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Federal Reserve Chair Jerome Powell speaks during a meeting of the Economic Club of New York in New York City, U.S., October 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The MSCI World equity index rose just over 1%, its best day since August while the Nasdaq jumped 1.6%, its fourth rise in a row, for its best day since August too. Malaysia's central bank is expected to keep its key interest rate at 3% and through 2024, despite a weakening ringgit, amid stable domestic inflation and a steady growth outlook. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Jerome Powell, Brendan McDermid, Jamie McGeever, Wall, Jerome Powell's, Powell, Evergrande, Josie Kao Organizations: Economic, of New, REUTERS, Treasury, Bank of, Nikkei, Nasdaq, South, South Korea CPI, Thomson, Reuters Locations: of New York, New York City, U.S, Malaysian, Asia, Hong Kong, South Korea, July's, Malaysia, Australia
Australia wants to diversify its trading relationship with China, but that doesn't mean trade flows will slow down, Australian Trade Minister Don Farrell told CNBC. "We want to stabilize our relationship with China... we also want to diversify our relationship," Farrell told CNBC's Martin Soong on the weekend in Osaka, Japan where G7 trade ministers met. "That doesn't mean trading any less with China. But it does mean trading more with the countries with whom we have free trade agreements," he added, citing those in the European Union bloc. Canberra is also in dialogue with its largest trading partner China to drop tariffs on Australian wine imports that were introduced in March 2021.
Persons: Don Farrell, Farrell, CNBC's Martin Soong Organizations: Australian Trade, CNBC, European Union Locations: China, Osaka, Japan, Australia, Canberra, Beijing
The two sides have been negotiating since 2018, with Australia eager to boost agricultural exports by removing EU tariffs and expanding quotas, and Europe likely to gain greater access to Australia's critical minerals industry. "I came to Osaka with the intention to finalise a free trade agreement," Farrell said in a statement. "Negotiations will continue, and I am hopeful that one day we will sign a deal that benefits both Australia and our European friends." Watt said it would be some time before the Australian government and EU leadership would be able to negotiate a deal because of upcoming elections in EU. The EU signed a trade deal with New Zealand last year that lowered tariffs for EU exports including clothing, chemicals and cars, and allowed more New Zealand beef lamb, butter and cheese into the EU.
Persons: Don Farrell, Valdis Dombrovskis, Farrell, Murray Watt, Watt, David Jochinke, Peter Hobson, Gerry Doyle Organizations: CANBERRA, EU, Australian Trade, Australia, ABC Radio, New Zealand, Farmers ' Federation, Thomson Locations: Australia, Europe, Osaka, EU, Australian, New Zealand, Canada, South America, Zealand
Australia, EU trade deal likely years away after talks fail
  + stars: | 2023-10-30 | by ( ) edition.cnn.com   time to read: +2 min
Canberra — Australia has rejected European Union proposals for a free trade agreement, and a deal is now unlikely to be reached for several years, Australian government ministers said Monday. “I came to Osaka with the intention to finalize a free trade agreement,” Farrell said in a statement. “We just weren’t able to see the EU increase its offer for things like beef, sheep, dairy, sugar enough for us to think that this deal was in Australia’s national interest,” he told ABC Radio. The EU signed a trade deal with New Zealand last year that lowered tariffs for EU exports including clothing, chemicals and cars, and allowed more New Zealand beef, lamb, butter and cheese into the EU. “It’s disappointing the Europeans weren’t willing to put something commercially meaningful on the table,” National Farmers’ Federation President David Jochinke said in a statement.
Persons: Don Farrell, , ” Farrell, , Murray Watt, , Valdis Dombrovskis, Australia’s Watt, “ It’s, David Jochinke Organizations: Canberra, EU, Australian Trade, Australia, ABC Radio, New Zealand, National Farmers ’ Federation Locations: Australia, Europe, Osaka, New Zealand, Canada, South America, Zealand
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDiversifying our relationship with China doesn't mean trading less with it: Australia trade ministerDon Farrell, Australian trade minister, when asked about managing his country's trade ties with the U.S. and China, said "we can walk and chew gum at the same time."
Persons: Don Farrell Organizations: U.S Locations: China, Australia
REUTERS/Issei Kato/File Photo Acquire Licensing RightsOct 5 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Global currency volatility on Wednesday spiked to its highest since May, a day after U.S. Treasury market volatility also jumped to a five-month high. And although U.S. yields fell across the board, yield curve steepening continued as the 30-year yield pierced 5.00%. Japanese assets, meanwhile, will also be sensitive to possible Bank of Japan activity in the domestic government bond or currency markets on Thursday. An esoteric corner of Japanese markets - yen cross-currency basis - is at levels consistent with previous bouts of volatility.
Persons: Issei Kato, Jamie McGeever, Josie Kao Organizations: U.S, REUTERS, Treasury, of, Bank of Japan, FX, Japan's Nikkei, PMI, Thomson, Reuters Locations: Tokyo, Japan, South Korea, Philippines, Thailand, Taiwan, Singapore, U.S, of Japan, Bank, India, Australia
TAIPEI, Sept 26 (Reuters) - Taiwan President Tsai Ing-wen on Tuesday called on Australia to support its bid to join a pan-Pacific free trade pact during a meeting with a group of visiting Australian lawmakers. The CPTPP is a landmark trade pact agreed upon in 2018 by 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. "We look forward to the continued strengthening of economic and trade cooperation between Taiwan and Australia," Tsai said in comments released by her office. "We also hope that the Australian government and parliament will support Taiwan's accession to the CPTPP to jointly promote economic growth and sustainable development of the Indo-Pacific region." "Protecting the free and open Indo-Pacific region is the common goal of Taiwan and Australia."
Persons: Tsai Ing, Tsai, Don Farrell, Ben Blanchard, Kirsty Needham, Gerry Doyle Organizations: Trans, Pacific, Taiwan, Australian Trade, Thomson Locations: TAIPEI, Taiwan, Australia, China, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, Britain, Taipei, Sydney
By Joe CashBEIJING (Reuters) - China and Australia should "seriously consider" what they have learned from halting their high-level dialogue over the past three years, Li Zhaoxing, a former foreign minister, said on Thursday, as the talks restarted in Beijing. China accounts for nearly one-third of Australian trade, while Australia is China's eighth-largest trade partner. Diplomatic exchanges have been ramping up since Australia elected a Labor government in May 2022 and China lifted tariffs on its barley exports. "Over the past decades... China has not posed any threat to Australia, and will not do so in the future. The Australian delegation also includes former Liberal foreign minister Julie Bishop, whose inclusion was to show bipartisan political support, the statement said.
Persons: Joe Cash, Li Zhaoxing, Li, Craig Emerson, Penny Wong, Julie Bishop, Emerson, Anthony Albanese, Li Qiang, Whitlam’s, " Albanese, Kirsty Needham, Christian Schmollinger Organizations: Joe Cash BEIJING, Australia, Labor, Australian, Australian Foreign, Liberal, Australia's, ASEAN Locations: China, Australia, Beijing, Canberra, Jakarta, Sydney
Elsewhere in Asian FX markets, China's yuan slid to a 10-month low on Wednesday through 7.32 per dollar and is a whisker from plumbing depths not recorded since late 2007. Investors could get further reminders on the currency's vulnerability from Chinese trade and FX reserves figures on Thursday. Chinese trade has been one of the biggest economic red flags this year. Beijing's nominal FX reserves have risen this year, even as the nominal value of Beijing's holdings of U.S. Treasuries has fallen to a 14-year low. Here are key developments that could provide more direction to markets on Thursday:- China trade (August)- Malaysia interest rate decision- Australia trade (August)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, Jamie McGeever, Treasuries, Josie Kao Organizations: REUTERS, FX, Asian FX, Reuters, Thomson Locations: Shanghai, China, India, Japan, Asian, Beijing, U.S, Malaysia, Australia
A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsCompanies South32 Ltd FollowAug 22 (Reuters) - Australian trade union Collieries' Staff and Officials Association (CSOA) on Tuesday said mining supervisors voted to extend their work stoppage at South32's (S32.AX) Appin mine for one more week. The strike, which was due to end on Aug. 25, has been extended till Sept. 1. A South32 spokesperson told Reuters that some parts of the mine, located in New South Wales, will remain non-operational during the strike. Reporting by Himanshi Akhand and Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons: South32, David Gray, Belinda Giblin, Himanshi Akhand, Sameer Manekar, Varun Organizations: REUTERS, Collieries ' Staff, Association, Reuters, Thomson Locations: Perth, Western Australia, New South Wales, Bengaluru
CNN —China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia, in a potential boon for their tourism industries. Prior to the pandemic, mainland Chinese tourists spent more than any other country’s tourists when abroad, clocking up a combined $255 billion in 2019 with group tours estimated to account for roughly 60% of that. Just how much outbound Chinese tourism will bounce back for the latest group of countries remains to be seen. “The opening of group travel from China to the U.S. is a significant milestone,” said Adam Burke, head of the Los Angeles Tourism and Convention Board. China has never publicly acknowledged limiting group tours to South Korea.
Persons: Gina Raimondo, , Fumio Kishida, , Don Farrell, Steve Saxon, Adam Burke, Organizations: CNN, US Commerce Department, Japanese, Trade, Tourism, Weibo, McKinsey & Co, , Los Angeles Tourism, Reuters Locations: China, United States, Japan, South Korea, Australia, Germany, Canada, Thailand, Russia, Cuba, Argentina, Nepal, France, Portugal, Brazil, Xinjiang, Los Angeles, U.S
Travellers walk past an installation in the shape of five stars, at Beijing Daxing International Airport in Beijing, China April 24, 2023. REUTERS/Tingshu Wang/file photoBEIJING, Aug 10 (Reuters) - China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia in a potential boon for their tourism industries. Just how much outbound Chinese tourism will bounce back for the latest group of countries remains to be seen. Shares in firms in the latest group of countries with large exposure to Chinese travel demand jumped on the news. China has never publicly acknowledged limiting group tours to South Korea.
Persons: Tingshu Wang, Fumio Kishida, Don Farrell, Steve Saxon, Casey, Sophie Yu, Joyce Lee, Jamie Freed, Edwina Gibbs Organizations: Beijing Daxing International, REUTERS, Japanese, Trade, Tourism, Weibo, McKinsey & Co, South, Grand Korea, Reuters, Casey Hall, Thomson Locations: Beijing, China, BEIJING, United States, Japan, South Korea, Australia, Germany, Britain, Canada, Thailand, Russia, Cuba, Argentina, Nepal, France, Portugal, Brazil, Xinjiang, South Korean, U.S, Shanghai, Seoul
Don Farrell Australian trade minister"We always saw the barley application and the suspension of the barley application before the [World Trade Organisation] as a template for dealing with the wine issue," he said. "And of course, we're extremely confident that the 220% tariffs that were applied to Australian wine will be removed." Thawing tensionsIn April, Australia agreed to "temporarily suspend" its World Trade Organization complaint against China for its 2020 decision to impose 80.5% duties on Australian barley trade that was once worth about 1.5 billion Australian dollars ($988.1 million). Vcg | Visual China Group | Getty ImagesOn Monday, Farrell said a "range of factors" were at play, with Chinese beer consumers and barley importers "very strongly in favor" of reintroducing Australian barley. Since then, Australia's foreign minister Penny Wong and trade minister Farrell have visited Beijing and have had direct meetings with their direct counterparts.
Persons: Don Farrell, Farrell, Xi Jinping, Anthony Albanese, Penny Wong Organizations: World Trade, World Trade Organization, Chinese Commerce Ministry, Nantong, Trade Zone, Visual China, Australian Locations: Australia, China, Beijing, Nantong, Jiangsu Province, Bali
Australian Trade Minister Don Farrell said on Friday that Chinese restrictions affecting roughly A$20 billion of annual trade as of last May had shrunk to hit about A$2 billion of exports. The U.S. Trade Representative’s office, which has sided with Australia in the trade dispute, declined to comment on China’s move to reduce barley tariffs. FILE PHOTO: Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. Wine producer Treasury Wine Estate’s shares reversed earlier declines to close 2.7% following the barley decision against an otherwise flat market. Chinese buyers had turned to Canada, France and Argentina to replace Australian barley supplies over the last three years, while Australian sellers shifted exports to feed barley markets in the Middle East.
Persons: Don Farrell, ” Farrell, Anthony Albanese, Florence, Lee McLean, Dennis Voznesenski, , Colin Bettles Organizations: SYDNEY, China’s Ministry of Commerce, World Trade Organization, Australian Trade, Labor, U.S . Trade, REUTERS, Wine, WTO, Rabobank, , Grain Producers Australia Locations: BEIJING, Australia, normalisation, China’s, Canberra, China, Beijing, Canada, France, Argentina
China to lift tariffs on Australian barley after 3 years
  + stars: | 2023-08-04 | by ( ) www.reuters.com   time to read: +2 min
China and Australia agreed in April to resolve their dispute over barley imports, with Canberra to suspend a case at the World Trade Organization (WTO) over Beijing's anti-dumping and countervailing duties on barley, while China promised to speed up a review into the tariffs. Australian Trade Minister Don Farrell said on Wednesday that he was expecting a positive outcome within days. The tariffs will be dropped starting on Saturday, China's Ministry of Commerce said, citing a changing situation in China's barley market without providing further details. Beijing implemented tariffs totalling 80.5% on Australian barley in May 2020, wiping out imports of the grain by the world's biggest beer market, worth as much as A$2 billion ($1.31 billion) a year. Those trade flows are likely to shift again after China drops the tariffs, with its barley buyers expected to begin purchases of the new Australian crop harvested in October for arrival by year-end.
Persons: Jonathan Barrett, Don Farrell, Dominique Patton, Kim Coghill, Jamie Freed Organizations: REUTERS, China's Ministry of Commerce, World Trade Organization, Australian Trade, Labor, WTO, Reuters Graphics Reuters, Beijing, Thomson Locations: Moree, New South Wales, Australia, BEIJING, China, Canberra, Beijing, Canada, France, Argentina
The TikTok spokesperson also said the company will have "more news to share on the launch of TikTok Music in the coming months." With TikTok Music, the company can connect the dots between music discovery and audio streaming. TikTok Music users can sync their accounts directly to TikTok, making it easy to hear a song snippet and then click over to stream the full track. TikTok Music is set to eventually replace Resso in the latter two markets. Outside streaming, TikTok has been experimenting with other ways to make money from its influence over music.
Persons: TikTok, Jonny Kaps, we've, Daniel Ek, ByteDance, Resso Organizations: Spotify, Apple Music, TikTok Locations: Australia, Mexico, Singapore, Brazil, Indonesia, India
Australia PM's Germany, NATO trip to focus on trade, security
  + stars: | 2023-07-09 | by ( ) www.reuters.com   time to read: +2 min
SYDNEY, July 9 (Reuters) - Trade and security will be priorities for Australian Prime Minister Anthony Albanese on a trip this week to meet German Chancellor Olaf Scholz and attend a NATO summit in Lithuania, Albanese's office said. Australia is not a member of NATO but has a decades-long relationship with the Western alliance and attended last year's summit in Madrid as a non-member participant. "Alongside our NATO allies, Australia continues to demonstrate our unwavering support for Ukraine, and our condemnation of Russia’s illegal and immoral invasion," Albanese said in the statement. Last month, Australia promised a new A$110 million ($74 million) package to Ukraine, including 70 military vehicles to defend against Russia's invasion, taking Australia's total contribution for Ukraine to A$790 million ($530 million). Also this week, Australian Trade Minister Don Farrell will travel to Brussels, seeking to advance stalled talks for a free trade agreement between Australia and the EU.
Persons: Anthony Albanese, Olaf Scholz, Scholz, " Albanese, Don Farrell, Valdis, Janusz Wojciechowski, Farrell, Sam McKeith, William Mallard Organizations: SYDNEY, Australian, NATO, Labor, Atlantic, Organization, Ukraine, Australian Trade, EU, European Union, Reuters, Trade, Agriculture, Thomson Locations: Lithuania, Australia, Germany, Lithuanian, Vilnius, Madrid, Russia, Ukraine, Brussels, Sydney
July 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. U.S.-China trade tensions appear to be intensifying by the day - the latest flare up coming over Beijing's restrictions on exports of some metals - not the best backdrop for Yellen's visit on Thursday. However well - or otherwise - Yellen's visit goes, there will be no quick fix. Here are key developments that could provide more direction to markets on Thursday:- U.S. Treasury Secretary Janet Yellen visits China- Australia trade (May)- Taiwan inflation (June)By Jamie McGeever; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Jamie McGeever, Janet Yellen, Taiwan's Foxconn, Foxconn's, Wei Jianguo, Lisa Shumaker Organizations: Treasury, Apple Inc, U.S, Vice Commerce, Bank Negara Malaysia, . Treasury, Thomson, Reuters Locations: Beijing, Malaysian, China, Washington, Malaysia, India, South Korea, Indonesia, New Zealand, Bank, Australia, Taiwan
The Bank of Canada's decision to raise rates to a 22-year high of 4.75% was not widely expected. This followed an equally surprising rate hike from Australia the day before, a one-two hawkish punch from policymakers that investors had probably not braced for. The Reserve Bank of India is expected to leave its key interest rate unchanged at 6.50% and for the rest of 2023, according to a Reuters poll of economists. The Australian dollar, which hit a one-month high on Wednesday following the RBA's rate hike, could get a nudge from Australian trade data on Thursday. Here are three key developments that could provide more direction to markets on Thursday:- India interest rate decision- Japan GDP (Q1, revised)- Australia trade (April)By Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.
Persons: Jamie McGeever Organizations: Nasdaq, Mega Tech, Reserve Bank of, U.S, Thomson, Reuters Locations: India, Canada, Australia, Reserve Bank of India, Japan
Trade Minister Don Farrell arrived in Beijing on Thursday for a three-day visit to meet with his counterpart, Wang Wentao, according to the Chinese commerce ministry. It’s the first visit to China by an Australian trade minister since 2019. “I will be advocating strongly for the full resumption of unimpeded Australian exports to China — for all sectors — to the benefit of both countries,” he added. As a result, Australian exports to China fell by 13% in 2022, compared to the previous year, according to Chinese customs data. In March, Australia’s exports to China hit a record high, with the value of shipments reaching 19 billion Australian dollars ($12.8 billion).
Copper ore and concentrate imports are likely to resume if the talks go well, according to an official surnamed Wang at a Chinese copper smelter, who said smelters want extra supply from Australia. Australian copper accounted for just 5% of Chinese imports in 2019 but is an important source of supply in what is expected to become a tight global market. Australian copper returns to ChinahereChinese customs data showed 10kg (22.05 lb) of copper ore and concentrate in the first quarter of this year, roughly the same as 2022. China imported just over one million tonnes of copper ore and concentrate from Australia in 2019, according to customs data. Australian trade data showed A$78,000 worth of barley exports to China in January, the first since November 2020.
REUTERS/Siyi LiuAustralian trade data shows exports worth A$60.5 million ($41.04 million) of copper ore and concentrate to China in January, though the cargoes have not appeared in Chinese customs data. It was the first month of exports since December 2020, Australian data showed. Copper ore and concentrate imports are likely to resume if the talks go well, according to an official surnamed Wang at a Chinese copper smelter, who said smelters want extra supply from Australia. China imported just over one million tonnes of copper ore and concentrate from Australia in 2019, according to customs data, worth about $1.67 billion at the time. Australian trade data showed A$78,000 worth of barley exports to China in January, the first since November 2020.
read moreHer arrest by state security in September 2020 came as China widened blocks on Australian exports amid a diplomatic dispute, but the barriers are falling now, with a visit by Australian Trade Minister Don Farrell planned. China has previously said Australia should respect China's judicial sovereignty, adding that her legal rights were being upheld. Foreign Minister Penny Wong said Cheng had shown "great resilience and courage", and the Australian government was concerned by the delay. Born in China, Cheng moved with her scientist parents to Australia as a 10-year-old. "No light has been shed on the allegations" against Cheng after three years, said former trade minister Simon Birmingham, whom she interviewed on his visits to China.
May 4 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The Fed on Wednesday delivered what markets are convinced will be the last rate hike of the cycle, bond yields and the dollar fell, yet investors are rattled. But the tone will be set by the fallout from the Fed. They rose as much as 3% in early trade, recouping some of the previous two days' heavy losses. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have a 'paradoxical' relationship with China, Australian trade minister saysDon Farrell, Australia's minister for trade and tourism, says although China is its largest trading partner, there is $20 billion worth of trade impediments that won't be resolved overnight.
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