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...
The United States has agreed a trade deal with South Korea that will subject South Korean imports to a 15% tariff rate, President Donald Trump said on Wednesday.South Korea will also invest $350 billion in the United States and purchase $100 billion in U.S. energy products, Trump said on Truth Social. "It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc," Trump added
President Donald Trump said he would impose 25% tariffs on India starting August 1 and hinted at adding additional penalties on the country's energy purchases from Russia. In a post on Truth Social on Wednesday, Trump said India has tariffs that are "among the highest in the world, and they have the most onerous and obnoxious non-monetary trade barriers of any country." "Furthermore, they have always purchased the majority of their military equipment from Russia, and are Russia's largest energy buyer, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE,"...
The United States Gross Domestic Product grew at a 3% Annual Rate in the second quarter, according to the preliminary estimate from the US Bureau of Economic Analysis (BEA) on Wednesday. This figure follows a 0.5% contraction in the first quarter and is better than market expectations for a 2.4% expansion. Other details from the report show that the Core Personal Consumption Expenditures (PCE) Price Index rose 2.5% quarter-on-quarter in the second quarter, compared to market expectations of 2.4%. Furthermore, the Gross Domestic Product Price Index rose 2% in Q2, down from the 3.8% increase...
US companies increased hiring in July after a sharp decline the previous month, although the pace remained consistent with weakening labor demand. Private-sector jobs increased by 104,000, according to ADP Research data released Wednesday. The median estimate in a Bloomberg survey of economists was for a gain of 76,000. (alg) Source: Bloomberg
The Federal Reserve is expected to hold interest rates on hold on Wednesday (July 30), six days after President Donald Trump renewed his demand that the US central bank cut borrowing costs during a rare presidential visit to its Washington headquarters. The sharp rate cut Trump is seeking he has suggested cutting it from the current 4.25%-4.50% range to as low as 1% is highly inconsistent with economic conditions that have largely stabilized in the six weeks since the Fed's last meeting. Such a dramatic rate cut would likely increase inflation, according to many economists, and is more in...
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...