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The European Union's executive commission said on Friday it would respond "firmly and immediately" to tariff increases resulting from US President Donald Trump's proposed "reciprocal" trade policy, calling it unjustified and a step in the wrong direction. "The European Union maintains some of the lowest tariffs in the world and there is no reason for the US to increase tariffs on European Union exports," the commission said in a statement. More than 70 per cent of imports enter the European Unio...
The Federal Reserve Harmack said Friday that it may be time for the Fed to slow the pace of interest rate cuts. She believes the Fed's policy rate may not be much higher than neutral. Harmack noted that financial marekt expects the Fed to cut rates only once in the next two meetings and said that expectation is in line with her view. She said inflation, economic growth and the labor market remain stronger than the Fed expected in September. Harmack's remarks were the clearest hint in recent Fed ...
U.S. Treasury Secretary Janet Yellen said on Friday that the U.S. financial system continues to face commercial real estate risks and vulnerabilities posed by digital assets in 2024, despite cooling inflation and low unemployment boosting the overall economy. She hinted that the Financial Stability Oversight Council (FSOC) member regulator remains focused on monitoring credit risk for commercial real estate and urged officials to keep an eye on Wall Street's ability to respond.
Reports of frequent contacts between billionaire Trump supporter Elon Musk and Russian President Vladimir Putin should be investigated and many US agencies "would be concerned" if true, the head of NASA said on Friday, following a Wall Street Journal report that Musk has been in regular contact with Russian President Vladimir Putin since 2022.
Federal Reserve Governor Paul Waller said on Friday that the "time has come" to start a series of interest rate cuts this month, adding that he was open to the size and speed of the cuts. "If the data support a series of rate cuts, then I think a series of rate cuts is appropriate. If the data shows that a larger rate cut is needed, then I will also support it." Federal Reserve Chairperson Jerome Powell said at the annual meeting of global central banks two weeks ago that given the rise in infla...
Steve Zeng, managing director of Futu Group, which said it was the first online broker in Hong Kong to offer zero-commission cryptocurrency trading, said on Friday: "The market reaction was relatively positive on the first day of the launch of our cryptocurrency trading service. In addition, to attract users, Futu also plans to give away bitcoin and shares in Alibaba and Nvidia to select users who open accounts and hold assets for a certain period of time. In addition, Futu is applying for a vir...
