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...
Bill Pulte, who heads the Federal Housing Finance Agency, is asking Congress to investigate Federal Reserve Chairman Jerome Powell, alleging that his recent testimony to the Senate about the central bank's plans to renovate its headquarters was "deceptive." "I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive testimony in the Senate, which was enough to be removed 'for some reason,'" Pulte said Wednesday in a post on the social media platform X, alleging that Powell made inaccurate statements without providing evidence. Pulte has stepped up his...
ADP Employment Change report to show gains in June US job growthThis week, the US labour market is set to take centre stage, adding to the combo of factors driving market sentiment as of late, namely mitigated geopolitical tensions in the Middle East, rising hopes of further progress on the trade front and prospects of the resurgence of Fed easing in Q3, as well as the renewed animosity from President Donald Trump toward Federal Reserve (Fed) Chair Jerome Powell. Despite concerns about a potential economic slowdown in the US economy having not dissipated, they seem to have been put on the...
US-based employers announced 47,999 job cuts in June 2025, the lowest so far this year, compared to 93,816 in May and 48,786 a year earlier. "The bulk of companies cited economic conditions last month. We saw some DOGE activity and have tracked over 2,000 jobs directly attributed to tariffs this year, but for the most part it was a quiet June," said Andrew Challenger, Senior VP for Challenger, Gray & Christmas. The consumer products sector cut the most jobs (9,500), followed by services (4,463), financial (4,164), health care (4,068), retail (4,063) and government (3,801). Considering...
Treasury Secretary Scott Bessent said he expects the Federal Reserve to cut interest rates by September, and that President Donald Trump's trade tariffs were unlikely to stoke inflation as feared by the central bank. Speaking on Fox News' Ingraham Angle, Bessent said it was "bewildering" to him that the Fed had not cut interest rates in the face of President Donald Trump's trade tariffs, especially given that the central bank lowered its growth forecast. "I think that the criteria is that tariffs were not inflationary. If they're going to follow that criteria, I think that they could do it...
Donald Trump's $3.3 trillion tax-cutting and spending bill passed the Senate on Tuesday after Republican leaders worked hard to persuade opponents to support the legislation and hand the president a political victory. Senators voted 51-50 to pass the bill. Vice President J.D. Vance cast the tie-breaking vote. The package, which now goes to the House, combines $4.5 trillion in tax cuts with $1.2 trillion in spending cuts. The package — informally known as the "One Big Beautiful Bill" — encompasses the president's entire legislative agenda in one package. Trump has personally lobbied...
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...