The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) dropping to 48.7 from 49.1 in September. This reading came in weaker than the market expectation of 49.5. Other details of the PMI report showed that the Employment Index edged higher to 46 from 45.3 in this period, while the New Orders Index improved to 49.4 from 48.9. Finally, the Prices Pair Index, the input inflation component of the survey, declined to 58 from 61.9. Source: FXstreet
President Donald Trump said on Tuesday that the US and China have reached a deal on TikTok. The deal will transfer the assets of the ByteDance-owned short-video app to its US owner so it can continue operating in the country. The deal potentially resolves a saga that has dragged on for nearly a year. The deal for the popular social media app, which has 170 million users in the US, represents a breakthrough in months of negotiations between the world's two largest economies in an effort to defuse a trade war that has roiled global markets. "We've reached a deal with TikTok. We have a group...
Both President Donald Trump and Chinese President Xi Jinping will speak on Friday to discuss the terms. Trump also said in a Truth Social post Monday that a deal was reached "on a ‘certain' company that young people in our Country very much wanted to save." Bessent indicated the framework could pivot the platform to U.S.-controlled ownership. TikTok did not immediately respond to a request for comment. China's lead trade negotiator, Li Chenggang, confirmed the framework deal was in place and said the U.S. should not continue to suppress Chinese companies, according to Reuters. The...
The European Union is falling further behind global rivals on growth and governments are failing to grasp the urgency to act, former European Central Bank president and Italian prime minister Mario Draghi said on Tuesday. Draghi, who delivered a far-reaching report on EU competitiveness at the European Commission's request 12 months ago, said the EU's growth model was "fading fast", vulnerabilities were mounting and there was no clear path to financing necessary investments. Draghi said the bloc had come up with ambitious plans, but it was moving ahead too slowly and governments had "not...
The U.S. and China on Monday reached a commercial agreement that would place short-video app TikTok under U.S. ownership, with final approval expected during a Friday call between President Trump and Chinese President Xi Jinping. Treasury Secretary Scott Bessent, after a meeting with Chinese negotiators in Madrid, declined to disclose details, including whether TikTok's algorithm would be included. Chinese negotiator Li Chenggang confirmed a framework deal after "candid, in-depth" exchanges, adding the U.S. showed willingness to reduce investment barriers. Trump extended the deadline for...
Israeli Prime Minister Benjamin Netanyahu said he would not rule out further attacks on Hamas leaders "wherever they are," as Arab and Muslim leaders held a summit to show support for Qatar following Israel's attack on the Gulf state last week. The September 9 attack targeting leaders of the Palestinian militant group in Doha marked a significant escalation of Israeli military action in a region rocked by conflict since the October 7, 2023, Hamas-led attack that sparked the Gaza war. As the gathered Arab and Muslim leaders expressed solidarity with Qatar, US Secretary of State Marco Rubio...
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...