WORLDWIDE : BUSINESS HEADLINES
Japan foreign minister to visit UK from Aug. 5 to clinch early trade deal
TOKYO – Japanese Foreign Minister Toshimitsu Motegi said on Tuesday he planned to visit Britain from Aug. 5-7 to hold talks with British Trade Minister Liz Truss on the early conclusion of a bilateral free trade deal.
It will be the first overseas trip for any Japanese ministers since the global outbreak of coronavirus infection, Motegi said.
Full coverage: REUTERS
Nippon Steel to appeal South Korea ruling allowing seizure of assets
TOKYO – Japan’s Nippon Steel Corp (5401.T) said on Tuesday it will appeal a South Korean court ruling that allows for the company’s assets in that country to be seized and sold as compensation for forced wartime labour.
The ruling followed a South Korean Supreme Court decision in 2018 that Nippon Steel should pay 100 million won ($83,836.35) to each of four South Koreans as compensation for forced labor during World War II.
Full coverage: REUTERS
WORLDWIDE : ECONOMY / FINANCE / STOCK MARKET
Asia stocks rise as upbeat factory data lifts confidence
TOKYO/WASHINGTON – Asian shares rose on Tuesday after strong U.S. manufacturing data and gains in tech stocks helped investors look past broader worries about the coronavirus and global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.9%, while shares in China .CSI300 nudged up 0.1%. Australian stocks gained 2% for the biggest intraday gain since July 21. Tokyo shares .N225 also jumped by more than 1%.
Oil futures gave up their overnight gains and fell in Asia due to nagging worries about an increase in the supply of crude. U.S. stock futures ESc1 were 0.02% higher in Asia.
An industry gauge released overnight indicated U.S. manufacturing activity expanded in July at the fastest pace in more than a year, which helped Wall Street shares rise on Monday.
Full coverage: REUTERS
Oil prices drop on fuel demand worries as coronavirus flares up
MELBOURNE – Oil prices fell in early trade on Tuesday on concerns about fuel demand growth as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.5% to $40.79 a barrel at 0132 GMT, while Brent crude futures fell 27 cents, or 0.6% to $43.88 a barrel.
The slide comes after WTI rose 1.8% and Brent climbed 1.5% on Monday on better-than-expected data on manufacturing activity in Asia, Europe and the United States showing factories were emerging from the worst of the early coronavirus pandemic impact.
Full coverage: REUTERS
Dollar falters as investors await U.S. stimulus deal
SINGAPORE – A nascent rebound in the dollar paused on Tuesday, as investors weighed mixed but encouraging economic data against slow progress toward a U.S. government spending package and another week of rising coronavirus deaths.
The U.S. dollar had its worst month in a decade in July but began August with a bounce, pushing as high as $1.1695 per euro on Monday, 1.8% above last week’s two-year low.
That, along with other majors, had retraced a little by morning trade in Asia, leaving the dollar at $1.1755 on the euro EUR=EBS and 93.574 against a basket of currencies – below a one-week top of 93.997 hit on Monday =USD.
The yen JPY= also recovered some overnight losses to sit at 106.08 per dollar, as did Australian dollar AUD=D3, though it was 0.1% softer at $0.7117 ahead of a central bank meeting later on Tuesday.
Full coverage: REUTERS
Nasdaq hits record high close as traders eye M&A and stimulus
The Nasdaq surged to a record high close on Monday as a rebound in multibillion-dollar deals, including Microsoft’s pursuit of TikTok’s U.S. operations, lifted sentiment, and efforts to hammer out a coronavirus relief bill resumed.
Microsoft (MSFT.O) jumped 5.6% after it said it would push ahead with talks to buy the U.S. operations of Chinese-owned TikTok. President Donald Trump reversed course earlier on a planned ban of the short-video app.
ADT (ADT.N) soared over 56% on news that Alphabet’s (GOOGL.O) Google was buying a nearly 7% stake in the home security firm for $450 million in a deal that will allow it to provide service to customers of its Nest home security devices.
Full coverage: REUTERS
