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...
President Trump said he would impose a 25% tariff on global auto imports into the U.S., making good on his pledge to sanction foreign car and truck manufacturers. "What we're going to do is we're going to put a 25% tariff on all cars that are not made in the U.S.," Trump said Wednesday in the Oval Office, appearing to rule out possible exemptions for countries such as Canada and Mexico, which have free-trade agreements with the U.S. The U.S. will begin imposing auto tariffs on April 3, Trump said, a day after he announced a broader set of trade actions. The so-called reciprocal tariffs,...
Wednesday brought a stark warning from Senator Elizabeth Warren regarding the potential for President Donald Trump to dismiss Federal Reserve Chair Jerome Powell. In an interview with Bloomberg News on Wednesday, the Massachusetts Democrat expressed concerns that Trump's broad interpretation of his authority to remove officials from independent agencies could lead to significant instability in the US markets. Warren highlighted the dangers of such actions, suggesting that if the president can remove civil servants and leaders of independent agencies at will, it would result in a...
President Donald Trump is preparing to announce new auto tariffs as early as Wednesday, escalating trade tensions ahead of a broader tariff rollout next week, according to a report from Bloomberg, citing people familiar with the matter. The details of the tariffs, including their scope and possible exemptions, remain unclear, said Bloomberg. The news caused midday volatility in large U.S. auto stocks, including GM, Ford, Tesla (NASDAQ:TSLA), and Stellantis (NYSE:STLA). Bloomberg said it is also uncertain whether the tariffs will take effect immediately or be implemented over...
The UK (UK) Consumer Price Index (CPI) rose 2.8% year-on-year (YoY) in February, following a 3.0% acceleration in January, data released by the Office for National Statistics (ONS) showed on Wednesday. Markets were expecting a 2.9% growth in the reported period. The reading remains well above the Bank of England's (BoE) target of 2%. Core CPI (excluding volatile food and energy) rose at an annual rate of 3.5% in the same period, compared to a 3.7% surge in January, which was below market expectations of 3.6%. (Newsmaker23) Source: FXstreet
Australia's monthly inflation indicator showed price pressures continued to cool in February, keeping the door open for the Reserve Bank of Australia to cut interest rates further, perhaps as early as next month. The inflation indicator rose 2.4% in the 12 months to February, slightly below market expectations and well entrenched within the RBA's target band, the Australian Bureau of Statistics said Wednesday. The data for February comes after the indicator held steady at 2.5% for the previous two months. The hot spots for price gains over the last year were in food and non-alcoholic...
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...