Oil prices jumped 2% on Thursday as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its oil infrastructure. Brent crude futures were up $1.53, or 2.1%, at $73.30 a barrel by 11:58 a.m. (1558 GMT); it touched its highest level in three weeks. U.S. […]
Author: Alfonso Esparza
The Federal Reserve erred by raising interest rates during the recovery, part of a policy implementation that misread key signals and threatened to send the economy into recession, Minneapolis Fed President Neel Kashkari said Thursday. In an unusually harsh rebuke of central bank actions, Kashkari said the central bank shouldn’t have tightened monetary policy with […]
The Canadian Dollar rose 0.18 percent against the greenback on Wednesday. Canadian inflation data met the forecast at a 2 percent rise on a year over year basis. Gasoline prices increased 10.2 percent in the last 12 months as crude has appreciated with the OPEC+ deal limiting output and several geopolitical disruptions to supply offsetting […]
U.S. and European stock indexes gained on Wednesday after news that U.S. President Donald Trump planned to delay tariffs on auto imports, offsetting earlier pressure on equities and government bond yields from weak U.S. and Chinese economic data. Trump is expected to delay a decision on tariffs on imported cars and parts by up to […]
U.S. Treasury Secretary Steven Mnuchin said on Wednesday he will likely travel to Beijing soon to continue negotiations with Chinese counterparts as the world’s two biggest economies try to salvage talks aimed at ending their months-long trade war. Mnuchin did not elaborate on the timing of future negotiations, but told lawmakers at a Senate Appropriation […]
U.S. business inventories were unchanged in March as sales increased by the most in more than two years, which could ease concerns of a broad build-up in inventories in the economy. The Commerce Department said on Wednesday that the flat reading in business inventories followed an unrevised 0.3% increase in February. Inventories are a key […]
Oil prices are rising on Wednesday despite higher US weekly crude inventories. The Energy Information Administration (EIA) reported a gain of 5.4 million barrels but rising tensions in the Middle East forced US diplomats to withdraw from Iraq putting more emphasis on a showdown between America and Iran. The attacks on Saudi tankers and Iran […]
House Speaker Nancy Pelosi will meet with President Donald Trump’s top trade negotiator Wednesday during a key stretch for the White House’s trade policy, a senior Democratic aide said. Pelosi, joined by House Majority Leader Steny Hoyer, D-Md., House Majority Whip James Clyburn, D-S.C. and House Ways and Means Committee Chairman Richard Neal, D-Mass., will […]
Declining output of cars and machinery led U.S. factory production to fall unexpectedly in April, a sign the economy is losing a step as a trade war with China intensifies. The Federal Reserve said on Wednesday manufacturing production fell 0.5 percent last month, the third decline in four months. Economists polled by Reuters had forecast […]
There is “no chance” President Donald Trump will back down in the U.S. trade war with China, former Trump advisor Steve Bannon told CNBC on Wednesday. “China has been running an economic war against the industrial democracies for now 20 years,” said the hardline ex-White House chief strategist, who helped craft Trump’s nationalist message. Bannon […]