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…

U.S. and China trade war has been avoided, for now

It looks like a trade war between the world’s two biggest economies has been avoided, for now. The deal the U.S. and China just struck on agricultural trade, financial services, investment and energy is evidence of President Trump’s increasing willingness to negotiate with Beijing. During his campaign for office, Trump threatened belligerent moves such as slapping tariffs on imports…

Xi Jinping pledges more than $100 billion for development banks in China

BEIJING — President Xi Jinping of China delivered a sweeping vision of a new economic global order on Sunday, positioning his country as an alternative to an inward-looking United States under President Trump. Mr. Xi, surrounded by autocratic leaders from Russia and Central Asia at a forum in Beijing, pledged more than $100 billion for development banks in China that he said would spearhead vast spending on infrastructure across Asia, Europe and Africa…

A look at China’s aviation market by the numbers

China’s first large jetliner took its maiden flight on Friday, performing a series of test maneuvers in hazy skies near Shanghai. The successful first flight is a huge deal for China, and an indication that Boeing (BA) and Airbus (EADSF) will eventually face a new competitor in a key aviation market. Here’s a look at China’s aviation market by the numbers: 487 million: That’s the number of domestic and international journeys made last year in China, according to data from the Civil Aviation Administration of China (CAAC)…

China stopped manipulating the yuan, says Trump

A month ago, President Trump was calling China “world champions” of currency devaluation. Now, he’s telling a very different story. “Since I started running … they have not manipulated their currency,” Trump said in an interview with Bloomberg on Monday. “I think that was out of respect to me and the campaign.” That’s at odds with comments Trump made during his run for the White House, when he frequently accused China of pushing the yuan down to give its exports an unfair advantage at the expense of the U.S…

Chinese economy cools in April as Beijing tries to rein in property and credit boom

China’s economy has shown more signs of cooling with key barometers from its manufacturing and services sectors dipping in April. The latest data comes as Beijing attempts to rein in a booming property market and rapid credit growth. Two surveys on Sunday suggested activity in the world’s second largest economy eased back in April. Manufacturing slowed more than expected as demand was hit by government moves to curb risks associated with a run of high borrowing in China…

Booming property market, higher government spending boost China’s Q1 GDP to 6.9%

China’s economy grew faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years. Growth of 6.9 percent was the fastest in six quarters, with forecast-beating March investment, retail sales and exports all suggesting the economy may carry solid momentum into spring…

China’s economy picked up steam in the first quarter

The Chinese economy picked up steam in the first quarter. Gross domestic product grew 6.9% from a year earlier, according to official data published Monday, hitting its fastest pace since the third quarter of 2015. It’s an uptick from the 6.8% recorded in the fourth quarter of last year — and slightly above what some economists had been predicting…

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…

Trump’s tough talk on China’s currency could backfire

President Trump risks an embarrassing blunder if he doesn’t tone down his rhetoric on China’s currency when he comes face to face with President Xi Jinping. The first meeting between the leaders of the world’s two largest economies begins later Thursday. Trump believes Beijing has kept its currency — the yuan — artificially low as part of a trade policy that he says has destroyed American jobs and created an enormous gap between what the U.S. imports and exports from China…

Trump call for builders to rally around his $1 trillion plan to rebuild America’s infrastructure

President Donald Trump spent Tuesday afternoon sounding the call for builders to rally around his $1 trillion plan to rebuild America’s infrastructure and touting the efforts of trade workers ahead of his visit later this week with the Chinese president. Trump shouted out painters, plumbers, operators, electricians and brick layers and promised progress on infrastructure and “America first” job creation during an appearance at the North America’s Building Trades Union National Legislative Conference in Washington D.C. Earlier in the day, the president held a White House town hall with CEOs, where he promised to slash regulations he said are impeding businesses and to roll back Dodd-Frank regulations…

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