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
President Donald Trump's desire to impose new tariffs remains undeterred, even after the courts delivered the most devastating blow to his top job yet. White House officials quickly signaled Thursday that Trump would pursue many of the same levies through other legal authorities if the appeal fails. Meanwhile, the administration is aggressively pushing to overturn the decision, saying it would go to the U.S. Supreme Court as early as Friday if a federal appeals court does not stop the initial ruling from taking effect while the challenge continues. The ruling was "clearly wrong" and "we...
Initial jobless claims in the United States jumped by 14,000 from the previous week to 240,000 on the period ending May 10th, the highest in one month, and above market expectations of 230,000. Additionally, outstanding claims rose by 26,000 to 1,919,000 in the earlier period, well above market expectations that they would ease to 1,890,000, to the highest level since November 2021. Source: Trading Economics
A U.S. trade court blocked President Donald Trump's tariffs from going into effect in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy. "The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage," a three-judge...
President Donald Trump's global tariffs have been deemed illegal and blocked by a US trade court, dealing a major blow to a pillar of the Republican Party's economic agenda. The ruling can now be appealed by the Trump administration in federal court. A three-judge panel at the US Court of International Trade in Manhattan ruled Wednesday in favor of Democratic-led states and a group of small businesses that argued Trump had wrongly invoked emergency law to justify the levies. The ruling is one of Trump's biggest setbacks in court amid a wave of lawsuits over executive orders that have...
US President Donald Trump said he warned Israeli Prime Minister Benjamin Netanyahu against a military strike against Iran that could disrupt efforts to broker a deal on Tehran's nuclear program. "I told him this would be inappropriate to do right now, because we're very close to a solution," Trump told reporters Wednesday. "Now that could change at any moment — could change with a phone call, but right now, I think they want to make a deal." The US president added that he believed a deal with Iran could be completed within "the next couple of weeks" and that talks had...
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...