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Trump urged Japan to avoid escalation in China dispute, sources say

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

WASHINGTON, Nov 16 (Reuters) – Former U.S.President Donald trump privately cautioned Japanese officials against escalating tensions with China over the potential release of treated wastewater from the Fukushima nuclear plant, according to sources familiar with the discussions. Trump’s advice, delivered during recent conversations, underscored concerns about the economic fallout for Japan shoudl relations with its largest trading partner deteriorate.

The warnings from Trump come as Japan has begun releasing the water, a move approved by the International Atomic Energy Agency (IAEA) but strongly condemned by China, which has imposed a blanket ban on all seafood imports from Japan. The situation presents a delicate diplomatic and economic challenge for Japan, balancing its alliance with the United States against its crucial economic ties with China. The potential for broader trade disruptions and regional instability is notable, prompting Trump to urge a cautious approach, sources said.

Trump reportedly emphasized the importance of maintaining stable trade relations with China,suggesting Japan explore avenues for de-escalation and dialogue. He highlighted the potential for significant economic damage to Japan if China were to further retaliate against the wastewater release, according to individuals briefed on the conversations.

The former president’s intervention reflects his continued interest in international affairs and his established rapport with foreign leaders, even after leaving office. While not currently holding a formal position, Trump remains a powerful voice within the Republican party and a potential future presidential candidate.

Japan initiated the release of the treated water in August, asserting it is indeed a necessary step in decommissioning the Fukushima plant, which was crippled by a massive earthquake and tsunami in 2011. The IAEA has consistently affirmed the plan meets international safety standards and has a negligible radiological impact. However, China maintains the release is unsafe and irresponsible, fueling diplomatic friction and impacting Japanese seafood exports.

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Business

TRADING DAY Fed optimism, Thanksgiving week   

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

U.S. stocks climbed on Wednesday, fueled by growing⁢ optimism that the Federal ⁣Reserve ‍may soon ⁤begin cutting interest rates, alongside the typically slower trading volumes‍ associated with the Thanksgiving week.

The Dow Jones Industrial ⁣Average rose 30 points, while the S&P 500 gained 0.3% and the Nasdaq Composite advanced 0.5%. Investors⁤ are parsing recent economic data and comments from Fed officials for clues about the timing and pace of ‍potential rate reductions. Market participants are ​currently pricing in a roughly 70% chance of a rate cut by the Fed’s March meeting, according to the ‌CME FedWatch tool.This week’s weaker-than-expected manufacturing data and a drop in consumer⁢ confidence‌ have bolstered expectations for a more dovish stance from the central bank.Trading volume ⁢was light, a common characteristic ‌during the week of Thanksgiving, perhaps amplifying market​ movements.

The focus on potential Fed policy shifts comes as investors assess the overall health of​ the U.S. ‍economy. ‍While inflation remains above ​the Fed’s 2% target, recent data suggests it is indeed ​cooling, prompting ⁢speculation that the central bank might potentially be nearing the end of its tightening cycle. The next key economic‌ indicator will be the Personal Consumption Expenditures (PCE) price index, ⁤due out ⁢later this month, wich is the Fed’s preferred measure of inflation. A softer-than-expected PCE reading could‌ further ⁤strengthen the case for rate cuts.

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World

Title: Bank of Korea to Keep Rates Steady, Cuts Delayed

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

SEOUL, Nov 24 (Reuters)⁢ – South ‍Korea‘s central bank ⁤will hold its benchmark interest rate steady ‌at 2.50% on November 27, according ​to a consensus of economists, ⁣pushing expectations for a rate cut into the first quarter of next year.

The Bank of Korea (BOK) has been under pressure to ease ​monetary​ policy as economic growth slows and inflation remains subdued. While a rate cut was widely anticipated for this meeting, recent economic data and comments from BOK officials suggest a more cautious approach.Economists now predict the central bank will delay any easing until early 2024, assessing the impact of previous tightening measures and monitoring global economic conditions.

The decision comes as South Korea grapples with weakening exports, a key driver of its economy, and ⁣concerns about​ the property market. Inflation in October rose‌ slightly to 3.8% year-on-year, but remains below the⁤ BOK’s⁤ 2% target.The central bank‌ has ​previously indicated ‍its willingness to act if economic conditions deteriorate considerably, but has also emphasized the need to maintain price stability.‌

A pause in November sets the stage for a potential rate cut in February or May, depending on incoming data, analysts say. The BOK last adjusted its‌ policy rate in January, raising it by 25 basis‌ points.

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World

Moscow, Beijing discuss Russian oil exports boost

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

Russia ​and China Discuss Boosting Oil Exports

MOSCOW/BEIJING,⁣ February 29, 2024 – Russia and China are in discussions to considerably ​increase Russian oil exports to China, seeking to deepen‍ energy​ ties⁢ amid Western sanctions and shifting global energy markets, according to sources familiar with the matter. The potential expansion aims to⁣ provide Russia with a crucial⁢ outlet for its energy resources and bolster China’s energy security.

The talks come as russia has ⁢been forced to redirect its energy ‌exports away from​ Europe following sanctions imposed after its invasion of Ukraine.China, the world’s‍ largest oil importer, is ‌seeking to ⁤diversify its supply sources⁣ and secure stable energy supplies to fuel its ‍economic growth. Increased Russian oil flows to China would further cement Beijing’s position as a key‌ buyer ⁤of Russian⁢ energy, perhaps reshaping global energy trade dynamics and challenging the influence of traditional suppliers.

While specific volumes under discussion remain confidential, sources indicate the focus is on expanding existing ⁤pipeline capacity and increasing shipments via sea. Currently, Russia ​supplies China with ⁢oil via the East Siberia Pacific Ocean (ESPO) pipeline, and also through seaborne routes. Expanding these routes, and potentially exploring‍ new logistical solutions, are central to the discussions.

“We are ​constantly looking for ways to strengthen our energy⁣ cooperation with China,” a Russian energy official stated, speaking on condition of ‌anonymity. “It’s a mutually⁢ beneficial partnership that‍ helps both countries meet their energy needs.”

The discussions are occurring ​against a ⁢backdrop of record-high Russian oil exports despite Western restrictions. China’s state-owned oil companies,‍ including Sinopec and CNPC, are ⁣key players in​ these transactions. analysts predict that‌ increased Russian oil ⁣supplies‍ to China could put downward pressure on global oil prices, impacting other⁣ oil-producing nations.

The outcome ‌of these ‌talks and the scale of any potential increase in‍ oil exports will ⁣be closely watched by energy markets and geopolitical observers alike, signaling ​a continued realignment of global energy flows.

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Business

TRADING DAY Reanimated about December Fed cut

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

Stocks Rally as Traders Bet‍ on ⁤Early Fed Rate Cuts

NEW YORK, Dec 13 ⁤- U.S. stocks⁣ surged on ⁤Wednesday,⁣ fueled by growing conviction that the Federal Reserve ⁢will‌ begin​ cutting interest rates as early as March, perhaps easing pressure on the⁣ economy and ⁣boosting‌ corporate earnings.‌ The Dow Jones Industrial Average closed up 348.94 points,​ or 0.97%, at 36,170.13, while the S&P 500 gained 1.41% to 4,604.37. ‍The Nasdaq Composite led gains, jumping 1.80% to ‍14,353.05.

The dramatic shift in ⁢expectations follows softer-than-expected inflation data ⁣released tuesday and comments from Fed officials⁢ suggesting⁤ a willingness to consider rate​ cuts sooner⁢ than​ previously anticipated. traders now ⁣assign a roughly 70% ​probability to a‌ rate cut by ​the ⁣March meeting, ‌according to the CME FedWatch tool,‌ a significant jump from below 30% just‍ days ago. This pivot has triggered a broad-based rally, benefiting growth stocks especially sensitive to interest rate movements.

“The market is pricing in a much more dovish Fed ​than ‌we thought even a week ago,” said Michael Green, portfolio manager at Simplify Asset ⁢Management.”The combination of cooling inflation and a ⁤resilient economy is⁤ creating a Goldilocks scenario that investors are eager to capitalize‌ on.”

The yield on the 10-year Treasury note fell sharply to 4.13%, further supporting​ risk assets. Technology stocks saw substantial gains, with Apple rising 1.8%, Microsoft adding 2.1%,and Amazon climbing 2.4%.⁣ Financials also benefited from‌ the prospect of ⁢lower⁢ borrowing costs, with ‌JPMorgan Chase up 1.3%.

However, analysts caution that the rally may be overextended and vulnerable to a correction if economic data surprises to the‍ upside or Fed ⁤officials push​ back against the aggressive pricing​ of rate cuts. The Fed is scheduled to hold its next policy meeting December 12-13, and ‍while no rate ​changes are expected at this‌ meeting,‌ the accompanying economic projections and chair Jerome Powell’s press conference ⁤will be closely scrutinized for further clues about the ⁣central bank’s future path.

The market’s reaction underscores ‌the sensitivity to inflation data and Fed policy⁤ signals.⁣ Investors will be closely watching upcoming reports ⁤on employment, ⁢consumer spending, and manufacturing ‌activity for further confirmation of ‌the disinflationary trend. A sustained easing‍ of inflationary pressures ‍would likely solidify expectations for early rate⁢ cuts, potentially setting the stage for a⁤ continued rally in the new year.

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World

China pitches closer ties to Germany in strategic industries to ease rare earth strains

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

China Proposes Deeper Industrial Collaboration with Germany Amid Rare Earth Concerns

BERLIN, May 16 – China is seeking closer ties with Germany in strategic industries,‍ including potential joint ventures, as ⁣a ‍means ⁤to alleviate tensions surrounding access to rare earth ⁤minerals, according to ⁣a senior Chinese commerce official. The move signals a proactive effort by Beijing to secure crucial supply chains and address growing geopolitical concerns over its dominance ‌in the rare earth market.

The proposal, outlined during a ‍recent visit to Germany by ⁢Chinese Commerce Vice Minister Guo Zhongming, comes as both nations ⁤navigate increasing scrutiny ‌of​ economic dependencies. Germany, heavily reliant on China for rare earths essential to ⁢its ‍automotive and technology sectors, is seeking to diversify its sources. China, in​ turn, aims to maintain market access and foster collaborative relationships that could ensure continued economic engagement despite rising strategic competition. This initiative represents⁤ a shift towards a more nuanced approach,​ moving beyond ‌simple⁣ export controls to explore cooperative solutions.

Guo reportedly suggested potential partnerships in sectors ‍beyond rare earths, encompassing⁢ electric vehicle batteries, renewable energy, and advanced manufacturing. He emphasized China’s willingness to work with German companies on⁢ joint projects, potentially including investment in rare earth processing⁤ facilities within Germany, according to sources familiar with the discussions.

“China is ready to deepen practical cooperation with ‍Germany in key areas,” Guo stated during a speech at the German Chamber of‌ Commerce and Industry, as ⁣reported by Reuters. ‍”we can explore joint ventures ⁣and othre‍ forms of collaboration ‍to ensure stable supply chains and mutual benefits.”

The discussions reflect a growing awareness⁢ on both sides of the need ⁤to ⁢manage the risks associated ⁤with concentrated supply chains.Germany currently imports a important⁢ portion of its rare earth needs from China​ – ​approximately 70% according⁣ to the German Federal Institute for Geosciences and Natural Resources (BGR). This ⁣dependence has prompted Berlin to actively pursue alternative⁣ sourcing options, including exploration of‌ domestic deposits and⁤ partnerships with countries‍ like the United States, ⁢Canada, and Australia.

Though, developing alternative supply ‌chains is a long-term undertaking. China’s proposal offers a potential short-to-medium term solution, allowing Germany to maintain access ⁣to critical materials while simultaneously working towards greater independence. The success of this ‍initiative⁢ will hinge on addressing concerns surrounding intellectual property ⁣protection, fair ‍competition, and the potential for increased leverage by China within key German industries. Further talks are expected in ‍the coming months to explore the feasibility and scope of potential collaborations.

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