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
TIANJIN, China — Chinese Premier Li Qiang on Wednesday called on other countries to collaborate on trade, despite rising tariffs and other barriers. "Globalization will not be reversed," he said through an official English translation, as he called on all sides not to turn trade into a political or security issue. Engaging in the international economy is a way of "reshaping the rules and order," Li added, calling on countries to keep to the "right" path. Li did not comment specifically on U.S. trade tensions or the Israel-Iran conflict. He was speaking at the opening plenary of the World...
The Trump administration's tariff plans may well just cause a one-time jump in prices, but the risk it could cause more persistent inflation is large enough for the central bank to be careful in considering further rate cuts, Federal Reserve Chair Jerome Powell told a U.S. Senate panel on Wednesday. Though economic theory may point to tariffs as a one-off shock to prices, "that is not a law of nature," said Powell, detailing why the central bank wants more information about the ultimate level of tariffs and the way they impact pricing and public expectations about inflation before lowering...
President Donald Trump said on Wednesday that the United States will make Spain pay twice as much for a trade deal after the country's refusal to meet a NATO defense spending target of 5% of gross domestic product. NATO leaders backed a big increase in defense spending on Wednesday that Trump had demanded, but Spain declared that it does not need to meet the goal and can meet its commitments by spending much less. Trump called Spain's decision "very terrible" and vowed to force the country to make up the difference. "We're negotiating with Spain on a trade deal. We're going to make them...
U.S. President Donald Trump reignited his criticism of Federal Reserve Chairman Jerome Powell on Wednesday, speaking at the NATO summit. Trump said he plans to announce a replacement for Powell, whose term ends in May 2026, though it remains unclear whether he will attempt to remove him before then. "I know, within three or four people, who I'm going to pick," Trump said. "He goes out pretty soon fortunately, because I think he's terrible." Trump again questioned Powell's mental capacity, calling him a "very average person mentally." The president has repeatedly teased the idea of firing...
U.S. missile strikes did not completely destroy Iran's key nuclear sites, an initial American assessment from the Defense Intelligence Agency found, according to three people familiar with the report who spoke to NBC News. "We were assuming that the damage was going to be much more significant than this assessment is finding," one of the three sources told NBC News. "This assessment is already finding that these core pieces are still intact. That's a bad sign for the overall program." The assessment also found that the U.S. strikes set Iran's nuclear program back by around three to six...
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...