The Bank of England's MPC voted 5-4 to keep Bank Rate at 4% at its November 5 meeting, in line with expectations. Four members favored a 25 bps cut to 3.75%, reflecting growing support for easing. Policymakers noted that CPI inflation has peaked and underlying disinflation is developing, aided by still-restrictive policy, lower wage growth, and easing services inflation. A sluggish economy and increasing labor market slack are also strengthening disinflation. The MPC said the risks to achieving the 2% target are now more balanced: inflation persistence has become less of a concern, while...
Indonesia's chief economic minister Airlangga Hartarto said Monday that a 19% tariff on Indonesian goods entering the United States could be implemented earlier than the August 1 deadline set by U.S. President Donald Trump. Airlangga noted that the timing of the tariff implementation depends on a joint statement expected soon between the two countries. The United States and Indonesia reached a trade deal last week that resulted in a reduction of the initially proposed U.S. tariff rate from 32% to 19%. Source: Investing.com
The U.S. has signaled it will not let up on its Aug. 1 deadline for higher tariffs on the European Union as the bloc fights to strike a deal in time. Over the weekend, U.S. Commerce Secretary Howard Lutnick said he was confident a trade deal could be struck with the European Union, but warned that the deadline for a baseline 30% tariff is fixed. "That's a hard deadline, so on August 1, the new tariff rates will come in," Lutnick said Sunday on CBS News when asked about the deadline for his EU tariffs. He did signal that talks could continue after this date, however, noting: "These are the...
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 war-ravaged nation. Sirens sounded for more than six hours as Russia fired drones, cruise- and ballistic missiles and the Kinzhal hypersonic missile, Ukraine's air defense force said Monday on Telegram. At least one person was killed in the capital, Kyiv, and another was hospitalized "with multiple wounds." Kyiv is shrouded in smoke from fires in several districts, including an apartment...
Iran has reached an agreement in principle to hold talks with the UK, France and Germany over its nuclear program, the semi-official Tasnim news agency reported. The talks are expected to take place on Friday and will be at the deputy foreign minister level, according to Iran's state-run IRIB News. The discussions will be separate from the indirect talks with the US, the outlet reported. The three European countries, or E3, are parties to the original nuclear agreement, formally called the Joint Comprehensive Plan of Action, which US President Donald Trump abandoned in...
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...
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...
The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned, but it also raises the potential for further...