The European Central Bank is expected to cut interest rates for the second time this year at its Thursday meeting, but disagreement among policymakers may be set to increase amid tariff uncertainty and a potential ramp-up in regional defense spending.Markets had on Wednesday fully priced in a quarter-point rate cut for the March meeting, taking the ECB’s key rate to 2.5% — down from its peak of 4% in the middle of last year. A further reduction to 2% by the end of the year was also priced in.A relatively swift pace of monetary easing has been expected over the…
Author: usaeverydaylife
Steve Wozniak, co-founder of the technology company Apple.Thomas Banneyer | Picture Alliance | Getty ImagesBARCELONA — Apple co-founder Steve Wozniak criticized the “sledgehammer” approach Elon Musk’s Department of Government Efficiency has taken to cut administrative costs and implement mass firings at federal government agencies.The Department of Government Efficiency — or “DOGE,” for short — is an initiative President Donald Trump set up to optimize the federal government and cut its administrative spending.”I definitely think that we should look for inefficiencies in government, but pretty much have a huge department that analyzes bit by bit by bit,” Wozniak told CNBC on…
An Abercrombie & Fitch store stands in midtown Manhattan in New York City on Oct. 24, 2024.Spencer Platt | Getty ImagesAbercrombie & Fitch’s growth story is starting to slow down.The apparel retailer issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG. During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.Shares fell nearly…
Recent underperformance in Carrier shares could provide a buying opportunity, according to JPMorgan. The firm upgraded the stock to overweight from neutral and upped its price target to $78 from $77. That implies 25.7% upside, as of Tuesday’s close. On Tuesday, shares declined almost 2%, putting their year-to-date losses at around 9%. The move lower came after President Donald Trump’s 25% tariff on goods from Mexico — which analyst Stephen Tusa notes the company has exposure to, given the company’s “significant presence” in the country — went into effect. “The stock is trading below HVAC peers and sector and in…
Canada appeals to WTO over U.S. tariffsCanada has appealed to the World Trade Organization over the imposition of tariffs by President Donald Trump. Canada’s ambassador to the WTO, Nadia Theodore, said Ottawa has “requested WTO consultations” with the U.S. “in regard to its unjustified tariffs on Canada.””The U.S. decision leaves us with no choice but to respond to protect Canadian interests,” Theodore said in a post on LinkedIn Tuesday. “This was not the outcome we hoped for. And we urge the U.S. administration to reconsider their tariffs.”— Spencer Kimball China officials say they are ready to ‘fight till the end’…
When President Trump said last month that he wanted to move all of Gaza’s roughly two million residents out of the strip to Egypt and Jordan and transform the territory into a beachfront “Riviera” for tourism, Arab leaders rejected the idea and hurried to present their own grand plan.At an emergency Arab summit in Cairo on Tuesday, they laid out their vision: Rebuild Gaza without forcing out the Palestinians who live there. Sideline Hamas, the armed group that currently controls Gaza, and appoint a committee of skilled bureaucrats to initially run the strip before handing over to the internationally recognized…
Barrick Gold shares could be due for more gains over the coming months, according to UBS. Analyst Daniel Major upgraded the miner’s stock to buy from neutral and kept its 12-month price target at $22, reflecting 24% upside from Tuesday’s close. Shares have already surged more than 14% year to date, outpacing the S & P 500’s year-to-date loss of nearly 2%. The stock has also risen more than 3% over the past month. That comes after shares fell 16.5% in 2024 — lagging the broader market. “After material underperformance we think Barrick offers compelling value with near-term operational challenges…
Foot Locker store location on 34th street in New York City.Courtesy: Foot LockerFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory. The footwear giant delivered mix results for its holiday quarter, beating Wall Street’s expectations on earnings but falling short on sales. In the year ahead, it anticipates that trend will reverse. For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is…
An aerial view of COFCO’s State Reserve grain depot in Hangzhou, east China’s Zhejiang province, March 4, 2025.Cfoto | Future Publishing | Getty ImagesChina on Wednesday raised its annual grain production target to around 700 million metric tons and expanded its agriculture stockpile budget, pushing for stronger measures to safeguard food supplies as tensions with trade partners intensify.The world’s largest importer of farm goods brought in more than 157 million metric tons of grains and soybeans last year but is seeking to cut its heavy dependence on supplies that mostly come from the United States and Brazil. Beijing raised its…
New homes being built in Englewood Cliffs, N.J. on Sept. 24th, 2024. Adam Jeffery | CNBCFrom lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.The cost of those products is about to go up, as President Donald Trump’s administration imposes tariffs on China, Mexico and Canada. Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax. Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere…
