A Berlin court temporarily blocked the renaming of Mohrenstrasse to Anton-Wilhelm-Amo-Strasse, halting the unveiling planned for International Day for the Remembrance of the Slave Trade. The decision followed a resident's lawsuit contesting the name change, deemed unnecessary by the court. While the court believes the resident's claim is...
Federal Reserve Chairman Jerome Powell will deliver a crucial speech at Jackson Hole, Wyoming, facing pressure from the White House to lower interest rates. His speech, three weeks before the next rate-setting meeting, will address the economic outlook and the Fed's balance between fighting inflation and unemployment. While...
The US and EU reached a preliminary trade deal, imposing a 15% tariff on most EU goods exported to the US. Exceptions include cars, aircraft, and pharmaceuticals. Wine and spirits, along with steel, are still under negotiation. The deal, while politically significant, isn't legally binding and aims...
US existing home sales saw a 2% increase in July, reaching a seasonally adjusted annual rate of 4.01 million units. This rise is attributed to slightly lower mortgage rates, slower price growth, and a larger selection of homes available—the highest in over five years. While home prices remain high,...
Unemployment claims rose slightly last week to 235,000, exceeding economist predictions. While still historically low, this increase, along with a sluggish July jobs report (73,000 added jobs vs. 115,000 expected), and revised downward job numbers for previous months, signals weakening in the labor market. The unemployment rate climbed...
Existing home sales in the US unexpectedly rose 2% in July to 4.01 million units, defying analyst predictions of a decline. This increase follows a decrease in mortgage rates in May and June. While inventory is up 15.7% year-over-year, reaching a 4.6-month supply, it remains below pre-pandemic levels....
The US and EU finalized a trade deal, revealing details on tariffs for pharmaceuticals and semiconductors. A 15% blanket tariff on EU exports to the US was agreed upon, alongside a €750 billion EU commitment to purchase US energy and €600 billion in US investment. While the EU...
US Treasury yields climbed slightly, with the 10-year yield reaching 4.308% and the 2-year yield at 3.758%, as investors anticipate Federal Reserve Chairman Jerome Powell's speech at Jackson Hole's economic symposium on Friday. Markets are anticipating a potential interest rate cut in September, though recent Fed minutes expressed concerns...
The Federal Reserve held its key interest rate steady last month, prioritizing inflation concerns over potential job losses, according to meeting minutes. Most policymakers remained hesitant to cut rates until the impact of President Trump's tariffs on inflation becomes clearer. While inflation has slightly increased, it hasn't reached levels...
US President Trump's 50% tariff on steel imports has severely impacted India's small foundries, mainly in eastern India, which rely heavily on US exports. Facing mass layoffs and shutdowns, these foundries, employing over 200,000 workers, urge the Indian government for urgent intervention. While the Commerce Minister downplays the...
