US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last October. This move aims to ease trade tensions between the world's two largest economies. Trump also announced a freeze on reciprocal tariffs imposed on Chinese goods. This freeze will remain in effect, providing some relief to companies engaged in international trade with China. This policy is expected to help ease trade tensions that have persisted for the past few years. This tariff cut will...
The S&P Global US Services PMI rose to 52.3 in May of 2025 from the 17-month low of 50.8 in the previous month, ahead of market expectations of 50.8, according to a flash estimate. Businesses received higher amount of new orders in the period despite the aggressive drop in orders from foreign markets, which was the sharpest on record when excluding the pandemic, indicating that tariffs and unpredictable economic policy by the government continued to impact businesses. The uncertainty and softer demand for capacity drove service providers to trim their employment levels for the second...
The S&P Global Flash US Manufacturing PMI increased to 52.3 in May 2025, the highest in three months, compared to 50.2 in April and beating forecasts of 50.1. The reading signalled the strongest improvement in business conditions since June 2022, as factory production moved back into expansion territory after two months of decline, and new order growth hit a 15-month high. However, the biggest positive contribution came from inventories, which rose to the greatest extent recorded since the survey began in 2009. Longer delivery times – which are typically associated with busier...
The Republican-controlled U.S. House of Representatives narrowly passed a sweeping tax and spending bill that would enact much of President Donald Trump's policy agenda on Thursday and saddle the country with trillions of dollars in debt. The bill would fulfill many of Trump's populist campaign pledges, delivering new tax breaks on tips and car loans and boosting spending on the military and border enforcement. It will add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office. What Trump called...
Initial jobless claims in the United States inched lower by 2,000 from the previous week to 227,000 on the period ending May 17th, the lowest in four weeks, and below market expectations of an increase to 230,000. The result extended the period of relative strength in the US labor market, despite the prolonged period of elevated interest rates and business pessimism highlighted by key leading economic indicators due to the heightened period of policy uncertainty. In turn, outstanding unemployment claims rose by 36,000 to 1,903,000 on the previous week, above expectations of 1,890,000, to...
The bond vigilantes were stalking global debt markets on Thursday, keeping the dollar and stocks subdued too, ahead of a crucial vote in the United States on President Donald Trump's "big beautiful" tax bill. Caution dominated in Europe after a lacklustre U.S. 20-year bond sale on Wednesday reinforced a "Sell America" narrative already nagging on investors' minds after Moody's last week cut its triple-A credit rating for the United States. Germany's long-term bond yields hit their highest in two-months as global yield curves steepened. Britain's government borrowed more than expected in...
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...
US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last...