The United States government has already collected tens of billions of dollars from President Donald Trump's "reciprocal tariffs." But that money and a lot more could end up being refunded if the Supreme Court agrees with lower courts that many of the levies on imports from other countries are illegal. Anywhere between $750 billion to a whopping $1 trillion, warned Treasury Secretary Scott Bessent in a declaration filed with the Supreme Court last week. That eye-popping total could include the more than $72 billion in tariff revenue collected so far by U.S. Border and Customs enforcement...
Sales of new single-family homes in the United States surged by 7.4% from the previous month to a seasonally adjusted annualized rate of 724,000, extending the 1.8% increase in the earlier period to the highest in six months, and firmly above market expectations of 680,000 homes. The sales were in line with the growth in mortgage applications in the period as benchmark borrowing costs fell. Source: Trading Economics
The latest Services PMI data, released by Markit Economics, has indicated a slowdown in the growth of the private sector service companies. The actual figure came in at 51.4, a significant drop from the forecasted 52.8. The Services PMI, a key indicator of economic health, is based on surveys of over 400 executives in private sector service companies, covering sectors such as transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants. An index level above 50 signals an improvement, while a level below 50 indicates a...
The Manufacturing Purchasing Managers' Index (PMI) in the US has shown an unexpected increase, according to recently released data. The actual PMI was reported to be 50.7, outperforming both the forecasted and previous figures. Predictions for the PMI had been set at 49.0, indicating a forecasted contraction in the manufacturing sector. However, the actual figure of 50.7 not only exceeded this forecast but also surpassed the previous month's PMI of 50.2. This indicates a slight expansion in the manufacturing sector, as a PMI reading above 50 is generally seen as a sign of growth. The PMI...
U.S. President Donald Trump delivered remarks on the state of trade relations with China and other countries Tuesday, emphasizing the positive impact of tariffs on the American economy and outlining his administration's approach to international trade deals. Trump highlighted the reduction of trade deficits and the revenue generated from tariffs on imported automobiles, steel, and aluminum. Trump asserted that the U.S. is "doing fine with China" and other countries, contrasting the current situation with the previous administration, which he claimed saw the U.S. losing "$5 billion a day" on...
Japan's 10-year government bond yield edged above 1.3% on Tuesday as the country held a liquidity enhancement auction, offering insights into investor appetite for super-long maturity bonds. The Finance Ministry was scheduled to issue a total of 450 billion yen in long-dated securities, drawing market focus to potential shifts in demand. Looking ahead, attention is turning to next week's Bank of Japan policy meeting. The central bank is widely expected to keep its benchmark interest rate steady at 0.5%, but may revise its economic growth projections downward amid growing external risks....
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
It...
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...
Russian forces attacked a thermal power plant in the Kyiv region as part of an overnight attack, Ukraine's Energy Ministry said on Monday, triggering local power outages and gas outages.
The attack...