व्यापार

BEIJING (Reuters) -China's manufacturing activity shrank for a sixth month in September, an official survey showed on Tuesday, suggesting producers are waiting for further stimulus to boost domestic demand, as well as clarity on a U.S. trade deal. The official purchasing managers' index (PMI) rose to 49.8 in September versus 49.4 in August, below the 50-mark separating growth from contraction, but beating a median forecast of 49.6 in a Reuters poll. The prolonged slump underlines the twin pressures on China's economy: domestic demand has failed to mount a durable recovery in the years since the pandemic while U.S. President Donald Trump's tariffs have squeezed Chinese factories as well as overseas firms that buy components. All the same, a separate private-sector survey of factory managers showed the fastest expansion since March, buoyed by rising new orders and accelerated production growth, including an uptick in new export orders. The two surveys cover different pools of producers, with the NBS placing more emphasis on large- and medium-sized firms focused on domestic sales, while RatingDog General PMI, compiled by S&P Global, which came in at 51.2, up from 50.5 in August, includes a larger share of export-orientated private companies. "The rebound reflects a seasonal uptick as the summer disruptions are behind us and the government becomes more supportive," said Xu Tianchen, senior economist at the Economist Intelligence Unit, referring to the official PMI's headline figure. China's economic momentum is marked by swings, he added: a strong first quarter from early stimulus, a slower midyear, followed by a fourth quarter rebound as the government ramps up support measures to meet growth targets. UNCERTAINTY OVER U.S. TRADE DEAL Policymakers rolled out a series of consumer loan subsidies in mid-August, a decision vindicated by separate factory output and retail sales data for the month, which saw their weakest growth in 12 months. Pan Gongsheng, the governor of the People's Bank of China, said last week a range of monetary policy tools to support the economy remained available, but refrained from following the U.S. Federal Reserve with a rate cut, as some economists speculated the central bank might. Despite signs the $19 trillion economy is losing momentum, authorities appear in no hurry to roll out major stimulus measures, given resilient exports and a stock market rally, market watchers say. Adding to signs of a slowdown, the official non-manufacturing PMI, which includes services and construction, fell to 50.0 from 50.3 in August, according to the National Bureau of Statistics (NBS), its worst reading since November. The NBS composite PMI of manufacturing and non-manufacturing came in at 50.6 in September, compared with 50.5 in August. The new export orders sub-index contracted for a ninth straight month, while input prices shrank again after posting two months of growth, and employment and factory gate prices remained firmly in the doldrums. The data point to producers slashing prices to find buyers overseas, despite the fact that China's exports to regional rival India hit an all-time high in August, according to customs data, and shipments to Africa and Southeast Asia are on track for annual records. But no other country comes close to the consumption power of the U.S., where Chinese producers sell more than $400 billion worth of goods annually, accounting for around 14% of total exports. Chinese leader Xi Jinping phoned Trump on September 19 for the first time in three months, and while the call appeared to ease tensions, it remains unclear whether it yielded the expected agreement on popular short-video app TikTok, which analysts see as key to a broader trade deal. Disagreements on technical details appeared to be weighing on negotiations, as Chinese and U.S. trade officials met again last Thursday to revisit issues discussed in talks before this month's Madrid summit, where a framework TikTok deal was reached. (Reporting by Joe Cash; Editing by Sam Holmes and Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Blake Brittain and Jan Wolfe WASHINGTON (Reuters) -A federal judge in Washington ordered the Trump administration on Monday to pause the layoffs of hundreds of employees from the agency that owns the U.S. news service Voice of America, adding that government officials had shown "concerning disrespect" for the court's directives. U.S. District Judge Royce Lamberth halted the plan while he determines whether the U.S. Agency for Global Media complied with an injunction he issued in April that it "fulfills its statutory mandate that VOA serve as a consistently reliable and authoritative source of news." The layoffs would affect 532 jobs for full-time staff, representing most of the agency's remaining employees. VOA broadcasts were abruptly shut down in March under an executive order from U.S. President Donald Trump. Lamberth said in his written order that he "no longer harbors any doubt" that the defendants, which include the agency and its acting CEO Kari Lake, "lack a plan to comply with the preliminary injunction". Instead, they have "been running out the clock on the fiscal year while remaining in violation of even the most meager reading of USAGM and Voice of America’s statutory obligations," he said. Representatives for the White House and the agency, as well as attorneys for the employees who filed the litigation did not immediately respond to requests for comment on the decision. Trump, who clashed with VOA during his first term, picked Lake, a former news anchor, to be its director for his second. Lake, a staunch ally of the president, has often accused mainstream media of harboring anti-Trump bias. Founded in 1942 to counter Nazi propaganda, VOA reached 360 million people a week in 2024, according to a USAGM report to Congress.  Lamberth, who was appointed by President Ronald Reagan, has been hearing a batch of lawsuits challenging the legality of Trump's March executive order. The cases include one filed by Michael Abramowitz, VOA's director.      (Reporting by Blake Brittain and Jan Wolfe in Washington; Editing by Edwina Gibbs)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By David Lawder and David Shepardson WASHINGTON (Reuters) -U.S. President Donald Trump said on Monday he was slapping 10% tariffs on imported timber and lumber and 25% duties on imported kitchen cabinets, bathroom vanities and upholstered furniture, continuing his tariff assault on global trading partners. Trump signed a presidential proclamation laying out his argument that timber, lumber and furniture imports are eroding U.S. national security to justify the new duties under Section 232 of the Trade Act of 1974. The proclamation said the tariff rates would start on October 14, but added that duties will increase on January 1 to 30% for upholstered wooden products and to 50% for kitchen cabinets and vanities imported from countries that fail to reach an agreement with the United States. The action is the first in three sectors that Trump said last week would get steep new duties as early as October 1, including patented pharmaceutical imports, and heavy truck imports. But Monday's proclamation sets the start of the lumber and furniture duties two weeks later, at 12:01 a.m. EDT (0401 GMT) on October 14. Trump's proclamation said wood product imports are weakening the U.S. economy, resulting in the persistent threats of closures of wood mills and disruptions of wood product supply chains and diminishing utilization of the U.S. domestic wood industry. "Because of the state of the United States wood industry, the United States may be unable to meet demands for wood products that are crucial to the national defense and critical infrastructure," the statement said. The order added that wood products are used for "building infrastructure for operational testing, housing and storage for personnel and materiel, transporting munitions, as an ingredient in munitions, and as a component in missile-defense systems and thermal-protection systems for nuclear-reentry vehicles." PAIN FOR CANADA, VIETNAM, MEXICO The action heaps more tariffs on Canada, the biggest softwood lumber supplier to the U.S., where producers already face combined U.S. anti-dumping and anti-subsidy tariffs of about 35% due to a long-festering dispute over timber harvested from Canadian public lands. Canada, which hopes to negotiate U.S. tariff reductions through a broader revamp of the 2020 U.S.-Mexico-Canada agreement on trade, has said it would provide up to C$1.2 billion ($870 million) in aid to its softwood lumber producers to cope with the prior duties. Mexico and Vietnam are growing suppliers of wooden furniture to the U.S. after Trump hit Chinese furniture products with tariffs of up to 25% during his first term starting in 2018 – duties which have since been raised to about 55% and now could nearly double for cabinets and vanities. Trump's proclamation offered some countries that have struck tariff-reducing trade deals with the U.S. some relief from the higher wood products duties. It said that U.S. tariffs on wood products from Britain would be capped at 10% and those from the European Union and Japan would be capped at 15% – rates in line with the base tariff rate in those framework agreements. But Trump's statement made no mention of his trade deal with Vietnam for a 20% tariff rate in July, an agreement that still has not been formally documented. In April, after the Commerce Department opened the national security probe into U.S. lumber imports, the U.S. Chamber of Commerce announced its opposition to any restrictions on imports of timber, lumber and their derivative products, including wood pulp, paper and cardboard. "Imports of these goods do not represent a national security risk," the Chamber wrote. "Imposing tariffs on these goods would raise costs for U.S. businesses and home construction, undermine the export success enjoyed by the U.S. paper industry, and reduce incomes in many U.S. communities." (Reporting by David Shepardson, David Lawder and Ismail Shakil; Editing by Lincoln Feast.)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Ju-min Park INCHEON, South Korea (Reuters) -From the muddy grounds of a former amusement park on South Korea's coast, tens of thousands of vehicles are being packed for shipment overseas as booming used car exports help to mitigate the impact of U.S. tariffs on new car sales. Soaked in sweat from the outdoor heat, workers are loading and strapping cars into containers around the clock for shipment from the makeshift facilities at South Korea's largest used car export hub in Incheon, west of Seoul. "It is embarrassing for us to say ourselves our business is a star export item," said Kevin Seol, a trader who ships about 100 used cars monthly. "But the industry keeps growing by numbers so I think we are contributing to the national exports." South Korea's auto shipments to the U.S. have declined for six consecutive months since President Donald Trump announced 25% tariffs. But its global car exports have risen for three straight months, supported by record-high second-hand vehicle sales, which accounted for a quarter of the total auto exports by volume and 13% by value, according to trade ministry and customs data. South Korea exported $5.5 billion of cars in August, up 9% from a year earlier and the highest monthly total on record, the trade ministry said. Used car exports jumped 35% to $711.5 million the same month, according to the Korea Used Car Distribution Research Institute. The used vehicle growth is largely propelled by insatiable demand for older Hyundai and Kia cars in Russia and in the Middle East and a weaker won, traders and experts said. "Exports to the U.S. don't account for much of our business," Seol said. "Demand from other countries is strong, so the tariffs haven't really hurt us." TARIFFS COULD RAISE USED CAR PRICES South Korea exports most of the used cars that are sold to the Middle East, Central Asia and Russia, according to government data and traders. In those markets, Korean cars can be more attractive than those from export rival Japan because they are designed for driving on the right side of the road, whereas Japan drives on the left, traders said. In South Korea's biggest new car export market, the U.S., exports have been hobbled by a 25% tariff that remains higher than the 15% rate for Japanese and European cars, though Seoul is in negotiations for a reduction. But while U.S. tariffs are a negative for the new car market, they could lead to further demand and higher prices for used vehicles, said Shin Hyun-do, director of the Korea Used Car Distribution Research Institute. "If U.S. tariffs on new cars rise, car prices will go up. That will lead to a rise in car prices globally," he said. "In that case used car prices are likely to follow suit." In the first half of the year, South Korea's used car exports jumped 72% to $3.9 billion, with 437,151 vehicles shipped abroad, accounting for about a quarter of total auto exports by volume, Shin said. South Korea sold more used cars to the Middle East than new vehicles between January and June and reported a 40% rise in monthly average sales to Russia, he added. POOR INFRASTRUCTURE THREATENS GROWTH POTENTIAL Demand from Russia and its trade partners like Kyrgyzstan has surged since the outbreak of the war in Ukraine. In response to the invasion, Japan curbed trade in used vehicles in 2023 by banning all but used compact cars from being sold directly to Russia. South Korea added restrictions in 2024, but only for new or used vehicles with 2,000 cc engines or larger, such as bigger SUVs, and some of those are being sold to Russia through Central Asian countries, market participants said. South Korea's used car exports are expected to set a new record high in volumes and value this year, experts say, even though fast-growing market Syria banned used car imports in July, according to state media. But traders said the growth in overseas sales risked being capped by poor infrastructure at the country's export hubs, including the one at Incheon, a dirt field with makeshift offices and inadequate facilities. "Private businesses rent these dirt lots here and park their cars there," said Park Young-hwa, a trader who runs the Korea Used Car Export Association. "In summer, conditions are so bad that buyers with their feet are stuck in mud find it difficult to inspect the cars." Ruling Democratic Party lawmaker Heo Jong-sik proposed a bill in April to establish a registration system for used car exporters and develop dedicated export complexes. Used car exports and cosmetics were the fastest-growing export industries by value for small and medium-sized companies in the first half of 2025, according to government data. "Since used car exports have already become one of our country's main export items, the government should step in to manage and foster the industry through policies," Heo said. (Reporting by Ju-min Park; Editing by Josh Smith and Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Rocky Swift TOKYO (Reuters) -Shares in Asia edged higher and gold continued its record climb on Tuesday as markets weighed prospects for a U.S. government shutdown that would delay closely watched jobs figures. The Australian dollar held gains before a meeting by the Reserve Bank of Australia where it is expected to hold pat on policy. Oil fell on prospects for increased production from OPEC+, while China's manufacturing activity shrank for a sixth month in September, official data showed. U.S. Vice President JD Vance said the government appeared "headed to a shutdown" after little progress in budget talks between President Donald Trump and Democratic opponents. A government closure would halt the publishing of critical employment numbers later this week, putting the spotlight on the Labor Department's JOLTS report on August job openings due later on Tuesday. "It does look as though markets are bracing themselves for the likelihood that we will see a shutdown," Ray Attrill, the head of FX research at National Australia Bank, said on a podcast. "If we know we're not going to get the payrolls numbers, it will just shine a brighter spotlight on the numbers that we do have." MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% in early trading, poised for a 5.6% gain this month that would be the best in a year. Japan's Nikkei stock index slid 0.3%, down for a third day. The dollar was flat at 148.62 yen after a 0.6% slide on Monday. The euro was little changed at $1.1723. The Australian dollar strengthened 0.2% versus the greenback to $0.6587. SHUTDOWN COULD LEAVE FED WITHOUT KEY DATA The U.S. JOLTS report is the first of several indicators expected ahead of the September employment report due Friday that is considered key to the Federal Reserve's calculations for the timing of rate cuts. A protracted closure could leave the Fed flying blind on the economy when it meets on October 29. Analysts expect JOLTS to show job openings held firm at around 7.18 million in August. "The most immediate implication for the markets is the shutdown may delay the release of certain data, including the critical non-farm payrolls report," Capital.com analyst Kyle Rodda wrote in a note. "The primary focus for market participants is currently the path forward for U.S. interest rates, with asset prices being supported by the notion that cuts are coming and they could end up being relatively deep." Without a deal, a U.S. government shutdown would begin from Wednesday, the same day when new U.S. tariffs are supposed to go into effect on heavy trucks, patented drugs and other items. The White House announced revised tariffs on furniture and cabinets late on Monday that are due to kick in on October 14. In Asian economic data, China's purchasing managers' index (PMI) rose to 49.8 in September versus 49.4 in August, below the 50-mark separating growth from contraction. It suggested producers are waiting for further stimulus to boost domestic demand, as well as clarity on a U.S. trade deal. The economic and trade uncertainty was a tailwind for gold, which reached an all-time high $3,843.49. Oil remained weaker due to an anticipated production increase by OPEC+ and the resumption of oil exports from Iraq's Kurdistan region. U.S. crude dipped 0.6% to $63.07 a barrel, while Brent crude fell 0.6% to $67.51 per barrel. In early European trading, the pan-region Euro Stoxx 50 futures were down 0.11% at 5,524, German DAX futures were down 0.07% at 23,890, and FTSE futures were down 0.06% at 9,355. (Reporting by Rocky Swift; Editing by Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Boeing is in the early stages of developing a new single-aisle airplane that would eventually replace the 737 MAX, the Wall Street Journal reported on Monday, citing people familiar with the matter. Earlier this year, CEO Kelly Ortberg met with officials from Rolls-Royce Holdings in the UK to discuss a new engine for the aircraft, according to the report.  The U.S. planemaker has also been designing the flight deck of a new narrow-body aircraft, the report said, adding that development remains in the early planning phase, with final decisions yet to be made. The planemaker told WSJ that its recovery plan remains on track, with priorities including the delivery of roughly 6,000 back-logged commercial airplanes and the certification of previously announced models. Reuters could not immediately confirm the report. Boeing and Rolls-Royce did not immediately respond to a Reuters' request for comment.  The 737 MAX entered service in 2017 but was grounded globally in 2019 after two fatal crashes killed 346 people. Both incidents slashed Boeing's profits and triggered lawsuits, investigations, and a criminal probe by the U.S. Department of Justice. The Federal Aviation Administration lifted the grounding order in 2020 during the COVID-19 pandemic. Last Friday, the FAA said it would allow the planemaker to issue airworthiness certificates for some 737 MAX jets, starting this week. This authority had been revoked in 2019 following the second fatal crash involving the model in Ethiopia. The move comes as Boeing continues to face regulatory scrutiny. In early 2024, the FAA imposed a production cap of 38 737 MAX planes per month after a mid-air cabin panel blowout on a new Alaska Airlines jet, which was later found to be missing four bolts. The Alaska Airlines incident prompted the U.S. Justice Department, under then-President Joe Biden, to open a criminal investigation and declare that Boeing was not in compliance with a 2021 deferred prosecution agreement made after the company had misled the FAA during the 737 MAX regulatory certification process. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Sherry Jacob-Phillips)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Satoshi Sugiyama TOKYO (Reuters) -Japan's factory output fell more than expected while retail sales declined for the first time in over three years in August, government data showed, heightening uncertainties about the economic outlook. Although Tokyo struck a trade deal with Washington, analysts said U.S. tariffs could still affect Japan's production and the global economy, which is keeping the Bank of Japan on edge in terms of when to next raise rates. Industrial output fell 1.2% in August from a month earlier, data from the Ministry of Economy, Trade and Industry (METI) showed on Tuesday, exceeding a median market forecast for a 0.8% decline.  Manufacturers surveyed by the ministry expect seasonally adjusted output to grow 4.1% in September and rise 1.2% in October. The ministry maintained its assessment that industrial output is "seesawing." "The cautious stance towards production planning remains deeply entrenched," a METI official said. The production of electrical machinery and information and communication electronics equipment, including laptop computers, fell 5.7% in August from the previous month due to a reaction to pent-up demand in July. Fabricated metal production was down 7.8%. In late July, Washington and Tokyo agreed upon a baseline 15% tariff on nearly all Japanese imports, down from an initial 27.5% rate on autos and a threatened 25% duty on most other goods, which came as a relief to Japanese exporters.  Motor vehicle production, a key industry for Japan, was up 2.5% in August from a month earlier as the output for vehicle models for sale overseas increased and a parts shortage eased. Still, analysts said it was too early to be optimistic. "Japanese manufacturers are feeling squeezed on all sides," said Stefan Angrick, head of Japan and frontier market economics at Moody’s Analytics. "Higher U.S. import tariffs under the U.S.-Japan trade deal are dragging down shipments." BOJ Governor Kazuo Ueda said this month that the central bank will continue to raise interest rates if the economy and prices move in line with its forecast, although he said he preferred to scrutinise more data for clues on how U.S. tariffs could affect Japan's economy. Separate data showed Japanese retail sales in August declined 1.1% from a year earlier, the first decline in 42 months, dragged down by lower automobile sales. The median market forecast expected a 1.0% rise. "This dismal data streak will keep the Bank of Japan on hold for now," Angrick said. (Reporting by Satoshi Sugiyama; Additional reporting by Yoshifumi Takemoto; Editing by Jacqueline Wong and Thomas Derpinghaus.)

(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's manufacturing activity shrank for a sixth month in September, an official survey showed on Tuesday, suggesting producers are waiting for further stimulus to boost domestic demand, as well as clarity on a U.S. trade deal The official purchasing managers' index (PMI) rose to 49.8 in September versus 49.4 in August, below the 50-mark separating growth from contraction, and beating a median forecast of 49.6 in a Reuters poll. (Reporting by Joe Cash; Editing by Christian Schmollinger)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Ankur Banerjee SINGAPORE (Reuters) -The U.S. dollar was on the back foot on Tuesday in cautious trading as investors braced for a possible U.S. government shutdown that would halt economic data releases including the crucial jobs report later this week. Government funding will expire at midnight on Tuesday unless Republicans and Democrats agree to a last-minute temporary spending deal, with President Donald Trump and his opponents making little progress at a White House meeting. The payrolls report, crucial for decision-making by policymakers at the Federal Reserve, is scheduled for Friday, and a delay could leave the central bank flying blind on the labour market. Federal Reserve Bank of New York President John Williams said on Monday that emerging signs of weakness in the labor market drove his support for cutting interest rates at the most recent central bank meeting. "If a shutdown is brief, the Fed will largely ignore it," said Elias Haddad, senior markets strategist at Brown Brothers Harriman. "However, a prolonged shutdown (more than two weeks), increases the downside risk to growth and raises the likelihood of a more accommodative Fed." Traders are currently pricing in 42 basis points of Fed easing by December and a total of 104 basis points by the end of 2026, about 25 bps less than levels seen in mid-September. That could put the dollar in a vulnerable position in the near term, with the broader U.S. currency index, which has dropped 9.7% this year, easing a bit to 97.948 in early Asian hours. The euro was flat at $1.17275, while sterling was at $1.3433. "While a shutdown could delay Friday’s non-farms payrolls report, historically, the impact on GDP has been modest, as any disruptions are typically made up immediately after the shutdown ends," said Tony Sycamore, market analyst at IG. The Australian dollar was steady at $0.65795 ahead of the policy decision from the Reserve Bank of Australia later in the day, where it is widely expected to stand pat on rates. After multiple rate cuts, economic growth picked up in the second quarter and the jobless rate has held relatively steady, suggesting the RBA can slow its pace of easing. This year, it cut rates in February, May and August. Still, the Aussie has gained over 6% this year benefiting from a weaker U.S. dollar and strong risk appetite. For September, it has advanced a more modest 0.6% after hitting an 11-month high two weeks ago. "The RBA is likely to steer away from providing guidance about cuts to the cash rate because tension is building between the RBA’s two goals of inflation and full employment," said Carol Kong, currency strategist at Commonwealth Bank of Australia. The Japanese yen was slightly weaker at 148.72 per U.S. dollar as investors considered the Bank of Japan's summary of opinions for its September policy meeting that showed the central bank debated the possibility of a near-term rate hike. "Judging solely from the perspective of Japan's economic conditions, it may be time to consider raising the policy interest rate again, given that it has been more than six months since the last rate hike," one opinion was quoted as saying. At its September meeting, the BOJ kept rates steady but faced dissents from two board members who voted for a rate hike. Traders are increasingly gearing up for the BOJ to hike interest rates again with a move in December priced in at a 60% chance. (Reporting by Ankur Banerjee in SingaporeEditing by Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Boeing is planning a new single-aisle airplane that would succeed the 737 MAX, the Wall Street Journal reported on Monday, citing people familiar with the matter. Reuters could not immediately confirm the report. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Sherry Jacob-Phillips)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)