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On March 17, Indian Prime Minister Narendra Modi said that US President Trump is "better prepared" for his second term and has provided a clear roadmap. In a few weeks, Washington plans to impose reciprocal tariffs. India will be one of the trading partners facing tariffs starting in April, which may cause difficulties for Indian exporters in industries ranging from automobiles to agriculture. After Modi and Trump met last month, the two countries agreed to resolve the tariff dispute by the fall of 2025. "This time, he seems to be more prepared than before," Modi said. "He has a clear roadmap in his mind with clear steps, each designed to lead him to his goals." Modi also praised Trumps "kindness and humility", emphasizing the close ties between the leaders of the two countries. "His (Trumps) expression reflects his America First spirit, just as I believe in country first. I represent India first, and thats why we are so well connected," Modi said.Japans 40-year government bond yield rose to 3%, the highest level since it was issued in 2007.Japans 30-year government bond yield rose to 2.63%, the highest level since April 2006.On March 17, Morgan Stanley published a report, indicating that according to the full-year performance of 2024, the earnings forecast of Haifeng International (01308.HK) was adjusted, and the earnings per share forecast for 2025 was raised by 2%, the earnings per share forecast for 2026 was raised by 6%, and the earnings per share forecast for 2027 was introduced to 19 US cents. The bank believes that further earnings revisions in the downward cycle of container shipping from 2025 to 2026 will put pressure on Haifeng Internationals valuation. Therefore, the bull market-benchmark-bear market target price-earnings ratios were adjusted from 14 times, 11 times and 7 times to 12 times, 9.5 times and 6.0 times, respectively. The baseline scenario valuation multiples are basically in line with the historical average since 2011, taking into account the potential special dividends from 2025 to 2026, while the bull market scenario valuation falls within a standard deviation range. Based on this, the bank lowered the weighted target price of Haifeng International from the previous HK$21.3 to HK$18.8, and the rating was "in line with the market".On March 17, US President Trump said he had no intention of exempting steel and aluminum tariffs, and said reciprocal tariffs and industry tariffs would be implemented on April 2. Trump told reporters on Air Force One that reciprocal tariffs on US trading partners would be implemented together with automobile tariffs.

Oil prices steady after precipitous declines due to weak U.S. demand

Haiden Holmes

Jul 22, 2022 11:27

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Oil prices stayed almost unchanged in early trading on Friday, after a loss of around 3 percent in the previous session due to deteriorating demand in the United States, the biggest oil consumer in the world, and a rise in output from Libya.


Brent oil prices rose 17 cents, or 0.2%, to $104.03 per barrel at 00:41 GMT, while U.S. West Texas Intermediate (WTI) crude futures were constant at $96.35 per barrel.


WTI has been hammered over the last two days as a result of the publication of data suggesting that U.S. gasoline consumption during the height of the summer driving season decreased by around 8% from the previous year due to record pump prices.


"At 8.52 million barrels per day, seasonal demand is at its lowest level since 2008," experts at ANZ Research said in a study.


The decrease in WTI has positioned the contract for a loss of 1.3% this week, its third consecutive weekly loss.


Brent was bolstered by signs of healthy demand in Asia, putting it on course for its first weekly gain in six weeks.


Despite increasing prices, gasoline and distillate fuel demand in India hit all-time highs in June, with refined product consumption 18 percent higher than a year earlier and Indian refineries operating at their busiest levels ever.


An analyst at RBC, Michael Tran, said in a note, "This signals much more than a solid return from COVID-affected years."


Brent's gains were limited this week by the return of production at important Libyan oil fields.


Meanwhile, the European Central Bank (ECB) raised rates more than expected on Thursday in an effort to curb inflation, with ECB President Christine Lagarde warning that inflation risks had increased due to the likelihood that the Ukraine conflict will continue for an extended period of time and that energy prices will remain elevated for an extended period of time.


"Is the horizon cloudy? Clearly it is, "Lagarde said.


She said that the baseline assumption of the central bank is that neither this year nor next would experience a recession.