Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like crypto. Concerns that AI-based stocks are overvalued and that massive infrastructure spending hasn't kept pace with revenues have further fueled market jitters. Meanwhile, market fear indicators such as the volatility index (VIX) surged above levels that typically alert traders, while Bitcoin fell below its lowest level since April. As risk appetite weakened, US government bonds strengthened and...
President Donald Trump's administration on Thursday unveiled a plan for a dramatic expansion of oil and gas drilling rights auctions in U.S. waters, including in California, where state officials strongly oppose energy development along its world-famous coastline. The Interior Department proposal is aligned with Trump's energy-dominance agenda to supercharge domestic fossil fuel production. It immediately set off a fresh conflict with California Governor Gavin Newsom, a Democrat who is among the president's harshest critics. The plan contemplates 21 sales off the coast of Alaska starting...
U.S. factory activity slowed to a four-month low in November as higher prices because of tariffs on imports restrained demand, leading to a piling up of unsold goods that could hinder growth in the overall economy. Relief for manufacturers is unlikely to come soon as the University of Michigan's Surveys of Consumers separately showed on Friday a sharp drop in buying conditions for long-lasting manufactured goods. The University of Michigan noted that "consumers remain frustrated about the persistence of high prices and weakening incomes." President Donald Trump's sweeping import duties...
U.S. President Donald Trump said fiscal revenue from his trade tariffs is set to "skyrocket" in the coming months as inventory levels among local importers run dry. Trump said in a Truth.Social post that local businesses had stocked up on inventories to sidestep his tariffs in the near-term. But those inventory levels were now "wearing thin," which he said will result in businesses paying tariffs on more goods. "...soon Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET," Trump said. Trump also added that he was looking...
U.S. economic growth will increase slightly next year but employment gains will remain sluggish and the Federal Reserve will slow any further rate cuts, economists polled by the National Association for Business Economics said in the group's year-end forecast survey. The survey of 42 professional forecasters, conducted from November 3 to 11, found the median outlook was for growth of 2%, up from 1.8% in a prior October survey and in contrast to a growth rate of only 1.3% projected in June. Increased personal spending and business investment are seen driving growth higher, offset by what...