Latest news with #TradeTalks
Bloomberg
a day ago
- Business
- Bloomberg
Chinese Shares Slide in Hong Kong on Renewed Trade Uncertainties
Chinese stocks fell in Hong Kong on Friday, after US Treasury Secretary Scott Bessent said trade talks between the world's two largest economies are 'a bit stalled.' The Hang Seng China Enterprises Index dropped as much as 2.1%, led by technology and electric-vehicle firms.
Irish Times
3 days ago
- Business
- Irish Times
European stocks dip following two-day rally as investors eye US-EU trade talks
European shares dipped on Wednesday, following a two-day relief rally after US President Donald Trump delayed tariffs on the EU, with investors returning to a wait-and-see approach on trade talks. The pan-European Stoxx 600 index ended the session down 0.6 per cent. Dublin The Iseq All-Share index ended the session down 0.4 per cent at 11,367.46. Banking stocks were mixed, as investors upped bets on the European Central Bank (ECB) will cut interest rates next week. AIB lost almost 1 per cent to €6.70. However, Bank of Ireland managed to eek out a 0.2 per cent gain, to €11.80. Still, house building stocks advanced, with Cairn Homes rising 2 per cent to €2.29 and Glenveagh Properties moving 0.9 per cent higher to €1.80. READ MORE Ryanair lost 0.5 per cent to €23.72. London The FTSE 100 in London fell 0.6 per cent. Retail stocks, such as Sainsbury's, were among the notable fallers as industry data showed another jump in food inflation in recent weeks. In company news, home improvement giant Kingfisher was lower at the end of trading despite a rise in sales. The B&Q owner said the chain was boosted by rocketing demand for its garden and seasonal ranges in the UK due to warm weather, although trading challenges remained across its operations in France. Kingfisher shares finished down 3.5 per cent on Wednesday. Elsewhere, Pets at Home added 1.6 per cent as growth in its vet arm continued to boost revenues and profits. It helped the UK's largest pet retailer to offset a 'subdued' market for pet products this year as conditions continue to 'normalise' following a boom in puppy and kitten ownership during the Covid pandemic. Of Irish interest, Dublin-based, but London-listed C & C Group moved 3.2 per cent higher after progress in its turnaround plan helped drive a recovery in profits. Europe European carmakers rose 0.7 per cent on the whole, following reports on Tuesday that EU policymakers had asked the region's leading companies to provide details of their US investment plans. German automakers including BMW, Mercedes-Benz and Volkswagen are in talks with Washington on a possible import tariff deal. Germany's main stock index retreated 0.8 per cent after hitting a record high earlier in the session, while the mid-caps index hit its highest since April 2022. In France, the CAC 40 index closed 0.5 per cent lower, reversing earlier gains after gross domestic product figures showed slight growth in the first quarter, as expected. Swedish medical equipment marker Elekta shares jumped 5.9 per cent after beating estimates for fourth-quarter sales. Stellantis dipped 2.2 per cent. The Jeep-maker named insider Antonio Filosa as its top boss. New York Wall Street's main indexes were lower in early afternoon trading, as investors awaited AI bellwether Nvidia's results and minutes from the US Federal Reserve's last policy meeting. Most megacap and growth stocks shed initial gains and were mostly flat. Salesforce was dipped and is also scheduled to report earnings after the bell. All three main Wall Street indexes soared in the previous session after Mr Trump backed down over the weekend from his threat of 50 per cent tariffs on imports from the EU. Yields on long-dated US Government bonds were slightly higher after scaling multi-month highs last week. Global bond markets have been in the spotlight over concerns about fiscal sustainability in big economies including the United States and Japan. In earnings, Michael Kors-owner Capri Holdings advanced after its fourth-quarter revenue beat analyst estimates. Shares of sportswear retailer Dick's Sporting Goods gained after its first-quarter results beat estimates. Cybersecurity firm Okta flagged risks related to the uncertain economic environment but stuck to its full-year outlook. Its shares dropped. Additional reporting, Reuters, Press Association
Argaam
21-05-2025
- Business
- Argaam
G7 weighs joint tariffs on low-value Chinese imports
Canada's Finance Minister François-Philippe Champagne confirmed that talks are underway among G7 members to address the surge in inexpensive Chinese goods, which are often sold through e-commerce platforms at prices that evade traditional tariffs.
Reuters
16-05-2025
- Business
- Reuters
Asian shares set to end strong week on soft note, bonds enjoy relief rally
SYDNEY, May 16 (Reuters) - Asian stocks were ending a strong week on a softer note on Friday as the euphoria over U.S.-China trade talks faded, while revived bets for policy easing in the United States sparked a rally in beaten-down bond markets. Oil prices steadied after plunging over 2% overnight on news of a potential U.S.-Iran nuclear deal, but they are still up 1% for the week as the global economic outlook brightened. In Asia, shares of Alibaba ( opens new tab slumped 6.8% after the tech giant's quarterly revenue failed to impress investors. Their U.S.-listed shares slumped 7.6% overnight. It has been a strong week for global sharemarkets as investors cheered the trade war truce between the U.S. and China, which has greatly lessened the chance of a global recession. However, there are signs for caution heading into the weekend. Investors went back to selling the U.S. dollar against the safe-haven currencies on Friday, with the dollar down 0.4% on the Japanese yen and slipping 0.3% on the Swiss franc . "The markets confront a weekend with less risk of carrying open positions than last, with no major trade talks or significant risks on the calendar," said Kyle Rodda, senior analyst at "However, there is always a slight risk-off bias going into the weekend during a Trump presidency, with a nasty downside surprise at the Monday open only ever one social media post away." The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab slipped 0.1% to 613.4 on Friday but it is still set for a weekly rise of over 3%. Goldman Sachsraised its 12-month target for the Asian index to 660, from 620 before. Chinese blue chips (.CSI300), opens new tab eased 0.2% and Hong Kong's Hang Seng (.HSI), opens new tab fell 0.6%. Japan's Nikkei (.N225), opens new tab fell 0.4% after data showed its economy shrank for the first time in a year in the March quarter, underscoring the fragile nature of its recovery now under threat from U.S. trade policies. Nasdaq futures and S&P 500 futures were both down 0.1% after Wall Street ended the day mixed. U.S. retail sales were soft and the producer prices fell unexpectedly in April, as markets added to the bets for a total easing of 56 basis points from the Federal Reserve this year. That helped Treasuries rally after a brutal week. The benchmark ten-year yields fell 3 basis points to 4.424% on Friday, having already dropped 7 bps overnight to move away from its one-month top. For the week, they are still up 8 bps. The two-year yields were also down 2 bps to 3.947%, having fallen 8 bps overnight. Fed Chair Jerome Powell said on Thursday that policymakers felt they need to reconsider the key elements around both jobs and inflation in their current approach to monetary policy. In commodities markets, oil prices steadied. U.S. crude futures bounced 0.1% to $61.71 a barrel while Brent was at $64.61 per barrel, also 0.1% higher on the day. In precious metals, gold prices fell 0.5% to $3,223 an ounce, after rallying 2% overnight. For the week, they are down 3%.
The Independent
15-05-2025
- Business
- The Independent
Supermarkets pledge to keep sourcing meat from British farms after US trade deal
Aldi and the Co-op have pledged to continue sourcing meat from British farms amid ongoing UK-US trade talks. Giles Hurley, Aldi UK and Ireland's chief executive, said on Thursday that the supermarket will not drop food safety and welfare standards even if current regulations are watered down to secure international agreements. Meanwhile, the Co-op confirmed it remains committed to sourcing 100% British fresh and frozen meat. It comes after Tesco's chief executive Ken Murphy said the supermarket would not source beef from the US earlier this week, but would instead stick to its current policy of sourcing all meat from the UK and Ireland. Agriculture has been a key part of the preliminary trade deal struck between the UK and US last week, which sees tariffs reduced on US products including beef in return for moves that help British cars and steel. UK ministers have insisted there will be no downgrade in British food standards, which have been a significant barrier to entry for US-reared meat, including hormone-treated beef and chlorine-washed chicken. But concerns remain that the US will push the UK to accept American products with lower standards or weaken British standards to ensure closer regulatory alignment as trade talks continue. Mr Hurley said: 'British farming is known for its high welfare, food safety and environmental standards – and we know how important that is to our customers. 'That's why 100% of our everyday fresh beef, pork and poultry is sourced from British farms, and why we're guaranteeing that we won't lower our standards even if others do. 'This isn't just about food safety. It's about protecting British farmers and doing the right thing for our customers.' Aldi's policies include sourcing 100% of its core fresh beef, pork, poultry, milk and eggs from British farms, which are Red Tractor-approved. Matt Hood, Co-op's managing director, said: 'We're a long-term supporter of British farming, and was the first and, at the time, only national UK grocer to switch to 100% British fresh and frozen own brand protein including when used as ingredient in all our products, a commitment we proudly continue to stand by today. 'Farmers are the absolute backbone of the UK's food supply, so supporting UK agriculture is more important than ever for us, our member owners and customers.' On a visit to London this week, US agriculture secretary Brooke Rollins told reporters she would like to see the UK and US more aligned on food standards regulations to help remove trade barriers and open up the market to more products. The US official met with Government ministers to promote more American agricultural products, including pork, poultry, seafood, rice and specialty crops.
