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...
The Nikkei 225 fell 2% to around 34,000, while the broader Topix Index dropped 2.3% to 2,510 on Friday, extending losses from the previous session and hitting their lowest levels in about eight months. Japanese shares also tracked a sharp selloff on Wall Street overnight which wiped out $4 trillion in market value as US President Donald Trump's sweeping tariffs stoked fears of an all-out trade war and a global recession. The tariffs—including a 24% levy on Japanese imports and a 25% tariff on car shipments—have dealt a significant blow to Japan's export-heavy economy, particularly its...
Asia-Pacific markets extended declines on Friday, tracking steep losses on Wall Street after U.S. President Donald Trump's tariffs rattled global markets. Australia's S&P/ASX 200 fell 1.06%. Japan's Nikkei 225 fell 1.84% while the Topix declined 2.35%. South Korea's Kospi lost 1.15% and the small-cap Kosdaq traded 0.68% lower.Hong Kong and China markets are closed for the Qingming Festival. A verdict by South Korea's Constitutional Court to remove impeached President Yoon Suk Yeol is expected later Friday. Should he be removed from office, it will trigger a 60-day countdown where an...
US equities saw their sharpest decline in more than two years on Thursday, as major stock indexes suffered steep losses. The S&P 500 plunged 4.8%, wiping out about $2 trillion in market value, marking its biggest decline since 2020. The Dow dropped nearly 1,680 points, while the Nasdaq dropped 5.9%. Investors were rattled by the looming threat of President Trump's new tariff plans, which could trigger global retaliation and potentially harm economic growth. Technology stocks led the selloff, with Apple falling 9% and Nvidia dropping 7.8%, while big-box retailers Nike (-13%) and Dollar...
European stock markets closed lower on Thursday, following U.S. President Donald Trump's stronger-than-expected trade tariff announcement. The regional Stoxx 600 index ended down about 2.7%. Big retail names with global supply chains suffered, with German sportswear retailer Adidas down 11%. Shipping giant Maersk, widely seen as a barometer of global trade, fell 9.5%. The Stoxx Autos index fell 3.9% as Trump's 25% tariffs on imported vehicles to the U.S. came into effect and added to existing duties on steel and aluminum. Other big losers included banks, down 5.6%, and technology, down...
US stocks plunged on Thursday as investors reacted to President Trump's latest tariff announcement. The S&P 500 tumbled 3.2%, the Nasdaq plummeted 4.1%, and the Dow Jones sank about 1,060 points. On Wednesday, Trump unveiled a baseline 10% tariff on all imports, set to take effect on April 5, with around 60 countries facing even higher levies—54% for China, 20% for the EU, and 46% for Vietnam. Both China and the EU have already pledged retaliatory measures, stoking fears of a prolonged trade war, a potential US recession, and mounting inflationary pressures. Consumer discretionary,...
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...