From Reuters President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession. Trump, who has accused China of unfair trade practices and pushed for a deal that would rebalance the relationship in favor of U.S.
From Reuters Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts. Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates.
From Reuters Oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports. For the week, crude oil benchmarks recorded a loss. Washington’s new tariffs on China, due to take effect on Sept. 1, intensify the trade war between the
From Reuters Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1. The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns
From Reuters Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade. The front-month Brent crude LCOc1 futures contract, which expired Wednesday, rose 45 cents to settle at $65.17 a barrel. Brent posted a monthly decline
From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%
From Reuters U.S. stocks declined on Friday, as the S&P 500 retreated after closing at a record for three straight sessions, following an unexpectedly strong U.S. payrolls report that caused investors to rethink how dovish a turn the Federal Reserve may take. The U.S. Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five
From the Los Angeles Times Despite pressure from President Trump to lower borrowing costs, Federal Reserve officials on Wednesday left their key interest rate unchanged and indicated that they were divided on whether there would be rate cuts in the coming months. Even though about half of the Fed’s monetary officials see a rate cut later this year, the other
By Tyler Losier, Energy Reporter, Oil & Gas 360 Actually, it’s been a rough few weeks for crude oil. West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year, closing out yesterday at $53.25. And by the look of today’s NYMEX chart, it seems as though the rollercoaster ride
From Bloomberg St. Louis Fed chief says trade war poses risk to U.S. economy, Bullard says yield curve may signal Fed policy is too tight The Federal Reserve may need to cut interest rates soon to prop up inflation and counter downside economic risks from an escalating trade war, St. Louis Fed President James Bullard said. “A downward policy rate
Higher gasoline costs sent consumer price index soaring in April
From Bloomberg Median could shift to two increases from three in 2019 Fed chief says rates ‘just below’ range of neutral estimates Federal Reserve Chairman Jerome Powell opened the door for a potential pullback in projected interest-rate hikes for 2019 following a widely expected increase in December. In what was seen as a shift in tone from remarks
