The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
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Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
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Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
May 31 (Reuters) - European shares sank to a more than three-month low on Friday, led by carmakers Volkswagen and Fiat Chrysler after President Donald Trump opened a new front in global trade tensions by promising tariffs on Mexican imports.
Trump said all Mexican goods would face a 5% tariff from June 10 until illegal immigration is stopped, threatening to disrupt supply chains at a time when investors are again worrying about the threat of recession.
A worse than expected batch of Chinese data added to the dour mood, sending the pan-European STOXX 600 0.9% lower by 0708 GMT.
All European sectors were in the red, as investors dumped stocks in favour of the safety of government bonds and Germany's DAX, which is particularly vulnerable to trade risks, dropped 1.3% to a two month low.
The European auto index fell 2.7%, driven by 3% falls in both Volkswagen and Fiat Chrysler , who have significant exposure to Mexico.
Spanish banks Santander, Sabadell and Bilbao, which all have a sizable presence in Mexico, slid between 3.6% and 1.8%. (Reporting by Medha Singh in Bengaluru)