In his recent speech at the Republican National Convention, JD Vance, the new running mate of U.S. presidential candidate Donald Trump, emphasized the importance of protecting the wages of American workers. He took a hard line on China, stating that the Chinese Communist Party should not be allowed to build their middle class at the
Finance
Federal Reserve Governor Christopher Waller recently expressed his belief that interest rate cuts are likely in the near future, provided there are no unexpected developments in terms of inflation and employment. His remarks at a program hosted by the Kansas City Fed indicated that current data support the idea of a “soft landing,” with the
Gold prices hit a record high on Tuesday, reaching $2,465.30, fueled by the growing anticipation of a September interest rate cut. This surge in demand for bullion was further ignited by the softening inflation data in June and dovish comments from Federal Reserve Chair Jerome Powell. As a result, markets are now pricing in a
The recent surge in small-cap stocks has sparked excitement in the market, with the Russell 2000 index climbing to its highest level since January 2022. This rally comes on the heels of a shift from megacap technology shares, as investors turn their attention towards smaller companies in hopes of capitalizing on potential interest rate cuts.
The German regulator BaFin recently pointed out that Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statements, which did not align with international accounting standards. The regulator highlighted that approximately 2.076 billion euros worth of deferred tax assets were not clearly disclosed in the notes for the bank’s U.S. business. This oversight
The recent attempted assassination of former President Donald Trump at a Pennsylvania rally has sparked reactions from the leaders of Wall Street’s most powerful firms. While it is commendable that these leaders are speaking out against the act of political violence, a critical analysis of their statements reveals a rather superficial response to a deeply
Goldman Sachs surprised investors by announcing that it exceeded profit and revenue estimates, driven by impressive results in fixed income and lower-than-expected loan loss provisions. The company reported earnings of $8.62 per share, surpassing the $8.34 per share estimate from LSEG, and revenue of $12.73 billion, higher than the $12.46 billion estimate. Significant Jump in
China’s National Bureau of Statistics recently released data indicating that the country’s second-quarter GDP grew by 4.7% year on year, falling short of the anticipated 5.1% growth. This unexpected decrease has led to concerns about the overall trajectory of China’s economy in 2024. Additionally, June retail sales figures failed to meet expectations, with only a
JPMorgan Chase CEO Jamie Dimon recently expressed concerns about ongoing inflationary pressures despite some recent signs of relief. He pointed out that while progress has been made in curbing inflation, there are still significant challenges ahead. These challenges include large fiscal deficits, infrastructure needs, trade restructuring, and global remilitarization. Dimon’s warning serves as a reminder
Wells Fargo recently reported a 9% decline in net interest income for the second quarter, a disappointing figure that fell short of Wall Street expectations. The San Francisco-based lender recorded $11.92 billion in net interest income, missing analysts’ expectations of $12.12 billion. This decrease was attributed to the impact of higher interest rates on funding