Latest news with #global economy
South China Morning Post
a day ago
- Business
- South China Morning Post
IMF raises China's GDP outlook more than any other economy after strong first-half data
The International Monetary Fund (IMF) has substantially raised its growth forecast for China this year, while also slightly revising up global estimates, as China diversifies its export partners and trade tensions between the world's two largest economies de-escalate. Advertisement The IMF now projects that China's economy will expand by 4.8 per cent in 2025, up 0.8 percentage point from its previous forecast in April , according to its World Economic Outlook report released on Tuesday. The upwards revision for China's forecast was the largest among all countries and regions included in the report, as this year's global economic growth forecast was modestly revised up by 0.2 percentage points to 3 per cent. 'This revision reflects stronger-than-expected activity in the first half of 2025 and the significant reduction in US–China tariffs,' the IMF said in its report. And the IMF's chief economist, Pierre-Olivier Gourinchas, said at a press conference on Tuesday: 'A particularly important component [of China's economic activity] was the strength of exports from China to other parts of the world [beyond the US].' Advertisement Chinese shipments to its largest export destination, the US, fell by 10.9 per cent in the first half of the year amid threats of tariffs as high as 245 per cent in April, according to customs data. Despite this decline, the country's overall trade growth remained robust, with total exports rising 5.9 per cent over the same period, driven by growing shipments to regions such as Southeast Asia, Africa and Europe.
News.com.au
2 days ago
- Business
- News.com.au
Top 10 at 11: ASX falls as tariffs bring headwinds
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading. With the market opening at 10am sharp eastern time, the data is taken at 10.15am in the east, once trading kicks off in earnest. In brief, this is what the market has been up to this morning. In the cold hard light of morning News the EU had managed to secure a trade deal with the US was enough to soothe markets yesterday, lifting a solid 0.36% on broad market gains. This morning, the truth of the matter is sinking in. While avoiding the 30-50% tariffs on EU goods Trump had been threatening was definitely a win for the global economy, the overall increase in tariffs is still a net loss. In 2022, the trade weighted average global tariff was about 4%. Obviously, there are a huge range of trade agreements and regional or sector specific tariffs are common, but something like two thirds of all global trade was entirely tariff free. The new reality is looking closer to a 15% tariff on most goods, a 3-fold increase, and that's going to have long-term and far-reaching effects on the global economy. The ASX fell as much as 0.33% in the first hour this morning, with 8 of 11 sectors retreating. The financials sector is leading losses, down 0.75%, while energy mounts a resistance, climbing 0.37% on a 2% lift in oil prices overnight. WINNERS Code Name Last % Change Volume Market Cap RAN Range International 0.003 50% 37086 $1,878,581 BEO Beonic Ltd 0.295 37% 64555 $15,235,117 HLX Helix Resources 0.002 33% 2000000 $5,046,291 OSX Osteopore Limited 0.015 25% 5083213 $2,485,674 ALR Altairminerals 0.005 25% 12936351 $17,186,977 CAV Carnavale Resources 0.005 25% 11000 $16,360,874 PKO Peako Limited 0.0025 25% 33333 $2,975,484 ADG Adelong Gold Limited 0.006 20% 268333 $11,243,383 DRE Dreadnought Resources 0.012 20% 3152528 $50,795,000 FBR FBR Ltd 0.006 20% 2000566 $28,447,261 In the news... LiDAR-based logistics company Beonic (ASX:BEO) has secured a contract to deploy its passenger flow management technology across seven major international airports in north Africa. BEO reckons the contract is worth about $10.6m over its 2.5-year term, with an option to extend for another 3 years. The company is already operating in the London Heathrow, JFK Terminal 4, Narita and Abu Dhabi airport hubs. Back in July 2024, regenerative medicine company Osteopore (ASX:OSX) inked an exclusive agreement with a subsidiary of Zimmer Biomet Holdings to distribute OSX craniofacial products in Europe, the Middle East and Africa, and the Asia Pacific. In the first 12 month of the partnership implant sales in Europe, Australia and Hong Kong tripled compared to the year before. Management says it's clear evidence of the market's appetite for OSX products and demonstrates the resilience of Osteopore's manufacturing capability. LAGGARDS Code Name Last % Change Volume Market Cap ANR Anatara Ls Ltd 0.006 -33% 3175653 $1,920,454 DTM Dart Mining NL 0.003 -25% 8365431 $4,792,222 MRQ Mrg Metals Limited 0.003 -25% 125000 $10,906,075 SFG Seafarms Group Ltd 0.0015 -25% 1 $9,673,198 RFT Rectifier Technolog 0.004 -20% 2500 $6,909,920 KZR Kalamazoo Resources 0.09 -18% 2520457 $24,133,287 TMX Terrain Minerals 0.0025 -17% 3666666 $7,595,443 GTR Gti Energy Ltd 0.003 -14% 496738 $13,029,292 CHR Charger Metals 0.052 -13% 149718 $4,645,215 NIM Nimyresourceslimited 0.06 -12% 787417 $16,352,694
BBC News
23-07-2025
- Business
- BBC News
What the US-Japan trade deal means for Asia and the world
US President Donald Trump has called the agreement he reached with Japan the "largest trade deal in history".It might be premature to make such claims, but it's certainly the most significant deal since Trump announced his so-called Liberation Day tariffs in April which roiled stock markets and created chaos for global trade. After months of negotiations, Japan's Prime Minister Shigeru Ishiba said he expects the deal will help the global economy. It is a big claim. The BBC examines whether it will and if so, how? Japan Inc Japan is the world's fourth largest economy, meaning it accounts for a large part of global trade and growth. Tokyo imports a great deal of energy and food from overseas and is dependent on exports including electronics, machinery and motor vehicles. The US is its biggest export experts had warned that Trump's tariffs could knock as much as a percentage point off Japan's economy, pushing it into lower tariffs, exporters will be able to do business in the US more cheaply than if Trump had stuck to an earlier threat to levy higher the deal brings certainty, which allows businesses to announcement also strengthened the Japanese yen against the US dollar, giving manufacturers more purchasing power to buy the raw materials they need to expand their US agreement is particularly good for Japan's auto giants like Toyota, Honda and Nissan. Previously, American importers had to pay a 27.5% levy when they shipped in Japanese cars. That is now being reduced to 15%, potentially making Japanese cars cheaper compared to the likes of rival said that, US automakers have signalled they are unhappy with the deal. They are concerned they have to pay a 25% tariff on imports from their plants and suppliers in Canada and Mexico compared with Japan's 15% rate. Jobs and more deals In return for reduced tariffs, Japan has proposed investing $550bn in the US to enable Japanese firms "to build resilient supply chains in key sectors like pharmaceuticals and semiconductors," Ishiba is already a major investor in the US, but this amount of money should create jobs, make quality products and foster the deal, Trump said Japan will increase purchases of agricultural products such as US rice which could help the country's rice shortage - even if it might rattle local farmers concerned about losing market share. The 15% tariff is also a benchmark for other countries like South Korea and Taiwan who are holding their own trade negotiations with the US. South Korea's industry minister said he will take a close look at the terms of what Japan has agreed with the US as he headed to Washington for crunch trade and South Korea compete in industries like steel and broadly, the US and Japan deal will put more pressure on other countries - especially major Asia exporters - to secure better agreements before a 1 August deadline. Deals with Indonesia and the Philippines have already been announcedBut some Asian countries will suffer. Smaller economies like Cambodia, Laos and Sri Lanka are manufacturing exporters and they have little to offer Washington in terms of trade or investment. Did the US get what it wants? There were reports that the US had called on Japan to increase military spending. But Tokyo's tariff envoy has clarified that the deal does not include anything on defence spending. Ryosei Akazawa added that steel and aluminium tariffs would remain at 50%.These both may be wins for Japan, since it exports more vehicles to the US than it does steel and aluminium. The pressure is also on the US to get as many of these deals over the line before its self-imposed tariff August deadline. Alongside negotiations with the US, countries might start looking for more reliable partners the same day as Washington and Toyko announced their agreement, Japan and Europe pledged to "work more closely together to counter economic coercion and to address unfair trade practices," according European Commission President Ursula von der Leyen. The European Union is yet to agree a trade deal with the US."We believe in global competitiveness and it should benefit everyone," said Ms von der Leyen.
South China Morning Post
23-07-2025
- Business
- South China Morning Post
Hong Kong stocks sustain 3-year-high level as headway on trade talks spurs optimism
The run-up that sent Hong Kong stocks to the highest level in more than three and a half years continued on Wednesday, as the US clinched a trade deal with Japan and scheduled a fresh round of talks with China next week, reducing concerns about trade conflicts damaging the global economy. The Hang Seng Index rose 0.6 per cent to 25,288.24 as of 10.06am local time, on track for the highest close since November 18, 2021. The Hang Seng Tech Index gained 0.7 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.4 per cent. China Life Insurance rallied 5.5 per cent to HK$22.10, and Baidu added 3.9 per cent to HK$91.30. Wuxi Biologics advanced 4.8 per cent to HK$29.35, and affiliate Wuxi AppTec rose 2.5 per cent to HK$96.25. In a breakthrough in tariff negotiations with a key trading partner, President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that would impose a 15 per cent tariff on imports from the Asian country. The deal also included US$550 billion of Japanese investments in America, he said. Meanwhile, Treasury Secretary Scott Bessent said on Fox Business that he would meet his Chinese counterparts in Stockholm next week for a third round of trade talks. A 90-day tariff pause between China and the US expires on August 12. Other major Asian markets mostly traded higher. Japan's Nikkei 225 climbed 2.6 per cent and Australia's S&P/ASX 200 added 0.6 per cent, while South Korea's Kospi retreated 0.2 per cent.
Bloomberg
22-07-2025
- Business
- Bloomberg
IMF Warns of Global Imbalances That Trump's Tariffs Won't Fix
The International Monetary Fund said imbalances in the global economy have increased, driven principally by domestic policies in the US and China that tariffs will do little to address. In its annual assessment of the external sectors of the largest economies, the institution said there was a 'sizable' widening of current account balances by 0.6 percentage point of global economic output in 2024.
