President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Contracts to buy previously owned U.S. homes unexpectedly fell in June, but the data did little to change perceptions the housing sector was gradually recovering after slumping in late 2013.
Another report on Monday showed services sector activity held at a 4-1/2 year-high in July, a sign of economic momentum early in the third quarter.
The National Association of Realtors (NAR) said its Pending Home Sales Index, based on contracts signed last month, fell 1.1 percent to 102.7. The decline followed three straight months of increases.
Economists, who had expected contracts to rise 0.5 percent last month, were not fazed by the drop.
"The June pullback could be seen largely as a correction in a broadly improving trend, with housing data remaining somewhat choppy as the sector gradually continues to recover," said Gennadiy Goldberg, an economist at TD Securities in New York.
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Pending home sales, which lead sales by a month or two, increased 6.0 percent in May. They were down 7.3 percent compared to June of last year. On a regional basis, contracts fell in the Northeast and the South, but rose in the West and the Midwest.
U.S. stocks fell on the report, with the declining 1.2 percent. Shares in the nation's largest home builder, D.R. Horton, shed 1.5 percent.
Housing has been making gains after hitting a soft patch last summer following a run-up in mortgage rates. Existing home sales hit an eight-month high in June.
Mortgage rates have declined, with the 30-year fixed rate at 4.16 percent in June compared to a peak of 4.49 percent last September. The recovery, however, continues to be uneven, with new home sales having plummeted 8.1 percent last month.
The sector has been hampered by higher interest rates and a persistent shortage of properties for sale, which is putting upward pressure on prices and sidelining many first-time buyers.
"The lack of income growth with potential first-time buyers is problematic," said Ryan Sweet, senior economist at Moody's Analytics in West Chester, Pennsylvania. "But this should take a turn for the better next year with faster wage growth and looser credits. If housing doesn't reaccelerate, the economy won't grow faster."