Many people in China cheered the meeting Thursday between President Xi Jinping and U.S. President Donald Trump, after months of escalating bilateral tensions. Every time the two leaders meet, it helps ease tensions and creates a "positive atmosphere," Alex Hongcai Xu, chair of Beijing Honglve Consulting, said in Mandarin, translated by CNBC. "This atmosphere is beneficial for negotiations." "Each side lowering tariffs to below 10% would benefit capital flows and cooperation," Xu said. He noted that China can likely buy more U.S. soybeans and U.S.-made Boeing airplanes. Trump said Thursday...
Canada's Prime Minister Mark Carney said it was important to strengthen ties with "reliable allies" in Europe, as he met British and French leaders on his first overseas visit amid tensions with the United States. Carney's decision to visit Paris and London instead of Washington, as is usual for Canadian leaders, comes after U.S. President Donald Trump escalated trade tensions with both Canada and Europe, and floated threats of annexing Canada. "(It) is more important than ever for Canada to strengthen its ties with reliable allies like France," Carney said, ahead of a working lunch with...
President Donald Trump's tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast on Monday, cutting its global economic outlook and warning that a broader trade war would sap growth further. In the case of a generalised trade shock, not only will U.S. households pay a high direct price, but the likely economic slowdown will cost the United States more than the extra income the tariffs are supposed to generate, the Organisation for Economic Cooperation and Development estimated in its interim outlook. Global growth is on...
Retail Sales in the United States (US) rose by 0.2% in February to $722.7 billion, the US Census Bureau announced on Monday. This reading followed the 1.2% decrease reported in January and came in worse than the market expectation for an increase 0.7%. On a yearly basis, Retail Sales were up 3.1%. Source: FXstreet
German carmaker BMW (ETR:BMWG) said on Friday it expected tariffs to cost it 1 billion euros ($1.09 billion) this year, while European officials warned the U.S. economy would be the biggest loser if President Donald Trump pursues an "idiotic" trade war. BMW is directly in the firing line of the trade spat between Washington and the European Union, set to escalate in early April as Trump imposes "reciprocal" tariffs to match higher duty rates of EU and other countries and counteract their non-tariff trade barriers. Trump has increased tariffs on U.S. steel and aluminium imports and imposed...
Bank of America has cut 16 bankers from its investment banking department in Hong Kong as part of global cuts to its dealmaking workforce, three sources with knowledge of the matter told Reuters on Friday. The reductions mainly targeted junior positions, said the sources, who asked not to be named as they were not authorised to speak to media. Most junior bankers were offered positions in other departments within Bank of America, one of the sources said, but it was unclear how many of them had accepted the proposal. Bank of America declined to comment. The U.S. lender is eliminating 150...
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...
US President Donald Trump said Thursday that he had agreed with President Xi Jinping to cut tariffs on China in exchange for Beijing cracking down on illegal fentanyl trade, resuming purchases of...