US President Donald Trump said Thursday that he had agreed with President Xi Jinping to cut tariffs on China in exchange for Beijing cracking down on illegal fentanyl trade, resuming purchases of U.S. soybeans, and maintaining the flow of rare earth metal exports. Trump's face-to-face talks with Xi in the South Korean city of Busan, his first since 2019, marked the end of his brief trip to Asia, during which he also praised trade breakthroughs with South Korea, Japan, and Southeast Asian nations. "It was an extraordinary meeting," Trump told reporters aboard Air Force One shortly after he...
The Institute for Supply Management's (ISM) data showed the Manufacturing PMI edging higher to 49.1 in September, up from 48.7 in August and slightly above analysts' expectations of 49. Meanwhile, the Prices Paid Index, which tracks inflation, retreated to 61.9 from 63.7, the Employment Index improved to 45.3 from 43.8, and the New Orders Index deflated to 48.9 from 51.4. Source: FXstreet
The ADP report showed private employment fell in September; economists had expected a rise. Private employment fell 32,000 (estimated +51,000) in September compared with a revised -3,000 in August, according to the ADP Research Institute and the Stanford Digital Economy Lab. Estimates ranged from +25,000 to +80,000, according to 28 economists. Employment in the goods-producing sector fell 3,000. Employment in the services sector fell 28,000. (alg) Source: Bloomberg
The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, grueling standoff that could lead to the loss of thousands of federal jobs. There was no clear path out of the impasse, while agencies warned that the 15th government shutdown since 1981 would halt the release of a closely watched September employment report, opens new tab, slow air travel, opens new tab, suspend scientific research, withhold pay from U.S. troops and lead to the furlough of 750,000...
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Tuesday that "short" government shutdowns tend to have a limited impact on the broader economy. The statements come at a time when the US government is barreling into a funding gap and subsequent shutdown. Goolsbee also noted that he hopes tariffs result in a one-time inflation bump, rather than a drawn out inflationary pressure boost. Goolsbee's tariff comments come just after the Trump administration announced further targetted tariffs across a wide range of goods including cabinets and lumber. Short government...
U.S. President Donald Trump will meet with his Argentine counterpart Javier Milei in two weeks, Argentina said on Tuesday, as Milei seeks to clinch a credit swap line from the U.S. that has rankled some Republicans as the South American nation offloaded billions of dollars in soy to China. The two will meet at the White House on October 14, during the week the World Bank and the International Monetary Fund (IMF) are set to convene in Washington. The Argentine foreign ministry called the meeting a "new opportunity to continue strengthening the strategic partnership between both...
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 said Thursday that he had agreed with President Xi Jinping to cut tariffs on China in exchange for Beijing cracking down on illegal fentanyl trade, resuming purchases of...