Oct 10 (Reuters) – Please be advised that there are no corporate earnings scheduled for Canada (.GSPTSE) in the week ahead. (Compiled by Bengaluru Newsroom)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
VIDEO SHOWS: SPANISH NATIONAL SOCCER SQUAD TRAINING, REMARKS BY COACH LUIS DE LA FUENTE COMPLETE SCRIPT TO FOLLOW
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
LONDON/NEW YORK (Reuters) -U.S. President Donald Trump on Friday said he is calculating a massive increase in tariffs on Chinese imports, adding there was no reason to meet with President Xi JinPing in two weeks as planned, triggering a sell-off in the dollar. China this week has tightened restrictions on exports of key rare earth materials and, separately, on Friday said it would impose extra port fees on U.S. ships from October 14. MARKET REACTION: STOCKS: US stocks fell sharply after Trump's comments on China.. S&P 500 down 1.6% while Nasdaq sank 2.2% BONDS: U.S. Treasury yields fell, with the yield on the benchmark U.S. 10-year note down 9 basis points at 4.059%. FOREX: The dollar index dropped 0.5% to 98.87. COMMENTS: JUAN PEREZ, DIRECTOR OF TRADING, MONEX USA, WASHINGTON: “It sends a message of negativity. What markets, for the most part, and investors need is a little bit clearer guidance, especially when trying to figure out if the Federal Reserve is going to deliver what they want, which is 50 basis points slashed off the interest rate for the remainder of the year.” “It brings, once again, to the table and to the spotlight that the United States is acting unilaterally to try to align trade and to try to get countries to align with trade. So ultimately, it does create a lot of negativity for the U.S. economy. It creates doubt about, where is this all going? What is the purpose? Is China really going to have to be very retaliatory moving forward in order to get the United States to negotiate better? So it creates a lot of doubt.” CHRIS SCICLUNA, HEAD OF RESEARCH, DAIWA CAPITAL MARKETS, LONDON: “It’s difficult to know how to respond to this (the Trump comments). The temptation, given what’s happened since the start of the year and the resilience of markets, is to fade these announcements and take this with a pinch of salt what he’s saying. We’ll have to see what the substance is.” BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN: "It’s fuel on the fire. For a while it looked like things were going well between Trump and Xi, but China’s latest export controls on rare earth minerals set Trump off. A lot can happen between now and the APEC summit where they were supposed to meet, so it wouldn’t be surprising to see tempers cool before then. STEVE SOSNICK, CHIEF MARKET ANALYST, INTERACTIVE BROKERS, CONNECTICUT: "The president's comments are not are obviously not helpful for the market. We finally got through the worst of the tariff concerns and now we find ourselves once again faced with another round of them and the tone of his comments was certainly quite aggressive – massive tariffs being threatened and no reason to talk to him (Xi). So this is definitely going in the wrong direction about U.S. China trade relations. It's definitely not a market friendly move and considering how quickly the market is selling off on this." ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH, CONNECTICUT: "He's (Trump's) caught the market off guard again and thrown more question marks into a market that is being questioned about a very high degree of enthusiasm and being sort of scrutinized for having too much fluff built into it. Then Trump comes out with this surprise announcement, so you have a market that hit an air pocket and is selling off a little bit. When you reacted to it in the past, it's come back and burned you. Do you sell out of this market because of this? It's a giant question mark. It just creates more questions and volatility in the market." MIKE BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON: "It’s a bolt from the blue from Trump and after the rare earth news earlier … the timing is a big surprise. I would say as always with Trump and I think the market has learned this now, it’s difficult to determine what is the bluster and rhetoric and what he might follow through on. The key thing market participants will be focused on as we move into the weekend and next week, is: are we now looking at having to tear up the assumptions we did have that trade was a done deal and now look at a re-escalation of tensions between the two. If we are, and talks are in jeopardy, you are looking at a fairly chunky leg lower in risk in the days and weeks ahead." (Reporting by EMEA, New York Markets Teams; Compiled by Amanda Cooper; Editing by Dhara Ranasinghe)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
(Recasts, adds Trump statement, updates yields throughout) WASHINGTON, Oct 10 (Reuters) – Benchmark U.S. yields were sharply lower late Friday morning, extending losses from earlier in the session after President Donald Trump threatened a "massive" increase in tariffs on imports from China. The president's lengthy statement on Truth Social pushed rates out of their recent range-bound pattern, with the 10-year Treasury yield hitting its lowest level since mid-September. The sharper decline in Treasury yields mirrored a dip seen in stocks, often a sign investors are seeking a safe haven. U.S. sovereign debt had been in a holding pattern in recent days as a government shutdown, now in its tenth day , halted the production of crucial economic indicators. "It’s fuel on the fire. For a while it looked like things were going well between Trump and Xi, but China’s latest export controls on rare earth minerals set Trump off," said Brian Jacobsen, chief economist at Annex Wealth Management. "A lot can happen between now and the APEC summit where they were supposed to meet, so it wouldn’t be surprising to see tempers cool before then." Earlier, Federal Reserve Governor Christopher Waller had told CNBC the central bank could make "cautious" moves to lower benchmark lending rates, helping comfort investor expectations that the central bank would not be driven to excessive rate cutting by changes in staffing and a weakening labor market. The yield on the benchmark U.S. 10-year Treasury note fell 8.9 basis points to 4.057%, its lowest since September 18. The yield on the 30-year bond fell 8.2 basis points to 4.651%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at a positive 53.7 basis points. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations for the Fed, fell 7.7 basis points to 3.522%. The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.387% after closing at 2.425% on October 9. The 10-year TIPS breakeven rate was last at 2.33%, indicating the market sees inflation averaging about 2.3% a year for the next decade. (Reporting by Douglas Gillison in Washington and Chuck Mikolajczak in New York; Editing by Nia Williams and Toby Chopra)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
BEIJING (Reuters) -China has launched an antitrust investigation into U.S. semiconductor manufacturer Qualcomm over its acquisition of Israel's Autotalks, China's market regulator said on Friday. China's State Administration for Market Regulation said the probe would look at whether Qualcomm violated China's antitrust law by not lawfully declaring some details in its acquisition of the Israeli chip designer. San Diego-based Qualcomm said in June it had finalised the deal for Autotalks, which makes communications chips to help prevent car crashes, without disclosing the size, or how it had resolved earlier sticking points. Qualcomm had said in 2024 it would drop the bid for Autotalks after it failed to get regulatory approvals in a timely manner. Qualcomm did not immediately respond to a request for comment on the Chinese probe. In 2015, the major supplier of mobile phone chips paid a $975 million fine to resolve a Chinese antitrust case. The latest investigation comes after Beijing last month accused U.S. AI chip maker Nvidia of violating China's anti-monopoly law. Both probes could heighten tensions between China and the U.S. at a time when they appear to be struggling to move beyond a trade tariff truce. U.S. President Donald Trump and Chinese leader Xi Jinping are expected to meet when they attend an Asia-Pacific Economic Cooperation summit in South Korea at the end of this month. (Reporting by Liz Lee, Brenda Goh and Beijing newsroom. Editing by Jane Merriman and Mark Potter)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
(Adds Carney quotes paragraphs 3, 6, background paragraphs 2, 4-5) OTTAWA, Oct 10 (Reuters) – Reviving the proposed Keystone XL oil pipeline from Alberta to the U.S. could play a part in tightening U.S.-Canada energy cooperation, Prime Minister Mark Carney said on Friday. Carney raised the idea during a Tuesday meeting in the Oval Office with U.S. President Donald Trump on defusing trade tensions, according to a source familiar with the discussions. "We are looking for areas where the integration of our economies will be better for us both. We have opportunities in the energy sector – there are many possible projects, including Keystone XL, but there are others," he told a press conference. The proposed pipeline was rejected by U.S. President Barack Obama's administration and revived by Trump during his first term. U.S. President Joe Biden revoked a key permit in 2021 and there is currently no proponent for the pipeline. Reviving Keystone XL could help improve Carney's relations with the oil-producing province of Alberta, which says Ottawa is strangling the energy industry with such measures as a west coast tanker ban and a proposed cap on emissions. Asked whether Ottawa could scrap those measures, Carney replied: "It depends". (Reporting by David Ljunggren; Editing by Mark Porter and Bill Berkrot)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
VIDEO SHOWS: SPANISH NATIONAL SOCCER SQUAD TRAINING, REMARKS BY COACH LUIS DE LA FUENTE COMPLETE SCRIPT TO FOLLOW
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
FRENCH SOCIALIST PARTY'S FAURE: NO GUARANTEE FROM US THAT WE WON’T VOTE DOWN THE NEXT GOVERNMENT
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
FRANKFURT (Reuters) -BASF has agreed to sell a majority stake in its coatings business to private equity firm Carlyle and the Qatar Investment Authority, valuing the unit at 7.7 billion euros ($8.91 billion). In a joint statement, the companies said on Friday that BASF would retain a 40% stake in the coatings business and that it would also receive a pre-tax cash inflow of about 5.8 billion euros on completion of the transaction. BASF put the coatings division up for sale at the start of the year, part of a wider strategy to focus on businesses that are closely integrated and physically connected within its major chemical plants across the globe. BASF said that the transaction – when combined with the sale earlier this year of its decorative paints business to Sherwin-Williams – values BASF’s entire coatings division at an enterprise value including debt of 8.7 billion euros, or about 13 times 2024 earnings before interest, tax, depreciation and amortisation (EBITDA). The chemical company started approaching the market in the second quarter to explore strategic options for its remaining coatings activities, and was targeting a decision in the last quarter of the year. It has said proceeds from a potential divestment could enable an earlier start to a previously announced share buyback of at least 4 billion euros between 2027 and 2028. ($1 = 0.8642 euros) (Reporting by Ludwig Burger, Editing by Friederike Heine, Kirsten Donovan)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
BEIJING (Reuters) -China has launched an antitrust investigation into U.S. semiconductor manufacturer Qualcomm over its acquisition of Israel's Autotalks, China's market regulator said on Friday. China's State Administration for Market Regulation said the probe would look at whether Qualcomm violated China's antitrust law by not lawfully declaring some details in its acquisition of the Israeli chip designer. Qualcomm's shares were down 2.8% in premarket trading. CHINA, US TRADE TENSIONS San Diego-based Qualcomm said in June it had finalised the deal for Autotalks, which makes communications chips to help prevent car crashes, without disclosing the size, or how it had resolved earlier sticking points. Qualcomm had said in 2024 it would drop the bid for Autotalks after it failed to get regulatory approvals in a timely manner. Qualcomm did not immediately respond to a request for comment on the Chinese probe. In 2015, the major supplier of mobile phone chips paid a $975 million fine to resolve a Chinese antitrust case. The latest investigation comes after Beijing last month accused U.S. AI chip maker Nvidia of violating China's anti-monopoly law. Both probes could heighten tensions between China and the U.S. at a time when they appear to be struggling to move beyond a trade tariff truce. U.S. President Donald Trump and Chinese leader Xi Jinping are expected to meet when they attend an Asia-Pacific Economic Cooperation summit in South Korea at the end of this month. (Reporting by Liz Lee, Brenda Goh and Beijing newsroom. Editing by Jane Merriman and Mark Potter)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
