Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures. "It makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now," Waller told a gathering of the Money Marketeers of New York University. "I see the hard and soft data on economic activity and the labor market as consistent: The economy is still growing, but its momentum...
U.S. stocks closed mostly lower on Monday (07/04), as markets reacted to President Donald Trump's escalating trade war with China, including threats to impose additional tariffs of 50% if Beijing does not roll back its retaliatory measures. The S&P 500 fell 0.7%, the Dow Jones dropped 342 points in a wild session marked by record intraday moves, and the Nasdaq 100 closed up 0.2% after earlier plunging more than 3%. Volatility surged across asset classes, with equities, Treasuries and commodities all being tossed around by conflicting headlines, including speculation about a 90-day tariff...
European stocks plunged to the lowest in more than a year on Monday, as President Donald Trump issued a fresh tariff threat to China and foreign leaders raced to the negotiating table to persuade him to lower his steep tariff charges. The Stoxx Europe 600 Index was 4.5% lower at the close in London, the lowest since end-January 2024, having earlier shed as much as 6.5%. The DAX slid 4.2%, recouping some of its earlier 10% plunge. Shortly before the closing bell in Europe, Trump threatened to impose an additional 50% tariff on China unless...
U.S. stocks plunged for a third straight session on Monday, as the White House doubled down on aggressive tariffs against key trading partners despite growing market turmoil. The S&P 500 sank 3.7%, pushing its decline from its February record high to 20%, officially entering bear market territory. The Dow Jones dropped another 1,200 points, or 3.3%, while the Nasdaq fell 3.7%, having already entered a bear market last week amid mounting recession fears sparked by President Trump's sweeping trade policies. On Friday, China announced a 34% tariff on all U.S. imports instead of returning...
The Hang Seng plunged 3,021 points or 13.2% on Monday, marking its steepest one-day loss since 2008, to end below the 20,000 mark at 19,828. It was the second session of heavy selling, dragging the index to an over two-month low as most sectors, particularly tech, consumer, and financials, posted double-digit losses. The plunge followed escalating trade tensions, with the White House standing firm on tariff plans and China announcing retaliatory levies on U.S. goods. President Trump said markets would have to "take their medicine," saying no deal would be made until the U.S. trade gap was...
Japan's Nikkei share average slumped on Monday to the lowest level in 1-1/2 years, with the index of Japanese bank stocks diving more than 17% at one point, as concerns over a tariff-induced global recession continued to rip through markets. The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023, before ending the day down 7.8% at 31,136.58. All 225 component stocks of the index finished in the red. The broader Topix sank as much as 9.6% before closing down 7.8%. Speaking on Sunday aboard Air Force One, U.S. President Donald Trump characterized his...
According to a statement by the Federal Reserve (Fed), Fed Chair Jerome Powell met with United States (US) President Donald Trump on Thursday, where the head of the Fed reiterated that the Fed's...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...