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 White House. The new tariff is slightly lower than the 20% rate initially announced on July 9. As part of the deal, Trump stated that U.S. exports will face no import taxes in the Philippines. The White House also revealed new details of a finalized trade agreement with Indonesia, under which a 19% tariff will apply to Indonesian goods. Additionally, a 40% tariff will be imposed on any goods...
The number of workers quitting jobs in the US rose to 3.326 million in October 2024, the highest in five months, from an upwardly revised 3.098 million in the previous month. The quit rate, a metric that measures workers voluntarily leaving their jobs as a proportion of total employment, increased to 2.1% from 1.9% in the previous month. Quits increased in the accommodation and food services sector (+90,000). Source: Trading Economics
The S&P Global US Manufacturing PMI was revised higher to 49.7 in November 2024 from a preliminary reading of 48.8, and compared with 48.5 in October, indicating a near-stabilization of the manufacturing sector. The rate of decline in new orders slowed sharply, while stronger confidence in the future prompted companies to add staff. However, output continued to be cut. Meanwhile, the rate of input cost inflation weakened further and was the slowest in a year. In contrast, output prices rose at a slightly faster pace. "Optimism about the year ahead has risen to an unprecedented level in...
Asia-Pacific markets started trading lower on Friday, with investors assessing November inflation figures from the Japanese capital, Tokyo, and industrial production figures from South Korea. Tokyo's headline inflation rate came in at 2.6% in November, up from 1.8% seen in October. Core inflation, which excludes fresh food costs, rose to 2.2% compared with a Reuters poll's expectation of 2.1%. Tokyo's inflation figures are widely seen as an indicator of national trends. Separately, South Korea's industrial production rose 2.3% year-on-year in October, reversing a 1.3% decline in...
The European Central Bank should keep its options open for a bigger rate cut next month and its policy rate could eventually fall to a level that once again stimulates growth, ECB policymaker Francois Villeroy de Galhau said on Thursday. Financial market pricing indicates investors expect the central bank to lower borrowing costs by at least another quarter of a point at its next meeting on Dec. 12. Some market participants even expect a larger cut, as betting activity has shown in recent days. "Seen from today, there is every reason to cut on December 12. Optionality should remain open on...
The personal consumption expenditure price index in the US increased 0.2% month-over-month in October 2024, the same as in September and in line with expectations. Service prices rose by 0.4%, while goods prices decreased 0.1%. The core PCE index, excluding food and energy, rose 0.3%, also the same as in the previous month, as expected. Food prices were unchanged and energy prices decreased 0.1%. Annually, the PCE inflation rate edged higher to 2.3% from 2021-lows of 2.1%. The core rate rose to 2.8% from 2.7%. These increases in annual rates are influenced by base effects from the previous...
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...