US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last October. This move aims to ease trade tensions between the world's two largest economies. Trump also announced a freeze on reciprocal tariffs imposed on Chinese goods. This freeze will remain in effect, providing some relief to companies engaged in international trade with China. This policy is expected to help ease trade tensions that have persisted for the past few years. This tariff cut will...
U.S. Federal Reserve policymakers meeting next week are expected to keep interest rates on hold but the larger story unfolding will be how the central bank confronts early moves by President Donald Trump that are likely to shape the economy this year, including demands the Fed continue lowering borrowing costs. Trump was already complicating the Fed's job with moves to restrict immigration and raise import taxes, and on Thursday told global business leaders he would call on the Fed to cut interest rates. "I'll demand that interest rates drop immediately, and likewise they should be...
The S&P US Global Manufacturing PMI edged up to 50.1 in January 2025 from 49.4 in December, beating market expectations of 49.7 and signaling a slight improvement in manufacturing conditions after six months of decline. Factory output edged up for the first time in half a year, with new orders also returning to modest growth. Employment rose for a third straight month, with the pace of job creation the fastest since July. Supplier lead times continued to lengthen, reflecting busier supply chains, although the impact on the PMI was less pronounced than in December. On the downside,...
Copper miner Freeport-McMoRan (NYSE:FCX) posted a drop in fourth-quarter production on Thursday and said that its costs would rise more than expected this year, sending the company's shares down more than 4%. While the Phoenix-based company was able to post a better-than-expected quarterly profit, the results were fueled by higher copper prices during the quarter that offset a production drop in Indonesia. Freeport operates Indonesia's Grasberg, the world's second-largest copper mine, and had been building a smelter in the country as part of an operating agreement with Jakarta...
The number of Americans filing for unemployment benefits rose to 223,000 in the week ending Jan. 19, 2025. That was up from the estimate of 221,000 and the previous weekly estimate of 217,000, the Labor Department said Thursday. Source: @Newsmaker23
Economic activity in Argentina likely fell again in November versus the same month a year earlier, but less than the 0.7% contraction in October, a Reuters poll of market analysts on Wednesday showed. The median forecast from 13 analysts sees economic activity shrinking 0.6% year-on-year in November, the sixth consecutive year-on-year contraction, if confirmed by officials. Poll estimates ranged from a 3.2% contraction to 1.6% growth. The slight improvement was driven by the key agricultural sector, analysts said, while construction continued to fare poorly. Despite the anticipated...
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 announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last...