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Stock markets mostly bumped upwards Thursday as hopes grew that the European Union could strike a trade deal with the United States, while Tesla shares nosedived on poor earnings results.Investors have profited in recent weeks from wagers that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s looming August 1 deadline to avoid steeper levies.”Buyers are in control and there remains a lot of optimism about future trade deals,” said Adam Sarhan of 50 Park Investments.”For now the market is choosing to look at the bullish side of the coin,” he said. “Not the bearish side and not the neutral side.”On Wall Street, both the S&P 500 and tech-heavy Nasdaq edged higher to close at fresh records, while the Dow retreated. Google parent Alphabet climbed 0.9 percent after reporting a whopping $28.2 billion in second-quarter profits as it touted its artificial intelligence offerings. But Tesla fell 8.2 percent as CEO Elon Musk warned investors of a rough patch for earnings after the electric car maker reported a 16 percent drop in quarterly profits.A survey of US manufacturers released Thursday showed business confidence in the world’s top economy also deteriorated in July for the second month running.”Companies cite ongoing concerns over the impact of government policies, notably in terms of both tariffs and cuts to federal spending,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.In Europe, London’s FTSE 100 gained 0.9 percent at the close, lifted by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Paris fell, dragged down by a drop in luxury stocks and disappointing profits from fossil fuel giant TotalEnergies.Yet most other European stocks markets including Frankfurt rose, as the European Union and Washington appeared close to a deal that would halve a threatened 30-percent levy on EU goods to 15 percent.A European Commission spokesman said Thursday that he believed a trade deal with the US is “within reach.” According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods.The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods.Meanwhile, the European Central Bank left interest rates unchanged, as widely expected.It warned that the economic environment remained “exceptionally uncertain, especially because of trade disputes” as higher US tariffs hang in the balance.The euro dipped a touch following Thursday’s rate decision, but it did perk up after ECB President Christine Lagarde said the central bank was monitoring the dollar-euro exchange rate but had no target. The euro has surged almost 14 percent against the dollar since the start of the year, boosted by investors dumping US assets in the face of Trump’s erratic policymaking and attacks on the US Federal Reserve.The euro’s appreciation helps contain inflation but could harm European exports and thus slow already sluggish economic growth.In Asia, stocks advanced with Tokyo adding more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal.Hong Kong and Shanghai also rose.- Key figures at around 2050 GMT -New York – Dow: DOWN 0.7 percent at 44,693.91 (close)New York – S&P 500: UP 0.1 percent at 6,363.35 (close)New York – Nasdaq Composite: UP 0.2 percent at 21,057.96 (close)London – FTSE 100: UP 0.9 percent at 9,138.37 (close)Paris – CAC 40: DOWN 0.4 percent at 7,818.28 (close)Frankfurt – DAX: UP 0.2 percent at 24,295.93 (close)Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)Dollar/yen: UP at 146.94 yen from 146.51 yen on WednesdayEuro/dollar: DOWN at $1.1756 from $1.1771Pound/dollar: DOWN at $1.3507 from $1.3582Euro/pound: UP at 87.01 pence from 86.68 penceWest Texas Intermediate: UP 1.2 percent at $66.03 per barrelBrent North Sea Crude: UP 1.0 percent at $69.18 per barrelburs-jmb/sla

Stock markets mostly bumped upwards Thursday as hopes grew that the European Union could strike a trade deal with the United States, while Tesla shares nosedived on poor earnings results.Investors have profited in recent weeks from wagers that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s looming August 1 deadline to avoid steeper levies.Briefing.com analyst Patrick O’Hare said Trump’s Tuesday trade announcement with Japan had raised hopes about further agreements.”There is underlying enthusiasm for more trade deals being struck before the August 1 deadline,” O’Hare said.This was boosted further by “optimism surrounding trade talks between the US and EU”, said Joshua Mahony, chief market analyst at Rostro trading group. On Wall Street, both the S&P 500 and tech-heavy Nasdaq edged higher in the morning’s trading, although the Dow slid lower as investors digested mixed company earnings.Google parent Alphabet was among the early gainers, rising about three percent after reporting a whopping $28.2 billion in second-quarter profits as it touted its artificial intelligence offerings. But Tesla fell around nine percent as CEO Elon Musk warned investors of a rough patch for earnings after the electric car maker reported a 16-percent drop in quarterly profits.A survey of US manufacturers released Thursday showed business confidence in the world’s top economy also deteriorated in July for the second month running.”Companies cite ongoing concerns over the impact of government policies, notably in terms of both tariffs and cuts to federal spending,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.In Europe, London’s FTSE 100 gained 0.9 percent at the close, lifted by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Paris fell, dragged down by a drop in luxury stocks and disappointing profits from fossil fuel giant TotalEnergies.Yet most other European stocks markets including Frankfurt rose, as the European Union and Washington appeared close to a deal that would halve a threatened 30-percent levy on EU goods to 15 percent.A European Commission spokesman said Thursday that he believed a trade deal with the US is “within reach”. According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods.The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods.Meanwhile, the European Central Bank left interest rates unchanged, as widely expected.It warned that the economic environment remained “exceptionally uncertain, especially because of trade disputes” as higher US tariffs hang in the balance.The euro dipped a touch following Thursday’s rate decision, but it did perk up after ECB President Christine Lagarde said the central bank was monitoring the dollar-euro exchange rate but had no target. The euro has surged almost 14 percent against the dollar since the start of the year, boosted by investors dumping US assets in the face of Trump’s impetuous policymaking and attacks on the US Federal Reserve.The euro’s appreciation helps contain inflation but could harm European exports and thus slow already sluggish economic growth.In Asia, stocks advanced with Tokyo adding more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal.Hong Kong and Shanghai also rose.- Key figures at around 1530 GMT -New York – Dow: DOWN 0.4 percent at 44,851,07 pointsNew York – S&P 500: UP 0.3 percent at 6,375.34New York – Nasdaq Composite: UP 0.3 percent at 21,075.70London – FTSE 100: UP 0.9 percent at 9,138.37 (close)Paris – CAC 40: DOWN 0.4 percent at 7,818.28 (close)Frankfurt – DAX: UP 0.2 percent at 24,295.93 (close)Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)Dollar/yen: UP at 146.79 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1774 from $1.1777Pound/dollar: DOWN at $1.3537 from $1.3579Euro/pound: UP at 86.98 pence from 86.68 penceWest Texas Intermediate: UP 1.3 percent at $66.09 per barrelBrent North Sea Crude: UP 1.1 percent at $69.26 per barrelburs-sbk/rl

Prime Minister Keir Starmer praised Britain’s “unique bonds” with India as he and his Indian counterpart Narendra Modi formally signed a recently announced UK-India trade deal during talks on Thursday.Starmer hailed the agreement as a “landmark moment” for both countries as he hosted India’s leader at his Chequers country estate, northwest of London.”This is not the extent or the limit of our collaboration with India,” added the British premier, whose year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation.”We have unique bonds of history, of family and of culture and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term,” he said.Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add £4.8 billion ($6.5 billion) a year to the UK economy.The UK and India hope the accord will boost trade between the two countries by £25.5 billion, as well as bolstering the British economy and wages.Modi, standing alongside Starmer during a media appearance, described the deal as a “blueprint for our shared prosperity”.Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around £41 billion and investment supporting more than 600,000 jobs across both countries.The accord slashes tariffs on imports of UK goods into India, including whisky, cosmetics and medical devices.In return, the United Kingdom will cut tariffs on clothes, footwear and food products including frozen prawns from India.Starmer and Modi also discussed last month’s Air India disaster in which 241 people died when a London-bound flight crashed after taking off from Ahmedabad in western India, Downing Street said.Some 169 Indian passengers and 52 British nationals were killed in the June 12 crash, one of the deadliest plane disasters in terms of the number of British fatalities.Starmer told Modi the UK “will continue to support all those affected by the tragedy,” according to a readout of their meeting provided by his office.The statement did not say whether the two leaders specifically discussed allegations that the repatriation of victims had been marred by errors.- Sikh blogger -A lawyer for 20 British families said this week that one relative found that a returned coffin contained “co-mingled” remains.A different family was told a coffin contained the body of someone else entirely, not their loved one, he said, according to UK media.India’s foreign ministry has said all remains “were handled with utmost professionalism” and that it was “continuing to work with the UK authorities on addressing any concerns related to this issue”.The readout also did not mention the case of Scottish sikh blogger Jagtar Singh Johal, imprisoned in India since 2017 on accusations of being part of a terror plot against right-wing Hindu leaders.He has not been convicted of a crime and in March was cleared of one of the nine charges against him.His brother Gurpreet Singh Johal had called for the case to be “high on the agenda” during the meeting.Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year.Modi was also due to see King Charles III during his brief stay in Britain, his fourth visit since becoming India’s leader in 2014.

Stock markets mostly extended gains Thursday as optimism grew that the European Union could soon strike a trade deal with the United States, following the Japan-US agreement.Investors have benefitted in recent weeks from bets that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s August 1 deadline to avoid steeper levies.”The positive sentiment generated by the trade deal agreed between the US and Japan continued to permeate the markets,” said AJ Bell investment director Russ Mould.This was boosted further by “optimism surrounding trade talks between the US and EU”, said Joshua Mahony, chief market analyst at Rostro trading group. London’s FTSE 100 gained almost one percent, lifted also by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Frankfurt rose, along with most other European stocks, as the European Union and Washington appeared close to a deal that would set a baseline 15-percent levy on EU goods, down from a threatened 30 percent.A European Commission spokesman said Thursday said that he believed a trade deal with the United States is “within reach”. According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods.The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods.After opening higher, Paris slipped in midday trading, dragged down by a drop in luxury stocks and disappointing earnings from fossil fuel giant TotalEnergies and chipmaker STMicroelectronics, which plunged 10 percent.Later on Thursday, the European Central Bank is expected to leave interest rates unchanged as higher US tariffs hang in the balance.In Asia, stocks advanced following another record day for the S&P 500 and Nasdaq on Wall Street Wednesday.Tokyo added more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal.Hong Kong and Shanghai also advanced.Traders kept an eye on Tokyo after Japanese Prime Minister Shigeru Ishiba denied discussing his resignation with party elders on Wednesday, as speculation about his future intensified following a weekend election debacle.Banking stocks gained in Europe after a flurry of earnings reports were received well by the market. Deutsche Bank posted its highest second-quarter profit since 2007, which sent its shares surging more than seven percent in Frankfurt.French banking giant BNP Paribas announced a record annual profit for 2025, and UK bank Lloyds reported a rise in first-half net profit.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.9 percent at 9,114.38 pointsParis – CAC 40: DOWN 0.3 percent at 7,830.42 Frankfurt – DAX: UP 0.4 percent at 24,336.31Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)New York – Dow: UP 1.1 percent at 45,010.29 (close)Dollar/yen: UP at 146.55 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1752 from $1.1777Pound/dollar: DOWN at $1.3538 from $1.3579Euro/pound: UP at 86.81 pence from 86.68 penceWest Texas Intermediate: UP 0.9 percent at $65.86 per barrelBrent North Sea Crude: UP 0.8 percent at $69.03 per barrel

Stock markets extended the week’s gains Thursday on optimism other countries will follow up the Japan-US trade deal with agreements of their own, as speculation builds that the EU is on course.Investors have been on a roll in recent weeks on bets that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s August 1 deadline.The mood has been upbeat since Japan had reached a deal to lower sweeping tariffs from 25 percent to 15 percent, including those on the country’s crucial car sector.The breakthrough fanned hopes that others were in the pipeline.There is talk that the European Union is edging towards an agreement. Reports say Brussels could get something similar to Japan, with tariffs cut to 15 percent from the threatened 30 percent.The Financial Times said the two would waive tariffs on some products, including aircraft, spirits and medical devices.That came after US Treasury Secretary Scott Bessent said negotiations were making progress, with talks planned later in the day between the bloc’s top trade negotiator and his American counterpart.Analysts said a deal with Washington’s biggest trading entity would provide a massive boost to equities.However, failure to reach a deal, triggering Trump’s 30-percent levies on August 1, could cause havoc on markets, analysts warned.France has been loudest in insisting Brussels must show it is willing to deploy its trade weapon, known as the anti-coercion instrument — allowing officials to take measures such as import and export restrictions on goods and services.Neil Wilson at Saxo Markets warned that would end up “effectively killing trade between the two… the nuclear option is on the table it seems, but for the moment expectation seems to be veering towards a deal”.After another record day for the S&P 500 and Nasdaq on Wall Street, Asia picked up the baton and ran.Tokyo piled on more than one percent, having jumped more than three percent Wednesday on the trade deal, while Hong Kong continued its standout year with another advance.Shanghai, Seoul, Singapore, Wellington, Taipei and Jakarta also rose, with London, Paris and Frankfurt also on the front foot. There were some losses in Sydney, Mumbai and Bangkok.Traders are also keeping an eye on developments in Tokyo after Japanese Prime Minister Shigeru Ishiba denied discussing his resignation with party elders on Wednesday, as speculation about his future intensified following a weekend election debacle.Despite the saga, the yen extended its gains, briefly hitting 145.86 per dollar as the trade deal allows investors to turn their attention to the Bank of Japan’s policy meeting next week hoping for guidance on its next interest rate hike.The unit had been sitting around 147.90 before the deal.Bank officials have held off rocking the boat on the issue amid tariff uncertainty, but observers say the agreement can allow them to reconsider lifting in October.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)London – FTSE 100: UP 0.6 percent at 9,114.32 Dollar/yen: DOWN at 146.34 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1764 from $1.1777Pound/dollar: DOWN at $1.3562 from $1.3579Euro/pound: UP at 86.74 pence from 86.68 penceWest Texas Intermediate: UP 0.8 percent at $65.80 per barrelBrent North Sea Crude: UP 0.8 percent at $69.03 per barrelNew York – Dow: UP 1.1 percent at 45,010.29 (close)

Negotiations over the Philippines’ new 19 percent US tariff rate are “not finished”, a key government economic adviser said Thursday, tamping down fears over the deal’s potential impact on the agriculture sector.President Ferdinand Marcos flew back to the country late Wednesday after a three-day trip to Washington that saw him emerge from a meeting with Donald Trump having shaved a single point off a 20 percent levy on Filipino goods. What might “seem like a very small concession” was in fact a “significant achievement”, Marcos told reporters who questioned if the Philippines — a longtime US treaty ally — was getting the short end of the stick.The US president, meanwhile, touted “zero tariffs” on American goods headed to the archipelago nation of 115 million.But Marcos economic adviser Frederick Go said Thursday that tariffs would not be dropped in every category.”The negotiations are not yet finished. Our technical working groups will continue to work with their counterparts from America to finalize the details of this arrangement,” he told reporters in Manila.”There are still many things to be discussed.”Since the Trump meeting, the Marcos administration has downplayed the potential effects of the tariffs, noting just 16 percent of the country’s exports go to the United States, with about two-thirds being electronic components not subject to levies.On Thursday, Go said that while tariffs would disappear for certain agricultural products like soy and wheat, key areas such as sugar, corn, rice, fish and pork would remain protected for Filipino farmers.”I can guarantee to you we studied our biggest industries in the country where we are a significant market producer. We didn’t include those in our arrangements with the United States,” he said.Go also touted the benefit to Filipino consumers of dropping some tariffs, particularly on pharmaceuticals.”Medicines are expensive in the Philippines. If they are tariff-free, then that can lower the price of medicine in our country,” he said.Jesus Felipe, an economics professor at Manila’s De La Salle University, told AFP the actual number of Philippine exports hit by the full tariff would likely be low.”That’s the number (19 percent) that has been flagged, but our feeling is that many products — a substantial share of Philippine exports to the US — will have to be exempted.”While predicting the effect on Philippine GDP would effectively be “nothing”, Felipe said the “imperialist attitude” with which the United States was treating smaller countries remained worrying.Countries with far larger US trade deficits like China, Mexico and Canada had “much more power and leverage” to fight back, he said.”The Philippines cannot retaliate.”

HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said.”We are conducting a search and seizure at HYBE’s headquarters in Yongsan District,” Seoul police said in a brief statement.Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company’s 2020 initial public offering.He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports.HYBE has denied Bang committed any wrongdoing.”We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations,” the company said in early July, pledging “active cooperation” with authorities to get to the bottom of the case.Bang allegedly misled HYBE’s early investors, who held pre-IPO shares, by telling them in 2019 he had no plans to take the company public.He then allegedly encouraged them to sell their shares to private equity funds when in fact IPO plan was in the making.HYBE went public in 2020, after the shareholders sold their stakes.The 52-year-old is accused of secretly striking a deal with the private equity funds to receive a portion of the profits they made from selling shares after the IPO.- 2026 comeback -The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced this month that a new album and world tour were scheduled for 2026.BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States.Before their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute.That accounts for roughly 0.2 percent of South Korea’s total GDP, according to official data.There had been debate over whether BTS should be granted exemptions from military service — sometimes granted to Olympic medallists and classical artists who win top international awards — but pop stars do not qualify under South Korean laws.With the lack of public consensus on the matter, the members enlisted individually, beginning in late 2022.

Asian markets extended the week’s gains Thursday on optimism other countries will follow up Japan’s US trade deal with ones of their own, with speculation building that the European Union is on course.Investors have been on a roll in recent weeks on bets that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s August 1 deadline.The mood has been upbeat since news that Japan had reached a deal to lower sweeping tariffs from 25 percent to 15 percent, including those on the country’s crucial car sector.The breakthrough fanned hopes that others were in the pipeline.However, there is talk that the European Union is edging towards an agreement. Reports say Brussels could get something similar to Japan, with tariffs cut to 15 percent — from the threatened 30 percent.The Financial Times said the two would waive tariffs on some products, including aircraft, spirits and medical devices.That came after US Treasury Secretary Scott Bessent said negotiations were making progress, with talks planned later in the day between the bloc’s top trade negotiator and his American counterpart.Analysts said a deal with Washington’s biggest trading entity would provide a massive boost to equitiesHowever, failure to reach a deal, triggering Trump’s 30 percent levies on August 1, could cause havoc on markets, analysts warned.France has been loudest in insisting Brussels must show it is willing to deploy its trade weapon, known as the anti-coercion instrument — allowing officials to take measures such as import and export restrictions on goods and services.Neil Wilson at Saxo Markets warned that would end up “effectively killing trade between the two… the nuclear option is on the table it seems, but for the moment expectation seems to be veering towards a deal”.After another record day for the S&P 500 and Nasdaq on Wall Street, Asia picked up the baton and ran.Tokyo piled on two percent, having jumped more than three percent Wednesday on the trade deal, while Hong Kong continued its standout year with another advance.Shanghai, Seoul, Singapore, Wellington, Taipei and Manila also rose.Traders are also keeping an eye on developments in Tokyo after Japanese Prime Minister Shigeru Ishiba denied discussing his resignation with party elders on Wednesday, as speculation about his future intensified following a weekend election debacle.Despite the saga, the yen extended its gains, briefly hitting 145.86 per dollar as the trade deal allows investors to turn their attention to the Bank of Japan’s policy meeting next week hoping for guidance on its next interest rate hike.The unit had been sitting around 147.90 before the deal.Bank officials have held off rocking the boat on the issue amid tariff uncertainty, but observers say the agreement can allow them to reconsider lifting in October.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 2.0 percent at 41,983.50 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 25,606.58Shanghai – Composite: UP 0.2 percent at 3,588.11Dollar/yen: DOWN at 146.06 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1772 from $1.1777Pound/dollar: UP at $1.3582 from $1.3579Euro/pound: DOWN at 86.66 pence from 86.68 penceWest Texas Intermediate: UP 0.3 percent at $65.47 per barrelBrent North Sea Crude: UP 0.3 percent at $68.71 per barrelNew York – Dow: UP 1.1 percent at 45,010.29 (close)London – FTSE 100: UP 0.4 percent at 9,061.49 (close)

Stock markets rose on Wednesday after Japan and the United States hammered out a trade deal that included lowering President Donald Trump’s tariffs on Japan’s crucial car sector.Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that more countries will follow suit before Trump’s August 1 deadline.”News of a trade agreement between the US and Japan is fostering optimism among investors that further deals might be reached before punishing tariffs come into force,” said AJ Bell investment director Russ Mould.Wall Street pushed higher, with the Dow rising more than one percent and the S&P 500 and Nasdaq both powering to fresh all-time closing records.In Europe, London’s FTSE 100 ended the day up 0.4 percent, after hitting another record high at the open.Paris piled on 1.4 percent and Frankfurt also advanced, tracking gains in Asia.Tokyo surged over three percent after the US president announced a deal lowering tariffs on some Japanese goods to 15 percent, down from the threatened 25 percent.The deal will also reduce tolls on autos — a sector accounting for eight percent of Japanese jobs — to 15 percent, compared with 25 percent for other countries.In return, Japan pledged to invest $550 billion in the United States, Trump said on social media.Shares in carmaker Toyota rocketed higher by more than 14 percent, Mitsubishi 13 percent and Nissan eight percent. European carmakers also rallied, Stellantis jumping around nine percent in Paris.Shares in German automakers BMW, Mercedes Benz, Porsche and Volkswagen all rose more than four percent.The deal is providing optimism that other countries can “seal good deals if they pledge investment into the US”, said Kathleen Brooks, research director at trading group XTB.Trump also hailed an agreement with Manila to lower levies on Philippine goods by one percentage point to 19 percent, while tariffs on Indonesia were slashed from 32 percent to 19 percent.Shares in Manila and Jakarta rallied.The announcements boosted hopes of other deals before next Friday’s deadline, though talks with the European Union and South Korea remain unresolved.US Treasury Secretary Scott Bessent said Wednesday that Washington was making progress on tariff negotiations with the European Union, with talks planned later in the day between the bloc’s top trade negotiator and his American counterpart.Japan’s 10-year government bond yield soared to the highest since 2008 after media speculation that Prime Minister Shigeru Ishiba would resign after a weekend election debacle. He denied the reports.Elsewhere in Asia, Hong Kong hit its highest level since late 2021, while Shanghai was flat.- Key figures at around 2055 GMT -New York – Dow: UP 1.1 percent at 45,010.29 (close)New York – S&P 500: UP 0.8 percent at 6,358.91 (close)New York – Nasdaq Composite: UP 0.6 percent at 21,020.02 (close)London – FTSE 100: UP 0.4 percent at 9,061.49 (close)Paris – CAC 40: UP 1.4 percent at 7,850.43 (close)Frankfurt – DAX: UP 0.8 percent at 24,240.82 (close)Tokyo – Nikkei 225: UP 3.5 percent at 41,171.32 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 25,538.07 (close)Shanghai – Composite: FLAT at 3,582.30 (close)Dollar/yen: DOWN at 146.47 yen from 146.63 yen on TuesdayEuro/dollar: UP at $1.1777 from $1.1754Pound/dollar: UP at $1.3579 from $1.3533Euro/pound: DOWN at 86.68 pence from 86.85 penceWest Texas Intermediate: DOWN 0.1 percent at $65.25 per barrelBrent North Sea Crude: DOWN 0.1 percent at $68.61 per barrelburs-jmb/des

United States and European officials signaled progress in tariff talks Wednesday, after US President Donald Trump announced a pact with Japan and China said its vice premier would attend bilateral negotiations next week.In an attempt to slash his country’s trade deficits, Trump has vowed to hit dozens of countries with punitive tariff hikes if they do not hammer out a pact with Washington by August 1.While the Trump administration earlier promised “90 deals in 90 days” as it delayed the imposition of higher duties in April, Washington has so far unveiled just five agreements including with Japan and the Philippines.The others are with Britain, Vietnam and Indonesia, the latter of which the White House noted would ease critical mineral export restrictions.Negotiations remain ongoing with major US trading partners China, Canada, Mexico and the European Union.Washington and Brussels signaled negotiations were moving along, with German Chancellor Friedrich Merz voicing optimism that “decisions” may be coming soon.Several EU diplomats added that the bloc was examining a US proposal involving a 15 percent tariff — and sectoral carve-outs still to be decided.EU trade chief Maros Sefcovic was expected to speak with US Commerce Secretary Howard Lutnick on Wednesday.US Treasury Secretary Scott Bessent, meanwhile, told Bloomberg Television: “I think that we are making good progress with the EU.”Separately, representatives from China and the United States will meet next week in Swedish capital Stockholm to further negotiations before an August 12 deadline agreed in May.Beijing and Washington imposed tit-for-tat levies on each other’s exports this year, reaching triple-digit levels, before agreeing to lower these temporarily until mid-August.As the clock ticks down, China said Wednesday it would seek to “strengthen cooperation” with Washington, and confirmed vice premier He Lifeng would attend the talks.- ‘Massive deal’ -For now, Trump was touting Washington’s agreement with Japan as “a massive deal.”He said on his Truth Social platform Tuesday that under the deal, “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”Bessent told Bloomberg Television that Japan received a 15 percent tariff rate, down from the 25 percent threatened, as “they were willing to provide this innovative financing mechanism.””They are going to provide equity credit guarantees and funding for major projects in the US,” Bessent said.Japanese exports to the United States were already subject to a 10 percent tariff, and this would have spiked to 25 percent come August 1 without a deal.Duties of 25 percent on Japanese autos — an industry accounting for eight percent of Japanese jobs — were also already in place, plus 50 percent on steel and aluminum.Japanese Prime Minister Shigeru Ishiba said the autos levy had now been cut to 15 percent, sending Japanese car stocks soaring, with Toyota and Mitsubishi up around 14 percent each. The Nikkei rose 3.5 percent.”We are the first (country) in the world to reduce tariffs on automobiles and auto parts, with no limits on volume,” he told reporters.Japan’s trade envoy Ryosei Akazawa, who secured the deal on his eighth visit to Washington, said the 50 percent tariffs on steel and aluminum would remain. Akazawa also said increased defense spending by Japan — something Trump has pressed for — was not part of the agreement.Trump added Tuesday that Japan agreed as well to “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”Rice imports are a sensitive issue in Japan, and Ishiba’s government — which lost its upper house majority in elections on Sunday — had previously ruled out any concessions. Japan currently imports 770,000 tons of rice tariff-free under its World Trade Organization commitments, and Ishiba said it would import more US grain within this.Ishiba said Wednesday that the deal does not “sacrifice” Japan’s agricultural sector.Tatsuo Yasunaga, the chair of the Japan Foreign Trade Council, welcomed the trade deal but said the business community needed to see details to assess its impact.Other US trading partners are watching closely as the August 1 deadline approaches.The Philippines’ deal announced Tuesday only saw levies cut by one percentage point, to 19 percent, after Trump hosted President Ferdinand Marcos.China on Wednesday said it supported “equal dialogue” following the announcement of the Japan-US deal.burs-raz-bys/acb