Author: Jack Mulligan

Premier says domestic demand, reforms will sustain momentum Chinese Premier Li Qiang on Thursday reaffirmed that China remains the world’s most powerful engine of economic growth, citing ongoing reforms and a pivot toward consumption as key factors in maintaining momentum despite global headwinds. Speaking at the Asian Infrastructure Investment Bank’s annual meeting in Beijing, Li said the policy support introduced since late 2023 was beginning to lift domestic demand and stabilize the world’s second-largest economy. “We are strengthening macro policies, actively expanding domestic demand, and forcefully boosting consumption,” Li said. “The expansion and quality upgrading of China’s massive market will…

China’s premier calls for cooperation at World Economic Forum Chinese Premier Li Qiang emphasized the need for international collaboration on trade during his address at the World Economic Forum’s annual “Summer Davos” conference on Wednesday, pushing back against growing global protectionism and trade barriers. “Globalization will not be reversed,” Li said via official translation, urging countries to avoid politicizing trade or using it as a tool of national security policy. He called for nations to stay on the “right” path by continuing to engage in the global economy, describing international participation as a way to “reshape the rules and order.”…

Bank of Canada awaits stronger signals as CPI stays at 1.7% Canada’s annual inflation rate remained unchanged at 1.7% in May, according to Statistics Canada data released Tuesday. While aligned with economist forecasts, the muted figure may not be enough to justify a Bank of Canada rate cut in July without stronger disinflationary evidence in coming weeks. “Not bad, but should do better to convince the Bank to trim rates,” wrote BMO chief economist Doug Porter. The central bank’s next move, due July 30, hinges on forthcoming data including retail sales, employment, and updated consumer and business sentiment surveys. Key…

Fed holds firm as inflation lingers and unemployment rises A growing divide between President Donald Trump and Federal Reserve Chair Jerome Powell took center stage Tuesday as Powell defended the central bank’s cautious stance on interest rates before the Republican-led House Financial Services Committee. Trump, who has repeatedly demanded immediate rate cuts, intensified his public criticism overnight, declaring on social media that there is “no inflation” and the economy is doing “great.” He urged Powell to act now, saying rates could always be raised later if inflation returns. But Powell pushed back during his testimony, arguing that the Fed must…

Veteran executive inherits deep challenges and legacy of Marchionne Antonio Filosa officially began his tenure as CEO of Stellantis this week, stepping into the role with a bold declaration: “Mediocrity is not worth the trip.” The statement pays tribute to late Fiat Chrysler CEO Sergio Marchionne, a mentor whose influence looms large over the global automaker’s culture and expectations. Filosa, 51, brings 25 years of experience at the company, having worked his way up from a night shift paint shop supervisor to leading Jeep and, more recently, Stellantis’ Americas operations. His appointment comes after Carlos Tavares resigned amid plummeting profits,…

Rumors of BNY Mellon interest lift shares, but no deal in sight Northern Trust has confirmed its commitment to staying independent following a Wall Street Journal report that Bank of New York Mellon expressed interest in a potential merger. The report triggered a 6.5% surge in Northern Trust shares, reflecting investor speculation despite no formal offer being made. “Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders,” a spokesperson said in a statement Monday. The rumored merger would mark a seismic shift in the custody banking and wealth management industry, combining two…

Modest iOS 26 upgrades and Siri delays fuel upgrade hesitancy Apple’s slow progress in artificial intelligence is raising concerns among analysts and investors, as the tech giant struggles to justify hardware upgrades and maintain its dominance in the smartphone market. At its June developer conference, Apple previewed iOS 26, the next major software update for iPhone. But unlike past years, the update lacked a compelling breakthrough. Its most notable changes were mostly cosmetic, and the much-anticipated overhaul of Siri—Apple’s AI assistant—has been delayed again. Several analysts have responded by cutting iPhone sales forecasts, citing the lag in AI capabilities as…

Conference Board cites consumer pessimism and weak new orders as key drags A widely followed gauge of future U.S. economic activity declined for the sixth consecutive month in May, reinforcing concerns of a potential economic slowdown. The Conference Board’s Leading Economic Index (LEI) fell 0.1% to 99.0, following a sharply revised 1.4% decline in April—the steepest drop since the onset of the pandemic in 2020. The May decline, in line with economists’ expectations, was driven by a combination of persistent consumer pessimism, a drop in building permits, weaker manufacturing orders, and a modest rise in jobless claims. Despite a rebound…

Olive Garden and LongHorn outperform as Darden eyes 7–8% annual revenue growth Darden Restaurants surpassed Wall Street expectations on both earnings and revenue in its fiscal fourth-quarter report Friday, buoyed by strong same-store sales and expansion from recent acquisitions. The parent company of Olive Garden and LongHorn Steakhouse also issued an upbeat outlook for fiscal 2026, expecting revenue to grow 7% to 8%. For the quarter ended May 25, Darden posted adjusted earnings of $2.98 per share, slightly above the $2.97 expected by analysts surveyed by LSEG. Revenue came in at $3.27 billion, marginally ahead of the $3.26 billion forecast.…

Swiss central bank calls for action amid global uncertainty The Swiss National Bank (SNB) warned Thursday that the global economic outlook remains highly uncertain due to escalating trade tensions and geopolitical instability. In its 2025 Financial Stability Report, the SNB also pointed to domestic regulatory weaknesses, urging reforms to strengthen the financial system and bolster UBS’s resilience. The central bank highlighted elevated global debt levels, overvalued residential real estate, and stretched U.S. equity markets as key vulnerabilities. “Several risk factors could amplify the impact of potential negative shocks on global economic and financial conditions,” the SNB said. UBS dominance poses…