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...
Russia attacked a civilian factory in western Ukraine owned by the US company Flex Ltd, causing a massive fire and injuring at least 15 people. Local authorities said that at approximately 4:40 a.m. local time, two Russian cruise missiles struck the company's premises in Mukachevo. "It was an ordinary civilian business, supported by American investment, producing everyday goods like coffee machines," Ukrainian President Volodymyr Zelenskiy said on social media Thursday. Russia resumed its large-scale attacks deep inside Ukraine after a three-week pause ahead of Russian President Vladimir...
Recent data shows the UK economy recorded its fastest growth rate in a year, supported by a solid services sector, although the manufacturing sector is still experiencing contraction. The Flash Services PMI for August 2025 surged to 53.6, well above the forecast of 51.8 and a significant increase from 51.8 in July. This increase pushed the Composite PMI - a combination of the services and manufacturing sectors - up to 53.0, its highest level since August 2024. A reading above 50 indicates expansion in economic activity. Conversely, the Flash Manufacturing PMI fell to 47.3, lower than...
Germany's flash composite PMI rose to 50.9 in August from 50.6, the highest since March and above market expectations of 50.2. Still, it was below the long-run 52.6 average, signaling modest growth. Manufacturing led with output at 52.6 on stronger new orders, while services stagnated at 50.1. Employment dipped, and cost pressures picked up, though overall growth remained limited. Source: Trading Economics
The S&P Global Flash Australia Services PMI Business Activity Index rose to 55.1 in August from 54.1 in July, marking the fastest growth in 40 months. The expansion was driven by stronger demand and renewed increases in new export business, particularly from the US, Europe, and Asia-Pacific markets. To manage higher workloads, service providers added staff at the quickest pace since April 2023. Input costs remained elevated due to higher wages, materials, and shipping, but the rate of inflation eased, allowing firms to raise selling prices more moderately. As a result, output price...
China is considering permitting yuan-backed stablecoins for the first time as part of efforts to increase global adoption of its currency, according to a report from Reuters, citing sources familiar with the matter. This potential policy shift represents a significant reversal of China's previous stance toward digital assets. The State Council, China's cabinet, is expected to review and possibly approve a roadmap later in August that would promote wider international usage of the yuan, including initiatives to compete with U.S. developments in stablecoins. Sources indicate the plan will...
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...