While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
While Hong Kong leader Carrie Lam painted a bleak picture of the city's economy, she expressed hope that dialogue with protesters could provide "a way out."China Politicsread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
U.S. President Donald Trump and his former White House communications director Anthony Scaramucci have had a public falling out recently.Politicsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday afternoon as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
The Chinese yuan dropped to its lowest levels against the U.S. dollar since December on Monday as the trade war between the United States and China escalated, with each country raising tariffs on the others goods.
China plans to impose higher tariffs on $60 billion worth of U.S. goods, the finance ministry said on Monday, after the United States announced a tariff hike on $200 billion of Chinese products on Friday. U.S. President Donald Trump said Beijing "broke the deal" by reneging on earlier commitments made during months of negotiations while China said on Sunday it would not swallow any "bitter fruit" that harmed its interests.
The yuan weakened to 6.92, its lowest level since Dec. 24. China is expected to intervene to stop any plunge through 7 against the dollar.
Rising tensions between the two countries has also increased fears that China may sell its vast holdings of Treasuries as punishment or as a negotiation tactic against the United States. That hurt the greenback against safe-haven currencies the Japanese yen and Swiss franc.
It also briefly weakened against the euro, before retracing the losses. They own a sizable chunk of Treasuries and thats got the market spooked a little bit and has got the dollar trading on the defensive against some of the other major currencies, said Bipan Rai, North American head of FX strategy at CIBC Capital Markets in Toronto.
The euro may also benefit against the dollar as the eurozone has a balance of payments surplus, and in times of trade war surplus currencies tend to do reasonably well, Rai said.
Investors are also focused on whether Trump will impose tariffs on imported cars and auto parts as talks continue with the European Union and Japan. Trump received a "Section 232" investigation report in February, widely believed to have concluded that car and auto part imports pose a risk to national security. The president's 90-day deliberation period is due to end on May 18.
The market is expecting that the Trump administration will extend that deadline. If there is no indication that they will you could see equities take a bit of a pounding this week, Rai said.
Sterling also slipped to its lowest levels in two weeks on concerns that the British parliament will fail to reach a cross-party deal on Brexit. Up to 150 lawmakers from Britain's opposition Labour party would reject an agreement that did not include a referendum confirming it, shadow Brexit secretary Keir Starmer told the Guardian newspaper.