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 Jerome Powell should "resign immediately" if allegations from critics that the Federal Reserve chairman misled lawmakers about renovations at the central bank's headquarters are proven true. Trump repeated his criticism of the Fed chairman at a Cabinet meeting Tuesday, calling Powell "terrible," and telling reporters that deceiving Congress would be grounds for a quick exit. "Then he should resign immediately," Trump said. "We have to put somebody in there who will lower interest rates." Trump has attacked Powell over the bank's position on keeping interest...
President Donald Trump says he will not offer any extension to the new Aug. 1 deadline for imposing higher tariffs on many goods imported into the U.S. "Tariffs Will Begin Be Paid On August 1, 2025. There has been no change to this date, and there will be no change," Trump wrote on his Truth Social platform on Tuesday. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted." Trump began notifying trading partners of the new tariffs on Monday ahead of a deadline originally this week for countries to conclude trade negotiations with his...
China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher U.S. tariffs from...
The 17th annual BRICS meeting in Rio de Janeiro lasted for two days and officially closed yesterday. Attended by representatives from 11 full member countries, this meeting confirmed BRICS' position as a new geopolitical power that dares to challenge the dominance of Western global institutions and pressure from the United States, especially under the leadership of Donald Trump. This year's meeting is an important moment for BRICS with the presence of Indonesia as a full member, along with Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. BRICS...
President Donald Trump announced the first in a series of letters threatening higher tariffs on major trading partners, including 25% tariffs on goods from Japan and South Korea, and signed an executive order delaying the new duties until Aug. 1. Trump also announced 25% tariffs on Malaysia, Kazakhstan and Tunisia, while South Africa will face 30% tariffs and Laos and Myanmar will face 40% tariffs. Other countries hit with tariffs include Indonesia with 32% tariffs, Bangladesh with 35% tariffs, and Thailand and Cambodia with 36% tariffs. Bosnia received 30% tariffs, while Serbia faced 35%...
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...