American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Even as the broader real estate market softened, luxury home sales surged in the third quarter.
Sales of homes priced at $1 million or more were up 9 percent in the quarter over the same period in 2013, according to quarterly data from Redfin, the real estate research and brokerage firm. The high-end of the high-end did even better, with sales of homes priced at $5 million or more increasing 18 percent over last year.
By comparison, sales of all homes in the major markets tracked by Redfin declined by 1.2 percent.
"The luxury housing market was the first to recover after the crisis and has been growing strong ever since," said Nela Richardson, chief economist at Redfin.
Inventory at the high end remains tight in many parts of the country. The number of homes for sale in luxury ZIP codes for $1 million or more has dropped by 13 percent from last year. Inventory is down even more for more expensive homes: The number of $5 million-plus homes for sale in luxury ZIP codes is down 47 percent from last year.
The three most expensive sales of the quarter were all above $25 million. A home in Malibu, California, was the top seller, at $33.5 million. The runner up was a home in Indian Creek, Florida, which sold for $28 million; a home in Armonk, New York, sold for $27.5 million, according to Redfin.
Redfin's results don't include Manhattan, which doesn't have a conventional multiple listing service, and which tends to have its own market dynamics. According to Douglas Elliman, sales in Manhattan were down 13 percent in the quarter over the same period a year ago, while prices were up 17 percent. Inventory was up 27 percent in the quarter.
Redfin also tracked the biggest-discounted sale among luxury homes. The top bargain was a home in Millbrook, New York, that was on the market for $9.5 million but sold for $5 million.