Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
"The Champagne should probably be kept on ice, at least until the two presidents put pen to paper," said state-owned media China Daily.Traderead more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.K. and EU are gearing up for what could be the busiest week in British politics since June 2016.Europe Politicsread more
"It seems like what the two leaders have done is try to set some of the thorny political issues to the side," said Dhruva Jaishankar, director of the U.S. Initiative at the...Asia Politicsread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
The United States has cleared the final procedural hurdle in order to impose tariffs on billions of dollars of European products later this month.World Economyread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
The dollar rose against most currencies on Tuesday, helped by upbeat U.S. housing data, but gains were limited by doubts about the overall impact of a major U.S. tax overhaul plan on the economy.
The Republican-controlled U.S. House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where lawmakers were due to take up the package later in the evening. Passage was all but certain in the Republican-controlled Senate, as well.
The dollar trimmed gains versus the yen and held losses against the euro after the House approved the bill.
"Any boost to the economy would be small and there is nothing in the final bill to change that view," said London-based Andrew Hunter, U.S. economist, at Capital Economics.
Stock markets around the world surged this week on U.S. tax cut hopes, but the greenback has remained muted. Traders believe most of the positive impact of the cuts to corporate taxes have already been priced in, while expectations the overhaul would trigger a wave of repatriated dollars were overplayed.
"There is little evidence linking corporate tax cuts to stronger growth," Hunter said. "There are few examples either historically in the U.S. or internationally of lower corporate taxes resulting in a significant and sustained boost to business investment."
The tax plan, designed in part to give U.S. multinationals a reason to repatriate the roughly $2.6 trillion in profits held previously accumulated earnings.
"We think FX markets are less fazed by the bill; whether it will induce a material shift in investment and the balance of payments remains unclear," said Mazen Issa, senior FX strategist at TD Securities in New York.
The greenback earlier gained ground after data showed domestic home construction unexpectedly rose to a 13-month peak in November with the building of single-family homes hitting a 10-year high.
In late trading, the dollar rose 0.28 percent against the to 112.85 yen.
Against the euro, however, the dollar was weaker. The euro was last at $1.1841, up 0.51 percent, benefiting from an overall rise in risk appetite with U.S. Treasury yields higher on the day.
Europe's shared currency has gained more than 12 percent against the dollar so far this year and is on track to post its strongest yearly performance since 2004.
Bitcoin fell 6.86 percent at $17,660.14 on the Luxembourg-based Bitstamp exchange, below its record high of $19,666 hit on Sunday.