The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
Britain's consumers turned a bit more confident in May, according to a survey published on Friday that might reflect the impact of falling interest rates and an easing of global trade tensions. Market research firm GfK's consumer confidence index rose to -20 in May from -23 in April, led by more optimism among households over the outlook for their finances and the wider economy. A Reuters poll of economists had pointed to a smaller increase to -22. Neil Bellamy, consumer insights director at GfK, said consumers may have breathed a sigh of relief from the Bank of England's May 8 interest...
US Treasury yields fell on Thursday (5/23) after the 30-year US bond yield hit a 19-month high amid concerns about a widening US fiscal deficit, as Trump's "One Big Beautiful Bill" passed the US House and heads to the Senate. Longer-term Treasury yields fell as Trump's tax-heavy budget passed the House, pushing fiscal concerns to the forefront The US House of Representatives approved Trump's budget by a single vote on Thursday. The proposal, which would provide tax breaks on tips and loans on cars – made in the US – is expected to increase the deficit by $3.8 billion, according to the...
The S&P Global US Services PMI rose to 52.3 in May of 2025 from the 17-month low of 50.8 in the previous month, ahead of market expectations of 50.8, according to a flash estimate. Businesses received higher amount of new orders in the period despite the aggressive drop in orders from foreign markets, which was the sharpest on record when excluding the pandemic, indicating that tariffs and unpredictable economic policy by the government continued to impact businesses. The uncertainty and softer demand for capacity drove service providers to trim their employment levels for the second...
The S&P Global Flash US Manufacturing PMI increased to 52.3 in May 2025, the highest in three months, compared to 50.2 in April and beating forecasts of 50.1. The reading signalled the strongest improvement in business conditions since June 2022, as factory production moved back into expansion territory after two months of decline, and new order growth hit a 15-month high. However, the biggest positive contribution came from inventories, which rose to the greatest extent recorded since the survey began in 2009. Longer delivery times – which are typically associated with busier...
The Republican-controlled U.S. House of Representatives narrowly passed a sweeping tax and spending bill that would enact much of President Donald Trump's policy agenda on Thursday and saddle the country with trillions of dollars in debt. The bill would fulfill many of Trump's populist campaign pledges, delivering new tax breaks on tips and car loans and boosting spending on the military and border enforcement. It will add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office. What Trump called...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...