clearly consumers there aren't feeling the urge to buy, and it's not obvious that Beijing wants that to change. So, President Donald Trump is telling Americans they have to live with fewer dolls and pencils, while pushing trade policies that indirectly pressure Chinese consumers to buy more. U.S. Treasury Secretary Bessent was out Sunday chiding would-be trade partners to offer "good faith" deals or face getting a tariff rate sent by letter. He also implied the U.S. only has time to deal with the top 18 trade partners, and the rest could swing in the breeze. That still leaves the effective tariff for U.S. imports around 13%, the highest since the 1930s and equivalent to a tax rise worth 1.2% of GDP, which Trump is asking Walmart to eat in margins rather than pass on to voting customers. It'll be interesting to see what Target, Lowe's and Home Depot have to say this week about that idea, which smacks of the sort of state price-setting in a Soviet-style command-control economy. Trump needs the revenue from tariffs, in part, to fund his tax cut package, which has finally got through a House of Representatives committee and could be voted on later this week. This sprawling bill is estimated to add between $3 trillion and $5 trillion to the national debt over a decade, and was one reason Moody's last week joined its peers in downgrading the U.S. Ratings really haven't mattered much since the financial crisis, when the subprime debacle tarred the reputation of some agencies and funds abandoned triple-A mandates. Yet the news seems to have struck a nerve with foreign investors already dismayed by the erratic nature of U.S. policy-making, and has Wall Street futures down 1% or more today. Ten-year yields are up around 5 basis points and the dollar is down, albeit modestly. For their part, euro bulls will be relieved by the surprise victory of pro-EU candidate in the Romanian elections, along with wins by centrist parties in Poland and Portugal. Key developments that could influence markets on Monday: - EU final CPI data for April - Fed speakers include Bank of Atlanta President Raphael Bostic, Vice Chair Philip Jefferson, Bank of New York President John Williams, Bank of Dallas President Lorie Logan, Bank of Minneapolis President Neel Kashkari
Washington Post
13-05-2025
- Business
- Washington Post
The GOP has a chance to improve Medicaid. Trump is making it harder.
Dominic Pino is the Thomas L. Rhodes journalism fellow at National Review Institute and host of the American Institute for Economic Research podcast 'Econception.' Republicans should reform Medicaid in their 'one big, beautiful bill' that includes extending Donald Trump's 2017 tax cuts. Trump's trade policies are going to make that difficult task even harder.
