Author: Jack Mulligan

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,…

Procter & Gamble (P&G) faced a challenging quarter, with mixed results that reflect a slowdown in consumer demand and the ongoing impacts of tariffs. Despite the mixed report, the company remains committed to investing in its brands and weathering the current economic storm. Mixed Results and a Dimmed Outlook P&G reported a decline in net sales for the fiscal third quarter, with revenue dropping by 2% to $19.78 billion. This missed analysts’ expectations, which had forecasted $20.11 billion. However, the company exceeded EPS forecasts, reporting $1.54 per share compared to the expected $1.53. The decline in sales was attributed to…

Singapore’s inflation rate in March remained at a four-year low, with the consumer price index (CPI) climbing by just 0.9% year-on-year. The city-state’s monetary authority attributed this modest increase mainly to rising costs in food and private transport. While March inflation remained steady compared to February’s 0.9%, it was lower than the 1.1% predicted in a Reuters poll. On a month-on-month basis, CPI actually declined by 0.1% in March, reflecting a slight dip in overall prices. Core Inflation Slows Amid Lower Costs Core inflation, which excludes volatile components such as private transport and accommodation, slowed further to 0.5% in March,…

Beijing has reportedly warned South Korean companies against exporting products containing Chinese rare earth minerals to U.S. defense firms, amid escalating tensions over trade and tariff policies. The message from China’s commerce ministry could significantly affect the global supply chain for critical materials used in a range of industries, including defense, electronics, and automotive manufacturing. China’s Warning to South Korean Companies According to a report from the Korea Economic Daily, China has issued letters to South Korean companies involved in industries such as power transformers, batteries, displays, electric vehicles, aerospace, and medical equipment. These sectors rely on rare earth minerals,…

Pope Francis, the first Latin American leader of the Roman Catholic Church, passed away on Monday at the age of 88. His death marked the end of a transformative papacy, during which he worked tirelessly to overhaul an institution steeped in centuries of tradition. His passing came as a shock to the faithful, especially after his Easter Sunday appearance in St. Peter’s Square, where he greeted crowds from his popemobile, appearing to be in good spirits. A Life of Service Cardinal Kevin Farrell announced the death, stating, “At 7:35 this morning, the Bishop of Rome, Francis, returned to the house…

Japan’s core inflation took a notable jump in March, driven by persistent increases in food prices, as data revealed on Friday. The rise in inflation complicates the Bank of Japan’s (BOJ) delicate balancing act—struggling to curb mounting price pressures while grappling with the economic risks posed by higher U.S. tariffs. The inflation figures come ahead of the BOJ’s policy meeting from April 30 to May 1, where the bank is expected to keep interest rates steady at 0.5% and revise its economic growth estimates downward due to U.S. President Donald Trump’s tariff policies. March Core Inflation Hits 3.2%, Signaling Rising…

As global trade tensions intensify, the Bank of Japan (BOJ) is preparing to lower its economic growth forecasts during its upcoming policy meeting at the end of April. The decision comes as U.S. President Donald Trump’s tariffs continue to create uncertainty, particularly for Japan’s fragile recovery, which heavily relies on exports. With the market still reeling from the back-and-forth nature of Trump’s tariff rhetoric, the BOJ is expected to keep interest rates unchanged at the current 0.5% during this meeting. BOJ to Revise Growth Outlook Amid U.S. Tariff Turmoil At its April 30-May 1 policy meeting, the BOJ is likely…