Author: Jack Mulligan

The U.S. housing market is facing heightened uncertainty, according to a recent Bank of America (BofA) survey. Rising mortgage rates and elevated home prices have led to a growing sense of indecision among homeowners and potential buyers. In a poll of 2,000 respondents, 60% of participants indicated they were unsure whether it was a good time to buy a home, marking a notable increase from 57% last year and 48% in 2023. This growing uncertainty comes as mortgage rates and home prices remain volatile, creating hesitation in a traditionally active spring season. Rising Mortgage Rates Fuel Market Hesitancy Bank of…

Japan’s Nippon Steel is set to close its acquisition of U.S. Steel for $55 per share, following approval from President Donald Trump, who referred to the deal as a “partnership.” The agreement, which was originally blocked earlier this year, marks a significant shift in the steel industry, with Nippon investing $14 billion over the next 14 months. Trump emphasized that U.S. Steel’s headquarters will remain in Pittsburgh, and the deal will secure U.S. control despite the foreign investment. Approval After Initial Block and New Review The bid was previously blocked by President Joe Biden on national security grounds, with concerns…

Southeast Asian nations are uniting to face significant challenges, including the economic impact of U.S. tariffs and the ongoing civil war in Myanmar. Malaysian Prime Minister Anwar Ibrahim, in his opening speech at the annual ASEAN summit, emphasized the need for a coordinated response to these issues, calling for a unified approach to address regional economic headwinds. Anwar also revealed that he had sought a meeting with U.S. President Donald Trump to discuss the tariffs, with hopes for the meeting to occur later this year. ASEAN’s Approach to U.S. Tariffs and Trade Tensions At the summit, Anwar expressed concerns over…

India’s economy continues to show resilience despite global uncertainties, with a “cautious optimism” outlook for the future, according to the country’s central bank. In its monthly bulletin released late Wednesday, the Reserve Bank of India (RBI) highlighted India’s ability to navigate global challenges while preparing to take advantage of emerging opportunities. As New Delhi seeks a trade deal with the U.S. amidst a 90-day pause on tariff hikes announced by President Trump, the country is well-positioned to maintain its role as a key driver of global growth. Global Economic Outlook and India’s Position The RBI acknowledged the challenges posed by…

Nike (NKE.N) announced on Wednesday that it will be raising prices on select products starting next week, with price hikes ranging from $2 to $10 on apparel and equipment. The price increases will apply to products for adults, including footwear, and vary based on the price range of the items. Price Increases and Product Categories For shoes priced above $150, Nike will increase prices by up to $10, while those priced between $100 and $150 will see a $5 increase. Products priced below $100 will not experience a price hike. Nike’s iconic Air Force 1 shoes, which are priced at…

Apple has approved the return of Epic Games’ popular title, Fortnite, to the U.S. App Store after a five-year absence. The approval follows a lengthy legal battle that started in 2020 when Epic bypassed Apple’s payment system, sparking a series of lawsuits. The Legal Battle and Fortnite’s Return Fortnite was removed from the App Store in 2020 after Epic Games introduced a direct payment system in the game, bypassing Apple’s 30% commission on in-app purchases. This move led to a major legal dispute between the two companies, culminating in a court ruling last month that Apple could no longer charge…

China’s economy showed signs of slowing in April, as the impacts of President Donald Trump’s trade war were felt across key sectors. Retail sales, property, and investment came in weaker than economists had forecast, highlighting the toll of tariffs and the overall uncertainty affecting the economy. Retail Sales and Consumer Sentiment Chinese consumers have been holding back due to the prolonged downturn in the housing market, which significantly impacts household wealth. Retail sales in April grew by just 5.1%, falling short of the expected 6% increase. The country’s consumer price index also saw a slight decline of 0.1% in April,…

Federal Reserve Chair Jerome Powell has consistently warned about the “unsustainable” fiscal path of the U.S. government since becoming the central bank’s head nearly seven years ago. His concerns, especially regarding large fiscal deficits and rising debt, remain a focal point in his economic commentary. Powell’s Repeated Warnings Throughout his tenure, Powell has emphasized that the nation’s fiscal policy is a significant challenge. Despite acknowledging that the Federal Reserve does not directly set fiscal policy, he has repeatedly stated that fiscal issues will have a long-term impact on the U.S. economy. In September 2018, Powell remarked, “We have been on…

U.S. consumers are becoming increasingly worried that tariffs will lead to higher inflation, according to a University of Michigan survey released Friday. Survey Results and Consumer Sentiment The index of consumer sentiment dropped to 50.8, down from 52.2 in April, in the preliminary reading for May. This is the second-lowest reading on record, behind June 2022. Inflation Expectations Rise The outlook for price changes also moved in the wrong direction. Year-ahead inflation expectations rose to 7.3% from 6.5% last month, while long-term inflation expectations ticked up to 4.6% from 4.4%. The Impact of Trade Policy and Tariffs However, the majority…

President Donald Trump announced on Thursday that India has proposed eliminating tariffs on U.S. goods as part of a potential trade deal. This offer, if finalized, could mark a significant breakthrough with India, a key U.S. trading partner. India’s High Tariffs and the Proposed Deal Trump highlighted that India is one of the highest tariff nations globally, making it difficult for U.S. companies to sell goods there. “India is the highest — one of the highest tariff nations in the world. It’s very hard to sell into India, and they’ve offered us a deal where, basically, they’re willing to literally…