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...
Retail Sales in the United States (US) rose by 0.2% in February to $722.7 billion, the US Census Bureau announced on Monday. This reading followed the 1.2% decrease reported in January and came in worse than the market expectation for an increase 0.7%. On a yearly basis, Retail Sales were up 3.1%. Source: FXstreet
German carmaker BMW (ETR:BMWG) said on Friday it expected tariffs to cost it 1 billion euros ($1.09 billion) this year, while European officials warned the U.S. economy would be the biggest loser if President Donald Trump pursues an "idiotic" trade war. BMW is directly in the firing line of the trade spat between Washington and the European Union, set to escalate in early April as Trump imposes "reciprocal" tariffs to match higher duty rates of EU and other countries and counteract their non-tariff trade barriers. Trump has increased tariffs on U.S. steel and aluminium imports and imposed...
Bank of America has cut 16 bankers from its investment banking department in Hong Kong as part of global cuts to its dealmaking workforce, three sources with knowledge of the matter told Reuters on Friday. The reductions mainly targeted junior positions, said the sources, who asked not to be named as they were not authorised to speak to media. Most junior bankers were offered positions in other departments within Bank of America, one of the sources said, but it was unclear how many of them had accepted the proposal. Bank of America declined to comment. The U.S. lender is eliminating 150...
US President Donald Trump said Friday there was a "very good chance" that the war between Russia and Ukraine could end after "productive" discussions with Russian President Vladimir Putin on Thursday. "We had a very good and productive discussion with President Vladimir Putin of Russia yesterday, and there is a very good chance that this terrible and bloody war can finally be over," Trump said in a Truth Social post, adding that he had asked Putin to spare the lives of Ukrainian troops who are "completely surrounded." US envoy Steve Witkoff had a lengthy meeting with Putin in Moscow on...
U.S. consumer sentiment fell to its lowest level in more than two years and long-term inflation expectations jumped the most since 1993, reflecting growing concerns about the economic impact of tariffs. A preliminary March sentiment index fell to 57.9, the lowest level since November 2022, from 64.7 a month earlier, according to University of Michigan data released Friday. The reading was weaker than all estimates in a Bloomberg survey of economists. Consumers expect prices to rise at an annual rate of 3.9% over the next five to 10 years, up 0.6 percentage point from the previous month and...
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...