The European Union is in danger of breaking apart unless France and Germany, in particular, work harder to stimulate growth and employment and heed citizens’ concerns, French Prime Minister Manuel Valls said in the German capital on Thursday. Valls said the two countries, for decades the axis around which the EU revolved, had to help refocus the bloc to tackle an immigration crisis, a lack of solidarity between member states, Britain’s looming exit, and terrorism. “Europe is in danger of falling apart,” Valls said at an event organized by the Sueddeutsche Zeitung newspaper. “So Germany and France have a...Read More
(LONDON, UK) The dollar hit a 14-year high against a basket of currencies on Wednesday as a post-U.S. election sell-off resumed across global bond markets, lifting Treasury yields and attracting investors to the U.S. currency. That halted stocks in their tracks, with Europe’s main indices down as much as 0.8 percent and Wall Street expected to open 0.5 percent lower. The Bank for International Settlements this week repeated its view that a stronger dollar poses risks for global markets and financial stability. Investors have largely shrugged off these warnings but stocks felt the heat of the dollar’s latest rise...Read More
Apple iPhones and other U.S. goods could suffer sales hits in China if President-elect Donald Trump goes through with his “naive” plan of slapping a large import tariff on Chinese products, a state-backed newspaper warned on Sunday. During his election campaign this year, Trump spoke of a 45 percent import tariff on all Chinese goods while failing to outline how it would work. Should any such policy come into effect, China will take a “tit-for-tat approach”, according to an opinion piece in the Global Times, a newspaper backed by the Communist party. “A batch of Boeing orders will be...Read More
China’s currency sank to a six-year low against the U.S. dollar on Thursday as investors weighed what a Donald Trump presidency could mean for trade between the world’s two largest economies. On the campaign trail, Trump talked tough about China, accusing it of “raping” the U.S. through trade and manipulating its currency, the yuan. “The underlying threat of protectionism from the new U.S. administration will weigh negatively on trade-focused currencies in Asia like the yuan,” said Stephen Innes, a senior trader at online broker Oanda. One dollar now buys around 6.8 yuan, the weakest the Chinese currency has been...Read More
Paul A. Volcker, the Federal Reserve chairman, received an urgent warning two weeks after Ronald Reagan won the 1980 presidential election. Some of the president-elect’s advisers, he was told, wanted to abolish the central bank and replace it with a computer program that would manage interest rates and monetary policy. Today, a Democratic Fed leader is once again bracing to see whether victorious and emboldened Republicans will try to overhaul the central bank. In almost three years as the Fed’s chairwoman, Janet L. Yellen has led an aggressive campaign to stimulate economic growth. Donald J. Trump, the president-elect, has...Read More
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