Wall Street opens higher as tensions ease on Iran-Israel

WALL Street's main indexes opened higher on Friday, tracking strength in global stocks after President Donald Trump held off from making an immediate call on U.S. involvement in the Israel-Iran war.
The Dow Jones Industrial Average rose 119.4 points, or 0.28%, at the open to 42,291.09. The S&P 500 rose 18.8 points, or 0.31%, at the open to 5,999.67​, while the Nasdaq Composite rose 93.1 points, or 0.48%, to 19,639.408 at the opening bell.

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The Sun

4 hours ago

• The Sun

Malaysian timber exports may gain edge in US market, says FRIM forest products director

KUALA LUMPUR: Malaysia's timber exports may gain a competitive edge in the US market due to higher tariffs imposed on regional rivals such as Vietnam and Indonesia. Vietnam, once a leading furniture exporter in the region, now faces tariffs as high as 46% compared with Malaysia's import levy of 24%, Forest Research Institute Malaysia (FRIM) director of forest products division Wan Tarmeze Wan Ariffin said. 'US President Donald Trump imposed higher tariffs on Vietnam probably because they're afraid China might use Vietnam as a manufacturing hub' to bypass American trade restrictions,' he told Bernama. The United States is the largest buyer of Malaysian furniture, accounting for over half of furniture exports. However, the tariffs announced on April 2 have been paused for 90 days till early July to allow America's trading partners to negotiate for lower tariffs. 'If they don't impose high tariffs on Vietnam, China could exploit that route. So, on paper, the advantage actually lies with us (Malaysia),' he said. In 2022, Malaysia exported timber and timber products worth RM7.73 billion to the US. This was an increase from RM3.76 billion in 2018. Malaysia's timber exports worldwide include furniture, logs, veneer, plywood and medium-density fibreboard. Asked on the challenges faced by the timber industry, Wan Tarmeze said Malaysia's furniture sector primarily relies on processed wood rather than solid timber, with wood-based materials accounting for up to 85% of inputs in the making of the furniture. Wan Tarmeze said the ongoing Iran-Israel military conflict is not expected to have a direct impact on Malaysia's timber exports. Nevertheless, post-conflict reconstruction could open up new market opportunities and raise demand for Malaysian timber. 'Wars often lead to widespread destruction, but once the situation stabilises, there's usually a surge in demand for rebuilding – including homes and infrastructure,' he said. When asked how Malaysia can position itself as a high-value timber exporter rather than a volume-based player, he said the shift ultimately depends on the industry players themselves. 'This has been a long-standing conversation as Malaysia is still heavily reliant on the original equipment manufacturer (OEM) model, manufacturing timber products for others without having its own strong, internationally recognised brands. 'Take IKEA for example, which is a Swedish brand while Italy has its own well-known brand names, but Malaysia has yet to produce a brand that stands out globally,' Wan Tarmeze said. OEM refers to manufacturing products for other brands, whereas original brand manufacturers (OBM) involves developing and marketing products under one's own brand name. Wan Tarmeze said that despite the government's repeated calls for the industry to move from being OEM to OBM, the shift has yet to happen. 'The issue is not about identity but branding, and without branding we can't build value. 'The truth is Malaysia tends to shy away from copying, but we should be more open to learning from others, even 'stealing' ideas in the sense of adapting best practices and making them our own,' he said.

The Sun

5 hours ago

• The Sun

Chinese exports of rare-earth magnets plummet in May

BEIJING: Chinese exports of rare-earth magnets continued their downward slide in May, official data showed on Friday, reflecting restrictions imposed by Beijing during its trade war with the United States. China is the world's leading producer of rare earths, used to make magnets essential to the automotive, electronics and defence industries. Since April, Beijing has required traders to obtain licences before they export the strategic materials, a move seen as retaliation for US curbs on the import of Chinese goods. Many manufacturers, particularly in the automotive sector, have bewailed what they view as sporadic licence issuances. And Chinese customs data revealed Friday that the country's rare-earth magnet exports plummeted by 70 percent year-on-year in May, following an initial slowdown observed in April. Exports fell below the $60 million mark, hitting their lowest level since 2015 excluding the Covid-19 pandemic, according to Bloomberg News. After talks between China and the US in London this month, Beijing said it had issued a 'certain number' of export licences for rare earths. US President Donald Trump said last week on his Truth Social platform that 'any necessary rare earths... will be supplied, up front, by China'. Beijing also said it would launch a 'green channel' to facilitate rare earth exports to the European Union. But its exports of rare-earth magnets to the EU in May plunged by 81 percent year-on-year, according to the customs figures. And exports of small parcels to the US dropped by half compared to the previous month. Last month, Washington ended a tariff exemption previously enjoyed by low-value parcels shipped from China and Hong Kong. The measure dealt a severe blow to platforms shipping low-cost items from China, such as Shein and Temu. The decline was offset by a rise in China's total small parcel exports to the rest of the world, which were up 40 percent year-on-year, with particularly notable increases to Singapore, Russia, Europe and Australia. Besides the US, several countries have been trying to limit the rise of platforms sending cheap products made in China. This month, France adopted a bill that aims to curb fast fashion by banning advertising and imposing an additional tax on small parcels.

The Sun

5 hours ago

• The Sun

Wall St indexes open higher with Trump's Middle East decision in focus

WALL Street's main indexes opened higher on Friday, tracking strength in global stocks after President Donald Trump held off from making an immediate call on U.S. involvement in the Israel-Iran war. The Dow Jones Industrial Average rose 119.4 points, or 0.28%, at the open to 42,291.09. The S&P 500 rose 18.8 points, or 0.31%, at the open to 5,999.67​, while the Nasdaq Composite rose 93.1 points, or 0.48%, to 19,639.408 at the opening bell.