JD Vance, the new running mate of U.S. presidential candidate Donald Trump, made headlines with his strong stance on China 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 exploiting American citizens to build their own middle
Finance
Federal Reserve Governor Christopher Waller has expressed optimism in potential interest rate cuts in the near future, as long as there are no major surprises in inflation and employment data. He believes that the current data trends are aligned with achieving a “soft landing” and suggests that a rate cut might be warranted in the
Small-cap stocks are currently experiencing a significant surge in the market. After surpassing megacap technology shares last week, these smaller companies are now leading the bull market. The Russell 2000 index, representing this group, has shown steady growth, with a 1% increase on Tuesday and reaching its highest level since January 2022. If the index
The price of gold reached a new record high on Tuesday, with futures climbing 1.5% to $2,465.30. This sharp increase was fueled by growing expectations of an interest rate cut in September, leading to heightened demand for bullion. Spot gold also hit an all-time high of $2,465.19 during the session, indicating a significant surge in
Deutsche Bank, a prominent financial institution, has recently come under scrutiny for incorrectly disclosing its deferred tax assets in its 2019 financial statement. The German regulator BaFin, which stands for the Federal Financial Supervisory Authority, pointed out that the declarations made by the bank regarding deferred tax assets were incomplete. Specifically, BaFin highlighted that 2.076
The attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend has sparked condemnation from the leaders of Wall Street’s most powerful firms. JPMorgan Chase CEO Jamie Dimon expressed his sadness towards the political violence and attempt on Trump’s life in a memo to employees. Dimon emphasized the importance of standing
Goldman Sachs announced on Monday that it had surpassed profit and revenue estimates for the second quarter, driven by better-than-expected fixed income results and smaller loan loss provisions. The company reported earnings of $8.62 per share, beating the estimated $8.34 per share. Additionally, revenue came in at $12.73 billion, surpassing the $12.46 billion estimate. The
China’s National Bureau of Statistics recently released data on the country’s economic performance in the second quarter of the year, revealing that the GDP growth rate was lower than expected. The actual growth rate of 4.7% fell short of the 5.1% growth forecasted by a Reuters poll. This discrepancy indicates a potential slowdown in China’s
Wells Fargo recently reported a 9% decrease in net interest income, even though its second-quarter earnings and revenue were higher than Wall Street’s predictions. The bank’s earnings per share were $1.33, surpassing the expected $1.29 cents, while revenue hit $20.69 billion against the anticipated $20.29 billion. However, the San Francisco-based lender only recorded $11.92 billion
JPMorgan Chase CEO Jamie Dimon recently shared his concerns about inflation, highlighting that despite some progress, there are still multiple factors contributing to rising price pressures. Dimon pointed to large fiscal deficits, infrastructure needs, the restructuring of trade, and the remilitarization of the world as key drivers of inflation. This insight sheds light on the