World markets kicked off November in an upbeat mood, riffing off buoyant company earnings and calmer trade relations while batting away OPEC's planned end to output hikes and this week's Supreme Court hearing on President Donald Trump's tariffs. Following last week's meeting between Trump and China's President Xi Jinping in South Korea, the White House announced Saturday that China would lift export controls on rare earths and end probes into U.S. chip firms. But Trump said AI giant Nvidia's most advanced chips would be reserved for U.S. companies and kept out of China and other...
The White House launched an official TikTok account on Tuesday, taking advantage of the short video app's more than 170 million U.S. users to spread the messages of President Donald Trump. Trump has a soft spot for the popular app, crediting it with helping him gain support among young voters when he defeated Democrat Kamala Harris in the November 2024 presidential election. Lawmakers in Washington worry, however, that its U.S. user data could fall into the hands of China's government. Trump has been working on a deal for U.S. investors to buy the app from TikTok's Chinese parent,...
When President Donald Trump launched his tariff blitz, economists warned of soaring inflation as costs hit consumers. The hit was delayed by corporate countermeasures, but now early signs of tariff-driven price hikes are emerging, and Morgan Stanley warns the full inflation punch is coming, forcing businesses to rethink hiring and spending. "Recent inflation data show goods prices firming as tariffs feed through, essentially acting as a tax on consumption and production," Morgan Stanley economists said in a recent note, highlighting growing cost pressures squeezing corporate margins. The...
US manufacturing activity in August surged to 53.3 (above 50 = expansion), the highest since May 2022. Surging demand boosted production and a buildup of backlogs, lifting the Composite PMI (a combination of manufacturing and services) to its highest level this year. However, despite the strengthening performance, companies admitted they were struggling to meet accelerating sales. Survey details show factory output and backlogs rose to their highest levels since mid-2022, while new orders reached their highest levels since February 2024. Responding to strong demand, manufacturers are again...
Unemployment claims rose 11,000 to 235,000 in the week ending August 16, compared with the median estimate of 225,000, according to Labor Department data. Estimated range: 220,000-235,000 from 40 economists. The previous week's claims were unrevised from 224,000. The 4-week moving average was 226,250 in the week ending August 16. Actual unadjusted initial claims were 194,900 vs. 199,400 in the previous week. Continuing claims rose 30,000 to 1.972 million in the week ending August 9. Highest level since 2021 (alg) Source: Bloomberg
Russia attacked a civilian factory in western Ukraine owned by the US company Flex Ltd, causing a massive fire and injuring at least 15 people. Local authorities said that at approximately 4:40 a.m. local time, two Russian cruise missiles struck the company's premises in Mukachevo. "It was an ordinary civilian business, supported by American investment, producing everyday goods like coffee machines," Ukrainian President Volodymyr Zelenskiy said on social media Thursday. Russia resumed its large-scale attacks deep inside Ukraine after a three-week pause ahead of Russian President Vladimir...
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...