Putin and Kim embrace in North Korea, vow new multi-polar world
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Russian President Vladimir Putin and North Korean leader Kim Jong Un embraced and shared their thoughts on developing their nations' relations during Putin's visit to Pyongyang. The visit is likely to reshape Russia-North Korea relations as both countries face international isolation. The partnership between the two countries is seen as an engine for accelerating the building of a new multi-polar world. Putin praised North Korea for resisting U.S. economic pressure and promised to develop alternative trade and settlement mechanisms not controlled by the West. He also issued a presidential order to sign a comprehensive strategic partnership treaty with North Korea, which would include security issues.
#Putin #KimJongUn #NorthKorea #Russia #MultipolarWorld
Embraer sees India, Saudi Arabia, EU, US as strategic defense markets
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Brazilian planemaker Embraer sees India, Saudi Arabia, the European Union, and the United States as strategic markets for its defense unit. India has an open tender to buy military planes, while Saudi Arabia is currently in 'early engagement' with Embraer to replace its aging fleet of C-130 Hercules. Embraer expects Saudi Arabia to make a decision in two to four years, with a potential purchase of up to 25 units. Embraer also aims to expand its presence in Portugal, Hungary, the Netherlands, Austria, the Czech Republic, South Korea, and Sweden. The company is exploring opportunities for mergers or acquisitions in the US and pitching the C-390 to the US Marines, Air Force, and special forces. Embraer emphasizes that its defense business is 100% US- and NATO-oriented and has no relationship with China.
#Embraer #DefenseMarket #India #SaudiArabia #EuropeanUnion #UnitedStates #C390Millennium #MilitaryPlanes #C130Hercules #MergersAndAcquisitions #UsMarines #UsAirForce #SpecialForces #UsnatoRelationship #China
Asia shares brace for China data, euro pressure
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Asian share markets were mostly softer on Monday ahead of a slew of Chinese economic news, while political uncertainty in Europe soured risk appetites and kept the euro on the defensive. Analysts expect annual growth in China's retail sales picked up to 3.0% in May, from 2.3%, with some upside risk thanks to holidays that month. Industrial output is seen slowing a little to 6.0%, from 6.7%, with growth in urban investment steady. There was also talk the People's Bank of China (PBOC) could cut a key lending rate by 10 basis points, in part due to surprisingly weak bank lending data released on Friday. Japan's Nikkei slipped 1.7%, with investors now facing a six-week wait to hear details of the Bank of Japan's next tightening steps. S&P 500 futures were flat, while Nasdaq futures edged up 0.1% after a run of record finishes. Analysts at Goldman Sachs have raised their year-end target for the S&P 500 to 5,600, from 5,200 and the current 5,431. The main U.S. data of the week will be retail sales for May on Tuesday, where a 0.4% bounce is expected after a 0.3% drop in April, while markets have a holiday on Wednesday. At least 10 policy makers from the Federal Reserve are due to speak this week and will no doubt address the market's wagers for two rate cuts this year. Central banks in Australia, Norway and the UK are all expected to hold rates steady at meetings this week, though the Swiss National Bank (SNB) might well ease given the recent strength of the Swiss franc. Markets have boosted the probability of a cut to 75% as political uncertainty in France drove the euro to a four-month trough at 0.9505 francs on Friday. French markets endured a brutal sell-off last week ahead of a snap election that might give a majority to the far right, with risks to the country's fiscal position and the stability of the euro zone. That left the euro pinned at $1.0706, after shedding 0.9% last week to touch a six-week low of $1.06678. The dollar was a shade firmer on the yen at 157.54, after briefly spiking above 158.00 on Friday when the BOJ said it would start tapering bond buying a little later than many had wagered on. In commodity markets, gold held at $2,326 an ounce, after bouncing 1.7% last week. Oil prices eased a touch after rallying 4% last week amid hopes for stronger demand from the U.S. driving season. Brent crude dipped 17 cents to $82.45 a barrel, while U.S. crude also fell 17 cents to $78.28 per barrel.
https://www.investing.com/news/economy-news/asia-shares-brace-for-china-data-euro-pressure-3486083
Asia shares brace for China data, euro pressure
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Asian share markets were mostly softer on Monday ahead of a slew of Chinese economic news, while political uncertainty in Europe soured risk appetites and kept the euro on the defensive. Analysts expect annual growth in China's retail sales picked up to 3.0% in May, from 2.3%, with some upside risk thanks to holidays that month. Industrial output is seen slowing a little to 6.0%, from 6.7%, with growth in urban investment steady. There was also talk the People's Bank of China (PBOC) could cut a key lending rate by 10 basis points, in part due to surprisingly weak bank lending data released on Friday. Japan's Nikkei slipped 1.7%, with investors now facing a six-week wait to hear details of the Bank of Japan's next tightening steps. S&P 500 futures were flat, while Nasdaq futures edged up 0.1% after a run of record finishes. Analysts at Goldman Sachs have raised their year-end target for the S&P 500 to 5,600, from 5,200 and the current 5,431. The main U.S. data of the week will be retail sales for May on Tuesday, where a 0.4% bounce is expected after a 0.3% drop in April, while markets have a holiday on Wednesday. At least 10 policy makers from the Federal Reserve are due to speak this week and will no doubt address the market's wagers for two rate cuts this year. Central banks in Australia, Norway and the UK are all expected to hold rates steady at meetings this week, though the Swiss National Bank (SNB) might well ease given the recent strength of the Swiss franc. Markets have boosted the probability of a cut to 75% as political uncertainty in France drove the euro to a four-month trough at 0.9505 francs on Friday. French markets endured a brutal sell-off last week ahead of a snap election that might give a majority to the far right, with risks to the country's fiscal position and the stability of the euro zone. That left the euro pinned at $1.0706, after shedding 0.9% last week to touch a six-week low of $1.06678. The dollar was a shade firmer on the yen at 157.54, after briefly spiking above 158.00 on Friday when the BOJ said it would start tapering bond buying a little later than many had wagered on. In commodity markets, gold held at $2,326 an ounce, after bouncing 1.7% last week. Oil prices eased a touch after rallying 4% last week amid hopes for stronger demand from the U.S. driving season. Brent crude dipped 17 cents to $82.45 a barrel, while U.S. crude also fell 17 cents to $78.28 per barrel.
https://www.investing.com/news/economy-news/asia-shares-brace-for-china-data-euro-pressure-3486083
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Asia shares brace for China data, euro pressure
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Asian share markets were mostly softer on Monday ahead of a slew of Chinese economic news, while political uncertainty in Europe soured risk appetites and kept the euro on the defensive. Analysts expect annual growth in China's retail sales picked up to 3.0% in May, from 2.3%, with some upside risk thanks to holidays that month. Industrial output is seen slowing a little to 6.0%, from 6.7%, with growth in urban investment steady. There was also talk the People's Bank of China (PBOC) could cut a key lending rate by 10 basis points, in part due to surprisingly weak bank lending data released on Friday. Japan's Nikkei slipped 1.7%, with investors now facing a six-week wait to hear details of the Bank of Japan's next tightening steps. S&P 500 futures were flat, while Nasdaq futures edged up 0.1% after a run of record finishes. Analysts at Goldman Sachs have raised their year-end target for the S&P 500 to 5,600, from 5,200 and the current 5,431. The main U.S. data of the week will be retail sales for May on Tuesday, where a 0.4% bounce is expected after a 0.3% drop in April, while markets have a holiday on Wednesday. At least 10 policy makers from the Federal Reserve are due to speak this week and will no doubt address the market's wagers for two rate cuts this year. Central banks in Australia, Norway and the UK are all expected to hold rates steady at meetings this week, though the Swiss National Bank (SNB) might well ease given the recent strength of the Swiss franc. Markets have boosted the probability of a cut to 75% as political uncertainty in France drove the euro to a four-month trough at 0.9505 francs on Friday. French markets endured a brutal sell-off last week ahead of a snap election that might give a majority to the far right, with risks to the country's fiscal position and the stability of the euro zone. That left the euro pinned at $1.0706, after shedding 0.9% last week to touch a six-week low of $1.06678. The dollar was a shade firmer on the yen at 157.54, after briefly spiking above 158.00 on Friday when the BOJ said it would start tapering bond buying a little later than many had wagered on. In commodity markets, gold held at $2,326 an ounce, after bouncing 1.7% last week. Oil prices eased a touch after rallying 4% last week amid hopes for stronger demand from the U.S. driving season. Brent crude dipped 17 cents to $82.45 a barrel, while U.S. crude also fell 17 cents to $78.28 per barrel.
https://www.investing.com/news/economy-news/asia-shares-brace-for-china-data-euro-pressure-3486083
Yemen's Houthis say they attacked two ships and American destroyer
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Yemen's Houthi military spokesperson, Yahya Saree, announced that the Houthis attacked two civilian ships and an American destroyer in the Red Sea and Arabian Sea. The attacks included ballistic missiles fired at the American destroyer, naval missiles at a ship called the Captain Paris, and drones at a ship called the Happy Condor. The targets were not confirmed to be hit. The attacks were carried out in support of Palestinians in Gaza. The Houthis, who control Yemen's capital and most populated areas, have launched numerous attacks on international shipping in the Red Sea region since November. The attacks have disrupted global trade and led to retaliatory strikes by the US and UK. The United Kingdom Maritime Trade Operations (UKMTO) reported that a vessel south of Yemen's al Mukha had reported two explosions nearby, but the ship and crew were safe and continuing their journey.
#Yemen #Houthis #Ships #AmericanDestroyer #RedSea #ArabianSea #Palestinians #Gaza
Delaware judge lets more than 70,000 Zantac lawsuits go forward
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A Delaware judge has ruled that more than 70,000 lawsuits over discontinued heartburn drug Zantac can proceed, allowing expert witnesses to testify that the drug may cause cancer. Former Zantac makers GSK and Boehringer Ingelheim had argued that the expert witnesses' opinions lacked scientific support. GSK, Pfizer, and Sanofi disagreed with the decision and plan to appeal, stating that there is no reliable evidence showing Zantac caused cancer. The lawsuits stem from the detection of the cancer-causing chemical NDMA in some Zantac pills in 2019. The U.S. FDA requested the drug be pulled from the market in 2020.
#Zantac #Lawsuits #Cancer #Gsk #Pfizer #Sanofi #Ndma #Fda
Factbox-US officials who have resigned to protest Biden's Gaza policy
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At least eight U.S. administration officials have resigned to protest President Joe Biden's support for Israel during the Gaza war. They accuse Biden of turning a blind eye to Israeli atrocities in the Palestinian enclave. The officials include Josh Paul, director of the State Department's bureau of political military affairs; Harrison Mann, a U.S. Army major and Defense Intelligence Agency official; Tariq Habash, a Palestinian American; Annelle Sheline from the State Department's human rights bureau; Hala Rharrit, an Arabic language spokesperson for the State Department; Lily Greenberg Call, the first Jewish political appointee to resign; Alexander Smith, a contractor for USAID; and Stacy Gilbert from the State Department's Bureau of Population, Refugees and Migration.
#Gaza #Israel #JoeBiden #Resignations #UsOfficials
Ignore hawkish FOMC minutes, Fed will cut rates in 2024: UBS
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UBS analysts remain confident that the Federal Reserve will cut rates in 2024 despite the hawkish tone in the latest FOMC minutes. The minutes revealed that several Fed officials were open to further rate hikes if inflation risks persisted, which was more hawkish than Fed Chair Jerome Powell's remarks. UBS notes that recent economic data, including stronger-than-expected labor market figures and US Treasury yield increases, have fueled concerns that the Fed might keep rates high for longer. However, UBS believes that the Fed's patient, data-dependent approach and the slowdown in inflation indicated by the April Consumer Price Index release will lead to rate cuts in 2024. UBS projects cumulative rate cuts of 50 basis points by year-end and expects a resumption of disinflation and a decelerating US economy. Despite the recent hawkish rhetoric, UBS believes the Fed is still likely to cut rates.
Former US Marine pilot can be extradited, Australian magistrate rules
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Former US Marine pilot Daniel Duggan can be extradited from Australia to face US charges of training Chinese military pilots to land on aircraft carriers, a Sydney magistrate ruled. Duggan, a naturalized Australian citizen, is facing charges including money laundering and breaking arms control law. He has 15 days to seek a review of the ruling, and the final decision will be made by Australia's Attorney General. Duggan's lawyers argue that the hacking case involving a co-conspirator is unrelated. Duggan was arrested in October 2022 and has been held in a maximum security prison since then. His wife plans to appeal to the Attorney General to refuse the extradition.
#Extradition #UsMarinePilot #Australia #China #MoneyLaundering #ArmsControl #Hacking
Morning Bid: Rates frustration spoils markets' Friday mood
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Fears of higher interest rates dampen AI rally; Retail sales for April in Britain and detailed GDP data for Germany weigh on stocks; Bank of England contending with UK inflation; Traders pricing in 58 basis points of cuts in 2024 from the European Central Bank; Federal Reserve now expected to cut rates only in December; Hargreaves Lansdown's biggest shareholder open to taking the company private.
#InterestRates #AiRally #RetailSales #GdpData #BankOfEngland #Inflation #EuropeanCentralBank #FederalReserve #HargreavesLansdown
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Asian stocks skittish amid mixed China cues; earnings, US CPI awaited
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Asian stocks were skittish due to mixed China cues and anticipation of earnings reports and US CPI data. Chinese stocks were pressured by the prospect of more US trade tariffs, but a rally in Chinese property stocks helped offset bigger losses. Chinese inflation picked up pace in April, signaling some strength in spending, but Chinese inflation shrank for a 19th consecutive month. Hong Kong's index rose 0.5% supported by a rally in property stocks. Broader Asian markets traded lower, with Japan's Nikkei 225 shedding 0.1% and the ASX 200 and South Korea's index falling 0.1% and 0.2% respectively. Major Asian earnings reports are expected this week, including SoftBank Group Corp., Sony Corp., Baidu Inc., and Tencent Holdings Ltd.
#AsianStocks #ChinaCues #Earnings #UsCpi
US business activity cools in April; inflation measures mixed
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US business activity cooled in April to a four-month low due to weaker demand, while rates of inflation eased slightly even as input prices rose sharply. S&P Global's flash US Composite PMI Output Index fell to 50.9 this month from 52.1 in March, reflecting weaker growth in both the manufacturing and services sectors. Employment fell for the first time since June 2020, with the reduction focused on services. The survey suggests that the US economy lost momentum at the beginning of Q2 compared to Q1. The Fed is expected to leave its policy rate unchanged at its next meeting.
#UsBusinessActivity #InflationMeasures #EconomicIndicators #FederalReserve
Fed to cut rates in September and maybe once more this year
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A majority of 100 economists polled by Reuters predict that the U.S. Federal Reserve will wait until September to cut its key interest rate. Half of the economists forecast that there will be only two cuts this year, while about a third predict more. This change in outlook follows evidence of persistent strength in the U.S. labor market and stronger-than-expected inflation data. Fed Chair Jerome Powell's remarks also dimmed hopes for rate cuts anytime soon. Financial markets are expecting the first reduction in September and one more in either November or December. Last month, a two-thirds majority of economists expected the first rate cut in June. Just over half of economists surveyed, 54 out of 100, predicted the first decrease in the federal funds rate to happen in September. The outlook for various inflation measures was upgraded from last month, but none of these measures are expected to reach 2% until at least 2026. While there was no majority on how many rate cuts would be delivered this year, half of the participants saw two quarter-percentage-point cuts, 34 said more than two, 12 saw only one reduction, and four said none. A 60% majority of economists said the chances were high or very high that the Fed would hold rates steady for the remainder of this year. The U.S. economy is forecast to expand at an average of 2.3% this year, up from the 2.1% forecast last month.
#FederalReserve #InterestRates #Economists #Inflation #LaborMarket
US Q1 GDP Growth Looks Set for Slowdown in Thursday’s Release
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The US economy is expected to post a softer growth in the first quarter, with estimates indicating a 2.0% increase in GDP. This marks another quarter of decelerating growth. Despite the slowdown, most estimates suggest that the economy will continue to expand at a healthy pace. However, some analysts worry that the delay in interest rate cuts by the Federal Reserve could lead to trouble later in the year. The key debate is whether the economy will stabilize at a softer pace of growth or decelerate further. Consumer spending remains solid, which supports the positive economic view. Real personal consumption growth has remained resilient despite the Fed's monetary policy tightening campaign. The forecast for Q1 spending is expected to dip slightly, but not enough to indicate a waning of consumer spending.
#UsQ1Gdp #EconomicGrowth #FederalReserve #ConsumerSpending