2025-04-24 05:43
BERLIN, April 24 (Reuters) - Germany still hopes the European Union can find agreement with the United States to bring about a reduction in import tariffs but supports counter-measures if this fails, the country's finance minister said in a radio interview on Thursday. "The position is very simple: Plan A is we want an agreement and the tariffs should go down instead of going up," Joerg Kukies told the Deutschlandfunk broadcaster, but said he backed the European Union's "plan B" if this doesn't work, which is to use countermeasures. Sign up here. Kukies is in Washington currently attending the spring meetings of the International Monetary Fund and the World Bank. https://www.reuters.com/business/finance/german-finance-minister-agreement-with-us-is-still-preferred-option-tariff-row-2025-04-24/
2025-04-24 05:42
US stocks end higher as Nasdaq, tech leads Dollar falls against euro, yen, after two days of gains Oil settles higher and gold extends recent gains NEW YORK, April 24 (Reuters) - Major stock indexes rose on Thursday, with technology shares leading Wall Street higher as investors awaited further developments in the U.S.-China trade conflict, while the dollar slipped after recent gains. The S&P 500 technology sector (.SPLRCT) , opens new tab jumped 3.5% on the day, the most of any sector in the benchmark index. Sign up here. Shares of Google parent Alphabet (GOOGL.O) , opens new tab were up more than 3% in after-hours trading following the release of its first-quarter results, including earnings that beat analysts' expectations. The stock ended the regular session up 2.5%. Other results from top U.S. tech-related companies are still to come this earnings season. U.S. President Donald Trump said on Thursday that trade talks between the U.S. and China are under way, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war. Beijing also said earlier that the U.S. should remove all "unilateral tariff measures" against China "if it truly wanted" to solve the trade issue. The White House on Wednesday signaled it was open to reducing sweeping tariffs on China. Trump's tariff war has created much volatility for markets in recent weeks, with myriad announcements on and changes to tariff plans. "There's still a lot of volatility but add to that a stock market that was oversold by virtually all measures," said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. First-quarter earnings reports overall have been mixed, with businesses across multiple industries saying they're increasing prices and uncertain about the outlook because of Trump's trade war and policies. Dove soap maker Unilever (ULVR.L) , opens new tab flagged weakening U.S. consumer confidence, while shares of International Business Machines (IBM.N) , opens new tab slumped after the company said 15 of its government contracts were shelved under a cost-cutting drive by the Trump administration. The Dow Jones Industrial Average (.DJI) , opens new tab rose 486.83 points, or 1.23%, to 40,093.40, the S&P 500 (.SPX) , opens new tab rose 108.91 points, or 2.03%, to 5,484.77 and the Nasdaq Composite (.IXIC) , opens new tab rose 457.99 points, or 2.74%, to 17,166.04. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 11.65 points, or 1.44%, to 819.86. The pan-European STOXX 600 (.STOXX) , opens new tab index closed up 0.36%. Japan's Nikkei (.N225) , opens new tab rose 0.5%. Reuters reported that Japanese tariff negotiator Ryosei Akazawa was making final arrangements to visit the United States from April 30 to hold a second round of talks with his counterpart. Economic data on Thursday showed, among other things, the number of Americans filing new applications for unemployment benefits rose marginally last week, suggesting the labor market remained resilient. U.S. Treasury yields declined amid hopes for lower-than-feared tariffs. Investors also weighed the possibility of a first interest rate cut by the Federal Reserve in June. Fed Bank of Cleveland President Beth Hammack on Thursday called for patience on monetary policy given high levels of uncertainty, but did not rule out an interest rate cut in June, depending on economic data. The yield on benchmark U.S. 10-year notes fell 7.8 basis points to 4.309%, from 4.387% late on Wednesday. Over the last week, Trump has made verbal attacks on Fed Chair Jerome Powell, then retracted calls for his resignation. On Thursday, the Treasury Department sold $44 billion in seven-year notes, the last of this week's coupon debt issuance. A two-year auction on Tuesday was soft, while a five-year debt sale met good demand on Wednesday. The dollar eased against major currencies. The euro was up 0.63% against the dollar at $1.1383. Against the Japanese yen , the dollar weakened 0.58% to 142.61. The dollar rallied on Wednesday, but it has been among the biggest casualties of Trump's on-and-off tariffs and was set for declines for the month. Gold prices gained after falling more than 3% in the previous session, with spot gold rising 1.4% to $3,333.90 an ounce. Oil prices also rose as investors weighed the weaker U.S. dollar. Brent crude futures rose 43 cents, or 0.7%, to settle at $66.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose 52 cents, or 0.8%, to settle at $62.79. https://www.reuters.com/markets/global-markets-wrapup-1-2025-04-24/
2025-04-24 05:37
ZURICH, April 24 (Reuters) - The Swiss National Bank said on Thursday it posted a first quarter profit of 6.7 billion Swiss francs ($8.08 billion), as surging gold prices compensated for stock market declines and the rising Swiss franc. Gold was the star performer for the SNB, registering a valuation gain of 12.8 billion francs in the three months to the end of March. Sign up here. The central bank holds an unchanging amount of 1,030 tonnes of gold, whose value has shot up as dimming risk sentiment pushed investors into the precious metal. The gain compensated for a 5.3 billion franc loss the SNB from its foreign currency positions due to price losses on the stocks and bonds it holds. The figure was also reduced by exchange-related losses of 2.3 billion francs during the period, as the Swiss franc rose versus the dollar and euro. The result was towards the bottom end of a UBS forecast range for a first quarter profit of 5 to 15 billion francs. UBS economist Alessandro Bee estimates the SNB has lost 50 billion francs in the value of its assets since the end of March due to a rising franc and declines in U.S. bonds and equities following President Donald Trump's tariff announcements. "The rising price of gold is helping to offset this, but can only do so much, especially as gold is priced in dollars, which reduces the effect when converted into francs," he said. April's losses have more than wiped out the first quarter profit and would erase most of the retained profit from last year, putting pressure on the SNB's figures, he added. "The SNB will be hoping for a recovery in stock markets and also a decline in the franc if it wants to post a profit for 2025," said Bee. ($1 = 0.8287 Swiss francs) https://www.reuters.com/business/finance/swiss-national-bank-logs-first-quarter-profit-67-bln-sfr-2025-04-24/
2025-04-24 05:13
BEIJING, April 24 (Reuters) - China will firmly support free trade rules and the multilateral trading system, the country's central bank governor said on Wednesday in Washington D.C., state broadcaster CCTV reported. Unilateralism and protectionism "have no way out" and are not in the interests of anyone, said Pan Gongsheng, governor of the People's Bank of China, at the meeting of G20 finance ministers and central bank governors. Sign up here. China will adhere to opening up and promote inclusive economic globalisation, Pan was reported as saying. https://www.reuters.com/world/china/china-supports-free-trade-central-bank-governor-says-washington-meeting-cctv-2025-04-24/
2025-04-24 05:12
U.S. labor market remains resilient Potential accelerated OPEC+ output increases weighs on market Kazakhstan to prioritize national interest in oil output NEW YORK, April 24 (Reuters) - Oil prices edged up on Thursday as investors weighed a weaker U.S. dollar, potential OPEC+ output increase, mixed economic news, conflicting U.S. tariff signals and news from the Russia-Ukraine war. Brent crude futures rose 43 cents, or 0.7%, to settle at $66.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose 52 cents, or 0.8%, to settle at $62.79. Sign up here. In the U.S., the number of people filing for unemployment benefits rose marginally last week, suggesting a resilient labor market despite economic turbulence caused by tariffs on imported goods. Businesses are increasing prices and cutting financial guidance due to higher costs stemming from U.S. President Donald Trump's trade war, which has also roiled global supply chains. U.S. Federal Reserve officials indicated in television interviews they see no urgency to change monetary policy as they seek more information to determine how trade tariffs are affecting the economy. "Markets are still trying to make sense of the data, as employment stats show a resilient labor market while the Fed tempers bullishness with commentary that unemployment rates may be affected by tariffs," analysts at energy consulting firm Gelber and Associates said in a note. The U.S. dollar (.DXY) , opens new tab staged a broad retreat on Thursday, as investor gloom over the lack of any real progress towards defusing the U.S.-China trade war reasserted itself. A weaker U.S. currency makes dollar-priced commodities like oil less expensive for buyers using other currencies. SUPPLY UNCERTAINTY Iranian Foreign Minister Abbas Araqchi said on Thursday he was ready to travel to Europe for talks on Tehran's nuclear program. France indicated European powers were ready for dialogue if Tehran showed it was seriously engaged. Successful talks with Europe and the U.S. would likely result in the lifting of sanctions on Iranian oil exports. Iran is the third biggest oil producer in OPEC behind Saudi Arabia and Iraq. Trump criticized Russian President Vladimir Putin on Thursday after Russia pounded Kyiv with missiles and drones overnight, saying "Vladimir, STOP!" On Wednesday, Trump said Ukraine's leader was hampering peace talks on ending Russia's war in Ukraine, which could allow more Russian oil to flow to global markets. Russia is one of the world's biggest oil producers along with the U.S. and Saudi Arabia. Still, many European countries are trying to phase out imports of Russian oil due to the war. European Commission President Ursula von der Leyen said the commission will present a roadmap in the next two weeks on keeping an EU pledge to quit Russian fossil fuels by 2027. Russia is a member of the OPEC+ group. Reuters reported on Wednesday that several OPEC+ members had suggested the group accelerate oil output increases for a second month in June. "They would be stuffing barrels into a global economy that is already struggling with U.S. tariffs and a trade war between the two largest global economies - the U.S. vs. China," Bob Yawger, director of energy futures at Mizuho, said in a note. "OPEC+ would be hard pressed to pick a worse time to add barrels," Yawger said. https://www.reuters.com/business/energy/oil-steadies-after-2-drop-potential-opec-output-increase-2025-04-24/
2025-04-24 04:32
A look at the day ahead in European and global markets from Rocky Swift Europe's souring business sentiment looks likely to put stocks on the defensive on Thursday, as President Donald Trump's erratic tariff moves sap market confidence even as surprisingly resilient corporate earnings offer some flickers of optimism. Sign up here. The German Ifo index due today is forecast to show a decline in business morale for April in Europe's biggest economy, a day after dour PMI readings for the euro zone and Britain. France and Britain are both expected to show declines in consumer confidence for this month. Stock futures pointed to a nearly flat open in European markets and a dip in the United States following yesterday's rally on Trump's softened rhetoric about China and the independence of the U.S. Federal Reserve. U.S. Treasury Secretary Scott Bessent said on Wednesday that high tariffs between the U.S. and China are not sustainable, signalling openness to de-escalating a trade war between the world's two largest economies. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab fell 0.5% but a report that Trump may spare carmakers from tariffs provided a tailwind for auto shares in Japan, where the benchmark Nikkei (.N225) , opens new tab stock gauge jumped more than 1%. The tariff relief may not extend to Canada, however, with Trump saying late yesterday that duties on their autos could rise from the current 25%. But in the same breath, Trump said he'd had "nice conversations" with Canadian Prime Minister Mark Carney, so who knows? South Korea's SK Hynix (000660.KS) , opens new tab, a supplier to AI heavyweight Nvidia, said its first-quarter profit more than doubled on robust chip sales, adding to a string of strong corporate results, albeit for the period just before Trump's tariffs roiled markets. The earnings calendar is light in Europe today but investors will be keen to see if results from Merck (MRK.N) , opens new tab, Alphabet (GOOGL.O) , opens new tab and others in the U.S. can keep the positive trend alive. Key developments that could influence markets on Thursday: -- Germany's Ifo business climate index -- U.S. earnings including Merck (MRK.N) , opens new tab, Procter & Gamble (PG.N) , opens new tab, Bristol-Myers Squibb (BMY.N) , opens new tab, PepsiCo (PEP.O) , opens new tab, Alphabet (GOOGL.O) , opens new tab. -- U.S. seven-year Treasury note auction. -- G20 Finance Ministers and central bank governors to hold a press conference after two-day meetings. -- France consumer confidence for April. Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. https://www.reuters.com/markets/europe/global-markets-view-europe-2025-04-24/
