JD Vance, the newest running mate of U.S. presidential hopeful Donald Trump, made a bold statement on China during his first speech at the Republican National Convention. He emphasized the need to protect American workers’ wages and prevent the Chinese Communist Party from exploiting the labor of American citizens to build their middle class. Vance’s
Finance
Federal Reserve Governor Christopher Waller recently hinted at the possibility of interest rate cuts in the near future, as long as there are no unexpected developments in inflation and employment. In his statement, Waller expressed his belief that the current economic data support the idea of a “soft landing,” and he indicated that he will
Gold prices soared to new heights on Tuesday, reaching a record high of $2,465.30 per ounce. This surge was driven by increasing expectations of a September interest rate cut, which has bolstered demand for the precious metal. The futures market saw a significant increase of 1.5%, surpassing the previous high set in May. Spot gold
Small-cap stocks have been making significant strides in the market recently, taking over from megacap technology shares to lead the bull market. This shift comes as hopes for interest rate cuts have sparked optimism about economic recovery benefiting smaller companies. The Russell 2000 index, which serves as the benchmark for this group, has seen a
The German regulator BaFin recently pointed out that Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statement, failing to meet international accounting standards. According to BaFin, the declarations on deferred tax assets in the consolidated financial statement were incomplete. They highlighted that 2.076 billion euros worth of deferred tax assets were not
Following the attempted assassination of former President Donald Trump at a rally in Pennsylvania, the leaders of Wall Street’s most powerful firms have come forward to condemn the act of violence. JPMorgan Chase CEO Jamie Dimon expressed deep sadness over the incident, emphasizing the importance of standing together against hate, intimidation, and violence that threatens
Goldman Sachs reported impressive financial results in the second quarter, surpassing profit and revenue estimates. The company’s earnings per share of $8.62 exceeded the LSEG estimate of $8.34, while revenue of $12.73 billion surpassed the $12.46 billion estimate. This performance was driven by a 150% increase in profit from the previous year, reaching $3.04 billion.
China’s National Bureau of Statistics has reported that the country’s second-quarter GDP growth has fallen short of expectations, at 4.7% year on year, missing estimates of a 5.1% increase. This decline highlights the challenges faced by the Chinese economy in the current economic climate. Retail Sales Disappoint In addition to the decrease in GDP growth,
Wells Fargo recently reported a 9% decline in net interest income for the second quarter, despite surpassing Wall Street’s expectations in terms of earnings and revenue. The San Francisco-based bank recorded $11.92 billion in net interest income, falling short of the $12.12 billion expected by analysts. This decrease was attributed to the impact of higher
Despite recent signs of easing in price pressures, JPMorgan Chase CEO Jamie Dimon issued a stark warning about inflation. He highlighted that while there has been some progress in bringing inflation down, there are still multiple inflationary forces at play. These include large fiscal deficits, infrastructure needs, restructuring of trade, and the remilitarization of the