Latest news with #Pepperstone
Iraqi News
an hour ago
- Business
- Iraqi News
Asian markets waver to start key week for trade, US data
Hong Kong – Asian markets mostly rose Monday as investors eyed a week dominated by speculation about US inflation data and a prolonged pause for Washington's tariffs on China. Observers expect Donald Trump to announce an extension of a trade war truce reached with China last month, ahead of a 90-day deadline due to expire Tuesday. Meanwhile, a key US consumer price index report is set up for Tuesday and could shape future policy decisions by the Federal Reserve, which has come under increasing pressure from the president to cut rates. Investors have ramped up their bets on the central bank lowering borrowing costs at its next meeting in September following a series of reports — particularly on jobs — indicating the world's number one economy was slowing. Also in view is a high-stakes summit between Trump and Russian counterpart Vladimir Putin on Friday in Alaska, which could pave the way for a deal to resolve the Ukraine war that involves an easing of tough sanctions on Moscow. In early trade, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta all rose though there were losses in Singapore and Manila. Tokyo was closed for a public holiday. With Tuesday's US-China tariff truce deadline looming, investors are bullish about the prospects of another extension. 'The market has fully subscribed to the high probability of the tariff truce being rolled over for another 90 days' said Chris Weston of Pepperstone. 'As such, unless diplomatic talks fully break down, news of extension shouldn't move markets too intently,' he added. Gold futures edged down after hitting a record high Friday following reports of an unexpected tariff on the precious metal. Despite protracted uncertainty about trade, investors remain optimistic about artificial intelligence — an area of fierce competition between Beijing and Washington. Reports Monday said that US chip giants Nvidia and Advanced Micro Devices (AMD) had agreed to pay Washington 15 percent of their revenue from selling AI chips to China. Investors are betting that AI will transform the global economy, and last month Nvidia — the world's leading semiconductor producer — became the first company ever to hit $4 trillion in market value. – Key figures at 0300 GMT – Hong Kong – Hang Seng Index: UP 0.2 percent at 24,896.02 Shanghai – Composite: UP 0.3 percent at 3,644.73 Tokyo – Nikkei 225: Closed for a holiday Pound/dollar: UP at $1.3457 from $1.3451 on Friday Euro/dollar: UP at $1.1667 from $1.1643 Dollar/yen: DOWN at 147.56 yen from 147.79 yen Euro/pound: UP at 86.70 pence from 86.54 pence West Texas Intermediate: DOWN 0.6 percent at $63.50 per barrel Brent North Sea Crude: DOWN 0.5 percent at $66.27 per barrel New York – Dow: UP 0.5 percent at 44,175.61 (close) London – FTSE 100: DOWN 0.1 percent at 9,095.73 (close)
Zawya
6 hours ago
- Business
- Zawya
Dollar steady before inflation report, US-China tariff deadline
SINGAPORE: The U.S. dollar stabilised on Monday after last week's losses, as markets await Tuesday's key U.S. CPI report for July and focus on developments in trade talks between Washington and Beijing ahead of a deadline to avoid the imposition of higher tariffs. The dollar index was flat at 98.25 after a 0.4% decline last week. Against the yen, the dollar was unchanged at 147.685 yen, with Japanese markets closed for the Mountain Day holiday. Trade talks were in focus as Trump's August 12 deadline for a deal between the U.S. and China loomed, particularly around chip policy. "The market has fully priced in the idea that we're going to get an extension," said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne, adding that another 90-day truce was most likely. With the U.S. and China seeking to close a deal that would avoid imposing triple-digit tariffs on each other's goods, the Financial Times reported on Sunday that chip manufacturers Nvidia and AMD agreed to allocate 15% of their revenues from sales in China to the U.S. government under an arrangement to obtain export licences for the semiconductors. The report follows a warning that Nvidia's H20 chips pose security concerns for China, a social media account affiliated with the country's state media said on Sunday. "I don't know if that's going to be a good thing or a bad thing, but if it puts closure on the matter it's not a bad outcome," Weston said. "If this is Trump says 15% and we'll call it a day, that may not be too bad." The offshore yuan fluctuated between gains and losses after data on the weekend showed China's producer prices fell more than expected in July, while consumer prices were unchanged. The Australian dollar fetched $0.6515, down 0.2% in early trade ahead of a rate decision from the Reserve Bank of Australia on Tuesday, where the central bank is widely expected to cut interest rates by 25 basis points to 3.60% after inflation for the second quarter missed expectations and the jobless rate hit a 3-1/2-year high. The kiwi last traded at $0.59455, down 0.13%, while the British pound traded at $1.34405, down 0.1% so far on the day. In crypto markets, bitcoin rose 0.7% to $119,154, not far from its previous record, while ether was up 1.1% at $4,267, after reaching its highest since December 2021 on Sunday. Elsewhere, personnel moves at key U.S. monetary policy institutions were also in focus. U.S. Treasury Secretary Scott Bessent said the new Federal Reserve chair should be someone "who can examine the whole organisation" as the Fed's mission has included so many things outside of monetary policy and has put its independence at risk, Japan's Nikkei newspaper reported. The Trump administration was also interviewing candidates to lead the Bureau of Labor Statistics including E.J. Antoni, chief economist at the conservative Heritage Foundation, The Wall Street Journal reported on Sunday, citing a senior administration official. (Reporting by Gregor Stuart Hunter; Editing by Jacqueline Wong)
Int'l Business Times
6 hours ago
- Business
- Int'l Business Times
Asian Markets Waver To Start Key Week For Trade, US Data
Asian markets mostly rose Monday as investors eyed a week dominated by speculation about US inflation data and a prolonged pause for Washington's tariffs on China. Observers expect Donald Trump to announce an extension of a trade war truce reached with China last month, ahead of a 90-day deadline due to expire Tuesday. Meanwhile, a key US consumer price index report is set up for Tuesday and could shape future policy decisions by the Federal Reserve, which has come under increasing pressure from the president to cut rates. Investors have ramped up their bets on the central bank lowering borrowing costs at its next meeting in September following a series of reports -- particularly on jobs -- indicating the world's number one economy was slowing. Also in view is a high-stakes summit between Trump and Russian counterpart Vladimir Putin on Friday in Alaska, which could pave the way for a deal to resolve the Ukraine war that involves an easing of tough sanctions on Moscow. In early trade, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta all rose though there were losses in Singapore and Manila. Tokyo was closed for a public holiday. With Tuesday's US-China tariff truce deadline looming, investors are bullish about the prospects of another extension. "The market has fully subscribed to the high probability of the tariff truce being rolled over for another 90 days" said Chris Weston of Pepperstone. "As such, unless diplomatic talks fully break down, news of extension shouldn't move markets too intently," he added. Gold futures edged down after hitting a record high Friday following reports of an unexpected tariff on the precious metal. Despite protracted uncertainty about trade, investors remain optimistic about artificial intelligence -- an area of fierce competition between Beijing and Washington. Reports Monday said that US chip giants Nvidia and Advanced Micro Devices (AMD) had agreed to pay Washington 15 percent of their revenue from selling AI chips to China. Investors are betting that AI will transform the global economy, and last month Nvidia -- the world's leading semiconductor producer -- became the first company ever to hit $4 trillion in market value. Hong Kong - Hang Seng Index: UP 0.2 percent at 24,896.02 Shanghai - Composite: UP 0.3 percent at 3,644.73 Tokyo - Nikkei 225: Closed for a holiday Pound/dollar: UP at $1.3457 from $1.3451 on Friday Euro/dollar: UP at $1.1667 from $1.1643 Dollar/yen: DOWN at 147.56 yen from 147.79 yen Euro/pound: UP at 86.70 pence from 86.54 pence West Texas Intermediate: DOWN 0.6 percent at $63.50 per barrel Brent North Sea Crude: DOWN 0.5 percent at $66.27 per barrel New York - Dow: UP 0.5 percent at 44,175.61 (close) London - FTSE 100: DOWN 0.1 percent at 9,095.73 (close)
Yahoo
8 hours ago
- Business
- Yahoo
Dollar steady before inflation report, US-China tariff deadline
By Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar stabilised on Monday after last week's losses, as markets await Tuesday's key U.S. CPI report for July and focus on developments in trade talks between Washington and Beijing ahead of a deadline to avoid the imposition of higher tariffs. The dollar index was flat at 98.25 after a 0.4% decline last week. Against the yen, the dollar was unchanged at 147.685 yen, with Japanese markets closed for the Mountain Day holiday. Trade talks were in focus as Trump's August 12 deadline for a deal between the U.S. and China loomed, particularly around chip policy. "The market has fully priced in the idea that we're going to get an extension," said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne, adding that another 90-day truce was most likely. With the U.S. and China seeking to close a deal that would avoid imposing triple-digit tariffs on each other's goods, the Financial Times reported on Sunday that chip manufacturers Nvidia and AMD agreed to allocate 15% of their revenues from sales in China to the U.S. government under an arrangement to obtain export licences for the semiconductors. The report follows a warning that Nvidia's H20 chips pose security concerns for China, a social media account affiliated with the country's state media said on Sunday. "I don't know if that's going to be a good thing or a bad thing, but if it puts closure on the matter it's not a bad outcome," Weston said. "If this is Trump says 15% and we'll call it a day, that may not be too bad." The offshore yuan fluctuated between gains and losses after data on the weekend showed China's producer prices fell more than expected in July, while consumer prices were unchanged. The Australian dollar fetched $0.6515, down 0.2% in early trade ahead of a rate decision from the Reserve Bank of Australia on Tuesday, where the central bank is widely expected to cut interest rates by 25 basis points to 3.60% after inflation for the second quarter missed expectations and the jobless rate hit a 3-1/2-year high. The kiwi last traded at $0.59455, down 0.13%, while the British pound traded at $1.34405, down 0.1% so far on the day. In crypto markets, bitcoin rose 0.7% to $119,154, not far from its previous record, while ether was up 1.1% at $4,267, after reaching its highest since December 2021 on Sunday. Elsewhere, personnel moves at key U.S. monetary policy institutions were also in focus. U.S. Treasury Secretary Scott Bessent said the new Federal Reserve chair should be someone "who can examine the whole organisation" as the Fed's mission has included so many things outside of monetary policy and has put its independence at risk, Japan's Nikkei newspaper reported. The Trump administration was also interviewing candidates to lead the Bureau of Labor Statistics including E.J. Antoni, chief economist at the conservative Heritage Foundation, The Wall Street Journal reported on Sunday, citing a senior administration official. Sign in to access your portfolio
Yahoo
8 hours ago
- Business
- Yahoo
Dollar steady before inflation report, US-China tariff deadline
By Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar stabilised on Monday after last week's losses, as markets await Tuesday's key U.S. CPI report for July and focus on developments in trade talks between Washington and Beijing ahead of a deadline to avoid the imposition of higher tariffs. The dollar index was flat at 98.25 after a 0.4% decline last week. Against the yen, the dollar was unchanged at 147.685 yen, with Japanese markets closed for the Mountain Day holiday. Trade talks were in focus as Trump's August 12 deadline for a deal between the U.S. and China loomed, particularly around chip policy. "The market has fully priced in the idea that we're going to get an extension," said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne, adding that another 90-day truce was most likely. With the U.S. and China seeking to close a deal that would avoid imposing triple-digit tariffs on each other's goods, the Financial Times reported on Sunday that chip manufacturers Nvidia and AMD agreed to allocate 15% of their revenues from sales in China to the U.S. government under an arrangement to obtain export licences for the semiconductors. The report follows a warning that Nvidia's H20 chips pose security concerns for China, a social media account affiliated with the country's state media said on Sunday. "I don't know if that's going to be a good thing or a bad thing, but if it puts closure on the matter it's not a bad outcome," Weston said. "If this is Trump says 15% and we'll call it a day, that may not be too bad." The offshore yuan fluctuated between gains and losses after data on the weekend showed China's producer prices fell more than expected in July, while consumer prices were unchanged. The Australian dollar fetched $0.6515, down 0.2% in early trade ahead of a rate decision from the Reserve Bank of Australia on Tuesday, where the central bank is widely expected to cut interest rates by 25 basis points to 3.60% after inflation for the second quarter missed expectations and the jobless rate hit a 3-1/2-year high. The kiwi last traded at $0.59455, down 0.13%, while the British pound traded at $1.34405, down 0.1% so far on the day. In crypto markets, bitcoin rose 0.7% to $119,154, not far from its previous record, while ether was up 1.1% at $4,267, after reaching its highest since December 2021 on Sunday. Elsewhere, personnel moves at key U.S. monetary policy institutions were also in focus. U.S. Treasury Secretary Scott Bessent said the new Federal Reserve chair should be someone "who can examine the whole organisation" as the Fed's mission has included so many things outside of monetary policy and has put its independence at risk, Japan's Nikkei newspaper reported. The Trump administration was also interviewing candidates to lead the Bureau of Labor Statistics including E.J. Antoni, chief economist at the conservative Heritage Foundation, The Wall Street Journal reported on Sunday, citing a senior administration official. Sign in to access your portfolio
