Latest news with #trade talks
Zawya
7 hours ago
- Business
- Zawya
Oil rises on optimism about US-China talks easing trade tensions
LONDON - 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 34 cents, or 0.5%, to $67.38 a barrel by 1045 GMT. U.S. West Texas Intermediate crude was up 33 cents, or 0.5%, at $65.62. On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a U.S.-China trade deal. 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. 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. 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.
Washington Post
2 days ago
- Business
- Washington Post
China's exports climb 4.8% in May as shipments to the US fall nearly 10%
BEIJING — China's exports rose 4.8% in May from a year earlier, a bit lower than expected as shipments to the United States fell nearly 10%, according to customs figures released Monday just hours ahead of another round of trade talks between the U.S. and China. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion.
Globe and Mail
4 days ago
- Business
- Globe and Mail
Stocks Finish Sharply Higher on a Resilient US Labor Market
The S&P 500 Index ($SPX) (SPY) Friday closed up +1.03%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.99%. June E-mini S&P futures (ESM25) are up +1.04%, and June E-mini Nasdaq futures (NQM25) are up +0.99%. Stock indexes rallied sharply on Friday, with the S&P 500 posting a 3-1/2 month high and the Dow Jones Industrials posting a 3-month high. Stocks settled sharply higher after Friday's better-than-expected US May employment report alleviated concerns of an economic slowdown. Also, the resumption of US-China trade talks gave stocks a boost after President Trump said that US and Chinese negotiators will resume trade talks on Monday in London. Tesla rose more than +3% Friday after plunging -14% on Thursday when President Trump proposed ending government contracts and subsidies for Elon Musk's companies. Shares of Tesla recovered Friday when Musk, who triggered the public feud by criticizing President Trump's tax bill, signaled he's keen to dial down the hostility. US May nonfarm payrolls rose +139,000, stronger than expectations of +126,000, although Apr nonfarm payrolls were revised lower to +147,000 from the previously reported +177,000. The May unemployment rate remained unchanged at 4.2%, right on expectations. US May average hourly earnings rose +0.4% m/m and +3.9% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y. US Apr consumer credit rose +$17.873 billion to a 4-month high, better than expectations of +$10.000 billion. Fed comments on Friday were mixed for stocks and bonds. On the bearish side, Cleveland Fed President Hammack said she'd rather wait for further clarity on the economic impact of a variety of policy changes before adjusting interest rates, and now "is not a good time to be preemptive." Conversely, Philadelphia Fed President Harker favors the Fed waiting before cutting rates and said, "I could see in the second half of the year, if things resolve themselves, and we start to see more clarity, and we continue to see inflation coming down to 2%, I could definitely see a rate cut in the offing." The markets are discounting the chances at 0% for a -25 bp rate cut at the next FOMC meeting on June 17-18. Overseas stock markets on Friday settled higher. The Euro Stoxx 50 closed up +0.36%. China's Shanghai Composite rose to a 2-week high and closed up +0.04%. Japan's Nikkei Stock 225 closed up +0.50%. Interest Rates September 10-year T-notes (ZNU2 5) Friday closed down -28.5 ticks. The 10-year T-note yield rose +11.9 bp to 4.510%. Sep T-notes on Friday gave up an early advance and fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 4.512%. T-notes retreated Friday on the hawkish US May payroll report that showed a larger-than-expected increase in nonfarm payrolls and a larger-than-expected increase in average hourly earnings. T-notes added to their losses Friday on hawkish comments from Cleveland Fed President Hammack, who said she'd rather wait before adjusting interest rates. T-notes on Friday initially posted modest gains on carryover strength from a rally in 10-year German bunds. European government bond yields on Friday were mixed. The 10-year German bund yield fell -0.7 bp to 2.576%. The 10-year UK gilt yield rose +2.8 bp to 4.644%. Eurozone Q1 GDP was revised higher to +0.6% q/q and +1.5% y/, stronger than expectations of +0.4% q/q and +1.2% y/y. Eurozone Apr retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m. German Apr industrial production fell -1.4% m/m, weaker than expectations of -1.0% m/m. ECB Governing Council member Stournaras said, "The bar for another ECB rate cut is high, in July and beyond," and the ECB should pause its interest rate cuts to give officials a chance to assess recent shocks, particularly from trade. Swaps are discounting the chances at 27% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Chip makers moved higher on Friday to boost the broader market. Marvell Technology (MRVL) closed up more than +4%. Also, Analog Devices (ADI), Micron Technology (MU), and ARM Holdings Plc (ARM) closed up more than +2%. In addition, Applied Materials (AMAT), Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), ON Semiconductor (ON), NXP Semiconductors NV (NXPI), Texas Instruments (TXN), and Qualcomm (QCOM) closed up more than +1%. Strength in the Magnificent Seven stocks was a positive factor for the overall market. Alphabet (GOOGL) closed up more than +3%, and (AMZN) closed up more than +2%. Also, Apple (AAPL), Nvidia (NVDA), and Meta Platforms (META) closed up more than +1%. In addition, Microsoft (MSFT) closed up +0.58%. Energy stocks and energy service providers moved higher on Friday after the price of WTI crude rose more than +1% to a 1-1/2 month high. APA Corp (APA) closed up more than +3%. Also, Chevron (CVX), Exxon Mobil (XOM), Haliburton (HAL), Baker Hughes (BKR), ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), and Schlumberger (SLB) closed up more than +2%. Tesla (TSLA) closed up more than +3% after CEO Musk signaled he would cool tensions with President Trump following Thursday's dispute that sank Tesla stock by more than -14% when Musk called for Trump's impeachment and President Trump proposed ending government contracts and subsidies for Elon Musk's companies. QXO Inc (QXO) closed up more than +13% after Wolfe Research initiated coverage on the stock with a recommendation of outperform and a price target of $44. Quanex Building Products (NX) closed up more than +10% after reporting Q2 net sales of $452.5 million, stronger than the consensus of $439.3 million. Sarepta Therapeutics (SRPT) closed up more than +9% after Scotiabank upgraded the stock to sector outperform from sector perform with a price target of $80. Lululemon Athletica (LULU) closed down more than -19% to lead losers in the S&P 500 and Nasdaq 100 after cutting its full-year EPS estimate to $14.58-$14.78 from a previous estimate of $14.95-$15.15. Docusign (DOCU) closed down more than -18% after reporting Q1 billings of $739.6 million, below the consensus of $746.4 billion, and cutting its full-year billings forecast to $3.29 billion-$3.34 billion from a previous forecast of $3.30 billion-$3.35 billion, weaker than the consensus of $3.32 billion. Vera Therapeutics (VERA) closed down more than -25% after Japanese rival Otsuka gave results from a trial of its experimental therapy for kidney disease that was better than Vera's data. ServiceTitan (TTAN) closed down more than -6% after reporting a Q1 loss per share of -51 cents, a wider loss than the consensus of -37 cents. Mosaic (MOS) closed down more than -4% after cutting its Q2 phosphates sales volume forecast to 1.5 million to 1.6 million tons from a previous forecast of 1.7 million to 1.9 million tons, well below the consensus of 1.84 million tons. Broadcom (AVGO) closed down more than -4% despite reporting better-than-expected Q2 earnings after analysts' said its future forecast isn't seen as strong enough to extend the stock's recent strength. MercadoLibre (MELI) closed down more than -3% after Citigroup opened a 30-day downside catalyst watch on the stock, citing the potential risk the company is taking to improve pricing and preserve market share. Earnings Reports (6/9/2025) Borr Drilling Ltd (BORR), Calavo Growers Inc (CVGW), Casey's General Stores Inc (CASY), Gencor Industries Inc (GENC), Graham Corp (GHM), Hooker Furnishings Corp (HOFT), Limoneira Co (LMNR), NexPoint Diversified Real Estate Trust (NXDT).
Arab News
5 days ago
- Business
- Arab News
Oil Updates — prices heading for rebound this week as US-China trade talks resume
SINGAPORE: Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Brent crude futures fell 19 cents, or 0.3 percent, to $65.15 a barrel as of 7:41 a.m. Saudi time. US West Texas Intermediate crude gave up 20 cents, also 0.3 percent, to $63.17, after gaining around 50 cents on Thursday. On a weekly basis, both benchmarks were on track to settle higher after falling for two straight weeks. Brent has advanced 2.1 percent this week, while WTI is trading 4 percent higher. China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request. Trump said the call had led to a 'very positive conclusion,' adding the US was 'in very good shape with China and the trade deal.' Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly. The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy. 'The potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices,' analysts at BMI, a Fitch affiliate, said in a note on Friday. 'But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters.' Top exporter Saudi Arabia cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July.
Jordan Times
07-05-2025
- Business
- Jordan Times
Stocks mixed before Fed decision, China-US trade talks
A stockbroker monitors share prices on a digital screen at the Pakistan Stock Exchange (PSX) in Karachi on May 7, 2025, amid the ongoing border tensions (AFP photo) LONDON — Stock markets diverged and the dollar rose on Wednesday as investors awaited an upcoming interest rate decision by the US Federal Reserve and looming trade talks between China and the United States. Chinese indices closed higher thanks to Beijing's fresh measures to kickstart China's struggling economy, helping offset the fallout from US tariffs. Over in Europe, London, Paris and Frankfurt dropped in midday trading. Against a backdrop of India and Pakistan exchanging heavy artillery fire along the contested border, Karachi's stock index sank more than six per cent at the open before recovering to a loss of three per cent. India's Sensex was flat. "The main highlight today will be the Fed's latest policy decision," noted Deutsche Bank managing director Jim Reid. The Federal Reserve is expected to again hold interest rates steady on Wednesday, in its first policy decision since US President Donald Trump in April unveiled sweeping tariffs on trading partners. Traders will be "watching out for commentary from (Fed chief Jerome) Powell over the direction of travel for rates in the face of economic uncertainty," said Joshua Mahony, chief market analyst at Scope Markets. In Asia, there was optimism following news that top representatives from China and the US will on the weekend hold their first negotiations since Trump's tariffs shook global markets. Hong Kong edged up 0.1 per cent and Shanghai rose 0.8 per cent Wednesday, bolstered also by Beijing's decision to lower a key interest rate and the amount of cash banks need to hold in reserves. Tokyo fell after it reopened from a public holiday in Japan. China said that the upcoming talks on tariffs in Switzerland were being held at the United States' request, and vowed to defend "justice" and stand by its principles. Trump has imposed tariffs totalling 145 per cent on goods from China, while Beijing retaliated with 125 per cent levies on US imports to China. The talks bring "hopes there can be some de-escalation in the tit-for-tat tariffs between the two major economies," said AJ Bell investment director Russ Mould. India-Pakistan reaction Amid India's clashes with neighbour Pakistan, the Indian rupee weakened around 0.5 per cent against the dollar, while the Pakistani rupee, traditionally extremely stable against the greenback, fell 0.1 per cent. "Unlike routine sabre-rattling along the border -- which markets usually shrug off -- this escalation involves actual high-intensity military engagement, triggering a flight to safety," independent analyst Stephen Innes told AFP. "Regional investors are de-risking fast, dumping local currencies in favour of havens like the US dollar, euro and yen." New Delhi launched missile strikes on Pakistan, marking a major escalation between the nuclear-armed neighbours after a deadly attack on the Indian-run side of Kashmir, which India blames on Pakistan. Back in Europe, pharmaceutical stocks struggled after losses in the United States the previous day. This followed the appointment of oncologist Vinay Prasad to a top post at the US Food and Drug Administration. Prasad has been an outspoken critic of the agency's prior approach to Covid-19 vaccines and other key decisions. In London, drugmakers GSK and AstraZeneca saw their shares drop by four per cent and two per cent respectively while Sanofi's shares slid more than three per cent in Paris. Elsewhere, weight-loss drugmaker Novo Nordisk cut its annual sales forecasts on Wednesday, citing a decline in its US market share owing to competition from copycat drugs. But shares in the Danish company jumped around five per cent in Copenhagen as it posted higher net profit and sales for the first quarter. Key figures at around 1045 GMT London - FTSE 100: DOWN 0.3 per cent at 8,571.96 points Paris - CAC 40: DOWN 0.6 per cent at 7,651.17 Frankfurt - DAX: DOWN 0.1 per cent at 23,226.92 Tokyo - Nikkei 225: DOWN 0.1 per cent at 36,779.66 (close) Hong Kong - Hang Seng Index: UP 0.1 per cent at 22,691.88 (close) Shanghai - Composite: UP 0.8 per cent at 3,342.67 (close) New York - Dow: DOWN 1.0 per cent at 40,829.00 (close) Euro/dollar: DOWN at $1.1368 from $1.1373 on Tuesday Pound/dollar: DOWN at $1.3350 from $1.3370 Dollar/yen: UP at 143.25 yen from 142.44 yen Euro/pound: UP at 85.16 pence from 85.04 pence Brent North Sea Crude: UP 0.4 per cent at $62.38 per barrel West Texas Intermediate: UP 0.6 per cent at $59.42 per barrel
