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
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
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
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
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
U.S. regional bank PNC Financial Services beat analysts' estimates for quarterly profit on Friday, but reported a 6 percent rise in operating expenses as it invested in marketing and retail banking.
A strengthening U.S. economy pushed borrowing by businesses higher while keeping loan losses low and interest income rose 5.2 percent to $2.47 billion.
PNC's total non-interest expense, however, rose 6.2 percent to $2.61 billion in the quarter, a reflection of competition for customers which has led U.S. regional banks to pour cash into online banking and reward schemes.
A number of brokerages had said they expected roughly no change in non-interest expenses and the company's shares fell 2.4 percent in low volume trading before the bell.
The bank also said it had seen its employee wage bill rise.
Commercial loans for the third quarter increased only modestly to $149.9 billion from $146.9 billion, as rising U.S. interest rates began to feed through to borrowers.
The Pittsburgh, Pennsylvania-based bank said net income attributable to common shareholders rose to $1.32 billion in the quarter ended Sept. 30 from $1.04 billion a year earlier.
Earnings per share rose to $2.82 from $2.16.
Analysts on average had estimated earnings of $2.72 per share, according to I/B/E/S data from Refinitiv.