Wall Street weakened Monday as investors worldwide get more skeptical about U.S. investments because of President Donald Trump’s trade war and his criticism of the Federal Reserve, which are shaking the traditional order.The S&P 500 sank 2.4% in another wipeout. That yanked the index that’s at the center of many 401(k) accounts 16% below its…
By Lucila Sigal and Eliana Raszewski BUENOS AIRES (Reuters) – Argentina’s central bank has announced a major overhaul to the country’s exchange rate policy, unleashing the peso and years-long controls on the currency ahead of an expected $20 billion International Monetary Fund deal. The central bank announced that it will undo a fixed currency peg…
The Federal Reserve isn’t expected to announce any changes to its key interest rate Wednesday, a sign of caution amid significant economic uncertainty.These borrowing costs have wide ripple effects across the economy, influencing mortgages, car loans and credit cards. The Fed previously raised its benchmark rate in a rapid series of hikes to fight pandemic-era…
Global stock markets held largely steady on Tuesday as top US and Russian diplomats held their first high-level discussions since Russia invaded Ukraine. The talks, which excluded Europe and Ukraine, ended with Moscow and Washington agreeing to appoint teams to negotiate an end to the Ukraine war. “Donald Trump continues to be the dominant force…
Asian markets were mixed Tuesday with Hong Kong resuming its tech-led rally after a meeting between President Xi Jinping and China’s top business leaders fanned hopes that a long-running crackdown on the private sector is coming to an end. The Hang Seng Index’s gains extended an impressive start to the year, with the emergence of…
MELBOURNE, Australia (AP) — Australia’s central bank on Tuesday reduced its benchmark interest rate for the first time since October 2020 as the nation’s inflation cools. The Reserve Bank of Australia reduced the cash rate by a quarter percentage point from 4.35% to 4.1%. at its first board meeting for the year. The cut was…
China’s central bank chief Pan Gongsheng promised to park more of the country’s US$3.2 trillion foreign exchange reserves in Hong Kong, fanning speculation about how much more Beijing can earmark for the city’s assets. Beijing has always guarded the details of its forex portfolio reserves as classified information, so the exact amount of reserve funds…
It was a big disappointment for investors, but also unwelcome news for borrowers and prospective homebuyers waiting for lower interest costs. “Today was a closer call but we decided it was the right call,” Fed chair Jerome Powell said at a news conference after the central bank approved a quarter-point cut in its main lending…
South Korea’s central bank vowed to stabilize financial markets and highlighted the importance of “uninterrupted implementation” of key fiscal and economic measures, in its first statement since lawmakers voted to impeach President Yoon Suk Yeol. “The Bank of Korea intends to utilize all available policy instruments, in conjunction with the government, to respond to and…
By Wayne Cole SYDNEY (Reuters) – Asian shares were dragged by a slide in South Korea on Monday ahead of a packed week of central bank meetings that should see borrowing costs take a step lower, while U.S. inflation data are the last hurdle to a further policy easing there. Political tumult in France and…