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Free Malaysia Today
a day ago
- Automotive
- Free Malaysia Today
Stock markets advance after Japan-US trade deal
Wall Street ended higher, with the Dow up over one percent and fresh record closes for the S&P 500 and Nasdaq. (AFP pic) NEW YORK : Stock markets rose on Wednesday after Japan and the US hammered out a trade deal that included lowering President Donald Trump's tariffs on Japan's crucial car sector. Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that more countries will follow suit before Trump's August 1 deadline. 'News of a trade agreement between the US and Japan is fostering optimism among investors that further deals might be reached before punishing tariffs come into force,' said AJ Bell investment director Russ Mould. Wall Street pushed higher, with the Dow rising more than one percent and the S&P 500 and Nasdaq both powering to fresh all-time closing records. In Europe, London's FTSE 100 ended the day up 0.4%, after hitting another record high at the open. Paris piled on 1.4% and Frankfurt also advanced, tracking gains in Asia. Tokyo surged over 3% after the US president announced a deal lowering tariffs on some Japanese goods to 15%, down from the threatened 25%. The deal will also reduce tolls on autos – a sector accounting for 8% of Japanese jobs – to 15%, compared with 25% for other countries. In return, Japan pledged to invest US$550 billion in the United States, Trump said on social media. Shares in carmaker Toyota rocketed higher by more than 14%, Mitsubishi 13% and Nissan 8%. European carmakers also rallied, Stellantis jumping around nine percent in Paris. Shares in German automakers BMW, Mercedes Benz, Porsche and Volkswagen all rose more than 4%. The deal is providing optimism that other countries can 'seal good deals if they pledge investment into the US', said Kathleen Brooks, research director at trading group XTB. Trump also hailed an agreement with Manila to lower levies on Philippine goods by one percentage point to 19%, while tariffs on Indonesia were slashed from 32% to 19%. Shares in Manila and Jakarta rallied. The announcements boosted hopes of other deals before next Friday's deadline, though talks with the European Union and South Korea remain unresolved. US treasury secretary Scott Bessent said Wednesday that Washington was making progress on tariff negotiations with the European Union, with talks planned later in the day between the bloc's top trade negotiator and his American counterpart. Japan's 10-year government bond yield soared to the highest since 2008 after media speculation that Prime Minister Shigeru Ishiba would resign after a weekend election debacle. He denied the reports. Elsewhere in Asia, Hong Kong hit its highest level since late 2021, while Shanghai was flat.
Yahoo
2 days ago
- Business
- Yahoo
Dollar rises on EU-US trade deal but European stocks turn sour
The dollar jumped Monday on the back of a US-EU trade deal, but the main European stock markets fell, reflecting unease at terms viewed as lopsided. Frankfurt closed sharply down, as shares in German carmakers plunged. Paris dipped, while London -- outside the EU -- also receded. Wall Street, meanwhile, finished mixed after a choppy session. Both the Nasdaq and S&P 500 edged to fresh records, while the Dow slipped. The US market's "muted" reaction made sense given the heavy number of economic news releases this week that could move the market, said Angelo Kourkafas, senior global strategist at Edward Jones. "Because markets have run a lot in a short amount of time, we may get some good enough news, but they may not elicit the same reaction as some of the good news over the last couple of weeks when valuations were lower than they are today," Kourkafas said. While Brussels defended the deal announced over the weekend as "better than a trade war with the United States," several EU countries expressed unhappiness. European capitals saw the agreement's 15 percent tariffs on most EU exports to the United States -- but none on US exports to the EU -- as skewed. As part of the deal, President Donald Trump said the bloc had agreed to purchase "$750 billion worth of energy" from the United States, and make $600 billion in additional investments. "While the deal has avoided a much worse outcome for now, it remains to be seen whether it will last," cautioned Jack Allen-Reynolds, a eurozone economist at Capital Economics. With average US tariffs on EU imports now around 17 percent, "we think this will reduce EU GDP by about 0.2 percent," he said. He predicted that "uncertainty is likely to remain high" because Trump "could still change his mind even after the deal has been finalized and signed." Oil prices rose strongly. That was partly on relief from the deal -- but also because Trump shortened a deadline for Russia to end its war in Ukraine to August 7 or 9, after which he vowed to sanction countries buying its crude. Monday also saw the start of a fresh round of trade negotiations between China and the United States ahead of August 12, when a 90-day truce between the economic superpowers is scheduled to end. Shares in European companies tracked the unease at the EU-US deal. Volkswagen, BMW and Porsche all shed more than three percent as the implications of high tariffs on their exports to the United States sank in. In Paris, shares in Pernod Ricard, which exports wine and spirits to the United States, fell more than three percent. Traders were prepared for a busy week in the United States, with a slew of corporate earnings reports -- including from Apple, Microsoft, Meta and Amazon -- and macro data readings coming their way giving indications about US jobs and growth. The Federal Reserve is expected to keep interest rates unchanged at its meeting this week, with investors focused on its outlook for the rest of the year given Trump's tariffs and recent trade deals. - Key figures at around 2030 GMT - New York - Dow: DOWN 0.1 percent at 44,837.56 (close) New York - S&P 500: UP less than 0.1 percent at 6,389.77 (close) New York - Nasdaq Composite: UP 0.3 percent at 21,178.58 (close) London - FTSE 100: DOWN 0.4 percent at 9,081.44 (close) Paris - CAC 40: DOWN 0.4 percent at 7,800.88 (close) Frankfurt - DAX: DOWN 1.0 percent at 23,970.36 (close) Tokyo - Nikkei 225: DOWN 1.1 percent at 40,998.27 (close) Hong Kong - Hang Seng Index: UP 0.7 percent at 25,562.13 (close) Shanghai - Composite: UP 0.1 percent at 3,597.94 (close) Euro/dollar: DOWN at $1.1597 from $1.1742 on Friday Pound/dollar: DOWN at $1.3356 from $1.3438 Dollar/yen: UP at 148.52 yen from 147.69 yen Euro/pound: DOWN at 86.80 pence from 87.39 pence Brent North Sea Crude: UP 2.3 percent at $70.04 per barrel West Texas Intermediate: UP 2.4 percent at $66.71 per barrel bur-jmb/des
The Guardian
2 days ago
- Business
- The Guardian
Global stock markets jump after trade deal limits US tariffs on EU to 15%
Update: Date: 2025-07-28T07:08:12.000Z Title: Global stock markets rise after trade deal averts spiralling EU-US tariffs Content: Good morning, and welcome to our live coverage of business, economics and financial markets. Global stock markets have rallied after the US and EU agreed a trade deal, removing a major source of uncertainty for companies around the world even as it promised a permanent cost to trans-Atlantic goods trade. European stock markets surged on the opening bell on Monday, a day after US President Donald Trump and European Commission President Ursula von der Leyen, shook hands on a deal in Turnberry, Scotland, on Sunday. Germany's Dax rose 0.8% in early trading, France's Cac 40 gained 1%, while Spain's Ibex gained 0.8%. The FTSE 100 in London gained 0.5%. Asian stock markets also mostly rallied. Australia's ASX200 rose by 0.4%, Hong Kong's Hang Seng rose 0.4%, Korea's Kospi index gained 0.6%, while Shanghai's CSI300 gained 0.1%. However, Japan's Nikkei 225 fell by 1% amid doubts over the details of its own trade deal with the US. The US-EU deal will put a 15% US tariff on most imports from the EU, including cars and computer chips. Steel and aluminium still face 50% tariffs – but only above certain quotas. There are zero tariffs on aerospace parts, some chemicals and raw materials. The EU will also agree to buy $750bn in US energy, and more military equipment – both of which fit with moves since Russia's invasion of Ukraine in 2022. There is good news and bad news in the deal, said Holger Schmieding, chief economist at Berenberg, an investment bank: The crippling uncertainty seems to be largely over. The trade deal which the US and the EU struck in Scotland on Sunday with a 15% tariff on most US goods imports from the EU is bearable for the EU, much more so than the 30% tariff would have been which US president Donald Trump had threatened before. However, the outcome remains much worse than the situation before Trump started his new round of trade wars early this year. The extra US tariffs will hurt both the US and the EU. […] The trade tensions with the US will subtract a cumulative 0.3 percentage points from European and 0.5 percentage points from German growth in 2025 and 2026 taken together. The deal is asymmetric. The US gets away with a substantial increase in its tariffs on imports from the EU and has secured further EU concessions to boot. 11am BST: UK Confederation of British Industry distributive trades (retail) survey (July; previous: -46%; consensus: -26%) 12:30pm BST: Donald Trump press conference in Scotland
Irish Times
2 days ago
- Business
- Irish Times
Action needs to be taken to reverse recent decline in women securing leadership roles in Irish business
In 2025, it is both remarkable and disappointing that progress in tackling the gender gap in leadership is taking a backwards step in Ireland, with a -24.8 per cent year-on-year drop in women hired into top jobs here. There are no women leading any of the major Irish companies listed on stock markets. Despite making up almost half of the workforce, women continue to be underrepresented in senior ranks across the country. This confirms what many working women in Ireland already know through experience. Progress has hit a speed bump. The question is: Why? Our LinkedIn data shows that this reverse in progress isn't confined to Ireland. Globally, the share of women securing leadership positions has dropped for three consecutive years. While this was the first year where a decline was recorded in Ireland, it's the scale of the drop that should sound alarm bells. READ MORE Ireland still sits marginally above the global median, with women accounting for 34.5 per cent of senior hires compared to 33 per cent globally, but the rate of contraction here last year was stark. Despite years of policymaking, advocacy and increased public scrutiny, the odds are still stacked against women due to structural barriers and systemic biases that block their progression. Those barriers manifest very starkly when we look at the scale of the 'drop-to-the-top' for women in Ireland. At entry level, there is gender parity with men and women holding half of the roles. But women hold just over one third of director-level roles and by the time we get to the C-Suite, female representation has plummeted to one-fifth. In short, there is a staggering 60 per cent drop-off in female representation in the Irish workforce from when women first enter the workforce to those that reach executive level. The structural imbalance in the workforce is a challenge that requires even more focus, as AI is driving the fifth industrial revolution in the global economy. The risk is that, if women are left behind as artificial intelligence reshapes industries, the gender divide will become even more entrenched. We need to act now. There are challenges, but it is also a moment of opportunity. LinkedIn's analysis of what it will take to be a leader in an AI-transformed economy is that it will not be executives with linear, traditional career trajectories. Instead, leadership will increasingly favour individuals with broad, cross-functional experience. And it's women who are more likely to have such multidomain experience. In Ireland, Women are up to 21 per cent more likely than men to bring varied, cross-industry experience to the table, often the result of career pivots. What has at times been seen as a liability, with career journeys potentially shaped by taking time out or flexible work arrangements for caring responsibilities, is now a potential source of strength. That's because agility, empathy, collaboration and the ability to navigate change in spades will be the trademarks of tomorrow's leaders. There are two clear actions that would make a big difference to solving this problem. First, we need to change how we hire. A shift by employers to skills-based hiring, whereby recruiters focus on candidates' abilities over previous titles, allowing them to tap into broader talent pools and ensure better alignment with evolving job demands. Our analysis shows that if employers adopted this approach, they could more than quadruple the talent pool for women in Ireland. Such a shift would not only benefit women, but also help businesses fill skills gaps in what is a very tight market for talent in Ireland at present. Secondly, we should not take a backwards step on flexible work. Women are more likely to be double-jobbing even though they may hold similar positions to their male counterparts. Hybrid work has proved to be a game-changer in giving workers the flexibility to manage their personal and professional responsibilities. We also need to collectively create a workplace culture where there is a better acceptance of parental leave for both men and women. Closing the gender leadership gap in Ireland is not only the right thing to do; it's the smart thing to do. Study after study has shown that companies with greater gender diversity in leadership outperform their peers on profitability, innovation and decision-making. When women are equitably represented at the top, organisations benefit from a wider range of perspectives, more inclusive workplace cultures and stronger employee engagement. In a rapidly evolving economic landscape shaped by AI, digitisation and geopolitical volatility, these attributes are not nice-to-haves, they are business essentials. Ireland cannot afford to leave talent on the table. With skills shortages intensifying across sectors, failing to tap into the full potential of the workforce is economically self-defeating. As our data shows, women bring precisely the kind of cross-functional, adaptive expertise that tomorrow's leaders will require. By embracing inclusive hiring practices, investing in leadership development and removing systemic barriers, Ireland can unlock a deeper, more resilient talent pool that enhances national competitiveness and future-proofs the economy. Ultimately, achieving gender-balanced leadership is not about ticking a box, it's about building a stronger, more dynamic Ireland. The next wave of economic growth will come from diverse, agile and forward-thinking leaders that reflect the richness of society today. That's why we must get to grips with the gender gap in leadership and ensure that we are maximising the full potential of our entire workforce. Sue Duke is vice-president of global public policy at LinkedIn
Malay Mail
6 days ago
- Business
- Malay Mail
Stocks extend gains on trade deal optimism, eyes now on Brussels
HONG KONG, July 24 — Stock markets extended the week's gains today on optimism other countries will follow up the Japan-US trade deal with agreements of their own, as speculation builds that the EU is on course. Investors have been on a roll in recent weeks on bets that governments will eventually hammer out pacts with Donald Trump ahead of the US president's August 1 deadline. The mood has been upbeat since Japan had reached a deal to lower sweeping tariffs from 25 per cent to 15 per cent, including those on the country's crucial car sector. The breakthrough fanned hopes that others were in the pipeline. There is talk that the European Union is edging towards an agreement. Reports say Brussels could get something similar to Japan, with tariffs cut to 15 per cent from the threatened 30 per cent. The Financial Times said the two would waive tariffs on some products, including aircraft, spirits and medical devices. That came after US Treasury Secretary Scott Bessent said negotiations were making progress, with talks planned later in the day between the bloc's top trade negotiator and his American counterpart. Analysts said a deal with Washington's biggest trading entity would provide a massive boost to equities. However, failure to reach a deal, triggering Trump's 30-per cent levies on August 1, could cause havoc on markets, analysts warned. France has been loudest in insisting Brussels must show it is willing to deploy its trade weapon, known as the anti-coercion instrument — allowing officials to take measures such as import and export restrictions on goods and services. Neil Wilson at Saxo Markets warned that would end up 'effectively killing trade between the two... the nuclear option is on the table it seems, but for the moment expectation seems to be veering towards a deal'. After another record day for the S&P 500 and Nasdaq on Wall Street, Asia picked up the baton and ran. Tokyo piled on more than 1 per cent, having jumped more than 3 per cent yesterday on the trade deal, while Hong Kong continued its standout year with another advance. Shanghai, Seoul, Singapore, Wellington, Taipei and Jakarta also rose, with London, Paris and Frankfurt also on the front foot. There were some losses in Sydney, Mumbai and Bangkok. Traders are also keeping an eye on developments in Tokyo after Japanese Prime Minister Shigeru Ishiba denied discussing his resignation with party elders yesterday, as speculation about his future intensified following a weekend election debacle. Despite the saga, the yen extended its gains, briefly hitting 145.86 per dollar as the trade deal allows investors to turn their attention to the Bank of Japan's policy meeting next week hoping for guidance on its next interest rate hike. The unit had been sitting around 147.90 before the deal. Bank officials have held off rocking the boat on the issue amid tariff uncertainty, but observers say the agreement can allow them to reconsider lifting in October. — AFP
