Latest news with #Xi-Trump
New Straits Times
2 days ago
- Business
- New Straits Times
Bursa opens higher, tracks Wall Street gains
KUALA LUMPUR: Bursa Malaysia opened higher today, tracking Wall Street's strong performance last Friday, supported by stronger-than-expected US jobs data that alleviated concerns over the economic outlook. At 9.25am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.33 or 0.15 per cent higher at 1,519.12 from Friday's close of 1,516.79. The benchmark index opened 1.27 points better at 1,518.06. Market breadth was positive, with gainers outpacing losers 261 to 160, while 300 counters were unchanged, 1,618 untraded and 21 suspended. Turnover stood at 328.6 million units valued at RM173.79 million. Rakuten Trade Sdn Bhd said the FBM KLCI failed to sustain its impressive performance on Thursday as the index stuttered to end just above the 1,515 level. The firm noted that the trading activities remained muted, as seen from the pathetic daily volume, which dwindled to below the two billion shares mark. "This could be attributed to the widespread downgrades of the benchmark index target for 2025 by the research fraternity recently. "As such, we expect the index to hover within the 1,510 to 1,520 range today," the firm added. On US stocks, Rakuten said the Wall Street closed broadly firmer on the back of higher-than-expected nonfarm payrolls, hence easing concerns of an imminent economic slowdown in the US. On the flipside, the firm noted that Tesla shares continue to slide amid the sparring match between Elon Musk and US President Donald Trump. Meanwhile, the US 10-year yield edged higher to 4.506 per cent. As for Hong Kong, Rakuten said the Hang Seng Index declined to below the 23,800 level amid some profit takings as the Xi-Trump phone call failed to address any overriding concerns, as more fresh catalysts are required to prop up the market.
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
ASX treads water, CBA falls; energy, mining stocks get China boost
The Australian sharemarket remains flat in afternoon trade after US stocks drifted lower overnight, with Tesla's plunge weighing on Wall Street as Donald Trump and Elon Musk's feud continued to escalate. The S&P/ASX200 was down 0.1 points to 8537.0 at 12.30pm AEST, with eight of 11 industry sectors in positive territory, led by utilities and energy stocks. Tech and real estate stocks are the heaviest weights on the bourse. Mining stocks rose in early trade, boosted by an announcement from the US president overnight that he had a 'very good phone call' with Chinese President Xi Jinping as the two superpowers look to reach a trade deal. Fortescue added 1.1 per cent, BHP gained 0.9 per cent and Rio Tinto edged up 0.1 per cent. Oil giant Woodside added 0.9 per cent and Santos gained 0.6 per cent. Stocks tied to rare earths slumped on expectations the Xi-Trump trade talk progress could pave the way for China to ease export restrictions on the critical minerals. Pilbara Minerals fell 5 per cent, Northern Minerals shed 3.5 per cent and Lynas lost 0.8 per cent. Financial stocks were mixed. NAB and Westpac both added 0.5 per cent, Commonwealth Bank – the biggest stock on the index – lost 0.7 per cent, while ANZ Bank retreated 0.3 per cent. The Australian dollar dipped below US65¢ on Friday morning after gains overnight. It was 0.2 per cent higher at US64.97¢ at 12.30pm AEST. Overnight, the S&P 500 fell 0.5 per cent for its first drop in four days. After sprinting through May and rallying within a couple of good days' worth of gains of its all-time high, the index at the centre of many retirement accounts has lost momentum. Loading The heaviest weight on Wall Street was Tesla, which tumbled 14.3 per cent. It has lost nearly 30 per cent of its value so far this year as chief executive Elon Musk's relationship with Trump sours amid a disagreement over the president's signature bill of tax cuts and spending. The EV maker lost about $US150 billion ($230 billion) in value, sending it below the $US1 trillion benchmark.
RTHK
4 days ago
- Business
- RTHK
Hong Kong stocks open flat following Xi-Trump talks
Hong Kong stocks open flat following Xi-Trump talks Analysts say market reaction has been muted following a phone conversation between President Xi Jinping and US President Donald Trump. File photo: RTHK Hong Kong and mainland stock markets opened flat on Friday, as a call between Beijing and Washington offered little clarity to ease ongoing trade tensions. The SAR's benchmark Hang Seng Index rose 34.6 points, or 0.14 percent, to open at 23,941, while the blue-chip CSI300 Index on the mainland edged down 0.1 percent. President Xi Jinping and his US counterpart Donald Trump confronted weeks of brewing trade tensions and a battle over critical minerals in a leader-to-leader call on Thursday, leaving key issues unresolved for future talks. "Market reaction is low key as the discussion between the two leaders lacked real details outside of agreeing to new rounds of tariff talks," UBS analysts said in a note. "With no clear signs the call will cool trade tensions, headline risk remains top of mind amid the ongoing tariff rifts." Chinese tech ADRs were muted after the call, up only 0.85 percent overnight in New York session. (Reuters/Xinhua)
Time of India
5 days ago
- Business
- Time of India
Trade war: Trump, Xi speak amid deadlock over tariffs; what was discussed
US President Donald Trump and Chinese President Xi Jinping held a phone call on Thursday, Chinese state media reported, as negotiations over contentious trade tariffs between the two nations remain stuck in a gridlock that has rattled global markets. The discussion on Thursday followed Trump suggesting it was tough to reach a deal with Xi. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Trump wrote on Truth Social yesterday. Talks between the US and China had temporarily resumed after a May 12 agreement to lower tariffs, but no breakthrough has followed. Behind the stalemate is an intensifying race for economic dominance. China, Trump said, is 'slow-walking' negotiations, while Beijing insists it is sticking to its principles. The call also came hours after Trump doubled down on tariffs, raising aluminum and steel levies from 25% to 50%, further fueling tensions with allies like Canada and Mexico, who immediately threatened retaliation. China was hit hardest by Trump's earlier April tariff blitz, with additional duties of up to 145%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 오스템 임플란트 받아가세요 임플란터 더 알아보기 Undo It responded with countermeasures on US goods reaching 125%. A temporary easing agreed last month now appears fragile. While the White House had hinted at a Xi-Trump call to defuse tensions, Trump's rhetoric suggested the opposite. In response, Chinese foreign ministry spokesman Lin Jian reiterated that Beijing's approach to US relations remains 'consistent.' Meanwhile, global concerns are growing. OECD leaders convening in Paris warned that the trade war is weakening economic growth. The US-EU trade talks offered a sliver of optimism, with both sides calling recent meetings 'constructive.' But the US president's unpredictable tariff escalations have left even American allies on edge. Canadian PM Mark Carney called the new levies 'illegal,' while Mexico's Economy Minister Marcelo Ebrard said the country would seek exemptions or consider countermeasures. Trump's trade war is also under legal scrutiny. Though some tariffs are being challenged, most remain in place pending appeals, an uncertainty that continues to shake industries from steel to aviation.
Daily Maverick
6 days ago
- Business
- Daily Maverick
Asian stocks up, dollar soft as trade uncertainty mounts
South Korea stocks hit 10-month high after election Trade uncertainty weighs as deadline for US offers loom Investors pin hopes on Xi-Trump call this week By Ankur Banerjee SINGAPORE, June 4 (Reuters) – Asian stocks inched higher on Wednesday and the dollar wobbled near six-week lows as traders braced for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark jumped more than 2% to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6% higher. Japan's rose 0.8%, while Taiwan stocks jumped 1.6% after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09%. Hong Kong's Hang Seng index rose 0.27%. 'Markets may be desensitized to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion,' said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty 'Liberation Day' tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 0401 GMT on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50% from 25%. 'We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick',' said Thierry Wizman, global FX & rates strategist at Macquarie. 'With that, there's still little impetus for a US dollar rally to take hold.' DOLLAR WEAKNESS The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3% last year to 2.9% in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17% against the yen at 143.72 and 0.1% against the Swiss franc at 0.8227. The euro rose 0.15% to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5% this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06% to $65.59 a barrel while US West Texas Intermediate crude was at $63.35 per barrel, down 0.09%. Gold rose 0.5% to $3,369.59 per ounce, taking its gains for the year to an eye-popping 28% on safe-haven flows.
