JD Vance, the chosen running mate of U.S. presidential hopeful Donald Trump, made his stance on China loud and clear during his recent speech at the Republican National Convention. Vance emphasized the need to protect the wages of American workers and prevent the Chinese Communist Party from benefiting at the expense of American citizens. His
Finance
Federal Reserve Governor Christopher Waller recently hinted at the possibility of interest rate cuts in the near future, provided there are no unexpected developments in inflation and employment. According to Waller, the current economic data align with the prospect of a soft landing, and he anticipates further data in the upcoming months to support this
Gold prices surged to a record high on Tuesday as anticipation of a September interest rate cut fueled demand for bullion. Gold futures climbed 1.5% to $2,465.30, surpassing the previous peak of $2,454.20 set in May. Spot gold hit an all-time high of $2,465.19 during the session, marking a significant milestone in the precious metal’s
Small-cap stocks have been gaining momentum in the current market conditions, outperforming megacap technology shares. The Russell 2000 index, which serves as a benchmark for small-cap stocks, experienced a notable 1% increase on Tuesday, reaching its highest level since January 2022. This surge follows a trend of positive movement, with the index showing potential for
Deutsche Bank, a prominent financial institution, recently came under scrutiny for incorrectly disclosing deferred tax assets in its 2019 financial statement. The German regulator BaFin emphasized that the declarations on deferred tax assets were incomplete and did not meet international accounting standards. Specifically, 2.076 billion euros worth of deferred tax assets were not disclosed separately
Following the attempted assassination of former President Donald Trump at a Pennsylvania rally, the leaders of Wall Street’s most powerful firms have spoken out against the violent act. JPMorgan Chase CEO Jamie Dimon expressed deep sadness and condemned the violence, emphasizing the importance of standing together against hate, intimidation, and violence that undermine democracy. Goldman
Goldman Sachs reported impressive results on Monday, surpassing profit and revenue estimates. The company posted earnings of $8.62 per share, exceeding the $8.34 per share estimate from LSEG. Additionally, revenue came in at $12.73 billion, beating the $12.46 billion estimate. The bank’s second-quarter profit soared by 150% compared to the previous year, reaching $3.04 billion
China’s National Bureau of Statistics recently announced that the country’s second-quarter GDP saw a year-on-year increase of 4.7%, falling short of the expected 5.1% growth rate. This revelation was met with disappointment by analysts and investors who were hoping for a stronger performance from the world’s second-largest economy. Furthermore, June retail sales figures failed to
Wells Fargo recently announced a 9% decline in net interest income, despite surpassing Wall Street’s expectations for second-quarter earnings and revenue. Analysts had predicted earnings per share of $1.29 cents, but the bank reported $1.33 per share. Similarly, revenue came in at $20.69 billion, higher than the expected $20.29 billion. However, the net interest income
JPMorgan Chase CEO Jamie Dimon recently reiterated his concerns about inflation, despite some recent signs of relief in price pressures. Dimon highlighted various factors contributing to inflation such as fiscal deficits, infrastructure needs, trade restructuring, and global remilitarization. He cautioned that these factors could keep inflation and interest rates elevated beyond market expectations. While recent