Reported 8 days ago
Treasury yields have dropped to their lowest levels in two months amidst speculation surrounding the Federal Reserve's potential rate cuts, particularly after recent strong job market data diminished expectations for an immediate cut. While market analysts predict possible Fed rate reductions in September, October, and December, a July cut remains uncertain. Federal Reserve Chair Jerome Powell emphasized a data-dependent approach to future rate decisions, amidst pressures and expectations from the political landscape and the broader economic situation.
Source: YAHOO
Reported 8 days ago
Gas prices are set to reach their lowest level since 2021 as the July Fourth holiday approaches, with the national average at $3.18 per gallon, a $0.31 decrease from last year. This price drop is expected to save Americans around $500 million on gas during the holiday weekend, largely due to lower oil prices following geopolitical developments. However, prices may fluctuate in the coming months depending on demand and refining issues, particularly in California, where prices remain the highest in the nation.
Source: YAHOO
Reported 8 days ago
Job openings unexpectedly soared to 7.76 million in May, the highest since November 2024, as reported by the Bureau of Labor Statistics. Despite this increase, hiring rates dipped slightly to 5.5 million, and the quits rate, which indicates worker confidence, rose to 2.1%. The labor market is currently described as stagnant, with low layoffs but cautious hiring, as economists and investors await further economic indicators, including an upcoming jobs report.
Source: YAHOO
Reported 8 days ago
The bond market is seen as the biggest near-term risk for stocks, according to analysts discussing rising debt concerns sparked by comments from notable figures like Ray Dalio and Elon Musk. Despite these concerns, the 10-year yield is declining, reflecting a decelerating U.S. economy. The bond vigilantes could re-enter the market following a tax bill, potentially disrupting the stock rally, especially if labor market reports show increasing unemployment.
Source: YAHOO
Reported 8 days ago
Federal Reserve Chair Jerome Powell indicated that a rate cut could still happen in July, while acknowledging that trade tariffs have prevented earlier reductions. He stated the Fed would continue to assess economic data and that a majority of the committee anticipates lower rates may be appropriate later this year. Powell also responded to pressure from President Trump regarding interest rates, emphasizing his focus on fulfilling the Fed's mandates.
Source: YAHOO
Reported 8 days ago
US manufacturing continues to face challenges as evidenced by subpar new orders and rising input prices, suggesting that tariffs imposed by the Trump administration are negatively impacting businesses. The Manufacturing PMI remains below 50 for the fourth consecutive month, indicating contraction, while weak economic indicators signal a slowdown in overall economic momentum. Despite a slight uptick in production due to backlog order processing, manufacturing employment has declined, reflecting uncertainty in future demand.
Source: YAHOO
Reported 8 days ago
Elon Musk has taken over the oversight of Tesla's sales in Europe and the United States following the departure of Omead Afshar, a close associate. This change comes amidst declining demand for Tesla vehicles in these regions and increasing competition from affordable alternatives. Sales in Europe dropped significantly, marking a challenging period for the company.
Source: YAHOO
Reported 8 days ago
Tesla's stock fell nearly 5% as tensions reignited between CEO Elon Musk and President Trump, who threatened to eliminate subsidies critical to Musk's companies, including Tesla and SpaceX. This warning followed Musk’s criticism of a large tax and spending bill that could prematurely end electric vehicle tax credits, potentially costing Tesla $1.2 billion annually. Analysts suggest that the ongoing feud is unsettling investors, especially as Tesla’s sales have seen a decline for six consecutive months.
Source: YAHOO
Reported 8 days ago
According to a recent Vanguard report, average retirement contributions from Americans have reached nearly 8% of their paychecks, fueled by auto enrollment and auto escalation in employer-sponsored 401(k) plans. While this is a positive trend, there has also been an increase in hardship withdrawals from retirement accounts, raising concerns about financial stability among savers. The growing preference for Roth 401(k) plans is noted as savers seek tax planning benefits, although the uptick in withdrawals highlights the importance of emergency savings.
Source: YAHOO
Reported 8 days ago
Tesla's shares dropped nearly 6% following a significant sales decline in Sweden and Denmark, along with calls for review of its subsidies by Trump. Renault reported a staggering $11 billion loss tied to its Nissan investment as the carmaker struggles with EV sales. In contrast, Oracle's stock surged to an all-time high after announcing lucrative cloud deals projected to generate $30 billion annually starting in 2028.
Source: YAHOO
Reported 8 days ago
Michael Saylor is on track to realize a staggering $14 billion gain in Q2, positioning his company, formerly MicroStrategy, among major corporations like Amazon and JPMorgan. This remarkable profit surge is primarily driven by a rebound in Bitcoin prices and a new accounting policy valuing their Bitcoin holdings at market prices. Despite facing skepticism from critics, Saylor's strategy of leveraging Bitcoin has led to a remarkable 3,300% increase in his company's stock since 2020, significantly outperforming traditional investments like the S&P 500.
Source: YAHOO
Reported 8 days ago
Real estate markets across the Sun Belt, once booming, are now facing longer home sales times, with homes in Florida taking a median 73 days to sell, up from 55 days two years ago. This slowdown is attributed to an influx of unsold homes, homeowners surrendering to high insurance costs, and investors divesting rental properties. As inventory rises, traditionally high competition among buyers has diminished, leading to a new reality where many homes have been on the market for longer than expected.
Source: YAHOO
Reported 8 days ago
President Trump is advocating for significant cuts to short-term interest rates to 1%, a move typically reserved for economic emergencies. While current rates sit at about 4.25%, Trump's proposed tariffs are driving inflation up, contradicting his goal of lowering prices. Despite his confidence in a strong economy, concerns about job growth, the national debt, and weakening consumer confidence raise questions about his economic strategy. Analysts suggest that any drastic rate cuts may not address the underlying issues, while Trump's recent criticism of Federal Reserve Chair Jerome Powell indicates he may be preparing to shift blame if economic conditions worsen.
Source: YAHOO
Reported 9 days ago
Canadian Prime Minister Mark Carney announced that trade talks with the United States have resumed following Canada's decision to withdraw its plan to tax U.S. technology companies.
Source: YAHOO
Reported 9 days ago
Canadian Prime Minister Carney announced that trade talks with the United States have resumed following Canada's decision to rescind its tech tax.
Source: YAHOO
Reported 9 days ago
Asian markets mostly saw gains on Tuesday, following a strong rally in U.S. stocks that set new record highs. While Japan's Nikkei 225 dipped 1.2%, China's Shanghai Composite rose 0.4% boosted by positive manufacturing data. South Korea's KOSPI gained 0.6%, and Thailand's SET surged 1.7% amidst political changes. U.S. stocks had a significant recovery, pushing optimism in global markets as signs of easing trade tensions with Canada emerged.
Source: YAHOO
Reported 9 days ago
Operators of data centres in Malaysia are grappling with rising power costs and unclear pricing structures as new tariffs take effect, potentially increasing electricity expenses by 10% to 14%. This price hike could jeopardize Malaysia's appeal as a data centre hub, previously attracting investments from major companies such as Microsoft and Google. Industry experts indicate that the new tariff structure may lead to higher costs for large data centre operators, prompting some investors to reconsider their expansions and potentially shift investments to neighboring countries like Vietnam and Thailand.
Source: YAHOO
Reported 9 days ago
Car dealers in China's Yangtze Delta, a major automotive market, are urging automakers to rethink their sales strategies as they grapple with high inventories and fierce price competition. A joint letter from four dealer associations highlights issues like forced low pricing, disorderly competition, and the risk of financial instability, pressing for adjustments in inventory management and sales targets. As a price war continues despite regulatory calls to halt it, the dealers warn that these challenges could threaten their solvency.
Source: YAHOO
Reported 9 days ago
China has sanctioned former Philippine Senator Francis Tolentino, restricting his access to mainland China, Hong Kong, and Macau, amid escalating tensions with Manila. The sanctions were announced by China's Foreign Ministry, which accused Tolentino of improper conduct regarding China. Tolentino responded by calling the sanctions a 'badge of honor' and maintaining his commitment to Philippine sovereignty. His actions included leading Senate inquiries into alleged Chinese espionage and sponsoring legislation that established Philippine maritime zones in the contested South China Sea.
Source: YAHOO
Reported 9 days ago
Renault is set to record a significant loss of approximately 9.5 billion euros ($11 billion) on its investment in Nissan, marking a pivotal shift in their long-standing alliance. This write-down reflects ongoing struggles for Nissan amid declining sales, and Renault is expected to adjust the valuation of its stake based on Nissan's current share price. While this change won't impact Renault's overall financial guidance or operational collaborations, it highlights a gradual disengagement between the two companies that have been allied for over two decades.
Source: YAHOO
Reported 9 days ago
Standard Chartered Bank is facing a $2.7 billion lawsuit in Singapore, filed by administrators attempting to recover funds from the Malaysian sovereign wealth fund 1MDB, which claims the bank facilitated fraud resulting in significant financial losses over a decade ago. The bank has strongly denied these allegations, stating that previous claims against the involved companies are unfounded. Investigations have indicated that billions of dollars from 1MDB were misappropriated, with connections to high-profile figures including former Malaysian Prime Minister Najib Razak.
Source: YAHOO
Reported 9 days ago
Concerns over potential U.S. tariffs are overshadowing the outlook for factories in Asia and Europe, although some countries, like Japan and India, are showing signs of growth. While Japan's manufacturing expanded for the first time in over a year, and India's activity surged, overall demand remains weak with ongoing uncertainties. As U.S. trading partners rush to negotiate with the Trump administration to avoid increased tariffs, the euro zone's manufacturing activity remains subdued. Analysts stress the complexities businesses face amidst these tariff threats, highlighting a need for vigilance regarding future economic stability.
Source: YAHOO
Reported 9 days ago
Grant Spencer, the former Acting Governor of the Reserve Bank of New Zealand, has been appointed to the central bank's board for a five-year term starting July 1, as announced by Finance Minister Nicola Willis. Spencer previously served as deputy governor and led the bank's financial stability committee. His appointment follows the resignation of Adrian Orr and aims to enhance expertise in central banking amid ongoing government leadership transitions.
Source: YAHOO
Reported 9 days ago
KKR & Co Inc announced that its Ascend Asia Financial Services Group is acquiring the Singapore-based financial advisory firm finexis, founded in 2005 with over 1,100 consultants. The deal, facilitated through KKR's Asia Fund IV, is set to finalize in Q3 2025.
Source: YAHOO