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...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance fell to 229,000 for the week ending August 23. The latest figure was slightly lower than the initial estimate (230,000) and lower than the previous week's 234,000 (revised from 235,000). Furthermore, the 4-week moving average increased by 2.5,000, bringing the total to 228,500 from the previous week's revised average. The report showed a seasonally adjusted insured unemployment rate of 1.3%, with Continuing Jobless Claims decreasing by...
The US Gross Domestic Product (GDP) grew at an annualized rate of 3.3% in the second quarter, the US Bureau of Economic Analysis (BEA) announced on Thursday. This figure was better than the preliminary estimate and market expectations of 3% and 3.1%, respectively. "Real GDP was revised up 0.3 percentage point from the preliminary estimate, primarily reflecting upward revisions to investment and consumer spending, partially offset by downward revisions to government spending and upward revisions to imports," the BEA explained in a press release. (alg) Source: FXstreet
The French prime minister's decision to hold a confidence vote next month carries heavy risks for the economy, bringing back fears of recession, business leaders said on Wednesday. Opposition parties have said they will bring down the minority government in the September 8 vote which Prime Minister Francois Bayrou unexpectedly announced on Monday, throwing the euro zone's second economy back into crisis. Opinion polls carried out after Bayrou's announcement show most French people now want new national elections, pointing to deepening dissatisfaction with politics and a risk of lasting...
President Donald Trump's unprecedented and intensifying attacks on the Federal Reserve risk backfire by hitting financial markets and the economy with higher long-term borrowing costs. For weeks, he has been slamming Chairman Jerome Powell for not significantly cutting interest rates to stimulate the economy and as Trump sees it lower the government's debt bill. He has nominated the head of his Council of Economic Advisers to the central bank's board and is now seeking to oust Governor Lisa Cook, paving the way for a legal battle over the institution's political autonomy. Yet, despite all...
Russia launched a massive drone attack on energy and gas transportation infrastructure in six Ukrainian regions overnight, leaving more than 100,000 people without power, Ukrainian officials said on Wednesday (August 27). Russian forces significantly damaged gas transportation infrastructure in the Poltava Region and attacked equipment at a major substation in the Sumy Region, the Energy Ministry said via the Telegram messaging service. The attack left more than 100,000 people without power in the Poltava, Sumy, and Chernihiv regions, Ukrainian President Volodymyr Zelenskiy said. Ukraine's...
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...