President Donald Trump announced a new peace pact between Rwanda and the Democratic Republic of Congo, which he linked to US access to critical minerals. At a meeting in Washington, Trump claimed his administration had "succeeded where many others have failed," calling this the eighth war he has ended in less than a year. However, the reality on the ground is far more complicated, as fighting in eastern Congo continues despite the signing of the previous peace agreement. The agreement is not just about a ceasefire; it also concerns the mineral trade. The agreement grants US companies access...
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...
The Indian government estimates that the newly imposed 50% US tariff will affect exports worth USD 48.2 billion. Officials have warned that the additional duties could make shipments to the US commercially unviable, potentially leading to job losses and slower economic growth. To soften the impact, the government is working on a multi-pronged strategy, including Goods and Services Tax (GST) reforms aimed at boosting domestic demand. The 50% tariff, effective from Wednesday (August 27), is expected to hit exports of textiles, shrimp, leather, and gems and jewellery the hardest. The US...
Australian inflation (CPI) rose 2.8% year-on-year in July, the fastest pace since July 2024. The housing cost component jumped 3.6% year-on-year, highlighting price pressures from rents and utilities. This figure was slightly above market expectations, signaling that the disinflation process is underway, but not yet complete. In the bond market, Australian 3-year bond futures fell (yields rose) shortly after the hotter-than-expected CPI release. However, this reaction is expected to be temporary. The global picture still points to the Federal Reserve moving toward interest rate cuts, a key...
U.S. President Donald Trump said he was ready for a legal battle after moving to oust Federal Reserve Governor Lisa Cook over allegations she falsified mortgage documents. Meanwhile, the central bank stated it would respect any court ruling in Cook's legal challenge against her dismissal. Trump's attempt to remove her is unprecedented in the Fed's 111-year history as a nominally independent U.S. institution, raising alarms over political pressure on monetary policy. Reuters said that if Cook's seat is vacated, Trump would gain the chance to appoint a majority of the Fed's seven-member...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
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...
President Donald Trump announced a new peace pact between Rwanda and the Democratic Republic of Congo, which he linked to US access to critical minerals. At a meeting in Washington, Trump claimed...