Afp Business Asia

A 1,000-tonne ship is exploring the far-flung South Pacific for riches buried beneath the waves, spearheading efforts to dredge the tropical waters for industrial deep-sea mining.Fringed by sparkling lagoons and palm-shaded beaches, Pacific nation the Cook Islands has opened its vast ocean territory for mining exploration.Research vessels roam the seas searching for deposits of battery metals, rare earths and critical minerals that litter the deep ocean’s abyssal plains.The frontier industry is likened by some to a modern-day gold rush, and decried by others as environmental “madness”.AFP visited the sunburst-orange MV Anuanua Moana at the Cook Islands’ sleepy port of Avatiu, where it loaded supplies before setting sail for the archipelago’s outer reaches.”The resource in our field is probably in the order of about US$4 billion in potential value,” said chief executive Hans Smit from Moana Minerals, which converted the former supply ship into a deepwater research vessel. It is fitted with chemistry labs, sonar arrays and sensors used to probe the seabed for coveted metals.For two years it has sailed the Cook Islands, halfway between New Zealand and Hawaii, gathering data to convince regulators that deep-sea mining is safe. While exploration is far advanced, no company has started mining on a commercial scale. – Big business -“I want to be mining before 2030,” Smit said from the ship’s tower, as whirring cranes loaded wooden crates of heavy gear below. “Absolutely, I think that we can.”Large tracts of seabed around the Cook Islands are carpeted in polymetallic nodules, misshapen black globes encrusted with cobalt, nickel, manganese and other coveted metals.   Demand has been driven by the rise of electric vehicles, rechargeable batteries and durable alloys used in everything from construction to medicine.The Cook Islands lay claim to one of just four major nodule deposits globally.It is “the world’s largest and richest resource of polymetallic nodules within a sovereign territory”, according to Australia’s University of Queensland.Moana Minerals — a subsidiary of a Texas-based company — owns the rights to explore 20,000 square kilometres (7,500 square miles) within the Cook Islands’ exclusive economic zone. “If we put one mining ship on there, and we started producing metals, we will be one of the largest mines around,” said Smit.- ‘Belongs to us’ -Few countries are as reliant on the ocean as the Cook Islands, a seafaring nation of some 17,000 people scattered across a chain of volcanic isles and coral atolls. Pristine lagoons lure wealthy tourists that prop-up the economy, fridges are stocked with fish plucked from vibrant reefs, and local myths teach children to revere the sea. Many Cook Islanders fear deep-sea mining could taint their precious “moana”, or ocean, forever. “I have seen the ship in the harbour,” said tour guide Ngametua Mamanu, 55.”Why do we need the mining stuff to destroy the oceans?” Retiree Ana Walker, 74, feared foreign interests had come to plunder her island home. “We think that these people are coming over to make money and to leave the mess with us.”Deep-sea mining companies tout the need for critical minerals to make electric vehicles, solar panels and other “green” technologies. The idea holds some allure in a place like the Cook Islands, where climate change is linked to droughts, destructive cyclones and rising seas. “If all goes well, there is good that can come out of it. Financially,” said third-generation pearl farmer James Kora, 31. “But it relies on how well we manage all those minerals. If the science says it’s safe.”- ‘Guinea pigs’ -Marine biologist Teina Rongo squinted into the sunlight as his small boat motored past the Anuanua Moana, an emblem of an industry he views with deep distrust. “We were never about exploring the bottom of the ocean, because our ancestors believed it is a place of the gods,” said Rongo.”We don’t belong there.” Deep-sea mining companies are still figuring the best way to retrieve nodules that can lie five kilometres (three miles) or more beneath the waves. Most focus on robotic harvesting machines, which scrape up nodules as they crawl the ocean floor. Critics fear mining will smother marine life with plumes of waste, and that the alien noise of heavy machinery will disrupt oceanic migrations. Environmentalist Alanna Smith said researchers knew very little about the deep ocean.”We’d really be the guinea pigs of this industry, going first in.”It’s a risky, risky move.”- Powerful friends -A US-backed research expedition in the 1950s was the first to discover the “enormous fields” of polymetallic nodules in the South Pacific. Waves of Japanese, French, American and Russian ships sailed the Cook Islands in the following decades to map this trove. But deep-sea mining was largely a fringe idea until around 2018, when the burgeoning electric vehicle industry sent metal prices soaring. Mining companies are now vying to exploit the world’s four major nodule fields — three in international waters, and the fourth in the Cook Islands.The International Seabed Authority meets this month to mull rules that could pave the way for mining in international waters.Although the Cook Islands can mine its territory without the authority’s approval, it still has a stake in the decision. The Cook Islands also own one of 17 contracts to hunt for nodules in the international waters of the Clarion-Clipperton Zone, halfway between Mexico and Hawaii.So far, the Cook Islands has said its approach — even in its own waters — would be closely “aligned” with the authority’s rules.But it remains unclear if it will proceed without those regulations.”We’re not setting time frames in terms of when we want to get this started,” said Edward Herman, from the Cook Islands’ Seabed Minerals Authority. “I think the time frames will be determined based on what the research and the science and the data tells us.”Many of the Cook Islands’ South Pacific neighbours want to see deep-sea mining banned. French President Emmanuel Macron delivered a scathing indictment in June, saying the “predatory” industry was environmental “madness”. But the Cook Islands has powerful friends. It signed an agreement with China earlier this year for the “exploration and research of seabed mineral resources”.”There was a lot of noise,” said Herman, referencing the backlash over the China deal. “And obviously there’s a lot of interest… whenever China engages with anyone in the Pacific. “And we understand, we accept it, and we will continue.” 

US President Donald Trump announced Tuesday a “massive” trade deal with Japan, cutting a threatened 25-percent tariff to 15 percent ahead of an August 1 deadline.Trump has vowed to hit dozens of countries with punitive tariffs if they don’t strike a deal with the United States by next month.So far, Trump has only announced pacts with Japan, Britain, Vietnam, the Philippines and Indonesia, while talks continue with other trade partners. “We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump said on his Truth Social platform. Trump said that under the deal, “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”He did not provide further details on the unusual investment plan, but said the deal “will create Hundreds of Thousands of Jobs.”Japanese imports into the United States were already subject to a 10-percent tariff, which would have risen to 25 percent on August 1 without a deal.Duties of 25 percent on Japanese autos — an industry accounting for eight percent of Japanese jobs — were also already in place, as well as 50 percent on steel and aluminum.Japanese Prime Minister Shigeru Ishiba said on Wednesday in Tokyo that the autos levy was cut to 15 percent.”We are the first (country) in the world to reduce tariffs on automobiles and auto parts, with no limits on volume,” he told reporters.”We think it is a great achievement that we were able to get the largest cut (in tariffs) among countries which have trade surpluses with the US,” he said.This sent Japanese auto stocks soaring on Wednesday, including Toyota which rocketed more than 12 percent.US-bound shipments of Japanese cars tumbled 26.7 percent in June, stoking fears that Japan could fall into a technical recession.Last year vehicles accounted for around 28 percent of Japan’s 21.3 trillion yen ($142 billion) of exports to the world’s biggest economy.To Trump’s annoyance, US-made cars sell poorly in Japan, with only hundreds sold annually for the likes of General Motors, compared to millions of Toyotas bought by US motorists.The US president also wanted Japan to increase imports of rice, the price of which has soared in recent months in the Asian giant, and of US oil and gas.- Rice imports? -But Trump said Tuesday that Japan has agreed to “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”Rice imports are a sensitive issue in Japan, and Ishiba’s government — which lost its upper house majority in elections on Sunday — had previously ruled out any concessions.Ishiba, whose future is uncertain following the election, said on Wednesday that the deal does not sacrifice Japan’s agricultural sector.Trump has been under pressure to wrap up trade pacts after promising a flurry of deals ahead of his August 1 tariff deadline.Earlier on Tuesday, he announced a deal had been reached with the Philippines which would see the country face 19 percent tariffs on its exports.The White House also laid out details of a deal with Indonesia, which would see it ease critical mineral export restrictions and also face a 19 percent tariff, down from a threatened 32 percent.Indonesian goods deemed to have been transshipped to avoid higher duties elsewhere, however, will be tariffed at 40 percent, a US official told reporters Tuesday.After an escalatory tit-for-tat with China, the two major economies agreed to a temporary lowering of tariffs, with another round of negotiations expected next week in Stockholm.Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike, alongside steeper levels on steel, aluminum and autos.Legal challenges to Trump’s non-sectoral tariffs are ongoing.

The Nasdaq retreated from a record ahead of earnings from Google parent Alphabet and other tech giants, while European markets fretted over an August 1 deadline for the EU to avert steep tariffs from US President Donald Trump.Both the Dow and S&P 500 finished higher, but the Nasdaq dropped 0.4 percent to snap a six-day streak of records. Earnings from Alphabet and Tesla are due on Wednesday, the first two of Wall Street’s “Magnificent Seven” equities to report this season. Several of the largest tech names — such as Apple and Facebook parent Meta — do not report results until next week.Corporate profit reports so far have painted a generally resilient picture of the US economy, but with gathering clouds in some sectors — particularly automobiles — from Trump’s levies on major trading partners.Art Hogan of B. Riley Wealth Management said Tuesday’s drop in Nvidia and some other tech names suggested profit-taking after a heady rise.”It’s a difficult earnings season where expectations are really low but stocks are already priced very high,” Hogan said.In Europe, only London ended the trading day in the green. Paris and Germany both finished solidly in the red. The European Union is among Washington’s trading partners that face potentially steep tariffs on August 1 if they do not strike a deal with Trump’s administration.”European markets have been getting increasingly jittery as the (August 1) deadline approaches,” said David Morrison, senior market analyst at Trade Nation. “With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU.”US Treasury Secretary Scott Bessent said he would meet his Chinese counterparts in Stockholm next week for tariff talks, as a separate mid-August deadline approaches for US levies on China to snap back to steeper levels.- Big earnings reports -US auto giant General Motors reported a 35-percent plunge in second-quarter profits Tuesday following a $1.1-billion hit from US tariffs, but confirmed its full-year forecast.Its shares plunged 8.1 percent.Elsewhere, “expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year,” said Jochen Stanzl, chief market analyst at CMC Markets.British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Trump’s threats to impose tariffs on the sector.The dollar continued to lose ground, while oil prices also dropped amid worries about reduced global economic activity going forward.Earlier, in Asia, Hong Kong hit its highest close since late 2021. Its index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.Tokyo dipped following an earlier rally after the ruling coalition lost its upper-house majority as observers warned the government’s tenure remained fragile.- Key figures at around 2050 GMT -New York – Dow: UP 0.4 percent at 44,502.44 (close)New York – S&P 500: UP 0.1 percent at 6,309.62 (close)New York – Nasdaq Composite: DOWN 0.4 percent at 20,892.69 (close)London – FTSE 100: UP 0.1 percent at 9,023.81 (close)Paris – CAC 40: DOWN 0.7 percent at 7,744.41 (close)Frankfurt – DAX: DOWN 1.1 percent at 24,041.90 (close)Tokyo – Nikkei 225: DOWN 0 percent at 39,774.92 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,130.03 (close)Shanghai – Composite: UP 0.6 percent at 3,581.86 (close)Euro/dollar: UP at $1.1755 from $1.1694Pound/dollar: UP at $1.3532 from $1.3487Dollar/yen: DOWN at 146.66 yen from 147.38 yenEuro/pound: UP at 86.84 pence from 86.73 penceBrent North Sea Crude: DOWN 0.9 percent at $68.59 per barrelWest Texas Intermediate: DOWN 1.5 percent at $66.21 per barrelburs-jmb/aha

Major stock markets slipped on Tuesday as New York backed off its record highs and European markets fretted over an August 1 deadline for the EU to avert steep tariffs from President Donald Trump.US corporate profit reports so far were painting a generally resilient picture of the American economy, but with gathering clouds in some sectors — particularly automobiles — from Trump’s levies on major trading partners.New York’s broad S&P 500 and tech-heavy Nasdaq indices dipped — from record finishes on Monday — while the blue-chip Dow struggled.In Europe, only London ended the trading day in the green. Paris and Germany both finished solidly in the red. “European markets have been getting increasingly jittery as the (August 1) deadline approaches,” said David Morrison, senior market analyst at Trade Nation. “With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU.”US Treasury Secretary Scott Bessent said meanwhile he would meet his Chinese counterparts in Stockholm next week for tariff talks, as a separate mid-August deadline approaches for US levies on China to snap back to steeper levels.- Big earnings reports -Closely-watched earnings loomed from some of the world’s biggest names, including Tesla, Google parent Alphabet, Intel and Coca-Cola.US auto giant General Motors reported a 35-percent plunge in second-quarter profits Tuesday following a $1.1-billion hit from US tariffs, but confirmed its full-year forecast.Its shares plunged seven percent.Elsewhere, “expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year,” said Jochen Stanzl, chief market analyst at CMC Markets.British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Trump’s threats to impose tariffs on the sector.The dollar continued to lose ground — which has the effect of pumping up the earnings of US multinationals earning foreign currency revenue but reporting in dollars. The greenback’s slippage is proving “a turbocharger” for those companies, according to Stephen Innes, managing partner at SPI Asset Management.Investment adviser Christopher Dembik at Pictet Asset Management said European companies reporting over coming days were conversely set to be hit by the effect of a stronger euro.Oil prices also dropped amid worries about reduced global economic activity going forward.Earlier in Asia, Hong Kong hit its highest close since late 2021. Its index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.Tokyo dipped following an earlier rally after the ruling coalition lost its upper-house majority as observers warned the government’s tenure remained fragile.- Fed chief speech -Traders were also looking ahead to a speech later Tuesday by US Federal Reserve Chair Jerome Powell, ahead of the Fed’s monetary policy meeting on July 29 and 30.Powell has come under pressure from Trump to quit, with the president angry at the Fed for not lowering interest rates in response to recent turbulence — but the central bank is expected to keep them on hold until September.Bessent said Tuesday he did not see a reason for Powell to resign “right now”.- Key figures at around 1545 GMT -New York – Dow: UP 0.1 percent at 44,351.64 New York – S&P 500: DOWN 0.1 percent at 6,296.95New York – Nasdaq Composite: DOWN 0.5 percent at 20,875.05London – FTSE 100: UP 0.1 percent at 9,019.76 points (close)Paris – CAC 40: DOWN 0.7 percent at 7,739.18 (close)Frankfurt – DAX: DOWN 1.1 percent at 24,027.17 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 39,774.92 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,130.03 (close)Shanghai – Composite: UP 0.6 percent at 3,581.86 (close)Euro/dollar: UP at $1.1734 from $1.1688Pound/dollar: UP at $1.3507 from $1.3485Dollar/yen: DOWN at 146.51 yen from 147.42 yenEuro/pound: UP at 86.89 pence from 86.68 penceBrent North Sea Crude: DOWN 1.2 percent at $68.37 per barrelWest Texas Intermediate: DOWN 1.3 percent at $65.06 per barrelburs/rmb/rlp

US Treasury Secretary Scott Bessent said Tuesday that he would meet his Chinese counterparts in Stockholm next week for tariff talks, eyeing an extension to a mid-August deadline for levies to snap back to steeper levels.Bessent told Fox Business that he will be speaking with Chinese officials on Monday and Tuesday for a third round of high-level negotiations, to work out what he said would be a likely postponement of the deadline.Washington and Beijing slapped escalating, tit-for-tat levies on each other’s exports earlier this year — reaching triple digit levels — stalling trade between the world’s two biggest economies as tensions surged.But after top officials met in Geneva in May, both sides agreed to temporarily lower their tariff levels in a de-escalation set to expire next month. Officials from the two countries also met in London in June.”That deal expires on August 12, and I’m going to be in Stockholm on Monday and Tuesday with my Chinese counterparts, and we’ll be working out what is likely an extension then,” Bessent said in the interview.He noted that Washington also wanted to speak about a wider range of topics, potentially including Chinese purchases of Iranian and Russian oil.For other economies facing an earlier August 1 deadline for higher US tariffs to kick in, Bessent said he expects the duties will boomerang back up — but signaled Washington would continue negotiations.Trade talks between the United States and China had initially stalled after their Geneva meeting in May, although Bessent said trade is in a good place now with Beijing.Disagreements bubbled to the fore when US officials earlier accused Beijing of violating their pact and slow-walking export license approvals for rare earths — crucial materials for making electronics and other goods.Since then, the two countries have agreed on a framework to move forward with their Geneva consensus.The United States has been seen relaxing certain restrictions on semiconductor sales to China, while Beijing has been reviewing applications for export licenses of controlled items. Since returning to the White House in January, President Donald Trump has imposed a sweeping 10 percent tariff on allies and competitors alike, alongside steeper levels on steel, aluminum and autos.The 10 percent blanket rate is expected to increase for dozens of economies — although not China — come August 1, unless they reach an agreement with Washington to avert this outcome.So far, the Trump administration has only announced deals with Britain, Vietnam and Indonesia. But Bessent maintained Tuesday that more pacts are to come.

Stock markets were mixed Tuesday as traders awaited earnings from Wall Street titans and US trade talks, with just over a week before the deadline to avert steeper tariffs.Negotiations between Washington and key trading partners remained in focus ahead of the August 1 deadline to avoid US President Donald Trump’s sky-high tariffs.While the Trump administration has said that several deals were close, just three have been struck so far.”Worries over the fate of the EU-US trade deal weighed on investors’ minds” said Deutsche Bank managing director Jim Reid.”The lack of concrete progress has continued to give investors pause,” he added.Frankfurt and Paris stock markets both fell in early afternoon trading. London was flat and UK gilt yields rose after official data showed that Britain borrowed more than expected in June due to soaring debt interest payments. Attention also turns this week to earnings from some of the world’s biggest names, including Tesla, Google-parent Alphabet, Intel and Coca-Cola.The companies’ guidance will be closely watched as investors try to gauge market sentiment in light of Trump’s trade war.”Expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year,” said Jochen Stanzl, chief market analyst at CMC Markets.In Asia, Hong Kong pushed on with its advance Tuesday, hitting its highest close since late 2021. The index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.Shanghai also advanced.Tokyo dipped after an early rally fizzled out as investors returned from a long weekend to news that Prime Minister Shigeru Ishiba’s ruling coalition lost its majority in Japan’s upper house elections Sunday.Ishiba’s vow to stay in office helped stocks and the yen in opening exchanges but observers warned the government’s tenure remained fragile.That followed a largely positive day on Wall Street, where the S&P 500 and Nasdaq finished at new records Monday.In company news, shares in British Gas owner Centrica rose over four percent in London after it announced its 15-percent stake in new nuclear power plant Sizewell C.Premium Swiss chocolate maker Lindt & Sprungli saw its shares shed seven percent after reporting a decline in net profit, despite raising its 2025 sales target.- Key figures at around 1045 GMT -London – FTSE 100: FLAT at 9,015.42 pointsParis – CAC 40: DOWN 0.7 percent at 7,740.79 Frankfurt – DAX: DOWN 1.0 percent at 24,064.74Tokyo – Nikkei 225: DOWN 0.1 percent at 39,774.92 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,130.03 (close)Shanghai – Composite: UP 0.6 percent at 3,581.86 (close)New York – Dow: FLAT at 44,323.07 (close)Dollar/yen: UP at 147.50 yen from 147.42 yen on MondayEuro/dollar: UP at $1.1704 from $1.1688Pound/dollar: DOWN at $1.3483 from $1.3485Euro/pound: UP at 86.79 pence from 86.68 penceWest Texas Intermediate: DOWN 0.7 percent at $65.47 per barrelBrent North Sea Crude: DOWN 0.7 percent at $68.73 per barrel

Equity markets were mixed Tuesday as traders kept an eye on earnings from Wall Street titans this week while tracking US trade talks just over a week before the deadline for a deal.Investors took a more cautious path after a largely positive day on Wall Street, where the S&P ended above 6,300 points for the first time and the Nasdaq chalked up yet another record.Equities continue to rally on expectations key trading partners will strike agreements with Washington before August 1 to avoid Donald Trump’s sky-high tariffs, with the US president saying several deals were close. Just three have been struck so far.His press secretary Karoline Leavitt said more could be reached before next Friday but also warned the president could unveil fresh unilateral tolls in that time.While Trump’s initial tariff bombshell on April 2 rattled global markets before he delayed introducing the measures twice, they have seen more muted reactions to successive threats as traders expect him to eventually row back again.That optimism has been helped by data indicating the US economy remained healthy despite the imposition of other levies that are beginning to be felt on Main Street.And SPI Asset Management’s Stephen Innes warned traders could be in for a shock next week.”The new tariff regime isn’t being priced — full stop,” he wrote.”Markets have seen this movie before: tough talk, last-minute extensions, and deal-making in overtime. But this time, Trump isn’t bluffing. He’s already posted ‘No extensions will be granted’.”The new rates — 30 percent on the EU, 35 percent on Canada, 50 percent on Brazil — are politically loaded and economically radioactive. If they go live, there’s no soft landing.”Hong Kong has been the standout in Asia this year, piling on around a quarter thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.The Hang Seng Index continued its advance Tuesday, pushing to its highest close since late 2021, while Shanghai, Sydney, Manila and Mumbai also gained.There were losses in Singapore, Seoul, Wellington, Taipei, Jakarta and Bangkok, while London, Paris and Frankfurt struggled in the morning.Tokyo dropped after an early rally fizzled out as investors returned from a long weekend to news that Prime Minister Shigeru Ishiba’s ruling coalition lost its majority in Japan’s upper house elections Sunday, months after it suffered a similar fate in the lower house.His refusal to leave helped stocks and the yen in opening exchanges but observers warned the government’s tenure remained fragile and investors remained nervous.The yen sat around 147.70 per dollar in the afternoon, having struck 147.08 earlier, though it is still stronger than Friday’s 148.80.But Franklin Templeton Institute’s Christy Tan said that “Ishiba now faces heightened political headwinds, including pressure over inflation, taxes, and US trade talks”.Focus also turns this week to earnings from some of the world’s biggest names, including Tesla, Google-parent Alphabet, General Motors, Intel and Coca-Cola.While there will be plenty of attention given to the results, the firms’ guidance will be key as investors try to gauge companies’ pulses in light of Trump’s trade war.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 39,774.92 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,130.03 (close)Shanghai – Composite: UP 0.6 percent at 3,581.86 (close)London – FTSE 100: DOWN 0.1 percent at 9,008.67Dollar/yen: UP at 147.70 yen from 147.42 yen on MondayEuro/dollar: UP at $1.1690 from $1.1688Pound/dollar: DOWN at $1.3465 from $1.3485Euro/pound: UP at 86.78 pence from 86.68 penceWest Texas Intermediate: DOWN 0.8 percent at $66.68 per barrelBrent North Sea Crude: DOWN 0.7 percent at $68.72 per barrelNew York – Dow: FLAT at 44,323.07 (close)

Asian markets were mixed Thursday as traders kept an eye on earnings from Wall Street titans this week while tracking US trade talks just over a week before the deadline for a deal. Japanese stocks edged up and the yen held gains after Prime Minister Shigeru Ishiba said he will stay in power despite the weekend election debacle.Investors took a more cautious path after a largely positive day on Wall Street, where the S&P ended above 6,300 points for the first time and the Nasdaq chalked up yet another record.Equities continue to rally on expectations key trading partners will strike agreements with Washington before August 1 to avoid Donald Trump’s sky-high tariffs, with the US president saying several deals were close. Just three have been struck so far.His press secretary Karoline Leavitt said more could be reached before next Friday but also warned the president could unveil fresh unilateral tolls in that time.While Trump’s initial tariff bombshell on April 2 rattled global markets before he delayed introducing the measures twice, they have seen more muted reactions to successive threats as traders expect him to eventually row back again.That optimism has been helped by data indicating the US economy remained healthy despite the imposition of other levies that are beginning to be felt on Main Street.And SPI Asset Management’s Stephen Innes warned traders could be in for a shock next week.”The new tariff regime isn’t being priced — full stop,” he wrote.”Markets have seen this movie before: tough talk, last-minute extensions, and deal-making in overtime. But this time, Trump isn’t bluffing. He’s already posted ‘No extensions will be granted’.”The new rates — 30 percent on the EU, 35 percent on Canada, 50 percent on Brazil — are politically loaded and economically radioactive. If they go live, there’s no soft landing.”Hong Kong has been the standout in Asia this year, piling on around a quarter thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.And the Hang Seng Index continued its advance Tuesday, with Shanghai, Sydney and Taipei also up.There were losses in Singapore, Seoul, Wellington and Manila.Tokyo rose as investors returned from a long weekend to news that Ishiba would remain in power even after his ruling coalition lost its majority in Japan’s lower house elections Sunday, months after it suffered a similar fate in the upper house.His refusal to leave helped the yen push higher against the dollar and other peers, though observers warned the government’s tenure remained fragile and investors remained nervous.The yen strengthened to 147.08 Tuesday before paring some of the gains. That compares with 148.80 Friday.But Franklin Templeton Institute’s Christy Tan said that “Ishiba now faces heightened political headwinds, including pressure over inflation, taxes, and US trade talks”.Focus also turns this week to earnings from some of the world’s biggest names, including Tesla, Google-parent Alphabet, General Motors, Intel and Coca-Cola.While there will be plenty of attention given to the results, the firms’ guidance will be key as investors try to gauge companies’ pulses in light of Trump’s trade war.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 39,892.81 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 25,074.15Shanghai – Composite: UP 0.1 percent at 3,563.59Dollar/yen: UP at 147.50 yen from 147.42 yen on MondayEuro/dollar: UP at $1.1690 from $1.1688Pound/dollar: DOWN at $1.3484 from $1.3485Euro/pound: UP at 86.69 pence from 86.68 penceWest Texas Intermediate: DOWN 0.7 percent at $66.70 per barrelBrent North Sea Crude: DOWN 0.9 percent at $68.62 per barrelNew York – Dow: FLAT at 44,323.07 (close)London – FTSE 100: UP 0.2 percent at 9,012.99 (close)

Wall Street stocks largely rose Monday as markets looked ahead to a heavy week of earnings reports following last week’s overall solid results.Both the S&P 500 and Nasdaq advanced to finished at fresh records, while the Dow edged lower.”There is obviously momentum here,” said FHN Financial’s Chris Low, who cited an improving US economic outlook after forecasters earlier in the year had warned of recession.But Low said upcoming earnings conference calls with tech giants will be important, because the sector is potentially in the “crosshairs” of tariff negotiations.On European markets, London and Frankfurt rose, but Paris sank.”As we start a new week, the focus is once again on tariffs and earnings reports,” said Kathleen Brooks, research director at trading group XTB.US President Donald Trump has threatened to impose a series of significant tariff hikes on August 1 if there are no deals with major trading partners, including the European Union.Brussels has readied reprisals against a range of US imports — including on Boeing planes and bourbon — should no breakthrough come in its negotiations with Washington. Trump has threatened 30 percent tariffs on EU goods, which would rise further if Brussels retaliated.US Commerce Secretary Howard Lutnick told CBS News over the weekend he was “confident” a trade deal would be reached with the EU.But Jochen Stanzl, chief market analyst at CMC Markets, said that any agreement would likely be “only a framework deal… requiring further negotiations on the details.””Realistically, there is a high probability that uncertainty will persist beyond August 1,” he said.That uncertainty will be part of the the European Central Bank’s calculus as it meets this week. Expectations are for it to hold eurozone interest rates steady, pausing a long cycle of easing.Asia’s equities advance was led by Hong Kong and came after strong earnings from Taiwanese chip giant TSMC and news that US titan Nvidia will be allowed to export key semiconductors to China.The yen strengthened against the dollar after Japanese Prime Minister Shigeru Ishiba vowed to stay on even after his ruling coalition lost its majority in the upper house in elections on Sunday.Ishiba, too, is struggling to reach a trade deal with Trump, who has threatened tariffs of 25 percent on goods from Japan.In company news, Jeep maker Stellantis said it suffered a massive, 2.3-billion-euro ($2.7-billion) net loss in the first half of this year, on the back of slumping North America sales and partly from “the early effects of US tariffs.”Its shares, which have lost more than a third of their value since the start of the year, dipped early on Monday before reversing course and ending up.Verizon jumped 4.1 percent after reporting better than expected earnings. Analysts cited a 5.2 percent rise in revenues as meaningful, given the company’s sales trends.- Key figures at around 2030 GMT -New York – Dow: DOWN less than 0.1 percent at 44,323.07 (close)New York – S&P 500: UP 0.1 percent at 6,305.60 (close)New York – Nasdaq Composite: UP 0.4 percent at 20,974.17 (close)London – FTSE 100: UP 0.2 percent at 9,012.99 (close)Paris – CAC 40: DOWN 0.3 percent at 7,798.22 (close) Frankfurt – DAX: UP 0.1 percent at 24,307.80 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 24,994.14 (close)Shanghai – Composite: UP 0.7 percent at 3,559.79 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1688 from $1.1626Pound/dollar: UP at $1.3485 from $1.3448Dollar/yen: DOWN at 147.42 yen from 148.81 yen on FridayEuro/pound: UP at 86.68 pence from 86.44 penceBrent North Sea Crude: DOWN 0.1 percent at $69.21 per barrelWest Texas Intermediate: DOWN 0.2 percent at $67.20 per barrel

Stock markets largely rose on Monday, as traders focused on upbeat US corporate news, but President Donald Trump’s August 1 deadline for ramped-up tariffs still weighed on European indices.New York extended its positive trajectory from the previous week, which had also pulled Asia higher. In Europe, London and Frankfurt rose, but Paris sank.”As we start a new week, the focus is once again on tariffs and earnings reports,” said Kathleen Brooks, research director at trading group XTB.Investors in US equities have been encouraged by forecast-beating results from major corporations, against only a modest uptick in inflation that suggested Trump’s tariffs impact was not yet a worry.But analysts warned the picture could change if Trump made good on his threat to slap higher tariffs on major US trading partners the European Union, Canada and Mexico.Brooks and others stressed “the clock is ticking” towards August 1, when a bruising US-EU trade war could be unleashed.Brussels has readied reprisals against a range of US imports — including on Boeing planes and bourbon — should no breakthrough come in its negotiations with Washington. Trump has threatened 30-percent tariffs on EU goods, which would rise further if Brussels retaliated.”The upcoming US tariff deadline, which is due to kick in a week this Friday, continues to cast a long shadow, particularly across the EU,” said David Morrison, senior market analyst at Trade Nation.US Commerce Secretary Howard Lutnick told CBS News over the weekend he was “confident” a trade deal would be reached with the EU.But Jochen Stanzl, chief market analyst at CMC Markets, said that any agreement would likely be “only a framework deal… requiring further negotiations on the details”.”Realistically, there is a high probability that uncertainty will persist beyond August 1,” he said.That uncertainty will be part of the the European Central Bank’s calculus as it meets this week. Expectations are for it to hold eurozone interest rates steady, pausing a long cycle of easing.Asia’s equities advance was led by Hong Kong and came after strong earnings from Taiwanese chip giant TSMC and news that US titan Nvidia will be allowed to export key semiconductors to China.The yen strengthened against the dollar after Japanese Prime Minister Shigeru Ishiba vowed to stay on even after his ruling coalition lost its majority in the upper house in elections on Sunday.Ishiba, too, is struggling to reach a trade deal with Trump, who has threatened tariffs of 25 percent on goods from Japan.In company news, Jeep maker Stellantis said it suffered a massive, 2.3-billion-euro ($2.7-billion) net loss in the first half of this year, on the back of slumping North America sales and partly from “the early effects of US tariffs”.It shares, which have lost more than a third of their value since the start of the year, dipped early on Monday before reversing course and ending up.Oil prices receded on worries of declining global trade.But US Treasury Secretary Scott Bessent suggested the next round of US-China talks could include Chinese purchases of Russian and Iranian oil, which might pressure supply.Trump has already warned he will impose tariffs on countries buying Russian oil if Moscow did not end its war on Ukraine, and Bessent said: “I would urge our European allies, who have talked a big game, to follow us if we implement these secondary tariffs.”- Key figures at around 1545 GMT -New York – Dow: UP 0.5 percent at 44,572.12 pointsNew York – S&P 500: UP 0.6 percent at 6,334.34New York – Nasdaq Composite: UP 0.7 percent at 20,048.39London – FTSE 100: UP 0.2 percent at 9,012.99 (close)Paris – CAC 40: DOWN 0.3 percent at 7,798.22 (close) Frankfurt – DAX: UP 0.1 percent at 24,307.80 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 24,994.14 (close)Shanghai – Composite: UP 0.7 percent at 3,559.79 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1709 from $1.1627Pound/dollar: UP at $1.3503 from $1.3414Dollar/yen: DOWN at 147.28 yen from 148.73 yen on FridayEuro/pound: UP at 86.73 pence from 86.67 penceBrent North Sea Crude: DOWN 0.5 percent at $68.97 per barrelWest Texas Intermediate: DOWN 0.4 percent at $65.77 per barrel