Author: Jack Mulligan

Tesla Lowers Financing Rate to 1.99% Amid Declining Demand Tesla has rolled out a 1.99% financing rate for six-year loans on its long-range, all-wheel-drive Model Y. The price cut marks a significant shift for the electric vehicle maker as it faces declining demand and increased competition in the global EV market. The new financing offer applies to the Model Y, which recently underwent a refresh and was priced at $48,990 for the long-range version. Challenges Amidst Fresh Model Y Release Despite the refresh, Tesla has faced challenges since the Model Y’s release, including a steep 25% stock drop. The company…

Poland’s consumer prices rose by 4.2% year-on-year (YoY) in April, a decrease from the 4.9% YoY rise seen in March. This reading was 0.1 percentage point below both our forecast and market consensus. The most significant price increases came in the food and non-alcoholic beverages sector, which rose by 5.3% YoY, and energy prices, which increased by 13.0% YoY. However, fuel prices saw a notable decline of 8.3% YoY. Based on these trends, we estimate core inflation eased to 3.4-3.5% YoY in April, compared to 3.6% in March. Factors Contributing to the Decline in Inflation The drop in inflation can…

Canada’s trade deficit narrowed to C$506 million ($366.34 million) in March, surprising analysts who had expected a widening of the deficit. The reduction came as imports fell at a faster rate than exports, despite ongoing trade tensions between Canada and the U.S. Impact of Retaliatory Tariffs Imports of goods dropped by 1.5% in March, largely due to a 2.9% slump in shipments from the United States. This decline followed Canada’s imposition of retaliatory tariffs on U.S. goods, responding to President Trump’s 25% tariff on Canadian steel and aluminum introduced on March 12. As a result, exports to the United States…

The Taiwan dollar led a rally in Asia-Pacific currencies on Monday as the U.S. dollar weakened across the region. Taiwan’s currency continued to rise, hitting three-year highs of 28.93, appreciating 5.77% against the greenback. Key Currency Movements The offshore Chinese yuan strengthened 0.21% to 7.196, marking its strongest level since November 2024, while the onshore yuan traded flat. Other regional currencies also saw gains, with the Australian dollar appreciating 0.62% to 0.648, and the Singapore dollar gaining 0.62% to 1.289 after the ruling People’s Action Party secured a strong mandate. Japanese Yen and Indian Rupee Strengthen The Japanese yen, which…

Proposed Cuts Focus on Domestic Spending and Defense U.S. President Donald Trump’s administration proposed a $163 billion cut to the federal budget on Friday, outlining significant reductions in education, housing, and other domestic programs. The proposal aims to reduce non-defense discretionary spending by 23%, bringing it to the lowest level since 2017. At the same time, it seeks to increase spending on defense and border security, including a nearly 65% boost in homeland security funding from 2025 levels. Criticism and Political Backlash The budget proposal has drawn sharp criticism from both Democratic and Republican lawmakers. Congressional Democrats have condemned the…

Eli Lilly Awaits U.S. Government Decision on Tariffs Eli Lilly (LLY) is among the large-cap pharmaceutical companies closely watching the Trump administration’s stance on tariffs in the industry. The U.S. Department of Commerce is investigating potential national security threats posed by overseas drug manufacturing, and Eli Lilly CEO David Ricks has recently met with President Trump to discuss the matter. The company is actively planning for potential tariffs and how they could affect their operations in 2025. Limited Immediate Impact from Tariffs, Says CFO During a conversation with Yahoo Finance, Eli Lilly’s CFO, Lucas Montarce, explained that while the situation…

Private employers added fewer jobs than expected in April, as a growing sense of “unease” led to a slowdown in hiring, raising concerns about the potential impact of tariffs on economic growth. Data from ADP revealed that private payrolls increased by only 62,000 in April, far below economists’ expectations of 115,000 and a significant drop from the 147,000 new jobs added in March. This marks the smallest increase in private payrolls since July 2024. Unease Prevails in Hiring Decisions “Unease is the word of the day,” said ADP chief economist Nela Richardson in the report. “Employers are trying to reconcile…

The U.S. economy appears to have experienced its worst quarter since 2022, largely driven by President Donald Trump’s unpredictable tariff policies. The Commerce Department is set to release its first-quarter GDP estimate, with economists predicting growth of just 0.8%, marking the weakest rate since the second quarter of 2022. A much steeper decline of 2.5% is forecasted by the Federal Reserve Bank of Atlanta, which would be the worst since mid-2020. The impact of Trump’s tariff wars, particularly with China, is becoming more apparent in both consumer and business behavior, affecting overall economic growth. Trump’s policy changes have caused significant…

HSBC Reduces Stake in Bank of Communications HSBC made headlines on Tuesday with the announcement that it will be reducing its stake in China’s Bank of Communications (BOCOM) from 19.03% to about 16%. This move follows BOCOM’s recent fundraising efforts, which will result in HSBC incurring a significant loss estimated to be as much as $1.6 billion. The shift is part of a broader strategy by China’s state-owned banks to raise capital and strengthen their financial standing, yet it has left HSBC with a substantial financial blow. Details of BOCOM’s Fundraising In March, BOCOM was among four major state-owned Chinese…

Gold prices fell by 2% on Friday, heading for a weekly dip, as the dollar rose and news of easing U.S.-China trade tensions affected investor sentiment. A report that Beijing had exempted some U.S. goods from its tariffs weighed on bullion, with spot gold dropping 1.7% to $3,292.99 an ounce as of 1:39 a.m. EDT (1739 GMT). Earlier in the session, gold had fallen as much as 2%. The precious metal is down 1.2% for the week. Impact of Dollar and U.S.-China Trade Developments U.S. gold futures settled 1.5% lower at $3,298.40. According to TD Securities commodity strategist Daniel Ghali,…