Energy firms surged on the back of further gains in oil prices in Asian trade Friday wile regional equity markets mostly rose as traders keep a cautious eye on high-level China-U.S. trade talks. The benchmark Brent crude contract broke the $80 mark Thursday for the first time in three-and-a-half years as a perfect storm of issues fuels concerns about supplies, with some forecasting it could break $100 at some point. Brent and WTI are up about a third from their 2018 lows seen in February with upward pressure coming from Donald Trump's decision to rip up the Iran nuclear deal, economic uncertainty in key producer Venezuela and an output cap by OPEC and Russia. That comes on top of continued improvement in the global economy and ongoing unrest across the Middle East. Higher prices are boosting expectations for fatter profits for global energy giants and on Friday Hong Kong-listed PetroChina was among the big gainers, surging more than six percent, while CNOOC put on 3.4 percent. Inpex … [Read more...] about Asian energy firms soar with oil prices, dealers eye trade talks
Trade talks
US hopes to narrow wide gap in China trade talks
US Commerce Secretary Wilbur Ross said on Thursday (May 10) he hopes to reduce large differences with China in trade talks where hundreds of billions of dollars in commerce are at stake. US Secretary of Commerce Wilbur Ross at a hearing before the Commerce, Justice, Science, and Related Agencies Subcommittee of Senate Appropriations Committee on Capitol Hill in Washington, DC. (Alex Wong/Getty Images/AFP) "The gap is wide," Ross said in congressional testimony, a week after he led a delegation to Beijing to try to resolve the thorny dispute. A high-level Chinese delegation will be coming to Washington next week, and "I'm hopeful we will make further progress with them," he said. The US has threatened tariffs targeting US$150 billion in Chinese imports, while Beijing has warned that US$50 billion in US goods are in the firing line. Vice Premier Liu He - considered Xi's right-hand man on economic issues - led talks in Beijing last week and will head the Chinese delegation to … [Read more...] about US hopes to narrow wide gap in China trade talks
Trump praises China’s Xi as trade talks begin in Beijing
U.S. President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world’s two largest economies began trade talks in Beijing, while state media said China would stand up to U.S. bullying. A breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two days of talks, though a package of short-term Chinese measures could delay Washington’s decision to impose tariffs on about $50 billion worth of Chinese exports. The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development. “Thrilled to be here. Thank you,” Mnuchin told Reuters at his hotel when asked if he expected progress. He made no other comments. As Mnuchin arrived, Trump tweeted: … [Read more...] about Trump praises China’s Xi as trade talks begin in Beijing
US, China dampen expectations as trade talks begin
Senior US officials arrive in Beijing for trade talks with China starting on Thursday (May 3), as both sides dampen expectations for a quick resolution to the heated dispute between the world's two largest economies. At stake are tariffs on billions of dollars of US and Chinese goods, which, if imposed, could put a dent in economic growth. (AFP/JASON LEE) At stake are tariffs on billions of dollars of US and Chinese goods, which, if imposed, could put a dent in humming global economic growth. US President Donald Trump has threatened to levy new tariffs on US$150 billion of Chinese imports while Beijing has so far shot back with a list of US$50 billion in targeted US goods. "It is not realistic to resolve all issues through only one round of negotiations, but we believe that, as long as the US is sincere to resolve the relevant issues, the negotiation will be a positive one," said Hua Chunying, a spokeswoman for China's foreign ministry, at a regular news briefing on … [Read more...] about US, China dampen expectations as trade talks begin
Macron warns Trump that EU rejects trade talks ‘with gun to head’
French President Emmanuel Macron said Europe will respond "without weakness" to the threat of a US trade war as EU leaders maintained countermeasures despite a climbdown by US President Donald Trump. French President Emmanuel Macron. (Photo: AFP/Peter Dejong) "The EU must be united and determined ... if we are attacked we will react without weakness," Macron said at the end of a summit of EU leaders in Brussels. "We talk about everything in principle with a friendly country that respects WTO rules. Nothing should be addressed when it is with a gun to your head", he said referring to the World Trade Organization, the body that handles trade disputes. The French leader spoke after Trump on Thursday authorised the suspension of controversial tariffs on steel and aluminium imports from key trade partners including the European Union, but only until May 1. "It doesn't seem to me that this date is a realistic one given the broad issues we have to discuss with the US," said … [Read more...] about Macron warns Trump that EU rejects trade talks ‘with gun to head’