Trump administration officials said that President Donald Trump is expected to delay a decision to impose auto tariffs by up to six months to avoid blowing up negotiations with the EU and Japan and further antagonize allies as he ramps up his trade war with China. Trump faces a deadline of May 18 over how to proceed with his threat to slap a tariff of as much as 25% on imported cars and parts.US Treasury Secretary Steven Mnuchin said on Wednesday he expects to visit Beijing “in the near future”, suggesting the United States may hold another round of trade talks with China ahead of a bilateral summit on the margins of a G20 summit in late June in Osaka.
Indian shares were little changed in light trade on Thursday, with losses in pharmaceutical stocks offsetting gains in IT counters, as investors stuck to the sidelines ahead of exit polls on Sunday.India's mammoth seven-phase general election began on April 11 with Prime Minister Narendra Modi's hindu nationalist Bharatiya Janata Party (BJP) as the front runner.However, opposition parties have taken heart at what they see as signs that BJP may be losing ground and have begun negotiations over a post-election alliance even before polling ends on May 19. results out on May 23, exit polls, which have often proved unreliable in India, are seen as indicators to which party forms the government.
The Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa on Thursday, after the Iranian-aligned movement claimed responsibility for drone attacks on Saudi oil installations.The Sanaa strikes targeted nine military sites in and around the city.Saudi Arabia said on Tuesday that armed drones hit two oil pumping stations in the kingdom but did not disrupt output or exports. The Houthis said they were responsible.
The Trump administration hit Chinese telecoms giant Huawei with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks.
Japan should assess various economic data, including the Bank of Japan’s quarterly “tankan” survey due on July 1, before deciding whether to implement an increase in the sales tax in October, a senior ruling party lawmaker close to Prime Minister Abe said on Thursday.Even if the planned increase to 10% from 8% was delayed, the premier would not necessarily need to call a snap election for parliament’s lower house to seek voter understanding, Koichi Hagiuda, acting secretary general of Abe’s Liberal Democratic Party.
Gold steadied on Thursday, consolidating in a tight range below the key $1,300 pivot, as Washington slapped sanctions on Chinese telecoms giant Huawei, souring optimism for a thaw in U.S-China trade tensions.Spot gold was unchanged at $1,296.30 per ounce at 0409 GMT, moving in a narrow range of about $3.U.S. gold futures edged 0.1% lower to $1,296.80 an ounce.
Oil prices rose on Thursday for a third straight session, as the risk of conflict in the Middle East stoked fears of supply disruptions, negating an unexpected rise in U.S. inventories.Brent crude futures were at $72.16 a barrel at 0349 GMT, up 39 cents, or 0.5%, from their last close. Brent closed up 0.7% on Wednesday.U.S. West Texas Intermediate (WTI) crude futures were at $62.41 per barrel, up 39 cents, or 0.6%, from their previous settlement. WTI closed up 0.4% in the last session.