Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
Tariff-related ruction appears to be settling down, but U.S. President Donald Trump is still reshaping global trade and industry — and everyday life.
After the Trump administration hinted it could be open to Nvidiarevenue-sharing agreement, the semiconductor darling was reported to be developing a new chip for Beijing.
And Intel’sa stake in the company. Other companies that have received funding from the same act — such as Micronsubject to the same exchange, Reuters reported.
Meanwhile, the effects of tariffs continue to creep into the home.
The costs incurred by fires in the U.S. — think of the tragic Los Angeles wildfires in January or the one near the Grand Canyon just last month — are already growing, not just in terms of the physical damage but also the price of insurance premiums.
And now that Trump has added fire extinguishers to a list of steel products that will face a 50% import tariff, even the price of relatively more benign and contained fires, such as those you start to burn photographs of your ex-partner, will be more expensive to put out. That’s a truly protest-worthy tariff.
What you need to know today
Trump expands reach of steel and aluminum tariffs. The duties, which impose a 50% charge on imports, will include more than 400 additional product categories, such as fire extinguishers, machinery and construction materials.
Japan exports sank 2.6% in July from a year ago. That figure is worse than expected, and the steepest decline for the country since February 2021. Falling shipments to the U.S. and China, Japan’s two biggest export markets, contributed to the plunge.
Pop Mart shares spike after it announced profit surge. Shares of the Labubu-maker were up 12.6% at 1:40 p.m. local time (1:40 a.m. ET) Wednesday as investors cheered the firm’s announcement on Tuesday of a nearly 400% year-on-year jump in profit.
Technology stocks weigh down U.S. markets. The Nasdaq Compositefell 1.46% on Tuesday as shares of Palantirsank more than 9%. Asia-Pacific markets retreated Wednesday, as the region’s tech stocks tracked declines on Wall Street.
[PRO] UBS raises its forecast for gold — again. Despite the rally for gold stalling since the middle of the year, the Swiss banking giant hiked its 2025 and 2026 target for gold prices.
And finally…
The price is REIT: UK-quoted property sector is consolidating rapidly
Episodes in which the mighty KKR receives a bloody nose are collector’s items — but we had one in the U.K. last week. The private equity giant was thwarted in an attempt to buy Assura, a property company that owns more than 600 doctor’s surgeries and medical centers.
That speaks to a bigger story — which is that U.K. stock market investors have concluded valuations in the country’s REIT (real estate investment trust) sector had become ridiculously low.
— Ian King
International: Top News And Analysis
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