America
Oil settles up, biggest weekly gains in over a year on Middle East risk
Oil prices rose on Friday and settled with their biggest weekly gains in over a year on the mounting threat of a region-wide war in the Middle East, although gains were limited as US President Joe Biden discouraged Israel from targeting Iranian oil facilities.
US factory activity shrinks for sixth month
US manufacturing activity contracted for a sixth straight month in September, according to survey data released Tuesday, with demand remaining weak and new export orders slumping.
Fed cuts lending rate for first time in more than 4 years
The US Federal Reserve cut its key lending rate by half a percentage-point Wednesday in its first reduction for more than four years, sharply lowering borrowing costs shortly before November’s presidential election.
US finalises sharp tariff hikes on Chinese EVs, other goods
The United States locked in tariff hikes on billions of dollars worth of Chinese goods Friday, with a 100 percent duty on electric vehicles and 25 percent on EV batteries taking effect in two weeks.
Harris, Trump cross swords on China and economy in debate
US presidential hopefuls Kamala Harris and Donald Trump clashed on China and economic issues Tuesday, with the Democratic candidate saying he “sold us out” on China while the former president declared “they’ve destroyed the economy.”
US job gains miss expectations as labour market cools
US hiring bounced back in August but missed expectations while the jobless rate crept down, government data showed Friday, paving the way towards central bank rate cuts in the coming weeks.
Economists push back on Harris price gouging plan
Kamala Harris’s price gouging policy has been criticized by economists and analysts, who say it is an uncompetitive proposal that could end up hurting, and not helping, US consumers.
Bangladesh’s dependence on US soybeans growing
Bangladesh’s dependence on the US for soybeans has been increasing, particularly after the outbreak of the Russia-Ukraine war, with local traders, millers and conglomerates diversifying their sourcing for uninterrupted supply of edible oil and animal feed.
EU plans 36% tariff on Chinese EVs, lower for Tesla
The European Commission said Tuesday it plans to slap five-year import duties of up to 36 percent on Chinese electric cars, unless Beijing can offer an alternative solution to the damaging trade row over state subsidies.
Japan firms see Harris presidency as better for business than Trump
More Japanese companies believe a Kamala Harris presidency in the US would be better for their businesses than a second Donald Trump administration, a Reuters survey showed on Thursday, reflecting the respondents concerns about protectionism and policy unpredictability.
US Fed flags expectations of ‘slower growth’
Prospects for the US economy appear to be flagging with slower growth expected in the coming months, as November’s presidential election and inflation contribute to uncertainty, the Federal Reserve said Wednesday.
US jobs market sees gradual cooldown in June
US job gains eased slightly in June while unemployment edged up, government data showed Friday, in a sign that the world’s biggest economy is cooling steadily as policymakers hope.
US manufacturing contraction deepens in June
US manufacturing activity edged lower in June, deepening a recent slump on continued weak demand, according to industry survey data published Monday.
IMF downgrades US economic forecast for 2024
The IMF said Thursday it expects the US economy to grow a bit more slowly than previously forecast, while praising the way it has remained “robust, dynamic, and adaptable to changing global conditions.”
US consumer confidence ticks lower
US consumer confidence edged slightly lower in June amid rising concern about current and future business conditions, according to survey data published Tuesday.
Apple holds talks with rival Meta over AI
Apple is talking to major rival Meta about integrating the Facebook parent company’s generative AI into its products, as it tries to catch up with rivals on artificial intelligence, the Wall Street Journal reported Sunday.
Elon Musk’s $56b pay: Tesla, critics clash over how to resolve legal dispute
Tesla and opponents of Elon Musk’s compensation clashed on Friday over ways to resolve the legal quagmire that has engulfed the CEO’s $56 billion pay package and billions of dollars in potential legal fees generated by the case.
US adds Japan to its currency watchlist
The United States added Japan to its “monitoring list” of major trading partners whose currency practices “merit close attention” on Thursday, while reaffirming that none had been designated as a currency manipulator.