World markets kicked off November in an upbeat mood, riffing off buoyant company earnings and calmer trade relations while batting away OPEC's planned end to output hikes and this week's Supreme Court hearing on President Donald Trump's tariffs. Following last week's meeting between Trump and China's President Xi Jinping in South Korea, the White House announced Saturday that China would lift export controls on rare earths and end probes into U.S. chip firms. But Trump said AI giant Nvidia's most advanced chips would be reserved for U.S. companies and kept out of China and other...
Inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, edged higher to 2.6% on a yearly basis in December from 2.4% in November, the US Bureau of Economic Analysis (BEA) reported on Friday. The core PCE Price Index, which excludes volatile food and energy prices, rose 2.8% in the same period, matching November's reading and the market expectation. The core PCE Price Index rose 0.2% on a monthly basis. Source: Fxstreet
US President Donald Trump has confirmed that he will impose 25% tariffs on imports from Canada and Mexico, effective February 1. It remains to be seen whether crude oil, a significant import from these countries, will be included in the tariffs. The tariffs are intended to address issues such as migration, fentanyl trafficking and trade imbalances. However, Nigel Green, CEO of deVere Group, a global financial advisory and asset management firm, warned that the move carries significant risks for investors worldwide. The US imports around 40% of its crude oil, mainly from Canada. If oil is...
Tokyo's inflation accelerated in December 2024, with the headline consumer price index posting at 3.4% after a lower increase of 3.1% in the prior month, data released by Statistics of Japan on Friday showed. The reading, which includes all items, is the highest since April 2023. The core CPI, which doesn't count fresh food items, was up 2.5% over the same month in the previous year after a 2.4% gain in November 2024. Food prices, excluding perishables, climbed 4.7% in December, faster compared with the 4% rise a month before. Rent prices, on the other hand, have been growing steadily by...
The European Central Bank cut interest rates on Thursday and policymakers guided for a further reduction in March as concerns over lacklustre economic growth supersede worries about persistent inflation. It was the fifth ECB rate cut since June and markets expect two or three more this year, driven by arguments that the biggest inflation surge in generations is nearly defeated and the flagging economy needs relief. "We know the direction of travel," ECB President Christine Lagarde told a press conference after the decision. "At which pace, with what sequence, what magnitude, will be...
US citizens filing new applications for unemployment insurance rose to 207K for the week ending January 25, the US Department of Labor (DoL) reported on Thursday. The reading missed the preliminary estimate and was lower than the previous week's unrevised reading of 223K. The report also highlighted the seasonally adjusted insured unemployment rate at 1.2%, while the four-week moving average eased to 212.50K, marking a decrease of 1K from the previous week's unrevised average. Furthermore, Continuing Jobless Claims fell by 42K to 1.858M for the week ending January 18.(AL) Source: FXstreet
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...
As the U.S. government shutdown disrupts federal employee paychecks across the country, it also exacerbates the financial hardship of attorneys who represent the poorest members of society when they...