The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) dropping to 48.7 from 49.1 in September. This reading came in weaker than the market expectation of 49.5. Other details of the PMI report showed that the Employment Index edged higher to 46 from 45.3 in this period, while the New Orders Index improved to 49.4 from 48.9. Finally, the Prices Pair Index, the input inflation component of the survey, declined to 58 from 61.9. Source: FXstreet
Tensions between the United States and Venezuela are rising amid a large U.S. naval buildup in the Southern Caribbean and nearby waters, which U.S. officials say aims to address threats from Latin American drug cartels. U.S. President Donald Trump has made cracking down on drug cartels a central goal of his administration, part of a wider effort to limit migration and secure the U.S. southern border. While U.S. Coast Guard and Navy ships regularly operate in the Southern Caribbean, this buildup is significantly larger than usual deployments in the region. A U.S. official, speaking on the...
The European Commission proposed on Thursday removing duties on imported U.S. industrial goods in return for reduced U.S. tariffs on European cars, a key part of the trade agreement the EU and the United States struck last month. The proposals mark the EU's first step in enacting the framework agreement between U.S. President Donald Trump and Commission President Ursula von der Leyen on July 27, which saw the EU accept a broad 15% tariff to avoid a damaging trade war. The United States agreed to reduce its tariffs on cars built in the European Union to 15% from 27.5% from the first day of...
Pending home sales in the United States fell by 0.4% from the previous month in July of 2025, extending the 0.8% drop in the previous month to mark the first back-to-back contraction since January. Pending home sales were lower in the Northeast (-0.6%), the Midwest (-4.0%), and the South (-0.1%), which offset the 3.7% jump in the West. According to NAR Chief Economist Lawrence Yun, "Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant. Buying a home is often the most expensive purchase people will make in their lives. This...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance fell to 229,000 for the week ending August 23. The latest figure was slightly lower than the initial estimate (230,000) and lower than the previous week's 234,000 (revised from 235,000). Furthermore, the 4-week moving average increased by 2.5,000, bringing the total to 228,500 from the previous week's revised average. The report showed a seasonally adjusted insured unemployment rate of 1.3%, with Continuing Jobless Claims decreasing by...
The US Gross Domestic Product (GDP) grew at an annualized rate of 3.3% in the second quarter, the US Bureau of Economic Analysis (BEA) announced on Thursday. This figure was better than the preliminary estimate and market expectations of 3% and 3.1%, respectively. "Real GDP was revised up 0.3 percentage point from the preliminary estimate, primarily reflecting upward revisions to investment and consumer spending, partially offset by downward revisions to government spending and upward revisions to imports," the BEA explained in a press release. (alg) Source: FXstreet
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
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...
As the U.S. government shutdown disrupts federal employee paychecks across the country, it also exacerbates the financial hardship of attorneys who represent the poorest members of society when they...