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  1. #1261
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    Japan Industrial Production Jumps 1.2% In March

    Industrial output in Japan gained 1.2 percent on month in March, the Ministry of Economy, Trade and Industry said on Friday.

    That topped forecasts for an increase of 0.5 percent following the 2.0 percent gain in February.

    On a yearly basis, industrial production jumped 2.2 percent - exceeding forecasts for 2.0 percent and up from 1.6 percent in the previous month.

    Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is picking up slowly. Also on Friday: .

    Retail sales in Japan were down a seasonally adjusted 0.7 percent on month in March, the Ministry of Economy, Trade and Industry said.

    That was shy of forecasts for a flat reading following the 0.5 percent increase in February.

    On a yearly basis, retail sales gained 1.0 percent - also missing forecasts for 1.5 percent and down from 1.7 percent in the previous month.

    Large retailer sales added 0.1 percent on year, missing expectations for 0.8 percent and down from 0.6 percent a month earlier. .

    The unemployment rate in Japan came in at a seasonally adjusted 2.5 percent in March, the Ministry of Internal Affairs and Communications said - in line with expectations and unchanged from the previous month.

    The job-to-applicant ratio was 1.59 - also matching forecasts and up from 1.58 in February. The participation rate was 61.2 percent.

    The number of employed persons in March was 66.20 million, an increase of 1.87 million or 2.9 percent on year. .

    Consumer prices in Tokyo were up 0.5 percent on year in April, the Ministry of Internal Affairs and Communications said. That was well shy of forecasts for 0.8 percent and down from 1.0 percent in March.

    Core CPI, which excludes volatile food prices, was up an annual 0.6 percent. That also missed forecasts for 0.8 percent, which would have been unchanged.

    On a monthly basis, overall Tokyo CPI fell 0.4 percent and core inflation eased 0.1 percent.

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  2. #1262
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    U.S. Business Investment Cools; Labor Market Remains Strong

    New orders for key U.S.-made capital goods dropped in March, pulled down by the biggest decline in demand for machinery in almost two years, and a fall in shipments implies that business spending on equipment cooled in the first quarter.

    Separate data recently showed that the economy remains strong. The number of Americans filing for unemployment benefits dropped to the lowest level in over 48 years last week and the goods trade deficit narrowed sharply in March amid strong export growth.

    According to the Commerce Department, orders for nondefense capital goods excluding aircraft, a closely watched proxy for business spending plans, fell 0.1 percent in March. Data for February was revised to show these so-called core capital goods rising 0.9 percent instead of the initially posted 1.4 percent jump.

    In March, orders for machinery dropped 1.7 percent, the biggest decline since April 2016, after a gain of 0.3 percent in February. There were, however, increases in orders of primary metals, computers and electronic products, fabricated metals and electrical equipment, appliances and components.

    Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, rose 2.6 percent in March as demand for transportation equipment rose 7.6 percent. That followed a 3.5 percent surge in durable goods orders in February.

    Business spending on equipment likely cooled in the first quarter after double-digit growth in the second half of 2017. The moderation in investment in equipment is expected to have combined with a sharp slowdown in consumer spending to restrain economic growth in the first quarter.

    Gross domestic product is likely to come in at 2 percent or less in the first quarter.

    Nonetheless, signs are emerging that growth is likely to speed up in the spring, with GDP perhaps returns close to 3%. Companies are raising production and hiring at a rapid clip despite the lowest jobless rate since 2000. The rate of layoffs in April fell to the lowest level since 1969.

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    Bitcoin Starts May with Slide Below $9,000

    The cryptocurrency traded 3.9 percent lower at around $8, 880. The decline came after an increase of around 33.5 percent for April. There was no immediately apparent reason for bitcoin's decline, which started overnight. Bitcoin has struggled to climb back to $10, 000 in the last several weeks and continues to be almost 36 lower for the year.

    Japanese yen represented around 41 percent to bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading accounted for around 25 percent and ether represented around 20 percent of trading volume.

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    Nestle, Starbucks Ink $7.15 billion Coffee Licensing Tie-Up



    Nestle, the world's biggest food and beverage firm, has struck $71.5 billion cash deal with Starbucks Corp. for exclusive rights to sell the coffee chain's packaged coffees and teas globally.

    The deal announced on Monday could boost Starbucks' business selling packaged Starbucks coffee, Teavana tea and other products via grocery stores and other retailers.

    The partnership, which quantifies to a licensing deal, makes it possible for Starbucks to focus on enhancing its mainstay U.S. cafe business, where traffic growth has flattened amid competition from fast-food chains and upscale coffee houses, while rapidly expanding shops in China.

    Starbucks will use the money raised from the deal to boost planned stock buybacks to $20 billion from $15 billion through fiscal 2020. It said the agreement would add to earnings per share by 2021.

    The agreement also includes Starbucks-branded capsules for Nestle's Nespresso and Dolce Gusto single-serve brewers, which should help Nestle limit sales of alternatives from other providers.

    Nestle anticipates the partnership will add to its earnings by 2019. It did not announce changes to its buyback plans.

    Aside from cash payment, Starbucks will get revenue from product sales and royalties.

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    Trump Withdraws US from Iran Nuclear Deal, Renews Sanctions

    President Donald Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.

    Trump said in a televised address from the White House that he would reimpose U.S. economic sanctions on Iran to undermine “a horrible one-sided deal that should have never, ever been made."

    The United States will now reinstate all the sanctions it had waived as part of the nuclear accord, and it will impose additional economic penalties that are now being drawn up by the Treasury Department. Treasury Secretary Steven Mnuchin declined to specify what additional sanctions the United States might impose, but he expressed confidence that they would still be powerful even if other American allies did not follow suit.

    The US president's decision intensifies the strain on the trans-Atlantic alliance, especially after European leaders made trips to Washington and repeatedly appealed to Trump to preserve the deal.

    The leaders of Britain, Germany and France, which were signatories to the deal along with China and Russia, said in a joint statement that Trump's decision was a cause for “regret and concern."

    The response from Iran itself, however, was muted. President Hassan Rouhani said he believed the agreement could still survive – but warned that he had instructed the country's atomic energy agency to prepare to restart uranium enrichment should the deal collapse completely.

    Rouhani said Iran would remain committed to the deal agreed in 2015 between Iran and the US, UK, France, Germany, Russia and China.

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    Gold Prices Steady, Buoyed by Iran Tensions



    Gold prices steadied on Thursday as the dollar remained near its 2018 high on strong U.S. bond yields, with investors also keeping an eye out for any further impact from U.S. President Donald Trump's decision to withdraw from the nuclear deal with Iran.
    Spot gold edged up 0.1 percent to $1,313.94 per ounce.
    U.S. gold futures for June delivery gained 0.1 percent at $1,314.10 per ounce.
    Dismayed European allies sought on Wednesday to salvage the deal with Iran after Trump ordered sanctions be re-imposed on Tehran.
    The dollar held firm on Thursday after the 10-year U.S. bond yield rose back to the psychologically important 3 percent mark and investors looked to U.S. consumer price (CPI) data due later to show a acceleration in inflation.
    The U.S. CPI data will also be scoured for outlook on the Federal Reserve's interest rate hike path after softer-than-expected data earlier this month did little to reduce expectations of a June interest rate hike.
    Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped 0.14 percent to 862.95 tonnes on Wednesday.
    Among other precious metals, silver climbed 0.1 percent higher to $16.50 an ounce, after notching a two-week peak at $16.62 in the previous session.
    Platinum added 0.3 percent at $912.50 an ounce while palladium was up 0.1 percent at $976.30.

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    UK Factory Output Fell in March

    Britain's manufacturing sector contracted during March, according to figures released by the Office for National Statistics, which emphasizes the “sluggish” economic performance in the first quarter.

    While heavy snow storms swept through Britain in early March, the ONS reiterated its earlier statement that this had little overall impact on the economy's performance in the first three months of 2018.

    Manufacturing output dropped 0.1 percent compared to the previous month as both domestic and export orders fell, the ONS said. Overall industrial output, which includes utilities and the UK's North Sea oil and gas fields, increased by 0.1 percent.

    “Manufacturing was broadly flat throughout the first quarter following several months of strong growth, with no evidence that the bad weather hampered UK factories as both domestic and international sales stalled. Machinery, transport and computer manufacturers all saw their output grow. This was largely offset by falling production of electrical equipment and oil refining”, according to ONS head of national accounts Rob Kent-Smith.

    A lack of clarity around Britain's terms of departure from the European Union in less than a year, as well as a slowing eurozone economy, are among reasons cited for Britain's disappointing performance of late.

    The ONS said the impact from the recent data on its preliminary estimate of first quarter economic growth, which showed only a 0.1 percent quarter-on-quarter increase, was negligible.

    Separate ONS data showed Britain's goods trade deficit with the rest of the world grew to 12.287 billion pounds in March from 10.414 billion pounds in February. Nonetheless, the ONS indicated that net trade was likely make a very small positive contribution to economic growth in the first quarter.

    The ONS also published figures for construction output, which fell 2.3 percent on the month in March, after a fall of 1.0 percent in February.

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    10-Year U.S. Yield Surge to Highest Level since 2011



    The yield on the 10-year Treasury note rose on early Tuesday to reach levels since 2011 after a solid retail sales figures underlined the economy's stable momentum.

    The rally in yield comes amid resurgent concerns that negotiations between the U.S. and China continue to be challenged, stoking concerns that a potential trade war could drive up prices and inflation higher- which has negative implication for bonds.

    Yield on the 10-year Treasury note yield surged 7.5 basis points to 3.070 percent, the highest since July 2011, and notching its biggest single-day increase March 1, according to WSJ Market Data Group. The yield reached an intrasession high at 3.093 percent, according to FactSet data.

    The 30-year bond yield rose 8.1 basis points to 3.210 percent, the biggest one-day increase since February 2. The short-dated two-year note yield rose 3.9 basis points to 2.585 percent, extending a yield move close to a decade peak.

    The day's trading helped to increase the yield gap between two-year and the 10-year rate to 48.5 basis points.

    The threat of increasing borrowing rates have given investors in risky assets a reason to pause, with the benchmark 10-year note again tested the yield level above 3 percent, which have previously caused friction in markets, challenging investors' appetite for assets perceived as risky against safe haven assets such as bonds.

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    10-Year U.S. Yield Surge to Highest Level since 2011

    The yield on the 10-year Treasury note rose on early Tuesday to reach levels since 2011 after a solid retail sales figures underlined the economy's stable momentum.

    The rally in yield comes amid resurgent concerns that negotiations between the U.S. and China continue to be challenged, stoking concerns that a potential trade war could drive up prices and inflation higher- which has negative implication for bonds.

    Yield on the 10-year Treasury note yield surged 7.5 basis points to 3.070 percent, the highest since July 2011, and notching its biggest single-day increase March 1, according to WSJ Market Data Group. The yield reached an intrasession high at 3.093 percent, according to FactSet data.

    The 30-year bond yield rose 8.1 basis points to 3.210 percent, the biggest one-day increase since February 2. The short-dated two-year note yield rose 3.9 basis points to 2.585 percent, extending a yield move close to a decade peak.

    The day's trading helped to increase the yield gap between two-year and the 10-year rate to 48.5 basis points.

    The threat of increasing borrowing rates have given investors in risky assets a reason to pause, with the benchmark 10-year note again tested the yield level above 3 percent, which have previously caused friction in markets, challenging investors' appetite for assets perceived as risky against safe haven assets such as bonds.

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    Japan Exports Increased in April

    The value of Japan's exports grew at fastest pace in three months in April partly due to a boost in shipments to the US but still ended up missing economist expectations.

    Exports in April increased 7.8 percent year on year, according to figures from the Ministry of Finance, accelerating from a rise of 2.1 percent in March but still fell short of a median estimate of 8.1 percent from economists polled by Reuters.

    The value of outbound shipments to Asia accelerated to a year-on-year growth of six percent as exports to Hong Kong exited contraction with a rise of 1.3 percent and growth in direct shipments to China edged up 0.1 percentage points to 10.9 percent.

    Exports to the US accelerated from March's rise of just 0.2 percent to mark an increase of 4.3 percent in April.

    Imports were up 5.9 percent from the previous year, rebounding from a 0.6 percent contraction in the previous month, the first decline since 2016, but also missing economist expectations of a 9.6 percent growth.

    Those trade flows unraveled a ¥626 billion (about $5.6 billion) trade surplus that easily surpassed a forecast of ¥405.6 billion and marked only a moderate decline from March's surplus of ¥797 billion.

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    Wall Street Gains as US-China Trade War Fears Ease

    Stocks ended higher on Monday as trade tensions between the U.S. and China eased for the moment, while investor sentiment was also lifted by news of dealmaking activity.

    The Dow Jones industrial average soared 298.20 points to 25,013.29. Boeing, Caterpillar and United Technologies, big exporters likely to benefit from easing trade tensions, were the best-performing stocks in the index. Monday also marked the first time since mid-March that the Dow closed above 25,000.

    The S&P 500 rose 0.7 percent to 2,733.01 as industrials were up 1.5 percent. The Nasdaq composite gained 0.5 percent as 7,394.04 as semiconductors pushed tech higher.

    U.S. Treasury Secretary Steven Mnuchin said on Sunday the United States and China had agreed to drop their tariff threats on billions of dollars worth of each country's goods, while China on Monday praised a significant dialing back of tensions.

    Nine of the 11 major S&P sectors were higher, led by the technology sector's 1.21 percent gain. Apple, which counts China as major growth market, rose 1.4 percent, giving the biggest boost to the S&P 500 and the Nasdaq.

    The industrial sector gained 1.20 percent, led by a 2.4 percent jump in Boeing, which sells about a fourth of its commercial aircraft to Chinese customers. Caterpillar gained 2.3 percent.

    Wall Street also got a boost on Monday amid a slew of dealmaking news.

    General Electric will merge its transportation business with Wabtec — a rail equipment maker — in a deal worth $11.1 billion. GE shares rose 2 percent.

    Meanwhile, Fifth Third Bancorp agreed to buy MB Financial for $4.7 billion in cash and stock. MB Financial shares soared 12.9 percent.

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    Oil Slides after Rally, OPEC May Relax Production Curbs

    Oil prices fell on Wednesday as the market experienced a respite on expectations that OPEC may lift production as early as June, despite geopolitical risks providing support for the market.

    Brent futures slipped 4 percent to $79.53 per barrel, after rising 35 cents on Tuesday. In the previous week, the global benchmark reached $80.50 per barrel, the highest since November 2014.

    U.S. WTI crude futures fell 2 cents to $72.18 per barrel, having risen on Tuesday to $72.83 per barrel, its highest level since November 2014.

    In a note, ANZ said that geopolitical risks have kept investors on edge. U.S. Secretary of State Pompeo had laid out demands for Iran to stop all uranium enrichment and give nuclear inspectors access to their entire nation. But the lender sid that investors are also focused on the upcoming talks between Russia and Saudi about whether they should consider a controlled easing of over-compliance with their output cut agreement.

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    Fed Minutes Support Rate Hike in June

    Federal Reserve officials at their meeting earlier this month signaled they were likely to raise their benchmark short-term interest rate at their June meeting, and they debated how to characterize an evolving policy strategy that soon would no longer try to stimulate economic growth.

    Minutes from the meeting, which ended May 2, reveal Fed officials are on track to raise rates again in June. The minutes also indicate officials are less worried about inflation rising above 2 percent, its current level and the Fed's target rate, than they are about the rate of inflation dipping again.

    “Most participants judged that if incoming information broadly confirmed their economic outlook, it would likely soon be appropriate for the FOMC to take another step in removing policy accommodation,” the minutes said.

    The readout of the meeting included a call by some policymakers to revise the Fed's monetary policy statement soon to reflect that rates would be close or above long-run estimates before too long.

    A number of Fed policymakers, including Chairman Jerome Powell, have been keen to stress they will tolerate inflation rising above the Fed's goal for a time without undue concern. This was reflected in the policy statement earlier this month, with explicit reference made to the 2 percent target being “symmetric.”

    Fed policymakers at the meeting decided, as expected, to keep the benchmark overnight lending rate unchanged in a target range of between 1.50 percent and 1.75 percent.

    Traders in the federal funds futures market currently see more than a 90 percent chance of a June rate hike.

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    Trump Cancels Nuclear Summit with North Korean Leader Kim Jong Un

    President Donald Trump canceled his historic nuclear summit with Kim Jong Un on Thursday, accusing North Korea of "tremendous anger and open hostility."

    The meeting, which would have marked the first face-to-face encounter between a sitting U.S. president and a North Korean leader, was set for June 12 in Singapore. The summit aimed to rid the Korean peninsula of nuclear weapons.

    "Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting," Trump wrote in a letter to Kim, which was released Thursday morning. The president dictated every word of the letter himself, a senior White House official told reporters.

    The news came as North Korea made a show of dismantling a nuclear test site, but also on the heels of some sharp words from the North Korean government about America denuclearization demands. Trump's decision also comes more than two weeks after he withdrew the U.S. from the Obama-era Iran nuclear deal, which had lifted sanctions on the Middle Eastern country as long as it limited its nuclear program.

    Trump said it was possible a meeting could still take place but warned North Korea against committing "foolish" acts.

    The "unexpected" decision, Pyongyang said, was "extremely regrettable".

    Kim Kye Gwan, a top official at North Korea's Foreign Ministry, said in comments published Friday by the country's state-run news agency KCNA that Trump's decision runs counter to the global community's wishes for peace on the Korean Peninsula. "We reiterate to the US that we are willing to sit face to face at any time and in any way," said Kim, who has negotiated with US counterparts for years.

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    Energy Stocks Tumble as OPEC Considers Production Increase

    Energy stocks in the Asia-Pacific region slid on Monday after news that producer cartel OPEC was mulling to increase production triggered oil prices to tank on Friday.

    The S&P/ASX 200 Energy Index was last down 2 percent, at its lowest since April 26. Among the large producers, Beach Energy edged down 4.7 percent, Woodside Petroleum fell 2.7 percent, Santos edged down 2.4 percent and Origin Energy fell 1.9 percent. The decline in energy stocks weighed down the broader S&P/ASX 200 index by 0.4 percent.

    In early trading in Tokyo, the energy sector of the Topix index was the underperformer, falling 3 percent, countering gains from the majority of other sectors and pulling the index into negative territory.

    The pressure on energy stocks came after oil prices ended a gaining streak on Friday, with the Brent crude closing down almost 3 percent on the day after OPEC's de-facto leader, Saudi Arabia, and Russia said that they were mulling to ease curbs on production.

    The option comes amid potential supply disruption risks from Venezuela and Iran, which are both under threat by U.S. sanctions.

    Oil prices also continued to slide on Monday. The international benchmark Brent was off 0.5 percent at $76.04 per barrel and the U.S. WTI, the U.S. benchmark, fell 0.8 percent at $67.34. In recent weeks, both prices have been trading near their highest since late 2014 as the tension over Iran and Venezuela, as well as continued OPEC-led production cuts, propped up prices.

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    Record U.S. Crude Volumes Affect Russia, OPEC Market Share in Asia

    Record crude oil volumes will be exported by the U.S. to Asia in the following months to bite into Russia and OPEC's market share in the region.

    The U.S. is slated to export 2.3 million bpd in June, 1.3 million bpd of which will be exported to Asia, according to an estimate by a senior executive with a key U.S. oil exporters.

    Data from the EIA show U.S. oil exports reached 2.6 million bpd last two weeks.

    The historically high level of outbounds volumes come as U.S. crude production reached all-time highs, weighing down U.S. prices to discounts of over $9 per barrel below crude futures on Monday, the widest in over three years and opening an arbitrage for surplus supplies to other markets.

    The spread between the key benchmarks gave a change for Asian refiners to lower light crude imports from the Middle East and Russia after Brent and Gulf prices hit multi-year highs, according to traders in Asia.

    In Asia, China is the biggest importer of U.S. crude. The imports are led by Sinopec, the region's biggest refiner. The firm, after cutting Saudi imports, has purchased a record 16 million barrels of U.S. crude, to load in June, according to sources.

    India and South Korea are the next biggest lifters in Asia, importing 6 million to 7 million barrels in June respectively , sources monitoring U.S. crude sales to Asia said. Indian Oil Corp purchased 3 million barrels earlier this month via a tender, while Reliance Industries bought up to 8 million barrels, the sources said.

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    U.S. Consumer Confidence Bounces Back, House Prices Rise

    Consumer confidence bounced back in May, but households were a bit pessimistic regarding their short-term income prospects even as they expected strong job growth to persist, which could restrain consumer spending.

    The Conference Board said its consumer confidence index increased 2.4 points to a reading of 128.0 this month from a downwardly revised 125.6 in April. The index was previously posted at 128.7 in April.

    U.S. financial markets were little moved by the data amid a deepening political crisis in Italy. The dollar climbed to a 10-month high versus the euro, while U.S. Treasury yields dropped. Stocks on Wall Street fell, with the S&P 500 and Dow Jones Industrial Average hitting near three-week lows.

    The Conference Board's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or difficult to get, rose to 26.6 in May, the best reading since May 2001, from 22.7 in April.

    That measure, which closely correlates to the unemployment rate in the Labor Department's employment report, suggests that labor market slack continues to shrink.

    However, consumers were less upbeat about their short-term income prospects. The share of consumers expecting an improvement in their income dropped to 21.3 percent in May from 21.8 percent in April. The proportion expecting a decline rose to 8.2 percent in May from 7.9 percent in the previous month.

    A separate report showed the S&P CoreLogic Case-Shiller composite index of home prices in 20 metropolitan areas rose 0.5 percent in March after climbing 0.8 percent in February. House prices were up 6.8 percent in the 12 months to March after rising by the same margin in February.

    The strong gains are at odds with recent data which had suggested a cooling in house prices. The Federal Housing Finance Agency reported last week that house prices were slightly higher by 0.1 percent in March from February.

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    U.S. to Move Forward with Tariffs on Steel, Aluminum Imports from Canada, EU, Mexico

    The U.S. on Thursday said it was moving forward with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, concluding a two-month exemption and potentially paving the way for a trade war with some of America's top allies.

    Commerce Secretary Wilbur Ross told media on a telephone briefing on Thursday that a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico would become effective at midnight on Friday.

    He said that the U.S. looks forward to continue negotiations with Canada and Mexico, as well as the European Commission with regards to other issues that needs to be resolved.

    Ross told reporters that talks with Canada and Mexico over overhauling the NAFTA were taking longer than they had expected. Negotiations with Europe had made some headway but not sufficient for additional exemptions, he said.

    European Commission President Jean Claude-Juncker reacted to the announcement, stating that the EU will impose countermeasures on the U.S. He added that the European Commission will immediately introduce a settlement dispute with the World Trade Organization.

    The newly announced tariffs are also seen to hinder negotiations between the US, Canada and Mexico on NAFTA. Both Mexico and Canada promised retaliatory tariffs in response to U.S. levies.

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    U.S. Allies Retaliate Against Trump Administration’s Steel, Aluminum Tariffs

    Canada and Mexico retaliated against America's move to impose additional duties on steel and aluminum imports and the European Union had its own countermeasures prepared, reviving concerns of a global trade war.

    U.S. Commerce Secretary Wilbur Ross announced the tariffs in a telephone briefing on Thursday. The move ends months of uncertainty regarding possible exemptions and indicated a toughening of the Trump administration's stance on trade negotiations.

    Ross told reporters that a 25 percent tariff on steel imports and 10 percent tariff on aluminum imports will be imposed on the EU, Canada and Mexico from midnight on Friday.

    The measures, which were first announced by President Donald Trump in March, received criticism from Republican lawmakers and the nation's top lobbying group. It also affected global financial markets.

    Canada and Mexico, currently engaged in talks with the US to overhaul the North American Free Trade Agreement immediately responded to the announcement. Canada, the biggest supplier of steel to America, said it will impose tariffs covering C$16.6 billion on imports from the U.S. It will include whiskey, orange juice, steel, aluminum and other products, according to Canadian Foreign Minister Chrystia Freeland.

    In a news conference, Prime Minister Justin Trudeau criticized the decision made by the Trump administration and was clearly going to result in retaliatory measures.

    Mexico announced what it called an “equivalent” measures on a wide range of U.S. farm and industrial products. The measures target pork legs, apples, grapes and cheese as well as steel and other products, which will be implemented until the U.S. government removes the tariffs, according to Mexico's Economy Ministry.

    The EU threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of U.S. Republican lawmakers.

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    Tech Rally Powers Wall Street Higher, Nasdaq Notches Record Close

    Wall Street's three benchmark indexes rallied on Monday, led by broad gains in tech stocks, driving the Nasdaq to a record closing high as investors wager on the retention of solid economic growth, while declining oil prices affected the energy sector.

    The Dow Jones Industrial Average edged up 178.48 points, or 0.72 percent, to 24,813.69. The S&P 500 rose by 12.25 points, or 0.45 percent, to 2,746.87.The Nasdaq Composite jumped 52.13 points, or 0.69 percent, to hit 7,606.46, a record closing high.

    Apple shares climbed to their highest level in history due to investor expectations on its annual developers conference and Microsoft received nods for its latest acquisition, driving the S&P 500 technology index to a record high. Meanwhile, Amazon.com outperformed among consumer stocks. The S&P 500's technology sector was the benchmark index's biggest gainer, 0.8 percent higher.

    According to traders, better-than-expected U.S. jobs data for ay was still a main factor to investor optimism as traders looked past recent trade war concerns.

    Despite the impressive jobs report, markets are worried about the U.S. government's announcement last week of steel and aluminum tariffs for Europe, Canada and Mexico, which concluded a two-month exemption.

    Prime News are provided by InstaForex

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