Canada, Mexico and Japan want to revive the Trans-Pacific Partnership free trade deal

President Trump left a mammoth Pacific free trade deal in ruins. Now, the other countries involved want to rebuild it. Ministers from 11 nations — including Australia, Canada, Mexico and Japan — agreed over the weekend to try to revive the Trans-Pacific Partnership, which was designed to reshape trade across the Pacific Rim. But economists caution that whatever emerges from the process will be a shadow of the deal Trump killed…

Global stocks edge up, dollar suffers worst week in year amid Trump’s own Watergate

The U.S. dollar fell and was poised for its worst week in more than a year while world stock markets edged up on Friday amid some calm following declines earlier in the week spurred by uncertainty relating to Donald Trump’s U.S. presidency. On Wall Street, key stock indexes climbed, led by energy shares. The S&P energy index was up 1.1 percent along with a jump in oil prices…

‘Wannacry’ ransomware attack estimated at $4 billion in losses

Global financial and economic losses from the “WannaCry” attack that crippled computers in at least 150 countries could swell into the billions of dollars, making it one of the most damaging incidents involving so-called ransomware. Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions…

Global equity markets, dollar edge higher ahead of first meeting between Trump and China’s Xi

Stocks staged a cautious fight back on Thursday before a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, the first between the two world leaders. Risk appetite stabilized, having been soured by signs the Federal Reserve might start paring asset holdings later this year and that the chances of early U.S. fiscal stimulus may be evaporating…

G20 failure to agree on resisting protectionism considered as setback for Germany

The failure of the world’s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday. Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of Baden-Baden, the finance ministers and central bank governors of the 20 biggest economies dropped a pledge to keep global trade free and open…

Global stock market near record highs, dollar slips after Fed’s rate hike

World stocks perched near a record high on Friday after a week when most of the world’s biggest economies either raised rates, or signaled hikes, in a strong sign of confidence about global growth and inflation. Investors turned their attention to a meeting of world finance chiefs in Germany starting Friday, where topics including economic reform, protectionism and exchange rates are expected to be on the agenda…

Fed rate hike bets lift Wall Street; oil slides amid record U.S. stockpiles; dollar falls

World shares chalked up their longest losing streak in well over a year on Thursday as bets on rising U.S. interest rates propelled the dollar and benchmark bond yields higher and beaten-up commodity markets struggled to find a footing. With global energy stocks on the run, MSCI’s 46-country All World index .MIWD00000PUS fell for a sixth consecutive day, the longest slide since the start of 2016 and down from an all-time high set just over a week ago…

Wall Street rallies, dollar, U.S. Treasury yields jump on Fed rate hike bets

Wall Street indexes rallied on Wednesday, with the Dow hitting a record above 21,000 points, while the dollar and U.S. Treasury yields jumped as investors bet that a U.S. interest rate hike would come soon. New York Fed President William Dudley – one of the most influential U.S. central bankers, and usually considered a dove – said late Tuesday that the case for tightening monetary policy had become “a lot more compelling”, while San Francisco Fed President John Williams said he saw “no need to delay” raising rates…

Political uncertainty has driven gold demand up by 70%, highest level since 2013

The Brexit vote and the election of Donald Trump drove global demand for gold to a four-year high in 2016, as pension funds and other institutional investors piled into the precious metal while higher prices put consumers off jewellery purchases. Global gold demand rose 2% last year to reach 4,309 tonnes, the highest level since 2013, according to a report from the World Gold Council, which represents gold miners…

Global stocks edge up, dollar pares gains after Fed’s upbeat statement

Financial asset prices are moving in step less than at any time in more than a decade, as economic and monetary policies diverge and political risks grow around the world. Unusually loose central bank policy after the global financial crisis drove so-called cross-asset correlations to record highs, meaning prices of stocks and government bonds often moved in tandem in the “risk-on, risk-off” environment that dominated financial markets…

So what was the TPP, and why Trump killed it

The TPP is DOA. President Donald J. Trump signed an executive order Monday announcing the U.S. will withdraw from negotiating the TPP, or Trans-Pacific Partnership deal. “Great thing for the American worker, what we just did,” he told the press corps after signing, as his chief adviser Steve Bannon, former executive editor of Breitbart, a platform for the so-called “alt-right,” looked on with a tight grin…

Dollar hits 6-week low after Trump began his term in office with a protectionist speech

European stocks and bond yields dropped on Monday and the dollar hit a six-week low after President Donald Trump began his term in office with a protectionist speech that pushed a nervous market into safe-haven assets. World stocks hit multi-year highs earlier this month on expectations Trump would boost growth and inflation with extraordinary fiscal spending measures…

Newsletter

Zero spam.