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 Hang Seng dipped 352 points or 1.5% to end at a one-month low of 22,850 on Thursday, pressured by broad-based sector losses. Concerns over a deepening trade dispute with the U.S. intensified, with China vowing "resolute" retaliation against bigger-than-expected Trump latest tariffs. The U.S. imposed an additional 34% levy on Chinese imports on top of a 20% tariff introduced earlier this year. Meanwhile, U.S. futures plunged sharply, fueled by fears that escalating trade tensions could complicate central banks' efforts to cut interest rates. Tech stocks led the decline, falling around...
Europe's major bourses fell on Thursday, with the STOXX 50 and STOXX 600 down more than 2%, amid a global selloff in stocks following President Trump's latest tariff announcement. The move sparked a broad flight to safety and deepened concerns about its impact on the global economy. The European Union faces tariffs of up to 20%, prompting European Commission President Ursula von der Leyen to warn that the move would deal a "huge blow" to the global economy. She also confirmed that the EU was preparing retaliatory measures. Losses were broad-based, with basic resources and banks among the...
Japanese stocks ended in the red on Thursday after U.S. President Donald Trump announced larger-than-expected tariffs, disrupting trade and supply chains. The Nikkei 225 fell 2.78%, or 992.53 points, to close at 34,733.34. The U.S. imposed 24% tariffs on Japanese imports as President Donald Trump unveiled a sweeping trade policy, setting a base rate of 10% and hitting key Asian partners with higher tariffs. China faces 34%, Vietnam 46% and South Korea 25%, while the EU gets 20% duties. Trump also closed a loophole that allowed low-value Chinese goods to pass through without being taxed,...
Japan's stocks plunged after President Donald Trump slapped the nation with a 24% levy as part of tariffs on trading partners worldwide. A stronger yen also dragged exporter shares lower. The Topix Index fell 4% to 2,544.41 as of 9:12 a.m. Tokyo time, while the blue-chip Nikkei declined 4.1% to 34,281.76. Contracts traded in Singapore initially spiked, then fell as details of the tariffs rolled out, suggesting the market will face volatility Thursday as investors digest the news. "Overall I think this was on the harder side of expectations," said Nick Twidale, chief analyst...
US equities advanced on Wednesday as investors awaited President Donald Trump's tariff announcement. The S&P 500 rose 0.7%, the Nasdaq 100 gained 0.8%, and the Dow Jones climbed 235 points. Tesla shares surged 5.3%, reversing earlier losses tied to weak quarterly deliveries, following reports that Elon Musk might step down from his advisory role in the administration. Uncertainty over the tariffs kept investors on edge, with speculation that Trump was considering broad 20% levies on imports, raising fears of a potential trade war. The White House confirmed the tariffs would take effect...
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...