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Trump's new auto tariffs are expected to disrupt the global automotive industry, raising vehicle costs in the U.S. and affecting automakers' earnings. However, Tesla may be less impacted due to its domestic production, with shares rising despite a broader market decline. Musk acknowledged that while some parts will be affected, the overall cost impact is significant.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
Shares of Japan's major automakers fell sharply after President Trump announced a 25% tariff on auto imports, with Toyota down 3.7%, Nissan 3.2%, and Honda 3.1%. The auto industry is crucial to Japan's economy, accounting for about 10% of jobs and a significant portion of US-bound exports. Japanese officials have sought tariff exemptions but have faced refusals, raising concerns about the broader economic impact.
Elon Musk has warned that President Trump's newly announced 25% tariffs on imported vehicles will significantly impact Tesla due to its reliance on foreign-made parts. While Tesla assembles cars in the U.S., many components are sourced internationally, leading to increased costs. The tariffs, effective April 3, aim to protect American jobs but have raised concerns among key trading partners and could destabilize the global auto market.
The Swiss stock market remained in the red as investors reacted to the US's announcement of a 25% tariff on imported cars, signaling a potential escalation in the global trade war. Major indices in Europe and Asia followed suit, with significant declines in automotive stocks. The SMI was down 1.27%, with only six of the thirty leading stocks showing gains, including Sandoz and Novartis.
UBS experienced a technical fault on Wednesday, causing certain debits to clients' accounts to be displayed twice. The bank acknowledged the issue and assured clients that the incorrect bookings would be corrected, although details regarding the cause, number of affected clients, and resolution timeline were not disclosed.
The Swiss stock market opened sharply lower, mirroring declines in the US and Asian markets due to impending US tariffs on the automotive sector. Analysts express concerns over a potential global trade war, with all leading Swiss stocks declining except for Lindt, which saw a slight gain. The SMI fell 1.42% to 12,771.07 points, reflecting widespread bearish sentiment among investors.
Quantinuum, in collaboration with JPMorgan Chase and other partners, has achieved a significant breakthrough in quantum computing by successfully generating certifiable randomness using its H2 quantum computer. This advancement, leveraging Random Circuit Sampling, promises to enhance cybersecurity by providing a reliable source of randomness essential for cryptographic applications. With the upcoming launch of the Helios device in 2025, Quantinuum aims to further solidify its leadership in the quantum computing sector, offering innovative solutions to complex industry challenges.
Foxconn will hold a seminar in Japan on April 9 to present its electric vehicle (EV) strategy, targeting local automakers and suppliers. Jun Seki, the company's chief EV strategy officer and a former Nissan executive, is set to speak at the event. This follows Foxconn's recent agreement with Mitsubishi Motors to produce EVs for Oceania, marking its first outsourcing deal with a Japanese automaker and indicating a potential shift in Japan's automotive landscape amid rising competition from Chinese manufacturers like BYD.
Citigroup is expanding its investment banking team in Japan, anticipating a rebound in the country's deal fee pool after years of stagnation. The firm plans to increase its workforce by 15%, focusing on merger advisory and securities underwriting, as companies prioritize shareholder returns. With over $230 billion in mergers and acquisitions last year, Citigroup has climbed to sixth in Japan-related merger advisory for 2025, reflecting a growing optimism in the market.
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Tesla less impacted by new auto tariffs as competitors face challenges
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15:29 27.03.2025
Saudi Arabia's non-oil exports rise 10.7 percent in January 2025
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14:32 27.03.2025
Japanese automakers face stock decline after US tariff announcement
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13:57 27.03.2025
Elon Musk warns Trump tariffs will significantly impact Tesla's costs
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12:23 27.03.2025
swiss stock market declines amid fears of escalating trade war
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11:45 27.03.2025
UBS faces technical issues causing double debits for clients
10:01 27.03.2025
swiss stock market declines amid global trade war fears and us tariffs
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09:44 27.03.2025
quantinuum and jpmorgan achieve breakthrough in certified quantum randomness generation
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08:35 27.03.2025
Foxconn to unveil electric vehicle strategy at Japan seminar
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08:20 27.03.2025
citigroup expands investment banking team in japan amid dealmaking optimism
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03:07 27.03.2025
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