Latest News
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Wall Street Journal, June 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Six people were injured in Boulder, Colorado on Sunday afternoon. The FBI is investigating the incident as an act against a group that advocates the release of Gaza hostages. Australian investment manager Washington H. Soul Pattinson, and building products maker Brickworks have agreed to merge their companies into one worth $9 billion. This will cement a formal partnership that dates back almost 60 years. Palestinian health officials said that more than 20 Gazans died on their way to a U.S./Israeli aid distribution centre. This is the latest in a series of violent incidents during a chaotic launch of a new program. Homeland Security's controversial list of "Sanctuary Jurisdictions", which was created using a set of criteria, disappeared from the website over the weekend. The agency is fighting criticism from both red and blue states about the criteria that were used in its creation. Rio Tinto and a local Indigenous group have agreed on a new management strategy for its iron ore operations in the Pilbara region of Australia, where they destroyed two ancient rock-cut shelters five year ago. Stanley Fischer, one the most influential economics in recent decades who served as Vice Chairman of the Federal Reserve between 2014 and 2017, has died aged 81.
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Regional officials report that Russian attacks have killed five people in Zaporizhzhia and injured several others in Kharkiv.
Five people were killed by Russian air and shelling attacks outside Zaporizhzhia in southeast Ukraine, while an early Monday drone attack on Sumy, a region to the north of the city, injured six, including two children. Ivan Fedorov wrote on Telegram that three women were killed in a series Russian shelling attacks on the village of Ternuvate east of Zaporizhzhia on Sunday evening. A shop as well as several homes suffered severe damage. Fedorov reported that a man was killed in a nearby area in a Russian attack by a guided air bomb. Nine people were injured and one private residence was destroyed in the Russian strikes. Oleh Simehubov said Monday that two children were injured during a Russian drone strike on the Sumy Region. Sinehubov stated that "a 7-year old boy was among the victims." He also said that several buildings in the region were damaged. These attacks occur as Russia and Ukraine prepare to hold a round peace talks to try to end the conflict that Russia started with an invasion of its smaller neighbor more than three year ago. Reporting by Ron Popeski and Bogdan Kochubey; Editing by Lincoln Feast. (Writing by Ron Popeski, Lidia Kelly and Rod Nickel; Editing by Rod Nickel).
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HK-listed Chinese stocks near a one-month low; offshore yuan falls on tariff concerns
Chinese stocks listed on Hong Kong's stock exchange fell to a near-month-low on Monday, and the offshore yuan also dropped as tensions between China and the United States over tariffs continued to weigh on sentiment. The tensions between the U.S. and China over trade have risen again after a new spat about tariffs. China's Commerce Ministry has rebuked U.S. president Donald Trump's allegations that Beijing violated the Geneva consensus, calling them 'groundless' and vowing to take 'forceful measures' to protect its legitimate rights. Treasury Secretary Scott Bessent announced over the weekend that U.S. president Donald Trump and Chinese president Xi Jinping would be speaking soon to resolve trade issues, including a dispute about critical minerals. The Hang Seng China Enterprises Index (which tracks mainland companies listed on Hong Kong) fell 2.6%, the lowest level since May 6. Hong Kong's benchmark Hang Seng Index also dropped 2.2%, to 22,778.45. The offshore yuan fell by about 0.2% during Asian trading hours to 7.2193 yuan for every dollar. Meanwhile, the Hong Kong dollar remained in the lower end of the trading range between 7.75-7.85 dollars per dollar. The Mainland Markets will be closed on Monday for the Dragon Boat Festival, and resume trading on Tuesday. Hang Seng Tech Index fell 2.4% on Monday, while the property subindex, and the healthcare sector, both dropped more than 3%. New World Development, a local property company, was among the worst performers. Its shares fell 7.5% and reached a new two-month low when it delayed coupon payments. The car makers' slide continued amid concerns about the ongoing price war. Li Auto shares fell 4.2% while BYD, Nio and BYD lost over 3%.
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India reduces import taxes on crude edible oil to help lower food prices
India has halved its basic import tax for crude edible oil to 10%, according to the government. The world's largest vegetable oil importer is trying to lower food prices while also helping the local refinery industry. Crude palm oil, soya oil and crude sunflower oils are subject to a customs duty. The total import duty for the three oils will be reduced from 27.5% to 16.5%, as they are now subject to the Agriculture Infrastructure and Development Cess and Social Welfare surcharge of India. The Solvent Extractors' Association of India's (SEA) executive director, B.V. Mehta said, "This is a win for both the vegetable oil refiners and the consumers as the local prices will drop due to the reduction in duty." The government has not changed the import duty for refined palm oil or refined soyoil, which are currently subject to a 35,75% import tax. Mehta stated that the import duty difference between refined and crude oils has increased to 19,25%. This will encourage importers to bring crude edible oil instead of refined oils, and boost local refining industries. India imports more than 70% its vegetable oil. It imports palm oil, mainly from Indonesia and Malaysia, and soyoil, sunflower oil, and other oils from Argentina, Brazil and Ukraine. Sandeep Bajoria is the CEO of Sunvin Group. A vegetable oil brokerage. He said that the reduction in basic duty will bring down the price of edible oil and help to revive the retail demand which has been subdued over the past few months. (Reporting and editing by David Evans, Susan Fenton and Rajendra Jadhav)
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The plot twists of the Morning Bid Europe-Tariff story lose their bite
Wayne Cole gives us a look at what the future holds for European and global markets. Is it the dog that did not bark? Sherlock Holmes fans would ask this question given the complete lack of reaction from the market to President Donald Trump's threat to double steel and aluminum tariffs up to 50%. The policy change was announced via tweet late Friday, after the markets had closed. There were some expectations of an impact on the Canadian dollar today, given the size of the steel exports from Canada to the U.S. The loonie has actually strengthened against a generally weaker greenback. European share futures have fallen a little, and Wall St. futures are only marginally lower. Investors may be assuming that Trump always chickens out, but he is putting off the higher tariffs due to take effect on Wednesday. Last-minute cliffhangers are popular on reality television. The European Union negotiators were not pleased with the latest plot twist. They threatened retaliation and also let it be known that a court ruling against the tariffs of April 2 gave them additional "leverage". Beijing is not swayed by Trump's latest attack on China. Beijing has remained firm in its stance. Trump might have to wait a long time if he is waiting for a phone call from China's president Xi Jinping in order to resolve the situation. Ironic, too, to hear Treasury Secretary Scott Bessent complain that China is holding back vital United States products. After all it was the U.S. who started the trade war in order to rebuff Chinese imports. Speaking in South Korea, Federal Reserve Governor Christopher Waller said that tariffs posed downside risks for activity and unemployment and upside risks for inflation. He was optimistic, however, about the possibility of "good news", interest rate reductions later this year. This cemented his position as one of the most dovish Fed officials. Jerome Powell, the Fed chair, will be speaking at an international finance conference on Monday. Market developments on Monday that may have a significant impact * UK house prices and European PMIs. * Fed Chair Powell delivers opening remarks at the Federal Reserve Board International Finance Division's 75th Anniversary Conference. Chicago Fed Goolsbee, and Dallas Fed Logan take part in Q&A.
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Gold prices rise as tariff worries boost demand for safe-havens
Gold prices rose on Monday, as investors sought refuge in gold bullion due to the escalation of the Russian conflict in Ukraine and President Donald Trump’s threat to double tariffs against imported steel and aluminium. As of 0204 GMT, spot gold rose 0.5% to $3,305.85 per ounce. U.S. Gold Futures increased 0.4% to $3329.80. Tim Waterer is the chief market analyst for KCM Trade. Gold is being supported by a drop in the dollar and a decline in risk assets. Trump announced on Friday his intention to increase tariffs on steel and aluminum imports to 50%, up from 25%. The European Commission warned that Europe was prepared to take retaliatory action. Ukraine and Russia intensified hostilities in advance of their second round peace talks in Istanbul. The wave of attacks included one of Ukraine’s most daring strikes of the conflict and an overnight drone attack by Russia. Bullion is now cheaper for foreign buyers due to the 0.2% decline in the U.S. Dollar index. The markets are waiting for clues from the Federal Reserve's officials on the outlook of monetary policy. Fed Chair Jerome Powell is scheduled to speak at the end of the day. Fed Governor Christopher Waller stated that rate cuts are still possible this year, despite the Trump Administration's tariff regime likely to temporarily increase price pressures. In an environment of low interest rates, gold, which is regarded as a safe haven asset in times of geopolitical or economic uncertainty, thrives. According to Treasury Secretary Scott Bessent, Trump and Chinese president Xi Jinping will likely speak soon in order to resolve trade issues, including a dispute about critical minerals. Other than that, silver spot was unchanged at $32.99 per ounce. Platinum was down 0.6% to $1,049.72, and palladium was down 0.5% at $965.77.
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London copper prices rise on weaker dollar but US-China Trade Conflict caps gains
The London Metal Exchange saw a rise in copper prices on Monday due to a weaker US dollar. However, renewed U.S. China trade tensions have raised concerns about the supply chain and limited any further gains. As of 0135 GMT, the benchmark three-month price for copper on London Metal Exchange (LME), was up by 0.7% to $9,561.5 a metric tonne. China's commodities markets were closed Monday due to the Dragon Boat Holiday. As markets assessed potential inflation and growth risks posed by U.S. President Donald Trump’s latest tariff policy, the dollar edged down, paring its gains from last week. Trump's announcement on Friday that he would increase import tariffs from 25% to 50% on steel and aluminum increased tensions. A survey released on Saturday showed that China's manufacturing sector contracted for the second consecutive month in May. This fueled expectations of more stimulus measures to help support the economy during a prolonged trade war with the United States. The official purchasing manager's index increased slightly from 49.0 to 49.5 by May, but it remained below the 50-mark that separates growth from contraction. This is in line with an average polled forecast of 49.5. LME aluminium rose 0.1% to $2.446 per ton. Lead increased 0.6% to $1.970. Zinc grew by 0.7% to $2.638.5, tin was up 0.2% at $30.456. Nickel was up 0.9% to $15.375. Click or to see the latest news in metals, and other related stories. Data/Events (GMT, may) 0600 UK Nationwide House Prices MM,YY 0750 France Mfg HCOB PMI 0755 Germany Mfg HCOB PMI 800 EU Mfg HCOB Final PMI 830 UK S&P Global Manufacturing PMI 1345 US S&P Global Manufacturing PMI Final 1440 US ISM manufacturing PMI
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BlueScope, Australia's steel company, surges after Trump's announcement to double tariffs.
BlueScope Steel shares soared to their highest level in over three months on Monday after U.S. president Donald Trump announced he would double the tariffs on steel imported from other countries. Early trade saw shares of BlueScope, a company that operates five businesses across North America, including the North Star Mill in Ohio, up by as much as 9,4% to A$24.88. The ASX 200 benchmark was down by 0.4%. Trump said on Friday that he would double the tariffs on import steel and aluminum to 50%. This will increase pressure on steel producers around the world and intensify his trade war. Grady Wulff is a Bell Direct market analyst. He said that these proposed tariffs would be good for BlueScope as they could increase steel prices in the U.S. and thus drive tailwinds for their company. Mid-February saw the stock rise 12%, after chief executive Mark Vassella stated that Trump's tariffs could be beneficial to the business. The shares, however, have fallen by nearly 10% since Vassella made his statements. Wulff stated that the uncertainty of a recovery in China's demand for steel and ingredients for steelmaking has affected all companies exposed to this market. Tariffs are also increasing the uncertainty surrounding a recovery of steel-related materials. BlueScope is the biggest victim of low iron ore prices. They have dropped 3.5% this year. North America was BlueScope’s largest revenue-generating segment for the six months ending December 31, 2024. It accounted for 42% or A$309 ($199.77) million of all earnings before taxes, interest, depreciation, and amortization. Australia accounted for 39% or A$288 millions. (1 Australian dollar = 1.5468 dollars) (Reporting and editing by Sherry Jacobi-Phillips, Rashmi aich and Nikita Maria Jio in Bengaluru)
Saudi Arabia and Qatar will provide financial support for Syria's government employees, Saudi Foreign Minister says
Saudi Arabian Foreign Minister Prince Faisal Bin Farhan Al Saud announced on Saturday that Saudi Arabia and Qatar will offer financial support jointly to Syrian state employees.
Bin Farhan, speaking at a press briefing in Damascus with Asaad Al-Shibani, his Syrian counterpart, said that the kingdom and Qatar would provide joint financial support for state employees in Syria.
He did not give details about the amount of financial support that Riyadh or Doha will provide. It echoes the sentiments of a
Similar Move
In a joint statement released by Saudi Arabia on Saturday, the two countries said that they would provide financial support over a period of three months.
The move was a result of an
earlier contribution
Saudi Arabia and Qatar settled Syria's outstanding arrears to the World Bank of approximately $15 million in April.
The Saudi Foreign Minister's visit follows a U.S. surprise announcement made on
Lifting sanctions
On Syria's islamist-led government that overthrew former president Bashar al Assad in December.
U.S. president
Donald Trump
The decision was made during his recent Middle East visit. It was said to be at the request of Saudi Arabia's Crown Prince, whose nation was the main advocate of lifting sanctions.
Recent economic sanctions against Syria were also lifted by the European Union.
Bin Farhan spoke of his country's contribution to the lifting of economic sanctions against Syria and said that Saudi Arabia will continue to be a major supporter of Syria in its efforts to rebuild and recover economically.
He claimed that a high-level delegation of the Kingdom's economic sector was accompanying him to "hold discussions (with the Syrians) to strengthen aspects of cooperation in different fields".
He said that Saudi businessmen would visit Syria in the next few days to discuss investment in energy, agriculture and infrastructure, among other sectors.
After the fall of Assad, the Syrian leadership wants to improve ties with Arabs and Western leaders.
The state hopes that a flood of aid and investment from Gulf neighbors after the lifting of sanctions will help rebuild a country ravaged by conflict.
The Syrian President's Office reported that Sharaa, the Syrian Minister of Foreign Affairs, is scheduled to visit Kuwait this Sunday, upon an invitation from Kuwait's Emir, Sheikh Meshal Al-Ahmad Al-Sabah.
The source stated that Sharaa will discuss various aspects of economic and political cooperation during his first official trip to Kuwait. Menna Alaa and Muhammad Al Gebaly, Menna Alaa and Jaidaa THA (Reporting and Writing)
(source: Reuters)