The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
The latest Services PMI data, released by Markit Economics, has indicated a slowdown in the growth of the private sector service companies. The actual figure came in at 51.4, a significant drop from the forecasted 52.8. The Services PMI, a key indicator of economic health, is based on surveys of over 400 executives in private sector service companies, covering sectors such as transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants. An index level above 50 signals an improvement, while a level below 50 indicates a...
The Manufacturing Purchasing Managers' Index (PMI) in the US has shown an unexpected increase, according to recently released data. The actual PMI was reported to be 50.7, outperforming both the forecasted and previous figures. Predictions for the PMI had been set at 49.0, indicating a forecasted contraction in the manufacturing sector. However, the actual figure of 50.7 not only exceeded this forecast but also surpassed the previous month's PMI of 50.2. This indicates a slight expansion in the manufacturing sector, as a PMI reading above 50 is generally seen as a sign of growth. The PMI...
U.S. President Donald Trump delivered remarks on the state of trade relations with China and other countries Tuesday, emphasizing the positive impact of tariffs on the American economy and outlining his administration's approach to international trade deals. Trump highlighted the reduction of trade deficits and the revenue generated from tariffs on imported automobiles, steel, and aluminum. Trump asserted that the U.S. is "doing fine with China" and other countries, contrasting the current situation with the previous administration, which he claimed saw the U.S. losing "$5 billion a day" on...
Japan's 10-year government bond yield edged above 1.3% on Tuesday as the country held a liquidity enhancement auction, offering insights into investor appetite for super-long maturity bonds. The Finance Ministry was scheduled to issue a total of 450 billion yen in long-dated securities, drawing market focus to potential shifts in demand. Looking ahead, attention is turning to next week's Bank of Japan policy meeting. The central bank is widely expected to keep its benchmark interest rate steady at 0.5%, but may revise its economic growth projections downward amid growing external risks....
U.S. President Donald Trump is laying the groundwork to blame the Federal Reserve under Chair Jerome Powell for any economic weakness resulting from his trade tariffs, the Wall Street Journal's Nick Timiraos wrote on Monday. Trump is signaling that he will blame the Fed if the central bank does not concede to his demands for interest rate cuts soon, Timiraos said, in a process that could also delegitimize the central bank's independence. Timiraos' comments come after Trump engaged in a social media tirade against the Fed and Chair Powell, calling him a "major loser" and "Mr. Too Late" amid...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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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...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...