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
China and the 10-member ASEAN bloc have concluded negotiations on an upgraded free-trade agreement, known as version 3.0, marking a key move to deepen Beijing's regional ties amid ongoing U.S. trade disputes. The deal, which updates a 15-year-old agreement, awaits ratification and could be signed within the year. "China stands ready to work with ASEAN to ensure the stability of global supply chains, advance shared development, and safeguard fairness and justice," said Commerce Minister Wang Wentao. He criticized U.S. trade policies, warning that "there are no winners in a tariff war or...
U.S. President Donald Trump's massive tax and spending bill cleared an important procedural hurdle in the Republican-controlled House of Representatives on Wednesday, when a gatekeeper committee approved the measure and set up a floor vote for passage to occur within hours. Republicans have been deeply divided over the bill, which would extend Trump's signature 2017 tax cuts, create new breaks for tipped income and auto loans, end many green-energy subsidies and boost spending on the military and immigration enforcement. It would pay for those changes by tightening eligibility for food and...
The US House of Representatives is set to begin voting on a Republican tax and budget bill that largely contains many of President Donald Trump's wish list items. President Trump has informally referred to the tax and budget bill as his "big, beautiful bill," prompting Republican lawmakers to officially rename the document the "One Big Beautiful Bill Act." Key Republicans have been pushing back against the bill's opponents within their own party after some hardline Republicans voiced their displeasure with the broad outlines of the bill: some feel it doesn't include enough cuts to key...
President Donald Trump's tax cut and spending bill faces a critical stress test on Wednesday as Republicans in the U.S. House of Representatives try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states. The gate-keeping House Rules Committee has scheduled an unusual 1 a.m. ET (0500 GMT) hearing that is expected to run well into daylight hours where members will debate details of the measure. If passed by Congress, it would reduce some health and food benefits for low-income Americans, cancel green-energy programs and provide...
British inflation jumped to a higher-than-expected annual rate of 3.5% in April from 2.6% in March, official figures showed on Wednesday. A Reuters poll of economists had pointed to a reading of 3.3% in April while the Bank of England earlier this month projected inflation of 3.4%. April saw increases in gas, electricity and water prices, alongside higher taxes on employers - all of which are likely to push up prices. Earlier this month the BoE predicted that inflation would peak at 3.5% this year. Some officials at the central bank disagree with its key assumption that the climb 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...
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...