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[ad_1] European Commission President Ursula von der Leyen looks on during a press conference. John Thys | Afp | Getty Images An increasingly isolated Russia is now dependent on China for both its military and economic ends, the European Commission's president said Tuesday. Ursula von der Leyen said Russia was leaning more heavily on its eastern ally as it fails to achieve its objectives. "Russia is failing on strategic goals," von der Leyen said at the World Economic Forum  in Davos, Switzerland. "It is first and foremost a military failure," she said, noting that Ukraine had thus far retained its "freedom and independence" in its almost two-year war with Moscow. "Russia's failure is also economic," she continued, highlighting the impact sanctions have had in isolating the country from trade with Western allies. "Russia is now dependent on China," von der Leyen added. Ukraine, meanwhile, is "closer than ever" to j

[ad_1] WASHINGTON — The Biden administration's 2024 budget relies almost entirely on additional revenue created by raising taxes on the wealthiest Americans and corporations and by letting the Trump-era tax cuts expire. If several of the proposals, like a billionaire minimum tax, sound familiar, it's because they have been part of the president's domestic agenda wish list for years. And while a White House annual budget is always one part wish list and one part plan, Biden's tax hikes are even less realistic now — with a Republican majority in the House — than they were when he first tried to pass them through a Democratic-controlled House and Senate. The plan released Thursday by the Treasury Department in its annual Green Book, calls for an even higher minimum tax this year on the top 0.01% of earners and households worth more than $100 million, up to 25% from 20% last year. Read more on Biden's fiscal year 2024 budget plan: It would also quadruple the stock

[ad_1] A currency dealer monitors exchange rates in a trading room at KEB Hana Bank in Seoul on June 21, 2021. JUNG YEON-JE | AFP via Getty Images Asia-Pacific markets fell Wednesday, with stocks in South Korea and Taiwan leading declines as major tech firms including chipmakers came under pressure after Barclays downgraded Apple . Apple shares  dropped  4% on Tuesday, after  Barclays cut the iPhone maker's rating to underweight and trimmed its price target to $160 from $161. Apple suppliers in major Asia markets fell, weighing down indexes in Taiwan and South Korea. South Korea's Kospi closed 2.34% lower at 2,607.31, while the small-cap Kosdaq fell 0.84% to end at 871.57. Most technology and chip stocks including Samsung Electronics, LG Corporation and SK Hynix fell about 3% each. The Taiwan Weighted Index shed 1.65%, with shares of Taiwan Semiconductor Manufacturing Company down 2.53% and Hon Hai, known internationally as Foxconn, falling 0.48%. India's factory a

[ad_1] A residential neighborhood in Austin, Texas, on Sunday, May 22, 2022. Jordan Vonderhaar | Bloomberg | Getty Images The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily . That's down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday. Mortgage rates loosely follow the yield on the 10-year Treasury , which fell to a one-month low in response to the failures of Silicon Valley Bank and Signature Bank and the ensuing ripple through the nation's banking sector. In real terms, for a buyer looking at a $500,000 home with a 20% down payment on a 30-year fixed mortgage, the monthly payment this week is $128 less than it was just last week. It is still, however, higher than it was in January. So what does this mean for the spring housing market? In October, rates surged over 7%, and that started the real slowdown in home sales. But rates then started falling in December and were near 6% by t

[ad_1] An undated editorial photo of Chinese yuan cash bills and the flag of the People's Republic of China. Javier Ghersi | Moment | Getty Images China's consumer prices were flat in September, while factory gate prices saw annual declines slow for a third month — pointing to the uneven post-Covid recovery in the world's second-largest economy that may require further policy support. Consumer price index for September was flat on an annual basis, the National Bureau of Statistics reported Friday , below than the median estimate for a 0.2% increase in a Reuters poll. CPI inched up 0.1% in August for the first year-on-year increase in three months. Core inflation — excluding energy and food prices — however, climbed 0.8% in September from a year earlier, the bureau said in a separate statement . This rate of increase was similar to the one recorded in August. China's producer price index fell 2.5% from a year earlier , weaker than expectations for a 2.4% decline, af

[ad_1] China saw weaker imports despite rapid reopening: UBS China's economy saw weaker imports despite its rapid reopening, UBS' head of China economic research Wang Tao said in a note. "Despite a rapid reopening (sequentially) in the past 2 months, domestic demand growth on y/y basis may have been still relatively soft," she said in a note. She added the import volume of copper ore and iron ore both improved from December likely due to a pick up in construction activities. "Our channel checks suggest that work resumption of construction sector was slow in the first two weeks post CNY holiday, but accelerated in the 3rd and 4th weeks," she said, noting that crude oil import growth also fell alongside imports of IT components and auto products. China on Tuesday saw exports fall by 6.8% in February in U.S. dollar terms and imports also declined 10.2%. — Jihye Lee U.S. plans to lift Covid testing requirement for travelers from China: NBC The U.S. plans to

[ad_1] U.S. stocks fell sharply Friday after the Federal Reserve's preferred inflation gauge showed a stronger-than-expected increase in prices last month. The Dow Jones Industrial Average fell by 364 points, or 1.1%. The S&P 500 and Nasdaq Composite slid 1.4% and 2.0%, respectively. The Dow fell as much as 510 points, or 1.54%, earlier in the trading session. Boeing shares slipped more than 4% after the company temporarily halted delivery of its 787 Dreamliners over a fuselage issue. Shares of Microsoft and Home Depot also fell more than 1%. The major averages are headed for a losing week. The S&P 500 is down 2.9% and is set for its worst week since Dec. 9. The Dow is down nearly 3% this week and headed for its fourth straight losing week. The Nasdaq is 3.5% lower, and on pace for its second negative week in three. The core personal consumption expenditures price index , the Fed's preferred measurement of inflation, rose 0.6% in January and 4.7% from the p

[ad_1] With the second half of the year now underway, investors may want to take another look at their fixed income portfolio. High yields have been a boon to income investors, as the Federal Reserve increased interest rates over the past year. The ramp up, which began in March 2022 in an effort to tame inflation, has pushed yields higher on assets like U.S. Treasurys: The rate on the the 6-month T-bill is hovering just below 5.5%, while the 2-year note is at about 4.7%. Yields on certificates of deposit, money market funds and preferred securities have also seen a boost. US2Y US6M YTD line Yields on the 2-year Treasury and the 6-month T-bill Now the market is looking at the prospect of the Fed approaching the end of its hiking campaign. Policymakers indicated at their June meeting that two more quarter-point increases are on the way before the end of 2023. Indeed, traders anticipate another quarter-point increase next week. Inflation appears to be cooling with consumer and produc

[ad_1] Traders on the floor of the NYSE, Oct. 21, 2022. Source: NYSE Stocks rose Friday as strong earnings results from some of the biggest banks and companies kicked off earnings season. The Dow Jones Industrial Average rose 121 points, or 0.3%. The S&P 500 ticked up about 0.1%, and the Nasdaq Composite advanced 0.2%. Wall Street is coming off its fourth consecutive day of gains, with the Nasdaq and S&P 500 reaching their highest levels since April 2022. JPMorgan Chase rose 0.3% after its second-quarter earnings topped expectations. The bank was boosted by higher interest rates and rising interest income. Wells Fargo also gained 0.5% on the back of better-than-expected results. UnitedHealth shares jumped 8% after the insurance giant reported better-than-expected earnings and revenue. The company also raised the lower end of its full-year earnings guidance. "What we've seen simple out of out of big bank earnings, especially JPMorgan, is pretty resilient,&qu

[ad_1] Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City.  Michael M. Santiago | Getty Images U.S. stock futures were little changed on Tuesday night as Wall Street looks to resume a holiday-shortened week. Dow Jones Industrial Average futures fell by 31 points, or 0.09%. S&P 500 and Nasdaq 100 futures dipped 0.05% and 0.11%, respectively. Markets were closed Tuesday for the Fourth of July holiday. They closed early Monday. Investors are coming off a positive session Monday, which kicked off the start of a new month, quarter and half-year for traders. Stocks rose slightly during the shortened trading day, with the Dow Jones Industrial Average  adding 10.87 points, or 0.03%. The  S&P 500  rose 0.12%, while the  Nasdaq Composite  closed 0.21% higher. Those gains build on a strong start to the year. Last week, the Nasdaq Composite closed out its best first half of the year since 1983, while the S&P

[ad_1] Trader on the floor of the New York Stock Exchange, July 15, 2021. Source: NYSE U.S. equity futures rose Friday as Wall Street looked to cap off a banner start to 2023 and the latest inflation data showed continued easing. Futures tied to the Dow Jones Industrial Average gained 170 points, or 0.5%. S&P 500 futures ticked higher by 0.66%, and Nasdaq 100 futures advanced 0.9%. Apple shares rose nearly 1% before the bell to trade above a $3 trillion market cap. Elsewhere, Nike shares fell about 3% after the apparel giant reported a weaker-than-expected quarterly profit . Friday is a pivotal day for investors, marking not just the end of the June, but also the conclusion of the second quarter and the first half. Here is where the indexes stand as of Thursday's close: For June: The S&P 500 has gained 5.18% and is on pace for its best monthly performance since January. The Nasdaq has advanced 5.07%, and both it and the broad-market index are heading for a fourth c