The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) dropping to 48.7 from 49.1 in September. This reading came in weaker than the market expectation of 49.5. Other details of the PMI report showed that the Employment Index edged higher to 46 from 45.3 in this period, while the New Orders Index improved to 49.4 from 48.9. Finally, the Prices Pair Index, the input inflation component of the survey, declined to 58 from 61.9. Source: FXstreet
The US expects to largely complete negotiations with countries that have yet to secure a trade deal by the end of October, Nikkei Asia reported, citing an interview with Treasury Secretary Scott Bessent. The comments, made to Nikkei on Thursday, come after President Donald Trump's sweeping new tariffs took effect. Some key trading partners, including Canada, Mexico and Switzerland, are still seeking to secure more favorable terms with the US. Bessent also reaffirmed the importance of the Federal Reserve's independence but said the next central bank head should be...
The U.S. and Russia are aiming to reach a deal to halt the war in Ukraine that would lock in Moscow's occupation of territory seized during its military invasion, Bloomberg News reported on Friday. U.S. and Russian officials are working towards an agreement on territories for a planned summit meeting between U.S. President Donald Trump and his Russian counterpart Vladimir Putin as early as next week, the report said, citing unnamed people familiar with the matter. A White House official said the Bloomberg story was speculation. A Kremlin spokesperson did not respond to a request for...
Russian President Vladimir Putin spoke to the leaders of China, India and three ex-Soviet states on Friday in a flurry of calls to brief them on his contacts with the United States about the war in Ukraine. Putin met U.S. President Donald Trump's envoy Steve Witkoff in Moscow on Wednesday, after which the Kremlin said a summit between Putin and Trump could take place as early as next week. No venue, date or agenda have been announced. Trump, pressing for an end to the 3-1/2-year war, had set a deadline that expires on Friday for Russia to agree to peace or face new sanctions on Moscow and...
New Delhi has put on hold its plans to procure new U.S. weapons and aircraft, according to three Indian officials familiar with the matter, in India's first concrete sign of discontent after tariffs imposed on its exports by President Donald Trump dragged ties to their lowest level in decades. India had been planning to send Defence Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip has been cancelled, two of the people said. Trump on Aug. 6 imposed an additional 25% tariff on Indian goods as punishment for Delhi's purchases...
The Federal Reserve is seen as more likely to slash interest rates at its upcoming policy meeting in September following President Donald Trump's nomination of a temporary governor of the central bank, according to analysts at JPMorgan Chase (NYSE:JPM). In a note following the announcement, the bank pulled forward its expectation for the next 25 basis point cut to September. It had previously predicted that such a reduction would come in at the Fed's gathering in December. "We continue to look for three like-sized cuts at the subsequent three meetings before pausing indefinitely," the...
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...