Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
The Federal Reserve on Wednesday kept interest rates steady amid expectations of higher inflation and lower economic growth ahead, and still pointed to two reductions later this year. With markets expecting no chance of a central bank move this week, the Federal Open Market Committee kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December. Along with the rate decision, the committee indicated, through its closely watched "dot plot," that two cuts by the end of 2025 are still on the table. However, it lopped off one reduction for both 2026 and...
Federal Reserve Chair Jerome Powell said on Wednesday that Fed policy makers expect inflation in goods prices to go up over the course of the summer as the impact of President Donald Trump's tariffs work their way to U.S. consumers. "We've had goods inflation just moving up a bit," Powell told a news conference after the Fed held rates unchanged. "We do expect to see more of that over the course of the summer." Powell said it takes time for tariffs to work through the goods chain of distribution, noting many goods being sold by retailers were imported months before tariffs were...
The Bank of Canada Governor Tiff Macklem said on Wednesday that the prospect of a new Canada-U.S. trade deal offers hope that tariffs will be removed, but cautioned that inflation could rise if tariffs stayed in place. U.S. President Donald Trump and Canada's Prime Minister Mark Carney this week agreed to reach a trade deal between the two countries in 30 days that could possibly resolve a trade conflict triggered by U.S. tariffs and the subsequent Canadian counter duties. "Restoring open trade between our countries is critical to jobs and growth in Canada," said Macklem in a speech in the...
The number of Americans filing for unemployment benefits fell to 245,000 in the week ended June 15, 2025. The figure was lower than the 246,000 estimate and the previous weekly revised 250,000, the Labor Department said Thursday. Source: Newsmaker23
British inflation slowed as expected in May, pulled down by air fares which leapt in April and the correction of a tax data error, although food prices shot up at the fastest rate in more than a year. Consumer prices rose in annual terms by 3.4% in May, the Office for National Statistics said on Wednesday, just as a Reuters poll of economists and the Bank of England had predicted. Services price inflation - a crucial metric for the BoE - cooled to 4.7% from 5.4% in April, matching the BoE's forecast for May. The Reuters poll had pointed to a reading of 4.8%. Earlier this month the ONS...
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...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...