The European Union and the US are moving toward a deal that would impose 15% tariffs on most products, according to diplomats briefed on the negotiations. Member states are likely ready to accept 15% tariffs, and EU officials are pushing for them to cover sectors including autos, diplomats said. Steel and aluminum imports above a certain quota would be subject to a 50% duty, one diplomat added. Diplomats said that while the EU is optimistic that a deal can be reached, they are also cautious that any final agreement would require the approval of US President Donald Trump, and his final...
Nonfarm Payrolls (NFP) in the US rose by 143,000 in January, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading followed the 307,000 increase (revised from 256,000) recorded in December and came in below the market expectation of 170,000. Other details of the publication showed that the Unemployment Rate declined to 4% from 4.1%, while the Labor Force Participation Rate edged higher to 62.6% from 62.5%. Finally, annual wage inflation, as measured by the change in the Average Hourly Earnings, rose 4.1%, surpassing the market expectation of 3.8%. Source: FXstreet
The International Monetary Fund on Thursday said it is closely following developments in the U.S., including moves by the Trump administration to halt foreign aid and impose tariffs on China, but it was too soon to offer clear assessments of the impact. The global lender has repeatedly warned countries that protectionist measures, trade restrictions and increased uncertainty could dampen global growth, but IMF spokesperson Julie Kozack said the impact of already announced U.S. tariffs and other measures would depend on the responses of other countries and consumers, along with further trade...
Initial applications for U.S. unemployment benefits rose last week but remained relatively subdued. New claims rose by 11,000 to 219,000 in the week ended Feb. 1. The median forecast in a Bloomberg survey of economists called for 213,000 applications. Continuing claims, a proxy for the number of people receiving benefits, rose to 1.89 million in the week ended Jan. 25, according to Labor Department data released Thursday. The level of initial claims has remained broadly in line with pre-Covid levels, and private employment data from ADP Research showed a healthy pace of hiring in January....
A group of sustainable finance experts tasked with advising the European Union have proposed changes to the bloc's rules for classifying climate-friendly activities, which they say will slash the reporting burden on companies by a third. The proposal to simplify the bloc's green investment rulebook comes ahead of a major review of the European Union's broader sustainability rules and as Brussels draws up plans to cut red tape around green finance. The EU is under pressure from member countries like France to simplify rules around doing business, while U.S President Donald Trump's pursuit...
The economic activity in the US service sector continued to expand in January, albeit at a softer pace than in December, with the ISM Services PMI declining to 52.8 from 54. This reading came in below the market expectation of 54.3. Other details of the report showed that the Prices Paid Index, the inflation component, dropped to 60.4 from 64.4, while the Employment Index edged higher to 52.3 from 51.3. Market reaction The US Dollar stays under selling pressure following these data. At the time of press, the US Dollar Index was down 0.6% on the day at 107.35. Source : Fxstreet
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...
US President Donald Trump announced that a 19% tariff will be imposed on goods from the Philippines, following trade talks prompted by Filipino President Ferdinand Marcos Jr.'s recent visit to the...