Latest news with #XTB
CNA
3 days ago
- Business
- CNA
Stocks mixed after Trump accuses China of violating tariff deal
NEW YORK: Global stocks finished mixed on Friday (May 30) after President Donald Trump put US-China trade tensions back on the boil by claiming Beijing had "totally violated" an agreement with Washington. His social media post came hours after US Treasury Secretary Scott Bessent said trade talks with China aimed at putting to bed sky-high mutual tariffs, currently suspended, were "a bit stalled." The development risks renewed trade tensions between the world's two biggest economies. On Wall Street, the Dow Jones Industrial Average closed higher, while the S&P 500 index was flat, and the tech-focused Nasdaq Composite fell 0.3 percent. "If it weren't for the trade war, the market would be feeling pretty good," said Tom Cahill of Ventura Wealth Management. "Inflation is definitely moving in the right direction," he added, referencing the Federal Reserve's favored inflation gauge, which cooled more than expected last month, according to fresh data published Friday. In Europe, London and Germany's major indices ended higher, while France's CAC40 closed lower, following declines in Asian markets earlier in the day. 'Undiplomatic approach' "If President Trump does slap tariffs back on Chinese imports to the US... we may see demand for US assets, and the dollar, severely impaired by a chaotic and undiplomatic approach to trade policy," said Kathleen Brooks, research director at XTB. Despite rumbling concerns about the US-China economic relationship, the markets were little changed by Trump's criticism on social media, with investors appearing to be largely inured to the US president's now-familiar cycle of making dramatic trade threats and then retreating. Investors, traders and analysts instead focused on the Commerce Department's personal consumption expenditures (PCE) price index data, which rose 2.1 percent in the 12 months to April, cooling slightly more than expected. Despite the good news for the Fed, which is looking to bring inflation down to its long-term target of two percent, analysts warned that the fuller inflationary effects of Trump's tariffs were yet to come, and could cause the Fed to maintain its watch-and-wait stance. "The true weight of these policies is likely to emerge more fully in the months ahead," said market analyst Fawad Razaqzada. Investors were also assessing the impact of a US court ruling that invalidated most of Trump's sweeping tariffs, though an appeals court suspended that order and the White House vowed that its tariffs goals would be pursued one way or another. The result leaves Trump's tariff plans in something of "a legal limbo" said Stephen Innes, of SPI Asset Management, adding that this sort of legal impasse was "the kind that keeps traders awake at night." In the eurozone, interest rates were in focus after official data showed inflation hovering around the European Central Bank's two-percent target. Consumer prices in top EU economy Germany showed a 2.1 percent rise in May, the same as the previous month, while they fell to 1.9 percent in Spain, and to 1.7 percent in Italy. The ECB looks set to lower interest rates again on Thursday. The dollar gained against major currencies, while oil prices were down ahead of a Saturday meeting of eight key OPEC+ members to decide production quotas for July, with some analysts predicting that the cartel could make a larger-than-expected supply hike.
MTV Lebanon
4 days ago
- Business
- MTV Lebanon
US Trade Court Blocks Tariffs in Major Setback for Trump
The opinion marks a significant setback to Trump as he bids to redraw the US trading relationship with the world by forcing governments to the negotiating table through tough new tariffs. Trump's global trade war has roiled financial markets with a stop-start rollout of import levies aimed at punishing economies that sell more to the United States than they buy. Trump argued that the resulting trade deficits and the threat posed by the influx of drugs constituted a "national emergency" that justified widespread tariffs. But the three-judge Court of International Trade ruled Wednesday that Trump had overstepped his authority, barring most of the duties announced since he took office in January. The White House slammed the ruling, arguing that "unelected judges" have no right to weigh in on Trump's handling of the issue. "President Trump pledged to put America first, and the administration is committed to using every lever of executive power to address this crisis and restore American greatness," Trump's spokesman Kush Desai said. Attorneys for the Trump administration promptly filed to appeal against the ruling Wednesday. China: 'cancel wrongful tariffs' The ruling comes as Trump has used the tariffs as leverage in trade negotiations with friends and foes, including the European Union and China. Beijing -- which was hit by 145 percent tariffs before they were sharply reduced to give space for negotiations -- reacted to the court ruling by saying the United States should scrap the levies. "China urges the United States to heed the rational voices from the international community and domestic stakeholders and fully cancel the wrongful unilateral tariff measures," said commerce ministry spokeswoman He Yongqian. Japan's tariffs envoy Ryosei Akazawa said as he left for a fourth round of talks in Washington that Tokyo -- reeling from tariffs on cars -- would study the ruling. Trump unveiled sweeping import duties on nearly all trading partners on April 2, at a baseline 10 percent, plus steeper levies on dozens of economies, including China and the European Union. The ruling also quashes duties that Trump imposed on Canada, Mexico and China separately using emergency powers. Some of the turmoil was calmed after he paused the larger tariffs for 90 days and suspended other duties, pending negotiations with individual countries and blocs. Asian markets rallied on Thursday and US futures pointed to early gains, but Europe was mixed, with London in the red while Paris and Frankfurt rose. The ruling "throws into disarray several trade deals that have already been agreed, and those that are still in the negotiation phase," said Kathleen Brooks, research director at XTB brokerage firm. 'Extraordinary threat' The federal trade court was ruling in two separate cases -- brought by businesses and a coalition of state governments -- arguing that the president had violated Congress's power of the purse. "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ("IEEPA") delegates these powers to the president in the form of authority to impose unlimited tariffs on goods from nearly every country in the world," the three-judge panel wrote in an unsigned opinion. "The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder." The judges stated that any interpretation of the IEEPA that "delegates unlimited tariff authority is unconstitutional." The IEEPA authorizes the president to impose necessary economic sanctions during an emergency "to combat an unusual and extraordinary threat," the bench said. The ruling gave the White House 10 days to complete the bureaucratic process of halting the tariffs. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, said the ruling confirmed that "these tariffs are an illegal abuse of executive power." "Trump's declaration of a bogus national emergency to justify his global trade war was an absurd and unlawful use of IEEPA," he said. White House aide Stephen Miller took to social media to decry a "judicial coup" that he said was "out of control."
Khaleej Times
4 days ago
- Business
- Khaleej Times
XTB welcomes new investors with a free stock offering
XTB, a leading global investment app, is giving new investors a head start in their investing journey with an exciting new offer, the first of its kind in the region. From now until the end of 2025, every new client will receive a free General Motors (GM) share, one of the world's most iconic automotive companies (upon opening and funding an account). This limited time offer, now live, is designed to make stock investing more accessible. With no minimum deposit required, anyone can unlock the value of a GM stock - at the time of writing worth $50 - by registering with the XTB app and depositing funds in the trading account. "At XTB we are committed to the idea that everyone should have the opportunity to put their money to work with confidence and value, but having a free extra asset to begin investing with can make the initial steps more appealing" said Achraf Drid, managing director and senior executive officer at XTB MENA. "With this promotion, and amid the increasing interest in stock investing in the MENA region, we're giving new clients not just a free stock of a legendary company, but a chance to begin their investment journey with an exciting asset and a taste of real investing." The campaign highlights XTB's ongoing mission to make financial markets more inclusive and to help people take control of their financial future. With its intuitive app, robust educational resources, and a selection of over 6,300 financial instruments, including stocks, ETFs, and CFDs, XTB offers one of the most comprehensive and user-friendly investing experiences on the market. XTB is more than an investment app. It's a comprehensive investment environment designed to empower individuals at every stage of their financial journey. Beyond active trading, XTB provides the technology, insight, and support to invest strategically in the long term. With this free stock offer, there's never been a better time to explore the world of investing with XTB. For more information, visit the website:
The South African
4 days ago
- Business
- The South African
GOOD news for South Africa as US trade court blocks Donald Trump's tariffs
A US federal court blocked most of President Donald Trump's sweeping tariffs from going into effect, boosting markets on Thursday even as the White House appealed against the decision by 'unelected judges.' The opinion marks a significant setback to Trump as he bids to redraw the US trading relationship with the world by forcing governments to the negotiating table through tough new tariffs. Trump's global trade war has roiled financial markets with a stop-start rollout of import levies aimed at punishing economies that sell more to the United States than they buy. Trump argued that the resulting trade deficits and the threat posed by the influx of drugs constituted a 'national emergency' that justified widespread tariffs. But the three-judge Court of International Trade ruled on Wednesday that Trump had overstepped his authority, barring most of the duties announced since he took office in January. The White House slammed the ruling, arguing that 'unelected judges' have no right to weigh in on Trump's handling of the issue. 'President Trump pledged to put America first, and the administration is committed to using every lever of executive power to address this crisis and restore American greatness,' Trump's spokesman Kush Desai said. Attorneys for the Trump administration promptly filed to appeal against the ruling Wednesday. The ruling comes as Trump has used the tariffs as leverage in trade negotiations with friends and foes, including the European Union and China. Beijing – which was hit by 145 percent tariffs before they were sharply reduced to give space for negotiations – reacted to the court ruling by saying the United States should scrap the levies. 'China urges the United States to heed the rational voices from the international community and domestic stakeholders and fully cancel the wrongful unilateral tariff measures,' said commerce ministry spokeswoman He Yongqian. Japan's tariffs envoy Ryosei Akazawa said as he left for a fourth round of talks in Washington that Tokyo – reeling from tariffs on cars – would study the ruling. Donald Trump unveiled sweeping import duties on nearly all trading partners on April 2, at a baseline 10 percent, plus steeper levies on dozens of economies, including China and the European Union. The ruling also quashes duties that Trump imposed on Canada, Mexico and China separately using emergency powers. Some of the turmoil was calmed after he paused the larger tariffs for 90 days and suspended other duties, pending negotiations with individual countries and blocs. Asian markets rallied on Thursday and US futures pointed to early gains, but Europe was mixed, with London in the red while Paris and Frankfurt rose. The ruling 'throws into disarray several trade deals that have already been agreed, and those that are still in the negotiation phase,' said Kathleen Brooks, research director at XTB brokerage firm. The federal trade court was ruling in two separate cases – brought by businesses and a coalition of state governments – arguing that the president had violated Congress's power of the purse. 'The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ('IEEPA') delegates these powers to the president in the form of authority to impose unlimited tariffs on goods from nearly every country in the world,' the three-judge panel wrote in an unsigned opinion. 'The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder.' The judges stated that any interpretation of the IEEPA that 'delegates unlimited tariff authority is unconstitutional.' The IEEPA authorises the president to impose necessary economic sanctions during an emergency 'to combat an unusual and extraordinary threat,' the bench said. The ruling gave the White House 10 days to complete the bureaucratic process of halting the tariffs. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, said the ruling confirmed that 'these tariffs are an illegal abuse of executive power.' 'Trump's declaration of a bogus national emergency to justify his global trade war was an absurd and unlawful use of IEEPA,' he said. White House aide Stephen Miller took to social media to decry a 'judicial coup' that he said was 'out of control.' Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news. By Garrin Lambley © Agence France-Presse
Business Recorder
4 days ago
- Business
- Business Recorder
Stocks sink as rally over eased trade tensions fades
LONDON: Stock markets sank Wednesday on evaporating cheer over eased tariff tensions, and oil prices climbed as Washington appeared closer to possibly putting fresh sanctions on Moscow over Ukraine. London, Paris and Frankfurt all closed lower, following Asia down. New York was trading in similar red territory. Much of the focus on Wall Street was on Nvidia, the US chipmaker, whose earnings report — to be released after New York's close — was being viewed as a bellwether for tech stocks generally. 'This is expected to be another quarter of monster revenue for Nvidia, however it may lead to the familiar question, can these results continue?' asked Kathleen Brooks, research director at XTB. She and others pointed to uncertainty over US restrictions on semiconductor exports, against a backdrop of effervescent chip demand as artificial intelligence development accelerates. Crude prices surged more than two percent, ahead of an OPEC meeting to discuss output and hiked tensions over Russia and Iran. President Donald Trump's rare rebuke Tuesday of Russian counterpart Vladimir Putin over stepped-up attacks on Ukraine — saying he was 'playing with fire' — raised the prospect of tougher US sanctions on Russian energy and banking sectors. US-Iran talks on curbing Tehran's nuclear programme have also yielded no breakthrough so far, additionally fuelling speculation of tightened sanctions. The US dollar picked up against major currencies, but analysts said that masked a fundamental weakness in the greenback, and in the US debt market, evident in recent weeks. 'It's the creeping realisation that US assets no longer provide the same refuge' they used to, said Stephen Innes of SPI Asset Management. 'Dollar strength is no longer reflexive — it's contested.' Europe and Asia were down after a rally over the previous two days triggered by Trump's announcement he was pausing threatened 50-percent tariffs on the European Union to give space to trade negotiations. 'The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random,' said Brooks. David Morrison, senior market analyst at Trade Nation, said: 'It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds. This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve.' In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named a new CEO — its North America chief Antonio Filosa — to succeed Carlos Tavares, who was sacked in December. 'To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23,' the company said. Stellantis shares closed more than two percent down. A Financial Times report that European Central Bank President Christine Lagarde had discussed leaving her post early to take the helm of the World Economic Forum had little impact on the euro. 'It is trading in a relatively tight range, suggesting that reports Christine Lagarde may not fulfill her full term at the ECB is not having an impact on European markets,' said XTB's Brooks.
