Dollar falls in aftermath of Trump’s Comey memo fallout

The dollar has taken a hit from the latest political bombshell about President Trump. The greenback fell against other major currencies in the aftermath of allegations that Trump in February asked James Comey to end the FBI’s investigation into former national security adviser Michael Flynn. The stunning reports — denied by the White House — deepened the political turmoil engulfing Trump’s White House and intensified concerns among investors about the president’s ability to push through his big economic plans…

Dollar hits 6-month low on weak housing data, political turmoil

The U.S. dollar index touched its lowest since early November on Tuesday, hurt by weaker than expected U.S. housing data and concerns after political turmoil once more hit Washington. A rally in the euro was reinforced by dollar losses, prompted by allegations that U.S. President Donald Trump disclosed highly classified information to Russia’s foreign minister about a planned Islamic State operation…

‘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. manufacturing production jump to over 3-year high in April

U.S. manufacturing production recorded its biggest increase in more than three years in April, bolstering the view that economic growth picked up early in the second quarter despite a surprise decline in homebuilding. The broad strength in factory output reported by the Federal Reserve on Tuesday added to labor market data in suggesting the growth slowdown in the first quarter was temporary. That may allow the U.S. central bank to raise interest rates next month…

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…

Europe, Japan not yet sold on ‘Trumponomics’

The United States said on Saturday the world’s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington’s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump’s plans which they fear will revive protectionism and set back the global approach to issues such as banking reform and climate change…

G7 leaders pledge stronger cooperation against cyber crime, renew FX pledges

Financial leaders of seven leading world economies pledged stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stuck to their cautious wording on trade, their final communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain met in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes…

Saudi Arabia, Russia to extend output cuts until March 2018

Major oil producers are preparing to extend output cuts until March 2018 in a bid to reduce a global supply glut. The energy ministers of OPEC kingpin Saudi Arabia and its biggest non-OPEC partner Russia met Monday and agreed to do “whatever it takes to achieve the desired goal of stabilizing the market,” Russia’s energy ministry said in a statement.
OPEC and some non-OPEC producers agreed in December to cut output by 1.8 million barrels per day for six months to help stabilize oil prices…

G7 finance chiefs pressed U.S. not to break global consensus in trade, financial regulations

Finance chiefs from some of the world’s richest nations began a two-day meeting in Italy on Friday, with Europe, Japan and Canada hoping to come away with a clearer picture of U.S. President Donald Trump’s plans on important policies. Inequality, international tax rules, cyber security and blocking the funding of terrorism are the focus of the official agenda for Group of Seven finance ministers and central bankers who are meeting in the Adriatic port city…

U.S. CPI rises 0.2% in April amid rising cost of gasoline, food and rents

WASHINGTON – U.S. consumer prices rebounded in April amid increases in the cost of gasoline, food and rents, pointing to steadily rising inflation that could keep the Federal Reserve on track to raise interest rates next month. The Labor Department said on Friday its Consumer Price Index rose 0.2 percent after dropping 0.3 percent in March. The rise in prices suggested that March’s drop, which was the first in 13 months, was an aberration…

Trade protectionism is a ‘dead end’, says NY Fed Dudley

Trade protectionism is a “dead end” that may score political points but will ultimately hurt the U.S. economy, one of the most influential Federal Reserve officials said on Thursday in the central bank’s strongest defense yet of open borders in the face of a skeptical Trump Administration. William Dudley, head of the New York Fed, did not mention U.S. President Donald Trump by name in a speech at the Bombay Stock Exchange…

OPEC to U.S.: Please stop pumping so much, help us balance market

OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market. The unusual plea was issued Thursday in the cartel’s closely-watched monthly report, which found that global markets are still suffering from too much supply. The report said that balancing the market would “require the collective efforts of all oil producers” and should be done “not only for the benefit of the individual countries, but also for the general prosperity of the world economy.”…

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