U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia, and added that any agreement with China cannot be a “50-50” deal.No further trade talks between top Chinese and U.S. trade negotiators have been scheduled since the last round ended on May 10 - the same day Trump raised the tariff rate on $200 billion worth of Chinese products from 10 percent.Trump took the step after China soured the negotiations by seeking major changes to a deal that U.S. officials said had been largely agreed.
British Prime Minister Theresa May’s new Brexit offer to UK lawmakers retains the Northern Irish backstop and does not add anything new on customs arrangements, The Telegraph newspaper reported late on Sunday.In a column in the Sunday Times newspaper, May said she will present a “new, bold offer” to lawmakers with “an improved package of measures” in a final attempt to get the Brexit divorce deal through parliament before she leaves office.
Exit polls predicted a majority for the Bharatiya Janata Party and its allies after the nation's six-week long general election ended Sunday. Indian markets jumped sharply today in early trade after exit polls showed BJP-led NDA getting a comfortable majority in Lok Sabha elections. Most of the exit polls predicted a majority for the Prime Minister Narendra Modi's BJP and its allies after the six-week-long general election ended on Sunday. The rupee also jumped against the US dollar. The Sensex jumped nearly 962 points to 38,892 at day's high while Nifty rose to 11,694, making investors richer by over 3 lakh crore. The results of Lok Sabha elections will be announced on Thursday.
The fresh escalation in the long-running Sino-U.S. trade dispute prompted a sharp selloff in Chinese markets last week with the yuan and banking and tech stocks hit particularly hard though some sectors, like farming, managed to outperform.The market rout came after U.S. President Donald Trump raised tariffs on Chinese imports and Beijing retaliated with tariffs of its own. As result, the yuan is now off 2.5% so far this month.A weaker currency and trade uncertainties have intensified outflows of foreign funds from the A-share market since April.
Australian bank shares posted their biggest rally in a decade on Monday as a surprise conservative election win eased regulation fears, though a housing downturn and strict rules baked in since a misconduct inquiry could temper longer-term bullishness.With every major opinion poll suggesting a win for the center-left opposition Labor party, bank stocks had traded at multiples below the broader market partly because of the party’s policies to end tax breaks for landlords and for share investors who don’t earn other income.With those proposals now off the legislative agenda, shares of the top banks stormed to their biggest single-session rise since the 2008 financial crisis.
Asian shares steadied on Monday as investors caught their breath following another week of escalating U.S.-China trade tensions, with sentiment turning brighter after the United States said it would lift tariffs in North America.MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6%, reflecting modest gains in markets across the region after the broad index finished at its lowest since Jan. 24 on Friday, down 3% for the week.Australian shares underpinned the market’s firmer mood, jumping 1.7% after the center-right Liberal National Coalition pulled off a shock win in federal elections, beating the left-wing Labor Party.
Gold steadied on Monday, trading near a two-week low hit in the previous session, as strong U.S. economic data underpinned the dollar amid geopolitical as well as trade tensions.Spot gold was broadly unchanged at $1,276.79 per ounce at 0321 GMT.U.S. gold futures were 0.1% higher at $1,276.40 an ounce.The metal fell to a two-week low of $1,274.51 an ounce on Friday after data showed United States consumer sentiment jumped to a 15-year high in early May amid growing confidence over the economy’s outlook.
Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.U.S. West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The U.S. benchmark reached $63.81 earlier, the highest since May 1.Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of a “fragile market.”