Latest news with #US-Japan
Business Recorder
5 hours ago
- Business
- Business Recorder
UAE stocks gain on trade optimism and higher oil prices
Stock markets in the United Arab Emirates closed higher on Friday, mirroring gains in oil prices, with Dubai's index leading the advance, driven by a surge in the real estate and telecom sectors. Oil prices - a key catalyst for the Gulf's financial markets - rose on Friday as optimism surrounding trade talks supported the outlook for the global economy and oil demand, offsetting reports of a possible spike in oil supply from Venezuela. There was increasing optimism of a trade agreement between the U.S. and the European Union after the U.S. and Japan secured a trade deal this week. Two European diplomats said the EU was moving towards a deal involving a baseline U.S. tariff of 15% on EU imports, plus possible exemptions. Dubai's main index extended its winning streak to a third session, climbing 0.6%, buoyed by a 2.6% rise in blue-chip developer Emaar Properties and a 1.3% gain in toll operator Salik Company. Among other gainers, telecom operator Emirates Integrated Telecommunications (known as Du) gained 1% after reporting growth of 25% in its second-quarter net profit to 726.8 million dirhams ($197.89 million). Most Gulf stocks rebound on earnings, US-Japan trade deal Banks propelled Abu Dhabi's benchmark index to close 0.4% higher. Abu Dhabi Commercial Bank, the UAE's third-largest lender jumped 3.3%, while Bank of Sharjah surged 4.9%. Easy Lease Motor Cycle Rental climbed 3.5% after the firm reported a more than fourfold increase in its second-quarter net profit, with quarterly revenue also rising 96% year-on-year. Both indexes recorded a fifth week of gains, with Dubai ending 0.9% higher and Abu Dhabi adding 0.8%, according to LSEG data. ---------------------------------- ABU DHABI up 0.4% to 10,340 DUBAI rose 0.6% to 6,150 ----------------------------------
Yahoo
6 hours ago
- Business
- Yahoo
Gold slides as safe-haven demand eases
Gold (GC=F) Gold prices edged lower on Friday morning as renewed optimism over trade negotiations between the United States and key partners, including the European Union, diminished bullion's traditional appeal as a safe-haven asset. Gold futures were down 0.5% to $3,356.10 per ounce, at the time of writing, while spot gold lost 0.3% to $3,360.13 per ounce. 'Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market,' OANDA senior market analyst Kelvin Wong said. Investor appetite for riskier assets increased following reports that Washington and Brussels were moving closer to a trade agreement. The deal under discussion could include a baseline 15% US tariff on EU goods, with certain exemptions. The development follows the recent unveiling of a separate trade agreement between the US and Japan. Read more: FTSE 100 LIVE: Markets lower as June heatwave boosts UK retail sales Despite the downward pressure, Wong noted that certain macroeconomic factors continued to lend support to the precious metal. 'The dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level,' he said. In a surprise move, US president Donald Trump is expected to visit the Federal Reserve later on Friday, adding an element of uncertainty to the US policy outlook. The visit comes amid his repeated criticism of Fed chair Jerome Powell for not easing interest rates more aggressively. The Fed is widely anticipated to keep interest rates on hold at its 29–30 July meeting. However, markets continue to price in the possibility of a rate cut as early as September. Gold, often sought as a hedge during periods of economic uncertainty, tends to perform well in a low-interest rate environment. Nikos Tzabouras, senior market analyst at said: "Gold remains under pressure as risk-on sentiment prevails and the US dollar rebounds. Safe-haven demand fades due to increased trade optimism following the US-Japan deal, which is expected to reduce the impact of tariffs on both the global and US economies. This optimism along with strong US jobs data hurts the case for Federal Reserve rate cuts — a positive development for the greenback but a negative one for non-yielding assets such as gold. "However, the US dollar may face renewed headwinds due to concerns over fiscal policy and the Federal Reserve's independence. Moreover, gold's safe-haven appeal could quickly return, as trade tensions may persist in the lead-up to the 1 August deadline. In addition, continued central bank demand remains a structural driver supporting bullion." Oil (BZ=F, CL=F) Oil prices gained on Friday, buoyed by renewed optimism over US trade talks, which outweighed concerns over an expected uptick in Venezuelan crude supply. Brent (BZ=F) crude futures gained 0.7% to trade at $68.88 per barrel, at the time of writing, while West Texas Intermediate (CL=F) futures climbed by 0.8% to $66.55 a barrel. The prospect of further trade agreements between the US and its global partners, days ahead of the 1 August deadline for a new wave of tariffs, helped support sentiment in the oil market. Read more: NatWest beats on profits and announces £750m share buyback 'This has raised hopes that the US will soon reach a deal with the European Union as well, before the tariff deadline which expires in just over a week's time,' David Morrison, senior market analyst at Trade Nation said. The rise in oil prices was despite reports indicating Trump had allowed Chevron (CVX) to restart operations in Venezuela. 'This should see Venezuelan oil exports increase by a little more than 200,000 b/d, welcome news to US refiners that will ease some tightness in the heavier crude market,' Warren Patterson, head of commodities strategy at ING Group, said in a note. Pound (GBPUSD=X, GBPEUR=X) The pound weakened against both the dollar and the euro in early European trading on Friday after official data showed UK retail sales rose less than expected in June, raising questions about the strength of consumer spending ahead of the Bank of England's next policy meeting. Sterling was down 0.2% to $1.3480 at the time of writing, while also falling 0.3% against the euro to €1.1456. Figures released by the Office for National Statistics showed retail sales, a key indicator of household consumption, increased 0.9% month-on-month. That was below the 1.2% gain forecast by economists, though a marked improvement from May's 2.7% decline. On an annual basis, sales rose 1.7%, narrowly missing the expected 1.8%. Stocks: Create your watchlist and portfolio The data reinforced concerns that the UK consumer sector remains fragile, with growth still subdued despite easing inflation and slightly improved wage growth. Looking ahead, attention is shifting to the Bank of England's interest-rate decision at its August meeting. Markets will be closely watching for any signals on the future path of monetary policy, which could influence sterling's trajectory. The US dollar index ( which measures the greenback against a basket of six currencies, was higher at 97.50. In equities, the FTSE 100 (^FTSE) was in the red this morning, retreating 0.3% to 9,109 points. For more details, on market movements check our live coverage 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
Irish Post
8 hours ago
- Business
- Irish Post
US-Japan trade deal signals risk for Ireland and the EU
THE United States' recent trade deal with Japan may be seen as a political success in Washington, but for Ireland and the EU, it's a major shift in global trade dynamics. The agreement introduces a 15% tariff on Japanese exports to the US, replacing a previously threatened 25% tariff on cars. While that appears to offer Japan temporary relief, it still marks a harsh rollback of more than a decade of progress on global trade cooperation. For Ireland, a small, open economy heavily dependent on international trade, especially with America, the implications are serious. The food and drink sectors are especially at risk. Exports like butter and whiskey could become less competitive if slapped with steep US tariffs, especially when compared to similar products from Northern Ireland or Britain, which already secured a more lenient 10% tariff arrangement in an earlier deal. Though far from perfect, that deal now appears favourable compared to what the EU may soon face. The European Commission is currently in negotiations with Washington, aiming to avoid a looming 30% tariff the U.S. has threatened to impose from August 1. In response, the EU has approved a list of countermeasures worth €93 billion in tariffs on US goods, set to take effect on August 7 if no deal is reached. Ireland's exposure is particularly high. The Irish government initially flagged €12 billion of imports at risk from inclusion in the EU's countermeasure list. Following negotiations, this has been trimmed by €2.4 billion, with nearly €1 billion worth of sensitive Irish imports, like pharmaceutical components, being removed. Thirty specific agri-food products valued at €33 million, including purebred horses, sugar, molasses and some chocolate products, were successfully excluded following intensive lobbying. Still, this relief is partial at best. Ireland's pharmaceutical sector, one of its most critical exports to the US, remains vulnerable. President Trump's vocal focus on drug pricing seems to suggest that pharmaceuticals will become tariff targets. Additionally, Japan's concession to accept US vehicle safety standards sets a worrying precedent. It hands regulatory influence to Washington and pressures Europe to follow suit, potentially undermining EU regulatory sovereignty. The investment dimension of the US-Japan deal adds to EU concern. The $550 billion in Japanese capital earmarked for US infrastructure represents a massive diversion of resources. If similar terms were demanded of the EU, Ireland could be forced to channel investment into projects that prioritise US interests. The EU's previous lack of a unified response to US tariffs has only emboldened the current American administration. When the US imposed a blanket 10% tariff on numerous countries earlier this year, the EU's limited and fragmented reaction did little to deter further measures. As a result, the US continues to apply pressure on major economies individually, knowing few are willing to risk short-term economic pain in defence of long-term principles. Simon Harris, Ireland's Tánaiste and Minister for Foreign Affairs and Trade, emphasised that while Ireland supports reaching a negotiated deal, it is also crucial to prepare credible countermeasures to protect EU interests. 'This is not escalatory,' Harris noted. 'It's a continuation of our calm, measured preparation.' However, the risks remain severe. Seamus Coffey, chairperson of the Irish Fiscal Advisory Council, has warned of major uncertainty in the lead-up to the tariff deadline. He noted that Irish companies, especially pharmaceuticals, are pausing investments, in anticipation of potential disruption. While some diversification of supply chains is underway, the short timeframe limits effective risk mitigation. Ireland's limited leverage in global trade negotiations, coupled with its deep reliance on US trade, makes it particularly susceptible to shifting tides.
News18
14 hours ago
- Business
- News18
Gold Rate Today, July 25: Yellow Metal Falls On MCX For 2nd Day
Last Updated: Gold Price Today, July 25: In Mumbai, the price of gold stands at Rs 92,100 per 10 grams for 22-carat and Rs 1,00,480 per 10 grams for 24-carat. Gold, Silver Prices In India Today, July 25: Gold prices on Friday fell for the second day, after a surprise US-Japan trade deal revived hopes for a potential agreement between the US and EU. In Mumbai, the price of gold stood at Rs 92,100 per 10 grams for 22-carat and Rs 1,00,480 per 10 grams for 24-carat. Silver remained flat at Rs 1,18,000 per kg. However, in the futures market on the MCX, gold futures (expiring on August 5, 2025) were trading lower by 0.16% at Rs 98,568 per 10 gram, while silver (expiring on September 5, 2025) rose by 0.24% to trade at Rs 1,15,411 per kg. What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On July 25? Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
CNN
17 hours ago
- Entertainment
- CNN
Before and after photos show Trump's redesign of Rose Garden
Before and after photos show Trump's redesign of Rose Garden Before and after photos show the dramatic changes the Trump administration is making to the White House Rose Garden, including paving over the lawn. The garden has undergone several renovations since its creation by First Lady Ellen Wilson in 1913. 00:59 - Source: CNN 'South Park' skewers Trump after signing new Paramount deal In their first episode of the season, the creators of "South Park" mocked President Donald Trump and Paramount after they just signed a new $1.5 billion contract. Paramount is looking to merge with Skydance Media and needs the Trump-influenced FCC to approve the deal. 01:24 - Source: CNN Erin Burnett on the significance of Trump knowing he's in the Epstein files CNN's Erin Burnett explains how reports that President Trump was briefed that he is named in the Epstein files shine a light on his recent denials of that exact claim. 02:13 - Source: CNN Judge declines to release Epstein grand jury documents A Florida federal judge declined to release additional grand jury documents from the criminal investigation into Jeffrey Epstein, marking the first roadblock in the Justice Department's efforts to quell the public backlash over the handling of the case. CNN's Evan Perez reports. 02:43 - Source: CNN Kaitlan Collins asks Tulsi Gabbard if she's targeting Obama to improve her standing with Trump 00:51 - Source: CNN Trump announces US-Japan trade deal President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between the allies and major trading partners that appeared elusive just weeks ago. CNN's Kristie Lu Stout breaks down what's in the deal. 00:46 - Source: CNN What's behind White House attacks on the Fed Chair? White House advisers are ramping up attacks on Federal Reserve Chair Jerome Powell. CNN's Phil Mattingly explains why the Trump Administration could make Powell's life miserable, even as the President says he has no plan to fire him. 02:09 - Source: CNN Johnson shuts door on House vote before Sept. to release Epstein files Speaker Mike Johnson said he does not plan to allow votes on any measures related to the Jeffrey Epstein case before September, despite intense pressure from some of his own GOP members. 01:10 - Source: CNN Jon Stewart slams CBS for canceling 'Late Show' "The Daily Show" host Jon Stewart slammed CBS during his first broadcast since Stephen Colbert announced "The Late Show" would not return beyond May 2026. Some critics alleged the cancellation of Colbert's show is an effort to smooth the parent company's desired merger with Skydance Media. CBS cited financial reasons for discontinuing the show. 01:49 - Source: CNN Epstein accuser recounts Trump's late-night visit to Epstein's office Jeffrey Epstein accuser Maria Farmer talks to CNN's Erin Burnett about an interaction she had with President Donald Trump and Jeffrey Epstein when she was 25. The White House denies that President Trump visited Jeffrey Epstein's office 03:44 - Source: CNN Will Commanders' billionaire owners give in to Trump? President Donald Trump has threatened to restrict a stadium deal with the NFL's Washington Commanders if they don't change the team name back to 'Redskins.' CNN Contributor and Prime Video host of "The Cari Champion Show" Cari Champion says she has 'a hard time believing' the owners will capitulate. 02:10 - Source: CNN An inside look at one of the most coveted offices in the US Capitol Sen. Chris Coons (D-Delaware) gives CNN's Dana Bash a tour of his office once occupied by the late Senator John McCain, as well as a "hideaway" that offers an impressive view and backdrop for bipartisan discussions both senators are known for. 02:17 - Source: CNN Harvard takes on Trump administration in court Harvard University was back in court for a hearing in its funding fight case against the Trump administration, who froze more than $2 billion in federal funding for research this Spring. Harvard lawyer Steven Lehotsky argued the government is in 'blatant and unrepentant violation' of the First Amendment, as well as Title VI of the Civil Rights Act. CNN's Betsy Klein reports. 01:51 - Source: CNN Democrats walk out before vote for controversial Trump nominee Senate Judiciary Committee Republicans voted on Thursday to advance the nomination of Emil Bove, President Donald Trump's former personal attorney, to a federal judgeship, over the loud protests of Democrats. 01:42 - Source: CNN Trump's 'Manosphere' problems Influential podcasters with large audiences of millennial and Gen Z men helped propel President Donald Trump to victory in 2024. Now some of those same voices are sharing criticisms of the current administration. CNN's Steve Contorno breaks it down. 01:56 - Source: CNN Trump DOJ fires federal prosecutor in Epstein case Maurene Comey, a federal prosecutor in the case against accused sex trafficker Jeffrey Epstein and the daughter of former FBI Director James Comey, has been fired from her job in the Southern District of New York, according to people familiar with the situation. 01:56 - Source: CNN Bernie Sanders calls Trump's GOP 'cult of the individual' Sen. Bernie Sanders (I-VT) tells CNN's Anderson Cooper that Republicans developed an almost Stalinist-type devotion to President Donald Trump. 00:45 - Source: CNN This Native American senator brings Oklahoma ranch style to Washington Sen. Markwayne Mullin (R-Oklahoma) gives CNN's Dana Bash a tour of his Capitol office, which showcases his Cherokee heritage and rancher lifestyle. 02:35 - Source: CNN Ex-Trump business associate on Trump's friendship with Epstein CNN's Erin Burnett speaks with former Trump Plaza Hotel and Casino COO Jack O'Donnell about one of President Trump's previous interactions with Jeffrey Epstein. 02:27 - Source: CNN Fearing ICE crackdown, this family self-deports Fearing increased immigration enforcement, undocumented immigrant Julio Mendoza and his American wife, Sasha, made the difficult decision to self-deport to Mexico with their three children, all of whom are US Citizens. CNN's Priscilla Alvarez reports. 01:35 - Source: CNN
