Latest news with #USChinaTradeTalks
Zawya
10-06-2025
- Business
- Zawya
Oil rises on US-China talks and Saudi supply dip
Oil prices extended gains on Tuesday, buoyed by U.S.-China trade talks and a dip in Saudi Arabian crude supply to China. Brent crude futures rose 23 cents, or 0.3%, to $67.27 a barrel by 1331 GMT, hovering near their highest since April 28. U.S. West Texas Intermediate crude was up 17 cents, or about 0.3%, at $65.46, near highs reached on April 4. U.S.-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth minerals, risking global supply chain disruptions and slower growth. "There's a sense of optimism around these trade talks; the market is waiting to see what this will produce, and that is supporting prices," said Harry Tchilinguirian, group head of research at Onyx Capital. Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favourable U.S. jobs report while there are risks to North American supply from wildfires in Canada, Goldman Sachs analysts said. U.S. President Donald Trump said on Monday that the talks with China were going well and he was "only getting good reports" from his team in London. A trade deal between the two nations could support the global economic outlook and boost demand for oil and other commodities. On the supply side, allocations to Chinese refiners showed that Saudi Arabian state oil company Saudi Aramco will ship about 47 million barrels of oil to China in July, 1 million barrels less than June's allotted volume, Reuters reported. The Saudi allocations could be an early sign that the unwinding of OPEC+ production cuts might not result in much additional supply, Tchilinguirian said. OPEC+, which pumps about half of the world's oil and includes OPEC members and allies such as Russia, put forward plans for an output increase of 411,000 barrels per day (bpd) for July as it looks to unwind production cuts for a fourth straight month. A Reuters survey found that OPEC's May increase to oil output was limited, with Iraq pumping below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates making smaller increases than agreed. "The prospect of further hikes in OPEC supply continues to hang over the market," ANZ senior commodity strategist Daniel Hynes said in a note. Elsewhere, Iran said it would soon make a counter-proposal for a nuclear deal in response to a U.S. offer that Tehran deems "unacceptable", while Trump made clear that the two sides remained at odds over whether the country would be allowed to continue enriching uranium on Iranian soil. Iran is the third-largest OPEC producer and any easing of U.S. sanctions on Iran would allow it to export more oil, weighing on global prices. (Reporting by Anna Hirtenstein in London Additional reporting by Anjana Anil in Bengaluru and Jeslyn Lerh in Singapore Editing by David Evans and David Goodman)
Forbes
10-06-2025
- Business
- Forbes
China Market Update: Investors Wait For London Calling
CLN KraneShares Asian equities were mostly higher overnight, with US-China trade talks in London drawing significant attention, though few concrete details have emerged so far. Indonesia outperformed, along with Taiwan ahead of May sales data from Taiwan Semiconductor Manufacturing Company (TSMC). Several markets closed lower, including Hong Kong and Mainland China, which both declined in the afternoon as investors took profits. Pakistan's market was closed for Eid al-Adha. The renminbi (CNY) was slightly weaker against the United States dollar, as investors tempered their optimism about a potential trade deal in the absence of any major announcements. Notably, Hong Kong saw 308 advancing stocks versus 170 decliners, but internet heavyweights weighed on the indices. It was a very light news day. Value stocks outperformed, while growth stocks were targeted for profit taking, with both Hong Kong and Mainland China giving up morning gains in the afternoon. Among Hong Kong-listed internet stocks, most declined except for KE Holdings, which gained +3.31% on news of Beijing's housing support measures. BYD rose +3.71% in Hong Kong and +1.43% in Mainland China, outperforming the broader electric vehicle (EV), hybrid, and auto sectors, which remained under pressure due to price war concerns. Internet regulators clarified live streaming rules, but this was widely expected and did not impact the market. One growth sector that continued to outperform was healthcare, with several companies posting double-digit daily returns. The rally in healthcare has been driven by cross-border deals, positive drug approvals, and broad policy support. Mainland China was weaker overall, with the exception of banks, despite above-average volumes in exchange-traded funds (ETFs) favored by the so-called National Team. Despite this intervention, markets declined as investors waited for further news from London. New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read Chart1 KraneShares Chart2 KraneShares Chart3 KraneShares Chart4 KraneShares Chart5 KraneShares Chart6 KraneShares
Globe and Mail
10-06-2025
- Business
- Globe and Mail
Oil prices rise on optimism about U.S.-China trade talks
Oil prices climbed on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly. Brent crude futures rose 44 cents, or 0.7 per cent, to US$67.48 a barrel by 8 a.m. ET, extending Monday's advance. U.S. West Texas Intermediate crude was up 43 cents, or 0.7 per cent, at US$65.72. U.S.-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth curbs, risking global supply chain disruptions and slower growth. 'There's a sense of optimism around these trade talks, the market is waiting to see what this will produce and that is supporting prices,' said Harry Tchilinguirian, group head of research at Onyx Capital Group. Global energy investment to reach record US$3.3-trillion, IEA says Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favourable U.S. jobs report, while there are risks to North American supply due to wildfires in Canada, Goldman Sachs analysts said. U.S. President Donald Trump said on Monday that the talks with China were going well and he was 'only getting good reports' from his team in London. A trade deal between the U.S. and China could support the global economic outlook and boost demand for commodities including oil. Saudi Arabia's state oil firm Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than June's allotted volume, Reuters reported. 'The Saudi allocations could be an early sign that OPEC+'s unwind may not actually mean that much additional supply,' Tchilinguirian said. 'After all these unwinds, one would have thought that we would be getting more from the country that can produce more.' OPEC+, which pumps about half of the world's oil and includes OPEC members and allies such as Russia, put forward plans for an increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers. It is set to unwind production cuts for the fourth straight month. Canada has an opportunity to reset our relationship with China – and, in a rare twist, on our terms A Reuters survey found that OPEC oil output rose in May, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. 'The prospect of further hikes in OPEC supply continues to hang over the market,' Daniel Hynes, senior commodity strategist at ANZ, said in a note. Elsewhere, Iran said it would soon hand a counter-proposal for a nuclear deal to the U.S. in response to a U.S. offer that Tehran deems 'unacceptable,' while Trump made clear that the two sides remained at odds over whether the country would be allowed to continue enriching uranium on Iranian soil. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and any easing of U.S. sanctions on Iran would allow it to export more oil, weighing on global crude prices.
Zawya
10-06-2025
- Business
- Zawya
Mideast factors to watch on June 10
Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Stocks rise, dollar tentative ahead of US-China talks outcome * Oil up as market watches US-China trade talks * PRECIOUS-Gold falls as traders watch US-China trade talks in London * MIDEAST STOCKS-UAE shares end higher as outcome of US-China trade talks awaited * OPEC oil output rises in May but compensation cuts limit hike, Reuters survey finds * Iran to present counter-proposal to US, Trump says talks to resume UNITED ARAB EMIRATES * Etihad And Ethiopian Airlines Start Strategic Codeshare Partnership * Emirati businessman Khalaf Al Habtoor to visit Syria to explore investment opportunities, group says * Emirates NBD Partners With Siemens To Boost Financing For Green Infra Projects SAUDI ARABIA * Saudi crude oil supply to China to dip in July, sources say * Saudi Arabia's first-quarter GDP grows by 3.4%, beating flash estimates ISRAEL * Bank of Israel MPC voted 5-0 to hold rates over inflation concerns * UN says most flour delivered in Gaza looted or taken by starving people * Italy and Israeli Paragon part ways after spyware affair IRAN
Gulf Business
10-06-2025
- Business
- Gulf Business
Is the dollar driving gold prices down? Here's what you need to know
Image credit: Getty Images Gold prices declined on Tuesday, hurt by an uptick in the US dollar as market participants awaited details from the second day of trade talks between the US and China in London. Spot gold fell 0.6 per cent to $3,307.72 an ounce, as of 0502 GMT. US gold futures slipped 0.8 per cent to $3,327.50. Read- The dollar index rose 0.3 per cent against its rivals, making gold more expensive for other currency holders. The trade talks between the world's two largest economies encompass issues ranging from tariffs to rare earth metals restrictions. 'With US-China trade talks still in the works, gold is trading reservedly until we see any progress is made between the two global superpowers,' said Tim Waterer, chief market analyst at KCM Trade. US President Donald Trump said his administration was 'doing well' in the negotiations. Last month, both sides agreed to a temporary pause in tariffs against each other, offering some relief to financial markets. Data from China showed export growth slowed to a three-month low in May as US tariffs affected shipments, while factory-gate deflation worsened to its deepest level in two years. Meanwhile, US inflation data, due on Wednesday, could give investors more guidance on the US Federal Reserve's monetary policy path. 'If CPI has ticked marginally higher, that would be an expected result, but if it jumps, then that could raise some alarm bells for investors, and any resulting flight to safety could help the gold price,' Waterer said. Elsewhere, spot silver was down 0.5 per cent to $36.52 per ounce, platinum was flat at $1,219.65, while palladium gained 0.4 per cent to $1,078.94.
