Dozens of countries face a July deadline to strike an agreement with the US on tariffs, which have been triggered by disappointing earnings from tech giants Apple and Amazon. The Chinese statement is outweighing concerns about tariffs, according to Deutsche Bank managing director Jim Reid. In response, shares in Apple slumped 5% and Amazon 1%, but recovered during morning trading. European markets rose, with Paris and Frankfurt up over 2%, while Hong Kong and Tokyo also gained ground. Japan's envoy for US tariff talks said negotiations were "frank and constructive". Gold prices edged higher after hitting a two-week low, as traders trimmed bets on a rate cut by the Federal Reserve following a strong jobs report.
https://www.gulftoday.ae/business/2025/05/02/global-stock-markets-gain-on-us-jobs-data-tariff-talks-hopesA US federal judge has issued a permanent injunction against the Trump administration's use of the Alien Enemies Act, citing its misuse in deporting migrants without due process. The ruling, made by Judge Rodriguez, is significant as it marks the first formal permanent injunction against the administration using the law. The ACLU lawyer Lee Gelernt argued that Congress never intended for the law to be used in this manner, and Judge Rodriguez agreed, noting the provision has only been used during wartime. The decision comes after the administration attempted to ship migrants accused of being gang members to El Salvador under a proclamation that was deemed unconstitutional by the judge.
https://www.thehindu.com/news/international/trump-cannot-use-alien-enemies-act-to-deport-venezuelans-from-south-texas-judge-rules/article69523827.eceIndonesia is emerging as a hub for Chinese solar firms due to US tariffs on Southeast Asian countries. The high tariffs imposed by the Trump administration on solar components from Vietnam, Malaysia, Thailand, and Cambodia are prompting companies like Jinko Solar and Trina Solar to consider relocating to Indonesia. This move comes after at least four new solar projects linked to Chinese companies have begun operating in Indonesia and Laos, with two more in development.
https://www.scmp.com/week-asia/economics/article/3308888/indonesia-emerges-new-hub-chinese-solar-firms-amid-trumps-tariffs-southeast-asia?module=top_story&pgtype=sectionThe World Health Organization is condemning the humanitarian crisis in Gaza, with emergencies director Mike Ryan expressing outrage that the world is allowing the situation to continue. The UN health agency has repeatedly warned of a catastrophic famine on the ground since Israel's blockade began, and supplies are now dwindling. At least 2,326 people have been killed in Gaza since Israel resumed strikes, bringing the total death toll to 52,418, including 1,218 civilians and 34 Israeli hostages still being held by militants.
https://channelnewsasia.com/world/who-slams-gaza-abomination-5103251India has taken strong measures against Pakistan following a terror attack in Pahalgam, including suspending the Indus Waters Treaty and shutting down the Attari border. The country also cancelled visas of Pakistani nationals, blocked many YouTube channels and Xhandles, and reduced diplomatic ties with Pakistan by downsizing embassy staff, forcing them to return home.
https://www.lokmattimes.com/international/eam-jaishankar-thanks-south-korea-for-support-following-pahalgam-terror-attack/The Indian government is taking strong measures against Pakistan in response to a terror attack in Pahalgam, including suspending the Indus Waters Treaty and banning Pakistani nationals. US Defence Secretary Pete Hegseth expressed solidarity with India's right to defend itself after the attack, while US Secretary of State Marco Rubio urged Pakistan to cooperate in investigating the incident and publicly condemn it. Indian External Affairs Minister S Jaishankar also spoke with Rubio, reaffirming their commitment to holding terrorists accountable.
https://www.firstpost.com/world/fearing-indias-military-action-pakistan-shuts-1000-madrasas-13884763.htmlDeputy Minister of Foreign Affairs Arrmanatha Nasir urged middle-income countries to strengthen solidarity and trade at a conference in Manila, Philippines. He warned that if they don't act, over 100 countries with 75% of the global population will be stuck in the "middle-income trap" due to rising competition, protectionism, and weakening multilateral systems.
https://en.antaranews.com/news/353485/indonesia-seeks-stronger-trade-between-middle-income-countries?utm_source=antaranews&utm_medium=desktop&utm_campaign=popular_rightAustralia is set to hold elections on Saturday with a contentious issue of nuclear power generation at the forefront. Prime Minister Anthony Albanese's centre-left government has made significant strides in renewable energy, with solar and wind projects contributing 35% of Australia's electricity generation in 2023. Conservative opposition leader Peter Dutton has proposed building seven large-scale nuclear reactors by 2050, citing cost savings and reliability over renewable energy. However, experts warn that the nuclear option would be 50% more expensive and take at least 15 years to become operational, with France's experience with delayed and over-budget projects serving as a cautionary tale.
https://www.victoriaadvocate.com/news/nation/nuclear-power-sparks-australian-election-battle/article_203678db-5653-59fd-a05a-b9a69aa6f302.htmlJapan's economic growth is expected to moderate due to a slowdown in overseas economies and declining domestic corporate profits, but accommodative financial conditions are likely to provide support, leading to an increase in growth rate later. The Bank of Japan (BoJ) maintained interest rates at 0.5% following a policy meeting, with officials citing market fragility and uncertainty caused by US trade policies. Japanese tariff talks envoy Ryosei Akazawa will negotiate for relief from trade levies in Washington, while analysts predict an interest hike later this year if fruitful negotiations between the US and Japan occur.
https://www.victoriaadvocate.com/news/nation/bank-of-japan-holds-rates-lowers-growth-forecasts/article_e2052a42-664c-50f6-8669-2290640f1578.html